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Tidewater Inc (TDW) stock

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NYSE: TDW NYSE Oil & Gas Equipment & Services Next results ~November 9, 2026

B Fundamentals grade

Tidewater Inc is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$89–$160 across our lower- and higher-growth cases (2.7%–12.7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 50% above it.

Price used: $79.04, November 2, 2026

Tidewater Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds173 adding, 178 cuttingOf 44 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tidewater files

Where Tidewater stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.35bn, down 1.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 20.1%. Operating margin narrowed to 18.4% from 22.6%. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $106 a share, against a share price of $84.18. At that price, our model says the market is pricing in about 3.7% a year of cash-flow growth for five years, slower than the 29.4% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Tidewater Inc's trailing-twelve-month revenue fell 1.0% year on year, with a free-cash-flow margin of 20.1%. Where it stands out: free-cash-flow margin of 20.1% ranks 2 of 35 oil & gas equipment & services companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$89–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 2.2% while net income grew 24.1%: a 26pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $79.04 is 50% below our value per share of $120.
  • Strong cash generation. 20.1% of revenue turned into free cash flow, against a median of 2.0% for oil & gas equipment & services companies we cover.
  • Shrinking share count. Diluted shares fell 3.7% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.0% over the last 12 months.
  • Margins narrowing. Operating margin is down 4.2 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.5 against the S&P 500.
  • Insiders selling. 4 insiders sold $10M of stock over the past 365 days and none bought (36% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 4.6 points on a year ago.

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
$0.44 against an average estimate of $0.43: beat by 3.3%
Revenue
$342m, up 0.3% on a year earlier
Share reaction
+12.2% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.72

Tidewater's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.5%
  • 1 week-6.5%
  • 1 month-4.1%
  • This year+56.5%
  • 1 year+56.2%
  • 5 years+557.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
18.4%
Net margin
18.3%
EPS (TTM, diluted)
$4.94

Growth

Revenue growth
−1.0%
Change in growth rate
−0.1 pts
Share count change
−3.7%

Cash

Free cash flow (TTM)
$271M
FCF margin
20.1%
Stock pay % of revenue
1.0%

Earnings

Last results
August 3, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Insider trade
  4. Insider trade
  5. Deal
  6. Insider trade
  7. Results
  8. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tidewater Inc valuation models and calculator

What the price is pricing in

The share price implies about 2.4% a year of cash-flow growth for five years.That is slower than the 29.4% a year revenue growth Tidewater has delivered.

  • Priced in2.4%
  • Last 12 months-1.0%
  • 3 years a year19.6%
  • 5 years a year29.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($78.75, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$120
Price used
$78.75close November 3, 2026
Implied change
▲ +51%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Tidewater Inc's free cash flow after stock-based pay with after-tax interest added back ($234M, FY2026 Q2 TTM), growing 13.7% and 10.7% in the next two years (forecasts, guidance and its record), then back to 7.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$89–~$160 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tidewater Inc's free cash flow after stock-based pay ( $234M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tidewater Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$89–$160 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$85 ~$78–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$20–$39 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$33 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$76 ~$28–$120 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tidewater Inc with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $67$91$123$166$221$293
8.5% $51$68$92$122$161$212
10% $41$55$73$96$126$165

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$219.98$37.04$19.11$19.26$8.64$10.71$36.85$72.11$54.71$50.51$79.04
Market value$10.3bn$1.7bn$508m$736m$349m$439m$1.6bn$3.8bn$2.9bn$2.5bn$4.0bn
+ Net debt (− = net cash)$0$0$67m$79m$48m$26m$11m$477m$323m$91m$53m
Enterprise value$10.3bn$1.7bn$575m$815m$397m$465m$1.6bn$4.3bn$3.2bn$2.6bn$4.0bn
Multiples
Price / sales 10.6x2.9x1.2x1.5x0.9x1.2x2.5x3.8x2.2x1.9x2.9x
Price / earnings ———————39.3x16.1x7.6x16.0x
Price / free cash flow 175.5xn/m———72.5x68.9x52.6x11.4x7.2x14.6x
EV / EBITDA 91.6x—————14.9x13.8x6.9x6.1x8.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Tidewater's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -4.8% of total assets over 9 years.

