Bristow Group (VTOL) AI Stock Analysis

• Market Cap: $1.28B
• Dividend Yield: N/A
• Average Volume (3M): 207.01K
• Price to Earnings (P/E): 8.3
• Beta (1Y): 1.26
• Revenue Growth: 4.78%
• EPS Growth: 156.83%
• Country: US
• Employees: 3,447
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.61
• Shares Outstanding: 29,191,000
• 10 Day Avg. Volume: 202,759
• 30 Day Avg. Volume: 207,009
• PEG Ratio: 0.24
• Price to Book (P/B): 1.01
• Price to Sales (P/S): 0.71
• P/FCF Ratio: 18.97
• Enterprise Value/Market Cap: 1.48
• Enterprise Value/Revenue: 1.27
• Enterprise Value/Gross Profit: 4.89
• Enterprise Value/Ebitda: 8.20
• 1Y Price Target: $58.67
• Price Target Upside: 33.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 5.05
• Revenue Forecast (FY): $1.63B

• Rating: 73 Outperform
• Price Target: $51.00 ▲(16.28% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

Overall score is driven primarily by improved financial strength (notably the sharply reduced leverage) and a positive earnings outlook with reaffirmed 2026 guidance for material EBITDA growth. Technicals are supportive with positive momentum and a solid uptrend versus longer-term averages, while valuation looks reasonable on a ~10.9 P/E but lacks dividend-yield support due to missing yield data. The key constraint on the score remains inconsistent free-cash-flow conversion and margin pressure.

Positive Factors

Balance sheet deleveraging

Material debt reduction and a much lower debt-to-equity ratio materially reduce refinancing and interest-rate risk, expand strategic flexibility for fleet investment or M&A, and support capital returns. This stronger capital structure is a durable enabler of multi-year operational stability and strategic optionality.

Offshore contract repricing

Substantive contract repricing in Offshore Energy Services raises baseline revenue per flight and increases recurring cash flow visibility. Because these are multi-year service contracts, the uplift creates a durable tailwind to margins and EBITDA, helping offset cyclical oil and gas demand swings over several quarters.

Refinancing and liquidity buffer

Extending maturities with a $500M 2033 secured note and holding sizeable unrestricted cash materially lowers near-term rollover risk and funds operational needs. The liquidity cushion supports fleet deliveries, AAM optionality and the new dividend, improving long-term financial resilience and execution capacity.

Negative Factors

Volatile free cash flow

Inconsistent conversion of earnings into free cash flow limits sustainable internal funding for capex, debt paydown and shareholder returns. Historical swings and modest FCF relative to net income mean dividend continuation and discretionary investments depend on execution and cyclical demand, raising medium-term funding risk.

Gross margin compression

A sharp year-over-year gross margin decline signals structural cost, mix or fleet-utilization pressure that can erode EBITDA economics even as revenue grows. If input costs or unfavorable contract mix persist, margin erosion could offset pricing gains and slow lasting margin recovery over the next several quarters.

Supply-chain & working-capital strain

Delivery delays and elevated working capital tied to government contract ramp-ups and inventory to mitigate supplier risk create durable execution and liquidity drag. These industry supply constraints and start-up cost profiles can persist through multi-quarter transitions, increasing execution risk on contract rollouts and cash conversion.

Bristow Group Business Overview & Revenue Model

Company Description

Bristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial search and rescue services; and other helicopter and fixed wing transportation services. As of March 31, 2022, the company had a fleet of 229 aircrafts, of which 213 were helicopters. It also has operations in Australia, Brazil, Canada, Chile, the Dutch Caribbean, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, and the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.

How the Company Makes Money

Bristow Group generates revenue primarily through its helicopter transportation services, which cater to the offshore oil and gas industry, as well as the wind energy sector. The company's revenue model includes contracts for long-term service agreements, flight hour billing, and project-based services. Key revenue streams come from daily operational flights, maintenance services, and training programs for pilots and crew. The company also benefits from strategic partnerships with major energy companies and government agencies, which secure consistent demand for its services. Additionally, Bristow's investment in VTOL technology positions it to capitalize on new market opportunities, further enhancing its earnings potential.

Bristow Group Financial Statement Overview

Summary

Financials improved meaningfully with a much stronger balance sheet (large debt reduction and higher equity) and solid profitability (positive and improving net margins). The main offset is cash-flow quality: free cash flow remains modest and volatile versus earnings, and 2025 gross margin declined, indicating potential cost/mix pressure.

Income Statement

Profitability and momentum improved meaningfully. Revenue has grown from $1.14B (2020) to $1.49B (2025), with 2025 essentially flat versus 2024, suggesting growth has moderated after a stronger 2024. Margins strengthened versus the loss-making period in 2020–2023: 2025 net margin is 8.7% (vs. 6.7% in 2024 and negative in 2023), and operating profitability remains solid (2025 EBITDA margin ~14.4%). A notable weakness is the 2025 gross margin decline to ~21.3% from ~28.1% in 2024, pointing to cost pressure or mix headwinds despite higher net income.

Balance Sheet

Leverage improved sharply and the capital structure looks materially healthier. Total debt fell to ~$270M in 2025 from ~$957M in 2024, driving debt-to-equity down to ~0.25x (from ~1.07x). Equity increased to ~$1.06B and total assets rose to ~$2.31B, supporting balance-sheet flexibility. Returns on equity improved to ~12.2% in 2025 (up from ~10.6% in 2024 and negative in 2023), though the business has a history of weaker profitability earlier in the period, which is the main residual risk.

