Tearsheet

Bristow (VTOL)

Market Price (2/16/2026): $44.15 | Market Cap: $1.3 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Bristow (VTOL)

Market Price (2/16/2026): $44.15
Market Cap: $1.3 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 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%	Trading close to highs Dist 52W High is -2.9%, Dist 3Y High is -2.9%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%	Weak multi-year price returns 3Y Excs Rtn is -15%	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.6%
2	Low stock price volatility Vol 12M is 39%		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.
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.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Low stock price volatility Vol 12M is 39%
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 -2.9%, Dist 3Y High is -2.9%
5	Weak multi-year price returns 3Y Excs Rtn is -15%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%
7	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.6%
8	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

	2/16/26	2025	2024	2023	2022
Share Price CYE	$44.15	$36.62	$34.30	$28.27	$27.13
Market Cap CYE ($ Bil)	1.3	1.1	1.0	0.8	0.8
Total Debt ($ Bil)	0.9	0.9	0.9	0.8	0.7
Total Cash ($ Bil)	0.2	0.2	0.2	0.2	0.3
Enterprise Value ($ Bil)	2.0	2.0	1.9	1.6	1.5
Valuation Ratios
P/S TTM	0.9	0.7	0.7	0.6	0.6
P/EBIT TTM	6.8	5.7	7.2	13.0	11.3
P/E TTM	8.9	7.4	17.8	45.1	320.4
P/FCF TTM	-53.5	-44.3	-13.2	-16.9	10.5
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.6	1.5	1.3
P/EBIT TTM (Sector)	9.2	7.6	6.0	5.7	4.0
P/E TTM (Sector)	14.3	11.6	9.6	8.1	5.2
P/FCF TTM (Sector)	9.8	8.2	7.2	7.4	5.0

	2/16/26	2025	2024
Share Price CYE	$44.15	$36.62	$34.30
Market Cap CYE ($ Bil)	1.3	1.1	1.0
Total Debt ($ Bil)	0.9	0.9	0.9
Total Cash ($ Bil)	0.2	0.2	0.2
Enterprise Value ($ Bil)	2.0	2.0	1.9
Valuation Ratios
P/S TTM	0.9	0.7	0.7
P/EBIT TTM	6.8	5.7	7.2
P/E TTM	8.9	7.4	17.8
P/FCF TTM	-53.5	-44.3	-13.2
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.6
P/EBIT TTM (Sector)	9.2	7.6	6.0
P/E TTM (Sector)	14.3	11.6	9.6
P/FCF TTM (Sector)	9.8	8.2	7.2

	VTOL	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.5
Rev Chg Q	5.8%	7.5%
Rev Chg LTM	4.8%	6.5%
Rev Chg 3Y Avg	7.4%	5.6%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	9.7%	18.8%
CFO/Rev LTM	11.8%	20.7%
Net Inc Mgn	9.7%	12.8%
VALUATION	VERY LOW
P/S	0.9	3.4
P/CFO	7.4	16.4
P/FCF	-53.5	21.5
P/E	8.9	25.0
STABILITY	GOOD
Debt/Equity	0.73	0.20
Cash/Assets	0.11	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
2/25/2026	Earnings Release	Rev: - EPS: -
5/04/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Bristow (VTOL) stock has gained about 10% since 10/31/2025 because of the following key factors:

1. Strong Q3 2025 Earnings and Positive 2026 Financial Outlook.

Bristow Group reported robust Q3 2025 earnings with an EPS of $1.72, significantly surpassing forecasts by 81.05%. This strong performance was complemented by an updated and positive outlook for 2026, projecting a 27% increase in adjusted EBITDA, alongside anticipated capital expenditure of $100 million and free cash flow of $140 million. Management further updated its 2026 Adjusted EBITDA outlook range to $295–$325 million, reiterating a approximately 27% year-over-year growth. These financial indicators and forward-looking statements likely instilled confidence in investors regarding the company's future profitability and operational efficiency.

2. Successful Debt Refinancing and Improved Financial Structure.

In January 2026, Bristow Group undertook a significant debt refinancing initiative. The company announced a private offering of $400 million, later upsized to $500 million, in senior secured notes due 2033. The proceeds were primarily intended to redeem the outstanding 6.875% Senior Secured Notes due 2028, with approximately $397 million outstanding as of September 30, 2025. This strategic move to extend debt maturities and potentially reduce interest costs, coupled with the extension of the ABL Facility maturity date to January 26, 2031, and a 25 basis point reduction in applicable margin, signaled improved financial health and a more favorable capital structure to the market.

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Stock Movement Drivers

Fundamental Drivers

The 8.4% change in VTOL stock from 10/31/2025 to 2/15/2026 was primarily driven by a 17.8% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	2152026	Change
Stock Price ($)	40.70	44.10	8.4%
Change Contribution By:
Total Revenues ($ Mil)	1,446	1,467	1.5%
Net Income Margin (%)	8.2%	9.7%	17.8%
P/E Multiple	9.8	8.9	-9.2%
Shares Outstanding (Mil)	29	29	-0.1%
Cumulative Contribution			8.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/15/2026

	Return	Correlation
VTOL	8.4%
Market (SPY)	-0.0%	33.5%
Sector (XLE)	23.3%	46.6%

Fundamental Drivers

The 27.6% change in VTOL stock from 7/31/2025 to 2/15/2026 was primarily driven by a 20.1% change in the company's Net Income Margin (%).

