A Business at a Glance
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TIDEWATER INC
TDW
$4.0B
Mkt Cap
$78.54
+1.42%
TIDEWATER INC (TDW) has a current P/E ratio of 11.8, compared to its historical median P/E of 15.1. The stock is currently considered Fair based on its historical valuation range.
TIDEWATER INC (TDW) has a 5-year average return on invested capital (ROIC) of 7.3%. This is below average and may indicate limited pricing power.
TIDEWATER INC (TDW) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
TIDEWATER INC (TDW) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.30%.
Based on historical P/E analysis, TIDEWATER INC (TDW) appears fair. The current P/E of 11.8 is 22% below its historical median of 15.1. The estimated fair value CAGR (P/E method) is 49.6%.
TIDEWATER INC (TDW) operates in the Water Transportation industry, within the Industrials sector.
TIDEWATER INC (TDW) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS Unless otherwise required by the context, the terms “we,” “us,” “our” and “the company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. About Tidewater We have provided marine and transportation services to the global offshore energy industry since our incorporation in 1956. Our mission includes providing services to our customers with the highest level of operational performance, while complying with laws and regulations, respecting the environment and local communities in which we work and supporting the safety of our people. We offer a large, diversified fleet of offshore service vessels (OSV) and related support vessels (collectively, vessels), with 208 vessels serving customers in over 30 countries as of December 31, 2025. We believe our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of our customers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.4B | 1.3B | 1.0B | 648M | 371M |
| Net Income | 298M | 335M | 181M | 97M | -22M | -129M |
| EPS | $6.02 | $6.64 | $3.40 | $1.84 | $-0.49 | $-3.14 |
| Free Cash Flow | 282M | 353M | 255M | 73M | 24M | 6.1M |
| ROIC | 27.9% | 19.7% | 16.6% | 10.6% | 3.4% | -13.9% |
| Gross Margin | - | 49.7% | 48.5% | 44.9% | 38.7% | 29.4% |
| Debt/Equity | 0.48 | 0.48 | 0.58 | 0.71 | 0.20 | 0.24 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 267M | 283M | 311M | 182M | 27M | -95M |
| Operating Margin | 19.8% | 20.9% | 23.1% | 18.0% | 4.1% | -25.6% |
| ROE | 21.8% | 27.0% | 16.8% | 10.2% | -2.8% | -16.9% |
| Shares Outstanding | 50M | 50M | 53M | 53M | 44M | 41M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.4B | 1.5B | 979M | 602M | 407M | 487M | 397M | 371M | 648M | 1.0B | 1.3B | 1.4B | 1.3B |
| Gross Margin | 20.7% | 19.1% | 7.1% | -9.9% | 1.5% | 1.4% | -7.5% | 29.4% | 38.7% | 44.9% | 48.5% | 49.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 188M | 190M | 154M | 146M | 110M | 104M | 73M | 69M | 102M | 95M | 111M | 135M | 139M |
| EBIT | 202M | -37M | -70M | -578M | -107M | -87M | -187M | -95M | 27M | 182M | 311M | 283M | 267M |
| Op. Margin | 14.0% | -2.5% | -7.1% | -96.1% | -26.4% | -17.8% | -47.0% | -25.6% | 4.1% | 18.0% | 23.1% | 20.9% | 19.8% |
