Skip to content
stoqly

Tidewater

TDW NYSE Oil & Gas Equipment & Services Financials FY2016–FY2025

Tidewater's revenue rose 0.5% to $1.4 billion in fiscal 2025. Its operating margin was 20.9%, down from 23.1% a year earlier. Free cash flow was $353 million, up 38.6%. It paid out $90 million in dividends and buybacks, 26% of free cash flow. The diluted share count fell 5.0%.

Last close · Oct 23, 2026

$86.07

8.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.4B
0.5% vs prior year
Operating margin Operating income as a share of revenue.
20.9%
2.2 pts
Net income Profit after all expenses, interest and tax.
$335M
85.2%
Free cash flow Cash from operations minus capital spending.
$353M
38.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.4%
2.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.6x
On $4.90 EPS (TTM)

What Tidewater does

No business description yet.

Legal name
TIDEWATER INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001437749-26-006391
0000098222

Revenue and margins

Tidewater had $1.4B of revenue in fiscal 2025, up 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $353M in fiscal 2025, 26.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tidewater returned $90.1M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 5.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tidewater yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$116M and divides by 50.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.6x · peers 34.2x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tidewater can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $149M$164M$274M$325M$579M
Debt incl. finance leases $168M$169M$734M$648M$694M
Net debt / EBITDA —0.0x1.5x0.7x0.3x
Debt / equity 0.2x0.2x0.7x0.6x0.5x
Interest coverage −6.1x1.5x3.7x4.3x4.3x
Current ratio 2.2x1.9x1.8x2.1x2.9x
Quick ratio 2.2x1.9x1.8x2.1x2.9x
Total assets $1.1B$1.3B$2.1B$2.1B$2.4B
Total liabilities $394M$432M$1.0B$964M$1.0B
Shareholders' equity $701M$866M$1.0B$1.1B$1.4B
Net debt (− = net cash) $18.9M$4.8M$460M$323M$116M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.5M

4 insiders

Of sales under plans

40%

$3.8M

DateInsiderTradeSharesPriceValueFiling
Sep 16, 2026 Robert RobottiDirector Sold 10,300 $89.85 $0.9M Form 4
Sep 2, 2026 Daniel A. HudsonEVP, CLO & Corporate Secretary Sold plan 15,000 $99.08 $1.5M Form 4
Sep 2, 2026 Kenneth TraubDirector Sold 10,000 $99.00 $1.0M Form 4
Aug 12, 2026 Samuel R RubioEVP, CFO & CAO Sold 17,705 $91.56 $1.6M Form 4
Aug 10, 2026 Daniel A. HudsonEVP, CLO & Corporate Secretary Sold plan 5,000 $89.01 $0.4M Form 4
Mar 5, 2026 Daniel A. HudsonEVP & General Counsel Sold 5,195 $80.56 $0.4M Form 4
Mar 5, 2026 Samuel R RubioEVP, CFO & CAO Sold 22,461 $80.05 $1.8M Form 4
Feb 23, 2026 Daniel A. HudsonEVP & General Counsel Sold plan 15,000 $77.50 $1.2M Form 4
Feb 11, 2026 Daniel A. HudsonEVP & General Counsel Sold plan 10,000 $70.01 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 5 / 86 / 87 / 8
Accruals ratio −0.4%−4.9%−2.0%
Altman Z'' 1.482.523.42

