Tearsheet

Bristow (VTOL)

Market Price (4/11/2026): $49.7 | Market Cap: $1.4 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Bristow (VTOL)

Market Price (4/11/2026): $49.7
Market Cap: $1.4 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Offshore Wind Development. Themes include Advanced Helicopter Operations, Search & Rescue Aviation Technologies, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Key risks
VTOL key risks include [1] a significant dependence on the volatile offshore energy market and [2] transition and execution challenges with major government contracts like the Irish Coast Guard and UK Search and Rescue.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 35%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space, and Offshore Wind Development. Themes include Advanced Helicopter Operations, Search & Rescue Aviation Technologies, Show more.
4	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5	Key risks VTOL key risks include [1] a significant dependence on the volatile offshore energy market and [2] transition and execution challenges with major government contracts like the Irish Coast Guard and UK Search and Rescue.

Valuation, Metrics & Events

	4/11/26	2025	2024	2023	2022
Share Price CYE	$49.70	$31.58	$27.20	$22.40	$37.08
Market Cap CYE ($ Bil)	1.4	0.9	0.8	0.6	1.0
Total Debt ($ Bil)	0.9	1.0	0.8	0.9	0.7
Total Cash ($ Bil)	0.3	0.2	0.1	0.2	0.3
Enterprise Value ($ Bil)	2.1	1.9	1.6	1.5	1.7
Valuation Ratios
P/S TTM	1.0	0.6	0.6	0.5	0.9
P/EBIT TTM	7.6	5.4	10.4	10.1	-48.8
P/E TTM	11.2	7.8	572.1	42.7	-19.4
P/FCF TTM	25.6	-9.8	-12.3	-15.6	8.2
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.6	1.2	1.7
P/EBIT TTM (Sector)	9.2	5.9	7.4	3.5	5.0
P/E TTM (Sector)	13.0	9.0	10.0	5.2	4.1
P/FCF TTM (Sector)	10.9	7.1	8.1	5.0	6.6

	4/11/26	2025	2024
Share Price CYE	$49.70	$31.58	$27.20
Market Cap CYE ($ Bil)	1.4	0.9	0.8
Total Debt ($ Bil)	0.9	1.0	0.8
Total Cash ($ Bil)	0.3	0.2	0.1
Enterprise Value ($ Bil)	2.1	1.9	1.6
Valuation Ratios
P/S TTM	1.0	0.6	0.6
P/EBIT TTM	7.6	5.4	10.4
P/E TTM	11.2	7.8	572.1
P/FCF TTM	25.6	-9.8	-12.3
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.6
P/EBIT TTM (Sector)	9.2	5.9	7.4
P/E TTM (Sector)	13.0	9.0	10.0
P/FCF TTM (Sector)	10.9	7.1	8.1

	VTOL	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.5
Rev Chg Q	6.7%	7.5%
Rev Chg LTM	5.3%	6.8%
Rev Chg 3Y Avg	7.7%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	9.7%	18.6%
CFO/Rev LTM	13.3%	20.6%
Net Inc Mgn	8.7%	12.8%
VALUATION	MODERATE
P/S	1.0	3.2
P/CFO	7.3	15.4
P/FCF	25.6	19.8
P/E	11.2	24.1
STABILITY	GOOD
Debt/Equity	0.63	0.21
Cash/Assets	0.12	0.07

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Metric	Value	Date	Source
Total Backlog	$4.2 billion	3312024	Link
Fleet Size	220	12312023	Link
Annual Flight Hours	113303	12312023	Link
Total Recordable Incident Rate	0.31	12312023	Link
Lost Work Cases	5	12312023	Link

Upcoming
5/05/2026	Earnings Release	Rev: $383 Mil (E) EPS: $1.01 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Bristow (VTOL) stock has gained about 35% since 12/31/2025 because of the following key factors:

1. Strong 2026 Financial Outlook and Increased Free Cash Flow Projections.

Bristow provided robust 2026 financial guidance, projecting Adjusted EBITDA growth of approximately 25% year-over-year, with a range of $295 million to $325 million. The company also anticipates Adjusted Free Cash Flow in excess of $200 million for 2026, following $186.7 million in 2025. This positive outlook for both profitability and cash generation affirmed investor confidence after full-year 2025 Adjusted EBITDA of $246 million came in line with guidance.

2. Strategic Debt Refinancing and Improved Financial Health.

In January 2026, Bristow successfully refinanced $500 million in senior notes, securing a lower coupon rate of 6.75% and extending the maturity to 2033. This strategic financial maneuver was seen as a positive indicator of improved financial health and a reduction in future interest expenses. This sentiment was further reinforced by S&P Global Ratings upgrading Bristow's issuer credit rating to 'B+' from 'B' in October 2025, anticipating positive free cash flow generation and gross debt reduction in 2026.

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Stock Movement Drivers

Fundamental Drivers

The 36.3% change in VTOL stock from 12/31/2025 to 4/10/2026 was primarily driven by a 51.6% change in the company's P/E Multiple.

(LTM values as of)	12312025	4102026	Change
Stock Price ($)	36.51	49.77	36.3%
Change Contribution By:
Total Revenues ($ Mil)	1,467	1,491	1.6%
Net Income Margin (%)	9.7%	8.7%	-10.8%
P/E Multiple	7.4	11.2	51.6%
Shares Outstanding (Mil)	29	29	-0.8%
Cumulative Contribution			36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/10/2026

	Return	Correlation
VTOL	36.3%
Market (SPY)	-5.4%	41.3%
Sector (XLE)	27.4%	21.7%

Fundamental Drivers

The 38.3% change in VTOL stock from 9/30/2025 to 4/10/2026 was primarily driven by a 28.9% change in the company's P/E Multiple.

