Tidewater Inc Financials
Tidewater Inc (TDW) reported $1.4B in revenue for fiscal year 2025, up 0.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Tidewater’s recent engine is cash-rich, low-capex conversion: a mostly flat top line now produces much more balance-sheet flexibility.
Between FY2024 and FY2025, core operating profitability softened as operating margin slipped from23.1% to20.9% even though revenue barely moved, which means the headline earnings surge was not driven by stronger day-to-day operations. Net income still jumped from$179M to$334M because taxes turned from expense to benefit, so cash flow gives a more reliable read of the underlying business.
The company now shows very high cash retention: FY2025 capital spending was only
The balance sheet has also become less debt-led over the last three years, with debt-to-equity easing from 0.6x to 0.5x as equity rebuilt from retained earnings recovery. Even after roughly
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tidewater Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tidewater Inc scores 3.78, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.6B) relative to total liabilities ($1.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tidewater Inc passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Tidewater Inc generates $1.14 in operating cash flow ($379.1M OCF vs $333.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Tidewater Inc earns $4.27 in operating income for every $1 of interest expense ($282.6M vs $66.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Tidewater Inc generated $1.4B in revenue in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Tidewater Inc's EBITDA was $433.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.2% from the prior year.
Tidewater Inc reported $333.5M in net income in fiscal year 2025. This represents an increase of 86.3% from the prior year.
Tidewater Inc earned $6.64 per diluted share (EPS) in fiscal year 2025. This represents an increase of 95.3% from the prior year.
Cash & Balance Sheet
Tidewater Inc generated $353.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 38.6% from the prior year.
Tidewater Inc held $578.8M in cash against $649.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Tidewater Inc's operating margin was 20.9% in fiscal year 2025, reflecting core business profitability. This is down 2.2 percentage points from the prior year.
Tidewater Inc's net profit margin was 24.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.3 percentage points from the prior year.
Tidewater Inc's ROE was 24.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Tidewater Inc spent $90.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 0.7% from the prior year.
Tidewater Inc invested $25.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.6% from the prior year.
Not reported for fiscal year 2025.
TDW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B+0.5% | $1.3B+33.3% | $1.0B+55.9% | $647.7M+74.6% | $371.0M-6.5% | $397.0M-18.4% | $486.5M+19.7% | $406.5M-32.4% | $601.6M-38.6% | $979.1M-34.5% | $1.5B+4.2% | $1.4B+15.3% | $1.2B+16.6% | $1.1B+1.1% | $1.1B |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | -$29.7M-530.4% | $6.9M+13.6% | $6.1M+110.2% | -$59.4M-185.3% | $69.6M-75.7% | $285.9M-3.7% | $296.9M+17.9% | $251.7M+50.5% | $167.2M | N/A |
