Tearsheet

Tidewater (TDW)

Market Price (12/27/2025): $50.21 | Market Cap: $2.5 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Tidewater (TDW)

Market Price (12/27/2025): $50.21
Market Cap: $2.5 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 12%	Weak multi-year price returns 2Y Excs Rtn is -75%, 3Y Excs Rtn is -33%	Key risks TDW key risks include [1] substantial financial vulnerabilities and restrictive debt covenants that could trigger another bankruptcy, Show more.
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%
2	Megatrend and thematic drivers Megatrends include Offshore Energy Services. Themes include Offshore Wind Farm Support Services, Offshore Oil & Gas Production Support, and Offshore Decommissioning Services.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 12%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%
2	Megatrend and thematic drivers Megatrends include Offshore Energy Services. Themes include Offshore Wind Farm Support Services, Offshore Oil & Gas Production Support, and Offshore Decommissioning Services.
3	Weak multi-year price returns 2Y Excs Rtn is -75%, 3Y Excs Rtn is -33%
4	Key risks TDW key risks include [1] substantial financial vulnerabilities and restrictive debt covenants that could trigger another bankruptcy, Show more.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$50.21	$54.71	$72.11	$36.85	$10.71
Market Cap CYE ($ Bil)	2.5	2.9	3.8	1.8	0.4
Total Debt ($ Bil)	0.7	0.6	0.7	0.2	0.2
Total Cash ($ Bil)	0.4	0.3	0.3	0.2	0.1
Enterprise Value ($ Bil)	2.7	3.5	4.5	2.0	0.6
Valuation Ratios
P/S TTM	1.8	2.1	3.7	2.5	1.2
P/EBIT TTM	8.7	9.5	19.9	109.3	-4.1
P/E TTM	16.4	15.9	38.3	-74.8	-3.4
P/FCF TTM	8.5	11.7	50.9	68.9	72.5
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.3	1.3
P/EBIT TTM (Sector)	7.7	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.3	8.5	5.6	5.4
P/FCF TTM (Sector)	7.1	7.0	7.6	5.0	5.4

	12/27/25	2024	2023
Share Price CYE	$50.21	$54.71	$72.11
Market Cap CYE ($ Bil)	2.5	2.9	3.8
Total Debt ($ Bil)	0.7	0.6	0.7
Total Cash ($ Bil)	0.4	0.3	0.3
Enterprise Value ($ Bil)	2.7	3.5	4.5
Valuation Ratios
P/S TTM	1.8	2.1	3.7
P/EBIT TTM	8.7	9.5	19.9
P/E TTM	16.4	15.9	38.3
P/FCF TTM	8.5	11.7	50.9
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.7	6.7	5.7
P/E TTM (Sector)	11.3	10.3	8.5
P/FCF TTM (Sector)	7.1	7.0	7.6

	TDW	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.4
Rev Chg Q	0.2%	7.3%
Rev Chg LTM	4.4%	6.1%
Rev Chg 3Y Avg	36.0%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	21.3%	18.8%
CFO/Rev LTM	23.3%	20.4%
Net Inc Mgn	11.1%	13.1%
VALUATION	LOW
P/S	1.8	3.3
P/CFO	7.8	15.8
P/FCF	8.5	20.7
P/E	16.4	23.7
STABILITY	GOOD
Debt/Equity	0.27	0.21
Cash/Assets	0.20	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Average Day Rate	$23,166 per day	6302025	Link
Vessel Utilization - Americas (PSV > 900)	87.0%	6302025	Link
Vessel Utilization - Americas (PSV < 900)	63.6%	6302025	Link
Vessel Utilization - Americas (AHTS > 16K)	77.3%	6302025	Link
Vessel Utilization - Americas (AHTS 8 - 16K)	92.7%	6302025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

TDW Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are key points explaining the approximate -16.4% movement in Tidewater (TDW) stock from August 31, 2025, to December 27, 2025:

1. Tidewater reported a net loss and missed EPS estimates for Q3 2025. The company announced a net loss of $0.8 million for the third quarter of 2025, which was largely attributable to a $27.1 million loss on the early extinguishment of debt. This resulted in a diluted earnings per share (EPS) of ($0.02), falling short of the estimated $0.60 per share.

2. Analysts downgraded ratings and reduced price targets. During this period, several analyst firms revised their outlook on Tidewater. For example, Evercore ISI Group lowered its price target for TDW to $65.00 in November 2025, and Zacks Research downgraded the stock to a "strong sell" in November 2025. Dnb Nor Markets also cut Tidewater from a "strong-buy" to a "hold" rating in October 2025. The consensus recommendation among analysts shifted towards a "Hold" rating.

3. Average day rates declined in Q3 2025. Tidewater's average day rates for the third quarter of 2025 were 2% lower compared to the second quarter of 2025. This softening was particularly noted in segments like West Africa and the North Sea.

