Tetra Tech, Inc.
TTEKHIGH VELOCITYFILING INTENSITYTetra Tech, Inc. reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $1B across 6 disclosed transactions, up 416% vs the prior cycle · primary market E&C.
Lens
Disclosed M&A capital (2023–2025)
$1B
vs $203M in 2020–2022
Disclosed transactions
6
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Tetra Tech (TTEK) is a public-company acquirer in engineering & construction with $1.7B of disclosed M&A spend across 4 acquisitions over 9 active years. Strategy mix is led by Geographic Expansion (44%), Bolt On (22%), Technology Acquisition (15%). Current capacity: $224M cash, $883M total debt, 1.0x net leverage (underlevered). Has $1.4B of incremental debt capacity to a 3.0x IG threshold and $2.7B to the 5.0x HY transition. Disclosed median deal size sits at $414M.
- “To complement our acquisition strategy and our focus on internal growth, we regularly review and evaluate our existing operations to determine whether our business model should change through the divestiture of certain businesses.”- 10-K FY2014
- “In the first quarter of fiscal 2013, we implemented a reorganization of our operations to improve future growth and profitability, including the consolidation and realignment of certain operating activities to achieve efficiencies in our segment management.”- 10-K FY2013
- “Coffey significantly expands our geographic presence, particularly in Australia and Asia Pacific”- 10-K FY2016
- ▸Entry into adjacent geographies via platform acquisitions
- ▸Bolt-ons into existing geography for route density
- ▸Room for a $2.7B debt-funded acquisition before HY 5.0x.
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $2.3B disclosed buyer spend
- Filed within 25d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 25d
- 34 acquisition-history signals
- 203 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 2 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 2 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 2 activism filings
- Latest activism 28y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 2 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 203 8-Ks
- Filed within 25d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $8.7B
- 10-Q 25d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $854M · Peak count: 4
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 2 | $97M | $49M | N/A |
| 2024 | 2 | $94M | $47M | N/A |
| 2023 | 2 | $854M | $427M | N/A |
| 2022 | 4 | $49M | $12M | N/A |
| 2021 | 4 | $85M | $21M | N/A |
| 2020 | 2 | $69M | $34M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion20%
- Bolt On20%
- Technology Acquisition20%
- Horizontal Consolidation20%
- Tuck In20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- technology_acquisition
- tuck_in
- horizontal_consolidation
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“In the first quarter of fiscal 2013, we implemented a reorganization of our operations to improve future growth and profitability, including the consolidation and realignment of certain operating activities to achieve efficiencies in our segment management.”
“To complement our acquisition strategy and our focus on internal growth, we regularly review and evaluate our existing operations to determine whether our business model should change through the divestiture of certain businesses.”
“In the fourth quarter of fiscal 2012, we initiated a reorganization of our operations, including the consolidation and realignment of certain operating activities to achieve efficiencies”
“Accordingly, from time to time, we may divest certain non-core businesses and reallocate our resources to businesses that better align with our long-term strategic direction.”
“INDUS is a technology solutions firm focused on water data analytics, geospatial analysis, secure infrastructure, and software applications management”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
E&C
- Market spend (2023–2025)
- $50.9B
- Market spend (2020–2022)
- $33.3B
- Recent vs prior
- +53%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
TTEK trades at a -6.2-turn discount to the E&C peer median of 19.2×.
- EV / Revenue
- 1.8×
- Net debt / EBITDA
- 1.0×
- Peer median EV / EBITDA
- 19.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 46.8× | 3.8× | 2.0× | $30B | $5.4B | |
| 20.0× | 2.3× | -0.3× | $17.8B | $1.3B | |
| 19.2× | 1.3× | 3.0× | $13.2B | $32M | |
Tetra Tech, Inc.TTEK | 13.0× | 1.8× | 1.0× | $4.9B | $1B |
AecomACM | 10.3× | 0.8× | 1.4× | $16B | $231M |
KBR, Inc.KBR | 7.1× | 0.9× | 2.4× | $7.7B | $829M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in E&C. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)382025-11-20
- 10-Q (quarterly)972026-05-01
- 8-K (event)2032026-04-29
- Proxy / DEF 14A482026-01-09
- Activism (13D / DFAN / PREC)21998-02-18
Signals on file
- elevated
Activism on file
1998-02-182 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.