Tidewater (TDW)
Market Price (7/21/2026): $78.76 | Market Cap: $3.9 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Tidewater (TDW)
Market Price (7/21/2026): $78.76Market Cap: $3.9 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 7.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Megatrend and thematic driversMegatrends include Offshore Energy Services. Themes include Offshore Wind Farm Support Services, Offshore Oil & Gas Production Support, and Offshore Decommissioning Services. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -39% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.2% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% Key risksTDW key risks include [1] substantial financial vulnerabilities and restrictive debt covenants that could trigger another bankruptcy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 7.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Megatrend and thematic driversMegatrends include Offshore Energy Services. Themes include Offshore Wind Farm Support Services, Offshore Oil & Gas Production Support, and Offshore Decommissioning Services. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -39% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.2% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% |
| Key risksTDW key risks include [1] substantial financial vulnerabilities and restrictive debt covenants that could trigger another bankruptcy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Tidewater (TDW) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Tidewater reported a significant earnings miss for its fiscal Q1 2026, which ended on March 31, 2026. The company announced earnings per share (EPS) of $0.12 on May 4, 2026, substantially missing analysts' consensus expectations of $0.71 to $0.75 per share, representing an 83.10% to 84.00% miss. Net income for the quarter was $6.1 million, a sharp decrease from $42.7 million in the prior year's fiscal Q1. This disappointing performance, despite revenue of $326.2 million exceeding estimates by 1.2% to 2.2%, led to a notable decline in the stock price following the announcement. Operating margin and free cash flow margin also contracted year-over-year.
2. The broader energy sector experienced weakness and moderating oil prices during fiscal Q2 2026. The energy sector (XLE) declined more than 9% during Tidewater's fiscal Q2 2026 (April 1 to June 30, 2026). While oil prices, including WTI and Brent crude, initially surged to multi-year highs in early fiscal Q2 2026, reaching up to $112.84 and $114.47 per barrel respectively in April, they later fell below $80 per barrel as geopolitical tensions eased. This broader market repricing of oil price expectations negatively impacted energy stocks, including Tidewater. Additionally, Fitch Ratings trimmed its global growth forecast for 2026 by 0.2 percentage points to 2.4% in response to the oil shock.
Show more
Tidewater (TDW) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Tidewater reported a significant earnings miss for its fiscal Q1 2026, which ended on March 31, 2026. The company announced earnings per share (EPS) of $0.12 on May 4, 2026, substantially missing analysts' consensus expectations of $0.71 to $0.75 per share, representing an 83.10% to 84.00% miss. Net income for the quarter was $6.1 million, a sharp decrease from $42.7 million in the prior year's fiscal Q1. This disappointing performance, despite revenue of $326.2 million exceeding estimates by 1.2% to 2.2%, led to a notable decline in the stock price following the announcement. Operating margin and free cash flow margin also contracted year-over-year.
2. The broader energy sector experienced weakness and moderating oil prices during fiscal Q2 2026. The energy sector (XLE) declined more than 9% during Tidewater's fiscal Q2 2026 (April 1 to June 30, 2026). While oil prices, including WTI and Brent crude, initially surged to multi-year highs in early fiscal Q2 2026, reaching up to $112.84 and $114.47 per barrel respectively in April, they later fell below $80 per barrel as geopolitical tensions eased. This broader market repricing of oil price expectations negatively impacted energy stocks, including Tidewater. Additionally, Fitch Ratings trimmed its global growth forecast for 2026 by 0.2 percentage points to 2.4% in response to the oil shock.
3. Tidewater's fiscal Q1 2026 results were adversely affected by foreign exchange losses and the industry faced rising operational costs. The company's net income and Adjusted EBITDA in fiscal Q1 2026 were negatively impacted by a $3.4 million foreign exchange loss, attributed to the strengthening of the U.S. dollar. While Tidewater managed to slightly improve its gross margin percentage sequentially from fiscal Q4 2025 to Q1 2026 due to decreased operating costs, the wider oil and gas sector, particularly oilfield services firms, reported a significant surge in input costs during fiscal Q2 2026. The Dallas Fed Energy Survey indicated its input cost index for oilfield services firms jumped from 34.9 in Q1 to 64.4 in Q2, with no firms reporting a decrease in costs, suggesting mounting cost pressures across the industry.