(LTM values as of)	9302025	4102026	Change
Stock Price ($)	35.98	49.77	38.3%
Change Contribution By:
Total Revenues ($ Mil)	1,446	1,491	3.1%
Net Income Margin (%)	8.2%	8.7%	5.1%
P/E Multiple	8.7	11.2	28.9%
Shares Outstanding (Mil)	29	29	-0.9%
Cumulative Contribution			38.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/10/2026

	Return	Correlation
VTOL	38.3%
Market (SPY)	-2.9%	29.5%
Sector (XLE)	28.6%	31.4%

Fundamental Drivers

The 58.1% change in VTOL stock from 3/31/2025 to 4/10/2026 was primarily driven by a 29.3% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4102026	Change
Stock Price ($)	31.49	49.77	58.1%
Change Contribution By:
Total Revenues ($ Mil)	1,415	1,491	5.3%
Net Income Margin (%)	6.7%	8.7%	29.3%
P/E Multiple	9.5	11.2	18.0%
Shares Outstanding (Mil)	29	29	-1.6%
Cumulative Contribution			58.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/10/2026

	Return	Correlation
VTOL	58.1%
Market (SPY)	16.3%	54.5%
Sector (XLE)	25.0%	60.8%

Fundamental Drivers

The 122.8% change in VTOL stock from 3/31/2023 to 4/10/2026 was primarily driven by a 539.7% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4102026	Change
Stock Price ($)	22.33	49.77	122.8%
Change Contribution By:
Total Revenues ($ Mil)	1,192	1,491	25.0%
Net Income Margin (%)	1.4%	8.7%	539.7%
P/E Multiple	38.7	11.2	-71.0%
Shares Outstanding (Mil)	28	29	-3.9%
Cumulative Contribution			122.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/10/2026

	Return	Correlation
VTOL	122.8%
Market (SPY)	63.3%	43.2%
Sector (XLE)	50.6%	57.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VTOL Return	20%	-14%	4%	21%	7%	35%	88%
Peers Return	5%	1%	53%	42%	24%	20%	240%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
VTOL Win Rate	67%	67%	50%	50%	50%	75%
Peers Win Rate	48%	53%	57%	55%	53%	65%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
VTOL Max Drawdown	-8%	-29%	-24%	-12%	-25%	0%
Peers Max Drawdown	-12%	-26%	-5%	-18%	-23%	-6%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTAI, AIR, CAE, LMT, BA.
[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 4/10/2026 (YTD)

How Low Can It Go

Unique Key	Event	VTOL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	88.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	526 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-69.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	225.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	52 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-59.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	146.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	424 days	120 days

Compare to FTAI, AIR, CAE, LMT, BA

In The Past

Bristow's stock fell -47.0% during the 2022 Inflation Shock from a high on 3/10/2022. A -47.0% loss requires a 88.7% gain to breakeven.

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About Bristow (VTOL)

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

Bristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial and public sector search and rescue services; and other ad hoc helicopter and fixed wing transportation services. As of March 31, 2021, the company had a fleet of 247 aircraft. It also has operations in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.

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Bristow is like the "FedEx for offshore oil rigs," flying critical personnel and equipment, that also provides "Coast Guard-style" search and rescue operations globally.

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Offshore Energy Aviation Services: Providing helicopter transportation for personnel and equipment to support integrated, national, and independent offshore energy operations.
Search and Rescue (SAR) Services: Offering specialized helicopter services for commercial and public sector search and rescue missions.
Ad Hoc Transportation Services: Delivering other non-scheduled helicopter and fixed-wing aircraft transportation solutions for various clients.

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AI Analysis | Feedback

Bristow Group Inc. (VTOL) primarily provides aviation services to **other companies** in the energy sector and to **public sector entities** for search and rescue services. Given its stated focus on "integrated, national, and independent offshore energy companies," Bristow's major customers are typically large oil and gas corporations and government agencies. While Bristow's SEC filings do not consistently name individual customers accounting for a significant portion of its revenue due to the nature of its contract-based business and confidentiality, the following public companies are representative examples of the types of major offshore energy companies it serves globally: * **ExxonMobil Corporation** (NYSE: XOM) * **Shell plc** (NYSE: SHEL) * **BP p.l.c.** (NYSE: BP) * **Chevron Corporation** (NYSE: CVX) * **Equinor ASA** (NYSE: EQNR) * **Petróleo Brasileiro S.A. - Petrobras** (NYSE: PBR) * **Woodside Energy Group Ltd** (NYSE: WDS) * **Hess Corporation** (NYSE: HES) In addition to these energy companies, Bristow also serves various government and public sector entities for search and rescue operations, such as the UK Maritime and Coastguard Agency, though these are not public companies with stock symbols.

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Here are Bristow's major suppliers:

Leonardo S.p.A. (BIT: LDO)
Airbus SE (Euronext Paris: AIR)
Lockheed Martin Corporation (NYSE: LMT)

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Christopher Bradshaw

President and Chief Executive Officer

Christopher Bradshaw has served as President and Chief Executive Officer of Bristow Group Inc., and formerly Era Group Inc., since 2014. He previously held the position of Chief Financial Officer of Era Group Inc. from October 2012 to September 2015. From 2009 until 2012, Mr. Bradshaw co-founded U.S. Capital Advisors LLC, an independent financial advisory firm, where he served as Managing Partner and Chief Financial Officer. Before co-founding U.S. Capital Advisors LLC, he was an energy investment banker at UBS Securities LLC, Morgan Stanley & Co., and PaineWebber Incorporated.

Jennifer Whalen

Senior Vice President, Chief Financial Officer

Jennifer Whalen became Senior Vice President, Chief Financial Officer for Bristow Group Inc. in June 2020. Prior to this, she served as the Senior Vice President, Chief Financial Officer for Era Group Inc. starting in February 2018. Ms. Whalen was also the Company's Vice President and Chief Accounting Officer from August 2013 until June 2017, when she was appointed Vice President, Acting Chief Financial Officer. She joined the company as Controller in April 2012. From August 2007 to March 2012, she held various roles, including Director of Accounting, at nLIGHT Photonics Corporation, a high-performance laser supplier.

David Stepanek

Executive Vice President, Chief Transformation Officer

David Stepanek assumed the role of Bristow's Executive Vice President, Chief Transformation Officer in February 2023. In this position, he is responsible for leading the company's transformation by introducing Advanced Air Mobility (AAM) aircraft and expanding its core business into new regions. He previously served as Bristow's Executive Vice President, Sales and Chief Transformation Officer from April 2021 to February 2023, and as Executive Vice President, Chief Operating Officer from June 2020 until March 2021. Mr. Stepanek joined Era Group Inc. in January 2020 as Senior Vice President, Business Development.

