Tidewater vs Cactus
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KIRAβs take AI analyst
I put Tidewater and Cactus side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β4.5%).
- 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%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Tidewater
TDW
5/7
Revenue growth5-year growthNet marginReturn on capitalReturn on equity
Cactus
WHD
2/7
Operating marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | TDW FY25 | WHD FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | β |
| Revenue | $1.4B | $1.1B |
| Free cash flow | $353M | β |
| Net income | $335M | $166M |
| Growth | ||
| Revenue growth | 0.5% | β4.5% |
| 5-year growth | 27.8% | 25.4% |
| Share count change | β5.0% | β |
| Profitability | ||
| Gross margin | β | 37.0% |
| Operating margin | 20.9% | 23.2% |
| Net margin | 24.7% | 15.4% |
| FCF margin | 26.1% | β |
| Return on capital | 19.4% | 17.1% |
| Return on equity | 27.0% | 14.5% |
| Balance sheet | ||
| Net debt | $116M | β$107M |
| Net debt / EBITDA | 0.3x | β0.3x |
| Dividends and buybacks | $90.1M | $43.3M |
| Valuation & quality | ||
| P/E | 17.6x | β |
| Piotroski F-score | 7 | β |
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.