(LTM values as of)	7312025	2152026	Change
Stock Price ($)	34.57	44.10	27.6%
Change Contribution By:
Total Revenues ($ Mil)	1,429	1,467	2.6%
Net Income Margin (%)	8.1%	9.7%	20.1%
P/E Multiple	8.6	8.9	4.2%
Shares Outstanding (Mil)	29	29	-0.7%
Cumulative Contribution			27.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/15/2026

	Return	Correlation
VTOL	27.6%
Market (SPY)	8.2%	30.1%
Sector (XLE)	25.7%	39.9%

Fundamental Drivers

The 32.2% change in VTOL stock from 1/31/2025 to 2/15/2026 was primarily driven by a 146.9% change in the company's Net Income Margin (%).

(LTM values as of)	1312025	2152026	Change
Stock Price ($)	33.37	44.10	32.2%
Change Contribution By:
Total Revenues ($ Mil)	1,400	1,467	4.8%
Net Income Margin (%)	3.9%	9.7%	146.9%
P/E Multiple	17.3	8.9	-48.5%
Shares Outstanding (Mil)	29	29	-0.9%
Cumulative Contribution			32.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/15/2026

	Return	Correlation
VTOL	32.2%
Market (SPY)	14.3%	52.1%
Sector (XLE)	27.1%	65.6%

Fundamental Drivers

The 44.4% change in VTOL stock from 1/31/2023 to 2/15/2026 was primarily driven by a 617.4% change in the company's Net Income Margin (%).

(LTM values as of)	1312023	2152026	Change
Stock Price ($)	30.54	44.10	44.4%
Change Contribution By:
Total Revenues ($ Mil)	1,192	1,467	23.0%
Net Income Margin (%)	1.4%	9.7%	617.4%
P/E Multiple	52.9	8.9	-83.1%
Shares Outstanding (Mil)	28	29	-3.1%
Cumulative Contribution			44.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/15/2026

	Return	Correlation
VTOL	44.4%
Market (SPY)	74.0%	44.0%
Sector (XLE)	32.7%	58.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VTOL Return	20%	-14%	4%	21%	7%	21%	68%
Peers Return	5%	1%	53%	42%	24%	24%	252%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
VTOL Win Rate	67%	67%	50%	50%	50%	100%
Peers Win Rate	48%	53%	57%	55%	53%	90%
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%	-0%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[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 2/13/2026 (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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Here are 1-2 brief analogies for Bristow (VTOL):

The FedEx of industrial helicopter transport.
The Halliburton for industrial helicopter services.

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Here are the major services provided by Bristow (VTOL):

Offshore Energy Transportation: Provides helicopter transport services for personnel and equipment to offshore oil and gas platforms, wind farms, and other marine installations globally.
Search and Rescue (SAR): Offers critical life-saving emergency services, including medical evacuations and maritime rescue, often under contract for governments and private entities.
Government Services: Supplies helicopter support for military, law enforcement, and other governmental operations, including training, surveillance, and personnel transport.
Fixed-Wing Solutions: Delivers specialized fixed-wing aircraft services for various missions, complementing their core rotary-wing operations.
Aircraft Maintenance and Support: Provides comprehensive maintenance, repair, and overhaul (MRO) services for their own fleet and third-party aircraft.

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Bristow Group Inc. (symbol: VTOL) primarily sells its industrial aviation services to other companies and government entities.

The company serves a broad base of major offshore energy companies and various governmental agencies worldwide. While no single customer consistently accounts for a dominant portion of its revenue, the following are examples of major customer companies or types of companies it serves in the offshore energy sector:

Shell plc (SHEL)
BP p.l.c. (BP)
Exxon Mobil Corporation (XOM)
Chevron Corporation (CVX)
TotalEnergies SE (TTE)
Equinor ASA (EQNR)

In addition to these major integrated oil and gas companies, Bristow also counts various national governments and government agencies as key customers. These entities contract Bristow for critical services such as search and rescue (SAR), which are essential for public safety and national operations. Examples include the UK Maritime and Coastguard Agency and the Norwegian Ministry of Justice and Public Security, which are not public companies with stock symbols.

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Lockheed Martin (LMT)
Leonardo S.p.A. (LDO.MI)
Airbus SE (AIR)
Textron Inc. (TXT)

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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 also served as 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. Prior to 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 was appointed Senior Vice President, Chief Financial Officer for Bristow Group Inc. in June 2020. She previously served as Senior Vice President, Chief Financial Officer for Era Group Inc. since February 2018. Ms. Whalen also held the position of Vice President and Chief Accounting Officer for Era Group Inc. from August 2013, and joined the company as Controller in April 2012. Before joining Era, she served in various capacities at nLIGHT Photonics Corporation, including Director of Accounting, and as Manager of Accounting at InFocus Corporation. She began her career in public accounting in the assurance practice group at PricewaterhouseCoopers.