Show less
Stock Movement Drivers
Fundamental Drivers
The -9.7% change in TDW stock from 3/31/2026 to 7/20/2026 was primarily driven by a -10.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.55 | 75.43 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,353 | 1,346 | -0.5% |
| Net Income Margin (%) | 24.7% | 22.2% | -10.4% |
| P/E Multiple | 12.4 | 12.5 | 1.4% |
| Shares Outstanding (Mil) | 50 | 50 | -0.1% |
| Cumulative Contribution | -9.7% |
Market Drivers
3/31/2026 to 7/20/2026| Return | Correlation | |
|---|---|---|
| TDW | -9.7% | |
| Market (SPY) | 14.1% | 6.6% |
| Sector (XLE) | -5.4% | 44.0% |
Fundamental Drivers
The 49.3% change in TDW stock from 12/31/2025 to 7/20/2026 was primarily driven by a 98.8% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.51 | 75.43 | 49.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,361 | 1,346 | -1.1% |
| Net Income Margin (%) | 11.1% | 22.2% | 98.8% |
| P/E Multiple | 16.5 | 12.5 | -23.9% |
| Shares Outstanding (Mil) | 49 | 50 | -0.2% |
| Cumulative Contribution | 49.3% |
Market Drivers
12/31/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| TDW | 49.3% | |
| Market (SPY) | 9.1% | 10.0% |
| Sector (XLE) | 30.4% | 40.5% |
Fundamental Drivers
The 63.5% change in TDW stock from 6/30/2025 to 7/20/2026 was primarily driven by a 70.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.13 | 75.43 | 63.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,358 | 1,346 | -0.9% |
| Net Income Margin (%) | 13.0% | 22.2% | 70.7% |
| P/E Multiple | 13.5 | 12.5 | -6.9% |
| Shares Outstanding (Mil) | 52 | 50 | 3.9% |
| Cumulative Contribution | 63.5% |
Market Drivers
6/30/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| TDW | 63.5% | |
| Market (SPY) | 21.1% | 10.8% |
| Sector (XLE) | 39.9% | 43.8% |
Fundamental Drivers
The 36.1% change in TDW stock from 6/30/2023 to 7/20/2026 was primarily driven by a 13977.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.44 | 75.43 | 36.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 735 | 1,346 | 83.1% |
| Net Income Margin (%) | 0.2% | 22.2% | 13977.2% |
| P/E Multiple | 2,424.8 | 12.5 | -99.5% |
| Shares Outstanding (Mil) | 51 | 50 | 2.0% |
| Cumulative Contribution | 36.1% |
Market Drivers
6/30/2023 to 7/20/2026| Return | Correlation | |
|---|---|---|
| TDW | 36.1% | |
| Market (SPY) | 73.3% | 31.1% |
| Sector (XLE) | 56.0% | 52.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TDW Return | 24% | 244% | 96% | -24% | -8% | 50% | 778% |
| Peers Return | 34% | 112% | 30% | -13% | -8% | 54% | 354% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| TDW Win Rate | 67% | 67% | 67% | 42% | 50% | 71% | |
| Peers Win Rate | 50% | 62% | 58% | 38% | 46% | 79% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| TDW Max Drawdown | -34% | -35% | -24% | -57% | -44% | -29% | |
| Peers Max Drawdown | -44% | -53% | -34% | -43% | -44% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SMHI, OII.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/20/2026 (YTD)
How Low Can It Go
| Event | TDW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.9% | -18.8% |
| % Gain to Breakeven | 63.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.9% | -6.7% |
| % Gain to Breakeven | 14.8% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -69.4% | -33.7% |
| % Gain to Breakeven | 226.4% | 50.9% |
| Time to Breakeven | 687 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.9% | 23.8% |
| Time to Breakeven | 1402 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -75.2% | -3.7% |
| % Gain to Breakeven | 303.2% | 3.9% |
| Time to Breakeven | 2503 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.1% | -17.9% |
| % Gain to Breakeven | 37.2% | 21.8% |
| Time to Breakeven | 122 days | 123 days |
In The Past
Tidewater's stock fell -38.9% during the 2025 US Tariff Shock. Such a loss loss requires a 63.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | TDW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.9% | -18.8% |
| % Gain to Breakeven | 63.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -69.4% | -33.7% |
| % Gain to Breakeven | 226.4% | 50.9% |
| Time to Breakeven | 687 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.9% | 23.8% |