| SG&A Expenses | $142.6M | $134.5M+21.4% | $110.8M+16.3% | $95.3M-6.5% | $101.9M+48.8% | $68.5M-6.7% | $73.4M-29.2% | $103.7M-5.7% | $110.0M-24.6% | $145.9M-5.2% | $153.8M-19.0% | $189.8M+1.0% | $188.0M+7.0% | $175.6M+12.2% | $156.6M+7.6% | $145.5M |
| Operating Income | $248.1M | $282.6M-9.2% | $311.3M+70.9% | $182.2M+582.2% | $26.7M+128.1% | -$95.0M+49.1% | -$186.8M-115.7% | -$86.6M+19.4% | -$107.5M+81.4% | -$577.9M-731.2% | -$69.5M-87.0% | -$37.2M-118.4% | $201.5M-2.3% | $206.2M+81.6% | $113.6M-18.5% | $139.3M |
| Interest Expense | N/A | $66.1M-9.7% | $73.2M+50.2% | $48.7M+179.9% | $17.4M+11.6% | $15.6M-35.4% | $24.2M-16.9% | $29.1M-4.5% | $30.4M-59.4% | $75.0M+39.6% | $53.8M+7.4% | $50.0M+14.2% | $43.8M+47.3% | $29.7M+33.3% | $22.3M+107.2% | $10.8M |
| Income Tax | -$84.9M | -$113.2M-325.4% | $50.2M+16.0% | $43.3M+117.8% | $19.9M+238.5% | $5.9M+708.8% | -$965K-103.5% | $27.7M+51.9% | $18.3M+185.3% | $6.4M-69.3% | $20.8M+2033.1% | -$1.1M-103.3% | $32.8M-26.2% | $44.4M+88.0% | $23.6M-44.4% | $42.5M |
| Net Income | $245.7M | $333.5M+86.3% | $179.0M+87.2% | $95.6M+534.5% | -$22.0M+82.9% | -$129.0M+34.3% | -$196.2M-38.4% | -$141.7M+17.4% | -$171.5M+74.0% | -$660.1M-312.1% | -$160.2M-145.7% | -$65.2M-146.5% | $140.3M-7.0% | $150.8M+72.5% | $87.4M-17.2% | $105.6M |
| EPS (Diluted) | — | $6.64+95.3% | $3.40+84.8% | $1.84+475.5% | -$0.49+84.4% | -$3.14+35.4% | -$4.86-31.0% | -$3.71+42.5% | -$6.45 | -$14.02-311.1% | -$3.41-154.5% | -$1.34-147.5% | $2.82-6.9% | $3.03+78.2% | $1.70-17.1% | $2.05 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TDW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+15.0% | $2.1B+0.6% | $2.1B+59.0% | $1.3B+18.4% | $1.1B-12.4% | $1.3B-20.8% | $1.6B-13.6% | $1.8B-56.4% | $4.2B-15.9% | $5.0B+4.9% | $4.7B-2.8% | $4.9B+17.2% | $4.2B+2.6% | $4.1B+8.4% | $3.7B |
| Current Assets | $914.1M+30.8% | $698.7M+18.2% | $591.1M+56.4% | $377.9M+10.3% | $342.7M-11.8% | $388.6M-27.7% | $537.3M-21.4% | $683.3M-40.1% | $1.1B-13.8% | $1.3B+52.3% | $868.8M+5.9% | $820.2M+61.4% | $508.1M-26.8% | $694.1M+19.8% | $579.1M |
| Cash & Equivalents | $578.8M+78.1% | $324.9M+18.4% | $274.4M+67.1% | $164.2M+10.2% | $149.0M-0.6% | $149.9M-31.3% | $218.3M-41.3% | $371.8M-47.4% | $706.4M+4.1% | $678.4M+763.5% | $78.6M+30.2% | $60.4M+48.8% | $40.6M-87.4% | $320.7M+30.5% | $245.7M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $283.7M-4.7% | $297.8M0.0% | $297.8M-9.4% | $328.7M |
| Total Liabilities | $1.0B+6.3% | $960.8M-6.1% | $1.0B+137.1% | $431.7M+9.4% | $394.5M-8.1% | $429.1M-24.0% | $564.7M-17.4% | $683.9M-73.2% | $2.6B-4.8% | $2.7B+18.0% | $2.3B+3.1% | $2.2B+37.4% | $1.6B+4.6% | $1.5B+24.4% | $1.2B |
| Current Liabilities | $315.2M-4.9% | $331.6M+0.9% | $328.7M+68.8% | $194.8M+23.3% | $157.9M-13.8% | $183.2M-1.3% | $185.7M+17.3% | $158.4M-93.2% | $2.3B-5.0% | $2.5B+408.5% | $482.2M+20.1% | $401.7M+50.7% | $266.6M+11.6% | $238.9M+30.1% | $183.6M |
| Long-Term Debt | $649.0M+13.5% | $571.7M-9.4% | $631.4M+273.5% | $169.0M+0.7% | $167.9M+1.8% | $164.9M-40.9% | $279.0M-35.2% | $430.4M-78.9% | $2.0B-0.6% | $2.1B+34.6% | $1.5B+1.3% | $1.5B+50.5% | $1.0B+5.3% | $950.0M+35.7% | $700.0M |