Alan Corbett

Chief Operating Officer for Government Services

Alan Corbett was appointed Chief Operating Officer for Government Services in February 2023. In this role, he is responsible for overseeing all of Bristow's Government Services activities, including existing operations, new business development, and emerging markets, particularly within the Search and Rescue (SAR) sector. He also has responsibility for Airnorth and the Humberside airport. Before this appointment, he served as Senior Vice President for Europe, Africa, Middle East, Asia (EAMEA) and Search and Rescue from June 2020 to February 2023.

Stuart Stavley

Chief Operating Officer for Energy Services

Stuart Stavley was appointed Chief Operating Officer for Energy Services in February 2023. He is responsible for the oversight of Bristow's oil and gas operations across all global regions, as well as global operational shared services such as Safety, Standards, Supply Chain, and Fleet Management. Prior to this, he served as Senior Vice President, Operations and Fleet Management from June 2020 to February 2023, and held the same role for Era Group Inc. before that.

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The key risks to Bristow Group Inc.'s business include:

Supply Chain Constraints: Bristow faces persistent global supply chain challenges for new aircraft and critical parts, which is identified as the biggest near-term risk. These disruptions directly impact aircraft availability and utilization rates, hindering the company's ability to fully capitalize on demand and sometimes leading to penalties.
Energy Market Volatility and Reliance on Offshore Energy Services: A substantial portion of Bristow's revenue, approximately 66-67%, is derived from its Offshore Energy Services segment, which is highly dependent on global energy demand and oil prices. This exposes the company to the inherent volatility of the energy market and potential downturns in offshore exploration and production activities.
Contract Transition Costs in Government Services: While the Government Services segment provides stable revenue and growth, the transition to new contracts, such as the Irish Coast Guard (IRCG) contract, can incur significant start-up costs. These initial expenses can negatively impact profitability in the short term, and delays in aircraft availability related to new contracts have also led to penalties.

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The global energy transition away from fossil fuels, which is leading to reduced investment and activity in the offshore oil and gas industry, poses a clear emerging threat to Bristow's primary business of providing aviation services to offshore energy companies.

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    Bristow Group Inc. (VTOL) operates in two primary addressable markets:
    
      
        Offshore Helicopter Services: The global offshore helicopter services market was valued at approximately USD 3.27 billion in 2024 and is projected to grow to USD 5.57 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.1% from 2026 to 2033. Another estimate valued the global market at USD 6.17 billion in 2025, with a projected growth to USD 10.44 billion by 2033 at a CAGR of 6.8%. North America held the largest share of this market, valued at USD 1.12 billion in 2025, and is expected to reach USD 1.141.5 million by 2032. Europe accounts for approximately 30% of the global market share. The oil and gas industry segment constituted 70.71% of the market share in 2026.
      
      
        Search and Rescue (SAR) Helicopter Services: The global search and rescue helicopter market was valued at USD 1.91 billion in 2021 and is anticipated to reach USD 2.84 billion by 2030, with a CAGR of 4.1% from 2022 to 2030. More recent data indicates the market was valued at USD 2.6 billion in 2024 and is poised to grow to USD 3.73 billion by 2033. Another projection places the global market size at USD 2.90 billion in 2025, reaching USD 4.18 billion by 2033, with a CAGR of 4.68%. North America represented the largest revenue share in 2021, exceeding 37.30%.

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Bristow Group Inc. (VTOL) is anticipated to drive future revenue growth over the next 2-3 years through several key areas:

Expansion of Government Services Contracts: Bristow's Government Services segment is a significant growth engine, with adjusted operating income expected to double in 2026. The full-year contribution from new long-term contracts, such as the Irish Coast Guard (IRCG) search and rescue (SAR) contract and the Second-Generation Search and Rescue Aviation (UKSAR2G) program in the UK, is projected to materially boost earnings from 2026 onwards. Additionally, the company sees further growth opportunities in core government SAR and broader aviation services to government and military customers, supported by anticipated increases in defense spending.
Increased Activity and Improved Pricing in Offshore Energy Services (OES): The company maintains a positive long-term outlook for offshore energy services, driven by favorable deepwater projects expected to attract increased upstream capital investment. Bristow anticipates a 15% increase in adjusted operating income from its offshore energy services business in 2026, primarily due to improved contract renewal terms, with global rate uplifts for leading-edge contracts averaging around 25%. Strong demand in offshore markets, particularly in regions like Brazil, Africa, and the Caribbean, coupled with a tight supply of heavy and super-medium helicopters, further supports revenue growth in this segment. New contracts, including a notable five-year agreement with a U.S.-based energy operator, are also expected to contribute by 2026.
Fleet Modernization and Expansion: Bristow's strategic investment in new aircraft, such as the agreement for 10 AW189 super medium helicopters (with options for 10 more) for delivery between 2025 and 2028, is a key driver. These modern helicopters will enhance offshore transport and SAR capabilities, offering greater operational flexibility, superior performance, and lower operating costs, thereby driving EBITDA growth.
Strategic Initiatives in Advanced Air Mobility (AAM): Bristow is strategically positioning itself in the emerging Advanced Air Mobility market. The company anticipates sustained revenue growth through these initiatives, as evidenced by CEO Chris Bradshaw's statement on strategic investments in AAM. A binding deposit agreement with Electra for the first EL9 aircraft deliveries further solidifies Bristow's strategic presence in the electric vertical takeoff and landing (VTOL) sector, presenting a potential avenue for future growth.

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Share Repurchases

Bristow Group Inc. authorized a share repurchase program of up to $125 million on February 26, 2025.
Since February 2025, Bristow repurchased 123,966 shares for US$3.95 million.
Common stock repurchases amounted to approximately $15.2 million in 2025, $4.1 million in 2024, and $2.7 million in 2023.

Capital Expenditures

Maintenance capital expenditures were approximately $11.7 million in 2025.
Maintenance capital expenditures were approximately $16.5 million in 2024.
The company's investments focus on next-generation aircraft and emergency response services to broaden its customer base, support innovation, and improve long-term profitability.

