NYSE : TDW
Tidewater Inc. — Financial statements
Energy · Oil & Gas Equipment & Services · United States
Last price 87.33 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.35B
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Financial statements
Tidewater Inc. (TDW) reported revenue of 1.35B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.33B | 1.34B | 1.34B | 998.99M | 641.40M | 361.57M |
| Other Revenue | 11.90M | 13.86M | 8.20M | 10.99M | 6.28M | 9.46M |
| Revenue | 1.35B | 1.35B | 1.35B | 1.01B | 647.68M | 371.03M |
| Cost of Revenue | 698.90M | 687.00M | 696.66M | 560.86M | 400.63M | 264.05M |
| Gross Profit | 647.52M | 665.78M | 649.17M | 449.13M | 247.05M | 106.99M |
| Selling, General & Admin | 134.66M | 126.58M | 110.75M | 92.63M | 99.27M | 68.31M |
| Other Operating Expenses | 14.00K | |||||
| Operating Expenses | 400.29M | 388.92M | 353.52M | 272.96M | 218.44M | 183.25M |
| Operating Income | 247.23M | 276.87M | 295.65M | 176.16M | 28.61M | -76.27M |
| Interest Expense | -66.62M | -66.09M | -72.97M | -48.47M | -17.19M | -15.58M |
| Interest & Investment Income | 7.21M | 8.56M | 7.03M | 4.96M | 1.57M | 1.74M |
| Earnings From Equity Investments | 39.00K | -221.00K | -3.32M | |||
| Currency Exchange Gain (Loss) | -680.00K | 22.68M | -15.28M | -1.37M | -2.83M | -369.00K |
| Other Non Operating Income (Expenses) | -14.18M | |||||
| EBT Excluding Unusual Items | 187.14M | 242.02M | 214.44M | 131.32M | -4.23M | -93.80M |
| Merger & Restructuring Charges | -2.02M | -345.00K | ||||
| Gain (Loss) on Sale of Assets | 8.87M | 13.68M | 15.76M | 8.70M | 250.00K | -2.90M |
| Asset Writedown | 500.00K | -15.64M | ||||
| Legal Settlements | 1.90M | |||||
| Other Unusual Items | -35.46M | -35.46M | -716.00K | -1.09M | 1.30M | -11.10M |
| Pretax Income | 160.55M | 220.25M | 229.49M | 138.93M | -2.31M | -123.78M |
| Income Tax Expense | -84.94M | -113.21M | 50.22M | 43.31M | 19.89M | 5.88M |
| Earnings From Continuing Operations | 245.49M | 333.45M | 179.27M | 95.62M | -22.19M | -129.66M |
| Minority Interest in Earnings | 1.39M | 1.21M | 1.38M | 1.56M | 444.00K | 691.00K |
| Net Income | 246.88M | 334.66M | 180.66M | 97.19M | -21.75M | -128.97M |
| Net Income to Common | 246.88M | 334.66M | 180.66M | 97.19M | -21.75M | -128.97M |
| Shares Outstanding (Basic) | 49.59M | 50.05M | 52.45M | 51.59M | 44.13M | 41.01M |
| Shares Outstanding (Diluted) | 49.97M | 50.43M | 53.07M | 52.94M | 44.13M | 41.01M |
| EPS (Basic) | 4.98 | 6.69 | 3.44 | 1.88 | -0.49 | -3.14 |
| EPS (Diluted) | 4.95 | 6.64 | 3.40 | 1.84 | -0.49 | -3.14 |
| Free Cash Flow | 271.18M | 353.35M | 254.89M | 72.61M | 23.59M | 6.05M |
| Free Cash Flow Per Share | 5.43 | 7.01 | 4.80 | 1.37 | 0.54 | 0.15 |
| Gross Margin | 48.09% | 49.22% | 48.24% | 44.47% | 38.14% | 28.84% |
| Operating Margin | 18.36% | 20.47% | 21.97% | 17.44% | 4.42% | -20.55% |
| Profit Margin | 18.34% | 24.74% | 13.42% | 9.62% | -3.36% | -34.76% |
| Free Cash Flow Margin | 20.14% | 26.12% | 18.94% | 7.19% | 3.64% | 1.63% |
