Tidewater Inc. (TDW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.43	$0.44	+2.3%	—	$342.3M	—
Q1 26	$0.7	$0.13	-81.4%	—	$326.2M	—
Q4 25	$0.77	$0.45	-41.6%	—	$336.8M	—
Q3 25	$0.51	$0.61	+19.6%	—	$341.1M	—
Q2 25	$0.48	$1.46	+204.2%	—	$341.4M	—
Q1 25	$0.59	$0.84	+42.4%	—	$333.4M	—
Q4 24	$0.93	$0.71	-23.7%	—	$345.1M	—
Q3 24	$1.09	$0.89	-18.3%	—	$340.4M	—
Q2 24	$0.87	$0.97	+11.5%	—	$339.2M	—
Q1 24	$0.62	$0.92	+48.4%	—	$321.2M	—
Q4 23	$0.79	$0.74	-6.3%	—	$302.7M	—
Q3 23	$1.26	$0.49	-61.1%	—	$299.3M	—
Q2 23	$0.65	$0.43	-33.8%	—	$215M	—
Q1 23	$0.24	$0.23	-4.2%	—	$193.1M	—
Q4 22	$0.23	$0.3	+30.4%	—	$186.7M	—
Q3 22	-$0.2	$0.2	+200.0%	—	$191.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.69	—	—	$1.4B	—
FY24	—	$3.44	—	—	$1.3B	—
FY23	—	$1.88	—	—	$1B	—
FY22	—	-$0.49	—	—	$647.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$979.1M	—	$406.5M	$486.5M	$397M	$371M	$647.7M	$1B	$1.3B	$1.4B
YoY change	-34.5%	—	—	+19.7%	-18.4%	-6.55%	+74.6%	+55.9%	+33.3%	+0.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	979.1M	—	406.5M	486.5M	397M	371M	647.7M	1B	1.3B	1.4B
Cost of revenue	762.3M	—	333.4M	433.9M	388.9M	378.6M	518.6M	741.2M	939.4M	949.3M
Gross profit	216.8M	—	73.1M	52.6M	8.1M	-7.6M	129.1M	268.8M	406.4M	403.4M
Gross margin	22.1%	—	18%	10.8%	2.05%	-2.04%	19.9%	26.6%	30.2%	29.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	187.5M	—	110M	103.7M	71.9M	68.2M	99.9M	94.2M	110.1M	126.2M
Operating expenses	187.5M	—	110M	103.7M	73.9M	68.2M	99.9M	94.2M	110.1M	126.2M
Operating income	29.3M	—	-36.9M	-51.1M	-63.8M	-75.7M	29.2M	174.6M	296.3M	277.3M
Operating margin	3%	—	-9.08%	-10.5%	-16.1%	-20.4%	4.51%	17.3%	22%	20.5%
Non-operating income, net	-117.8M	—	-97.5M	-39.9M	-110.9M	-34.1M	-19.7M	6.3M	-230K	907K
Pretax income	-139.6M	—	-153.5M	-113.5M	-197.7M	-123.8M	-2.3M	138.9M	229.5M	220.2M
Income tax	20.8M	—	18.3M	27.7M	-965K	5.9M	19.9M	43.3M	50.2M	-113.2M
Net income	-160.4M	—	-171.8M	-141.2M	-196.7M	-129.7M	-22.2M	95.6M	179.3M	333.5M
Net margin	-16.4%	—	-42.3%	-29%	-49.5%	-34.9%	-3.43%	9.47%	13.3%	24.6%
EBITDA	200.8M	—	6.9M	29.4M	8.6M	-4.2M	117.9M	309.9M	458.9M	436.5M
EPS	-8.68	0	-6.45	-3.71	-4.86	-3.14	-0.49	1.88	3.44	6.69
Diluted EPS	-8.68	0	-6.45	-3.71	-4.86	-3.14	-0.49	1.84	3.4	6.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	299.3M	302.7M	321.2M	339.2M	340.4M	345.1M	333.4M	341.4M	341.1M	336.8M	326.2M	342.3M
Cost of revenue	223.4M	219.1M	225M	236.8M	242M	235.7M	231.8M	234.8M	243.8M	238.9M	233.6M	248.2M
Gross profit	75.8M	83.6M	96.2M	102.5M	98.4M	109.4M	101.6M	106.7M	97.3M	97.9M	92.7M	94.1M
Gross margin	25.3%	27.6%	29.9%	30.2%	28.9%	31.7%	30.5%	31.2%	28.5%	29.1%	28.4%	27.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	21M	23.6M	25.3M	26.3M	28.5M	30M	29.1M	31.2M	35.3M	30.6M	33.6M	34.8M
Operating expenses	21M	23.6M	25.3M	26.3M	28.5M	30M	29.1M	31.2M	35.3M	30.6M	33.6M	34.8M