Alan Corbett, Chief Operating Officer, Government Services

Alan Corbett was appointed as Chief Operating Officer for Government Services in February 2023. In this role, he is responsible for overseeing all of Bristow's Government Services activity, including existing operations, new business, and emerging markets for areas such as Search and Rescue (SAR). He previously 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, Offshore Energy Services

Stuart Stavley was appointed as Chief Operating Officer for Energy Services in February 2023. In this role, he has oversight of Bristow's oil and gas operations globally, as well as operational shared services including Safety, Standards, Supply Chain, and Fleet Management functions. He previously served as Senior Vice President, Operations and Fleet Management from June 2020 to February 2023, and held a similar role for Era Group Inc. prior to that.

David Stepanek, Executive Vice President, Chief Transformation Officer

David Stepanek became Bristow's Executive Vice President, Chief Transformation Officer in February 2023, leading the company's transformation by introducing Advanced Air Mobility (AAM) aircraft and expanding Bristow's core business into new regions. He previously served as 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 in January 2020 as Senior Vice President, Business Development.

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The Bristow Group (VTOL) faces several key risks to its business, primarily stemming from its operational environment and market dependencies.

Dependence on the Offshore Energy Market and Market Volatility: A significant portion of Bristow's revenue is derived from providing helicopter services to the offshore oil and gas industry. This sector is inherently volatile and susceptible to macroeconomic trends, fluctuations in crude oil prices, and changes in exploration, development, and production activity. Intense competition within this industry can lead to pricing pressures, reduced market share, and decreased profitability for Bristow. While the company anticipates a long-term growth cycle in offshore energy, there remains a risk of mid-cycle activity plateaus impacting utilization and earnings.
Supply Chain Disruptions and Aircraft Availability: Bristow's operations are vulnerable to persistent supply chain disruptions, which can impact the availability of aircraft and critical components. These disruptions can hinder the company's ability to meet demand, result in aircraft availability penalties, and lead to increased costs for repairs and maintenance, ultimately affecting operational efficiency and profitability.
Government Contract Transition and Execution Risks: The transition and execution of government services contracts, such as the Irish Coast Guard (IRCG) and UK Search and Rescue (UKSAR2G) contracts, have presented challenges. These include unexpected declines in revenue, significant start-up costs, and delays in achieving full margin recovery. While these long-term government contracts are expected to provide stable revenue streams, the initial transition phases introduce risks to earnings and operational performance.

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The clear emerging threat for Bristow (VTOL) is the rapid development and impending commercialization of Electric Vertical Take-off and Landing (eVTOL) aircraft.

Numerous well-funded companies are progressing quickly through the development and certification phases for eVTOLs, with some targeting initial commercial operations within the next few years. These aircraft promise significant advantages over traditional helicopters, including lower operating costs (due to electric propulsion and fewer complex components), reduced noise, and zero direct emissions. While initial applications may focus on urban air mobility, the underlying technology has the potential to disrupt and replace a range of short-to-medium haul passenger and cargo missions currently served by conventional helicopters, particularly as Bristow's primary customers in the offshore energy sector and government agencies face increasing pressure to adopt more sustainable and cost-effective transport solutions.

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Bristow Group Inc. (VTOL) operates primarily in two major addressable markets globally: Offshore Energy Services and Search and Rescue (SAR) Services.

Offshore Energy Services: The global offshore helicopter services market, which includes transportation for offshore oil and gas and offshore wind industries, was valued at approximately USD 6.17 billion in 2025 and is projected to reach USD 10.44 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.8% from 2025 to 2033. Another estimate valued this market at USD 3.27 billion in 2024, with a projected growth to USD 5.24 billion by 2032, at a CAGR of 6.1% during the forecast period (2025-2032). This market plays a crucial role in supporting offshore industries by transporting personnel, equipment, and supplies to remote offshore locations, including oil and gas exploration and offshore wind energy installations.

Search and Rescue (SAR) Services: The global search and rescue helicopter market size is valued at USD 2.90 billion in 2025 and is projected to reach USD 4.18 billion by 2033, growing at a CAGR of 4.68% from 2025 to 2033. This market is driven by increasing demand for rapid emergency response, disaster relief, and defense operations. Civilian search and rescue (SAR) helicopters are critical for various operations, including mountain rescues, maritime rescues, and medical evacuations.

Other Services: For other services such as general government services (beyond the SAR component), fixed-wing transportation, unmanned aerial systems, aircraft dry-leasing, and helicopter maintenance, modification, or repair, specific addressable market sizes are not distinctly quantifiable from the available information. Therefore, the addressable market size for these products or services is null.

