TIDEWATER INC
$79.38
+1.52 (+1.95%) · delayed · Nov 13, 2026
Five-year price
52w $49.54 to $101.58
- Market cap
- $3.9B
- Enterprise value
- $4.0B
- P/E
- 12.0×
- 20.0× on 3y avg EPS
- EV / EBIT
- 14.2×
- FCF yield
- 9.0%
- ROIC
- 19.6%
- Debt / equity
- 0.48
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 7.4%
- ○ROE > 15% (5y avg)5y avg ROE 5.8%
- ○Stable operating marginsMargin volatility 18.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 107% (5y avg)
- ●Growing revenueRevenue CAGR 5y 27.8%
- ○Shrinking share countDiluted shares 124870.9% over 5y
Value
60
- ●P/E below 15P/E 12.0
- ○EV/EBIT below 12EV/EBIT 14.2
- ●FCF yield above 6%FCF yield 9.0%
- ○Price below Graham NumberGraham Number $64.09
- ●P/B below 3P/B 2.9
Safety
80
- ●Debt / equity below 0.5D/E 0.48
- ●Debt payable in < 4 yrs of earningsNet debt $0.1B
- ○Interest coverage > 8xCoverage 5.9x
- ●Current ratio > 1.5Current ratio 2.90
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
17
- ○Adequate size (revenue > $2B)Revenue $1.4B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.90
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 20.0
- ○P/E × P/B ≤ 22.5Product 57.9
Valuation lab
What do you have to believe?
At $79.38, the market is pricing in about −1.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $76M · 50M shares · 5y revenue CAGR 27.8%
Intrinsic value
$417.29
Price
$79.38
Margin of safety
81%
What the price implies
The market is paying for −1.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 979 | 602 | 407 | 487 | 397 | 371 | 648 | 1,010 | 1,346 | 1,353 |
| Gross profit | 70 | (59) | 6 | 7 | (30) | — | — | — | — | — |
| Operating income | (70) | (578) | (107) | (87) | (187) | (95) | 27 | 182 | 311 | 283 |
| Operating margin | -7.1% | -96.1% | -26.4% | -17.8% | -47.0% | -25.6% | 4.1% | 18.0% | 23.1% | 20.9% |
| Pre-tax income | (140) | (644) | (154) | (113) | (198) | (124) | (2) | 139 | 229 | 220 |
| Income tax | 21 | 6 | 18 | 28 | (1) | 6 | 20 | 43 | 50 | (113) |
| Net income | (160) | (660) | (172) | (142) | (196) | (129) | (22) | 97 | 181 | 335 |
| EPS (diluted) | -3.41 | -14.02 | -6.45 | -3.71 | -4.86 | -3.14 | -0.49 | 1.84 | 3.40 | 6.64 |
| Diluted shares | 47 | 47 | 27 | 38 | 0 | 0 | 44 | 53 | 53 | 50 |
Who owns it