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Tetra Tech Inc key statistics and ratios

In fiscal 2025, Tetra Tech Inc had return on equity of 13.7%, an operating margin of 7.5%, debt equal to 43.5% of equity and a current ratio of 1.18. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Oct 20162017Oct 20172018Sept 20182019Sept 20192020Sept 20202021Oct 20212022Oct 20222023Oct 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin12.8%12.8%13.0%13.1%14.9%15.5%16.4%16.0%16.7%17.7%18.8%
Operating margin5.3%6.7%6.4%6.1%8.1%8.7%9.7%7.9%9.6%7.5%12.1%
Net margin3.2%4.3%4.6%5.1%5.8%7.2%7.5%6.0%6.4%4.6%8.6%
Free-cash-flow margin5.0%4.8%5.9%6.2%8.4%9.2%9.3%7.6%6.6%8.1%10.8%
Return on equity9.6%13.1%14.4%16.2%17.2%20.5%21.8%21.1%20.6%13.7%24.0%
Return on assets4.7%6.4%7.1%7.7%7.7%9.4%10.1%8.5%8.3%5.8%10.1%
Asset turnover1.431.491.531.511.321.301.351.401.301.281.17
Current ratio1.941.941.701.401.261.261.261.121.251.181.18
Debt to equity39.9%38.4%28.7%28.0%28.1%17.2%21.9%63.8%45.1%43.5%43.4%
Interest cover (operating income ÷ interest)11.0x14.9x11.0x12.3x16.7x21.9x25.5x6.8x11.2x10.0x15.4x
Effective tax rate32.6%31.3%21.5%9.3%23.7%12.8%24.5%31.8%28.1%34.3%26.5%
Capital spending as % of revenue0.5%0.4%0.3%0.5%0.4%0.3%0.3%0.6%0.3%0.3%0.4%
Free cash flow ÷ net income155.3%111.8%128.6%121.2%143.9%127.1%123.7%124.9%102.2%177.2%125.5%
Dividends ÷ net income23.6%18.4%17.9%18.7%20.0%17.2%17.5%19.1%17.6%26.3%15.9%
Dividends and buybacks ÷ free cash flow91.7%92.4%56.5%67.4%60.7%33.8%75.6%15.3%17.3%71.8%58.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 28, 2026
What it owns · $4.4bn
Short-term assets $1.6bnLonger-term assets $2.8bn
What it owes, and who funded it · $3.2bn
Short-term liabilities $1.3bnShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $231m of cash against $801m of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $567m of operating cash flow against $801m of debt.
  • Operating profit covers interest at least five times over Operating income of $612m against $40m of interest.

From Tetra Tech Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

47 /100

Moderate moat

How hard Tetra Tech's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.4% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 16.1%, moving by 1.7 percentage points (standard deviation) across 9 years.

  • Durability 11 / 20

    Operating margin has been a median 8.3%; its worst year was 6.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 9 years, at a median 8.1% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (62 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Tetra Tech Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tetra Tech Inc.