4. The initial 2026 revenue guidance fell short of expectations. While Tidewater provided its initial revenue guidance for 2026, ranging between $1.32 billion and $1.37 billion, this figure was below the prior consensus estimate of $1.4 billion, suggesting a more conservative outlook for the upcoming year.

5. No share repurchases were executed in Q3 2025. The company did not carry out any share repurchases during the third quarter of 2025, attributing this to "competing capital allocation priorities and material nonpublic information." This decision may have impacted investor sentiment regarding capital returns.

Stock Movement Drivers

Fundamental Drivers

The -12.6% change in TDW stock from 9/26/2025 to 12/26/2025 was primarily driven by a -23.8% change in the company's Net Income Margin (%).

	9262025	12262025	Change
Stock Price ($)	57.58	50.33	-12.59%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1360.32	1361.07	0.06%
Net Income Margin (%)	14.62%	11.14%	-23.77%
P/E Multiple	14.38	16.42	14.19%
Shares Outstanding (Mil)	49.67	49.50	0.35%
Cumulative Contribution			-12.59%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
TDW	-12.6%
Market (SPY)	4.3%	21.8%
Sector (XLE)	-3.9%	76.2%

Fundamental Drivers

The 7.5% change in TDW stock from 6/27/2025 to 12/26/2025 was primarily driven by a 20.1% change in the company's P/E Multiple.

	6272025	12262025	Change
Stock Price ($)	46.81	50.33	7.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1358.12	1361.07	0.22%
Net Income Margin (%)	12.98%	11.14%	-14.14%
P/E Multiple	13.68	16.42	20.10%
Shares Outstanding (Mil)	51.50	49.50	3.89%
Cumulative Contribution			7.36%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
TDW	7.5%
Market (SPY)	12.6%	12.5%
Sector (XLE)	4.5%	52.8%

Fundamental Drivers

The -1.0% change in TDW stock from 12/26/2024 to 12/26/2025 was primarily driven by a -19.9% change in the company's Net Income Margin (%).

	12262024	12262025	Change
Stock Price ($)	50.85	50.33	-1.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1303.41	1361.07	4.42%
Net Income Margin (%)	13.92%	11.14%	-19.93%
P/E Multiple	14.71	16.42	11.63%
Shares Outstanding (Mil)	52.49	49.50	5.70%
Cumulative Contribution			-1.34%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
TDW	-1.0%
Market (SPY)	15.8%	38.7%
Sector (XLE)	7.1%	59.6%

Fundamental Drivers

The 49.6% change in TDW stock from 12/27/2022 to 12/26/2025 was primarily driven by a 140.4% change in the company's Total Revenues ($ Mil).

	12272022	12262025	Change
Stock Price ($)	33.64	50.33	49.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	566.11	1361.07	140.42%
P/S Multiple	2.64	1.83	-30.71%
Shares Outstanding (Mil)	44.45	49.50	-11.35%
Cumulative Contribution			47.68%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
TDW	-33.5%
Market (SPY)	48.0%	37.5%
Sector (XLE)	9.7%	54.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TDW Return	-55%	24%	244%	96%	-24%	-7%	163%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
TDW Win Rate	33%	67%	67%	67%	42%	50%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TDW Max Drawdown	-79%	0%	0%	-8%	-35%	-41%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	TDW	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-34.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	53.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	98 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-79.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	389.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	665 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-88.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	792.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	152.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Tidewater's stock fell -34.9% during the 2022 Inflation Shock from a high on 5/27/2022. A -34.9% loss requires a 53.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tidewater (TDW)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Tidewater Inc., together with its subsidiaries, provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and natural gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying. The company operates and charters deepwater vessels, including platform supply and horsepower anchor handling tug supply vessels for use in transporting supplies and equipment from shore bases to deepwater and intermediate water depth offshore drilling rigs and production platforms; towing-supply vessels for use in intermediate and shallow waters; and crew boats, utility vessels, and offshore tugs to transport personnel and supplies from shore bases to offshore drilling rigs, platforms, and other installations. It also operates offshore tugs for use in tow floating drilling rigs and barges; and assisting in the docking of tankers, as well as in pipe and cable laying, and construction barges. The company serves 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; and other companies, such as offshore construction, windfarm development, diving, and well stimulation companies. As of December 31, 2021, it owned 135 vessels. Tidewater Inc. was incorporated in 1956 and is headquartered in Houston, Texas.

AI Analysis | Feedback

```html

Here are 1-2 brief analogies to describe Tidewater (TDW):

The FedEx of the offshore energy industry. (Tidewater provides critical logistics, supply chain, and transportation services to offshore oil and gas platforms globally.)
The Delta Air Lines of the offshore energy sector, but with boats instead of planes. (Tidewater operates a large, specialized fleet to transport personnel and supplies, providing essential support services for offshore energy operations worldwide.)

