Tidewater Inc. (TDW)
NYSE:TDW
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Tidewater
(NYSE:TDW)
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Rating:63Neutral
Price Target:
$86.00
▲(0.88% Upside)
Action:DowngradedDate:05/09/26
The score is driven primarily by improved profitability and solid balance-sheet/cash-flow fundamentals, supported by maintained 2026 guidance and strong backlog coverage. It is held back by weak near-term technicals and an expensive valuation (very high P/E), plus near-term risks from revenue/FCF softness and cost pressure highlighted on the call.
Positive Factors
Profitability & Margins
Tidewater’s multi-year turnaround to sustained gross and net margins provides durable cash generation and operating leverage. Strong margins (near 29% gross) and returns on capital (~24%) help absorb cyclical revenue swings and support reinvestment, making profitability less sensitive to short-term volume moves over the next several quarters.
Negative Factors
Top‑Line Decline & Growth Risk
Despite healthy margins, the recent steep revenue contraction and sequential declines signal near‑term demand weakness and utilization pressure. A weaker top line reduces fixed‑cost absorption and the cushion for dry‑dock and acquisition spend, increasing cyclical earnings and cash‑flow risk over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Margins
Tidewater’s multi-year turnaround to sustained gross and net margins provides durable cash generation and operating leverage. Strong margins (near 29% gross) and returns on capital (~24%) help absorb cyclical revenue swings and support reinvestment, making profitability less sensitive to short-term volume moves over the next several quarters.
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Tidewater (TDW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.04B
Dividend YieldN/A
Average Volume (3M)801.41K
Price to Earnings (P/E)168.7
Beta (1Y)1.04
Revenue Growth-0.92%
EPS Growth78.25%
CountryUS
Employees7,700
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)6.01
Shares Outstanding49,730,650
10 Day Avg. Volume704,738
30 Day Avg. Volume801,411
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.85
Price to Sales (P/S)1.87
P/FCF Ratio7.15
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue3.08
Enterprise Value/Gross Profit10.49
Enterprise Value/Ebitda8.83
Forecast
1Y Price Target
$90.00Price Target Upside5.57% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.56
Revenue Forecast (FY)$1.45B
Tidewater Business Overview & Revenue Model
Company Description
Tidewater Inc., together with its subsidiaries, provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of o...
How the Company Makes Money
Tidewater makes money by chartering its offshore support vessels to customers involved in offshore energy operations and earning vessel-based service revenue. The core revenue stream is time-based chartering (customers pay an agreed day rate for u...
Tidewater Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call presents a generally constructive operational and strategic picture: revenue, gross margin, and day-rate trends were better than internal expectations, backlog coverage is strong, the Wilson acquisition advances Tidewater's strategic footprint (notably Brazil), and management maintained full-year guidance. Counterbalancing these positives are sequential declines in revenue and EBITDA versus Q4, a sharp drop in free cash flow driven by one-time working capital timing and heavier dry-dock activity, exposure to incremental costs from Operation Epic Fury (potentially $10M–$11M/quarter if prolonged), and regional utilization pressures (notably Americas and Europe). Overall the company is positioned to benefit from tightening OSV markets and M&A optionality, but near-term cost and timing headwinds exist.Positive Updates
Revenue and Gross Margin Ahead of Plan
Q1 revenue of $326.2 million; gross margin ~48.8% (just under 49%), up slightly sequentially and ~3 percentage points above the company's internal plan.
Negative Updates
Sequential Revenue and EBITDA Decline
Revenue declined 3% QoQ (Q1 $326.2M vs Q4 $336.8M); EBITDA down to $129.3M from $143.1M in Q4.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Gross Margin Ahead of Plan
Q1 revenue of $326.2 million; gross margin ~48.8% (just under 49%), up slightly sequentially and ~3 percentage points above the company's internal plan.
