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TDW

Tidewater Inc.

TDW

Tidewater Inc. • NYSE
$53.92 ▲ 2.39% (+1.26)
Market Cap $2.67 B
52w High $64.07
52w Low $31.17
Dividend Yield 0%
P/E 18.15
Volume 415.23K
Outstanding Shares 49.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $341.113M ▼ $35.256M ▲ $-806K ▼ -0.236% ▼ $-0.02 ▼ $103.686M ▼
Q2-2025 $341.431M ▲ $25.733M ▼ $72.93M ▲ 21.36% ▲ $1.47 ▲ $131.637M ▲
Q1-2025 $333.444M ▼ $26.556M ▼ $42.653M ▲ 12.792% ▲ $0.83 ▲ $123.787M ▲
Q4-2024 $345.085M ▲ $28.016M ▼ $36.905M ▼ 10.694% ▼ $0.71 ▼ $108.473M ▼
Q3-2024 $340.356M $28.42M $46.371M 13.624% $0.88 $115.735M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $428.225M ▲ $2.129B ▲ $989.856M ▲ $1.143B ▲
Q2-2025 $369.405M ▲ $2.074B ▲ $938.145M ▼ $1.14B ▲
Q1-2025 $341.799M ▲ $2.066B ▼ $955.801M ▼ $1.114B ▼
Q4-2024 $324.918M ▲ $2.075B ▲ $963.719M ▲ $1.114B ▼
Q3-2024 $280.84M $2.047B $933.291M $1.116B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.018M ▼ $54.742M ▼ $-3.918M ▼ $-7.985M ▲ $58.799M ▲ $49.62M ▼
Q2-2025 $72.702M ▲ $85.433M ▼ $2.102M ▲ $-65.142M ▼ $22.393M ▲ $80.207M ▲
Q1-2025 $42.32M ▲ $85.973M ▼ $-5.85M ▼ $-59.24M ▼ $20.883M ▼ $75.707M ▼
Q4-2024 $36.619M ▼ $91.303M ▲ $5.782M ▲ $-58.23M ▲ $38.855M ▲ $86.769M ▲
Q3-2024 $45.991M $49.136M $-4.155M $-76.306M $-31.325M $43.424M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Vessel
Vessel
 $340.00M ▲$340.00M ▲$330.00M ▼$340.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Tidewater’s income statement shows a clear turnaround story. Revenue has grown steadily over the last several years, helped by acquisitions and stronger offshore activity. The company has moved from persistent losses to consistent profits, with operating and net margins improving meaningfully year after year. Profitability has broadened across the business, not just from cost cuts but also from better pricing and higher vessel utilization. That said, results remain exposed to the ups and downs of offshore energy spending, so earnings can still be cyclical even if the current trend is very positive.

Balance Sheet

Balance Sheet The balance sheet looks much stronger than a few years ago. Total assets and shareholder equity have both increased, reflecting fleet growth and retained profits. Cash levels are solid and have improved, giving the company more financial flexibility. Debt did rise meaningfully as Tidewater expanded through acquisitions, but leverage now appears manageable relative to the size of the business and its cash generation. Overall, the company has shifted from a more fragile post-downturn position to a sturdier capital base, though it still needs to manage debt carefully in a cyclical industry.

Cash Flow

Cash Flow Cash flow has become a clear support for the story. Operating cash flow has moved from barely breakeven to comfortably positive, showing that reported profits are increasingly backed by real cash generation. Free cash flow has turned positive and grown, even after accounting for regular investment in the fleet. Capital spending has been relatively disciplined and targeted, allowing Tidewater to strengthen its vessels without overextending. This healthier cash profile gives management room to service debt, fund selective growth, and better weather future downturns, though the capital-intensive nature of the business means cash needs can rise quickly if the company accelerates fleet upgrades.

Competitive Edge

Competitive Edge Tidewater holds a leading position in the offshore support vessel market. It operates one of the largest and most modern fleets globally, with broad coverage across key offshore regions. This scale lets it serve major oil and gas companies, national oil companies, and independents with a wide range of vessel types and specialized services. Recent acquisitions have deepened its presence in attractive markets like West Africa and Southeast Asia and strengthened its high-spec and hybrid fleet. Its long track record, safety culture, and experienced crews are important differentiators in a high-risk operating environment. However, the business still faces intense price competition at times, and demand is closely tied to offshore exploration and development cycles.

Innovation and R&D

Innovation and R&D Tidewater’s innovation focus is practical and operations-driven rather than lab-heavy research. The company is upgrading vessels with advanced propulsion, hybrid battery systems, and fuel optimization technology to cut fuel use, emissions, and maintenance costs. It has embraced digital tools, including a cloud-first IT approach, real-time fuel monitoring, and data analytics to improve fleet performance and safety. Sea-state monitoring and IoT solutions help optimize operations in challenging conditions. Tidewater is also adapting its capabilities to support offshore wind and other renewable projects, aiming to position its fleet for the energy transition. Future upside could come from further adoption of autonomous and predictive maintenance technologies, though execution and capital allocation will be key.

Summary

Tidewater has transitioned from a stressed, loss-making offshore services provider to a profitable, cash-generative market leader with a larger, more capable fleet. The income statement shows a strong recovery in revenue and margins, the balance sheet is sturdier with more equity and better liquidity, and cash flows now provide a buffer against industry swings. Its competitive edge rests on fleet scale, global reach, safety record, and a growing focus on efficient, lower-emission vessels. At the same time, the company remains heavily tied to offshore energy cycles, requires ongoing investment in its fleet, and must integrate acquisitions effectively while navigating environmental and regulatory pressures. Overall, Tidewater is a much stronger and more modernized business than it was a few years ago, with both meaningful opportunities and typical sector risks ahead.

NEWS

November 26, 2025 · 10:53 AM UTC

Axiom Oil and Gas Inc. Maintains $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd. Related to Brazeau Property for Sale

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November 20, 2025 · 2:47 PM UTC

Axiom Oil and Gas Inc. Announces Property Sales, Files $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd.

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November 10, 2025 · 4:25 PM UTC

Tidewater Reports Results for the Nine Months Ended September 30, 2025

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November 3, 2025 · 7:06 PM UTC

Tidewater Announces Earnings Release and Conference Call

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