```

AI Analysis | Feedback

Offshore Supply and Logistics: Provides the transportation of equipment, supplies, and personnel to offshore drilling rigs and production platforms.
Anchor Handling and Towing: Offers specialized vessels for handling anchors, towing drilling rigs, and providing other heavy-duty marine services.
Subsea Support and Construction: Delivers advanced vessel services for subsea construction, maintenance, and remotely operated vehicle (ROV) support.

AI Analysis | Feedback

Tidewater (TDW) sells primarily to other companies, operating in a business-to-business (B2B) model. It is a leading provider of offshore support vessels to the global energy industry.

Its major customers are typically exploration and production (E&P) companies, national oil companies (NOCs), and other service providers in the global offshore energy industry that require support vessels for their drilling, construction, production, and maintenance operations.

While Tidewater's SEC filings indicate that no single customer accounted for 10% or more of its consolidated revenues in recent fiscal years, signifying a diversified customer base, the types of companies it serves include:

International Oil Companies (IOCs): These are large, publicly traded multinational corporations involved in all aspects of the oil and gas industry. Examples of such companies that operate offshore and would utilize services like Tidewater's include:
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- TotalEnergies SE (TTE)
- Equinor ASA (EQNR)
National Oil Companies (NOCs): These are oil and gas companies owned or predominantly controlled by national governments. They often have significant offshore operations. Examples include:
- Petrobras (PBR) (Brazil)
- Saudi Aramco (2222.SR, primarily traded in Saudi Arabia)
- ADNOC (United Arab Emirates)
- Pemex (Mexico)
(Note: Many NOCs are not publicly traded or have limited public float, but Petrobras is a significant exception.)
Independent Oil and Gas Companies: These are often smaller to mid-sized publicly traded or private companies focused on E&P activities, frequently with specialized offshore portfolios.
Offshore Drilling Contractors and Other Service Companies: Companies that provide drilling services or other specialized support to the E&P sector may also contract with Tidewater for vessel support for their operations. Examples include:
- Valaris plc (VAL)
- Transocean Ltd. (RIG)
- Noble Corporation plc (NE)

AI Analysis | Feedback

null

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 Tidewater's acquisition of GulfMark Offshore Inc. He was President, Chief Executive Officer, and a Director of GulfMark from June 2013 until its acquisition, having joined GulfMark in June 2008 in finance roles before becoming EVP and CFO in June 2009. Before his tenure at GulfMark, Mr. Kneen was Vice President-Finance & Investor Relations for Grant Prideco, Inc., and held executive finance positions at Azurix Corp. He also worked as an Audit Manager with Price Waterhouse LLP. Mr. Kneen led GulfMark through a reorganization and its combination with Tidewater and has since led Tidewater through the acquisitions of Swire Pacific Offshore and the Platform Supply Vessel fleet of Solstad.

Sam R. Rubio, Executive Vice President and Chief Financial Officer

Mr. Rubio has served as Executive Vice President and Chief Financial Officer of Tidewater since March 2021. Before this appointment, he held the position of Vice President, Chief Accounting Officer and Controller for Tidewater from December 2018. Prior to joining Tidewater, from April 2018 until its acquisition by Tidewater, Mr. Rubio was the Senior Vice President – Chief Financial Officer for GulfMark Offshore Inc. He brings over 30 years of experience in accounting at both operating division and corporate levels.

Piers D. Middleton, Executive Vice President and Chief Operating Officer

Mr. Middleton has served as Tidewater's Executive Vice President and Chief Operating Officer since July 2025. He previously held roles within Tidewater as Executive Vice President and Chief Commercial Officer from June 2024 to July 2025, Senior Vice President and Chief Commercial Officer from June 2023 to June 2024, and Vice President, Sales and Marketing from September 2020 to June 2023. Mr. Middleton possesses over 27 years of international experience in the offshore support vessel (OSV) sector.

Daniel A. Hudson, Executive Vice President, General Counsel and Corporate Secretary

Mr. Hudson has served as Executive Vice President, General Counsel & Corporate Secretary since March 2021. He joined Tidewater in 2006, having previously worked in healthcare administration. His career at Tidewater has included serving as a Staff Attorney, Regional Counsel (based internationally), Managing Counsel, and Assistant General Counsel.

Darren Vorst, Senior Vice President and Treasurer

Mr. Vorst serves as Senior Vice President and Treasurer at Tidewater. He joined Tidewater as Treasurer in January 2009. Prior to Tidewater, he gained 14 years of experience in senior financial positions with offshore drillers Transocean (1993 to 2002) and TODCO (2003 to 2007). At TODCO, he served as Controller until July 2003, and then as Treasurer. Mr. Vorst also worked for six years at Price Waterhouse in Houston, including a final role as Audit Manager.

