Tidewater, Inc. (TDW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TDW SEC filings page.
Tidewater, Inc. (TDW) reported $1.3B in revenue over the twelve months to Jun 30, 2026, down 1.0% from the prior twelve months. 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 converts operations into cash efficiently, but FY2025’s unusually high net margin was lifted by a tax benefit.
In FY2025, net income exceeded operating income by$50.9M because reported income taxes created a$113.2M benefit. That makes the24.7% net margin materially higher than the20.9% operating margin, so headline earnings include a non-operating tax effect.
Cash conversion was strong: operating cash flow of
By FY2025, balance-sheet flexibility was visible in debt-to-equity of 0.5x and a current ratio of 2.9x. Revenue rose
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. has an operating margin of 20.9%, meaning the company retains $21 of operating profit per $100 of revenue. This results in a moderate score of 51/100, indicating healthy but not exceptional operating efficiency. This is down from 23.1% the prior year.
Tidewater, Inc.'s revenue grew a modest 0.5% year-over-year to $1.4B. This slow but positive growth earns a score of 78/100.
Tidewater, Inc. carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.90, Tidewater, Inc. holds $2.90 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.
Tidewater, Inc. converts 26.1% of revenue into free cash flow ($353.3M). This strong cash generation earns a score of 87/100.
Tidewater, Inc. earns a strong 24.4% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is up from 16.1% the prior year.
Tidewater, Inc. scores 3.62, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.3B) 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 $342.3M in revenue in Q2 2026. This represents an increase of 0.3% from the same quarter a year earlier. Against the prior quarter it is up 4.9%.
Tidewater, Inc.'s EBITDA was $128.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.2% from the same quarter a year earlier. Against the prior quarter it is up 32.3%.
Tidewater, Inc. reported $21.7M in net income in Q2 2026. This represents a decrease of 70.3% from the same quarter a year earlier. Against the prior quarter it is up 252.8%.
Tidewater, Inc. earned $0.43 per diluted share (EPS) in Q2 2026. This represents a decrease of 70.5% from the same quarter a year earlier. Against the prior quarter it is up 258.3%.
Cash & Balance Sheet
Tidewater, Inc. generated $52.1M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 23.8% from the same quarter a year earlier. Against the prior quarter it is up 1113.8%.
Tidewater, Inc. held $613.5M in cash against $647.5M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Tidewater, Inc.'s operating margin was 18.3% in Q2 2026, reflecting core business profitability. This is down 5.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
Tidewater, Inc.'s net profit margin was 6.3% in Q2 2026, showing the share of revenue converted to profit. This is down 15.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.
Tidewater, Inc.'s ROE was 1.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
Tidewater, Inc. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Tidewater, Inc. invested $14.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 185.6% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Not reported for Q2 2026.
TDW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $342.3M+0.3% | $326.2M-2.2% | $336.8M-2.4% | $341.1M+0.2% | $341.4M+0.6% | $333.4M+3.8% | $345.1M+14.0% | $340.4M+13.7% |
| SG&A Expenses | $34.8M+11.6% | $33.6M+15.3% | $39.0M+27.0% | $35.3M+23.8% | $31.2M+18.5% | $29.1M+14.9% | $30.7M+24.1% | $28.5M+35.6% |
| Operating Income | $62.5M-22.7% | $59.0M-21.4% | $64.0M-21.4% | $62.7M-10.4% | $80.9M+3.6% | $75.0M-8.4% | $81.4M+29.0% | $69.9M+25.6% |
| EBITDA | $128.9M-11.2% | $97.5M-14.5% | $45.3M-41.0% | $129.1M-2.5% | $145.2M+5.6% | $114.1M-5.5% | $76.9M-4.3% | $132.4M+16.7% |
| Income Tax | $25.1M+348.8% | $34.9M+33.7% | -$166.6M-1117.4% | $21.7M+68.5% | $5.6M-29.2% | $26.1M+99.8% | $16.4M+51.7% | $12.9M+39.1% |
| Net Income | $21.7M-70.3% | $6.1M-85.6% | $218.7M+520.5% | -$806K-101.7% | $72.9M+44.8% | $42.7M-9.3% | $35.2M-2.3% | $46.4M+77.0% |
| EPS (Basic) | $0.44-70.1% | $0.12-85.5% | $4.40+528.6% | -$0.02-102.3% | $1.47+53.1% | $0.83-7.8% | $0.70-2.8% | $0.88+76.0% |
| EPS (Diluted) | $0.43-70.5% | $0.12-85.5% | $4.37+524.3% | -$0.02-102.3% | $1.46+55.3% | $0.83-6.7% | $0.70-1.4% | $0.87+77.6% |
| Diluted Shares (Avg) | 50M+0.2% | 50M-3.6% | N/A | 49M-6.8% | 50M-6.3% | 52M-2.3% | N/A | 53M-1.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Interest Expense.