| Time to Breakeven | 1402 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -75.2% | -3.7% |
| % Gain to Breakeven | 303.2% | 3.9% |
| Time to Breakeven | 2503 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.1% | -17.9% |
| % Gain to Breakeven | 37.2% | 21.8% |
| Time to Breakeven | 122 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.4% | -15.4% |
| % Gain to Breakeven | 35.8% | 18.2% |
| Time to Breakeven | 165 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -44.1% | -53.4% |
| % Gain to Breakeven | 78.9% | 114.4% |
| Time to Breakeven | 770 days | 1085 days |
In The Past
Tidewater's stock fell -38.9% during the 2025 US Tariff Shock. Such a loss loss requires a 63.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Tidewater (TDW)
Tidewater Inc. (TDW) is a global provider of offshore marine support and transportation services, primarily serving the energy industry. The company operates a large, specialized fleet of vessels to facilitate offshore oil and natural gas exploration, field development, and production activities worldwide. Increasingly, Tidewater also extends its services to support the burgeoning offshore windfarm development and maintenance sectors.
The company's main services encompass a critical range of operations for offshore energy projects. This includes towing and anchor handling for mobile offshore drilling units, transporting essential supplies and personnel to drilling rigs and production platforms, and providing support for offshore construction, seismic, and subsea tasks. For windfarms, Tidewater offers geotechnical survey support and specialized services like pipe and cable laying. Its diverse fleet includes deepwater platform supply and anchor handling tug supply vessels, towing-supply vessels for various water depths, and crew boats, utility vessels, and offshore tugs for transporting personnel and assisting in complex offshore construction and docking operations.
Tidewater's primary customers are varied, covering a broad spectrum of the energy market. This includes major oil and natural gas exploration, field development, and production companies, as well as mid-sized and independent exploration and production firms. The company also serves foreign government-owned or controlled energy organizations, drilling contractors, and other specialized companies involved in offshore construction, windfarm development, diving, and well stimulation services.
AI Analysis | Feedback
- Think of them as the marine equivalent of a specialized trucking company, but for offshore oil rigs and wind farms.
- They're like the FedEx or UPS for the offshore energy industry, providing critical vessel-based transportation and operational support.
AI Analysis | Feedback
Tidewater (TDW) provides the following major marine support and transportation services:
- Offshore Marine Transportation: Providing vessels to transport personnel, supplies, and equipment between shore bases and offshore drilling rigs and production platforms.
- Vessel Towing and Anchor Handling: Operating tugs and specialized vessels to tow, moor, and reposition mobile offshore drilling units and barges.
- Offshore Construction and Project Support: Offering marine support for offshore construction, subsea operations, seismic surveys, and pipe or cable laying.
- Windfarm Development and Maintenance Support: Delivering vessel services for geotechnical surveys, construction, and ongoing maintenance of offshore windfarms.
AI Analysis | Feedback
Tidewater (TDW) primarily sells its services to other companies in the offshore energy and related industries. Based on the provided background information, the company serves the following categories of customers:
- Oil and natural gas exploration, field development, and production companies
- Mid-sized and smaller independent exploration and production companies
- Foreign government-owned or government-controlled organizations, and other related companies
- Drilling contractors
- Other companies involved in offshore construction, windfarm development, diving, and well stimulation
The provided background information does not specify the names of individual customer companies within these categories.