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Expected Drivers of Future Revenue Growth for Bristow (VTOL)

Over the next 2-3 years, Bristow (VTOL) is expected to drive revenue growth through several key areas:

Expansion and Ramp-up of Government Services Contracts: Bristow is actively investing in and seeing increased revenue from its government services segment, particularly in search and rescue (SAR) operations. The company has been funding significant capital investments for new government services contracts, and the ramp-up of these contracts is considered a near-term catalyst for revenue growth.
Increased Utilization and Demand in Offshore Energy Services: Despite some quarterly fluctuations, positive demand trends and a tight supply of offshore helicopters are expected to support significant improvements in Bristow's offshore energy services. Specifically, the offshore market in Brazil and Africa has been highlighted for its potential. Increased utilization and higher rates across various segments also contributed to revenue growth in 2024.
Growth in Advanced Air Mobility (AAM) and New Vertical Flight Solutions (eVTOL): Bristow is positioning itself as a leader in innovative and sustainable vertical flight solutions. The company has announced "Test Arena Operations" in Norway with an all-electric ALIA aircraft and a partnership with Vertical to deliver "Ready-to-Fly" eVTOL operations for VX4 customers. These initiatives suggest an anticipated revenue stream from the emerging eVTOL market.

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Share Repurchases

Bristow's Board of Directors approved a new $125 million share repurchase program in February 2025, replacing a prior $40 million program that was approved in 2022.
The company repurchased 119,841 shares at an average price of $32.41 in Q2 2025.
Approximately $3.95 million worth of shares have been bought back since February 2025.

Share Issuance

Bristow Group Inc. filed an omnibus shelf registration on October 23, 2025, which allows for the potential future issuance of common stock, preferred stock, debt securities, warrants, depositary shares, share purchase contracts, and units, providing flexibility for capital raising.
In April 2025, the company's Board approved an amendment to the 2021 Equity Incentive Plan to increase the number of shares that may be issued thereunder from 2,785,000 shares to 3,385,000 shares, subject to stockholder approval.

Outbound Investments

In June 2025, Bristow expanded a partnership with Vertical Aerospace to develop an electric VTOL (eVTOL) operations platform and placed a preorder for up to 50 VX4 aircraft, with an option to purchase up to an additional 50.
In June 2024, Bristow entered into a term-loan facility for an aggregate amount of up to 100 million euros to support its capital investment in preparation for its Search and Rescue (SAR) contract in Ireland, specifically for the acquisition of five new AgustaWestland AW189 helicopters.

Capital Expenditures

Purchases of property and equipment were $83.5 million in Q4 2024 and $57.0 million in Q3 2024.
For the first nine months of 2025, capital expenditures totaled $112.9 million, partly offset by $52.7 million of asset sale proceeds.
The primary focus of capital expenditures has been on government contracts, specifically for the U.K. and Irish Coast Guard (IRCG) Search and Rescue (SAR) contracts, with 84% of the needed capital investments funded as of December 2024. The remaining investment was expected to largely conclude in the first half of 2025.

Interactive Breakdown

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MTDR (8.9% | 4.4x)

Matador Resources

CHRD (18.1% | 6.4x)

Chord Energy

HESM (8.1% | 4.8x)

Hess Midstream

Higher Rev Chg LTM (Value for VTOL: 4.8%)

ENB (21.9%)

Enbridge

KMI (12.2%)

Kinder Morgan

WMB (9.0%)

Williams Companies

CNQ (8.3%)

Canadian Natural Resources

COP (8.2%)

ConocoPhillips

Higher Rev Chg 3Y Avg (Value for VTOL: 7.4%)

OKE (16.4%)

ONEOK

BKR (9.8%)

Baker Hughes

ENB (8.8%)

Enbridge

SLB (8.6%)

SLB

TRP (7.4%)

TC Energy

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

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

ENB (17.7%)

Enbridge

XOM (11.0%)

Exxon Mobil

Higher CFO/Rev LTM (Value for VTOL: 11.8%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (18.8%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for VTOL: -1.6%)

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

XOM (7.3%)

Exxon Mobil

ENB (4.8%)

Enbridge

Higher Total Yield (Value for VTOL: 11.2%)

CNQ (13.4%)

Canadian Natural Resources

ENB (13.4%)

Enbridge

SU (11.9%)

Suncor Energy

DVN (11.9%)

Devon Energy

EOG (11.7%)

EOG Resources

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.4% | 0.9x)

UNH (11.4% | 0.6x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

CI (14.4% | 0.3x)

Cigna

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.4% | 8.9x)

DAL (7.9% | 7.7x)

Delta Air Lines

UAL (9.7% | 7.1x)

United Airlines

IBKR (48.1% | 3.9x)

Interactive Brokers

VICI (23.5% | 8.5x)

VICI Properties

RCI (11.8% | 4.3x)

Rogers Communications

Higher Rev Chg LTM (Value for VTOL: 4.8%)

NVDA (65.2%)

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: 7.4%)

NVDA (91.6%)

NVIDIA

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

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

NVDA (58.8%)

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: 11.8%)

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for VTOL: -1.6%)

NVDA (41.3%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for VTOL: 11.2%)

CMCSA (21.7%)

Comcast

VZ (15.1%)

Verizon Communications

TD (12.7%)

Toronto-Dominion Bank

PFE (12.5%)

Pfizer

PGR (11.3%)

Progressive

Best Bets in Energy

What You Pay

P/EBIT (Value for VTOL: 6.8x)