| Total Equity | $1.4B+22.6% | $1.1B+7.2% | $1.0B+20.0% | $866.0M+23.5% | $701.3M-14.7% | $822.1M-19.0% | $1.0B-11.3% | $1.1B-30.0% | $1.6B-28.9% | $2.3B-7.1% | $2.5B-7.6% | $2.7B+4.6% | $2.6B+1.4% | $2.5B+0.5% | $2.5B |
| Retained Earnings | -$305.2M+44.4% | -$548.8M+14.0% | -$637.8M+8.8% | -$699.6M-3.2% | -$677.9M-23.5% | -$548.9M-55.7% | -$352.5M-67.2% | -$210.8M-114.3% | $1.5B-30.9% | $2.1B-8.4% | $2.3B-8.4% | $2.5B+3.7% | $2.5B+0.7% | $2.4B0.0% | $2.4B |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
TDW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $311.3M | $379.1M+34.2% | $282.5M+171.1% | $104.2M+159.0% | $40.2M+168.1% | $15.0M+276.5% | $4.0M+112.7% | -$31.4M-897.3% | $3.9M-86.8% | $29.8M-88.2% | $253.4M-29.4% | $358.7M+242.9% | $104.6M-51.1% | $213.9M-3.8% | $222.4M-15.8% | $264.2M |
| Capital Expenditures | $40.1M | $25.8M-6.6% | $27.6M-12.7% | $31.6M+89.9% | $16.6M+85.9% | $9.0M-39.9% | $14.9M-17.2% | $18.0M-15.9% | $21.4M-16.1% | $25.5M-86.9% | $194.5M-46.6% | $364.2M-38.8% | $594.7M+35.0% | $440.6M+23.4% | $357.1M-42.0% | $615.3M |
| Free Cash Flow | $271.2M | $353.3M+38.6% | $254.9M+251.1% | $72.6M+207.8% | $23.6M+289.6% | $6.1M+155.5% | -$10.9M+77.9% | -$49.4M-183.2% | -$17.4M-503.7% | $4.3M-92.7% | $58.9M+1174.2% | -$5.5M+98.9% | -$490.1M-116.2% | -$226.6M-68.3% | -$134.7M+61.6% | -$351.1M |
| Investing Cash Flow | -$18.7M | -$7.5M-3879.8% | -$188K+100.0% | -$610.3M-2463.2% | -$23.8M-195.0% | $25.1M+7.1% | $23.4M+115.7% | $10.8M-84.2% | $68.5M | N/A | N/A | N/A | N/A | -$413.5M-31.2% | -$315.1M+44.7% | -$569.9M |
| Financing Cash Flow | -$46.0M | -$136.0M+38.9% | -$222.6M-136.2% | $615.6M+22764.1% | -$2.7M+93.4% | -$41.0M+58.9% | -$99.8M+33.3% | -$149.6M-16.8% | -$128.1M | N/A | N/A | N/A | N/A | -$80.6M-148.1% | $167.7M-48.9% | $328.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $35.4M-27.5% | $48.8M-2.0% | $49.8M+0.5% | $49.6M-3.3% | $51.3M-0.4% | $51.5M |
| Share Buybacks | $0 | $90.1M-0.7% | $90.7M+159.1% | $35.0M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | $100.0M | N/A | $85.0M+142.9% | $35.0M+75.2% | $20.0M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TDW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | -7.5%-8.9pp | 1.4%-0.1pp | 1.5%+11.4pp | -9.9%-17.0pp | 7.1%-12.0pp | 19.1%-1.6pp | 20.7%+0.5pp | 20.2%+4.6pp | 15.7% | N/A |
| Operating Margin | 20.9%-2.2pp | 23.1%+5.1pp | 18.0%+13.9pp | 4.1%+29.7pp | -25.6%+21.4pp | -47.0%-29.3pp | -17.8%+8.6pp | -26.4%+69.6pp | -96.0%-89.0pp | -7.1%-4.6pp | -2.5%-16.5pp | 14.0%-2.5pp | 16.6%+5.9pp | 10.6%-2.6pp | 13.2% |
| Net Margin | 24.6%+11.3pp | 13.3%+3.8pp | 9.5%+12.9pp | -3.4%+31.4pp | -34.8%+14.7pp | -49.4%-20.3pp | -29.1%+13.1pp | -42.2% | -109.7% | -16.4%-12.0pp | -4.4%-14.1pp | 9.8%-2.4pp | 12.1%+3.9pp | 8.2%-1.8pp | 10.0% |
| Return on Equity | 24.4%+8.4pp | 16.1%+6.9pp | 9.2%+11.7pp | -2.5%+15.8pp | -18.4%+5.5pp | -23.9%-9.9pp | -14.0%+1.0pp | -15.0%+25.4pp | -40.4%-33.4pp | -7.0%-4.3pp | -2.6%-7.9pp | 5.2%-0.6pp | 5.9%+2.4pp | 3.5%-0.7pp | 4.2% |
| Return on Assets | 14.0%+5.3pp | 8.6%+4.0pp | 4.6%+6.3pp | -1.7%+10.1pp | -11.8%+3.9pp | -15.7%-6.7pp | -9.0%+0.4pp | -9.4%+6.4pp | -15.8%-12.5pp | -3.2%-1.8pp | -1.4%-4.2pp | 2.9%-0.8pp | 3.6%+1.5pp | 2.1%-0.7pp | 2.8% |
| Current Ratio | 2.90+0.8x | 2.11+0.3x | 1.80-0.1x | 1.94-0.2x | 2.170.0x | 2.12-0.8x | 2.89-1.4x | 4.32+3.8x | 0.490.0x | 0.54-1.3x | 1.80-0.2x | 2.04+0.1x | 1.91-1.0x | 2.90-0.2x | 3.15 |
