Tidewater vs Bristow Group
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The short version
- Bristow Group is the larger business, with $1.5B of revenue in fiscal 2025 against $1.4B for Tidewater.
- Bristow Group grew revenue faster (5.3%, against 0.5%).
- Tidewater kept more of each dollar of sales as operating profit (20.9% operating margin, against 10.7%).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against 3.8%).
- Tidewater earned a higher return on the capital invested in it (19.4%, against 9.8%).
- Investors pay more for each dollar of Tidewater’s earnings: a P/E of 17.6x against 11.7x for Bristow Group.
| Latest fiscal year | TDW · FY25 | VTOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $1.2B |
| Revenue | $1.4B | $1.5B |
| Free cash flow | $353M | $56.4M |
| Net income | $335M | $129M |
| Growth | ||
| Revenue growth | 0.5% | 5.3% |
| 5-year growth | 27.8% | 45.8% |
| Share count change | −5.0% | 1.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.9% | 10.7% |
| Net margin | 24.7% | 8.7% |
| FCF margin | 26.1% | 3.8% |
| Return on capital | 19.4% | 9.8% |
| Return on equity | 27.0% | 13.2% |
| Balance sheet | ||
| Net debt | $116M | $385M |
| Net debt / EBITDA | 0.3x | 1.7x |
| Dividends and buybacks | $90.1M | $15.2M |
| Valuation & quality | ||
| P/E | 17.6x | 11.7x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
TDW $979M
VTOL $247M
FY17
TDW $602M
VTOL $231M
FY18
TDW $407M
VTOL $222M
FY19
TDW $487M
VTOL $226M
FY20
TDW $397M
VTOL —
FY21
TDW $371M
VTOL $1.2B
FY22
TDW $648M
VTOL $1.2B
FY23
TDW $1.0B
VTOL $1.3B
FY24
TDW $1.3B
VTOL $1.4B
FY25
TDW $1.4B
VTOL $1.5B
TDW
VTOL
Operating margin
FY16
TDW −7.1%
VTOL −1.4%
FY17
TDW −96.1%
VTOL −59.0%
FY18
TDW −26.4%
VTOL 12.7%
FY19
TDW −17.8%
VTOL −1.5%
FY20
TDW −47.1%
VTOL —
FY21
TDW −25.6%
VTOL —
FY22
TDW 4.1%
VTOL —
FY23
TDW 18.0%
VTOL 4.7%
FY24
TDW 23.1%
VTOL 9.4%
FY25
TDW 20.9%
VTOL 10.7%
TDW
VTOL
Free cash flow
FY16
TDW $58.9M
VTOL $19.3M
FY17
TDW $4.3M
VTOL $3.3M
FY18
TDW −$17.5M
VTOL $45.1M
FY19
TDW −$49.4M
VTOL $21.0M
FY20
TDW −$10.9M
VTOL —
FY21
TDW $6.1M
VTOL $82.0M
FY22
TDW $23.6M
VTOL $92.8M
FY23
TDW $72.6M
VTOL −$49.5M
FY24
TDW $255M
VTOL −$78.0M
FY25
TDW $353M
VTOL $56.4M
TDW
VTOL
Return on capital
FY16
TDW −1.4%
VTOL −0.4%
FY17
TDW —
VTOL −16.4%
FY18
TDW —
VTOL 3.7%
FY19
TDW −6.0%
VTOL −0.5%
FY20
TDW −15.0%
VTOL —
FY21
TDW −9.5%
VTOL —
FY22
TDW 2.7%
VTOL 2.5%
FY23
TDW 10.6%
VTOL 2.7%
FY24
TDW 16.6%
VTOL 9.8%
FY25
TDW 19.4%
VTOL 9.8%
TDW
VTOL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.