AI Analysis | Feedback
AI Analysis | Feedback
Quintin V. Kneen, President, CEO and Director
Mr. Kneen was appointed President, CEO and Director of Tidewater in September 2019. Prior to this, he served as Executive Vice President and Chief Financial Officer at Tidewater since November 2018, following its acquisition of GulfMark Offshore Inc., where he had served as President and Chief Executive Officer from June 2013 until the acquisition. Mr. Kneen joined GulfMark in June 2008 as Vice President – Finance, progressing to Executive Vice President and Chief Financial Officer before becoming CEO. Before his tenure at GulfMark, he was Vice President-Finance & Investor Relations for Grant Prideco, Inc., and held executive finance positions at Azurix Corp. He began his career as an Audit Manager with Price Waterhouse LLP. Mr. Kneen holds an M.B.A. from Rice University and a B.B.A. in Accounting from Texas A&M University, and is a Certified Public Accountant and a Chartered Financial Analyst.
Sam R. Rubio, Executive Vice President and Chief Financial Officer
Mr. Rubio has served as Executive Vice President and Chief Financial Officer since March 2021. He brings over 30 years of experience in accounting. Prior to this role, he was Tidewater's Vice President, Chief Accounting Officer and Controller starting in December 2018. From April 2018 until joining Tidewater, he was Senior Vice President – Chief Financial Officer for GulfMark Offshore Inc., a company that was acquired by Tidewater in November 2018. He first joined GulfMark in 2005 as Assistant Controller, progressing through various accounting and finance leadership roles. Mr. Rubio holds a Bachelor of Business Administration from Sul Ross State University and is a Certified Public Accountant.
Piers D. Middleton, Executive Vice President and Chief Operating Officer
Mr. Middleton has served as Executive Vice President and Chief Operating Officer since July 2025. Before this, he held roles at Tidewater as Executive Vice President and Chief Commercial Officer (June 2024 to July 2025) and Senior Vice President and Chief Commercial Officer (June 2023 to June 2024), and Vice President, Sales and Marketing (September 2020 to June 2023). Prior to joining Tidewater, he spent over 19 years at Clarksons PLC, a global maritime services company, where he founded and led the global Offshore & Newbuilding Divisions. He has over 27 years of international experience in the OSV sector.
Daniel A. Hudson, Executive Vice President, General Counsel & Corporate Secretary
Mr. Hudson has served as Executive Vice President, General Counsel & Corporate Secretary since March 2021, and is also the company's Chief Compliance Officer. He joined Tidewater in 2006 and has held several positions within the legal department, including Staff Attorney, Regional Counsel, Managing Counsel, Assistant General Counsel, and Vice President, General Counsel & Corporate Secretary. Mr. Hudson holds a B.A. from the University of St. Thomas (Houston) and a J.D. from Loyola University New Orleans College of Law, and has completed MIT Sloan's “Leading Operational Excellence” program.
Lee R. Johnson, Vice President and Chief Information Officer
Mr. Johnson serves as Vice President and Chief Information Officer. He has extensive experience in delivering technology automation and streamlined business processes to achieve organizational efficiencies and digital transformations.
AI Analysis | Feedback
The key risks to Tidewater Inc.'s business are predominantly linked to the cyclical nature of the offshore energy industry and the broader global energy landscape.
- Volatility in Oil and Natural Gas Prices and Offshore Exploration & Production Spending: Tidewater's financial performance is highly dependent on the activity levels within the offshore oil and natural gas industry. Fluctuations in crude oil and natural gas prices directly influence the capital expenditures of exploration and production companies. A sustained period of low commodity prices or a negative outlook can lead to reduced demand for Tidewater's marine support services, lower charter rates for its vessels, and decreased utilization, significantly impacting its revenue and profitability.
- Impact of the Global Energy Transition and Environmental Regulations: The increasing global focus on climate change, the shift towards renewable energy sources, and stricter environmental regulations pose a long-term risk to Tidewater's traditional offshore fossil fuel support services. While the company is expanding its involvement in windfarm development and maintenance, a rapid or significant decline in demand for oil and gas-related offshore activities due to regulatory changes or a hastened energy transition could adversely affect a substantial portion of its business.
