# Tidewater (TDW.US)

Canonical: https://gigainvestors.com/s/TDW

Analysis as of: 2026-10-16T07:32:17.612Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $79.18 per share; close as of 2026-10-15.

Estimated value: low $68.71 per share, central $76.56 per share, high $87.01 per share. Buy at or below the central value $76.56 per share. Valuation as of 2026-10-16T07:32:17.612Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 11 years

- Years with declining revenue: 4

- Years with a net loss: 7

- Operating margin variation: 2.53×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.23×

- FY2018: -0.26×

- FY2019: -0.18×

- FY2020: -0.47×

- FY2021: -0.26×

- FY2022: 0.04×

- FY2023: 0.18×

- FY2024: 0.23×

- FY2025: 0.21×

- LTM to Jun 2026: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -5.9%

- ROIC, second-lowest year: -17.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: -6.1%

- Typical minus recent gross margin: -20.2 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -17.7%

- FY2017: -5.9%

- FY2018: -7.0%

- FY2019: -6.3%

- FY2020: -17.1%

- FY2021: -10.4%

- FY2022: 2.4%

- FY2023: 8.4%

- FY2024: 17.1%

- FY2025: 19.8%

### economics: pass

- Owner earnings / net income, 5-yr: 2.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $944M

- Net income, five-year total: $462M

- Working capital / revenue, annual change: -6.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.50×

- FY2022: -2.08×

- FY2023: 2.00×

- FY2024: 1.71×

- FY2025: 1.37×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -5.9% vs 17.1%

- Per-share earnings: -6.45 to 3.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.6%

- Diluted shares, 5-year annual growth: 4.6%

- Per-share value change: $9.85

- Per-share value, starting three-year median: -$6.45

- Per-share value, ending three-year median: $3.40

- Buybacks concentrated in cheaper years (correlation): 0.81

- Average buyback yield: 2.4%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -5.9%

- ROIC, last three-year median: 17.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$14.02

- FY2017: -$97.17

- FY2018: -$6.45

- FY2019: -$3.71

- FY2020: -$4.86

- FY2021: -$3.14

- FY2022: -$0.49

- FY2023: $1.84

- FY2024: $3.40

- FY2025: $6.64

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -16.5%

- FY2017: -124.5%

- FY2018: -9.6%

- FY2019: -7.0%

- FY2020: -16.0%

- FY2021: -13.1%

- FY2022: -4.8%

- FY2023: -0.4%

- FY2024: -4.5%

- FY2025: -1.9%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 23% since May 2024 · "TDW Q1 Deep Dive: Margin Pressures and Expansion Efforts Shape Offshore Outlook" (finance.yahoo.com, May 2026) · sales -0.5%

Story as of 2026-10-16T09:59:40.303Z; price observation 2026-10-15.

Price needs cash profits to grow 1.4% a year for ten years

- 2025-08-04: Tidewater shares up after strong earnings beat, reaffirms guidance ([investing.com](https://www.investing.com/news/earnings/tidewater-shares-up-after-strong-earnings-beat-reaffirms-guidance-93CH-4168951))

- 2026-03-10: Assessing Tidewater (TDW) Valuation After Earnings Jump And Higher 2026 Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/assessing-tidewater-tdw-valuation-earnings-100720245.html))

- 2026-05-10: Tidewater’s Brazil Deal Tests Growth Ambitions After Softer Earnings Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tidewater-brazil-deal-tests-growth-161035184.html))

### Sales · FY2025–2026

sales -0.5%; source https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm; observed 2026-03-02.

- FY2017: $602M 

- FY2017: $330M 

- FY2018: $407M 

- FY2019: $487M 

- FY2020: $397M 

- FY2021: $371M 

- FY2022: $648M 

- FY2023: $1.0B 

- FY2024: $1.3B 

- FY2025: $1.4B 

- FY2026: $1.3B 

### Gross margin · FY2025

gross margin 30.8%; source https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm; observed 2026-03-02.

- FY2016: 22.1% 

- FY2017: 10.4% 

- FY2017: 3.6% 

- FY2018: 18.0% 

- FY2019: 10.8% 

- FY2020: 2.1% 

- FY2022: 19.9% 

- FY2023: 26.6% 

- FY2024: 30.2% 

- FY2025: 30.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm (filed 2026-03-02); FY2025: revenue 1352786000; grossProfit 416345000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TDW.US: 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.

### Why customers stay

Margins ranged from 26.6% to 30.8% during 2023–25; it lost 6.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 30.2%.

