TDW

MKT CAP:$4B

Tidewater Inc.

Market Cap

$4B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$88.52+$36.29 (+69.48%)

Apr 24, 2026

Company Details

Tidewater Inc., together with its subsidiaries, provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in suppo...

CEO

Quintin V. Kneen

IPO Date

Mar 17, 1980

Website

www.tdw.com

Key Metrics TTM

Revenue

$872M

+107.5% YoY

Net Income

$47M

EPS (Diluted)

$0.54

Free Cash Flow

$167M

Revenue / Share

$17.44

Gross Margin

23.9%

Operating Margin

12.3%

Net Margin

5.4%

FCF Margin

19.2%

P/S

5.0x

P/E

92.1x

Earnings Reports

Q3 2025

May 4, 2026

PENDING

FY 2025

Mar 2, 2026

$1.4BEPS $6.64

Q2 2025

Aug 4, 2025

$341M+0.6%EPS $1.46

Q2 2024

Aug 6, 2024

$339MEPS $0.94

Q4 2021

Mar 9, 2022

$105MEPS -$0.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 15	$218M	$89M	-$142.0K
Q3 16	$144M	$9M	-$155M
Q4 16	$129M	$44M	-$40M
Q1 17	$161M	$77M	$6M
Q2 17	$115M	-$7M	-$205M
Q3 17	$111M	$0	$0
Q4 17	$104M	$0	$0
Q1 18	$91M	$16M	-$12M
Q4 18	$110M	$14M	-$70M
Q1 20	$116M	$8M	-$19M
Q2 20	$102M	$9M	-$118M
Q3 20	$86M	-$6M	-$25M
Q4 21	$105M	$5M	-$27M
Q2 24	$339M	$102M	$78M
Q2 25	$341M	$107M	$81M

Valuation

Quarter	P/S	P/E
Q4 15	—	—
Q3 16	—	—
Q4 16	—	—
Q1 17	6.7x	—
Q2 17	8.0x	—
Q3 17	8.5x	—
Q4 17	8.9x	—
Q1 18	10.4x	—
Q4 18	10.5x	—
Q1 20	10.3x	—
Q2 20	10.4x	—
Q3 20	10.5x	—
Q4 21	10.6x	—
Q2 24	6.9x	—
Q2 25	5.0x	92.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 15	$28M	$14M
Q3 16	$10M	$8M
Q4 16	$62M	$20M
Q1 17	$70M	$62M
Q2 17	-$23M	-$25M
Q3 17	-$16M	-$17M
Q4 17	-$18M	-$27M
Q1 18	-$6M	-$8M
Q4 18	-$18M	-$31M
Q1 20	-$28M	-$30M
Q2 20	$15M	$13M
Q3 20	$15M	$14M
Q4 21	$7M	$570.0K
Q2 24	$79M	$72M
Q2 25	$85M	$80M

Capital Expenditures

Quarter	CapEx
Q4 15	$13M
Q3 16	$2M
Q4 16	$42M
Q1 17	$8M
Q2 17	$2M
Q3 17	$1M
Q4 17	$9M
Q1 18	$2M
Q4 18	$12M
Q1 20	$2M
Q2 20	$2M
Q3 20	$607.0K
Q4 21	$6M
Q2 24	$6M
Q2 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	-47.2%	+46.8%
Q3 17	-23.1%	-63.0%
Q4 17	-19.2%	-38.2%
Q1 18	-43.1%	-32.9%
Q4 18	-4.2%	-43.7%
Q1 20	+5.3%	+22.0%
Q2 20	-2.0%	+110.7%
Q3 20	-5.5%	+7.7%
Q4 21	-4.6%	-26.7%
Q2 24	+191.5%	+93.6%
Q2 25	+233.6%	+18.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 15	$3M	1.5%
Q3 16	$1M	0.8%
Q4 16	$2M	1.2%
Q1 17	-$888.0K	-0.6%
Q2 17	$326.0K	0.3%
Q3 17	$3M	2.3%
Q4 17	$3M	2.4%
Q1 18	$3M	3.2%
Q4 18	$3M	3.1%
Q1 20	$1M	1.1%
Q2 20	$1M	1.4%
Q3 20	$1M	1.4%
Q4 21	$1M	1.4%
Q2 24	$0	0.0%
Q2 25	$4M	1.2%