TDW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+14.1% | $2.3B+13.3% | $2.4B+15.0% | $2.1B+4.0% | $2.1B-0.7% | $2.1B-0.6% | $2.1B+0.6% | $2.0B-1.2% |
| Current Assets | $967.4M+33.5% | $899.6M+28.8% | $914.1M+30.8% | $800.3M+27.9% | $724.5M+12.0% | $698.2M+13.4% | $698.7M+18.2% | $626.0M+8.8% |
| Cash & Equivalents | $613.5M+66.1% | $552.3M+61.6% | $578.8M+78.1% | $428.2M+52.5% | $369.4M+16.9% | $341.8M+21.7% | $324.9M+18.4% | $280.8M+2.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $973.1M+4.1% | $972.4M+2.1% | $1.0B+6.3% | $986.2M+6.0% | $934.7M-7.3% | $952.5M-6.7% | $960.8M-6.1% | $930.7M-10.4% |
| Current Liabilities | $270.1M-21.3% | $269.9M-20.0% | $315.2M-4.9% | $276.5M+1.1% | $343.1M+0.8% | $337.5M-0.5% | $331.6M+0.9% | $273.6M-17.7% |
| Non-Current Liabilities | $703.0M+18.8% | $702.5M+14.2% | $706.3M+12.3% | $709.7M+8.0% | $591.6M-11.5% | $615.0M-9.8% | $629.2M-9.4% | $657.1M-7.0% |
| Long-Term Debt | $647.5M+21.7% | $648.6M+16.7% | $649.0M+13.5% | $649.8M+8.8% | $531.9M-12.5% | $556.0M-10.4% | $571.7M-9.4% | $597.4M-6.9% |
| Total Equity | $1.4B+22.2% | $1.4B+22.9% | $1.4B+22.6% | $1.1B+2.4% | $1.1B+5.4% | $1.1B+5.4% | $1.1B+7.2% | $1.1B+8.1% |
| Retained Earnings | -$277.4M+47.1% | -$299.0M+45.2% | -$305.2M+44.4% | -$525.0M+3.0% | -$524.2M+8.6% | -$545.9M+8.2% | -$548.8M+14.0% | -$541.2M+15.5% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $67.0M-9.0% | $19.2M-76.1% | $153.0M+52.9% | $72.1M+47.0% | $73.7M-6.3% | $80.4M+46.8% | $100.0M+114.1% | $49.0M+40.3% |
| Depreciation & Amortization | $66.4M+3.3% | $38.5M-1.3% | $37.8M-2.3% | $66.4M+6.4% | $64.3M+8.2% | $39.0M+0.5% | $38.7M-9.5% | $62.4M+8.2% |
| Stock-Based Compensation | N/A | $3.1M-12.3% | N/A | N/A | N/A | $3.5M+26.2% | N/A | N/A |
| Capital Expenditures | $14.9M+185.6% | $14.9M+45.0% | $5.1M+13.5% | $5.1M-10.3% | $5.2M-18.2% | $10.3M-6.2% | $4.5M-45.9% | $5.7M+0.2% |
| Free Cash Flow | $52.1M-23.8% | $4.3M-93.9% | $147.8M+54.8% | $67.0M+54.6% | $68.4M-5.3% | $70.1M+60.1% | $95.5M+149.1% | $43.3M+48.1% |
| Investing Cash Flow | -$3.4M-261.6% | -$11.6M-97.5% | $184K-96.8% | -$3.9M+5.7% | $2.1M+163.0% | -$5.8M-484.6% | $5.8M+332.8% | -$4.2M+99.3% |
| Financing Cash Flow | -$2.2M+96.7% | -$32.3M+45.5% | -$3.6M+93.8% | -$8.0M+89.5% | -$65.1M-49.9% | -$59.2M-32.8% | -$58.2M-19.2% | -$76.3M-111.4% |
| Share Buybacks | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $50.8M+72.9% | $39.3M+1021.8% | $44.1M+25.9% | $13.7M |
Not reported in any period shown, so not listed: Dividends Paid.
