Does TETRA Technologies, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TETRA Technologies, Inc. (TTI) 43.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 68, balance-sheet safety 84, capital discipline 24.

Is TTI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $2.14 per share versus a recent price of $9.26 — 333% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has TTI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 43.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TETRA Technologies, Inc.

TTI · Materials · $1.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power5

Median gross margin 18.2% over 10y, variable.

Returns on capital68

Median ROIC 12.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety84

Net debt/EBITDA 1.2x, no material interest expense disclosed.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

333% above value

Owner earnings (normalized): $25.8M
Est. intrinsic value / share: $2.14
Recent price: $9.26
Discount to value: 333% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

TETRA Technologies, Inc. booked $630.9M of revenue in FY2025 in the Materials sector and kept 24.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 0.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $1.0B (FY2008) to $630.9M (FY2025) — about −2.7% a year compounded over 17 years.

It earned 9.2% on invested capital in FY2025, with a median of 8.9% across 6 filed years. The Returns on Capital filter above scores it 68/100.

The balance sheet carried $181.4M of total debt in FY2025 against $3.0M of owner earnings — roughly 60.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 84/100.

The share count rose 78.2% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (84/100) and Pricing Power the weakest (5/100), which is how TTI lands at 43/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$630.9M FY2025

Gross marginRevenue kept after cost of goods24.7% FY2025

Return on invested capitalOperating profit on the capital employed9.2% FY2025

Owner earningsCash an owner could take out$3.0M FY2025

Gaps in a line mean that item isn’t in TTI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TTI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#89 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#87APOG APOGEE ENTERPRISES, INC.44.1 out of 100, Shallow moatShallow moat
#88NOG NORTHERN OIL & GAS, INC.44.0 out of 100, Shallow moatShallow moat
#90MLM MARTIN MARIETTA MATERIALS INC43.3 out of 100, Shallow moatShallow moat
#91SCHL SCHOLASTIC CORPORATION42.7 out of 100, Shallow moatShallow moat

Compare TTI with its nearest peers →All Materials companies on the Index →

Common questions about TTI

Does TETRA Technologies, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TETRA Technologies, Inc. (TTI) 43.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 68, balance-sheet safety 84, capital discipline 24.
Is TTI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $2.14 per share versus a recent price of $9.26 — 333% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has TTI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 43.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TTI. See the disclaimer.