Operating income	54.8M	60M	70.9M	76.1M	69.9M	79.4M	72.5M	75.4M	62.1M	67.2M	59.1M	59.2M
Operating margin	18.3%	19.8%	22.1%	22.4%	20.5%	23%	21.7%	22.1%	18.2%	20%	18.1%	17.3%
Non-operating income, net	-1.3M	5.4M	6.9M	-371K	5.6M	-12.4M	10.1M	17.2M	-25.2M	-1.1M	-3.5M	2.6M
Pretax income	34.8M	48.1M	59.8M	57.8M	58.9M	53M	68.4M	78.3M	20.7M	52.8M	40.9M	46.1M
Income tax	9.3M	10.8M	13.1M	7.9M	12.9M	16.4M	26.1M	5.6M	21.7M	-166.6M	34.9M	25.1M
Net income	25.5M	37.3M	46.7M	49.9M	46M	36.6M	42.3M	72.7M	-1M	219.4M	6M	21.1M
Net margin	8.54%	12.3%	14.6%	14.7%	13.5%	10.6%	12.7%	21.3%	-0.3%	65.2%	1.83%	6.16%
EBITDA	99.2M	105.8M	111.1M	116.7M	110.2M	120.9M	113.7M	114.5M	99.9M	108.5M	99.8M	98M
EPS	0.5	—	0.9	0.96	0.88	0.71	0.83	1.47	-0.02	4.44	0.12	0.44
Diluted EPS	0.49	—	0.89	0.94	0.87	0.7	0.83	1.46	-0.02	4.41	0.12	0.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.1B	—	508.7M	—	348.7M	439.2M	1.6B	—	2.9B	2.5B	4.1B
Enterprise value	5.4B	—	575.9M	—	391.5M	458.1M	1.6B	—	3.2B	2.6B	4.3B
Shares outstanding	18.5M	—	26.6M	38.2M	40.4M	41M	44.1M	51.6M	52.5M	50.1M	50.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	16	7.58	17.3
P/S	4.15	—	1.25	—	0.88	1.18	2.51	—	2.13	1.87	3.14
P/B	1.76	—	0.44	—	0.42	0.63	1.88	—	2.58	1.86	3.04
EV/EBITDA	27.1	—	84	—	45.4	-108.5	13.8	—	6.93	6.02	10.7
EV/Sales	5.55	—	1.42	—	0.99	1.23	2.52	—	2.36	1.94	3.16
Earnings yield	—	—	—	—	—	—	—	—	6.25%	13.2%	5.79%
FCF yield	1.45%	—	-3.43%	—	-3.13%	1.38%	1.45%	—	8.58%	14%	8.87%
PEG	—	—	—	—	—	—	—	—	—	—	-0.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.1%	—	18%	10.8%	2.05%	-2.04%	19.9%	26.6%	30.2%	29.8%	27.5%
Operating margin	3%	—	-9.08%	-10.5%	-16.1%	-20.4%	4.51%	17.3%	22%	20.5%	17.3%
Net margin	-16.4%	—	-42.3%	-29%	-49.5%	-34.9%	-3.43%	9.47%	13.3%	24.6%	18.3%
ROE	-6.96%	—	-15%	-13.9%	-23.9%	-18.5%	-2.56%	9.21%	16.1%	24.5%	19.4%
ROA	-3.22%	—	-9.4%	-8.94%	-15.7%	-11.8%	-1.71%	4.64%	8.64%	14%	6.96%
ROIC	0.8%	—	-3.04%	-4.7%	-7.37%	-10.5%	3.35%	8.02%	16.3%	19%	17.3%
Return on tangible assets	-3.22%	—	-9.4%	-8.94%	-15.7%	-11.8%	-1.71%	4.64%	8.64%	14%	10.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.54	3.84	4.32	2.89	2.12	2.17	1.94	1.8	2.11	2.9	3.58
Quick ratio	0.53	3.71	4.13	2.78	2.04	2.09	1.78	1.7	2	2.78	3.47
Debt / equity	0.89	0.44	0.38	0.28	0.23	0.24	0.2	0.71	0.57	0.5	0.47
Debt / assets	0.41	0.25	0.24	0.18	0.15	0.15	0.13	0.36	0.31	0.28	0.28
Net debt / EBITDA	6.81	—	9.8	2.4	4.96	-4.47	0.04	1.48	0.68	0.23	0.1
Interest coverage	-1.6	—	-4.04	-2.9	-7.18	-6.94	0.87	3.87	4.15	4.33	3.41
Effective tax rate	0%	—	0%	0%	0%	0%	0%	31.2%	21.9%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	53	—	15.3	12.7	9.84	9.05	14.7	19.6	25.7	27	27.1
EPS (basic)	-8.68	0	-6.45	-3.71	-4.86	-3.14	-0.49	1.88	3.44	6.69	6.69
EPS (diluted)	-8.68	0	-6.45	-3.71	-4.86	-3.14	-0.49	1.84	3.4	6.64	4.93
