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Environmental, water and infrastructure consulting and engineering firm serving governments and industry worldwide.
Environmental, water and infrastructure consulting and engineering firm serving governments and industry worldwide.
Charges for staff time and expertise under contracts with public agencies, on time-and-materials, fixed-price and cost-plus terms, often won through multi-year framework agreements, so backlog and staff utilisation drive results. Water and environmental work for US federal, state and local government forms the core.
Moat: narrow (scale, installed base, brand). Deep water/environmental engineering expertise and long-standing government relationships.
Headquarters: Pasadena, California, US · Founded: 1966 · Employees: 25,000
Size Tetra Tech (TTEK) is a United States Industrials company (Engineering & Construction) with a market value of $10.3B, the 759th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.29 on 6 Nov 2026.
Performance Over six months the shares gained 33.0%, against -16.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 7.6% over the last twelve months (peer median +4.6%); the operating margin is 11.7% (peer median 6.0%).
Valuation It trades at 24.0× forward earnings against a peer median of 10.9× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (8.8% WACC).
Backlog Backlog (remaining performance obligations) was $4.44B at 28 Jun 2026, up 5% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit Tetra Tech has 1 bond outstanding ($575M).
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.07B | $5.44B | $5.20B | $4.52B | $3.50B |
| Revenue growth | — | +5% | +15% | +29% | — |
| Gross profit | $952M | $961M | $866M | $725M | $576M |
| EBITDA | $652M | $664M | $584M | $481M | $368M |
| Net income | $436M | $248M | $333M | $273M | $263M |
| Free cash flow | $548M | $439M | $341M | $342M | $326M |
| Capital expenditure | $19.2M | $18.6M | $18.1M | $26.9M | $10.6M |
| Total debt | $1.02B | $987M | $1.02B | $1.09B | $463M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tetra Tech TTEK | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% |
| Jacobs Solutions J | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% |
| Aecom ACM | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% |
| Stantec STN.TO | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% |
| WSP Global WSP.TO | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% |
| Arcadis ARCAD.AS | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TTEK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.6% | -1.0% | 2nd highest of 21 |
| 6-month return | +33.0% | -16.8% | highest of 21 |
| Distance from 52-week high | -6.6% | -35.6% | 2nd highest of 21 |
| Revenue growth (TTM) | -7.6% | +4.6% | 3rd lowest of 21 |
| Operating margin | 11.7% | 6.0% | 3rd highest of 21 |
| Forward P/E | 24.0× | 10.9× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 6.1% | 5th most demanding of 15 |
| Growth delivered (Del g) | +12.7% | +9.8% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -4.4 pp | -7.0 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +8.9 pp | +1.3 pp | 3rd highest of 20 |
| EV / EBITDA | 17.0× | 9.5× | 2nd most expensive of 14 |
| Net debt / EBITDA | 1.2× | 1.1× | 7th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| China Railway Construction 601186.SS | China | $11.4B | -11% | -9% | 4% | 4.9× | n/a | n/a |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| Metallurgical Corporation of China 1618.HK | Hong Kong | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% | +1.9% |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
Tetra Tech has 1 bond outstanding with $575M face value.
Tetra Tech reported $4.44B of remaining performance obligations at 28 Jun 2026, up 5% from a year earlier and up 5% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 1.16.