AI Analysis | Feedback

The key risks to Tidewater's business (TDW) include:

Cyclicality and Dependence on the Oil and Gas Industry: Tidewater's financial performance is highly susceptible to the cyclical nature of the offshore support vessel (OSV) market and fluctuations in crude oil and natural gas prices. The demand for their services, which include offshore exploration, field development, and production support, is directly tied to the activity levels of their customers in the energy sector. A decline in commodity prices or a general downturn in the OSV market can lead to a significant decrease in demand for Tidewater's services, thereby impacting revenue and profitability. The company has a history of bankruptcy during previous industry downturns, highlighting the severity of this risk.
Financial Vulnerabilities and Debt Management: Tidewater faces substantial financial risks related to its ability to maintain liquidity and manage its debt. Concerns exist regarding increasing net debt and liabilities, which could be severely tested during an industry downturn. Restrictive covenants in the company's debt agreements could limit its financial flexibility, constraining its ability to incur additional debt, create liens, or engage in strategic transactions. Non-compliance with these covenants could trigger defaults, potentially jeopardizing Tidewater's financial stability and raising the specter of another bankruptcy.
Operational Volatility and Regulatory/Geopolitical Risks: Tidewater is exposed to operational volatility driven by factors such as commodity price fluctuations, which can lead to increased fleet idle time and drydocking requirements, directly reducing near-term revenue generation. Additionally, the company faces ongoing compliance risks, as evidenced by the SEC's revocation of its municipal advisor registration. Operating in various "risk countries" also exposes Tidewater to other challenges, including interest rate and foreign currency fluctuations, labor changes, increased regulatory burdens, and compliance with laws related to the environment, labor, and foreign corrupt practices.

AI Analysis | Feedback

The global energy transition away from fossil fuels, driven by increasing climate change concerns, evolving government policies, and significant investments in renewable energy sources, poses a clear emerging threat to Tidewater. This fundamental shift directly impacts the long-term demand for offshore oil and gas exploration, development, and production, which constitutes the primary market for Tidewater's offshore support vessels. As capital increasingly flows towards renewable energy projects and away from new hydrocarbon ventures, the sustained demand for services supporting traditional offshore oil and gas operations faces significant headwinds and potential contraction, challenging Tidewater's core business model and long-term growth prospects.

AI Analysis | Feedback

Tidewater Inc. (symbol: TDW) primarily offers offshore marine support and transportation services, operating a fleet of offshore support vessels (OSVs) for the global energy industry. These services encompass support for offshore oil and gas exploration, field development, and production activities, as well as the offshore wind sector. Tidewater also provides assistance for offshore construction projects and specialized marine support services.

The addressable market sizes for their main products and services are as follows:

Offshore Support Vessels (OSV) Market

The global offshore support vessels market was valued between approximately USD 18.57 billion and USD 27.7 billion in 2024.
Projections indicate growth to a range of approximately USD 29.27 billion by 2032 and USD 61.3 billion by 2033/2034, exhibiting a Compound Annual Growth Rate (CAGR) generally between 3.2% and 7.8% during the forecast periods.

Subsea and Offshore Services Market

Given Tidewater's involvement in offshore construction projects and specialized marine support services, the broader subsea and offshore services market is also relevant.

The global subsea and offshore services market was calculated at approximately USD 15.56 billion in 2024.
This market is predicted to increase to approximately USD 27.97 billion by 2034, growing at a CAGR of 6.04% from 2025 to 2034.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Tidewater (TDW) Over the Next 2-3 Years

Tidewater (TDW) is poised for revenue growth in the coming 2-3 years, driven by several key factors stemming from its operational strengths, strategic initiatives, and the broader market for offshore support vessels. The primary drivers include: * Increased Day Rates: Tidewater has demonstrated a strong ability to secure higher average day rates for its vessels, setting a new quarterly record of $23,166 in Q2 2025. This trend is expected to continue as the company's fleet rolls onto higher leading-edge contracts. Favorable foreign exchange rates have also bolstered these gains. * Higher Fleet Utilization: Improved active vessel utilization across most operating segments has already contributed to revenue outperformance. Management anticipates continued sequential improvement in utilization, which will directly translate to increased revenue generation from its extensive fleet. * Strategic Acquisitions and Fleet Modernization: Tidewater has solidified its position as the global leader in offshore support vessels by strategically acquiring and integrating 83 premier vessels over the last three years, including 37 from Solstad Offshore. This expanded and modernized high-specification fleet, with an average age of 13 years, allows the company to meet growing demand and command better rates. * Growth in Global Offshore Activity: The broader offshore oil and gas industry is projected to see increased investment, with an anticipated average of $57 billion annually from 2026 to 2029, primarily driven by deepwater exploration. This surge in activity will generate higher demand for Tidewater's essential support services, including drilling and production support. * Emphasis on High-Margin Subsea Services and Production Support: Tidewater's strategic focus on high-margin segments such as subsea services and production support aligns with evolving industry trends. This diversification into specialized, higher-value offerings is expected to enhance revenue and profitability.

