TDWNYSEWater TransportationFiscal year ends December 31Also trades as TDDWW, TDGMW
TIDEWATER INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$80.81+1.31 (+1.65%)
Close on Oct 19, 2026
- Market cap
- $4.05B
- P/E (TTM)
- 16.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
–
Operating margin
20.9%+67.9 pts over 5 years
Net margin
24.7%+74.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.5% | +27.8% | +27.8% | -1.0% | |
| Operating income | -9.2% | +119.5% | – | – | |
| Net income | +85.2% | – | – | – | |
| EPS, diluted | +95.3% | – | – | – | |
| Free cash flow | +38.6% | +146.5% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -2.5% | -21.4% | 27.0% | |
| Return on assets | -1.4% | -13.9% | 15.0% | |
| Current ratio | 1.80 | 2.12 | 2.90 | |
| Debt to equity | 0.62 | 0.23 | 0.48 | |
| Net debt to EBITDA | 10.55× | -0.38× | 0.18× | |
| Interest coverage | -0.7× | – | – | |
| Capex to revenue | 24.4% | 3.8% | 1.9% | |
| Diluted shares | 49M | 0M | 50M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tidewater generated $821.01M from operations and spent $326.37M on capital expenditure, dividends and share buybacks. 34% of that went back into the business.
Generated
$821.01M
Used
$326.37M
Capital expenditure$110.52M34%Dividends$00%Share buybacks$215.86M66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin24.7%
×Asset turnover0.61×
×Equity multiplier1.80×
=Return on equity, FY202527.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 24.7% | 0.61× | 1.80× | 27.0% |
| FY2024 | 13.4% | 0.65× | 1.92× | 16.8% |
| FY2023 | 9.6% | 0.60× | 1.76× | 10.2% |
| FY2022 | -3.4% | 0.54× | 1.53× | -2.8% |
| FY2021 | -34.8% | 0.32× | 1.54× | -16.9% |
| FY2020 | -49.4% | 0.28× | 1.54× | -21.4% |
| FY2017 | -109.7% | 0.13× | 2.33× | -33.6% |
| FY2016 | -16.4% | 0.20× | 2.04× | -6.7% |
| FY2015 | -4.4% | 0.31× | 1.87× | -2.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$334.66M
- Cash generatingOperating cash flow above zero$379.11M
- Return on assets improvedROA up on the prior year8.8% → 16.1%
- Earnings backed by cashOperating cash flow above net income$379.11M vs $334.66M
- Less leverageLong-term debt to assets fell27.6% → 27.2%
- Better liquidityCurrent ratio rose2.11 → 2.90
- No dilutionShare count did not rise53M → 50M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.65 → 0.65