| Net Income | 140M | -65M | -160M | -660M | -172M | -142M | -196M | -129M | -22M | 97M | 181M | 335M | 298M |
| Net Margin | 9.8% | -4.4% | -16.4% | -109.7% | -42.2% | -29.1% | -49.4% | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% | 22.2% |
| Non-Recurring | 77M | 312M | 151M | 509M | 75M | 47M | 83M | 13M | 6.6M | 8.7M | 16M | 14M | 14M |
| Returns on Capital | |||||||||||||
| ROIC | 4.3% | -1.6% | -3.8% | -22.7% | -11.3% | -9.9% | -17.2% | -13.9% | 3.4% | 10.6% | 16.6% | 19.7% | 27.9% |
| ROE | 5.4% | -2.5% | -6.7% | -39.8% | -15.9% | -13.1% | -21.4% | -16.9% | -2.8% | 10.2% | 16.8% | 27.0% | 21.8% |
| ROA | 3.1% | -1.4% | -3.3% | -19.6% | -9.6% | -8.3% | -13.9% | -11.0% | -1.8% | 5.8% | 8.7% | 15.0% | 12.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 105M | 359M | 253M | 30M | 3.9M | -31M | 4.0M | 15M | 40M | 104M | 282M | 379M | 312M |
| Free Cash Flow | -490M | -5.5M | 59M | 4.3M | -17M | -49M | -11M | 6.1M | 24M | 73M | 255M | 353M | 282M |
| Owner Earnings | -83M | 162M | 58M | -141M | -61M | -128M | -74M | -64M | -51M | -35M | 113M | 214M | 148M |
| CapEx | 595M | 364M | 194M | 25M | 21M | 18M | 15M | 9.0M | 17M | 32M | 28M | 26M | 30M |
| Maint. CapEx | 167M | 175M | 182M | 167M | 51M | 77M | 73M | 73M | 84M | 129M | 156M | 151M | 151M |
| Growth CapEx | 427M | 189M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 167M | 175M | 182M | 167M | 51M | 77M | 73M | 73M | 84M | 129M | 156M | 151M | 151M |
| CapEx/OCF | 568.4% | 101.5% | 76.8% | 85.5% | 542.8% | N/A | 373.8% | 59.6% | 41.4% | 30.2% | 9.8% | 6.8% | 9.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 50M | 49M | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 0.1% | 0.3% | 1.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35M | 91M | 90M | 51M |
| Buyback Yield | N/A | 1.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.9% | 3.3% | 3.6% | 1.3% |
| Stock-Based Comp | 20M | 21M | 13M | 3.3M | 13M | 20M | 5.1M | 5.6M | 7.4M | 11M | 14M | 14M | 14M |
| Debt Repayment | 1.1B | 98M | 137M | 10M | 105M | 11M | 0 | 7.8M | 0 | 0 | 0 | 20M | 20M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.5B | 3.4B | 16M | 67M | 75M | 43M | 19M | 4.8M | 467M | 323M | 76M | 102M |
| Cash & Equiv. | 60M | 79M | 678M | 432M | 372M | 218M | 150M | 149M | 164M | 274M | 325M | 579M | 552M |
| Long-Term Debt | 1.5B | 1.5B | 2.1B | 443M | 430M | 279M | 165M | 168M | 169M | 631M | 572M | 649M | 649M |
| Debt/Equity | 0.57 | 0.62 | 1.78 | 0.44 | 0.38 | 0.29 | 0.23 | 0.24 | 0.20 | 0.71 | 0.58 | 0.48 | 0.48 |
| Interest Coverage | 4.6 | -0.7 | -1.3 | -7.7 | -3.5 | -3.0 | -7.7 | -6.1 | 1.5 | 3.7 | 4.3 | 4.3 | 4.3 |
| Equity | 2.7B | 2.5B | 2.3B | 1.0B | 1.1B | 1.0B | 822M | 701M | 866M | 1.0B | 1.1B | 1.4B | 1.4B |
| Total Assets | 4.9B | 4.7B | 5.0B | 1.8B | 1.8B | 1.6B | 1.3B | 1.1B | 1.3B | 2.1B | 2.1B | 2.4B | 2.3B |
| Total Liabilities | 2.2B | 2.3B | 2.7B | 738M | 683M | 563M | 428M | 394M | 432M | 1.0B | 964M | 1.0B | -14M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.5B | 2.3B | 2.1B | -39M | -211M | -353M | -549M | -678M | -700M | -638M | -549M | -305M | -299M |
| Working Capital | 419M | 387M | -1.1B | 625M | 525M | 352M | 205M | 185M | 183M | 262M | 367M | 599M | 630M |