- Vessel Oversupply and Intense Competition in the Offshore Support Vessel Market: The offshore support vessel (OSV) industry has historically experienced periods of oversupply, where the number of available vessels exceeds demand. This market imbalance can lead to intense competition among service providers, resulting in downward pressure on charter rates and vessel utilization. An oversupplied market directly impacts Tidewater's ability to secure profitable contracts and maintain healthy operating margins.
AI Analysis | Feedback
A clear emerging threat to Tidewater is the accelerated global energy transition away from fossil fuels. As a significant portion of Tidewater's business involves providing marine support services to the offshore oil and natural gas industry, a rapid shift towards renewable energy sources and more stringent climate policies could lead to a substantial and sustained reduction in demand for offshore oil and gas exploration, development, and production services. While Tidewater also supports windfarm development, an accelerated decline in its core oil and gas market could severely impact asset utilization and profitability, similar to how new technologies or business models have disrupted established industries in the past.
AI Analysis | Feedback
Tidewater Inc. primarily operates within the global offshore support vessel (OSV) market, providing essential marine support and transportation services to the offshore energy industry.
The global offshore support vessel market was valued at approximately USD 25.6 billion in 2024 and is projected to reach USD 36.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2029. Another estimate places the global offshore support vessels market size at USD 23.85 billion in 2023, with a projection to reach USD 47.1 billion by 2033, expanding at a CAGR of 7.04% from 2023 to 2033. The market for offshore support vessel services, a closely related segment, was valued at US$15.28 billion in 2025 and is projected to grow to US$24.87 billion by 2032, with a CAGR of 7.6% between 2025 and 2032.
This market is driven by increasing offshore oil and natural gas exploration, field development, and production activities. The oil and gas application segment is a dominant force in the global offshore support vessel market, accounting for a significant share of the market.
Additionally, Tidewater supports the growing offshore windfarm development and maintenance sector. The global offshore wind farm support vessels market was valued at USD 14.21 billion in 2024 and is projected to reach USD 23.42 billion by 2033, at a CAGR of 7.4%. The expansion of offshore renewable energy projects significantly contributes to the demand for offshore support vessels.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Tidewater (TDW)
Over the next 2-3 years, Tidewater (TDW) is expected to drive revenue growth through several key initiatives and market dynamics:
- Increased Day Rates and High Vessel Utilization: Tidewater anticipates continued strength in average day rates and high utilization of its offshore support vessels. The company's management highlighted expanded gross margins and increased average day rates as key performance drivers.
- Strategic Acquisitions and Fleet Expansion: Tidewater has actively pursued growth through strategic acquisitions, significantly expanding its fleet and market presence. Recent examples include the acquisition of 37 platform supply vessels (PSVs) from Solstad Offshore in March 2023 and the acquisition of Wilson Sons Ultratug Offshore, which enhances its capabilities in the Brazilian market and is factored into positive revenue guidance for 2026.
- Expansion into the Offshore Renewable Energy Sector: Tidewater is strategically diversifying its services and actively pursuing growth in the offshore renewable energy sector, particularly in windfarm development and maintenance. The company plans to expand its specialized fleet for offshore wind projects and target new customer segments in this evolving market.
- Sustained Demand in Offshore Oil and Natural Gas with Favorable Supply-Demand Dynamics: Despite some market volatility, there is an ongoing demand for offshore support vessels in oil and natural gas exploration, field development, and production activities. A tight global supply of offshore support vessels (OSVs), with limited new construction, allows Tidewater to maintain strong pricing power and high utilization rates for its industry-leading fleet.
- Reactivation of High-Specification Vessels: Beyond acquisitions, Tidewater is also focused on organic growth by reactivating stacked, high-specification vessels. This strategy allows the company to efficiently increase its operational capacity as market conditions improve and leverage existing assets to meet demand.
AI Analysis | Feedback
Share Repurchases
- Tidewater announced a $500 million share repurchase program on August 4, 2025, which has no expiration date.
- Over the three years ending December 31, 2025, Tidewater repurchased 4,264,889 shares for approximately $215.7 million.
