Atlas Energy Solutions vs Tidewater
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The short version
- Tidewater is the larger business, with $1.4B of revenue in fiscal 2025 against $1.1B for Atlas Energy Solutions.
- Atlas Energy Solutions grew revenue faster (3.7%, against 0.5%).
- Tidewater kept more of each dollar of sales as operating profit (20.9% operating margin, against β1.0%).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against β2.8%).
| Latest fiscal year | AESI Β· FY25 | TDW Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $4.3B |
| Revenue | $1.1B | $1.4B |
| Free cash flow | β$30.9M | $353M |
| Net income | β$50.3M | $335M |
| Growth | ||
| Revenue growth | 3.7% | 0.5% |
| 5-year growth | β | 27.8% |
| Share count change | 12.1% | β5.0% |
| Profitability | ||
| Gross margin | 13.8% | β |
| Operating margin | β1.0% | 20.9% |
| Net margin | β4.6% | 24.7% |
| FCF margin | β2.8% | 26.1% |
| Return on capital | β | 19.4% |
| Return on equity | β4.5% | 27.0% |
| Balance sheet | ||
| Net debt | β | $116M |
| Net debt / EBITDA | β | 0.3x |
| Dividends and buybacks | $0.2M | $90.1M |
| Valuation & quality | ||
| P/E | β | 17.6x |
| Piotroski F-score | 4 | 7 |
Revenue
FY16
AESI β
TDW $979M
FY17
AESI β
TDW $602M
FY18
AESI β
TDW $407M
FY19
AESI β
TDW $487M
FY20
AESI β
TDW $397M
FY21
AESI $172M
TDW $371M
FY22
AESI $483M
TDW $648M
FY23
AESI $614M
TDW $1.0B
FY24
AESI $1.1B
TDW $1.3B
FY25
AESI $1.1B
TDW $1.4B
AESI
TDW
Operating margin
FY16
AESI β
TDW β7.1%
FY17
AESI β
TDW β96.1%
FY18
AESI β
TDW β26.4%
FY19
AESI β
TDW β17.8%
FY20
AESI β
TDW β47.1%
FY21
AESI 27.3%
TDW β25.6%
FY22
AESI 48.1%
TDW 4.1%
FY23
AESI 43.2%
TDW 18.0%
FY24
AESI 10.8%
TDW 23.1%
FY25
AESI β1.0%
TDW 20.9%
AESI
TDW
Free cash flow
FY16
AESI β
TDW $58.9M
FY17
AESI β
TDW $4.3M
FY18
AESI β
TDW β$17.5M
FY19
AESI β
TDW β$49.4M
FY20
AESI β
TDW β$10.9M
FY21
AESI $2.0M
TDW $6.1M
FY22
AESI $116M
TDW $23.6M
FY23
AESI β$66.5M
TDW $72.6M
FY24
AESI β$118M
TDW $255M
FY25
AESI β$30.9M
TDW $353M
AESI
TDW
Return on capital
FY16
AESI β
TDW β1.4%
FY17
AESI β
TDW β
FY18
AESI β
TDW β
FY19
AESI β
TDW β6.0%
FY20
AESI β
TDW β15.0%
FY21
AESI β
TDW β9.5%
FY22
AESI β
TDW 2.7%
FY23
AESI β
TDW 10.6%
FY24
AESI β
TDW 16.6%
FY25
AESI β
TDW 19.4%
AESI
TDW
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.