  • Pricing power 0 / 20

    Gross margin has been a median 2.1%, moving by 11.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -13.6%; its worst year was -78.3%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 4.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 51.5% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $361m and EPS of $0.72 (range $0.56 to $0.86) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.79 −17% $1.4bn +7%
Next $6.07 +118% $1.7bn +17%

Next year's EPS estimate has moved −3.0% in 90 days, across 7 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.43 $0.44 +3.3%
Mar 2026 $0.70 $0.13 −81.5%
Dec 2025 $0.77 $0.45 −41.4%
Sept 2025 $0.51 $0.61 +19.8%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Tidewater Inc's revenue by +13.7% next year and +10.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+16.8%, weight 66%) and the company's own record (+7.7%, weight 34%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy450%
Hold338%
Sell113%

Monthly trend

  1. Oct 202622318
  2. Sep 202622318
  3. Aug 202621418
  4. Jul 202621418

Counts of recommendations published by analysts covering Tidewater Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.0%
of tradable shares
Days to cover
9.86
at average volume
Short interest, 1 month
−2%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.7%
of shares
Employees
7,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +56.2%

$50.59 on October 31, 2025 to $79.04

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.3bn −1.0%
Net margin 14.6% 18.3% +25.4%
P/E multiple 13.2x 16.0x +21.2%
Share count 52m 50m +3.9%

Biggest factor: net margin.

