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TTI, Tetra Technologies Inc.

Oil & Gas Producers capital-intensive Cyclical

TETRA TETRA Technologies, Inc. is an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better.

The financial statements presented in this Annual Report are the consolidated financial statements of TETRA Technologies, Inc., a Delaware corporation and its subsidiaries.

When the terms "TETRA," "the Company," "we," "us," or "our" are used in this document, those terms refer to TETRA Technologies, Inc. and its consolidated subsidiaries.

Latest annual: FY2025 10-K

TTI · Tetra Technologies Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$631M

+5.3% YoY · 11% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $630M 5-yr avg $560M

Gross margin 30% 5-yr avg 30%

Operating margin 7.8% 5-yr avg 12.3%

ROIC 4% 5-yr avg 15%

Owner-earnings margin 0% 5-yr avg −1%

Free cash flow margin 0% 5-yr avg −1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Completion Fluids & Products (60%) and Water & Flowback Services (40%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 28% and operating margin about 8.3% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −16% and 22% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 17% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 13%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Completion Fluids & Products is 60% of revenue, with Water & Flowback Services the other meaningful segment at 40%.

Revenue by reportable segment, FY2025

Completion Fluids & Products60%$376M
Water & Flowback Services40%$254M

By geographyUnited States69%International31%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$617M	$723M	$560M	$561M	$378M	$388M	$553M	$626M	$599M	$631M	$630M	RevenueRevenue
10%	15%	—	—	—	—	28%	30%	29%	31%	30%	Gross marginGross mgn
18%	16%	17%	17%	20%	19%	17%	15%	15%	16%	16%	SG&A / revenueSG&A/rev
($101M)	$20M	$103M	$12M	$68M	$59M	$121M	$45M	$50M	$55M	$49M	Operating incomeOp. inc.
−16.3%	2.7%	18.4%	2.1%	17.9%	15.3%	21.9%	7.2%	8.3%	8.8%	7.8%	Operating marginOp. mgn
($161M)	($39M)	($62M)	($147M)	($51M)	$103M	$8M	$26M	$108M	$3M	$7M	Net incomeNet inc.
—	—	—	—	—	2%	31%	19%	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$56M	$65M	$47M	$90M	$77M	$5M	$19M	$70M	$37M	$100M	$85M	Operating cash flowOp. cash
$130M	$116M	$117M	$124M	$119M	$34M	$33M	$34M	$36M	$37M	$37M	DepreciationDeprec.
$74M	($20M)	($16M)	$105M	$3M	($137M)	($29M)	($529K)	($114M)	$53M	$33M	Working capital & otherWC & other
$21M	$52M	$142M	$108M	$29M	$21M	$40M	$38M	$61M	$81M	$82M	CapexCapex
3.4%	7.2%	25.3%	19.3%	7.8%	5.3%	7.2%	6.1%	10.1%	12.8%	13.0%	Capex / revenueCapex/rev
$35M	$13M	($95M)	($18M)	$48M	($16M)	($21M)	$32M	($24M)	$20M	$3M	Owner earningsOwner earn.
5.6%	1.8%	−17.0%	−3.2%	12.6%	−4.1%	−3.8%	5.1%	−4.0%	3.1%	0.4%	Owner earnings marginOE mgn
$35M	$13M	($95M)	($18M)	$48M	($16M)	($21M)	$32M	($24M)	$20M	$3M	Free cash flowFCF
5.6%	1.8%	−17.0%	−3.2%	12.6%	−4.1%	−3.8%	5.1%	−4.0%	3.1%	0.4%	Free cash flow marginFCF mgn
$0	$0	$50M	$12M	$0	$0	$917K	$0	$0	—	$0	AcquisitionsAcquis.
-10%	—	—	—	—	26%	—	14%	13%	7%	4%	ROICROIC
-69%	-19%	-36%	-429%	—	104%	7%	17%	43%	1%	3%	Return on equityROE