AM (13.5x)

Antero Midstream

TPL (50.9x)

Texas Pacific Land

MGY (11.1x)

Magnolia Oil & Gas

INSW (12.4x)

International Seaways

DTM (18.8x)

DT Midstream

CTRA (10.7x)

Coterra Energy

WHD (15.2x)

Cactus

EQT (11.8x)

EQT

EOG (9.0x)

EOG Resources

CRC (7.6x)

California Resources

P/E (Value for VTOL: 8.9x)

AM (24.7x)

Antero Midstream

TPL (62.6x)

Texas Pacific Land

MGY (15.0x)

Magnolia Oil & Gas

INSW (14.5x)

International Seaways

DTM (33.6x)

DT Midstream

CTRA (14.5x)

Coterra Energy

WHD (22.6x)

Cactus

EQT (20.6x)

EQT

EOG (11.8x)

EOG Resources

CRC (12.4x)

California Resources

What You Get

Rev Chg 3Y Avg (Value for VTOL: 7.4%)

AM (8.4%)

Antero Midstream

TPL (5.7%)

Texas Pacific Land

MGY (-6.9%)

Magnolia Oil & Gas

INSW (16.7%)

International Seaways

DTM (9.6%)

DT Midstream

CTRA (-5.3%)

Coterra Energy

WHD (22.9%)

Cactus

EQT (-2.8%)

EQT

EOG (-7.6%)

EOG Resources

CRC (5.3%)

California Resources

Rev Chg LTM (Value for VTOL: 4.8%)

AM (7.0%)

Antero Midstream

TPL (12.5%)

Texas Pacific Land

MGY (-0.3%)

Magnolia Oil & Gas

INSW (-23.6%)

International Seaways

DTM (20.4%)

DT Midstream

CTRA (25.1%)

Coterra Energy

WHD (-3.8%)

Cactus

EQT (64.8%)

EQT

EOG (-5.0%)

EOG Resources

CRC (33.9%)

California Resources

Rev Chg Q (Value for VTOL: 5.8%)

AM (3.1%)

Antero Midstream

TPL (17.0%)

Texas Pacific Land

MGY (-2.7%)

Magnolia Oil & Gas

INSW (-12.8%)

International Seaways

DTM (26.6%)

DT Midstream

CTRA (33.7%)

Coterra Energy

WHD (-10.0%)

Cactus

EQT (49.8%)

EQT

EOG (-2.3%)

EOG Resources

CRC (-11.9%)

California Resources

FCF/Rev 3Y Avg (Value for VTOL: -3.6%)

AM (55.3%)

Antero Midstream

TPL (47.9%)

Texas Pacific Land

MGY (33.1%)

Magnolia Oil & Gas

INSW (29.6%)

International Seaways

DTM (25.8%)

DT Midstream

CTRA (24.8%)

Coterra Energy

WHD (23.5%)

Cactus

EQT (23.5%)

EQT

EOG (22.1%)

EOG Resources

CRC (22.0%)

California Resources

[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

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CRSR	Corsair Gaming	0.7	48.3%	14.3%
CPS	Cooper-Standard	0.8	32.4%	37.7%
TPH	Tri Pointe Homes	4.0	26.8%	47.3%
RIVN	Rivian Automotive	21.6	26.6%	-10.0%
MGA	Magna International	19.4	18.9%	28.9%
FSLY	Fastly	2.7	13.8%	79.4%
EVMN	Evommune	0.9	13.2%	84.4%
FRMI	Fermi	6.1	11.1%	28.6%
WOLF	Wolfspeed	2.8	10.9%	1.9%
HASI	HA Sustainable Infrastructure Capital	4.9	10.8%	26.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-31.6%	-67.8%
IRON	Disc Medicine	2.0	-21.9%	-29.5%
BFAM	Bright Horizons Family Solutions	3.8	-18.2%	-34.0%
NUS	Nu Skin Enterprises	0.4	-18.1%	-13.1%
FBIN	Fortune Brands Innovations	6.2	-17.6%	2.6%
PINS	Pinterest	10.5	-16.8%	-40.4%
CALY	Callaway Golf	2.3	-15.0%	-16.8%
DKNG	DraftKings	10.8	-13.5%	-36.9%
TRUP	Trupanion	1.2	-13.0%	-25.2%
RYAN	Ryan Specialty	5.0	-12.8%	-25.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FSLY	Fastly	2.7	113.1%	79.4%
NKTR	Nektar Therapeutics	1.4	93.8%	68.7%
EVMN	Evommune	0.9	82.4%	84.4%
VAL	Valaris	6.8	53.8%	90.4%
ICHR	Ichor	1.6	45.5%	153.8%
IPGP	IPG Photonics	6.5	40.4%	115.0%
CGNX	Cognex	9.9	38.8%	63.4%
CRSR	Corsair Gaming	0.7	31.3%	14.3%
TPH	Tri Pointe Homes	4.0	30.8%	47.3%
CPS	Cooper-Standard	0.8	30.6%	37.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-66.6%	-67.8%
KD	Kyndryl	2.8	-47.9%	-53.9%
NSP	Insperity	1.0	-34.0%	-33.7%
RPD	Rapid7	0.5	-33.6%	-52.8%
PGY	Pagaya Technologies	1.0	-33.3%	-40.5%
FTRE	Fortrea	0.9	-33.2%	-43.2%
ANGI	Angi	0.4	-31.6%	-37.4%
UPWK	Upwork	1.7	-30.1%	-33.3%
IRON	Disc Medicine	2.0	-29.8%	-29.5%
CLF	Cleveland-Cliffs	5.1	-29.5%	-21.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CRVS	Corvus Pharmaceuticals	1.5	173.6%	142.3%
IPGP	IPG Photonics	6.5	98.5%	115.0%
FSLY	Fastly	2.7	98.4%	79.4%
NKTR	Nektar Therapeutics	1.4	97.6%	68.7%
IBRX	ImmunityBio	5.6	96.9%	200.3%
VAL	Valaris	6.8	75.5%	90.4%
MOD	Modine Manufacturing	11.4	73.1%	62.2%
LITE	Lumentum	39.6	69.7%	52.7%
ICHR	Ichor	1.6	67.5%	153.8%
RAPT	RAPT Therapeutics	1.6	66.2%	70.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-72.9%	-67.8%
U	Unity Software	7.9	-55.6%	-57.7%
KD	Kyndryl	2.8	-55.5%	-53.9%
FUBO	FuboTV	0.5	-48.1%	-46.8%
HIMS	Hims & Hers Health	3.7	-48.0%	-49.8%
PGY	Pagaya Technologies	1.0	-47.6%	-40.5%
PAR	PAR Technology	0.8	-47.5%	-42.5%
NRGV	Energy Vault	0.5	-47.4%	-30.8%
RPD	Rapid7	0.5	-46.9%	-52.8%
RGNX	Regenxbio	0.4	-46.6%	-44.5%