AI Analysis | Feedback

Share Repurchases

Tidewater announced a $500 million share repurchase program in 2025.
The company repurchased approximately 2.3 million shares for $90.0 million year-to-date as of September 30, 2025.
In 2024, the annual share buybacks amounted to $90.742 million, following $35.025 million in 2023.

Share Issuance

Tidewater's shares outstanding were 49,562,017 as of September 30, 2025.
This represents a decrease from 52,841,838 shares outstanding as of October 31, 2023, indicating share repurchases.

Outbound Investments

On July 5, 2023, Tidewater completed the acquisition of 37 platform supply vessels from Solstad Offshore ASA for approximately $594.2 million.
Tidewater consistently prioritizes mergers and acquisitions as a core growth strategy, focusing on value-accretive deals.

Capital Expenditures

Tidewater's capital expenditures were approximately $25.74 million for the quarter ending June 30, 2025, $27.58 million for fiscal year 2024, and $31.59 million for fiscal year 2023.
The company maintains capital discipline as a core focus, influencing working capital management and capital expenditures to generate positive cash flow.
Capital expenditures are focused on vessel investments and maintaining its fleet, which has contributed to enhanced vessel utilization.

Better Bets than Tidewater (TDW)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

EFXT (39.9% | 0.7x)

Enerflex

AESI (43.6% | 1.0x)

Atlas Energy Solutions

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

EFXT (39.9% | 6.2x)

Enerflex

Higher Rev Chg LTM (Value for TDW: 4.4%)

SEI (92.3%)

Solaris Energy Infrastructure

AROC (31.9%)

Archrock

KGS (19.4%)

Kodiak Gas Services

FTI (11.2%)

TechnipFMC

OII (8.7%)

Oceaneering International

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

NPKI (103.4%)

NPK International

AESI (43.6%)

Atlas Energy Solutions

EFXT (39.9%)

Enerflex

FTK (36.5%)

Flotek Industries

Higher Op Mgn LTM (Value for TDW: 21.3%)

LB (57.3%)

LandBridge

AROC (36.3%)

Archrock

KGS (30.9%)

Kodiak Gas Services

WHD (24.0%)

Cactus

NGS (22.5%)

Natural Gas Services

Higher CFO/Rev LTM (Value for TDW: 23.3%)

LB (64.4%)

LandBridge

KGS (40.7%)

Kodiak Gas Services

AROC (37.0%)

Archrock

FLOC (36.0%)

Flowco

SEI (23.4%)

Solaris Energy Infrastructure

Higher FCF/Rev LTM (Value for TDW: 21.5%)

LB (62.8%)

LandBridge

Higher Total Yield (Value for TDW: 6.1%)

NOV (9.9%)

NOV

AROC (8.9%)

Archrock

WFRD (8.5%)

Weatherford International

BKR (8.5%)

Baker Hughes

HAL (8.0%)

Halliburton

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

NE (59.6% | 1.3x)

Noble

EFXT (39.9% | 0.7x)

Enerflex

AESI (43.6% | 1.0x)

Atlas Energy Solutions

BORR (45.4% | 1.1x)

Borr Drilling

HNRG (38.0% | 1.8x)

Hallador Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

PR (48.7% | 4.8x)

Permian Resources

NE (59.6% | 7.0x)

Noble

EFXT (39.9% | 6.2x)

Enerflex

BORR (45.4% | 3.1x)

Borr Drilling

Higher Rev Chg LTM (Value for TDW: 4.4%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

KMI (8.3%)

Kinder Morgan

CNQ (8.3%)

Canadian Natural Resources

COP (8.2%)

ConocoPhillips

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

UUUU (91.8%)

Energy Fuels

NE (59.6%)

Noble

PR (48.7%)

Permian Resources

UEC (46.2%)

Uranium Energy

EFXT (39.9%)

Enerflex

Higher Op Mgn LTM (Value for TDW: 21.3%)

TRP (43.1%)

TC Energy

FANG (36.5%)

Diamondback Energy

WMB (34.3%)

Williams Companies

EOG (33.4%)

EOG Resources

KMI (27.2%)

Kinder Morgan

Higher CFO/Rev LTM (Value for TDW: 23.3%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

KMI (34.9%)

Kinder Morgan

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for TDW: 21.5%)

WES (38.7%)

Western Midstream Partners

PBA (31.7%)

Pembina Pipeline

EQT (31.6%)

EQT

TPL (30.5%)

Texas Pacific Land

CCJ (28.1%)

Cameco

Higher Total Yield (Value for TDW: 6.1%)

ENB (13.7%)