−69%	−19%	−36%	−429%	—	104%	7%	17%	43%	1%	3%	Retained to equityRetained/eq
											Balance sheet
$30M	$26M	$40M	$15M	$67M	$32M	$14M	$52M	$37M	$73M	$35M	Cash & investmentsCash+inv
$114M	$144M	$188M	$111M	$64M	$91M	$130M	$112M	$105M	$100M	$116M	ReceivablesReceiv.
$107M	$115M	$144M	$80M	$77M	$69M	$72M	$97M	$102M	$116M	$120M	InventoryInvent.
$221M	$259M	$331M	$192M	$141M	$160M	$202M	$208M	$207M	$215M	$236M	Operating working capitalOper. WC
$276M	$338M	$401M	$351M	$932M	$210M	$238M	$282M	$270M	$317M	$297M	Current assetsCur. assets
$117M	$174M	$200M	$189M	$798M	$97M	$124M	$126M	$123M	$156M	$147M	Current liabilitiesCur. liab.
2.4×	1.9×	2.0×	1.9×	1.2×	2.2×	1.9×	2.2×	2.2×	2.0×	2.0×	Current ratioCurr. ratio
$7M	$7M	$26M	$0	—	—	—	—	—	—	$0	GoodwillGoodwill
$1.3B	$1.3B	$1.4B	$1.3B	$1.1B	$398M	$434M	$479M	$605M	$676M	$662M	Total assetsAssets
$624M	$630M	$816M	$205M	$200M	$152M	$156M	$158M	$180M	$181M	$350M	Total debtDebt
$594M	$604M	$776M	$189M	$133M	$120M	$143M	$105M	$143M	$109M	$315M	Net debt / (cash)Net debt
-1.7×	0.3×	5.2×	0.5×	3.5×	3.6×	7.2×	2.0×	—	—	2.2×	Interest coverageInt. cov.
$234M	$208M	$173M	$34M	($10M)	$100M	$108M	$149M	$255M	$284M	$287M	Shareholders’ equityEquity
2.2%	1.1%	1.3%	1.4%	1.8%	1.2%	1.2%	1.7%	1.1%	1.1%	1.1%	Stock comp / revenueSBC/rev
											Per share
87.3M	114M	124M	126M	126M	127M	130M	131M	132M	135M	137M	Shares out (diluted)Shares
$7.07	$6.32	$4.51	$4.47	$3.00	$3.07	$4.26	$4.77	$4.53	$4.67	$4.59	Revenue / shareRev/sh
$-1.85	$-0.34	$-0.50	$-1.17	$-0.41	$0.82	$0.06	$0.20	$0.82	$0.02	$0.05	EPS (diluted)EPS
$0.40	$0.11	$-0.77	$-0.14	$0.38	$-0.13	$-0.16	$0.24	$-0.18	$0.14	$0.02	Owner earnings / shareOE/sh
$0.40	$0.11	$-0.77	$-0.14	$0.38	$-0.13	$-0.16	$0.24	$-0.18	$0.14	$0.02	Free cash flow / shareFCF/sh
$0.24	$0.45	$1.14	$0.86	$0.23	$0.16	$0.31	$0.29	$0.46	$0.60	$0.60	Cap. spending / shareCapex/sh
$2.68	$1.82	$1.40	$0.27	$-0.08	$0.79	$0.83	$1.13	$1.93	$2.10	$2.09	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−4.5%/yr	+9.2%/yr
Owner earnings / share	−10.6%/yr	−17.5%/yr
Capital spending / share	+10.6%/yr	+20.7%/yr
Book value / share	−2.7%/yr	—

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

135Mpeak FY2025

ROIC

7%low FY2016

Gross margin

31%low FY2016

Net debt ÷ owner earnings

5.6×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$20Mowner earningsvs.$3Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $3M of profit into $20M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$3M

Owner earnings$20M · 3% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$3M	$108M	$26M	$8M	$103M
Depreciation & amortizationnon-cash charge added back	+$37M	+$36M	+$34M	+$33M	+$34M
Stock-based compensationreal costnon-cash, but a real cost	+$7M	+$7M	+$11M	+$7M	+$5M
Working capital & othertiming of cash in and out, other non-cash items	+$53M	−$114M	−$529K	−$29M	−$137M
Cash from operations	$100M	$37M	$70M	$19M	$5M
Capital expenditurecash put back in to keep running and to grow	−$81M	−$61M	−$38M	−$40M	−$21M
Owner earnings	$20M	($24M)	$32M	($21M)	($16M)
Owner-earnings marginowner earnings ÷ revenue	3%	-4%	5%	-4%	-4%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer $12M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.4×

