Tetra Tech (TTEK) concentration risks

The company's concentration profile is defined by a meaningful international revenue share and two government-customer dependencies that individually represent smaller but still notable slices of the fee base. In fiscal 2025, 37.4% of revenue was generated from international operations — a moderate share by disclosed size, structural in character. This reflects the company's global environmental and infrastructure services footprint rather than reliance on any single foreign customer or government, and it diversifies the revenue base against U.S.-only spending cycles. On the customer side, the Department of Defense accounted for 11.6% of revenue in fiscal 2025 — a low-share exposure by disclosed size, with a dependency character. While the DoD relationship is a dependency in the sense that federal contract awards and budget authorization drive it, the share is limited enough that a single contract loss would not be catastrophic to consolidated revenue. The United States Agency for International Development accounted for 10.6% of revenue in fiscal 2025, also a low share by disclosed size. The USAID relationship carries additional dependency risk given that international development funding is subject to foreign policy and Congressional appropriations decisions that can shift more abruptly than domestic agency budgets. Together, the two disclosed government customers represent a combined dependency on federal funding decisions, but individually neither exceeds a low-share band. The international revenue share and the two government dependencies are complementary disclosures that together point to a business balanced across domestic federal and international project exposure.

For the engine’s reasoning on TTEK’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.