| Debt-to-Equity | 0.480.0x | 0.51-0.1x | 0.61+0.4x | 0.200.0x | 0.240.0x | 0.20-0.1x | 0.28-0.1x | 0.38-0.9x | 1.25+0.4x | 0.89+0.3x | 0.62+0.1x | 0.56+0.2x | 0.390.0x | 0.38+0.1x | 0.28 |
| FCF Margin | 26.1%+7.2pp | 18.9%+11.8pp | 7.2%+3.6pp | 3.6%+2.0pp | 1.6%+4.4pp | -2.8%+7.4pp | -10.2%-5.9pp | -4.3%-5.0pp | 0.7%-5.3pp | 6.0%+6.4pp | -0.4%+33.8pp | -34.2%-15.9pp | -18.2%-5.6pp | -12.6%+20.6pp | -33.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Tidewater Inc Ranks
Frequently Asked Questions
What is Tidewater Inc's annual revenue?
Tidewater Inc (TDW) reported $1.4B in total revenue for fiscal year 2025. This represents a 0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tidewater Inc's revenue growing?
Tidewater Inc (TDW) revenue grew by 0.5% year-over-year, from $1.3B to $1.4B in fiscal year 2025.
Is Tidewater Inc profitable?
Yes, Tidewater Inc (TDW) reported a net income of $333.5M in fiscal year 2025, with a net profit margin of 24.6%.
What is Tidewater Inc's EBITDA?
Tidewater Inc (TDW) had EBITDA of $433.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tidewater Inc have?
As of fiscal year 2025, Tidewater Inc (TDW) had $578.8M in cash and equivalents against $649.0M in long-term debt.
What is Tidewater Inc's operating margin?
Tidewater Inc (TDW) had an operating margin of 20.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tidewater Inc's net profit margin?
Tidewater Inc (TDW) had a net profit margin of 24.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tidewater Inc's return on equity (ROE)?
Tidewater Inc (TDW) has a return on equity of 24.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tidewater Inc's free cash flow?
Tidewater Inc (TDW) generated $353.3M in free cash flow during fiscal year 2025. This represents a 38.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tidewater Inc's operating cash flow?
Tidewater Inc (TDW) generated $379.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tidewater Inc's total assets?
Tidewater Inc (TDW) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tidewater Inc's capital expenditures?
Tidewater Inc (TDW) invested $25.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Tidewater Inc's current ratio?
Tidewater Inc (TDW) had a current ratio of 2.90 as of fiscal year 2025, which is generally considered healthy.
What is Tidewater Inc's debt-to-equity ratio?
Tidewater Inc (TDW) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tidewater Inc's return on assets (ROA)?
Tidewater Inc (TDW) had a return on assets of 14.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tidewater Inc's Altman Z-Score?
Tidewater Inc (TDW) has an Altman Z-Score of 3.78, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tidewater Inc's Piotroski F-Score?
Tidewater Inc (TDW) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tidewater Inc's earnings high quality?
Tidewater Inc (TDW) has an earnings quality ratio of 1.14x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tidewater Inc cover its interest payments?
Tidewater Inc (TDW) has an interest coverage ratio of 4.27x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tidewater Inc?
Tidewater Inc (TDW) scores 73 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.