Interactive Breakdown

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Better Bets vs. Bristow (VTOL)

INDUSTRY: Oil & Gas Equipment & Services

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.7% | 10.1x)

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TRP (10.6%)

TC Energy

EOG (9.8%)

EOG Resources

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.7% | 1.0x)

UNH (11.4% | 0.6x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CI (15.3% | 0.3x)

Cigna

ELV (8.4% | 0.3x)

Elevance Health

COR (10.5% | 0.2x)

Cencora

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.7% | 10.1x)

HCA (7.9% | 9.4x)

HCA Healthcare

B (16.0% | 9.1x)

Barrick Mining

APO (66.8% | 7.5x)

Apollo Global Management

EXC (8.4% | 9.6x)

Exelon

CCL (23.1% | 8.5x)

Carnival

Higher Rev Chg LTM (Value for VTOL: 5.3%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for VTOL: 7.7%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for VTOL: 9.7%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for VTOL: 13.3%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for VTOL: 3.8%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for VTOL: 8.9%)

VZ (14.7%)

Verizon Communications

TD (12.9%)

Toronto-Dominion Bank

T (11.7%)

AT&T

PFE (11.5%)

Pfizer

WFC (10.1%)

Wells Fargo

Best Bets in Energy

What You Pay

P/EBIT (Value for VTOL: 7.6x)

AM (13.9x)

Antero Midstream

HESM (5.0x)

Hess Midstream

DTM (18.2x)

DT Midstream

INSW (10.4x)

International Seaways

WHD (14.2x)

Cactus

CRC (9.3x)

California Resources

EQT (10.7x)

EQT

CTRA (10.2x)

Coterra Energy

LNG (6.2x)

Cheniere Energy

WMB (17.5x)

Williams Companies

P/E (Value for VTOL: 11.2x)

AM (25.4x)

Antero Midstream

HESM (14.5x)

Hess Midstream

DTM (31.2x)

DT Midstream

INSW (11.8x)

International Seaways

WHD (22.5x)

Cactus

CRC (15.5x)

California Resources

EQT (18.0x)

EQT

CTRA (14.8x)

Coterra Energy

LNG (10.7x)

Cheniere Energy

WMB (33.9x)

Williams Companies

What You Get

Rev Chg 3Y Avg (Value for VTOL: 7.7%)

AM (8.4%)

Antero Midstream

HESM (8.3%)

Hess Midstream

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

WHD (19.3%)

Cactus

CRC (2.3%)

California Resources

EQT (1.6%)

EQT

CTRA (-0.8%)

Coterra Energy

LNG (-11.6%)

Cheniere Energy

WMB (3.2%)

Williams Companies

Rev Chg LTM (Value for VTOL: 5.3%)

AM (7.0%)

Antero Midstream

HESM (8.4%)

Hess Midstream

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

WHD (-4.5%)

Cactus

CRC (15.4%)

California Resources

EQT (60.0%)

EQT

CTRA (40.1%)

Coterra Energy

LNG (27.2%)

Cheniere Energy

WMB (13.8%)

Williams Companies

Rev Chg Q (Value for VTOL: 6.7%)

AM (3.1%)

Antero Midstream

HESM (2.1%)

Hess Midstream

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

WHD (-4.0%)

Cactus

CRC (-13.8%)

California Resources

EQT (25.8%)

EQT

CTRA (40.4%)

Coterra Energy

LNG (22.9%)

Cheniere Energy

WMB (16.6%)

Williams Companies

FCF/Rev 3Y Avg (Value for VTOL: -1.8%)

AM (55.3%)

Antero Midstream

HESM (45.1%)

Hess Midstream

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

WHD (24.0%)

Cactus

CRC (23.2%)

California Resources

EQT (22.6%)

EQT

CTRA (22.2%)

Coterra Energy

LNG (21.1%)

Cheniere Energy

WMB (20.1%)