Last 3 years +12.2%

$70.42 on November 3, 2023 to $79.04

ThenNowEffect
Revenue (last 12 months) $787m $1.3bn +71.2%
Net margin 6.3% 18.3% +192.4%
P/E multiple 70.4x 16.0x −77.3%
Share count 49m 50m −1.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TDW+24%+244%+96%−24%−8%+57%
Industry peers (median)−1%+38%−7%−5%+3%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TDW67%67%67%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TDW−34%−35%−24%−57%−44%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 99% from November 2, 2015 to May 15, 2020. Getting back needed a 9557% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$50.33 – $100.61
From 52-week high
−21.4%
vs 50-day average
−9.0%
vs 200-day average
−0.6%
Volatility (1 year)
50%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±11.6%
After a week
8 up, 4 down
typical move ±11.6%
After a month
7 up, 5 down
typical move ±15.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +12.2% +3.3% +19.4% +28.0%
May 4, 2026 −3.2% +0.4% −7.4% −15.8%
March 2, 2026 +10.4% −0.8% +2.0% +5.2%
November 10, 2025 +11.4% +1.8% +6.8% +8.1%
August 4, 2025 +32.9% +1.0% +15.4% +18.8%
May 5, 2025 +4.5% −1.4% +11.2% +9.4%
February 27, 2025 −4.6% −0.1% −14.3% −9.2%
November 7, 2024 −14.0% +1.2% −18.4% −27.3%
August 6, 2024 +0.4% +0.2% +0.7% −7.5%
May 2, 2024 +16.5% +2.2% +17.0% +5.4%
February 29, 2024 +13.8% +1.3% +13.2% +33.3%
November 6, 2023 −15.4% +0.5% −13.9% −19.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Tidewater Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tidewater Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tidewater Inc
$800M $1B $1.2B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $894.1M Revenue (TTM), FY23 Q4: $1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.4B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $894.1M
FY23 Q4 $1B
FY24 Q1 $1.1B
FY24 Q2 $1.3B
FY24 Q3 $1.3B
FY24 Q4 $1.3B
FY25 Q1 $1.4B
FY25 Q2 $1.4B
FY25 Q3 $1.4B
FY25 Q4 $1.4B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
Revenue growth, TTM YoY Tidewater Inc
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 57.9% Revenue growth, TTM YoY, FY23 Q4: 55.9% Revenue growth, TTM YoY, FY24 Q1: 54.8% Revenue growth, TTM YoY, FY24 Q2: 60.5% Revenue growth, TTM YoY, FY24 Q3: 45.8% Revenue growth, TTM YoY, FY24 Q4: 33.3% Revenue growth, TTM YoY, FY25 Q1: 19.3% Revenue growth, TTM YoY, FY25 Q2: 7.8% Revenue growth, TTM YoY, FY25 Q3: 4.4% Revenue growth, TTM YoY, FY25 Q4: 0.5% Revenue growth, TTM YoY, FY26 Q1: -0.9% Revenue growth, TTM YoY, FY26 Q2: -1.0% -1.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 57.9%
FY23 Q4 55.9%
FY24 Q1 54.8%
FY24 Q2 60.5%
FY24 Q3 45.8%
FY24 Q4 33.3%
FY25 Q1 19.3%
FY25 Q2 7.8%
FY25 Q3 4.4%
FY25 Q4 0.5%
FY26 Q1 -0.9%
FY26 Q2 -1.0%
Operating margin (TTM) Tidewater Inc
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 14.8% Operating margin (TTM), FY23 Q4: 18.0% Operating margin (TTM), FY24 Q1: 21.1% Operating margin (TTM), FY24 Q2: 22.1% Operating margin (TTM), FY24 Q3: 22.5% Operating margin (TTM), FY24 Q4: 23.1% Operating margin (TTM), FY25 Q1: 22.4% Operating margin (TTM), FY25 Q2: 22.6% Operating margin (TTM), FY25 Q3: 22.0% Operating margin (TTM), FY25 Q4: 20.9% Operating margin (TTM), FY26 Q1: 19.8% Operating margin (TTM), FY26 Q2: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 14.8%
FY23 Q4 18.0%
FY24 Q1 21.1%
FY24 Q2 22.1%
FY24 Q3 22.5%
FY24 Q4 23.1%
FY25 Q1 22.4%
FY25 Q2 22.6%
FY25 Q3 22.0%
FY25 Q4 20.9%
FY26 Q1 19.8%
FY26 Q2 18.4%
FCF margin (TTM) Tidewater Inc
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.4% FCF margin (TTM), FY23 Q4: 7.2% FCF margin (TTM), FY24 Q1: 9.9% FCF margin (TTM), FY24 Q2: 14.5% FCF margin (TTM), FY24 Q3: 15.2% FCF margin (TTM), FY24 Q4: 18.9% FCF margin (TTM), FY25 Q1: 20.7% FCF margin (TTM), FY25 Q2: 20.4% FCF margin (TTM), FY25 Q3: 22.1% FCF margin (TTM), FY25 Q4: 26.1% FCF margin (TTM), FY26 Q1: 21.4% FCF margin (TTM), FY26 Q2: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.4%
FY23 Q4 7.2%
FY24 Q1 9.9%
FY24 Q2 14.5%
FY24 Q3 15.2%
FY24 Q4 18.9%
FY25 Q1 20.7%
FY25 Q2 20.4%
FY25 Q3 22.1%
FY25 Q4 26.1%
FY26 Q1 21.4%
FY26 Q2 20.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-KT, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Tidewater took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.4B
  2. Other income $52.1M · 3.8%
  3. Selling, general and admin $135M · 9.9%
  4. Other operating costs $936M · 69.2%
  5. Operating income $283M · 20.9%
  6. Net income $335M · 24.7%