| EBITDA | 398.50M | 426.76M | 446.82M | 301.14M | 112.14M | -3.04M |
| EBITDA Margin | 29.60% | 31.55% | 33.20% | 29.82% | 17.31% | -0.82% |
| D&A For EBITDA | 151.26M | 149.90M | 151.17M | 124.98M | 83.52M | 73.22M |
| EBIT | 247.23M | 276.87M | 295.65M | 176.16M | 28.61M | -76.27M |
| EBIT Margin | 18.36% | 20.47% | 21.97% | 17.44% | 4.42% | -20.55% |
| Effective Tax Rate | 21.88% | 31.17% | ||||
| Revenue as Reported | 1.35B | 1.35B | 1.35B | 1.01B | 647.68M | 371.03M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 613.54M | 578.76M | 324.92M | 274.44M | 164.19M | 149.04M |
| Cash & Short-Term Investments | 613.54M | 578.76M | 324.92M | 274.44M | 164.19M | 149.04M |
| Receivables | 306.57M | 285.37M | 323.81M | 268.35M | 156.47M | 156.64M |
| Inventory | 29.50M | 38.48M | 34.32M | 31.93M | 30.83M | 12.61M |
| Prepaid Expenses | 15.39M | 10.61M | 12.49M | 9.77M | 16.29M | 6.93M |
| Restricted Cash | 2.03M | 1.24M | 1.24M | 1.24M | ||
| Other Current Assets | 2.38M | 914.00K | 1.10M | 5.40M | 8.89M | 16.22M |
| Total Current Assets | 967.38M | 914.13M | 698.66M | 591.13M | 377.91M | 342.67M |
| Property, Plant & Equipment | 1.04B | 1.10B | 1.20B | 1.32B | 803.70M | 691.48M |
| Long-Term Deferred Tax Assets | 182.47M | 200.94M | 3.16M | |||
| Long-Term Deferred Charges | 143.60M | 140.84M | 153.15M | 109.60M | 65.38M | 43.33M |
| Other Long-Term Assets | 34.70M | 27.35M | 24.50M | 39.71M | 50.67M | 18.29M |
| Total Assets | 2.37B | 2.39B | 2.07B | 2.06B | 1.30B | 1.10B |
| Accounts Payable | 62.61M | 66.35M | 71.39M | 44.93M | 38.95M | 20.79M |
| Accrued Expenses | 133.71M | 153.17M | 129.89M | 125.59M | 105.52M | 51.73M |
| Current Portion of Long-Term Debt | 5.68M | 5.84M | 65.39M | 103.08M | ||
| Current Portion of Leases | 24.98M | 4.90M | 1.79M | 2.11M | 1.41M | |
| Current Income Taxes Payable | 62.54M | 57.35M | 48.12M | 44.46M | 39.35M | 18.98M |
| Current Unearned Revenue | 4.80M | 9.40M | 2.20M | 600.00K | ||
| Other Current Liabilities | 5.54M | 2.74M | 2.52M | 8.88M | 6.66M | 64.44M |
| Total Current Liabilities | 270.07M | 315.24M | 331.61M | 328.73M | 194.79M | 157.94M |
| Long-Term Debt | 647.52M | 649.05M | 571.71M | 631.36M | 169.04M | 167.88M |
| Long-Term Leases | 6.36M | 5.91M | 5.30M | 5.50M | 3.30M | |
| Long-Term Unearned Revenue | 3.60M | 2.10M | ||||
| Pension & Post-Retirement Benefits | 15.28M | 15.16M | 17.52M | 19.00M | 17.38M | 26.87M |
| Other Long-Term Liabilities | 45.09M | 36.25M | 34.86M | 40.68M | 44.95M | 38.01M |
| Total Liabilities | 977.97M | 1.03B | 963.72M | 1.03B | 431.67M | 394.01M |
| Common Stock | 50.00K | 50.00K | 52.00K | 52.00K | 51.00K | 41.00K |
| Additional Paid-In Capital | 1.66B | 1.66B | 1.66B | 1.67B | 1.56B | 1.38B |
| Retained Earnings | -277.36M | -305.16M | -548.83M | -637.84M | -699.65M | -677.90M |
| Comprehensive Income & Other | 6.95M | 7.25M | 6.06M | 5.27M | 8.58M | 2.67M |
| Total Common Equity | 1.39B | 1.37B | 1.11B | 1.04B | 865.97M | 701.30M |
| Minority Interest | -4.88M | -4.13M | -2.93M | -1.54M | 22.00K | 466.00K |
