Tidewater vs Cactus
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The short version
- Tidewater is the larger business, with $1.4B of revenue in fiscal 2025 against $1.1B for Cactus.
- Tidewater grew revenue faster (0.5%, against −4.5%).
- Cactus kept more of each dollar of sales as operating profit (23.2% operating margin, against 20.9%).
- Tidewater earned a higher return on the capital invested in it (19.4%, against 17.1%).
| Latest fiscal year | TDW · FY25 | WHD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | — |
| Revenue | $1.4B | $1.1B |
| Free cash flow | $353M | — |
| Net income | $335M | $166M |
| Growth | ||
| Revenue growth | 0.5% | −4.5% |
| 5-year growth | 27.8% | 25.4% |
| Share count change | −5.0% | — |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 20.9% | 23.2% |
| Net margin | 24.7% | 15.4% |
| FCF margin | 26.1% | — |
| Return on capital | 19.4% | 17.1% |
| Return on equity | 27.0% | 14.5% |
| Balance sheet | ||
| Net debt | $116M | −$107M |
| Net debt / EBITDA | 0.3x | −0.3x |
| Dividends and buybacks | $90.1M | $43.3M |
| Valuation & quality | ||
| P/E | 17.6x | — |
| Piotroski F-score | 7 | — |
FY16
TDW $979M
WHD $155M
FY17
TDW $602M
WHD $341M
FY18
TDW $407M
WHD $544M
FY19
TDW $487M
WHD $628M
FY20
TDW $397M
WHD $349M
FY21
TDW $371M
WHD $439M
FY22
TDW $648M
WHD $688M
FY23
TDW $1.0B
WHD $1.1B
FY24
TDW $1.3B
WHD $1.1B
FY25
TDW $1.4B
WHD $1.1B
TDW
WHD
FY16
TDW −7.1%
WHD 6.9%
FY17
TDW −96.1%
WHD 26.0%
FY18
TDW −26.4%
WHD 32.7%
FY19
TDW −17.8%
WHD 29.1%
FY20
TDW −47.1%
WHD 20.1%
FY21
TDW −25.6%
WHD 17.2%
FY22
TDW 4.1%
WHD 25.4%
FY23
TDW 18.0%
WHD 24.1%
FY24
TDW 23.1%
WHD 25.6%
FY25
TDW 20.9%
WHD 23.2%
TDW
WHD
FY16
TDW $58.9M
WHD —
FY17
TDW $4.3M
WHD —
FY18
TDW −$17.5M
WHD —
FY19
TDW −$49.4M
WHD —
FY20
TDW −$10.9M
WHD —
FY21
TDW $6.1M
WHD —
FY22
TDW $23.6M
WHD —
FY23
TDW $72.6M
WHD —
FY24
TDW $255M
WHD —
FY25
TDW $353M
WHD —
TDW
WHD
FY16
TDW −1.4%
WHD —
FY17
TDW —
WHD —
FY18
TDW —
WHD 61.9%
FY19
TDW −6.0%
WHD 48.1%
FY20
TDW −15.0%
WHD 19.9%
FY21
TDW −9.5%
WHD 23.7%
FY22
TDW 2.7%
WHD 42.1%
FY23
TDW 10.6%
WHD 32.7%
FY24
TDW 16.6%
WHD 23.9%
FY25
TDW 19.4%
WHD 17.1%
TDW
WHD
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.