TDW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 18.3%-5.4pp | 18.1%-4.4pp | 19.0%-4.6pp | 18.4%-2.2pp | 23.7%+0.7pp | 22.5%-3.0pp | 23.6%+2.7pp | 20.5%+1.9pp |
| Net Margin | 6.3%-15.0pp | 1.9%-10.9pp | 64.9%+54.7pp | -0.2%-13.9pp | 21.4%+6.5pp | 12.8%-1.8pp | 10.2%-1.7pp | 13.6%+4.9pp |
| Return on Equity | 1.6%-4.9pp | 0.4%-3.4pp | 16.0%+12.9pp | -0.1%-4.2pp | 6.4%+1.7pp | 3.8%-0.6pp | 3.2%-0.3pp | 4.2%+1.6pp |
| Return on Assets | 0.9%-2.6pp | 0.3%-1.8pp | 9.2%+7.5pp | 0.0%-2.3pp | 3.5%+1.1pp | 2.1%-0.2pp | 1.7%-0.1pp | 2.3%+1.0pp |
| Current Ratio | 3.58+1.5x | 3.33+1.3x | 2.90+0.8x | 2.89+0.6x | 2.11+0.2x | 2.07+0.3x | 2.11+0.3x | 2.29+0.6x |
| Debt-to-Equity | 0.460.0x | 0.470.0x | 0.480.0x | 0.570.0x | 0.47-0.1x | 0.50-0.1x | 0.51-0.1x | 0.54-0.1x |
| Asset Turnover | 0.140.0x | 0.140.0x | 0.140.0x | 0.160.0x | 0.160.0x | 0.160.0x | 0.170.0x | 0.170.0x |
| FCF Margin | 15.2%-4.8pp | 1.3%-19.7pp | 43.9%+16.2pp | 19.6%+6.9pp | 20.0%-1.3pp | 21.0%+7.4pp | 27.7%+15.0pp | 12.7%+3.0pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tidewater, Inc. TDW | FY2025 | $1.4B | $333.5M | 24.6% | $4.3B | 74/100 |
| USA COMPRESSION PTNRS LP USAC | FY2025 | $998.1M | $111.3M | 11.2% | $3.8B | 62/100 |
| Cactus, Inc. WHD | FY2025 | $1.1B | $166.0M | 15.4% | $4.4B | 66/100 |
| Kodiak Gas Services, Inc. KGS | FY2025 | $1.3B | $80.5M | 6.2% | $5.4B | 58/100 |
| Oceaneering International Inc. OII | FY2025 | $2.8B | $353.8M | 12.7% | $4.5B | 69/100 |
| Valaris Limited VAL | FY2025 | $2.4B | $979.1M | 41.3% | $5.8B | 53/100 |
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 P/E ratio?
Tidewater, Inc. (TDW) trades at 17.6x earnings, its market capitalization divided by net income of $245.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tidewater, Inc.'s price-to-sales ratio?
Tidewater, Inc. (TDW) trades at 3.2x sales, its market capitalization divided by revenue of $1.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tidewater, Inc.'s Altman Z-Score?
Tidewater, Inc. (TDW) has an Altman Z-Score of 3.62, 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 74 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.