Williams Companies

[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	Date
0	DASHBOARDS
1	Bristow Earnings Notes	12/16/2025
2	How Low Can Bristow Stock Really Go?	10/17/2025
3	Why Bristow Stock Moved: VTOL Stock Has Gained 33% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
4	VTOL Dip Buy Analysis	07/10/2025
5	Time To Buy Bristow Stock?	05/16/2025
6	Bristow (VTOL) Valuation Ratios Comparison	05/15/2025
7	Bristow Total Shareholder Return (TSR): 21.3% in 2024 and -2.6% 3-yr compounded annual returns (below peer average)	03/07/2025
8	Bristow (VTOL) Operating Cash Flow Comparison	02/17/2025
9	Bristow (VTOL) Net Income Comparison	02/16/2025
10	Bristow (VTOL) Operating Income Comparison	02/15/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to VTOL.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	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	65.2%	65.2%	-2.1%
FTAI_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	FTAI	FTAI Aviation	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	38.7%	38.7%	-8.0%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	15.3%	15.3%	-6.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OGN	Organon	2.3	27.8%	23.5%
LWLG	Lightwave Logic	1.4	25.6%	227.2%
POET	POET Technologies	0.6	15.8%	11.2%
ALAB	Astera Labs	25.3	15.1%	-10.4%
MANE	Veradermics	1.4	14.7%	82.3%
TTMI	TTM Technologies	12.6	13.0%	76.1%
AAOI	Applied Optoelectronics	10.6	13.0%	332.0%
FBYD	Falcons Beyond Global	0.5	12.6%	-18.9%
TE	T1 Energy	0.8	12.2%	-29.8%
CRWV	CoreWeave	51.7	10.9%	42.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	3.5	-21.7%	126.6%
REPL	Replimune	0.4	-19.5%	-51.0%
AKAM	Akamai Technologies	13.2	-16.7%	4.7%
FICO	Fair Isaac	21.9	-14.0%	-45.4%
SEZL	Sezzle	2.0	-13.6%	-5.9%
NET	Cloudflare	58.6	-13.5%	-15.3%
DOCN	DigitalOcean	6.9	-13.3%	57.1%
SMPL	Simply Good Foods	1.0	-11.5%	-48.0%
EVMN	Evommune	0.8	-11.0%	49.0%
GH	Guardant Health	10.1	-9.8%	-23.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AEHR	Aehr Test Systems	2.1	58.9%	248.8%
CAR	Avis Budget	10.6	57.5%	133.7%
AAOI	Applied Optoelectronics	10.6	44.9%	332.0%
OGN	Organon	2.3	38.8%	23.5%
LWLG	Lightwave Logic	1.4	38.4%	227.2%
HUT	Hut 8	7.2	37.4%	43.9%
SLNO	Soleno Therapeutics	2.8	33.3%	13.7%
STAA	Staar Surgical	1.3	30.8%	14.5%
RIOT	Riot Platforms	5.8	29.1%	31.0%
CIFR	Cipher Digital	6.6	28.9%	12.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.4	-43.4%	-51.0%
FSLY	Fastly	3.5	-31.1%	126.6%
SMPL	Simply Good Foods	1.0	-26.3%	-48.0%
AKAM	Akamai Technologies	13.2	-22.6%	4.7%
GWRE	Guidewire Software	10.0	-21.8%	-41.3%
OKTA	Okta	11.2	-21.5%	-27.2%
HUBS	HubSpot	10.1	-21.4%	-52.1%
NET	Cloudflare	58.6	-21.1%	-15.3%
VRDN	Viridian Therapeutics	1.4	-20.6%	-52.0%
SNOW	Snowflake	41.5	-20.2%	-44.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1475.9%	-5.1%
CAR	Avis Budget	10.6	196.4%	133.7%
SATL	Satellogic	1.0	135.7%	292.0%
LWLG	Lightwave Logic	1.4	111.2%	227.2%
APLS	Apellis Pharmaceuticals	5.2	110.5%	62.4%
FBYD	Falcons Beyond Global	0.5	92.1%	-18.9%
FLY	Firefly Aerospace	6.0	82.2%	67.8%
KOD	Kodiak Sciences	2.3	75.7%	54.2%
KODK	Eastman Kodak	1.2	74.0%	42.9%
ORKA	Oruka Therapeutics	3.2	73.1%	96.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.3	-49.0%	-57.8%
VRDN	Viridian Therapeutics	1.4	-47.8%	-52.0%
MAZE	Maze Therapeutics	1.2	-47.1%	-35.6%
BUR	Burford Capital	1.0	-47.0%	-51.1%
FRMI	Fermi	2.9	-43.9%	-39.1%
TE	T1 Energy	0.8	-42.4%	-29.8%
REPL	Replimune	0.4	-39.7%	-51.0%
ADMA	ADMA Biologics	2.3	-38.1%	-46.8%
FIG	Figma	9.3	-34.8%	-51.4%
BOBS	Bobs Discount Furniture	1.4	-34.7%	-34.8%

Peer Comparisons

Peers to compare with:

Financials

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Mkt Price	49.77	251.42	120.83	27.47	613.72	217.63	169.23
Mkt Cap	1.4	25.8	4.7	8.8	141.7	167.2	17.3
Rev LTM	1,491	2,507	3,134	4,863	75,048	89,463	3,999
Op Inc LTM	144	770	266	626	7,731	-5,416	446
FCF LTM	56	-997	37	502	6,908	-1,886	47
FCF 3Y Avg	-24	-997	16	310	6,141	-3,950	-4
CFO LTM	198	-311	95	929	8,557	1,065	564
CFO 3Y Avg	136	-123	56	750	7,816	-1,685	96

Growth & Margins

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Rev Chg LTM	5.3%	44.5%	16.8%	6.7%	5.6%	34.5%	11.8%
Rev Chg 3Y Avg	7.7%	52.7%	17.9%	8.1%	4.4%	12.3%	10.2%
Rev Chg Q	6.7%	32.7%	24.6%	2.3%	9.1%	57.1%	16.9%
QoQ Delta Rev Chg LTM	1.6%	7.0%	5.6%	0.6%	2.3%	10.8%	4.0%
Op Mgn LTM	9.7%	30.7%	8.5%	12.9%	10.3%	-6.1%	10.0%
Op Mgn 3Y Avg	7.7%	25.2%	6.6%	12.1%	10.9%	-7.8%	9.3%
QoQ Delta Op Mgn LTM	-0.1%	-0.4%	-0.7%	0.0%	2.0%	4.4%	-0.0%
CFO/Rev LTM	13.3%	-12.4%	3.0%	19.1%	11.4%	1.2%	7.2%
CFO/Rev 3Y Avg	9.4%	-4.1%	2.1%	16.2%	11.0%	-3.1%	5.8%
FCF/Rev LTM	3.8%	-39.8%	1.2%	10.3%	9.2%	-2.1%	2.5%
FCF/Rev 3Y Avg	-1.8%	-57.5%	0.6%	6.6%	8.6%	-6.0%	-0.6%

Valuation

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Mkt Cap	1.4	25.8	4.7	8.8	141.7	167.2	17.3
P/S	1.0	10.3	1.5	1.8	1.9	1.9	1.8
P/EBIT	7.6	30.2	15.3	12.6	20.1	30.9	17.7
P/E	11.2	51.5	27.8	23.4	28.2	74.8	28.0
P/CFO	7.3	-83.0	50.1	9.5	16.6	157.0	13.0
Total Yield	8.9%	2.4%	3.6%	4.3%	5.2%	1.3%	3.9%
Dividend Yield	0.0%	0.5%	0.0%	0.0%	1.6%	0.0%	0.0%
FCF Yield 3Y Avg	-2.9%	-9.3%	0.4%	3.5%	5.5%	-3.1%	-1.3%
D/E	0.6	0.1	0.2	0.4	0.2	0.3	0.3
Net D/E	0.4	0.1	0.2	0.3	0.1	0.1	0.2

Returns

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
1M Rtn	11.6%	-3.3%	11.5%	-3.5%	-5.5%	1.6%	-0.8%
3M Rtn	24.4%	2.5%	24.5%	-16.8%	13.6%	-7.2%	8.1%
6M Rtn	35.5%	54.7%	54.3%	1.0%	23.1%	3.3%	29.3%
12M Rtn	89.7%	163.0%	131.9%	23.4%	36.0%	39.9%	64.8%
3Y Rtn	120.0%	859.0%	125.6%	14.2%	36.4%	2.5%	78.2%
1M Excs Rtn	11.0%	-3.9%	10.9%	-4.1%	-6.1%	1.0%	-1.4%
3M Excs Rtn	26.7%	7.0%	29.1%	-14.5%	20.5%	-2.8%	13.7%
6M Excs Rtn	34.4%	47.2%	42.9%	-4.9%	20.0%	-4.3%	27.2%
12M Excs Rtn	57.1%	145.0%	112.0%	-6.4%	5.4%	19.3%	38.2%
3Y Excs Rtn	52.2%	810.4%	60.4%	-47.2%	-30.1%	-64.5%	11.1%