OpEx Breakdown

Quarter	G&A	S&M
Q4 15	$36M	$8M
Q3 16	$40M	$1M
Q4 16	$34M	$8M
Q1 17	$25M	$8M
Q2 17	$38M	$648.0K
Q3 17	$25M	$2M
Q4 17	$37M	$1M
Q1 18	$24M	—
Q4 18	$28M	$836.0K
Q1 20	$21M	—
Q2 20	$18M	—
Q3 20	$17M	—
Q4 21	$17M	—
Q2 24	$26M	—
Q2 25	$31M	—

Revenue Segments

Quarter	Product And Service Other	Vessel	Product and Service, Other
Q1 20	$4M	$112M	—
Q2 20	$1M	$101M	—
Q3 20	—	$85M	$1M
Q4 21	—	$100M	$5M
Q2 24	—	$337M	$2M
Q2 25	—	$337M	$5M

Revenue by Geography

Quarter	Americas	Europe and Mediterranean	Middle East And Asia Pacific Segment	West Africa	Asia Pacific	Middle East
Q1 20	$32M	$29M	$25M	$26M	—	—
Q2 20	$34M	$21M	$24M	$22M	—	—
Q3 20	$29M	$18M	$23M	$16M	—	—
Q4 21	$28M	$23M	$27M	$23M	—	—
Q2 24	$73M	$83M	—	$89M	$55M	$37M
Q2 25	$69M	$99M	—	$83M	$46M	$40M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$136M	$0	$136M
Q2 22	$88M	$0	$88M
Q3 22	$115M	$0	$115M
Q4 22	$164M	$0	$164M
Q1 23	$165M	$0	$165M
Q2 23	$171M	$0	$171M
Q3 23	$275M	$0	$275M
Q4 23	$274M	$0	$274M
Q1 24	$281M	$0	$281M
Q2 24	$316M	$0	$316M
Q3 24	$281M	$0	$281M
Q4 24	$325M	$0	$325M
Q1 25	$342M	$0	$342M
Q2 25	$369M	$0	$369M
Q3 25	$428M	$0	$428M
Q4 25	$579M	$0	$579M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 15	47M	—	—
Q3 16	18M	-60.7%	—
Q4 16	47M	+155.0%	—
Q1 17	47M	+0.0%	—
Q2 17	18M	-60.8%	-60.7%
Q3 17	29M	+55.7%	+55.7%
Q4 17	23M	-19.5%	-50.8%
Q1 18	23M	+1.2%	-50.2%
Q4 18	32M	+36.5%	+73.2%
Q1 20	40M	+25.4%	+39.6%
Q2 20	40M	+0.5%	+74.2%
Q3 20	40M	+0.2%	+72.5%
Q4 21	41M	+2.2%	+29.1%
Q2 24	53M	+29.2%	+33.0%
Q2 25	50M	-6.3%	+24.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 15	$25.7K	9K
Q3 16	$21.9K	7K
Q4 16	$19.7K	7K
Q1 17	$29.2K	6K
Q2 17	$20.9K	6K
Q3 17	$20.1K	6K
Q4 17	$19.0K	6K
Q1 18	$16.6K	6K
Q4 18	$20.0K	6K
Q1 20	$22.0K	5K
Q2 20	$19.3K	5K
Q3 20	$16.3K	5K
Q4 21	$23.9K	4K
Q2 24	$46.5K	7K
Q2 25	$44.3K	8K

Revenue / Employee