VTOL
Bristow Group Inc.
Next earnings Aug 3, 2026 · consensus $0.87 EPS, $416M rev
Last earnings -1.1% on 2026-05-05
$41.41
▼ -0.34%$41.41▲ +26.34%
over 1Y
L $32.78H $49.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.3%
1W+0.0%
1M-1.9%
3M-12.1%
YTD+11.6%
1Y+26.3%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 10 analysts
Buy
Cheap (9.6x P/E, 0.8x P/S) cyclical aviation turnaround now compounding earnings, paying its first dividend, and locked into long-dated SAR contracts.
P/E (price / FY diluted EPS) 9.6 · FY2025
The read
Quality fundamentals and an attractive price line up (~296% below fair value) — the rarer case where both the business and the entry look good.
Bristow has completed a genuine turnaround: from net losses in FY2021 (-$56.1M), FY2023 (-$6.8M) to $129M net income in FY2025 (+36.2% YoY) on $1.49B revenue (+5.3%, the fifth straight year of growth from $1.18B in 2021). Diluted EPS of $4.32 is up 34.6%, operating income $159M (+19.8%), and ROE has reached a respectable 12.2%. Crucially, this profit growth is outrunning revenue growth, signaling operating leverage in the offshore-energy and government-SAR fleet (214 aircraft, 15 countries). At $41.55 the stock trades at just 9.6x earnings and 0.8x sales — undemanding for a business now generating $198M operating cash flow while capex fell 44% to $142M, implying meaningful free cash flow and a normalizing investment cycle.
The balance sheet is sound for a capital-intensive operator: $1.06B equity (+18.8%), $286M cash, liabilities/equity of 1.18x, and retained earnings up 41% to $442M. Management has de-risked the debt stack — the January 2026 $500M 6.750% Senior Secured Notes due 2033 refinanced and discharged the 6.875% notes due 2028, pushing out the maturity wall, while the ABL facility was extended to 2031 at lower pricing. With the runway cleared, the board initiated its first quarterly dividend ($0.125/share, Feb 2026) and stepped up buybacks ($15.2M, +275%), a clear signal of confidence and a new capital-return story for a stock the market still prices as a distressed cyclical.
Is VTOL a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~60d expiry
- Long call 41 @ ~2.05 est
- Short call 48 @ ~0.18 est
debit $187max +$513max −$187BE 42.87
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 | $1.18B | $1.21B | $1.30B | $1.42B | $1.49B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | $60.8M | $133M | $159M |
| Net income | -$56.1M | $9.21M | -$6.78M | $94.8M | $129M |
| Diluted EPS | $2.32 | $0.32 | -$0.24 | $3.21 | $4.32 |
| Net margin | -4.8% | 0.8% | -0.5% | 6.7% | 8.7% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.61B
EV / EBITDA7.0
EV / Sales1.1
EV / FCF28.6
P / FCF21.7
PEG (trailing)0.27
Earnings yield10.5%
FCF yield4.6%
Quality & risk
ROIC (est.)7.2%
Free cash flow$56.4M
Total debt$671M
Net cash-$385M
Altman Z-Score1.90 grey
Piotroski F-Score6/8
Capital returns
Buyback yield1.2%
Dividend yield (est.)—
Shareholder yield1.2%
Shares Δ YoY+2.0%
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 Material agreement2026-06-26
Entered a new material definitive agreement (likely a customer/contract deal); exhibits filed
- 8-K Officer / director change2026-06-03
Annual meeting vote results disclosed alongside a board/officer change
- 10-Q Quarterly report2026-05-06
Q1 FY2026 10-Q; growth continues with dividend program now in place
- 8-K Earnings results2026-05-05
Released Q1 FY2026 results amid continued earnings growth
- 8-K Officer / director change2026-04-20
Proxy for 2026 annual meeting; routine board and compensation matters
- DEF 14A Proxy statement2026-04-20
Proxy for 2026 annual meeting; routine board and compensation matters
- 10-K Annual report2026-02-26
FY2025: revenue +5%, net income +36% to $129M, EPS $4.32; dividend initiated
- 8-K Earnings results2026-02-25
Q4/FY2025 results plus launch of new $0.125 quarterly dividend
- 8-K Material agreement2026-01-27
Closed $500M 6.75% notes due 2033, refinanced 2028 notes, extended ABL to 2031
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-262026-06-26open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗8-KPeriod ending 2026-06-032026-06-03open ↗S-8Filing2026-06-03open ↗10-QPeriod ending 2026-03-312026-05-06open ↗8-KPeriod ending 2026-05-052026-05-05open ↗
Frequently asked
- Is Bristow Group Inc. (VTOL) a buy?
- VTOL currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Cheap (9.6x P/E, 0.8x P/S) cyclical aviation turnaround now compounding earnings, paying its first dividend, and locked into long-dated SAR contracts.
- What is VTOL's fair value?
- A Modified-Graham model based on VTOL's SEC fundamentals estimates a fair value of about $164.16. It is an estimate from reported earnings, not a price target.
- Is VTOL overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, VTOL currently appears undervalued relative to its SEC-grounded earnings power.
- What is Bristow Group Inc.'s quality score?
- VTOL scores 75.40566195769993/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001525221, latest 10-Q filed 2026-05-06) · EODHD · Proprietary analysis · as of 6/30/2026, 10:45:45 AM.
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 30, 2026, 6:45 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.