Tidewater Inc key statistics and ratios

In fiscal 2025, Tidewater Inc had return on equity of 27.0%, an operating margin of 20.9%, debt equal to 49.1% of equity and a current ratio of 2.90. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Tidewater Inc: financial ratios, annual
Fiscal year	2009Mar 2009	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	15.7%	20.2%	20.7%	19.1%	7.1%	−9.9%	1.5%	1.4%	−7.5%	—	—	—	—	—	—
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%
Return on equity	18.1%	11.0%	4.2%	3.5%	5.9%	5.4%	−2.5%	−6.7%	−33.6%	−12.3%	−13.1%	−21.4%	−16.9%	−2.8%	10.2%	16.8%	27.0%	17.9%
Return on assets	—	7.9%	3.0%	2.2%	3.7%	3.1%	−1.4%	−3.3%	−14.4%	−5.7%	−8.3%	−13.9%	−11.0%	−1.8%	5.8%	8.7%	15.0%	10.4%
Asset turnover	—	0.35	0.30	0.27	0.30	0.32	0.31	0.20	0.13	0.14	0.29	0.28	0.32	0.54	0.60	0.65	0.61	0.57
Current ratio	—	2.86	3.15	2.90	1.91	2.04	1.80	0.54	0.49	4.32	2.89	2.12	2.17	1.94	1.80	2.11	2.90	3.58
Debt to equity	0.0%	12.2%	27.8%	37.6%	39.0%	56.5%	62.0%	89.2%	124.8%	38.4%	29.3%	24.1%	25.0%	20.2%	72.3%	58.2%	49.1%	47.9%
Interest cover (operating income ÷ interest)	—	143.1x	12.9x	5.1x	6.9x	4.6x	n/m	n/m	—	—	—	—	—	—	—	—	—	—
Effective tax rate	—	—	—	—	22.8%	19.0%	—	—	—	—	—	—	—	—	31.2%	21.9%	—	—
Capital spending as % of revenue	34.1%	38.7%	58.3%	33.5%	35.4%	41.4%	24.4%	19.9%	4.2%	5.3%	3.7%	3.8%	2.4%	2.6%	3.1%	2.0%	1.9%	3.0%
Free cash flow ÷ net income	12.3%	−47.7%	−332.4%	−154.1%	−150.3%	−349.4%	—	—	—	—	—	—	—	—	74.7%	141.1%	105.6%	109.8%
Dividends ÷ net income	12.7%	19.9%	48.7%	58.6%	32.9%	35.5%	—	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	209.4%	—	—	—	—	—	—	60.1%	—	—	—	—	0.0%	0.0%	48.2%	35.6%	25.5%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Tidewater Inc: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	20.6%	23.6%	22.5%	23.7%	18.4%	19.0%	18.1%	18.3%
Net margin	13.6%	10.7%	12.8%	21.4%	−0.2%	65.3%	1.9%	6.3%
Free-cash-flow margin	12.7%	27.7%	21.0%	20.0%	19.6%	43.9%	1.3%	15.2%
Current ratio	2.29	2.11	2.07	2.11	2.89	2.90	3.33	3.58
Debt to equity	58.3%	57.2%	57.1%	54.9%	57.4%	48.0%	47.8%	46.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Tidewater Inc's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tidewater Inc.