TTITETRA TECHNOLOGIES INC

Crude Petroleum & Natural Gas

Revenue: $631M; 5.3% YoY
Operating margin: 8.8%; 5.4% YoY
EBITDA: $92M; 8.0% YoY
Market cap: $868M
Employees: 1,400; $451K revenue each
Net debt / EBITDA: 1.1×; $106M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
33× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$451K · 16th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$868M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$408K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$388M	$553M	$626M	$599M	$631M	5.3%
Operating income	—	—	$45M	$50M	$55M	11%
Net income	$103M	$8M	$26M	$108M	$3M	97%
Operating cash flow	$5M	$19M	$70M	$37M	$100M	175%
Capex	$21M	$40M	$38M	$61M	$81M	33%
Stock-based comp	$5M	$7M	$11M	$7M	$7M	7.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2025	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D	5.3%	Active

Insider trading

Open-market buys, 12 mo: $282K · 2
Open-market sells, 12 mo: $690K · 4
Net: −$408K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$9M	1090	328
FY2024	$5M	$4M	416	291
FY2023	$5M	$6M	526	178
FY2022	$5M	$6M	402	185
FY2021	$4M	$7M	330	121