Archrock vs Tidewater
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The short version
- Archrock is the larger business, with $1.5B of revenue in fiscal 2025 against $1.4B for Tidewater.
- Archrock grew revenue faster (28.7%, against 0.5%).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against 8.0%).
- Tidewater earned a higher return on the capital invested in it (19.4%, against 12.1%).
- Investors pay more for each dollar of Tidewater’s earnings: a P/E of 17.6x against 15.7x for Archrock.
| Latest fiscal year | AROC · FY25 | TDW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $4.3B |
| Revenue | $1.5B | $1.4B |
| Free cash flow | $120M | $353M |
| Net income | $322M | $335M |
| Growth | ||
| Revenue growth | 28.7% | 0.5% |
| 5-year growth | 11.2% | 27.8% |
| Share count change | 7.6% | −5.0% |
| Profitability | ||
| Gross margin | 48.6% | — |
| Operating margin | — | 20.9% |
| Net margin | 21.6% | 24.7% |
| FCF margin | 8.0% | 26.1% |
| Return on capital | 12.1% | 19.4% |
| Return on equity | 22.9% | 27.0% |
| Balance sheet | ||
| Net debt | $2.4B | $116M |
| Net debt / EBITDA | 2.9x | 0.3x |
| Dividends and buybacks | $212M | $90.1M |
| Valuation & quality | ||
| P/E | 15.7x | 17.6x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
AROC $807M
TDW $979M
FY17
AROC $795M
TDW $602M
FY18
AROC $904M
TDW $407M
FY19
AROC $966M
TDW $487M
FY20
AROC $875M
TDW $397M
FY21
AROC $782M
TDW $371M
FY22
AROC $846M
TDW $648M
FY23
AROC $990M
TDW $1.0B
FY24
AROC $1.2B
TDW $1.3B
FY25
AROC $1.5B
TDW $1.4B
AROC
TDW
Operating margin
FY16
AROC —
TDW −7.1%
FY17
AROC —
TDW −96.1%
FY18
AROC —
TDW −26.4%
FY19
AROC —
TDW −17.8%
FY20
AROC —
TDW −47.1%
FY21
AROC —
TDW −25.6%
FY22
AROC —
TDW 4.1%
FY23
AROC —
TDW 18.0%
FY24
AROC —
TDW 23.1%
FY25
AROC —
TDW 20.9%
AROC
TDW
Free cash flow
FY16
AROC $157M
TDW $58.9M
FY17
AROC −$20.0M
TDW $4.3M
FY18
AROC −$93.2M
TDW −$17.5M
FY19
AROC −$95.1M
TDW −$49.4M
FY20
AROC $195M
TDW −$10.9M
FY21
AROC $140M
TDW $6.1M
FY22
AROC −$36.4M
TDW $23.6M
FY23
AROC $11.6M
TDW $72.6M
FY24
AROC $70.6M
TDW $255M
FY25
AROC $120M
TDW $353M
AROC
TDW
Return on capital
FY16
AROC −0.2%
TDW −1.4%
FY17
AROC 1.7%
TDW —
FY18
AROC 4.7%
TDW —
FY19
AROC 7.6%
TDW −6.0%
FY20
AROC 1.0%
TDW −15.0%
FY21
AROC 5.7%
TDW −9.5%
FY22
AROC 4.9%
TDW 2.7%
FY23
AROC 7.7%
TDW 10.6%
FY24
AROC 8.8%
TDW 16.6%
FY25
AROC 12.1%
TDW 19.4%
AROC
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.