At a glance
Tidewater Inc is worth $4.31B, about 13 times its fiscal 2025 earnings. Revenue grew 0.5% to $1.35B in fiscal 2025, with 24.7% kept as profit; over 5 years it has grown 27.8% a year. It pays no dividend; it spent $215.9M buying back its shares over FY2021–FY2025. The stock returned +77.8% over the past year with dividends reinvested and +46.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.6% in the 2020 crash (S&P 500: 33.7%) and 34.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 3 months after the lows.
The business in plain English
Tidewater owns and charters out ships that support offshore energy work. Incorporated in 1956, it had 208 vessels serving customers in more than 30 countries as of December 31, 2025. Its ships carry supplies and workers to drilling rigs and platforms, tow and anchor rigs, and support construction and subsea projects. Most of the fleet serves deepwater oil and gas fields, and some ships work on offshore wind farms. Customers range from large international and government-controlled oil companies to smaller producers, drilling contractors and wind farm developers.
It earns money mainly through time charters: contracts renting a vessel for a few months to several years, usually at a fixed daily fee called a day rate. Shorter "spot" charters run from one day to several months. Platform supply vessels, which haul drilling mud, bulk cargo and supplies to rigs, made up about 72.3% of vessel revenue in 2025. Anchor handling towing supply vessels, which tow rigs and set their anchors, added about 24.2%.
Tidewater reports five regional segments: the Americas, Asia Pacific, the Middle East, Europe/Mediterranean and West Africa. Of its $1.35 billion in 2025 revenue, Angola supplied 11.5%, the UK 11%, Saudi Arabia 9.9%, Norway 8.7%, Australia 8% and the US 5.5%. In February 2026 it agreed to acquire a Brazilian business with 22 supply vessels for $500.0 million.
Price history
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TDW +77.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Other Countries | $613.6M | 45.4% |
| ANGOLA | $155.8M | 11.5% |
| UNITED KINGDOM | $149.0M | 11% |
| SAUDI ARABIA | $133.8M | 9.9% |
| NORWAY | $117.4M | 8.7% |
| AUSTRALIA | $108.5M | 8% |
| UNITED STATES | $74.6M | 5.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $342.3M, up 0.3% from a year earlier, and net income was $21.7M (-70.3%).
- For fiscal 2025, revenue was $1.35B (+0.5% year over year; +27.8% a year from FY2020 to FY2025) with a 24.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +27.8% good |
|---|---|
| Operating margin | 20.9% good |
| Free cash flow margin | 26.1% good |
| Return on equity (FY2025) | 24.5% good |
| Return on assets (FY2025) | 14% good |
| Net cash (cash minus debt) | $-39.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $397.0M | $-196.2M | $-10.9M |
| FY2021 | $371.0M | $-129.0M | $6.1M |
| FY2022 | $647.7M | $-21.7M | $23.6M |
| FY2023 | $1.01B | $97.2M | $72.6M |
| FY2024 | $1.35B | $180.7M | $254.9M |
| FY2025 | $1.35B | $334.7M | $353.3M |
Valuation snapshot
| Market value | $4.31B |
|---|---|
| P/E ratio | 13 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Tidewater’s market value went from $534.7M at the end of 2017 to $4.31B on Oct 28, 2026, about 8.1 times as much; since the end of 2025 it is up 72%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.31B | +72.0% |
| 2025 | $2.50B | -12.5% |
| 2024 | $2.86B | -24.9% |
| 2023 | $3.81B | +122.3% |
| 2022 | $1.71B | +287.6% |
| 2021 | $442.1M | +26.2% |
| 2020 | $350.3M | -53.7% |
| 2019 | $756.4M | +45.0% |
| 2018 | $521.5M | -2.5% |
| 2017 | $534.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TDW price data to Oct 28, 2026 | +71.3% | +77.8% | +8.1% | +46.9% | +5.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +71.3% |
| 2025 | -7.7% |
| 2024 | -24.1% |
| 2023 | +95.7% |
| 2022 | +244.1% |
| 2021 | +24.0% |
| 2020 | -55.1% |
| 2019 | +0.8% |
| 2018 | -21.6% |
| 2017 | -78.5% |
| 2016 | -51.0% |
| 2015 | -77.1% |
| 2014 | -44.1% |
| 2013 | +35.2% |
| 2012 | -7.5% |
| 2011 | -6.7% |
| 2010 | +14.8% |
| 2009 | +21.9% |
| 2008 | -25.3% |
| 2007 | +14.6% |
| 2006 | +10.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48.1% over that stretch · deepest drop along the way 55%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.5% over that stretch · deepest drop along the way 67.6%, back to its old high 23.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 107.2% over that stretch · deepest drop along the way 34.9%, back to its old high 3.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($7.3M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | Samuel R Rubio EVP, CFO & CAO | sell | $1.8M |
| Aug 12, 2026 | Samuel R Rubio EVP, CFO & CAO | sell | $1.6M |
| Sep 2, 2026 | Daniel A. Hudson EVP, CLO & Corporate Secretary | sell (plan) | $1.5M |
| Sep 2, 2026 | Kenneth Traub Director | sell | $990K |
| Sep 16, 2026 | Robert Robotti Director | sell | $602K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.6% | Dec 31, 2024 |
| T. Rowe Price Associates, Inc. | 6.5% | Mar 31, 2026 |
| Neuberger Berman Group LLC | 5.8% | Dec 31, 2024 |
| Vanguard Portfolio Management | 5.38% | Mar 31, 2026 |
| FMR LLC | 4.7% | Dec 31, 2024 |
ETFs with the most weight in TDW
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.73% |
| PSCE Invesco S&P SmallCap Energy ETF | 3.75% |
| OIH VanEck Oil Services ETF | 3.09% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 1.8% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 1.29% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.71% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.58% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.43% |
What could go wrong
- Brazil acquisition adds integration risk. In February 2026 Tidewater agreed to acquire 22 supply vessels in Brazil for $500.0 million in cash. Folding in a large acquisition could prove harder or costlier than planned and distract management.