Peer Comparisons

Peers to compare with:

Financials

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Mkt Price	44.10	279.85	112.98	30.22	652.58	242.96	177.97
Mkt Cap	1.3	28.7	4.3	9.7	150.7	186.7	19.2
Rev LTM	1,467	2,344	2,968	4,863	75,048	89,463	3,915
Op Inc LTM	142	729	272	626	7,731	-5,416	449
FCF LTM	-24	-1,212	-33	502	6,908	-1,886	-29
FCF 3Y Avg	-48	-979	5	310	6,141	-3,950	-22
CFO LTM	173	-173	1	929	8,557	1,065	551
CFO 3Y Avg	104	-63	37	750	7,816	-1,685	71

Growth & Margins

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Rev Chg LTM	4.8%	51.4%	15.4%	6.7%	5.6%	34.5%	11.0%
Rev Chg 3Y Avg	7.4%	66.9%	17.2%	8.1%	4.4%	12.3%	10.2%
Rev Chg Q	5.8%	43.2%	15.9%	2.3%	9.1%	57.1%	12.5%
QoQ Delta Rev Chg LTM	1.5%	9.4%	3.8%	0.6%	2.3%	10.8%	3.1%
Op Mgn LTM	9.7%	31.1%	9.2%	12.9%	10.3%	-6.1%	10.0%
Op Mgn 3Y Avg	7.3%	24.7%	6.5%	12.1%	10.9%	-7.8%	9.1%
QoQ Delta Op Mgn LTM	0.5%	-0.6%	2.1%	0.0%	2.0%	4.4%	1.2%
CFO/Rev LTM	11.8%	-7.4%	0.0%	19.1%	11.4%	1.2%	6.3%
CFO/Rev 3Y Avg	7.3%	-1.9%	1.6%	16.2%	11.0%	-3.1%	4.5%
FCF/Rev LTM	-1.6%	-51.7%	-1.1%	10.3%	9.2%	-2.1%	-1.4%
FCF/Rev 3Y Avg	-3.6%	-60.0%	0.3%	6.6%	8.6%	-6.0%	-1.6%

Valuation

	VTOL	FTAI	AIR	CAE	LMT	BA	Median
Name	Bristow	FTAI Avi.	AAR	CAE	Lockheed.	Boeing
Mkt Cap	1.3	28.7	4.3	9.7	150.7	186.7	19.2
P/S	0.9	12.2	1.4	2.0	2.0	2.1	2.0
P/EBIT	6.8	34.7	20.7	13.9	21.4	34.5	21.0
P/E	8.9	58.8	45.4	25.7	30.0	83.5	37.7
P/CFO	7.4	-165.5	3,050.5	10.4	17.6	175.3	14.0
Total Yield	11.2%	2.1%	2.2%	3.9%	4.9%	1.2%	3.0%
Dividend Yield	0.0%	0.4%	0.0%	0.0%	1.5%	0.0%	0.0%
FCF Yield 3Y Avg	-5.3%	-9.4%	0.4%	3.5%	5.5%	-3.1%	-1.4%
D/E	0.7	0.1	0.2	0.3	0.1	0.3	0.3
Net D/E	0.5	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	9.8%	2.2%	7.5%	-11.2%	12.0%	-1.9%	4.9%
3M Rtn	13.5%	76.8%	38.1%	14.4%	41.2%	24.9%	31.5%
6M Rtn	16.4%	93.8%	49.9%	10.0%	51.4%	3.3%	33.1%
12M Rtn	21.0%	148.8%	74.3%	12.8%	58.8%	31.7%	45.2%
3Y Rtn	52.4%	1,113.8%	107.6%	28.1%	50.3%	14.5%	51.3%
1M Excs Rtn	10.6%	12.3%	13.1%	-6.8%	15.3%	1.4%	11.5%
3M Excs Rtn	16.9%	82.4%	35.3%	10.4%	44.1%	24.5%	29.9%
6M Excs Rtn	11.4%	87.9%	40.8%	2.2%	45.8%	-1.5%	26.1%
12M Excs Rtn	9.7%	133.4%	53.1%	15.4%	39.0%	17.5%	28.3%
3Y Excs Rtn	-15.1%	1,097.2%	51.5%	-31.5%	-15.2%	-52.2%	-15.2%

