TTEKTETRA TECH INC

Services-Engineering Services

Revenue: $5.4B; 4.7% YoY
Operating margin: 7.5%; 22% YoY
EBITDA: $467M; 19% YoY
Market cap: $9.9B
Employees: 25,000; $218K revenue each
Net debt / EBITDA: 1.2×; $544M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
69% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
51% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$218K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$351K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.2B	$3.5B	$4.5B	$5.2B	$5.4B	4.7%
Operating income	$279M	$340M	$358M	$501M	$408M	18%
Operating cash flow	$304M	$336M	$368M	$359M	$458M	28%
Capex	$9M	$11M	$27M	$18M	$19M	2.7%
Stock-based comp	$23M	$26M	$29M	$31M	$34M	9.0%
Buybacks	$60M	$200M	$0	$0	$250M
Dividends	$40M	$46M	$52M	$59M	$65M	11%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 17, 2025	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D/A	4.9%	Active
Apr 15, 2025	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D/A	5.3%	Active

Insider trading

Open-market buys, 12 mo: $50K · 1
Open-market sells, 12 mo: $401K · 1
Net: −$351K

Pay vs performance

No pay-versus-performance disclosure yet.