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Engineering & construction · Industrials · Fiscal year ends Sep 27
Tetra Tech reported revenue of $5.4B in the fiscal year ended Sep 2025, up 4.7% from the year before. Operating income was $408M, an operating margin of 7.5%, and net income was $248M. Operating cash flow of $458M less capital expenditure of $19M left free cash flow of $439M. Net debt was $596M.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 3,214 | 3,504 | 4,523 | 5,199 | 5,443 |
| Cost of revenue | – | – | 771 | 877 | 825 |
| Gross profit | 498 | 576 | 725 | 866 | 961 |
| Operating income | 279 | 340 | 358 | 501 | 408 |
| Interest expense | 12.7 | 13.4 | 52.4 | 44.6 | 40.6 |
| Pre-tax income | 267 | 349 | 401 | 463 | 378 |
| Income tax | 34.0 | 85.6 | 128 | 130 | 130 |
| Net income | 233 | 263 | 273 | 333 | 248 |
| Diluted EPS | 4.26 | 0.97 | 1.02 | 1.23 | 0.93 |
| Diluted shares | 54.7 | 271 | 268 | 270 | 267 |
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 167 | 185 | 169 | 233 | 167 |
| Receivables | 669 | 755 | 975 | 1,051 | 1,159 |
| Current assets | 1,066 | 1,158 | 1,356 | 1,527 | 1,621 |
| Net PP&E | 37.7 | 32.3 | 74.8 | 73.1 | 66.1 |
| Goodwill | 1,109 | 1,110 | 1,880 | 2,047 | 2,050 |
| Total assets | 2,577 | 2,623 | 3,820 | 4,193 | 4,282 |
| Payables | 129 | 147 | 173 | 197 | 205 |
| Deferred revenue | 190 | 241 | 335 | 352 | 420 |
| Current liabilities | 848 | 916 | 1,208 | 1,220 | 1,379 |
| Short-term debt | 12.5 | 12.5 | 0.0 | 0.0 | – |
| Long-term debt | 200 | 246 | 880 | 813 | 763 |
| Total liabilities | 1,342 | 1,440 | 2,417 | 2,362 | 2,502 |
| Shareholders' equity | 1,234 | 1,183 | 1,403 | 1,830 | 1,780 |
| Backlog (remaining obligations) | 3,468 | 3,722 | 4,755 | 5,331 | 4,101 |
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 304 | 336 | 368 | 359 | 458 |
| Capital expenditure | 8.6 | 10.6 | 26.9 | 18.1 | 18.6 |
| Free cash flow | 296 | 326 | 342 | 341 | 439 |
| Depreciation & amortisation | 23.8 | 27.0 | 61.2 | 73.7 | 58.3 |
| Stock-based compensation | 23.1 | 26.2 | 28.6 | 31.2 | 33.9 |
| Acquisitions | 84.9 | 49.1 | 854 | 93.7 | 97.3 |
| Share buybacks | 60.0 | 200 | 0.0 | 0.0 | 250 |
| Dividends paid | 40.0 | 46.1 | 52.1 | 58.8 | 65.0 |
| Dividend per share | 0.74 | 0.17 | 0.20 | 0.22 | 0.25 |
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.0% | 29.1% | 15.0% | 4.7% |
| Operating income growth (YoY) | – | 22.2% | 5.2% | 39.8% | −18.4% |
| EPS growth (YoY) | – | −77.2% | 5.2% | 20.6% | −24.4% |
| Gross margin | 15.5% | 16.4% | 16.0% | 16.7% | 17.7% |
| Operating margin | 8.7% | 9.7% | 7.9% | 9.6% | 7.5% |
| Net margin | 7.2% | 7.5% | 6.0% | 6.4% | 4.6% |
| Return on equityBlank when equity is negative | 18.9% | 22.2% | 19.5% | 18.2% | 13.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.1% | 19.9% | 13.7% | 16.8% | 14.1% |
| Free cash flow margin | 9.2% | 9.3% | 7.6% | 6.6% | 8.1% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.28x | 1.35x | 1.08x | 1.85x |
| Receivable days | 76 | 79 | 79 | 74 | 78 |
| Payable days | 17 | 18 | 82 | 82 | 91 |
| Interest cover | 21.9x | 25.5x | 6.83x | 11.2x | 10.0x |
| Debt ÷ equity | 0.17x | 0.22x | 0.63x | 0.44x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 45.9 | 73.7 | 711 | 580 | 596 |
| Current ratio | 1.26x | 1.26x | 1.12x | 1.25x | 1.18x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.