Bristow Group Inc (VTOL)
NYSE:VTOL
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Bristow Group
(NYSE:VTOL)
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Rating:67Neutral
Price Target:
$46.00
▼(-5.14% Downside)
Action:Reiterated
Date:05/09/26
The score is supported by improving financial fundamentals (profitability rebound and sharply reduced leverage) and a constructive earnings outlook with reaffirmed 2026 guidance and stronger liquidity/refinancing. These positives are tempered by weak technical momentum and ongoing concerns about cash-flow conversion/volatility, with valuation offering only modest support.
Positive Factors
Material leverage reduction
A large reduction in absolute debt and debt-to-equity materially lowers refinancing and interest-rate risk, expanding financial flexibility. This stronger balance sheet supports multi-year contract performance, capacity investments, and the initiation of dividends while cushioning against cyclical offshore demand swings.
Negative Factors
Weak cash conversion
Earnings have outpaced cash generation, with free cash flow just ~31% of net income TTM and volatile operating cash historically. Persistent working-capital and capex demands limit internal funding for fleet renewal, dividends, and acquisitions, raising sensitivity to receivable timing and contract billing patterns.
Read all positive and negative factors
Positive Factors
Negative Factors
Material leverage reduction
A large reduction in absolute debt and debt-to-equity materially lowers refinancing and interest-rate risk, expanding financial flexibility. This stronger balance sheet supports multi-year contract performance, capacity investments, and the initiation of dividends while cushioning against cyclical offshore demand swings.
Read all positive factors
Bristow Group (VTOL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.23B
Dividend YieldN/A
Average Volume (3M)247.32K
Price to Earnings (P/E)10.6
Beta (1Y)0.94
Revenue Growth6.98%
EPS Growth-1.79%
CountryUS
Employees3,447
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.97
Shares Outstanding29,606,000
10 Day Avg. Volume182,184
30 Day Avg. Volume247,317
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.01
Price to Sales (P/S)0.71
P/FCF Ratio18.97
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue1.24
Enterprise Value/Gross Profit2.87
Enterprise Value/Ebitda8.20
Forecast
1Y Price Target
$56.00Price Target Upside15.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.56
Revenue Forecast (FY)$1.63B
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 service...
How the Company Makes Money
Bristow makes money by operating aircraft on behalf of customers under contracted aviation service arrangements, earning revenue for providing flight capacity, mission execution, and related operational support.
Key revenue streams typically incl...
Bristow Group Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented a generally positive outlook: management affirmed full-year guidance with an anticipated ~25% adjusted EBITDA increase, highlighted meaningful tailwinds from defense spending, energy security and advanced air mobility initiatives, reported improved sequential revenues, and executed a favorable refinancing that strengthened liquidity. Near-term headwinds include a small sequential decline in adjusted EBITDA, higher operating costs (repairs, leases, G&A), additional noncash depreciation (~$6.4M in Q1, ~$24M expected through transition) tied to early S-76 retirements, and a Q1 operating cash outflow driven by receivable timing. Overall, positives (guidance affirmation, refinancing, liquidity, contract resets, government segment strength, safety) outweigh the listed near-term operational and cost challenges.Positive Updates
Safety Track Record
Zero air accidents in Q1 2026, reaffirming safety as the company's top operational priority.
Negative Updates
Adjusted EBITDA Slightly Down Sequentially
Adjusted EBITDA was $0.9M lower in Q1 versus Q4 2025, primarily due to higher repairs and maintenance and leased equipment costs across segments.
Read all updates
Q1-2026 Updates
Positive
Negative
Safety Track Record
Zero air accidents in Q1 2026, reaffirming safety as the company's top operational priority.
