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Here are 1-3 brief analogies for Tetra Tech:

• They're like Accenture for environmental and infrastructure engineering.

• Think of them as IBM, but for solving complex environmental, water, and infrastructure challenges.

• They are a professional services firm, similar to Deloitte, but specialized in sustainable infrastructure and water resource management.

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• Water Management: Provides consulting and engineering services for water supply, wastewater treatment, stormwater management, and water resource planning.
• Environmental Consulting: Offers scientific and engineering solutions for environmental compliance, remediation, climate change adaptation, and waste management.
• Sustainable Infrastructure Design: Delivers planning, design, and engineering services for resilient infrastructure projects including transportation, buildings, and urban development.
• Renewable Energy Solutions: Provides consulting, engineering, and program management for solar, wind, hydropower, and other renewable energy projects.
• International Development: Offers technical expertise and program management for global development initiatives, focusing on governance, water, environment, and infrastructure.

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Tetra Tech (symbol: TTEK) sells primarily to other companies and government entities (Business-to-Business and Business-to-Government).

Based on their latest public filings (10-K), no single private commercial customer accounts for a material portion of their revenue (typically defined as 10% or more). However, government entities collectively represent a significant portion of their business. Their major customers and customer categories include:

• U.S. Federal Government Agencies: These collectively accounted for approximately 36% of Tetra Tech's net revenue in fiscal year 2023. No single federal agency constituted more than 10% of total revenue. Specific agencies served include:
  • U.S. Environmental Protection Agency (EPA)
  • U.S. Army Corps of Engineers
  • U.S. Department of Defense
  • U.S. Department of State
  • U.S. Agency for International Development (USAID)
• Commercial Clients: These represent a substantial portion of Tetra Tech's revenue, distributed across a wide range of industries globally. While specific names are not disclosed due to the lack of revenue concentration from any single entity, these clients typically include companies in sectors such as:
  • Utilities (e.g., power generation, water and wastewater management)
  • Mining
  • Oil & Gas
  • Industrial and Manufacturing
  • Real estate and infrastructure development
• U.S. State and Local Governmental Entities: Tetra Tech serves numerous state and local government agencies across the United States for various infrastructure and environmental projects.
• International Governments and Agencies: This category includes various government bodies outside the U.S. Key examples mentioned in their filings include:
  • U.K. Department for Environment, Food & Rural Affairs (Defra)
  • U.K. Department for International Development (now largely integrated into the Foreign, Commonwealth & Development Office - FCDO)

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Dan L. Batrack, Chairman and Chief Executive Officer

Mr. Batrack joined Tetra Tech in 1980 and has served in numerous capacities throughout his more than 30-year tenure, including arctic research scientist, deep-water oceanographic hydrographer, coastal hydrodynamic modeler, environmental data analyst, project and program manager, President of the Engineering Division, Chief Operating Officer, and President. He was named Chief Executive Officer in 2005 and Chairman in 2008. During his leadership as CEO, Tetra Tech's annual revenue and employee count have more than tripled. He holds a bachelor's degree in business administration from the University of Washington.

Steven M. Burdick, Executive Vice President and Chief Financial Officer

Mr. Burdick has served as Executive Vice President and Chief Financial Officer of Tetra Tech since April 2011. He joined the company in April 2003 as Vice President, Management Audit, and subsequently served as Senior Vice President and Corporate Controller from January 2004 to March 2011. Prior to joining Tetra Tech, Mr. Burdick held senior financial and executive positions with Aura Systems, Inc., TRW Ventures, and Ernst & Young LLP, including serving as Chief Financial Officer for TRW Ventures LLC and Aura Systems, Inc. He holds a Bachelor of Science in Business Administration from Santa Clara University and is a Certified Public Accountant.

Roger R. Argus, President

Mr. Argus was promoted to President of Tetra Tech for fiscal year 2026, effective October 2025. He previously served as Executive Vice President of Corporate Development and President of the Commercial/International Services Group. With 40 years of professional experience, including over 30 years with Tetra Tech, Mr. Argus has led multidisciplinary environmental, engineering, and management programs for federal, state, municipal, and private clients. He has also directed Tetra Tech's mergers and acquisitions program, identifying, negotiating, and integrating companies.

Leslie L. Shoemaker, PhD, Executive Vice President, Chief Innovation and Sustainability Officer

Ms. Shoemaker joined Tetra Tech in 1991. She has held various leadership positions within the company, including President of the Infrastructure Group, Chief Strategy Officer, and Project Manager. Prior to her current role, she served as President and Chief Sustainability Officer, and President of the Water, Environment and Infrastructure (WEI) and Commercial/International Services Group (CIG) business groups.

Preston Hopson, Executive Vice President, Chief Legal and Human Capital Officer

Mr. Hopson serves as Tetra Tech's Executive Vice President, Chief Legal and Human Capital Officer. He is also listed as Senior Vice President, General Counsel & Secretary.

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The key risks to Tetra Tech (TTEK) are primarily concentrated in its significant reliance on government contracts, the cyclical nature of its markets, and the inherent complexities of managing large-scale projects.