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	2025	2024	2023	2022
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	2/26/2026	2/26/2026	2/27/2025	3/6/2024	3/9/2023
Key Financials
Total Revenue	1,491	1,491	1,415	1,297	923
EBITDA	273	273	223	145	112
Operating Income	144	144	130	55	35
Net Income	129	129	95	-7	14
EPS	4.47	4.47	3.32	-0.24	0.48
Growth Rates
Total Revenue Growth	5.3%	5.3%	9.1%	40.6%	-22.2%
EBITDA Growth	22.4%	22.4%	53.7%	29.9%	-10.2%
Operating Income Growth	11.0%	11.0%	136.9%	55.9%	7.1%
Net Income Growth	36.2%	36.2%	1498.2%	-150.1%	185.7%
Margins
EBITDA Margin	18.3%	18.3%	15.7%	11.2%	12.1%
Operating Income Margin	9.7%	9.7%	9.2%	4.2%	3.8%
Net Income Margin	8.7%	8.7%	6.7%	-0.5%	1.5%
Cash & Debt
Total Cash	286	286	248	180	160
Total Debt	913	913	957	838	754
Net Debt / (Cash)	627	627	710	658	594
Cash Flows
Net Cash from Operations	198	198	177	32	-13
Free Cash from Operations	56	56	-78	-49	-63
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	15	15	4	3	11

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	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
Filing Date	2/26/2026	11/5/2025	8/6/2025	5/7/2025	2/27/2025	11/6/2024	8/7/2024	5/8/2024	3/6/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	377	386	376	351	354	365	360	337	338	338	319	302
Ebitda	53	70	83	67	48	68	67	40	46	59	16	25
Operating Income	32	42	36	33	31	33	44	22	19	25	8	2
Net Income	18	52	32	27	32	28	28	7	-8	4	-2	-2
EPS	0.63	1.79	1.10	0.95	1.11	0.99	0.99	0.23	-0.28	0.15	-0.06	-0.05
Key Financials TTM
Total Revenue TTM	1,491	1,467	1,446	1,429	1,415	1,400	1,373	1,333	1,297	1,267	1,230	1,198
Ebitda TTM	273	268	266	251	223	220	211	160	145	146	129	142
Operating Income TTM	144	142	133	141	130	118	110	74	55	47	34	26
Net Income TTM	129	142	119	116	95	55	31	1	-7	18	17	15
Growth Rates Quarterly
Total Revenue Growth	6.7%	5.8%	4.6%	4.0%	4.6%	8.0%	12.6%	11.6%	10.0%	12.0%	11.1%	2.2%
EBITDA Growth	9.2%	3.0%	23.4%	70.4%	6.2%	15.4%	320.9%	58.7%	-1.3%	39.1%	-45.0%	-14.4%
Operating Income Growth	4.4%	27.6%	-18.2%	55.2%	61.1%	30.2%	444.9%	909.5%	72.7%	92.0%	1534.9%	-57.3%
Net Income Growth	-42.1%	82.5%	12.8%	314.2%	500.5%	554.2%	1820.0%	534.0%	-148.1%	8.3%	62.0%	-2617.9%
Margins Quarterly
EBITDA Margin	14.0%	18.0%	22.1%	19.2%	13.7%	18.5%	18.7%	11.7%	13.5%	17.3%	5.0%	8.2%
Operating Income Margin	8.5%	10.9%	9.6%	9.5%	8.6%	9.1%	12.3%	6.4%	5.6%	7.5%	2.5%	0.7%
Net Income Margin	4.9%	13.3%	8.4%	7.8%	9.0%	7.7%	7.8%	2.0%	-2.3%	1.3%	-0.5%	-0.5%
Cash & Debt
Total Cash	286	246	252	191	248	200	179	141	180	208	212	198
Total Debt	913	925	964	952	957	908	860	829	838	831	845	857
Net Debt / (Cash)	627	679	712	761	710	707	681	688	658	623	633	658
Cash Flows Quarterly
FCF from Operations	77	23	99	-1	51	66	34	27	-9	17	18	7
Cash Flows TTM
FCF from Operations TTM	198	173	216	150	177	117	68	52	32	24	30	17
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	6	1	6	2	-0	0	3	1	-0	0	2	0
Return on Invested Capital (ROIC) Quarterly
ROIC	9.5%	13.9%	7.1%	7.6%	10.0%	8.1%	11.1%	5.1%	6.3%	1.5%	0.3%	0.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.6%	11.3%	8.8%	9.8%	9.9%	5.3%	3.3%	0.2%	4.6%	3.5%	3.0%	1.5%

Segment Financials

Assets by Segment

$ Mil	2025	2024
Offshore energy services	597	624
Government services	434	427
Cash and cash equivalents	248	180
Construction-in-progress	244	99
Accounts receivable, net	212	235
Other assets	143	138
Inventories	115	100
Other Services	63	61
Prepaid expenses and other current assets	42	45
Investment in unconsolidated affiliates	22	20
Restricted cash	4	3
Corporate	3	4
Total	2,125	1,937

Price Behavior

Price Behavior

Market Price	$49.77
Market Cap ($ Bil)	1.4
First Trading Date	01/22/2013
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$45.59	$39.44
DMA Trend	up	up
Distance from DMA	9.2%	26.2%
	3M	1YR
Volatility	29.0%	32.4%
Downside Capture	0.06	0.17
Upside Capture	181.08	100.56
Correlation (SPY)	37.3%	36.2%

VTOL Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.03	0.91	1.00	0.75	1.08	1.05
Up Beta	2.43	1.27	0.76	0.74	0.96	1.07
Down Beta	0.71	1.07	0.79	0.75	1.50	1.27
Up Capture	133%	116%	226%	117%	104%	94%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	11	21	36	69	138	386
Down Capture	82%	51%	38%	48%	82%	96%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	11	20	26	56	111	356