Read all positive updates
Company Guidance
Management affirmed 2026 consolidated guidance of total revenues of $1.6–$1.7 billion and adjusted EBITDA of $295–$325 million (about +25% y/y in adjusted EBITDA), with segment guidance of OES revenues $1.0–$1.1 billion and adjusted operating income $225–$235 million; Government Services revenues $440–$460 million and adjusted operating income $70–$80 million (roughly double 2025); and Other Services revenues $130–$150 million with adjusted operating income $20–$25 million. They reiterated the S‑76 retirement/transition (complete by early 2027) will drive approximately $24 million of additional depreciation through the transition period (including $6.4 million recognized in Q1), noted Q1 net cash used in operations of $8.3 million, unrestricted cash of $342 million and total available liquidity of ~$394 million, highlighted a $500 million senior secured note issuance due 2033 at a 6.75% coupon (used in part to redeem 6.875% notes), and reported $3.7 million of dividends paid in the quarter and a declared $0.25 per share dividend payable May 29.Bristow Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.53B | 1.49B | 1.42B | 1.30B | 1.20B | 1.19B |
| Gross Profit | 657.00M | 317.96M | 398.28M | 330.81M | 278.88M | 191.81M |
| EBITDA | 230.38M | 214.11M | 215.17M | 141.18M | 116.67M | 124.34M |
| Net Income | 114.82M | 129.07M | 94.80M | -6.78M | 9.21M | -15.79M |
Balance Sheet | ||||||
| Total Assets | 2.41B | 2.31B | 2.13B | 1.94B | 1.81B | 1.82B |
| Cash, Cash Equivalents and Short-Term Investments | 344.52M | 293.63M | 247.50M | 180.26M | 163.68M | 263.77M |
| Total Debt | 1.00B | 913.04M | 957.09M | 838.32M | 753.64M | 720.98M |
| Total Liabilities | 1.35B | 1.25B | 1.23B | 1.11B | 1.03B | 988.91M |
| Stockholders Equity | 1.06B | 1.06B | 891.71M | 823.69M | 787.31M | 835.82M |
Cash Flow | ||||||
| Free Cash Flow | 59.25M | 56.15M | -77.97M | -49.47M | -63.70M | 92.79M |
| Operating Cash Flow | 190.52M | 198.17M | 177.42M | 32.04M | -14.13M | 123.85M |
| Investing Cash Flow | -51.72M | -87.33M | -245.95M | -47.32M | -44.14M | -17.37M |
| Financing Cash Flow | 7.11M | -65.81M | 141.10M | 22.04M | -19.91M | -63.48M |
Bristow Group Technical Analysis
Negative
48.49
Price Trends
45.86
Negative
44.75
Negative
41.09
Positive
Market Momentum
-1.18
Positive
34.46
Neutral
16.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTOL, the sentiment is Negative. The current price of 48.49 is above the 20-day moving average (MA) of 43.43, above the 50-day MA of 45.86, and above the 200-day MA of 41.09, indicating a neutral trend. The MACD of -1.18 indicates Positive momentum. The RSI at 34.46 is Neutral, neither overbought nor oversold. The STOCH value of 16.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VTOL.
Bristow Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $27.28B | 25.29 | 32.54% | 0.44% | 9.44% | 36.97% | |
73 Outperform | $3.81B | 11.21 | 34.53% | ― | 2.39% | 88.22% | |
68 Neutral | $1.38B | 95.89 | 0.91% | ― | -2.91% | -82.51% | |
67 Neutral | $1.23B | 10.61 | 11.09% | ― | 6.98% | -1.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $7.16B | 78.32 | 1.45% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
VTOL
Bristow Group
41.64
12.20
41.45%
FTI
TechnipFMC
68.42
37.33
120.04%
HLX
Helix Energy
9.35
3.09
49.36%
NOV
NOV
19.96
8.25
70.39%
OII
Oceaneering International
38.23
18.92
97.98%
Bristow Group Corporate Events
Business Operations and StrategyFinancial Disclosures
Bristow Group Posts Mixed Q1 Results, Reaffirms Outlook
Neutral
May 5, 2026
Bristow Group on May 5, 2026 reported first-quarter 2026 results showing total revenue rose to $388.7 million from $377.3 million in the previous quarter, while net income declined to $13.1 million, or $0.44 per diluted share, from $18.4 million, ...
Business Operations and StrategyExecutive/Board Changes
Bristow Group Announces Planned Retirement of Government Services COO
Neutral
Apr 20, 2026
Bristow Group Inc., the NYSE‑listed vertical flight services provider, announced on April 20, 2026 that Alan Corbett, Chief Operating Officer for Government Services, plans to retire at the end of this year after joining the company in 2014....
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Bristow Group Reports Strong 2025 Results, Initiates Dividend
Positive
Feb 25, 2026
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 ca...
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.