Enbridge

COP (11.1%)

ConocoPhillips

XOM (9.2%)

Exxon Mobil

CVX (8.6%)

Chevron

WMB (6.6%)

Williams Companies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

CCL (45.9% | 1.5x)

Carnival

SLF (88.9% | 1.0x)

Sun Life Financial

SW (55.9% | 0.6x)

Smurfit WestRock

SMCI (63.1% | 0.9x)

Super Micro Computer

RNR (44.8% | 1.1x)

RenaissanceRe

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

IBKR (48.1% | 3.5x)

Interactive Brokers

NCLH (43.8% | 6.5x)

Norwegian Cruise Line

PTCT (41.7% | 6.7x)

PTC Therapeutics

NUTX (87.7% | 3.3x)

Nutex Health

RIGL (48.7% | 6.7x)

Rigel Pharmaceuticals

Higher Rev Chg LTM (Value for TDW: 4.4%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

NVDA (91.6%)

NVIDIA

APO (89.3%)

Apollo Asset Management

HOOD (47.5%)

Robinhood Markets

KKR (44.5%)

KKR

MELI (39.5%)

MercadoLibre

Higher Op Mgn LTM (Value for TDW: 21.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for TDW: 23.3%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for TDW: 21.5%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

Higher Total Yield (Value for TDW: 6.1%)

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

HD (6.8%)

Home Depot

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Energy Sector
	TDW	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	16.4	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	8.7	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	0.2%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	4.4%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	36.0%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	15.0%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Tidewater Earnings Notes
2	Tidewater Earnings Notes
3	Tidewater Earnings Notes
4	How Low Can Tidewater Stock Really Go?	Return
5	TDW's 15% Single Month Rise Brings Valuations Into Focus - Is B a Better Deal?	Counter-Intuitive Comparisons
6	TDW's One-Month Rally Offers a Chance to Reevaluate FANG	Counter-Intuitive Comparisons
7	How Does Tidewater Stock Stack Up Against Its Peers?	Peer Comparison
8	Why Tidewater Stock Moved: TDW Stock Has Gained 370% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
9	TDW Dip Buy Analysis
10	Tidewater (TDW) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TDW. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%
TDW_10032025_Dip_Buyer_FCFYield	10032025	TDW	Tidewater	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.6%	-5.6%	-11.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Tidewater

Peers to compare with:

Financials

	TDW	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Tidewater	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	50.33	23.26	24.49	305.09	78.16	273.40	64.25
Mkt Cap	2.5	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	1,361	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	289	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	292	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	188	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	318	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	217	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	TDW	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Tidewater	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	4.4%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	36.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	0.2%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	0.1%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	21.3%	6.6%	4.8%	17.7%	22.5%	31.9%	19.5%
Op Mgn 3Y Avg	19.0%	7.4%	7.2%	16.4%	24.2%	30.8%	17.7%
QoQ Delta Op Mgn LTM	-0.6%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	23.3%	6.7%	8.5%	20.6%	23.8%	26.6%	22.0%
CFO/Rev 3Y Avg	17.5%	6.8%	12.7%	21.4%	26.1%	28.4%	19.5%
FCF/Rev LTM	21.5%	5.1%	1.8%	18.1%	22.1%	23.5%	19.8%
FCF/Rev 3Y Avg	15.0%	5.5%	4.6%	18.6%	24.6%	25.6%	16.8%