- In 2025 alone, the company repurchased approximately 2.5 million shares for $98.2 million.
Share Issuance
- The acquisition of Swire Pacific Offshore in April 2022 involved the issuance of 8.1 million Jones Act warrants, which upon exercise represented approximately 15.6% of Tidewater's outstanding shares. These warrants have since been exercised.
Outbound Investments
- In April 2022, Tidewater completed the acquisition of Swire Pacific Offshore (SPO) for a total consideration of approximately $215.5 million, adding 50 vessels to its fleet.
- In March 2023, Tidewater acquired a fleet of 37 Platform Supply Vessels (PSVs) from Solstad Offshore for approximately $594.2 million.
- In February 2026, Tidewater announced an agreement to acquire Wilson Sons Ultratug (WSUT) for an enterprise value of approximately $500 million, including assumed debt, which will add 22 PSVs primarily in Brazil upon closing in late Q2 2026.
Capital Expenditures
- Capital expenditures totaled $25.8 million for the full year 2025.
- For 2026, projected capital expenditures are approximately $51 million, which includes a significant upgrade to one Norwegian vessel supported by a customer contract, and an additional $24.4 million for exercising purchase options on two leased vessels.
- In the first quarter of 2025, capital expenditures were $10.3 million, primarily focused on fleet upgrades such as ballast water treatment, dynamic positioning (DP) systems, fuel systems, and IT.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.82 |
| Mkt Cap | 3.7 |
| Rev LTM | 1,346 |
| Op Inc LTM | 264 |
| FCF LTM | 238 |
| FCF 3Y Avg | 133 |
| CFO LTM | 318 |
| CFO 3Y Avg | 239 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.9% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | -2.2% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Inc Chg LTM | -11.4% |
| Op Inc Chg 3Y Avg | 29.3% |
| Op Mgn LTM | 10.3% |
| Op Mgn 3Y Avg | 9.4% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 12.2% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 4.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.7 |
| P/S | 1.5 |
| P/Op Inc | 14.2 |
| P/EBIT | 13.8 |
| P/E | 12.5 |
| P/CFO | 11.8 |
| Total Yield | 8.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Price Behavior
| Market Price | $75.43 | |
| Market Cap ($ Bil) | 3.7 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -17.2% | |
| 50 Days | 200 Days | |
| DMA Price | $73.56 | $67.29 |
| DMA Trend | up | down |
| Distance from DMA | 2.5% | 12.1% |
| 3M | 1YR | |
| Volatility | 40.1% | 54.2% |
| Downside Capture | 68.24 | 17.82 |
| Upside Capture | -0.22 | 67.72 |
| Correlation (SPY) | 4.4% | 11.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.26 | 0.17 | 0.50 | 0.42 | 0.53 | 1.06 |
| Up Beta | -1.87 | -0.97 | -0.10 | -0.09 | 0.38 | 1.16 |
| Down Beta | 0.34 | 0.12 | 0.28 | 0.44 | 0.94 | 1.52 |
| Up Capture | 26% | -52% | 16% | 85% | 53% | 42% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 19 | 32 | 67 | 128 | 388 |
| Down Capture | 124% | 153% | 174% | 38% | 35% | 93% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 22 | 31 | 58 | 123 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TDW | |
|---|---|---|---|---|
| TDW | 55.4% | 54.0% | 0.99 | - |