Read all positive updates
Company Guidance
Tidewater maintained full‑year 2026 guidance of $1.43–$1.48 billion revenue and 49%–51% gross margin, assuming the Wilson close by end‑of‑Q2 (second‑half Wilson expectations unchanged); Q2 revenue is expected roughly flat with Q1 ($326.2M) but gross margin is anticipated to drop about 5 percentage points sequentially due to Operation Epic Fury costs (the company can seek rebills for roughly half of direct conflict costs but has not assumed recoupment). At quarter end, Q1 revenue plus firm backlog and options for the legacy fleet represented $1.1B (~84% of the midpoint) with ~69% of remaining available days covered, and full‑year guidance assumes ~80% utilization (leaving ~11% spare capacity). Balance‑sheet and spend assumptions include net leverage targeted below 1.0x at closing, $500M share‑repurchase authorization (~12% of shares), 2026 standalone G&A of ~$125M (including ~$14M stock comp) plus ~$7M H2 Wilson G&A, dry‑dock spend of ~$122M (plus ~$16M Wilson), total CapEx ~$51M (maintenance ~$36M), and Q1 free cash flow of $34.4M (Q4 was $151.2M). Potential conflict‑related run‑rate costs were quantified at about $1.6M/month crew wages plus $1.8M/month fuel/travel (≈$3.4M/month) and an illustrative $10–11M incremental operating cost per quarter if the situation persists; the guidance assumes conflict‑related costs normalize by year‑end.Tidewater Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.35B | 1.35B | 1.35B | 1.01B | 647.68M | 371.03M |
| Gross Profit | 394.50M | 416.35M | 406.40M | 268.80M | 129.09M | -7.56M |
| EBITDA | 468.43M | 552.50M | 458.62M | 316.18M | 98.40M | -34.98M |
| Net Income | 298.15M | 334.66M | 180.66M | 97.19M | -21.75M | -128.97M |
Balance Sheet | ||||||
| Total Assets | 2.34B | 2.39B | 2.07B | 2.06B | 1.30B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 552.28M | 578.76M | 324.92M | 274.44M | 164.19M | 149.04M |
| Total Debt | 654.38M | 654.89M | 637.10M | 734.44M | 169.04M | 167.88M |
| Total Liabilities | 976.68M | 1.03B | 963.72M | 1.03B | 431.67M | 394.01M |
| Stockholders Equity | 1.37B | 1.37B | 1.11B | 1.04B | 865.97M | 701.30M |
Cash Flow | ||||||
| Free Cash Flow | 281.83M | 353.35M | 246.27M | 73.12M | 23.59M | 6.05M |
| Operating Cash Flow | 312.21M | 379.11M | 273.85M | 104.70M | 40.23M | 15.01M |
| Investing Cash Flow | -13.19M | -7.48M | -188.00K | -610.27M | -23.81M | 25.06M |
| Financing Cash Flow | -108.91M | -135.96M | -222.59M | 615.56M | -2.72M | -41.01M |
Tidewater Technical Analysis
Positive
85.25
Price Trends
78.23
Positive
67.25
Positive
60.54
Positive
Market Momentum
2.43
Positive
58.81
Neutral
43.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDW, the sentiment is Positive. The current price of 85.25 is above the 20-day moving average (MA) of 82.88, above the 50-day MA of 78.23, and above the 200-day MA of 60.54, indicating a bullish trend. The MACD of 2.43 indicates Positive momentum. The RSI at 58.81 is Neutral, neither overbought nor oversold. The STOCH value of 43.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TDW.
Tidewater Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.64B | 24.44 | 34.53% | ― | 2.39% | 88.22% | |
66 Neutral | $1.74B | 60.54 | 3.02% | ― | -7.93% | -45.80% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $6.58B | -103.42 | 36.16% | ― | -9.95% | 233.69% | |
63 Neutral | $4.04B | 168.70 | 23.78% | ― | -0.92% | 78.25% | |
59 Neutral | $6.91B | 84.88 | 1.45% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
TDW
Tidewater
81.16
38.35
89.58%
NOV
NOV
19.25
6.80
54.58%
OII
Oceaneering International
36.54
16.68
83.99%
XPRO
Expro Group Holdings
15.37
6.71
77.48%
VAL
Valaris
95.02
55.19
138.56%
Tidewater Corporate Events
Executive/Board ChangesShareholder Meetings
Tidewater Director to Depart as Board Size Shrinks
Neutral
Mar 19, 2026
On March 17, 2026, Tidewater Inc. director Darron M. Anderson informed the board that he will not stand for reelection at the company’s 2026 Annual Meeting of Stockholders, while confirming that his decision does not stem from any disagreeme...
Business Operations and StrategyM&A Transactions
Tidewater Expands Brazilian Offshore Fleet with WSUT Acquisition
Positive
Feb 24, 2026
On February 22, 2026, Tidewater agreed to acquire all shares of Wilson Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A. (WSUT) for an enterprise value of about $500 million, including the assumption of roughly $261 mi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.