Tetra Tech, Inc. TTEK
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Updated: 16 Sep 2026
Base analysis: 30 Jul 2026
The news check keeps the assessment current.
General analysis — not personal advice.
HOLD
Clear
Existing position can be maintained at current valuation.
Strong order intake, raised guidance and new framework agreement are balanced by federal contract dependence, supporting the hold signal.
Market sentiment
Positive ↑
Trend: Improving
The market reacts positively to the new framework agreement and the record order backlog.
Risk assessment
Medium
Dilution:
Low
Positive cash flow and buyback program
Jurisdiction:
Low
Primarily US and stable markets
Execution:
Low
Proven track record on margins and acquisitions
HOLD is the call. Positive is the market mood. Medium risk means some things can go wrong.
About the company
Tetra Tech provides technical consulting and engineering services focused on the water cycle, PFAS treatment, environmental remediation and sustainable infrastructure. The company operates two segments: Government Services Group and Commercial/International Services Group. Operations are profitable with strong cash flow generation and a record backlog.
Sector:
Engineering consulting services in water, environment and infrastructure
Type:
Industrial
Next report (Q4)
15 Nov 2026
Catalysts
Nov 2026
Q4 FY2026 report
High
Date TBA
USACE framework agreement
Bull case
Record order backlog and raised full-year guidance provide good visibility for upcoming revenues.
Bear case
High exposure to federal contracts creates uncertainty in the event of budget changes.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Federal budget appropriations | Reduced appropriations → lower new contract awards and slower backlog conversion. | Increased appropriations → higher revenue visibility and accelerated GSG segment growth. |
| PFAS project wins | Fewer large PFAS contracts → lower organic growth in commercial segments. | More PFAS contracts → strengthened backlog and margin expansion. |
Why this signal
Strong order intake, raised guidance and new framework agreement are balanced by federal contract dependence, supporting the hold signal.
Recent news
- The company was awarded contracts from NOAA, EPA and MCC in August plus an expanded 500 MUSD share repurchase program in September. A 57 MUSD DOJ settlement was noted but did not alter the predominantly positive sentiment.
Key figures
Revenue
Q3 2026
USD 1.3B
Revenue TTM
TTM
USD 5.1B
EBITDA
Q3 2026
USD 173M
Net income
Q3 2026
0.42
Cash
TTM
USD 567M
Total debt
Q3 2025
USD 900M
Gross margin
FY 2025
19.0%
Shares outstanding
Q2 2026
262M
Exchange
NASDAQ
Type
Industrials
Sector
Engineering consulting services in water, environment and infrastructure
Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.