Shares of revenue. Source: Tidewater's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Mar 2009 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,391 1,169 1,055 1,067 1,244 1,435 1,496 979 602 407 487 397 371 648 1,010 1,346 1,353 1,346
Gross profit — — — 167 252 297 286 70 −59 6 7 −30 — — — — — —
EBITDA 592 371 280 252 354 369 138 113 −411 −56 −10 −114 −22 110 311 468 434 457
Operating income 465 240 139 114 206 202 −37 −70 −578 −107 −87 −187 −95 27 182 311 283 248
Net income 407 259 106 87 151 140 −65 −160 −660 −172 −142 −196 −129 −22 97 181 335 247
Diluted EPS $7.89 $5.02 $2.05 $1.70 $3.03 $2.82 −$1.34 −$3.41 −$14.02 −$6.45 −$3.71 −$4.86 −$3.14 −$0.49 $1.84 $3.40 $6.64 $4.94
Growth (year on year)
Revenue — −16.0% −9.7% +1.1% +16.6% +15.3% +4.2% −34.5% −38.6% −32.4% +19.7% −18.4% −6.5% +74.6% +55.9% +33.3% +0.5% −1.0%
EBITDA — −37.4% −24.5% −10.0% +40.3% +4.4% −62.6% −18.3% −464.0% — — — — — +182.1% +50.3% −7.2% −10.6%
Operating income — −48.4% −42.0% −18.5% +81.6% −2.3% −118.4% — — — — — — — +582.2% +70.9% −9.2% −19.2%
Net income — −36.2% −59.3% −17.2% +72.5% −7.0% −146.5% — — — — — — — — +85.9% +85.2% +24.1%
Diluted EPS — −36.4% −59.2% −17.1% +78.2% −6.9% −147.5% — — — — — — — — +84.8% +95.3% +28.9%
Margins
Gross margin — — — 15.7% 20.2% 20.7% 19.1% 7.1% −9.9% 1.5% 1.4% −7.5% — — — — — —
EBITDA margin 42.5% 31.7% 26.5% 23.6% 28.4% 25.7% 9.2% 11.5% −68.2% −13.8% −2.0% −28.7% −5.9% 17.0% 30.8% 34.7% 32.1% 34.0%
Operating margin 33.5% 20.6% 13.2% 10.6% 16.6% 14.0% −2.5% −7.1% −96.1% −26.4% −17.8% −47.0% −25.6% 4.1% 18.0% 23.1% 20.9% 18.4%
Net margin 29.3% 22.2% 10.0% 8.2% 12.1% 9.8% −4.4% −16.4% −109.7% −42.2% −29.1% −49.4% −34.8% −3.4% 9.6% 13.4% 24.7% 18.3%
Free-cash-flow margin 3.6% −10.6% −33.3% −12.6% −18.2% −34.1% −0.4% 6.0% 0.7% −4.3% −10.2% −2.7% 1.6% 3.6% 7.2% 18.9% 26.1% 20.1%
Cash flow
Cash from operations 524 328 264 222 214 105 359 253 30 4 −31 4 15 40 104 282 379 311
Capital spending 474 452 615 357 441 595 364 194 25 21 18 15 9 17 32 28 26 40
Free cash flow 50 −124 −351 −135 −227 −490 −5 59 4 −17 −49 −11 6 24 73 255 353 271
Stock-based pay 11 9 15 14 19 20 21 13 3 13 20 5 6 7 11 14 14 14
Free cash flow after stock pay 39 −132 −367 −149 −246 −510 −27 46 1 −31 −69 −16 0 16 62 241 339 257
Balance sheet
Cash — — — — — — — — — 372 218 150 149 164 274 325 579 614
Total debt 0 300 700 950 1,000 1,515 1,534 2,052 2,041 439 298 198 175 175 752 648 670 667
Net debt (negative = net cash) — — — — — — — — — 67 79 48 26 11 477 323 91 53
Diluted shares 52m 52m 51m 51m 50m 50m 49m 47m 47m 27m 38m 40m 41m 44m 53m 53m 50m 50m
Returned to shareholders