1. Government Contracting and Economic Sensitivity: A substantial portion of Tetra Tech's revenue is derived from U.S. government contracts, making the company vulnerable to shifts in governmental spending priorities, budgetary constraints, and political factors. Changes in funding or contract terms for these multi-year agreements could negatively impact the business. Furthermore, the demand for Tetra Tech's services is cyclical and highly sensitive to overall economic conditions. Economic downturns or reductions in government and private sector spending on infrastructure and environmental projects can lead to decreased revenue and profitability.
2. Project Execution Complexities and Market Competition: Tetra Tech frequently undertakes large-scale and complex projects, which carry inherent risks related to project management. Delays, cost overruns, or failure to meet performance standards on these projects can result in financial losses, reduced profitability, and damage to the company's reputation. The company also operates within a highly competitive market, necessitating continuous innovation and differentiation of its services to maintain its leadership position.
3. Rising Operating Costs and Debt Levels: Tetra Tech faces challenges from escalating operating costs and expenses, including increasing input and marketing costs, which can pressure its bottom line. In addition, the company has significant debt obligations, and its ability to service this debt is contingent on generating sufficient cash flow. High debt levels increase financial obligations and can consequently drain profitability, affecting overall financial stability.

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Tetra Tech (symbol: TTEK) operates in several large addressable markets for its consulting and engineering services, primarily focusing on water, environment, and sustainable infrastructure.

• Environmental Consulting Services: The global environmental consulting services market was valued at approximately USD 45.09 billion in 2024 and is projected to grow to USD 76.59 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 6.81% during the forecast period of 2025 to 2032. Another estimate places the global market at USD 43.20 billion in 2024, anticipating a rise to USD 92.85 billion by 2034 at a CAGR of 7.95%. North America is expected to be a dominant region in this market.

• Sustainable Infrastructure Market: The global sustainable infrastructure market was valued at about USD 58.55 billion in 2024 and is forecast to reach approximately USD 405.08 billion by 2034, exhibiting a robust CAGR of 21.34% from 2025 to 2034. Another report indicates a market size of USD 52.35 billion in 2024, with a projection to reach USD 365.49 billion by 2033 at a CAGR of 24.1%. Asia Pacific held the largest market share in 2024.

• Water Infrastructure Services (including Construction and Repair): The global water infrastructure construction market was valued at USD 69.9 billion in 2023 and is projected to reach USD 107.3 billion by 2030, with a CAGR of 13.8%. More specifically, the global water infrastructure repair technologies market was estimated at USD 70.17 billion in 2024 and is projected to reach USD 166.43 billion by 2034, growing at a CAGR of 8.3%. North America was the largest region in the water infrastructure repair technologies market in 2024. The broader global water infrastructure and repair technology market was valued at USD 99.28 billion in 2022 and is expected to reach USD 165.09 billion by 2030.

• Engineering Consulting Services: The global engineering consulting services market was valued at USD 134.19 billion in 2024 and is projected to reach USD 201.76 billion by 2032, with a CAGR of 5.30%. Another estimate for the global engineering services market size is US$ 1,801.75 billion in 2024, projected to expand to US$ 3,756.09 billion by 2034. The Asia Pacific region holds a significant share and is expected to grow rapidly in the engineering services market. North America also held a dominant position in the engineering consulting services market in 2024.

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Tetra Tech (TTEK) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market demands:

1. Growth in Water and Environmental Markets: Tetra Tech anticipates continued strong demand in its core water and environmental markets. This includes advanced water treatment solutions and addressing new regulatory requirements related to emerging contaminants like PFAS. The company has seen robust growth in municipal water programs, particularly in the U.S., UK, and Ireland, which are expected to support recurring revenue growth.
2. Expansion of Digital Automation and High-End Consulting Services: A significant growth driver is Tetra Tech's strategic expansion in digital systems and automation. This involves leveraging proprietary data analytic tools, artificial intelligence-augmented consulting services, and increasing recurring revenue from software subscriptions. The company has an ambitious target to double its digital automation revenue to $500 million by 2030 and has made acquisitions, such as Sage Automation, to bolster these capabilities.
3. Sustainable Infrastructure and Decarbonization Initiatives: Tetra Tech is well-positioned to benefit from increasing global investment and regulatory pressure around climate adaptation, sustainability, and infrastructure resilience. This includes projects focused on watershed management, coastal protection, and decarbonization efforts, aligning with worldwide priorities for a sustainable future.
4. Federal Government Contracts and Disaster Response Programs: The company expects continued strong performance from its U.S. federal government contracts, including work on defense facilities, Coast Guard projects, and air traffic control system upgrades. Additionally, with the increasing frequency and severity of natural disasters, Tetra Tech's disaster response activities are becoming a significant and growing component of its revenue, particularly within its state and local client sectors.

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Share Repurchases

• Tetra Tech's Board of Directors approved an additional $500 million share repurchase program on May 5, 2025, bringing the total available for repurchases to $673 million, including amounts remaining from prior authorizations.
• In the second quarter of fiscal year 2025, the company repurchased $150 million of common stock, followed by $25 million in the third quarter of fiscal year 2025.
• An earlier share repurchase program, authorized on October 7, 2021, added $400 million, bringing the total available at that time to $563 million. As of July 30, 2025, $256.11 million had been repurchased under this program.

Share Issuance

• Tetra Tech completed a 5:1 forward stock split in fiscal year 2024, which increased the number of outstanding shares.

Outbound Investments

• In January 2023, Tetra Tech completed its largest-ever acquisition, purchasing the British environmental consulting firm RPS Group for $691 million.
• In February 2024, Tetra Tech acquired LS Technologies, a firm specializing in IT modernization and cybersecurity services for the U.S. Government.
• Notable acquisitions in 2021 included UK-based sustainable engineering design firm Hoare Lea in July, and IBRA-RMAC Automation Systems, Inc. in April, which provided digital transformation consulting for water infrastructure.

Capital Expenditures

• For fiscal year 2024, Tetra Tech reported capital expenditures of -$18.14 million.
• Capital expenditures are used for general corporate purposes and contribute to meeting sustainability targets, including the reduction of greenhouse gas emissions and projects that provide environmental, social, and governance benefits.