| Shareholders' Equity | 1.39B | 1.36B | 1.11B | 1.04B | 865.99M | 701.77M |
| Total Liabilities & Equity | 2.37B | 2.39B | 2.07B | 2.06B | 1.30B | 1.10B |
| Total Debt | 653.20M | 686.24M | 647.91M | 741.53M | 176.65M | 172.59M |
| Net Cash (Debt) | -39.66M | -107.48M | -323.00M | -467.10M | -12.46M | -23.55M |
| Net Cash Per Share | -0.79 | -2.13 | -6.09 | -8.82 | -0.28 | -0.57 |
| Filing Date Shares Outstanding | 49.76M | 49.57M | 51.47M | 52.27M | 50.57M | 41.32M |
| Total Common Shares Outstanding | 49.75M | 49.57M | 51.46M | 52.26M | 50.55M | 41.31M |
| Working Capital | 697.31M | 598.90M | 367.05M | 262.40M | 183.12M | 184.73M |
| Book Value Per Share | 28.00 | 27.55 | 21.65 | 19.89 | 17.13 | 16.98 |
| Tangible Book Value | 1.39B | 1.37B | 1.11B | 1.04B | 865.97M | 701.30M |
| Tangible Book Value Per Share | 28.00 | 27.55 | 21.65 | 19.89 | 17.13 | 16.98 |
| Machinery | 1.76B | 1.75B | 1.73B | 1.72B | 1.07B | 898.65M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 246.88M | 334.66M | 180.66M | 97.19M | -21.75M | -128.97M |
| Depreciation & Amortization | 151.26M | 149.90M | 151.17M | 124.98M | 83.52M | 73.22M |
| Other Amortization | 113.86M | 111.24M | 86.60M | 51.55M | 35.64M | 41.32M |
| Loss (Gain) From Sale of Assets | -8.87M | -13.68M | -15.76M | -8.70M | -250.00K | 2.90M |
| Asset Writedown & Restructuring Costs | -486.00K | 15.64M | ||||
| Stock-Based Compensation | 13.74M | 14.48M | 13.68M | 10.76M | 7.37M | 5.64M |
| Provision & Write-off of Bad Debts | 400.00K | |||||
| Other Operating Activities | -131.79M | -187.93M | 16.82M | 1.78M | 15.35M | 12.29M |
| Change in Accounts Receivable | 9.92M | 38.43M | -55.45M | -109.76M | -4.13M | 26.12M |
| Change in Inventory | -4.62M | -4.62M | -2.91M | 1.98M | -14.61M | 1.36M |
| Change in Accounts Payable | 13.89M | -5.04M | 26.45M | 5.99M | 16.48M | 3.81M |
| Change in Other Net Operating Assets | -93.02M | -58.34M | -118.79M | -71.57M | -76.91M | -38.74M |
| Operating Cash Flow | 311.26M | 379.11M | 282.47M | 104.19M | 40.23M | 15.01M |
| Capital Expenditures | -40.08M | -25.76M | -27.58M | -31.59M | -16.64M | -8.95M |
| Sale of Property, Plant & Equipment | 21.39M | 17.62M | 19.34M | 15.51M | 13.57M | 34.01M |
| Cash Acquisitions | -594.19M | -20.74M | ||||
| Other Investing Activities | 660.00K | 8.05M | ||||
| Investing Cash Flow | -18.69M | -7.48M | -188.00K | -610.27M | -23.81M | 25.06M |
| Long-Term Debt Issued | 650.00M | 575.00M | 172.38M | |||
| Long-Term Debt Repaid | -648.37M | -103.03M | -13.68M | -198.92M | ||
| Total Debt Repaid | -649.64M | -648.37M | -103.03M | -13.68M | -198.92M | |
| Net Debt Issued (Repaid) | 360.00K | 1.63M | -103.03M | 561.32M | -26.54M | |
| Issuance of Common Stock | 4.00K | 111.48M | 187.83M | |||
| Repurchase of Common Stock | -6.85M | -98.16M | -119.36M | -41.06M | -2.32M | -953.00K |
| Other Financing Activities | -39.54M | -39.43M | -213.00K | -16.18M | -188.22M | -13.52M |
| Financing Cash Flow | -46.03M | -135.96M | -222.59M | 615.56M | -2.72M | -41.01M |
