Bristow Group Inc (VTOL)
NYSE:VTOL
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Bristow Group
(NYSE:VTOL)
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Rating:73Outperform
Price Target:
$55.00
▲(9.98% Upside)
Action:ReiteratedDate: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 health
A large reduction in debt and a materially lower debt-to-equity ratio materially improves financial flexibility. Stronger equity and asset bases lower refinancing risk, free up capacity for targeted capex/dividend initiatives, and provide a durable cushion against cyclical cashflow swings.
Negative Factors
Inconsistent free cash flow
Volatile and modest free cash flow versus earnings indicates inconsistent cash conversion. That variability constrains durable funding for capex, debt reduction, dividends, or opportunistic investments, and leaves the company sensitive to working-capital swings and timing of receipts over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet health
A large reduction in debt and a materially lower debt-to-equity ratio materially improves financial flexibility. Stronger equity and asset bases lower refinancing risk, free up capacity for targeted capex/dividend initiatives, and provide a durable cushion against cyclical cashflow swings.
Read all positive factors
Bristow Group (VTOL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.45B
Dividend YieldN/A
Average Volume (3M)188.46K
Price to Earnings (P/E)8.3
Beta (1Y)1.20
Revenue Growth4.78%
EPS Growth156.83%
CountryUS
Employees3,447
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.61
Shares Outstanding29,191,000
10 Day Avg. Volume174,246
30 Day Avg. Volume188,455
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 Cap1.43
Enterprise Value/Revenue1.39
Enterprise Value/Gross Profit5.35
Enterprise Value/Ebitda8.97
Forecast
1Y Price Target
$58.67Price Target Upside17.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)5.05
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:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call emphasized solid full‑year results, strengthened liquidity and capital structure (including a $500M refinancing at 6.75%), initiation of a dividend, continued strong cash generation, and positive forward guidance with expected adjusted EBITDA growth of ~25% in 2026. Key growth drivers include improved OES contract terms (average ~25% rate uplift on renewals) and a maturing Government Services portfolio expected to roughly double adjusted operating income in 2026. Short‑term headwinds include seasonal Q4 softness, transition and start‑up costs in Government Services, supply‑chain delays affecting aircraft deliveries, and macro/FX sensitivities. On balance, the positive operational and financial catalysts — confirmed guidance, contract repricing in OES, refinancing, dividend initiation, NAV, and AAM progress — outweigh the near‑term execution risks and seasonal softness.Positive Updates
Full-Year Financial Performance
Total revenues for 2025 were up $75 million versus 2024; adjusted EBITDA for 2025 was $246 million, approximately +4% year-over-year and in line with prior guidance.
Negative Updates
Sequential Q4 Softness
Total revenues and adjusted EBITDA were $9M and $7M lower in Q4 versus Q3, respectively, primarily due to seasonal declines in Other Services and Offshore Energy Services.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Financial Performance
Total revenues for 2025 were up $75 million versus 2024; adjusted EBITDA for 2025 was $246 million, approximately +4% year-over-year and in line with prior guidance.
Read all positive updates
Company Guidance
Bristow affirmed 2026 consolidated guidance of $1.6–$1.7 billion in revenues and $295–$325 million in adjusted EBITDA (roughly +25% year‑over‑year versus 2025 adjusted EBITDA of $246 million), while highlighting segment targets: Offshore Energy Services revenues of $1.0–$1.1 billion (vs. $990 million in 2025) and adjusted operating income of $225–$235 million (vs. $203 million in 2025, ~15% uplift), Government Services revenues of $440–$460 million and adjusted operating income of $70–$80 million (roughly double 2025), and Other Services revenues of $130–$150 million with adjusted operating income cited at $225 million; management said ~50% of OES contracts were renewed by year‑end with an average leading‑edge rate uplift of ~25% and expects the portfolio reset substantially complete by year‑end 2026. Liquidity and cash metrics include unrestricted cash of ~$286 million, total available liquidity of ~$347 million, operating cash flow of $198 million in 2025 (vs. $177 million in 2024) and adjusted free cash flow ~ $26 million higher year‑over‑year; Bristow also completed a $500 million senior secured note issuance due 2033 at 6.75%, has no near‑term debt maturities, plans to pay down UKSAR2G equipment financing by end‑2026, initiated a $0.125/share cash dividend payable March 26, 2026, reports an aggregate NAV of ~ $1.8 billion (~$60/share) (aircraft fair market value cited at ~$1.6 billion), expects seven AW189 deliveries this year, and noted only a few million dollars of committed AAM capital to date with up to ~$30 million of optional Electra investment.Bristow Group Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
55
Neutral
| 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
Positive
50.01
Price Trends
45.59
Positive
41.88
Positive
39.44
Positive
Market Momentum
1.21
Negative
70.60
Negative
90.49
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VTOL, the sentiment is Positive. The current price of 50.01 is above the 20-day moving average (MA) of 46.08, above the 50-day MA of 45.59, and above the 200-day MA of 39.44, indicating a bullish trend. The MACD of 1.21 indicates Negative momentum. The RSI at 70.60 is Negative, neither overbought nor oversold. The STOCH value of 90.49 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $29.52B | 19.37 | 29.62% | 0.44% | 11.73% | 45.70% | |
77 Outperform | $3.60B | 6.88 | 39.31% | ― | 8.71% | 72.09% | |
73 Outperform | $1.45B | 8.25 | 12.87% | ― | 4.78% | 156.83% | |
67 Neutral | $1.41B | 30.17 | 1.97% | ― | -1.95% | 530.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $7.02B | 40.10 | 2.26% | 3.24% | -1.43% | -63.13% |
* Energy Sector Average
VTOL
Bristow Group
49.77
21.93
78.78%
FTI
TechnipFMC
73.79
48.55
192.32%
HLX
Helix Energy
9.56
3.06
47.08%
NOV
NOV
19.49
7.91
68.35%
OII
Oceaneering International
36.20
19.22
113.19%
Bristow Group Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
Bristow Group completes major refinancing and credit extension
Positive
Jan 27, 2026
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 as...
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.