[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 VTOL
VTOL	94.4%	34.6%	1.97	-
Sector ETF (XLE)	53.0%	22.2%	1.83	52.0%
Equity (SPY)	31.2%	17.3%	1.47	45.4%
Gold (GLD)	60.1%	27.8%	1.69	15.6%
Commodities (DBC)	29.8%	16.6%	1.58	43.5%
Real Estate (VNQ)	21.3%	15.2%	1.07	36.0%
Bitcoin (BTCUSD)	-5.7%	43.7%	-0.01	19.0%

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 VTOL
VTOL	13.4%	40.7%	0.43	-
Sector ETF (XLE)	22.6%	26.1%	0.78	59.4%
Equity (SPY)	11.1%	17.0%	0.50	44.1%
Gold (GLD)	22.1%	17.8%	1.02	11.7%
Commodities (DBC)	11.8%	18.8%	0.52	42.0%
Real Estate (VNQ)	3.7%	18.8%	0.10	36.8%
Bitcoin (BTCUSD)	4.0%	56.5%	0.29	17.1%

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 VTOL
VTOL	18.8%	83.7%	0.44	-
Sector ETF (XLE)	10.8%	29.5%	0.40	35.6%
Equity (SPY)	13.8%	17.9%	0.66	27.3%
Gold (GLD)	14.2%	15.9%	0.74	3.6%
Commodities (DBC)	8.6%	17.6%	0.41	23.6%
Real Estate (VNQ)	5.1%	20.7%	0.22	27.0%
Bitcoin (BTCUSD)	67.4%	66.9%	1.07	7.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	0.8 Mil
Short Interest: % Change Since 3152026	3.0%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	4.2 days
Basic Shares Quantity	29.1 Mil
Short % of Basic Shares	2.6%

Returns Analyses

	Title
0	How Low Can Bristow Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/25/2026	2.8%	-3.9%	-0.6%
11/4/2025	-6.1%	-6.7%	-11.2%
8/5/2025	8.9%	8.9%	6.4%
2/26/2025	9.2%	-6.1%	-6.5%
11/5/2024	9.4%	9.3%	4.1%
8/6/2024	11.7%	9.5%	6.3%
3/5/2024	-4.6%	-5.5%	-0.7%
11/1/2023	9.8%	0.3%	0.9%
...
SUMMARY STATS
# Positive	12	10	10
# Negative	8	10	10
Median Positive	6.8%	9.1%	11.1%
Median Negative	-5.4%	-6.1%	-9.1%
Max Positive	11.7%	16.5%	35.8%
Max Negative	-10.4%	-13.2%	-26.4%

	Forward Returns
2/25/2026	2.8%	-3.9%	-0.6%
11/4/2025	-6.1%	-6.7%	-11.2%
8/5/2025	8.9%	8.9%	6.4%
2/26/2025	9.2%	-6.1%	-6.5%
11/5/2024	9.4%	9.3%	4.1%
8/6/2024	11.7%	9.5%	6.3%
3/5/2024	-4.6%	-5.5%	-0.7%
11/1/2023	9.8%	0.3%	0.9%
8/2/2023	2.1%	-1.1%	-9.7%
3/9/2023	-0.2%	-6.1%	-2.6%
11/2/2022	-2.3%	-13.2%	-8.6%
5/31/2022	-10.0%	-8.8%	-26.4%
2/3/2022	-10.4%	-11.4%	15.8%
11/3/2021	3.2%	-0.5%	-19.6%
8/4/2021	3.8%	11.6%	35.8%
5/26/2021	-9.2%	0.8%	-12.0%
2/2/2021	-1.6%	7.1%	3.0%
11/4/2020	11.7%	8.0%	35.2%
8/7/2020	4.7%	10.1%	18.6%
4/20/2020	3.0%	16.5%	35.1%
SUMMARY STATS
# Positive	12	10	10
# Negative	8	10	10
Median Positive	6.8%	9.1%	11.1%
Median Negative	-5.4%	-6.1%	-9.1%
Max Positive	11.7%	16.5%	35.8%
Max Negative	-10.4%	-13.2%	-26.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/26/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/27/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/07/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	03/06/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	03/09/2023	10-KT
09/30/2022	11/03/2022	10-Q
06/30/2022	08/05/2022	10-Q
03/31/2022	05/31/2022	10-K

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/25/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	1.58 Bil	1.64 Bil	1.69 Bil	0		Affirmed	Guidance: 1.64 Bil for 2026
2026 Adjusted EBITDA	295.00 Mil	310.00 Mil	325.00 Mil	0		Affirmed	Guidance: 310.00 Mil for 2026
2026 Adjusted Free Cash Flow		200.00 Mil				Higher New
2026 Adjusted Operating Income	280.00 Mil	295.00 Mil	310.00 Mil			Higher New

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	1.46 Bil	1.49 Bil	1.52 Bil	-1.3%		Lowered	Guidance: 1.51 Bil for 2025
2026 Revenue	1.58 Bil	1.64 Bil	1.69 Bil	-2.7%		Lowered	Guidance: 1.68 Bil for 2026
2025 Adjusted EBITDA	240.00 Mil	245.00 Mil	250.00 Mil	-2.0%		Lowered	Guidance: 250.00 Mil for 2025
2026 Adjusted EBITDA	295.00 Mil	310.00 Mil	325.00 Mil	-2.4%		Lowered	Guidance: 317.50 Mil for 2026
2026 Adjusted EBITDA Growth		27.0%