| Sector ETF (XLE) | 37.1% | 20.9% | 1.40 | 42.3% |
| Equity (SPY) | 19.2% | 12.6% | 1.12 | 11.0% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 5.4% |
| Commodities (DBC) | 29.7% | 19.0% | 1.24 | 17.7% |
| Real Estate (VNQ) | 15.2% | 14.0% | 0.78 | 19.0% |
| Bitcoin (BTCUSD) | -46.6% | 42.9% | -1.34 | 7.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TDW | |
|---|---|---|---|---|
| TDW | 44.1% | 53.3% | 0.88 | - |
| Sector ETF (XLE) | 21.2% | 25.9% | 0.73 | 58.5% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 27.5% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 10.7% |
| Commodities (DBC) | 8.8% | 19.5% | 0.34 | 40.7% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.04 | 20.7% |
| Bitcoin (BTCUSD) | 14.0% | 53.5% | 0.44 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TDW | |
|---|---|---|---|---|
| TDW | -6.5% | 66.2% | 0.19 | - |
| Sector ETF (XLE) | 9.8% | 29.5% | 0.37 | 53.5% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 28.0% |
| Gold (GLD) | 10.9% | 16.1% | 0.55 | 3.1% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 35.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 22.5% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -2.4% | -6.6% | -15.0% |
| 3/2/2026 | 9.8% | 1.4% | 4.6% |
| 11/10/2025 | 7.8% | 3.3% | 5.6% |
| 8/4/2025 | 29.2% | 12.1% | 15.5% |
| 5/5/2025 | 5.8% | 12.6% | 10.8% |
| 2/27/2025 | -6.1% | -15.6% | -10.6% |
| 11/7/2024 | -12.6% | -17.1% | -26.2% |
| 8/6/2024 | -3.6% | -3.4% | -11.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 14 |
| # Negative | 9 | 10 | 10 |
| Median Positive | 5.8% | 8.7% | 11.3% |
| Median Negative | -3.6% | -5.4% | -11.5% |
| Max Positive | 29.2% | 26.3% | 61.6% |
| Max Negative | -12.6% | -17.1% | -26.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -2.4% | -6.6% | -15.0% |
| 3/2/2026 | 9.8% | 1.4% | 4.6% |
| 11/10/2025 | 7.8% | 3.3% | 5.6% |
| 8/4/2025 | 29.2% | 12.1% | 15.5% |
| 5/5/2025 | 5.8% | 12.6% | 10.8% |
| 2/27/2025 | -6.1% | -15.6% | -10.6% |
| 11/7/2024 | -12.6% | -17.1% | -26.2% |
| 8/6/2024 | -3.6% | -3.4% | -11.2% |
| 5/2/2024 | 13.4% | 13.9% | 2.7% |
| 2/29/2024 | 14.4% | 13.8% | 33.9% |
| 11/6/2023 | -12.5% | -10.9% | -16.6% |
| 8/7/2023 | 1.5% | 0.4% | 8.6% |
| 5/8/2023 | 5.9% | 4.5% | 13.8% |
| 2/28/2023 | 0.1% | 6.0% | -6.2% |
| 11/3/2022 | 1.0% | -4.2% | -3.9% |
| 8/4/2022 | -0.8% | -2.9% | 11.9% |
| 5/9/2022 | 1.7% | 26.3% | 34.5% |
| 3/9/2022 | -2.6% | 6.2% | 18.9% |
| 11/9/2021 | -7.4% | -7.0% | -15.0% |
| 8/9/2021 | 5.3% | -3.9% | -2.7% |
| 5/6/2021 | 1.3% | 1.0% | 3.8% |
| 3/5/2021 | 6.1% | -3.3% | -11.8% |
| 11/5/2020 | -1.2% | 26.1% | 61.6% |
| 7/31/2020 | 1.9% | 11.3% | 10.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 14 |
| # Negative | 9 | 10 | 10 |
| Median Positive | 5.8% | 8.7% | 11.3% |
| Median Negative | -3.6% | -5.4% | -11.5% |
| Max Positive | 29.2% | 26.3% | 61.6% |
| Max Negative | -12.6% | -17.1% | -26.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.43 Bil | 1.46 Bil | 1.48 Bil | 0 | Affirmed | Guidance: 1.46 Bil for 2026 | |
| 2026 Gross Margin | 49.0% | 50.0% | 51.0% | 0 | Affirmed | Guidance: 50.0% for 2026 | |
Prior: Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.43 Bil | 1.46 Bil | 1.48 Bil | 8.2% | Raised | Guidance: 1.34 Bil for 2026 | |