- Source: https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 9-year return on capital observations [[2017,-0.17716444213660446],[2017,-0.058905404958001686],[2018,-0.07012319897873662],[2019,-0.06303155485824681],[2020,-0.17062245566895168],[2021,-0.10402884876572296],[2022,0.024170883342517036],[2023,0.08365142356913738],[2024,0.1705261668847478],[2025,0.19794050031039165]]; median -0.06096847990812425. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 90.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 0; upkeep 16637000; cash acquisitions 20740000; owner earnings 45136000. Growth capex plus acquisitions / owner earnings = 0.45950017724211273.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 31588000; cash acquisitions 594191000; owner earnings 194374000. Growth capex plus acquisitions / owner earnings = 3.0569469167687036.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 27580000; cash acquisitions 0; owner earnings 309242000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 25761000; cash acquisitions 0; owner earnings 459995000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2017,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,1122646000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm (filed 2026-03-02); FY2025: cash repurchases 90089000 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TDW.US SharesStats.PercentInsiders = 1.694 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Ten-year compound average after fade. Initial solved rate 0.007057178793621222. Price 79.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -6.818714106445742 → FY2025 9.12109375. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $1.73 per share

- 2016-11: $2.29 per share

- 2016-12: $3.41 per share

- 2017-01: $2.20 per share

- 2017-02: $1.36 per share

- 2017-03: $1.15 per share

- 2017-04: $0.88 per share

- 2017-05: $0.73 per share

- 2017-06: $0.72 per share

- 2017-07: $0.93 per share

- 2017-08: $23.65 per share

- 2017-09: $29.08 per share

- 2017-10: $27.25 per share

- 2017-11: $25.78 per share

- 2017-12: $24.40 per share

- 2018-01: $27.95 per share

- 2018-02: $25.02 per share

- 2018-03: $28.61 per share

- 2018-04: $34.26 per share

- 2018-05: $28.97 per share

- 2018-06: $28.93 per share

- 2018-07: $34.33 per share

- 2018-08: $32.00 per share

- 2018-09: $31.19 per share

- 2018-10: $26.85 per share

- 2018-11: $23.78 per share

- 2018-12: $19.13 per share

- 2019-01: $21.52 per share

- 2019-02: $22.94 per share

- 2019-03: $23.19 per share

- 2019-04: $22.50 per share

- 2019-05: $21.31 per share

- 2019-06: $23.48 per share

- 2019-07: $22.99 per share

- 2019-08: $15.76 per share

- 2019-09: $15.11 per share

- 2019-10: $16.23 per share

- 2019-11: $15.30 per share

- 2019-12: $19.28 per share

- 2020-01: $15.18 per share

- 2020-02: $13.89 per share

- 2020-03: $7.08 per share

- 2020-04: $5.76 per share

- 2020-05: $4.77 per share

- 2020-06: $5.59 per share

- 2020-07: $6.22 per share

- 2020-08: $6.87 per share

- 2020-09: $6.71 per share

- 2020-10: $5.86 per share

- 2020-11: $9.51 per share

- 2020-12: $8.64 per share

- 2021-01: $9.49 per share

- 2021-02: $12.46 per share

- 2021-03: $12.53 per share

- 2021-04: $12.26 per share

- 2021-05: $13.76 per share

- 2021-06: $12.05 per share

- 2021-07: $11.32 per share

- 2021-08: $11.50 per share

- 2021-09: $12.06 per share

- 2021-10: $12.13 per share

- 2021-11: $10.43 per share

- 2021-12: $10.71 per share

- 2022-01: $14.19 per share

- 2022-02: $14.81 per share

- 2022-03: $21.74 per share

- 2022-04: $19.96 per share

- 2022-05: $25.45 per share

- 2022-06: $21.09 per share

- 2022-07: $22.03 per share

- 2022-08: $22.16 per share

- 2022-09: $21.70 per share

- 2022-10: $33.90 per share

- 2022-11: $30.40 per share

- 2022-12: $36.85 per share

- 2023-01: $43.40 per share

- 2023-02: $48.84 per share

- 2023-03: $44.08 per share

- 2023-04: $45.03 per share

- 2023-05: $44.81 per share

- 2023-06: $55.44 per share

- 2023-07: $63.11 per share

- 2023-08: $65.03 per share

- 2023-09: $71.07 per share

- 2023-10: $68.35 per share

- 2023-11: $60.08 per share

- 2023-12: $72.11 per share

- 2024-01: $67.19 per share

- 2024-02: $70.03 per share

- 2024-03: $92.00 per share

- 2024-04: $91.85 per share

- 2024-05: $103.33 per share

- 2024-06: $95.21 per share

- 2024-07: $98.96 per share

- 2024-08: $88.70 per share

- 2024-09: $71.79 per share

- 2024-10: $60.07 per share

- 2024-11: $51.72 per share

- 2024-12: $54.71 per share

- 2025-01: $55.11 per share

- 2025-02: $45.62 per share

- 2025-03: $42.27 per share

- 2025-04: $36.19 per share

- 2025-05: $39.71 per share

- 2025-06: $46.13 per share

- 2025-07: $50.01 per share

- 2025-08: $60.20 per share

- 2025-09: $53.33 per share

- 2025-10: $50.59 per share

- 2025-11: $54.02 per share

- 2025-12: $50.51 per share

- 2026-01: $62.49 per share

- 2026-02: $79.42 per share

- 2026-03: $83.55 per share

- 2026-04: $89.33 per share

- 2026-05: $73.49 per share

- 2026-06: $66.63 per share

- 2026-07: $75.06 per share

- 2026-08: $93.12 per share

- 2026-09: $81.10 per share

- 2026-10: $79.18 per share

## Annual estimated value (USD per share)

- FY2024: low $24.93 per share, central $27.59 per share, high $31.14 per share

- FY2025: low $67.37 per share, central $75.15 per share, high $85.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:02.616Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/98222/000143774926006391/tdw20251231_10k.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.