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
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	11/5/2025	2/27/2025	3/6/2024	3/9/2023
Key Financials
Total Revenue	1,467	1,415	1,297	923
EBITDA	268	223	145	112
Operating Income	142	130	55	35
Net Income	142	95	-7	14
EPS	4.95	3.32	-0.24	0.48
Growth Rates
Total Revenue Growth	4.8%	9.1%	40.6%	-22.2%
EBITDA Growth	22.0%	53.7%	29.9%	-10.2%
Operating Income Growth	21.5%	136.9%	55.9%	7.1%
Net Income Growth	158.7%	1498.2%	-150.1%	185.7%
Margins
EBITDA Margin	18.3%	15.7%	11.2%	12.1%
Operating Income Margin	9.7%	9.2%	4.2%	3.8%
Net Income Margin	9.7%	6.7%	-0.5%	1.5%
Cash & Debt
Total Cash	246	248	180	160
Total Debt	925	957	838	754
Net Debt / (Cash)	679	710	658	594
Cash Flows
Net Cash from Operations	173	177	32	-13
Free Cash from Operations	-24	-78	-49	-63
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	9	4	3	11

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
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
Filing Date	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	386	376	351	354	365	360	337	338	338	319	302
Ebitda	70	83	67	48	68	67	40	46	59	16	25
Operating Income	42	36	33	31	33	44	22	18	25	8	2
Net Income	52	32	27	32	28	28	7	-8	4	-2	-2
EPS	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	1,467	1,446	1,429	1,415	1,400	1,373	1,333	1,297	1,267	1,230	1,198
Ebitda TTM	268	266	251	223	220	211	160	145	146	129	142
Operating Income TTM	142	133	141	130	117	110	73	54	48	36	27
Net Income TTM	142	119	116	95	55	31	1	-7	18	17	15
Growth Rates Quarterly
Total Revenue Growth	5.8%	4.6%	4.0%	4.6%	8.0%	12.6%	11.6%	10.0%	12.0%	11.1%	2.2%
EBITDA Growth	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	27.6%	-18.2%	55.2%	67.0%	30.2%	444.9%	909.5%	52.0%	89.0%	1534.9%	-57.3%
Net Income Growth	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	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	10.9%	9.6%	9.5%	8.6%	9.1%	12.3%	6.4%	5.4%	7.5%	2.5%	0.7%
Net Income Margin	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	246	252	191	248	200	179	141	180	208	212	198
Total Debt	925	964	952	957	908	860	829	838	831	845	857
Net Debt / (Cash)	679	712	761	710	707	681	688	658	623	633	658
Cash Flows Quarterly
FCF from Operations	23	99	-1	51	66	34	27	-9	17	18	7
Cash Flows TTM
FCF from Operations TTM	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
Share Repurchases	1	6	2	-0	0	3	1	-0	0	2	0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.9%	7.1%	7.6%	10.0%	8.1%	11.1%	5.1%	6.1%	1.5%	0.3%	0.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.3%	8.8%	9.8%	9.9%	5.3%	3.2%	0.2%	4.5%	3.5%	3.1%	1.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Offshore energy services	853	591
Government services	337	217	252
Other Services	107	10	25	0
Corporate	0
Fixed wing services		80	74	36
Reimbursable revenues		25	39	18
Oil and gas services			788	341
UK search and rescue (UK SAR) services				91
Total	1,297	923	1,178	486

Operating Income by Segment

$ Mil	2024	2023	2022	2021
Offshore energy services	46
Government services	30
Other Services	15
Corporate	-30
Total	61

Assets by Segment

$ Mil	2024	2023	2022	2021
Offshore energy services	624
Government services	427
Accounts receivable, net	235
Cash and cash equivalents	180
Other assets	138
Inventories	100
Construction-in-progress	99
Other Services	61
Prepaid expenses and other current assets	45
Investment in unconsolidated affiliates	20
Corporate	4
Restricted cash	3
Total	1,937