Dividends 52 52 51 51 50 50 49 35 — — — — — — — — — —
Buybacks 54 — 20 35 85 — 100 — — — — — 0 0 35 91 90 0
Total returned 105 52 71 86 135 50 149 35 — — — — 0 0 35 91 90 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $2.4bn
Short-term assets $967mLonger-term assets $1.4bn
What it owes, and who funded it · $1.7bn
Short-term liabilities $270mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $967m of assets due within a year against $270m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $614m of cash against $653m of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 24% to 47% over five years.
  • A year's operating cash flow covers at least 20% of debt $311m of operating cash flow against $653m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Tidewater Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Buybacks, last 3 fiscal years
$216M
Diluted share count
−3.7%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated TDW KGS WTTR PUMP AROC WHD Median
Revenue, last 12 months $1.3bn $1.4bn $1.4bn $1.2bn $1.5bn $1.5bn $1.2bn
Revenue growth, last 12 months −1.0% 8.2% −2.0% −6.0% 11.5% 40.4% 3.7%
Revenue growth, 3-year average 19.6% 22.6% −3.2% −9.2% 18.2% 14.9% 2.0%
Revenue growth, latest quarter 0.3% 21.1% 8.7% 20.9% −3.1% 63.2% 7.3%
Gross margin −1.9% 37.9% 16.1% 24.3% 48.9% 33.5% 21.1%
Operating margin 18.4% 27.4% 3.5% 0.5% — 18.8% 7.3%
Operating margin, 3-year average 21.0% 25.6% 3.6% −3.9% — 23.0% 7.2%
Net margin 18.3% 5.8% 2.2% 0.2% 21.8% 12.0% 2.6%
Cash from operations / revenue 23.1% 34.4% 16.4% 16.1% 48.2% 21.1% 11.7%
Free-cash-flow margin 20.1% 0.4% −5.7% −7.9% 19.4% 13.5% 2.0%
Free-cash-flow margin, 3-year average 18.4% 4.0% 1.0% 1.1% 10.0% 18.6% 4.0%
Stock pay / revenue 1.0% 1.9% 1.9% 1.7% 1.6% 1.8% 1.1%
Change in share count −3.7% 1.5% — 21.0% 1.3% — 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth -1.0% 3.7% 25 of 35
Change in growth rate Growth -0.1pp +1.5pp 23 of 34
Operating margin Profitability 18.4% 7.2% 6 of 32
Net margin Profitability 18.3% 2.6% 3 of 35
Free-cash-flow margin Cash generation 20.1% 2.0% 2 of 35
Stock pay as % of revenue Cash generation 1.0% 1.1% 14 of 32
Long-term debt as % of assets Balance sheet 27.4% 22.6% 20 of 32
Change in share count Balance sheet -3.7% 1.0% 4 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Vessel $1.3B 99.0% ▲ 0.1%
Other $13.9M 1.0% ▲ 69.0%
Geography
Region Revenue Share YoY
Other Countries $614M 45.4% ▲ 2.2%
AO $156M 11.5% ▲ 7.8%
United Kingdom $149M 11.0% ▲ 1.2%
SA $134M 9.9% ▲ 3.4%
NO $117M 8.7% ▲ 4.7%
Australia $108M 8.0% ▼ 17.1%
United States $74.6M 5.5% ▼ 8.5%