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Brass, Lorin L	Direct	Sell	11262025	38.00	2,500	95,000	824,790	Form
2	Mickelson, George Mark	Direct	Sell	11182025	38.40	10,000	384,035	2,314,389	Form
3	Brass, Lorin L	Direct	Sell	11182025	38.51	2,500	96,266	932,045	Form
4	Solus, Alternative Asset Management Lp	See footnotes	Sell	11182025	38.05	200,000	7,610,000	109,462,088	Form
5	Manzo, Robert	Direct	Sell	11122025	38.75	6,000	232,505	1,262,617	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Brass, Lorin L		Direct	Sell	11262025	38.00	2,500	95,000	824,790	Form
2	Mickelson, George Mark		Direct	Sell	11182025	38.40	10,000	384,035	2,314,389	Form
3	Brass, Lorin L		Direct	Sell	11182025	38.51	2,500	96,266	932,045	Form
4	Solus, Alternative Asset Management Lp		See footnotes	Sell	11182025	38.05	200,000	7,610,000	109,462,088	Form
5	Manzo, Robert		Direct	Sell	11122025	38.75	6,000	232,505	1,262,617	Form
6	Miller, Maryanne		Direct	Sell	8152025	38.37	1,800	69,057	861,371	Form
7	Brass, Lorin L		Direct	Sell	8112025	37.47	5,250	196,731	1,000,706	Form
8	Kern, Wesley E		Direct	Sell	8112025	37.72	2,531	95,465	1,323,124	Form
9	Bradshaw, Christopher Scott	President and CEO	Direct	Sell	8112025	37.23	150,887	5,616,976	12,485,651	Form
10	Stavley, Stuart	COO, Offshore Energy Services	Direct	Sell	8082025	37.10	10,000	371,044	2,929,281	Form
11	Whalen, Jennifer Dawn	SVP, CFO	Direct	Sell	8082025	37.55	5,000	187,730	3,536,936	Form
12	Manzo, Robert		Direct	Sell	8082025	37.11	10,000	371,107	1,431,841	Form
13	Brass, Lorin L		Direct	Sell	6242025	33.50	97	3,250	1,108,381	Form
14	Brass, Lorin L		Direct	Sell	6242025	33.50	1,131	37,888	1,070,492	Form
15	Solus, Alternative Asset Management Lp		See footnotes	Sell	6162025	33.49	45,857	1,535,640	103,034,479	Form
16	Solus, Alternative Asset Management Lp		See footnotes	Sell	3252025	32.29	40,000	1,291,664	100,835,462	Form
17	Solus, Alternative Asset Management Lp		See footnotes	Sell	3212025	32.08	9,875	316,775	101,586,867	Form
18	Solus, Alternative Asset Management Lp		See footnotes	Sell	3212025	32.15	4,168	134,006	101,683,089	Form
19	Miller, Maryanne		Direct	Sell	3202025	32.15	2,200	70,730	616,412	Form
20	Solus, Alternative Asset Management Lp		See footnotes	Sell	3142025	32.00	100	3,200	101,654,272	Form
21	Solus, Alternative Asset Management Lp		See footnotes	Sell	3072025	32.71	8,323	272,282	104,313,954	Form
22	Solus, Alternative Asset Management Lp		See footnote	Sell	3072025	32.71	11,829	386,930	103,913,950	Form
23	Brass, Lorin L		Direct	Sell	3032025	37.00	2,700	99,900	1,039,848	Form
24	Whalen, Jennifer Dawn	SVP, CFO	Direct	Sell	3032026	46.90	26,667	1,250,620	5,076,250	Form
25	Bradshaw, Christopher Scott	President and CEO	Direct	Sell	3032026	47.51	68,340	3,246,601	17,669,985	Form
26	Kern, Wesley E		Direct	Sell	3032026	46.83	3,079	144,176	1,498,416	Form
27	Brass, Lorin L		Direct	Sell	3032026	49.04	3,250	159,380	905,033	Form
28	Stavley, Stuart	COO, Offshore Energy Services	Direct	Sell	2272026	47.02	24,908	1,171,056	4,033,439	Form
29	Miller, Maryanne		Direct	Sell	3052026	44.90	2,200	98,769	909,214	Form
30	Brass, Lorin L		Direct	Sell	3242026	45.00	1,000	45,000	785,475	Form
31	Bradshaw, Christopher Scott	President and CEO	Direct	Sell	3262026	45.47	29,625	1,347,049	13,774,591	Form

VTOL Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing VTOL?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What VTOL Makes & Who Pays

TTM figures based on

VTOL Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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

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Bristow (VTOL)

Market Price (4/11/2026): $49.7 | Market Cap: $1.4 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Bristow (VTOL)

Market Price (4/11/2026): $49.7Market Cap: $1.4 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

Price Chart

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 Bristow (VTOL)

Christopher Bradshaw

Jennifer Whalen

David Stepanek

Alan Corbett

Stuart Stavley

Share Repurchases

Capital Expenditures

Interactive Breakdown

Better Bets vs. Bristow (VTOL)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.7% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.7% | 10.1x)

Higher Rev Chg LTM (Value for VTOL: 5.3%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.7%)

Higher Op Mgn LTM (Value for VTOL: 9.7%)

Higher CFO/Rev LTM (Value for VTOL: 13.3%)

Higher FCF/Rev LTM (Value for VTOL: 3.8%)

Higher Total Yield (Value for VTOL: 8.9%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.7% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.7% | 10.1x)

Higher Rev Chg LTM (Value for VTOL: 5.3%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.7%)

Higher Op Mgn LTM (Value for VTOL: 9.7%)

Higher CFO/Rev LTM (Value for VTOL: 13.3%)

Higher FCF/Rev LTM (Value for VTOL: 3.8%)

Higher Total Yield (Value for VTOL: 8.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.7% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.7% | 10.1x)

Higher Rev Chg LTM (Value for VTOL: 5.3%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.7%)

Higher Op Mgn LTM (Value for VTOL: 9.7%)

Higher CFO/Rev LTM (Value for VTOL: 13.3%)

Higher FCF/Rev LTM (Value for VTOL: 3.8%)

Higher Total Yield (Value for VTOL: 8.9%)

Best Bets in Energy

P/EBIT (Value for VTOL: 7.6x)

P/E (Value for VTOL: 11.2x)

Rev Chg 3Y Avg (Value for VTOL: 7.7%)

Rev Chg LTM (Value for VTOL: 5.3%)

Rev Chg Q (Value for VTOL: 6.7%)

FCF/Rev 3Y Avg (Value for VTOL: -1.8%)

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Market Price (4/11/2026): $49.7 | Market Cap: $1.4 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (4/11/2026): $49.7
Market Cap: $1.4 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services