Book value per share	124.9	—	43.1	26.6	20.4	17.1	19.6	20.1	21.2	27.2	28
FCF per share	3.19	—	-0.66	-1.29	-0.27	0.15	0.53	1.42	4.7	7.06	5.42
Cash per share	36.8	—	14	5.71	3.72	3.63	3.72	5.32	6.19	11.6	12.3
Capex per share	10.5	—	0.8	0.47	0.37	0.22	0.38	0.61	0.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	19.9%	—	5.26%	3.7%	3.75%	2.41%	2.57%	3.13%	2.05%	—	—
Capex / operating cash flow	105%	—	-23.9%	-23.6%	-15.2%	-62.4%	52.3%	35.2%	9.83%	—	—
Payout ratio	-22.1%	—	—	—	—	—	—	—	—	—	0%
Dividend yield	0.87%	—	—	—	—	—	—	—	—	—	0.02%

Yield

0.02%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.01

ex-dividend Dec 30, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 30, 2020	$0.01
Dec 28, 2017	$0.01
Dec 2, 2015	$8.0645

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$299.3M	$302.7M	$321.2M	$339.2M	$340.4M	$345.1M	$333.4M	$341.4M	$341.1M	$336.8M	$326.2M	$342.3M
YoY change	+56.1%	+62.1%	+66.3%	+57.8%	+13.7%	+14%	+3.82%	+0.65%	+0.22%	-2.4%	-2.17%	+0.25%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	678.4M	440.9M	371.8M	218.3M	149.9M	149M	164.2M	274.4M	324.9M	578.8M
Receivables	228.1M	114.2M	111.3M	110.2M	112.6M	86.5M	156.5M	268.4M	323.8M	285.4M
Inventory	33.4M	28.2M	29.5M	21.9M	15.9M	12.6M	30.8M	31.9M	34.3M	38.5M
Total current assets	1.3B	845.2M	683.3M	537.3M	388.6M	342.7M	377.9M	591.1M	698.7M	914.1M
Property, plant & equipment	3.6B	850.9M	1.1B	939M	780.3M	688M	796.7M	1.3B	1.2B	1.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	5B	1.8B	1.8B	1.6B	1.3B	1.1B	1.3B	2.1B	2.1B	2.4B
Accounts payable	49.1M	38.5M	31.9M	27.5M	17M	20.8M	38.9M	44.9M	71.4M	66.3M
Short-term debt	2B	5.1M	8.6M	9.9M	27.8M	—	—	103.1M	65.4M	30.2M
Total current liabilities	2.5B	220.1M	158.4M	185.7M	183.2M	157.9M	194.8M	328.7M	331.6M	315.2M
Long-term debt	—	443.1M	430.4M	279M	164.9M	167.9M	169M	631.4M	571.7M	649M
Total liabilities	2.7B	737.7M	682.8M	563.1M	427.9M	394M	431.7M	1B	963.7M	1B
Shareholders' equity	2.3B	1B	1.1B	1B	823.3M	701.8M	866M	1B	1.1B	1.4B
Total debt	2B	448.2M	439M	288.9M	192.7M	167.9M	169M	734.4M	637.1M	679.3M
Net debt	1.4B	16.1M	67.2M	70.6M	42.8M	18.8M	4.8M	460M	312.2M	100.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	275.1M	274.4M	280.9M	315.9M	280.8M	324.9M	341.8M	369.4M	428.2M	578.8M	552.3M	613.5M
Receivables	250.7M	268.4M	286M	280.5M	293.1M	323.8M	312.9M	316.5M	332.6M	285.4M	299.7M	306.6M
Inventory	27.5M	31.9M	24.8M	26.9M	26.7M	34.3M	23.1M	24.5M	27.9M	38.5M	29.4M	29.5M
Total current assets	575.4M	591.1M	615.5M	646.9M	626M	698.7M	698.2M	724.5M	800.3M	914.1M	899.6M	967.4M
Property, plant & equipment	1.3B	1.3B	1.3B	1.3B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	2.1B	2.1B	2.1B	2.1B	2B	2.1B	2.1B	2.1B	2.1B	2.4B	2.3B	2.4B
Accounts payable	57.2M	44.9M	51.8M	60.7M	64.1M	71.4M	50.2M	48.7M	42.6M	66.3M	58.2M	62.6M