Price Behavior

Price Behavior

Market Price	$44.10
Market Cap ($ Bil)	1.3
First Trading Date	01/22/2013
Distance from 52W High	-2.9%
	50 Days	200 Days
DMA Price	$40.08	$36.60
DMA Trend	up	up
Distance from DMA	10.0%	20.5%
	3M	1YR
Volatility	28.3%	39.2%
Downside Capture	78.13	77.78
Upside Capture	144.11	87.72
Correlation (SPY)	35.0%	52.2%

VTOL Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.16	0.90	0.93	0.78	1.05	1.09
Up Beta	0.63	0.89	0.93	1.29	0.93	1.02
Down Beta	-0.08	0.09	0.71	0.55	1.47	1.38
Up Capture	425%	234%	125%	102%	92%	85%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	14	25	34	70	134	386
Down Capture	53%	58%	86%	42%	86%	101%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	6	16	27	55	114	357

[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	24.2%	39.0%	0.64	-
Sector ETF (XLE)	25.2%	25.2%	0.85	65.1%
Equity (SPY)	14.0%	19.4%	0.55	52.1%
Gold (GLD)	74.3%	25.3%	2.17	13.6%
Commodities (DBC)	7.0%	16.7%	0.24	51.9%
Real Estate (VNQ)	7.9%	16.6%	0.28	42.5%
Bitcoin (BTCUSD)	-29.8%	44.9%	-0.65	21.1%

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	9.9%	41.0%	0.35	-
Sector ETF (XLE)	24.1%	26.4%	0.82	60.7%
Equity (SPY)	13.3%	17.0%	0.62	44.0%
Gold (GLD)	22.1%	17.0%	1.06	11.6%
Commodities (DBC)	10.5%	18.9%	0.44	42.3%
Real Estate (VNQ)	5.2%	18.8%	0.18	36.8%
Bitcoin (BTCUSD)	8.3%	57.2%	0.37	17.5%

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	17.7%	84.3%	0.44	-
Sector ETF (XLE)	11.2%	29.6%	0.42	36.2%
Equity (SPY)	15.6%	17.9%	0.75	27.4%
Gold (GLD)	15.3%	15.6%	0.82	3.2%
Commodities (DBC)	8.1%	17.6%	0.38	24.0%
Real Estate (VNQ)	6.4%	20.7%	0.27	27.0%
Bitcoin (BTCUSD)	67.9%	66.7%	1.07	7.9%

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

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	0.9 Mil
Short Interest: % Change Since 1152026	1.9%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	3.7 days
Basic Shares Quantity	28.9 Mil
Short % of Basic Shares	3.0%

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
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%
...
SUMMARY STATS
# Positive	11	10	10
# Negative	9	10	10
Median Positive	8.9%	9.1%	11.1%
Median Negative	-4.6%	-6.1%	-9.1%
Max Positive	11.7%	16.5%	35.8%
Max Negative	-10.4%	-13.2%	-26.4%

	Forward Returns
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%
1/24/2020	-0.5%	-2.9%	-0.1%
SUMMARY STATS
# Positive	11	10	10
# Negative	9	10	10
Median Positive	8.9%	9.1%	11.1%
Median Negative	-4.6%	-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
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
12/31/2021	02/04/2022	10-Q

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

VTOL Trade Sentinel

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

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 (2/16/2026): $44.15 | Market Cap: $1.3 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Bristow (VTOL)

Market Price (2/16/2026): $44.15Market Cap: $1.3 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)

Expected Drivers of Future Revenue Growth for Bristow (VTOL)

Interactive Breakdown

Better Bets vs. Bristow (VTOL)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.4% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.4% | 8.9x)

Higher Rev Chg LTM (Value for VTOL: 4.8%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.4%)

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

Higher CFO/Rev LTM (Value for VTOL: 11.8%)

Higher FCF/Rev LTM (Value for VTOL: -1.6%)

Higher Total Yield (Value for VTOL: 11.2%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.4% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.4% | 8.9x)

Higher Rev Chg LTM (Value for VTOL: 4.8%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.4%)

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

Higher CFO/Rev LTM (Value for VTOL: 11.8%)

Higher FCF/Rev LTM (Value for VTOL: -1.6%)

Higher Total Yield (Value for VTOL: 11.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VTOL: 7.4% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VTOL: 7.4% | 8.9x)

Higher Rev Chg LTM (Value for VTOL: 4.8%)

Higher Rev Chg 3Y Avg (Value for VTOL: 7.4%)

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

Higher CFO/Rev LTM (Value for VTOL: 11.8%)

Higher FCF/Rev LTM (Value for VTOL: -1.6%)

Higher Total Yield (Value for VTOL: 11.2%)

Best Bets in Energy

P/EBIT (Value for VTOL: 6.8x)

P/E (Value for VTOL: 8.9x)

Rev Chg 3Y Avg (Value for VTOL: 7.4%)

Rev Chg LTM (Value for VTOL: 4.8%)

Rev Chg Q (Value for VTOL: 5.8%)

FCF/Rev 3Y Avg (Value for VTOL: -3.6%)

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Market Price (2/16/2026): $44.15 | Market Cap: $1.3 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (2/16/2026): $44.15
Market Cap: $1.3 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services