Valuation

	TDW	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Tidewater	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	2.5	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.8	0.4	1.0	4.4	5.4	10.0	3.1
P/EBIT	8.7	6.8	19.9	25.1	22.5	31.3	21.2
P/E	16.4	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	7.8	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	6.1%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	6.1%	10.6%	5.5%	6.4%	6.0%	3.1%	6.1%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	TDW	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Tidewater	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-4.4%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-12.6%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	7.5%	-4.0%	34.5%	6.6%	15.2%	36.3%	11.4%
12M Rtn	-1.0%	-27.3%	14.2%	39.2%	33.7%	6.0%	10.1%
3Y Rtn	49.6%	-3.8%	67.7%	139.0%	79.5%	113.4%	73.6%
1M Excs Rtn	-6.0%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-16.9%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-4.7%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-0.9%
12M Excs Rtn	-16.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-32.6%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Tidewater Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/10/2025	2/27/2025	2/29/2024	2/28/2023	3/9/2022	3/4/2021	3/2/2020
Key Financials
Total Revenue	1,361	1,346	1,010	648	371	397	487
EBITDA	439	459	316	98	-35	-100	-7
Operating Income	289	296	175	29	-76	-64	-51
Net Income	152	181	97	-22	-129	-196	-142
EPS	2.99	3.44	1.88	-0.49	-3.14	-4.86	-3.71
Growth Rates
Total Revenue Growth	4.4%	33.3%	55.9%	74.6%	-6.5%	-18.4%	19.7%
EBITDA Growth	-4.9%	45.1%	221.3%	381.3%	65.2%	-1261.1%	89.7%
Operating Income Growth	4.5%	69.7%	498.0%	138.6%	-18.7%	-24.9%	-38.4%
Net Income Growth	-16.4%	85.9%	546.8%	83.1%	34.3%	-38.4%	17.4%
Margins
EBITDA Margin	32.2%	34.1%	31.3%	15.2%	-9.4%	-25.3%	-1.5%
Operating Income Margin	21.3%	22.0%	17.3%	4.5%	-20.4%	-16.1%	-10.5%
Net Income Margin	11.1%	13.4%	9.6%	-3.4%	-34.8%	-49.4%	-29.1%
Cash & Debt
Total Cash	428	325	274	164	149	150	218
Total Debt	676	637	734	169	168	193	289
Net Debt / (Cash)	247	312	460	5	19	43	71
Cash Flows
Net Cash from Operations	318	274	105	40	15	4	-31
Free Cash from Operations	292	246	73	24	6	-11	-49
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	134	91	35	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/10/2025	8/4/2025	5/5/2025	2/27/2025	11/7/2024	8/6/2024	5/2/2024	2/29/2024	11/6/2023	8/7/2023	5/8/2023	2/28/2023
Key Financials Quarterly
Total Revenue	341	341	333	345	340	339	321	303	299	215	193	187
Ebitda	75	132	124	108	116	116	118	111	98	59	48	37
Operating Income	62	75	73	79	70	76	71	60	55	38	22	14
Net Income	-1	73	43	37	46	50	47	38	26	23	11	11
EPS	-0.02	1.47	0.83	0.71	0.88	0.96	0.90	0.72	0.50	0.44	0.21	0.22
Key Financials TTM
Total Revenue TTM	1,361	1,360	1,358	1,346	1,303	1,262	1,138	1,010	894	787	735	648
Ebitda TTM	439	480	464	459	461	444	386	316	242	182	132	98
Operating Income TTM	289	297	298	296	277	262	223	175	129	94	59	29
Net Income TTM	152	199	176	181	181	161	133	97	70	49	1	-22
Growth Rates Quarterly
Total Revenue Growth	0.2%	0.6%	3.8%	14.0%	13.7%	57.8%	66.3%	62.1%	56.1%	31.5%	82.6%	77.6%
EBITDA Growth	-35.5%	13.2%	4.8%	-2.4%	18.2%	97.0%	145.9%	198.8%	158.4%	594.3%	224.6%	294.9%
Operating Income Growth	-11.2%	-0.9%	2.3%	32.4%	27.5%	102.8%	218.0%	326.3%	173.9%	1096.8%	377.9%	219.0%
Net Income Growth	-101.7%	44.8%	-9.3%	-2.0%	77.0%	123.0%	337.9%	254.7%	387.0%	188.3%	188.2%	128.0%
Margins Quarterly
EBITDA Margin	21.9%	38.6%	37.1%	31.4%	34.0%	34.3%	36.8%	36.7%	32.7%	27.5%	24.9%	19.9%
Operating Income Margin	18.2%	22.1%	21.7%	23.0%	20.5%	22.4%	22.1%	19.8%	18.3%	17.5%	11.5%	7.5%
Net Income Margin	-0.2%	21.4%	12.8%	10.7%	13.6%	14.8%	14.6%	12.4%	8.8%	10.5%	5.6%	5.7%
Cash & Debt
Total Cash	428	369	342	325	281	316	281	274	275	171	165	164
Total Debt	676	625	636	637	650	711	723	734	744	182	169	169
Net Debt / (Cash)	247	256	294	312	370	395	442	460	469	11	4	5
Cash Flows Quarterly
FCF from Operations	55	85	86	91	49	79	55	47	35	10	13	45
Cash Flows TTM
FCF from Operations TTM	318	312	305	274	230	216	147	105	103	96	65	40
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	51	39	44	14	29	4	35	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.0%	14.6%	9.2%	11.1%	10.8%	12.8%	10.6%	8.7%	7.5%	6.3%	2.7%	3.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.3%	11.8%	11.2%	11.7%	10.9%	10.2%	8.0%	5.6%	4.0%	3.6%	0.1%	1.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	1,010
Other operating revenues		6	9	11	10
Vessel revenues		641	362	386	477
Total	1,010	648	371	397	487

Price Behavior

Price Behavior

Market Price	$50.33
Market Cap ($ Bil)	2.5
First Trading Date	12/30/1987
Distance from 52W High	-20.4%
	50 Days	200 Days
DMA Price	$53.17	$48.96
DMA Trend	up	indeterminate
Distance from DMA	-5.3%	2.8%
	3M	1YR
Volatility	52.5%	59.7%
Downside Capture	120.35	87.80
Upside Capture	31.25	73.84
Correlation (SPY)	21.0%	38.7%