| 2026 Gross Margin | 49.0% | 50.0% | 51.0% | 1.0% | Raised | Guidance: 49.0% for 2026 | |
Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 1.33 Bil | 1.34 Bil | 1.35 Bil | -0.7% | Lowered | Guidance: 1.35 Bil for 2025 | |
| 2025 Gross Margin | 49.0% | 49.5% | 50.0% | 0.5% | Raised | Guidance: 49.0% for 2025 | |
| 2026 Revenue | 1.32 Bil | 1.34 Bil | 1.37 Bil | ||||
| 2026 Gross Margin | 48.0% | 49.0% | 50.0% | ||||
| 2025 Share Repurchases | 500.00 Mil | ||||||
Insider Activity
Updated 6/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 3062026 | 80.56 | 5,195 | 418,509 | 3,703,424 | Form |
| 2 | Rubio, Samuel R | EVP, CFO & CAO | Direct | Sell | 3062026 | 80.05 | 22,461 | 1,798,003 | 4,808,283 | Form |
| 3 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 2232026 | 77.50 | 15,000 | 1,162,500 | 3,951,415 | Form |
| 4 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 2112026 | 70.01 | 10,000 | 700,093 | 4,619,634 | Form |
| 5 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 8062025 | 57.56 | 10,000 | 575,642 | 4,374,073 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 3062026 | 80.56 | 5,195 | 418,509 | 3,703,424 | Form |
| 2 | Rubio, Samuel R | EVP, CFO & CAO | Direct | Sell | 3062026 | 80.05 | 22,461 | 1,798,003 | 4,808,283 | Form |
| 3 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 2232026 | 77.50 | 15,000 | 1,162,500 | 3,951,415 | Form |
| 4 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 2112026 | 70.01 | 10,000 | 700,093 | 4,619,634 | Form |
| 5 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 8062025 | 57.56 | 10,000 | 575,642 | 4,374,073 | Form |
| 6 | Hudson, Daniel A | EVP & GENERAL COUNSEL | Direct | Sell | 7082025 | 50.02 | 5,000 | 250,080 | 4,300,676 | Form |
| 7 | Robotti, Robert | See Footnote | Buy | 6052025 | 42.05 | 15,000 | 630,794 | 93,986,423 | Form | |
| 8 | Robotti, Robert | See Footnote | Buy | 6052025 | 42.14 | 10,000 | 421,354 | 93,538,776 | Form | |
| 9 | Robotti, Robert | See Footnote | Buy | 6022025 | 40.55 | 560 | 22,706 | 89,605,138 | Form |
Investor Activity (13F)
Updated Jul 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Robotti Robert | $244.0 Mil | 38.1% | 78 | Hold | 13F |
| Third Avenue Management LLC | $77.0 Mil | 12.5% | 53 | ADD +5.5% | 13F |
| Valueworks LLC | $26.5 Mil | 7.2% | 35 | New | 13F |
| Aegis Financial Corp | $23.1 Mil | 4.0% | 37 | Hold | 13F |
| Moerus Capital Management LLC | $9.0 Mil | 3.3% | 15 | ADD +5.6% | 13F |
| Condire Management, LP | $23.9 Mil | 2.3% | 19 | Hold | 13F |
| Sourcerock Group LLC | $35.4 Mil | 1.5% | 39 | New | 13F |
| American Family Investments, Inc. | $10.0 Mil | 0.3% | 13 | Hold | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Robotti Robert | $244.0 Mil | 38.1% | 78 | Hold | 13F |
| Third Avenue Management LLC | $77.0 Mil | 12.5% | 53 | ADD +5.5% | 13F |
| Sourcerock Group LLC | $35.4 Mil | 1.5% | 39 | New | 13F |
| Valueworks LLC | $26.5 Mil | 7.2% | 35 | New | 13F |
| Condire Management, LP | $23.9 Mil | 2.3% | 19 | Hold | 13F |
| Aegis Financial Corp | $23.1 Mil | 4.0% | 37 | Hold | 13F |
| American Family Investments, Inc. | $10.0 Mil | 0.3% | 13 | Hold | 13F |
| Moerus Capital Management LLC | $9.0 Mil | 3.3% | 15 | ADD +5.6% | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.