Tidewater vs Bristow Group
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KIRA’s take AI analyst
I put Tidewater and Bristow Group side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Tidewater
TDW
8/10
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Bristow Group
VTOL
2/10
Revenue growth5-year growth
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.