TDW Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.89	1.03	0.76	0.77	1.19	1.19
Up Beta	0.37	0.38	0.79	1.06	1.22	1.32
Down Beta	1.40	1.55	1.53	1.54	1.83	1.65
Up Capture	150%	93%	2%	73%	59%	74%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	22	30	66	125	391
Down Capture	64%	102%	73%	4%	83%	96%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	20	33	59	122	355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TDW With Other Asset Classes (Last 1Y)
	TDW	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.7%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	59.4%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.26	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		59.6%	38.7%	2.5%	39.7%	30.1%	19.5%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of TDW With Other Asset Classes (Last 5Y)
	TDW	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.4%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	55.0%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.82	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		61.8%	28.0%	10.6%	44.9%	19.6%	12.4%

Based On 10-Year Data

		Comparison of TDW With Other Asset Classes (Last 10Y)
	TDW	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.6%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	71.6%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.14	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		52.6%	28.0%	2.7%	38.3%	21.2%	8.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	4,145,416
Short Interest: % Change Since 11302025	-6.2%
Average Daily Volume	631,437
Days-to-Cover Short Interest	6.57
Basic Shares Quantity	49,498,000
Short % of Basic Shares	8.4%

Returns Analyses

	Title
0	How Low Can Tidewater Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/10/2025	7.8%	3.3%	5.6%
8/4/2025	29.2%	12.1%	15.5%
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%
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%
...
SUMMARY STATS
# Positive	9	8	8
# Negative	9	10	10
Median Positive	5.3%	8.7%	13.7%
Median Negative	-4.9%	-5.6%	-11.5%
Max Positive	29.2%	26.1%	61.6%
Max Negative	-12.6%	-45.0%	-52.4%

	Forward Returns
11/10/2025	7.8%	3.3%	5.6%
8/4/2025	29.2%	12.1%	15.5%
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%
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%
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%
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%
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%
3/4/2020	-4.9%	-45.0%	-52.4%
SUMMARY STATS
# Positive	9	8	8
# Negative	9	10	10
Median Positive	5.3%	8.7%	13.7%
Median Negative	-4.9%	-5.6%	-11.5%
Max Positive	29.2%	26.1%	61.6%
Max Negative	-12.6%	-45.0%	-52.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11102025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11062023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5082023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	3092022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Hudson Daniel A.	EVP & GENERAL COUNSEL	8062025	Sell	57.56	10,000	575,642	4,374,073	Form
1	ROBOTTI ROBERT		6052025	Buy	42.14	10,000	421,354	93,538,776	Form
2	ROBOTTI ROBERT		6022025	Buy	40.55	560	22,706	89,605,138	Form
3	ROBOTTI ROBERT		3142025	Buy	40.11	25,000	1,002,718	88,586,882	Form
4	ROBOTTI ROBERT		3062025	Buy	40.95	1,770	72,477	89,415,172	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Tidewater (TDW)

Market Price (12/27/2025): $50.21 | Market Cap: $2.5 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Tidewater (TDW)

Market Price (12/27/2025): $50.21Market Cap: $2.5 BilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TDW Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Tidewater (TDW)

Offshore Support Vessels (OSV) Market

Subsea and Offshore Services Market

Expected Drivers of Future Revenue Growth for Tidewater (TDW) Over the Next 2-3 Years

Interactive Breakdown

Better Bets than Tidewater (TDW)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

Higher Rev Chg LTM (Value for TDW: 4.4%)

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

Higher Op Mgn LTM (Value for TDW: 21.3%)

Higher CFO/Rev LTM (Value for TDW: 23.3%)

Higher FCF/Rev LTM (Value for TDW: 21.5%)

Higher Total Yield (Value for TDW: 6.1%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

Higher Rev Chg LTM (Value for TDW: 4.4%)

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

Higher Op Mgn LTM (Value for TDW: 21.3%)

Higher CFO/Rev LTM (Value for TDW: 23.3%)

Higher FCF/Rev LTM (Value for TDW: 21.5%)

Higher Total Yield (Value for TDW: 6.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TDW: 36.0% | 1.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TDW: 36.0% | 8.6x)

Higher Rev Chg LTM (Value for TDW: 4.4%)

Higher Rev Chg 3Y Avg (Value for TDW: 36.0%)

Higher Op Mgn LTM (Value for TDW: 21.3%)

Higher CFO/Rev LTM (Value for TDW: 23.3%)

Higher FCF/Rev LTM (Value for TDW: 21.5%)

Higher Total Yield (Value for TDW: 6.1%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Tidewater

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Market Price (12/27/2025): $50.21 | Market Cap: $2.5 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (12/27/2025): $50.21
Market Cap: $2.5 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services