TDW
TIDEWATER INC
Next earnings Aug 3, 2026 (after close) · consensus $0.50 EPS, $336M rev
Last earnings -0.9% on 2026-05-04
$68.12
▲ +2.28%$68.12▲ +45.52%
over 1Y
L $46.13H $91.12
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.3%
1W+3.6%
1M-9.1%
3M-19.3%
YTD+30.4%
1Y+45.5%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 13 analysts
Hold
Offshore OSV cycle turning hard: FY25 net income +85%, FCF gusher, 9.7x P/E with Wilson deal adding 22 PSVs in Brazil.
P/E (trailing) 9.7x · FY2025
The read
Quality fundamentals and an attractive price line up (~270% below fair value) — the rarer case where both the business and the entry look good.
Tidewater is in the sweet spot of an offshore-vessel up-cycle and the market has not fully repriced it. FY2025 revenue was essentially flat at $1.35B, but net income surged 85.2% to $335M and diluted EPS leapt 95.3% to $6.64 — the classic operating-leverage signature of a fleet operator pushing day rates higher on a fixed cost base. Operating cash flow of $379M against just $25.8M of capex produced massive free cash flow that funded $90.1M of buybacks (shrinking the share count 3.7%) and built cash to $579M (+78%). ROE of 24.5% on a strengthened equity base of $1.37B (+22.6%) confirms the cycle is paying real dividends to shareholders, not just optical earnings.
Valuation is the kicker: at $64.67 the stock trades at just 9.7x trailing EPS and 2.4x sales, which is undemanding for a business compounding earnings at this rate with a clean balance sheet (cash $579M nearly offsets long-term debt of $649M; current portion of debt collapsed 91% to $5.8M after the July 2025 refinancing into the 2030 Notes at 9.125%). MD&A confirms management used the refi to clean the maturity stack and added a $250M undrawn revolver — liquidity is ample heading into the Wilson Sons acquisition.
Is TDW a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~60d expiry
- Long call 68 @ ~4.77 est
- Short call 78 @ ~1.49 est
debit $328max +$672max −$328BE 71.28
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $371M | $648M | $1.01B | $1.35B | $1.35B |
| Gross profit | — | — | — | — | — |
| Operating income | -$95.0M | $26.7M | $182M | $311M | $283M |
| Net income | -$129M | -$21.7M | $97.2M | $181M | $335M |
| Diluted EPS | -$3.14 | -$0.49 | $1.84 | $3.40 | $6.64 |
| Net margin | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.46B
EV / EBITDA8.0
EV / Sales2.6
EV / FCF9.8
P / FCF9.6
PEG (trailing)0.12
Earnings yield9.9%
FCF yield10.4%
Quality & risk
ROIC (est.)11.1%
Free cash flow$353M
Total debt$655M
Net cash-$76.1M
Piotroski F-Score7/9
Capital returns
Buyback yield2.7%
Dividend yield (est.)1.0%
Shareholder yield3.7%
Shares Δ YoY-3.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-18
Annual meeting vote results plus board/officer change disclosed; no business surprises.
- 8-K Earnings results2026-05-04
Q1 2026 10-Q filed; Wilson acquisition pending Brazilian antitrust approval.
- 10-Q Quarterly report2026-05-04
Q1 2026 10-Q filed; Wilson acquisition pending Brazilian antitrust approval.
- DEF 14A Proxy statement2026-04-28
Annual proxy: director slate, say-on-pay, auditor ratification — routine.
- 8-K Officer / director change2026-03-19
Officer/director change announced; no strategic shift signaled.
- 8-K Earnings results2026-03-02
FY2025 10-K: NI +85%, OCF $379M, cash $579M, vessel realignment tax benefit booked.
- 10-K Annual report2026-03-02
FY2025 10-K: NI +85%, OCF $379M, cash $579M, vessel realignment tax benefit booked.
- 8-K Material agreement2026-02-24
Signed $500M deal for Wilson Sons' 22 Brazil PSVs; expands footprint, adds ~$261M debt.
- 8-K Earnings results2025-11-10
Q3 2025 10-Q: first full quarter on new $650M 9.125% notes due 2030.
Recent filings
all on EDGAR ↗144Filing2026-06-25open ↗S-8Filing2026-06-25open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗4Period ending 2026-06-162026-06-18open ↗8-KPeriod ending 2026-06-162026-06-18open ↗4Period ending 2026-06-122026-06-12open ↗SCHEDULE 13G/AFiling2026-05-15open ↗8-KPeriod ending 2026-05-042026-05-04open ↗
Frequently asked
- Is TIDEWATER INC (TDW) a buy?
- TDW currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Offshore OSV cycle turning hard: FY25 net income +85%, FCF gusher, 9.7x P/E with Wilson deal adding 22 PSVs in Brazil.
- What is TDW's fair value?
- A Modified-Graham model based on TDW's SEC fundamentals estimates a fair value of about $252.32. It is an estimate from reported earnings, not a price target.
- Is TDW overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TDW currently appears undervalued relative to its SEC-grounded earnings power.
- What is TIDEWATER INC's quality score?
- TDW scores 76.60171734234235/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000098222, latest 10-Q filed 2026-05-04) · EODHD · Proprietary analysis · as of 6/25/2026, 1:39:49 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 9:39 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.