Short-term debt	102.4M	103.1M	103M	103M	53.1M	65.4M	80M	93.4M	25.7M	30.2M	5.8M	5.7M
Total current liabilities	332.5M	328.7M	339.1M	340.2M	273.6M	331.6M	337.5M	343.1M	276.5M	315.2M	269.9M	270.1M
Long-term debt	641.3M	631.4M	620.3M	608M	597.4M	571.7M	556M	531.9M	649.8M	649M	648.6M	647.5M
Total liabilities	1B	1B	1B	1B	933.3M	963.7M	955.8M	938.1M	989.9M	1B	976.7M	978M
Shareholders' equity	1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.4B	1.4B	1.4B
Total debt	743.7M	734.4M	723.3M	711M	650.5M	637.1M	636M	625.2M	675.5M	679.3M	654.4M	653.2M
Net debt	468.6M	460M	442.5M	395.1M	369.6M	312.2M	294.2M	255.8M	247.3M	100.5M	102.1M	39.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-160.4M	-650M	-171.8M	-141.2M	-196.7M	-129.7M	-22.2M	95.6M	179.3M	333.5M
Depreciation & amortization	182.3M	167.3M	51.3M	77M	73M	73.2M	83.5M	128.8M	156.2M	151.1M
Stock-based compensation	13.2M	3.3M	13.4M	19.6M	5.1M	5.6M	7.4M	10.8M	13.7M	14.5M
Change in working capital	156.9M	71.9M	11.8M	-52.3M	-30.3M	-6.8M	-72.9M	-197.8M	-154M	-54.9M
Operating cash flow	185.3M	-417.3M	-89.6M	-76.2M	-98M	-14.3M	31.8M	89.8M	280.6M	379.1M
Capital expenditure	-194.5M	-25.5M	-21.4M	-18M	-14.9M	-9M	-16.6M	-31.6M	-27.6M	—
Investing cash flow	-135M	14.9M	68.5M	10.8M	23.4M	25.1M	-23.8M	-610.3M	-188K	18.3M
Dividends paid	-35.4M	0	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	0	0	-35M	-90.7M	-90.1M
Financing cash flow	481.5M	-16.7M	-128.1M	-149.6M	-99.8M	-41M	185.1M	504.1M	-222.6M	-136M
Net change in cash	531.8M	-419.2M	-149.1M	-214.9M	-174.3M	-30.3M	193.1M	-16.4M	57.8M	261.4M
Free cash flow	58.9M	4.3M	-17.4M	-49.4M	-10.9M	6.1M	23.6M	73.1M	246.3M	353.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	25.5M	37.3M	46.7M	49.9M	46M	36.6M	42.3M	72.7M	-1M	219.4M	6M	21.1M
Depreciation & amortization	43.8M	42.8M	38.8M	39.4M	39.2M	38.7M	39M	36.9M	37.3M	37.8M	38.5M	38.1M
Stock-based compensation	2.5M	3.5M	2.8M	3.5M	3.6M	3.9M	3.5M	4.1M	3.5M	3.5M	3.1M	3.7M
Change in working capital	-77.7M	-61.9M	-47.3M	-36.3M	-48M	-31M	-29.3M	-34.2M	-27.3M	34.1M	-56.7M	-25M
Operating cash flow	8M	38.2M	59.2M	76.6M	64.5M	71.8M	85.4M	91M	72.1M	153M	19.2M	67M
Capital expenditure	-5.7M	-8.4M	-10.9M	-6.4M	-5.7M	-4.5M	-10.3M	—	—	—	—	—
Investing cash flow	-598.9M	-2.5M	1.5M	-3.3M	-4.2M	5.8M	-5.8M	7.3M	1.2M	5.3M	3.3M	11.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	-3.5M	-29.4M	-13.7M	-44.1M	-39.3M	-50.8M	0	0	0	0
Financing cash flow	-15.1M	-141K	-44.6M	-43.5M	-76.3M	-58.2M	-59.2M	-65.1M	-658M	-3.6M	-32.3M	-2.2M
Net change in cash	-606.1M	35.6M	16.1M	29.8M	-16M	19.3M	20.3M	33.2M	-584.7M	154.7M	-9.8M	76.4M
Free cash flow	29.2M	38.8M	43.8M	72.3M	43.4M	86.8M	75.7M	85.8M	67M	147.8M	4.3M	52.1M

Date	Ratio
Aug 1, 2017	31:1000
Oct 29, 1980	3:2

Tidewater Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history