- A few customers bring in much revenue. A relatively small number of customers provide a significant share of revenue. Mergers among customers could shrink that list further, and Tidewater may not always collect what customers owe.
- More ships could push day rates down. If the supply of offshore vessels grows faster than the number of working drilling rigs, the daily rates Tidewater charges could fall. Heavy competition in offshore marine services also pressures prices.
- Demand rises and falls with oil spending. Revenue depends on how much oil and gas companies spend offshore, which tends to track oil and gas prices. Past industry downturns cut customer budgets and demand for Tidewater's ships, hurting results.
- Costly fleet, and contracts can end early. Keeping and growing the fleet takes significant capital. Charters can be ended early, the backlog of signed work may not turn into revenue, and lower vessel values could force write-downs.
- Overseas work brings political and currency risks. The US supplied only 5.5% of 2025 revenue. Operating abroad exposes Tidewater to piracy, war, terrorism, anti-bribery laws, disputes with local joint venture partners and currency devaluation.
Recent events
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Tidewater pays no cash dividend. It paid none from 2020 through 2025, and its yield was 0% as of October 28, 2026. Its 10-K says shareholder returns depend on the share price rising, so it may not suit investors who need regular income. It returns cash through buybacks (repurchases of its own stock) instead: about $216 million over 2021–2025, including about $90.0 million in 2025. Its board approved a new $500.0 million program on August 1, 2025. Even so, shares outstanding rose 20.5% from October 2021 to July 2026.
The stock has swung hard in market downturns. It fell 55% in the 2008 financial crisis and had not regained its mid-2008 peak as of October 28, 2026. In the 2020 COVID crash it dropped 67.6% and took 23.5 months to recover. While the broad market fell in 2022, it gained 107.2%, though it slid 34.9% along the way. As a single stock, Tidewater carries more risk than a diversified fund.
Questions investors ask
Does Tidewater pay a dividend?
No. Tidewater paid no cash dividends in any fiscal year from 2020 through 2025, and its dividend yield was 0% as of October 28, 2026. Its 10-K notes that shareholder returns depend on the share price rising, and its debt agreements may restrict payouts. The company has used buybacks (repurchases of its own stock) instead, spending about $90.0 million in 2025, and its board approved a new $500.0 million program on August 1, 2025.
How does Tidewater make money?
Tidewater rents out offshore support ships, mainly to oil and gas companies, under charters lasting from one day to several years. Longer contracts usually carry a fixed daily fee, called a day rate. In 2025, platform supply vessels, which carry cargo and supplies to rigs, produced about 72.3% of vessel revenue; anchor handling towing supply vessels, which tow and moor rigs, about 24.2%; and other vessels about 3.5%. Total revenue was $1.35 billion for the year ended December 31, 2025.
Is Tidewater stock tied to oil prices?
Indirectly, yes. Demand for Tidewater's ships depends on how much customers spend offshore, and that spending tracks oil and gas prices. Most of the fleet serves deepwater projects, which involve multi-year plans and tend to be less sensitive to short-term price swings. The shares still move sharply: they returned 77.8% in the year to October 28, 2026, after falling 24.1% in 2024 and 7.7% in 2025.
Is Tidewater profitable?
Yes. After losses from 2020 through 2022, Tidewater earned $334.7 million in the year ended December 31, 2025, or $6.64 per diluted share, on revenue of $1.35 billion. Free cash flow, the cash left after running the business and investing in the fleet, was $353.3 million. Profit has been uneven: net income for the quarter ended June 30, 2026, fell 70.3% from a year earlier, to $21.7 million. Shares traded at 13 times 2025 earnings as of October 28, 2026.
How much debt does Tidewater have?
About $653 million as of June 30, 2026, nearly matched by $613.5 million of cash and investments. The main piece is $650.0 million of bonds paying 9.125% interest and due in 2030. Tidewater issued them in July 2025 to repay older loans and notes, booking a $27.1 million loss on the early payoff. Filings on August 31 and October 5, 2026, reported new debt or financial obligations, so the total may have changed.