| Current Assets | 820M | 869M | 1.3B | 845M | 683M | 537M | 389M | 343M | 378M | 591M | 699M | 914M | 900M |
| Current Liabilities | 402M | 482M | 2.5B | 220M | 158M | 186M | 183M | 158M | 195M | 329M | 332M | 315M | 270M |
| Per Share Data | |||||||||||||
| EPS | 5.64 | -2.68 | -6.82 | -59.70 | -6.45 | -3.71 | -4.86 | -3.14 | -0.49 | 1.84 | 3.40 | 6.64 | 6.02 |
| Owner EPS | -3.32 | 6.67 | 2.46 | -12.73 | -2.29 | -3.35 | -1.84 | -1.55 | -1.14 | -0.67 | 2.12 | 4.24 | 2.97 |
| Book Value | 107.74 | 101.73 | 97.91 | 92.22 | 43.01 | 26.56 | 20.36 | 17.07 | 19.51 | 19.68 | 20.97 | 27.09 | 27.52 |
| Cash Flow/Share | 4.21 | 14.75 | 10.79 | 2.70 | 0.15 | -0.82 | 0.10 | 0.37 | 0.91 | 1.97 | 5.32 | 7.52 | 9.02 |
| Dividends/Share | 2.00 | 2.00 | 1.50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 24.9M | 24.3M | 23.5M | 11.1M | 26.6M | 38.2M | 40.4M | 41.1M | 44.4M | 52.8M | 53.1M | 50.4M | 49.7M |
| Valuation | |||||||||||||
| P/E Ratio | 353.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 39.6 | 15.1 | 7.6 | 13.1 |
| P/FCF | N/A | N/A | 42.9 | 64.0 | N/A | N/A | N/A | 72.4 | 64.6 | 53.0 | 10.7 | 7.2 | 13.9 |
| EV/EBIT | 253.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 51.1 | 22.7 | 9.0 | 7.2 | 15.0 |
| Price/Book | N/A | N/A | N/A | 0.5 | 0.5 | 0.7 | 0.4 | 0.6 | 1.8 | 3.7 | 2.5 | 1.9 | 2.9 |
| Price/Sales | 48.2 | 20.6 | 7.3 | 1.3 | 1.9 | 1.6 | 0.9 | 1.3 | 1.5 | 2.8 | 3.1 | 1.8 | 2.9 |
| FCF Yield | -1.0% | -0.1% | 1.2% | 0.8% | -3.4% | -6.7% | -3.1% | 1.4% | 1.5% | 1.9% | 9.3% | 13.9% | 7.2% |
| Market Cap | 49.5B | 10.4B | 5.1B | 553M | 516M | 734M | 355M | 438M | 1.5B | 3.9B | 2.7B | 2.5B | 3.9B |
| Avg. Price | 1,390.32 | 632.91 | 153.02 | 34.89 | 28.88 | 20.00 | 8.46 | 12.09 | 22.36 | 53.95 | 79.47 | 49.55 | 78.54 |
| Year-End Price | 995.95 | 214.19 | 107.58 | 25.00 | 19.42 | 19.22 | 8.80 | 10.67 | 34.33 | 72.90 | 51.47 | 50.33 | 78.54 |
TIDEWATER INC passes 3 of 9 quality checks, indicating weak fundamentals.
TIDEWATER INC trades at 11.8x trailing earnings, compared to its 15-year median P/E of 15.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.0x vs a median of 53.0x. The company's 5-year average ROIC is 7.3% with a gross margin of 42.2%. Total shareholder yield (buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +60.2%.
TIDEWATER INC (TDW) has a net profit margin of 24.7%. This is a strong margin indicating high profitability.
TIDEWATER INC (TDW) generated $353 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TIDEWATER INC (TDW) has a debt-to-equity ratio of 0.48. This indicates a conservatively financed balance sheet.
TIDEWATER INC (TDW) reported earnings per share (EPS) of $6.64 in its most recent fiscal year.
TIDEWATER INC (TDW) has a return on equity (ROE) of 27.0%. This indicates the company generates strong returns for shareholders.
TIDEWATER INC (TDW) has a 5-year average gross margin of 42.2%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for TIDEWATER INC (TDW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TIDEWATER INC (TDW) has a book value per share of $27.09, based on its most recent annual SEC filing.