From Tidewater Inc's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
359
Shares held vs prior quarter
▲ 9.3%
Positions opened / closed
47 / 52

Top buyers and sellers, Q2 2026: 173 institutions bought and 178 sold ; the biggest buyer was Baillie Gifford & Co (+1.0M shares) and the biggest seller Neuberger Berman Group LLC (−468K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $503M 7.6M 13.2% ▲ 4.2%
Price T Rowe Associates Inc $245M 3.7M 6.4% ▲ 14.9%
Robotti Robert $194M 2.9M 5.1% ▼ 0.5%
Neuberger Berman Group LLC $187M 2.8M 4.9% ▼ 14.3%
Vanguard Portfolio Management LLC $184M 2.8M 4.8% ▲ 5.2%
Dimensional Fund Advisors LP $139M 2.1M 3.6% ▲ 13.2%
State Street Corp $135M 2.0M 3.5% ▲ 4.2%
Vanguard Capital Management LLC $130M 2.0M 3.4% ▲ 0.5%
Baillie Gifford & Co $111M 1.7M 2.9% ▲ 154.9%
American Century Companies Inc $108M 1.6M 2.8% ▲ 21.2%
Wellington Management Group LLP $98.3M 1.5M 2.6% ▲ 11.1%
Sourcerock Group LLC $93.6M 1.4M 2.4% ▲ 231.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tidewater Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $10.5M 12 trades by 4 insiders · 36% under pre-set plans
Net ▼ $10.5M net selling
Insider Date Trade Shares Price Value
Robotti Robert Director September 16, 2026 Sell 3,605 $89.85 $323,909
Robotti Robert Director September 16, 2026 Sell 6,695 $89.85 $601,546
Robotti Robert Director September 16, 2026 Sell 6,695 $89.85 $601,546
Robotti Robert Director September 16, 2026 Sell 3,605 $89.85 $323,909
Hudson Daniel A. EVP, CLO & Corporate Secretary September 2, 2026 Sell pre-set plan 15,000 $99.08 $1.5M
Traub Kenneth Director September 2, 2026 Sell 10,000 $99.00 $990,000
Rubio Samuel R EVP, CFO & CAO August 12, 2026 Sell 17,705 $91.56 $1.6M
Hudson Daniel A. EVP, CLO & Corporate Secretary August 10, 2026 Sell pre-set plan 5,000 $89.01 $445,050
Hudson Daniel A. EVP & GENERAL COUNSEL March 5, 2026 Sell 5,195 $80.56 $418,509
Rubio Samuel R EVP, CFO & CAO March 5, 2026 Sell 22,461 $80.05 $1.8M
Hudson Daniel A. EVP & GENERAL COUNSEL February 23, 2026 Sell pre-set plan 15,000 $77.50 $1.2M
Hudson Daniel A. EVP & GENERAL COUNSEL February 11, 2026 Sell pre-set plan 10,000 $70.01 $700,100

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 4, 2026
  • March 2, 2026
  • November 10, 2025
  • August 4, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Tidewater Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tidewater Inc in brief

What does Tidewater Inc do?
Tidewater Inc is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Tidewater Inc's stock ticker?
Tidewater Inc trades under the ticker TDW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tidewater Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tidewater Inc reported revenue of $1.3B, 1.0% lower than a year earlier, according to its SEC filings.
What is Tidewater Inc's free cash flow?
Tidewater Inc's free-cash-flow margin is 20.1% of revenue over the trailing twelve months, ranking 2 of the 35 oil & gas equipment & services companies we cover.
What is Tidewater Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tidewater Inc's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$89–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tidewater Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Robotti Robert. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tidewater Inc buying back stock, and does it pay a dividend?
Tidewater Inc spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 3.7% over the year.
What is Tidewater Inc's market cap?
On November 2, 2026, Tidewater Inc's market capitalisation was about $4B, with a price-to-earnings ratio of 16.0 and net debt of $53.1M. Market figures come from third-party market data and may be delayed.
How much debt does Tidewater Inc have?
Tidewater Inc's debt-to-equity ratio is 46.9%, from its latest balance sheet (23.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tidewater Inc's competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Tidewater Inc are Kodiak Gas Services, Inc., Select Water Solutions, Inc., Propetro Holding Corp., Archrock, Inc. and Cactus, Inc. The side-by-side comparison below sets their revenue, margins and growth against Tidewater Inc's.
Are insiders buying or selling Tidewater Inc stock?
Over the last 12 months, Tidewater Inc's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Tidewater Inc's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tidewater Inc announces its own schedule.