| Foreign Exchange Rate Adjustments | -2.76M | 16.87M | -8.62M | 511.00K | ||
| Net Cash Flow | 243.78M | 252.54M | 51.07M | 109.99M | 13.70M | -949.00K |
| Free Cash Flow | 271.18M | 353.35M | 254.89M | 72.61M | 23.59M | 6.05M |
| Free Cash Flow Margin | 20.14% | 26.12% | 18.94% | 7.19% | 3.64% | 1.63% |
| Free Cash Flow Per Share | 5.43 | 7.01 | 4.80 | 1.37 | 0.54 | 0.15 |
| Levered Free Cash Flow | 367.62M | 443.05M | 343.47M | 163.71M | 133.09M | 101.20M |
| Unlevered Free Cash Flow | 409.26M | 484.36M | 389.07M | 194.00M | 143.84M | 110.93M |
| Cash Interest Paid | 50.41M | 47.81M | 66.90M | 26.64M | 15.55M | 13.75M |
| Cash Income Tax Paid | 66.93M | 60.31M | 56.91M | 43.88M | 22.27M | 19.01M |
| Change in Working Capital | -73.83M | -29.56M | -150.70M | -173.35M | -79.17M | -7.44M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.24B | 2.50B | 2.86B | 3.81B | 1.86B | 442.10M |
| Enterprise Value | 4.28B | 2.75B | 3.23B | 4.28B | 1.91B | 470.43M |
| Last Close Price | 87.33 | 50.51 | 54.71 | 72.11 | 36.85 | 10.71 |
| PE Ratio | 17.22 | 7.48 | 15.85 | 39.21 | ||
| Forward PE | 16.04 | 15.38 | 10.57 | 15.92 | 25.68 | 62.01 |
| PS Ratio | 3.23 | 1.85 | 2.13 | 3.77 | 2.87 | 1.19 |
| PB Ratio | 3.12 | 1.84 | 2.58 | 3.67 | 2.15 | 0.63 |
| P/TBV Ratio | 3.12 | 1.83 | 2.57 | 3.67 | 2.15 | 0.63 |
| P/FCF Ratio | 16.02 | 7.08 | 11.23 | 52.48 | 78.88 | 73.01 |
| P/OCF Ratio | 13.96 | 6.60 | 10.13 | 36.57 | 46.26 | 29.46 |
| PEG Ratio | 0.49 | |||||
| EV/Sales Ratio | 3.26 | 2.03 | 2.40 | 4.24 | 2.96 | 1.27 |
| EV/EBITDA Ratio | 11.00 | 6.44 | 7.23 | 14.21 | 17.08 | |
| EV/EBIT Ratio | 17.74 | 9.92 | 10.92 | 24.28 | 66.92 | |
| EV/FCF Ratio | 16.17 | 7.77 | 12.67 | 58.92 | 81.17 | 77.69 |
| Debt / Equity Ratio | 0.47 | 0.50 | 0.58 | 0.71 | 0.20 | 0.25 |
| Debt / EBITDA Ratio | 1.62 | 1.59 | 1.44 | 2.42 | 1.51 | 136.22 |
| Debt / FCF Ratio | 2.41 | 1.94 | 2.54 | 10.21 | 7.49 | 28.50 |
| Net Debt / Equity Ratio | 0.03 | 0.08 | 0.29 | 0.45 | 0.01 | 0.03 |
| Net Debt / EBITDA Ratio | 0.10 | 0.25 | 0.72 | 1.55 | 0.11 | -7.74 |
| Net Debt / FCF Ratio | 0.15 | 0.30 | 1.27 | 6.43 | 0.53 | 3.89 |
| Asset Turnover | 0.61 | 0.61 | 0.65 | 0.60 | 0.54 | 0.32 |
| Inventory Turnover | 25.90 | 18.87 | 21.03 | 17.87 | 18.45 | 18.54 |
| Quick Ratio | 3.41 | 2.74 | 1.96 | 1.65 | 1.65 | 1.94 |
| Current Ratio | 3.58 | 2.90 | 2.11 | 1.80 | 1.94 | 2.17 |
| Return on Equity (ROE) | 19.45% | 26.97% | 16.68% | 10.05% | -2.83% | -17.00% |
| Return on Assets (ROA) | 6.96% | 7.76% | 8.93% | 6.55% | 1.49% | -4.06% |
| Return on Invested Capital (ROIC) | 17.09% | 19.07% | 15.72% | 10.17% | 3.57% | -9.56% |
| Return on Capital Employed (ROCE) | 11.80% | 13.40% | 17.00% | 10.20% | 2.60% | -8.10% |
| Earnings Yield | 5.81% | 13.37% | 6.31% | 2.55% | -1.17% | -29.17% |
| FCF Yield | 6.24% | 14.11% | 8.90% | 1.91% | 1.27% | 1.37% |
| Buyback Yield / Dilution | 3.84% | 4.97% | -0.25% | -19.95% | -7.61% | -1.62% |
| Total Shareholder Return | 3.84% | 4.97% | -0.25% | -19.95% | -7.61% | -1.62% |