Tidewater Inc (TDW)

Tidewater Inc., together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide. The company operates through five segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa. It offers phases of offshore crude oil and natural gas exploration, field development, production, maintenance, and windfarm development and maintenance activities; towing and anchor handling for mobile offshore drilling units; transportation of supplies and personnel necessary to sustain drilling, workover, and production operations; and field abandonment, dismantlement, and restoration activities. The company also provides offshore construction; seismic and subsea support; various other specialized services, such as pipe laying, cable laying, and geotechnical survey support for windfarm construction. Its vessels consist of anchor handling towing supply vessels, platform supply vessels, and other specialty vessels, as well as crew boats, utility vessels, and offshore tugs. The company serves integrated and independent oil and gas exploration, development, and production companies; mid-sized and smaller independent exploration and production companies; foreign government-owned or government-controlled organizations engaged in the exploration, development, and production of oil and gas; offshore drilling contractors; and other companies that provide services to the offshore energy industry comprising offshore construction companies, windfarm development companies, diving companies, and well stimulation companies. Tidewater Inc. was incorporated in 1956 and is headquartered in Houston, Texas.

Ticker
TDW
Exchange
NYSE
Sector
Energy
Industry
Oil & Gas Equipment & Services
Market cap
$3.49B
52-week range
$49.54 - $101.58

Valuation

Share price
$70.06 (close of Nov 6, 2026)
P/E (TTM)
14.15x
Price to book
2.51x
Price to free cash flow
12.85x
Enterprise value
$3.53B
Book value per share
$27.90

Price performance

PeriodChange
1 day+1.42%
5 days-19.78%
1 month-14.63%
3 months-14.11%
6 months-14.27%
Year to date+38.71%
1 year+37.51%
3 years+2.91%
5 years+460.48%
10 years+40.12%
All time-90.13%

Short interest

As of
Oct 15, 2026
Short % of float
15.20%
Shares short
6.03M
Days to cover
10.53
Change since prior report
+1.22%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
24.58%
Return on invested capital
13.85%
Return on assets
14.02%
Return on capital employed
13.64%
Gross margin
49.69%
Net margin
24.74%
EBITDA margin
40.28%
Revenue growth
0.52%
Net income growth
85.25%
Free cash flow growth
38.63%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.78%
Current ratio
3.58x
Net debt to EBITDA
0.10x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$1.35B
Cost of revenue
$680.58M
Gross profit
$672.20M
EBITDA
$544.93M
Net income
$334.66M
Earnings per share
$6.69
Interest expense
$66.12M
Shares outstanding
50.05M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$1.35B$672.20M$334.66M$6.69
2024-12-31$1.35B$652.73M$180.66M$3.44
2023-12-31$1.01B$453.47M$97.19M$1.88
2022-12-31$647.68M$250.38M-$21.75M-$0.49
2021-12-31$371.03M$109.22M-$128.97M-$3.14
2020-12-31$397.04M-$29.67M-$196.24M-$4.86
2019-12-31$486.55M$6.89M-$141.74M-$3.71
2018-12-31$406.52M$6.07M-$171.52M-$6.45
2017-03-31$601.61M-$59.38M-$660.12M-$14.02
2016-03-31$979.06M$69.57M-$160.18M-$3.41

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3149.69%24.74%24.58%13.85%
2024-12-3148.50%13.42%16.26%14.94%
2023-12-3144.90%9.62%9.37%7.84%
2022-12-3138.66%-3.36%-2.51%1.29%
2021-12-3129.44%-34.76%-18.38%-10.93%
2020-12-31-7.47%-49.43%-23.84%-18.29%
2019-12-311.42%-29.13%-13.95%-6.61%
2018-12-311.49%-42.19%-14.98%-6.79%
2017-03-31-9.87%-109.73%-39.98%-15.68%
2016-03-317.11%-16.36%-6.95%-1.09%

Cash and debt by year

Period endCashDebt
2025-12-31$578.76M$649.05M
2024-12-31$324.92M$571.71M
2023-12-31$274.44M$631.36M
2022-12-31$164.19M$169.04M
2021-12-31$149.04M$167.88M
2020-12-31$149.93M$164.93M
2019-12-31$218.29M$279.04M
2018-12-31$371.79M$430.44M
2017-03-31$706.40M-
2016-03-31$678.44M$2.05B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$353.35M$14.48M
2024-12-31$254.89M$13.68M
2023-12-31$72.61M$10.76M
2022-12-31$23.59M$7.37M
2021-12-31$6.05M$5.64M
2020-12-31-$10.91M$5.12M
2019-12-31-$49.42M$19.60M
2018-12-31-$17.45M$13.41M
2017-03-31$4.32M$3.28M
2016-03-31$58.88M$13.22M

Dividend history

Most recent payment
Dec 30, 2020
Payment dateDividend per share
2020-12-30$0.01
2017-12-28$0.01
2015-12-02$0.25
2015-09-02$0.25
2015-06-03$0.25
2015-03-04$0.25
2014-12-03$0.25
2014-09-03$0.25

Investor relations

Next earnings report

Next confirmed report
Nov 9, 2026
Consensus EPS estimate
$0.64

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-03Jun 2026$0.32
2026-05-04Mar 2026$0.75
2026-03-02Dec 2025$0.65
2025-11-10Sep 2025$0.46
2025-08-04Jun 2025$0.28
2025-05-05Mar 2025$0.49
2025-02-27Dec 2024$0.70
2024-11-07Sep 2024$0.79

Filings and sources

Company website
tdw.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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