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tidewater TDW $4.3B 0.5% 20.9% 26.1% 19.4% 17.6x 7
Kodiak Gas Services KGS $4.3B 12.8% 26.0% 21.7% 6.3% 52.8x 5 Compare →
Archrock AROC $5.1B 28.7% — 8.0% 12.1% 15.7x 7 Compare →
Bristow Group VTOL $1.2B 5.3% 10.7% 3.8% 9.8% 11.7x 6 Compare →
RPC RES $1.3B 15.0% 2.8% 3.3% — 62.5x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $979M $602M $407M $487M $397M $371M $648M $1.0B $1.3B $1.4B
Gross profit $69.6M −$59.4M $6.1M $6.9M −$29.7M — — — — —
Operating income −$69.5M −$578M −$108M −$86.6M −$187M −$95.0M $26.7M $182M $311M $283M
Interest expense $53.8M $75.0M $30.4M $29.1M $24.2M $15.6M $17.4M $48.7M $73.2M $66.1M
Pretax income −$140M −$644M −$154M −$114M −$198M −$124M −$2.3M $139M $230M $220M
Income tax $20.8M $6.4M $18.3M $27.7M −$1.0M $5.9M $19.9M $43.3M $50.2M −$113M
Net income −$160M −$660M −$172M −$142M −$196M −$129M −$21.7M $97.2M $181M $335M
Diluted EPS −$3.41 −$14.02 −$6.45 −$3.71 −$4.86 −$3.14 −$0.49 $1.84 $3.40 $6.64
Diluted shares 0.05B 0.05B 0.03B 0.04B 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $253M $29.8M $3.9M −$31.4M $4.0M $15.0M $40.2M $104M $283M $379M
Capital expenditure $195M $25.5M $21.4M $18.0M $14.9M $9.0M $16.6M $31.6M $27.6M $25.8M
Free cash flow $58.9M $4.3M −$17.5M −$49.4M −$10.9M $6.1M $23.6M $72.6M $255M $353M
Depreciation and amortization $182M $167M $51.3M $77.0M $73.0M $73.2M $83.5M $129M $156M $151M
Stock-based compensation $13.2M $3.3M $13.4M $19.6M $5.1M $5.6M $7.4M $10.8M $13.7M $14.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $20.7M $594M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $35.0M $90.7M $90.1M
Dividends paid $35.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $35.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $35.0M $90.7M $90.1M
Balance sheet
Cash and short-term investments $678M $706M $372M $218M $150M $149M $164M $274M $325M $579M
Total debt $2.1B — $432M $298M $193M $168M $169M $734M $648M $670M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $24.4M
Current assets $1.3B $1.1B $683M $537M $389M $343M $378M $591M $699M $914M
Current liabilities $2.5B $2.3B $158M $186M $183M $158M $195M $329M $332M $315M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $3.6B $2.9B $1.1B $939M $780M $688M $797M $1.3B $1.2B $1.1B
Total assets $5.0B $4.2B $1.8B $1.6B $1.3B $1.1B $1.3B $2.1B $2.1B $2.4B
Total liabilities $2.7B $2.5B $683M $563M $428M $394M $432M $1.0B $964M $1.0B
Shareholders' equity $2.3B $1.6B $1.1B $1.0B $822M $701M $866M $1.0B $1.1B $1.4B
Margins
Gross margin 7.1% −9.9% 1.5% 1.4% −7.5% — — — — —
Operating margin −7.1% −96.1% −26.4% −17.8% −47.1% −25.6% 4.1% 18.0% 23.1% 20.9%
EBITDA margin 11.5% −68.2% −13.8% −2.0% −28.7% −5.9% 17.0% 30.8% 34.7% 32.1%
Net margin −16.4% −109.7% −42.2% −29.1% −49.4% −34.8% −3.4% 9.6% 13.4% 24.7%
FCF margin 6.0% 0.7% −4.3% −10.2% −2.8% 1.6% 3.6% 7.2% 18.9% 26.1%
Returns
Return on capital −1.4% — — −6.0% −15.0% −9.5% 2.7% 10.6% 16.6% 19.4%
Return on capital employed −2.1% −26.3% −6.1% −5.7% −15.2% −9.5% 2.6% 12.9% 17.9% 14.8%
Return on equity −6.7% −33.6% −12.3% −13.1% −21.4% −16.9% −2.8% 10.2% 16.8% 27.0%
Return on assets −3.3% −14.4% −5.7% −8.3% −13.9% −11.0% −1.8% 5.8% 8.7% 15.0%
Growth
Revenue growth −34.5% −38.6% −32.4% 19.7% −18.4% −6.6% 74.6% 55.9% 33.3% 0.5%
Net income growth — — — — — — — — 85.9% 85.3%
EPS growth — — — — — — — — 84.8% 95.3%
FCF growth — −92.7% −503.8% — — — 289.6% 207.8% 251.1% 38.6%
Share count change −3.5% 0.2% −43.5% 43.7% 5.6% 1.6% 7.6% 20.0% 0.3% −5.0%
Financial health
Net debt / EBITDA 12.2x — — — — — 0.0x 1.5x 0.7x 0.3x
Debt / equity 0.9x — 0.4x 0.3x 0.2x 0.2x 0.2x 0.7x 0.6x 0.5x
Interest coverage −1.3x −7.7x −3.5x −3.0x −7.7x −6.1x 1.5x 3.7x 4.3x 4.3x
Current ratio 0.5x 0.5x 4.3x 2.9x 2.1x 2.2x 1.9x 1.8x 2.1x 2.9x
Quick ratio 0.5x 0.5x 4.3x 2.9x 2.1x 2.2x 1.9x 1.8x 2.1x 2.9x
Capital allocation
Capex / revenue 19.9% 4.2% 5.3% 3.7% 3.8% 2.4% 2.6% 3.1% 2.1% 1.9%
Stock comp / revenue 1.4% 0.5% 3.3% 4.0% 1.3% 1.5% 1.1% 1.1% 1.0% 1.1%
Payouts / FCF 60.1% 0.0% — — — 0.0% 0.0% 48.2% 35.6% 25.5%
Quality scores
Piotroski F-score 3.0 — — 2.0 3.0 5.0 5.0 5.0 6.0 7.0
Altman Z'' 0.7 −1.0 2.9 2.3 0.7 0.4 1.4 1.5 2.5 3.4
Accruals ratio −8.5% −15.0% −5.8% −6.5% −14.2% −12.3% −5.2% −0.4% −4.9% −2.0%

Source: SEC EDGAR XBRL filings (CIK 0000098222). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open