Cash Flow

Operating cash generation is solid, but free cash flow is volatile and currently modest. 2025 operating cash flow improved to ~$198M (from ~$177M in 2024), yet free cash flow was only ~$56M after being negative in 2023–2024. Cash conversion is a key concern: free cash flow is ~28% of net income in 2025, and the year-over-year free cash flow growth is sharply negative, indicating inconsistent ability to translate earnings into durable free cash flow (likely due to investment or working-capital swings).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.49B	1.42B	1.30B	1.20B	1.19B
Gross Profit	317.96M	398.28M	330.81M	278.88M	191.81M
EBITDA	214.11M	215.17M	141.18M	116.67M	124.34M
Net Income	129.07M	94.80M	-6.78M	9.21M	-15.79M
Balance Sheet
Total Assets	2.31B	2.13B	1.94B	1.81B	1.82B
Cash, Cash Equivalents and Short-Term Investments	293.63M	247.50M	180.26M	163.68M	263.77M
Total Debt	913.04M	957.09M	838.32M	753.64M	720.98M
Total Liabilities	1.25B	1.23B	1.11B	1.03B	988.91M
Stockholders Equity	1.06B	891.71M	823.69M	787.31M	835.82M
Cash Flow
Free Cash Flow	56.15M	-77.97M	-49.47M	-63.70M	92.79M
Operating Cash Flow	198.17M	177.42M	32.04M	-14.13M	123.85M
Investing Cash Flow	-87.33M	-245.95M	-47.32M	-44.14M	-17.37M
Financing Cash Flow	-65.81M	141.10M	22.04M	-19.91M	-63.48M

Bristow Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 43.86
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTOL, the sentiment is Neutral. The current price of 43.86 is below the 20-day moving average (MA) of 45.46, above the 50-day MA of 43.54, and above the 200-day MA of 38.12, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 41.77 is Neutral, neither overbought nor oversold. The STOCH value of 13.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VTOL.

Bristow Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTI	79 Outperform	$25.49B	19.37	29.62%	0.44%	11.73%	45.70%
OII	77 Outperform	$3.43B	6.88	39.31%	―	8.71%	72.09%
VTOL	73 Outperform	$1.28B	8.25	12.87%	―	4.78%	156.83%
HLX	67 Neutral	$1.40B	30.17	1.97%	―	-1.95%	530.91%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NOV	62 Neutral	$6.73B	40.10	2.26%	3.24%	-1.43%	-63.13%

Bristow Group Corporate Events

Bristow Group Reports Strong 2025 Results, Initiates Dividend

Bristow Group reported on February 25, 2026, that full-year 2025 revenues rose to $1.5 billion from $1.4 billion in 2024, with net income increasing to $129.1 million and Adjusted EBITDA reaching $245.6 million, in line with guidance. Operating cash flow and Adjusted Free Cash Flow also improved year over year, while the company refinanced its senior notes with a larger $500 million issue at a lower 6.75% coupon maturing in 2033 and declared a quarterly cash dividend of $0.125 per share.

For the fourth quarter ended December 31, 2025, Bristow posted net income of $18.4 million on revenues of $377.3 million, down sequentially from the prior quarter’s $51.5 million on $386.3 million of revenue, though key non-GAAP metrics remained solid. Management highlighted the continued growth and diversification of its Government Services business and stable Offshore Energy Services margins, pointing to expectations of stronger cash generation in 2026 that underpins its new dividend program and reinforces its balance sheet and market positioning.

The most recent analyst rating on (VTOL) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Bristow Group stock, see the VTOL Stock Forecast page.

Bristow Group completes major refinancing and credit extension

On January 26, 2026, Bristow Group Inc. completed a private offering of $500 million in 6.750% senior secured notes due 2033, guaranteed by key subsidiaries and secured against helicopters and other assets, while also amending and extending its asset‑based revolving credit facility to 2031 with reduced commitments of $70 million and lower pricing but an option to increase total commitments to $105 million. A portion of the note proceeds was used to redeem in full Bristow’s outstanding 6.875% senior secured notes due 2028, satisfying and discharging the related indenture and releasing associated liens, a refinancing that extends the company’s debt maturity profile, lowers the cost and complexity of its capital structure and supports a stronger liquidity position for its global aviation operations, with remaining proceeds earmarked for general corporate purposes.

The most recent analyst rating on (VTOL) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Bristow Group stock, see the VTOL Stock Forecast page.

Bristow Group Launches $400 Million Senior Secured Notes

On January 13, 2026, Bristow Group Inc. announced it had launched, subject to market conditions, a private offering of $400 million in senior secured notes due 2033 to eligible institutional and non-U.S. investors under Rule 144A and Regulation S. The notes, secured by first-priority liens on a broad pool of collateral including roughly 70 pledged aircraft and guaranteed by key domestic and foreign subsidiaries, are intended to fund the full redemption and satisfaction of the company’s outstanding 6.875% senior secured notes due 2028, of which about $397 million remained as of September 30, 2025, marking a significant refinancing step that extends Bristow’s debt maturity profile and could strengthen its capital structure for continued operations in its global aviation services markets.

The most recent analyst rating on (VTOL) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Bristow Group stock, see the VTOL Stock Forecast page.