RPC vs Tidewater
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The short version
- RPC is the larger business, with $1.6B of revenue in fiscal 2025 against $1.4B for Tidewater.
- RPC grew revenue faster (15.0%, against 0.5%).
- Tidewater kept more of each dollar of sales as operating profit (20.9% operating margin, against 2.8%).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against 3.3%).
- Investors pay more for each dollar of RPC’s earnings: a P/E of 62.5x against 17.6x for Tidewater.
| Latest fiscal year | RES · FY25 | TDW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.3B | $4.3B |
| Revenue | $1.6B | $1.4B |
| Free cash flow | $52.9M | $353M |
| Net income | $32.1M | $335M |
| Growth | ||
| Revenue growth | 15.0% | 0.5% |
| 5-year growth | 22.1% | 27.8% |
| Share count change | 0.4% | −5.0% |
| Profitability | ||
| Gross margin | 24.2% | — |
| Operating margin | 2.8% | 20.9% |
| Net margin | 2.0% | 24.7% |
| FCF margin | 3.3% | 26.1% |
| Return on capital | — | 19.4% |
| Return on equity | 3.0% | 27.0% |
| Balance sheet | ||
| Net debt | −$158M | $116M |
| Net debt / EBITDA | −0.8x | 0.3x |
| Dividends and buybacks | $38.0M | $90.1M |
| Valuation & quality | ||
| P/E | 62.5x | 17.6x |
| Piotroski F-score | — | 7 |
Revenue
FY16
RES $729M
TDW $979M
FY17
RES $1.6B
TDW $602M
FY18
RES $1.7B
TDW $407M
FY19
RES $1.2B
TDW $487M
FY20
RES $598M
TDW $397M
FY21
RES $865M
TDW $371M
FY22
RES $1.6B
TDW $648M
FY23
RES $1.6B
TDW $1.0B
FY24
RES $1.4B
TDW $1.3B
FY25
RES $1.6B
TDW $1.4B
RES
TDW
Operating margin
FY16
RES −32.8%
TDW −7.1%
FY17
RES 14.2%
TDW −96.1%
FY18
RES 12.2%
TDW −26.4%
FY19
RES −9.4%
TDW −17.8%
FY20
RES −51.8%
TDW −47.1%
FY21
RES 1.9%
TDW −25.6%
FY22
RES 18.0%
TDW 4.1%
FY23
RES 15.1%
TDW 18.0%
FY24
RES 6.9%
TDW 23.1%
FY25
RES 2.8%
TDW 20.9%
RES
TDW
Free cash flow
FY16
RES $67.8M
TDW $58.9M
FY17
RES $16.2M
TDW $4.3M
FY18
RES $146M
TDW −$17.5M
FY19
RES −$41.5M
TDW −$49.4M
FY20
RES $12.9M
TDW −$10.9M
FY21
RES −$19.9M
TDW $6.1M
FY22
RES $61.7M
TDW $23.6M
FY23
RES $214M
TDW $72.6M
FY24
RES $129M
TDW $255M
FY25
RES $52.9M
TDW $353M
RES
TDW
Return on capital
FY16
RES —
TDW −1.4%
FY17
RES —
TDW —
FY18
RES —
TDW —
FY19
RES —
TDW −6.0%
FY20
RES —
TDW −15.0%
FY21
RES —
TDW −9.5%
FY22
RES —
TDW 2.7%
FY23
RES —
TDW 10.6%
FY24
RES —
TDW 16.6%
FY25
RES —
TDW 19.4%
RES
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.