Adequate

Operating income $55M ÷ interest expense $23M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $277M · 5.0× operating profit

Heavy net debt

Cash $73M − debt $350M

What this means
Netting $73M of cash and short-term investments against $350M of debt leaves $277M owed, about 5.0× a year's operating profit (6.3× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 13%

Solid through the cycle

5-yr median, range -10%–26%; 5% latest = NOPAT $28M ÷ invested capital $561M

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 5% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Positive this year, negative across the cycle

latest $20M = operating cash $100M − maintenance capex $81M (positive this year), after an earlier loss stretch (10-yr median -3%)

Industry peers: median 25%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 3% of revenue this year, a -3% median across 10 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves $12M.
Are earnings backed by cash? 33.40×

Cash-backed

Cash from ops $100M ÷ net income $3M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.18×

Expanding

Capex $81M ÷ depreciation $37M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $631M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.02×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $350M vs $160M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.34/share (latest year $0.02), the averaged base the calculator's gate runs on, and book value is $2.10/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 2% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 2% early to 8% lately, median 8% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2016 · −16.3% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Share count +5.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$297M

Cash & short-term investments$35M
Receivables$116M
Inventory$120M
Other current assets$26M

Current liabilities$147M

Debt due within a year$8M
Other current liabilities$139M

Current ratio2.02×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.20×stricter: inventory excluded

Cash ratio0.24×strictest: cash alone against what's due

Working capital$150Mthe cushion left after near-term bills

Debt due this year vs. cash$8M due · $35M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−0.6%the freshest read on whether the business is still growing

Current ratio, recent quarters2.4× → 2.0×

Deeper floors

Tangible book value$266Mequity stripped of goodwill & intangibles

Debt incl. operating leases$227M$43M of it operating leases

Deferred revenue$3Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $565M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$593M · 105%

Source of funding−$28M
Reinvestment and shareholder returns ran $28M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count57.3%
The diluted count rose from 87M to 137M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$21M3% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$63Mover 10 years buying other businesses, against $593M of capital spent building

$132M written down across 2 years (2016, 2019): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$4.3M	$6.8M	($16M)
2022	$5.0M	$6.2M	($21M)
2023	$5.1M	$6.2M	$32M
2024	$4.9M	$4.2M	($24M)
2025	$5.1M	$8.7M	$20M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership6.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 13% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Tetra Technologies Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?57.3%
Diluted shares grew 57.3% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?10 of 10 years
Management took an impairment or write-down in 10 of the last 10 years, $270M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oil & Gas Producers

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AESIAtlas Energy Solutions Inc.	$1.1B	—	27.3%	9%	15%
TTITetra Technologies Inc.	$631M	28%	8.6%	13%	-1%
GTEGran Tierra Energy Inc.	$597M	68%	17.8%	3%	10%
WTIW&T Offshore Inc.	$501M	—	13.8%	3%	16%
GRNTGranite Ridge Resources Inc.	$450M	—	19.3%	9%	56%
BSMBlack Stone Minerals L.P. Common	$422M	—	50.6%	—	65%
REPXRiley Exploration Permian Inc.	$392M	—	21.7%	10%	31%
TXOTXO Partners L.P. Common	$363M	—	-5.7%	—	25%
Group median	—	—	18.6%	9%	20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Tetra Technologies Inc. has delivered.

Today’s price $

Base Normalize · through-cycle ($9M) Net of stock comp (−$7M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $3M on 135M shares outstanding, per the 10-Q cover, as of 2026-04-27; net debt $315M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh TTI against another business →

Cite: Owner Scorecard, "Tetra Technologies Inc. (TTI), the owner's record," https://ownerscorecard.com/c/TTI, data as of 2026-07-09.

Manual order: ← TTEK its page in the Manual TTMI →

Industry order: ← TTE the Oil & Gas Producers chapter TXO →