At a glance
Bristow Group Inc is worth $1.23B, about 10 times its fiscal 2025 earnings. Revenue grew 5.3% to $1.49B in fiscal 2025, with 8.7% kept as profit; over 4 years it has grown 6.1% a year. It pays no dividend; it spent $32.5M buying back its shares over FY2021–FY2025. The stock returned +8.7% over the past year with dividends reinvested and +3.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 26 months after the low.
The business in plain English
Bristow Group, based in Houston and formerly called Era Group, is mainly a helicopter operator. Its main customers are offshore oil and gas companies, which charter Bristow helicopters to carry workers between onshore bases and offshore platforms, drilling rigs and other installations. Governments are the other big customer group. They outsource search and rescue (SAR), meaning Bristow supplies specialized helicopters plus the trained crews to fly emergency missions.
In the year ended December 31, 2025, revenue was $1.49 billion. Offshore Energy Services supplied 66.5%, mostly from long-term work for production platforms, which the company says hold up better in downturns than drilling. Government Services supplied 25.5%, up from about 23% in 2024, mainly through SAR contracts in the UK, Ireland, the Netherlands and the Dutch Caribbean. The UK work is moving to a 10-year contract awarded in July 2022, a transition expected to finish by December 31, 2026.
Other Services (8.1%) is mostly Airnorth, a regional airline based in Darwin, Australia, plus helicopter leasing in Chile and Spain. By country, the UK was the largest market at 27.6% of 2025 revenue, ahead of Norway (18.5%), the U.S. (16.5%) and Nigeria (12.9%). All other countries combined made up 24.4%.
Price history
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VTOL +8.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Offshore Energy Services | $990.5M | 66.5% |
| Government Services | $379.4M | 25.5% |
| Other Services | $120.6M | 8.1% |
By geography
| UK | $412.0M | 27.6% |
| Other | $363.9M | 24.4% |
| Norway | $276.3M | 18.5% |
| U.S. | $246.6M | 16.5% |
| Nigeria | $191.7M | 12.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $411.8M, up 9.4% from a year earlier, and net income was $21.2M (-33.4%).
- For fiscal 2025, revenue was $1.49B (+5.3% year over year; +6.1% a year from FY2021 to FY2025) with a 8.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +6.1% good |
|---|---|
| Operating margin | 10.7% watch |
| Free cash flow margin | 3.8% watch |
| Return on equity (FY2025) | 12.2% watch |
| Return on assets (FY2025) | 5.6% watch |
| Net cash (cash minus debt) | $-433.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2019 | $226.1M | $-3.6M | $21.0M |
| FY2021 | $1.18B | $-56.1M | $82.0M |
| FY2022 | $1.21B | $9.2M | — |
| FY2023 | $1.30B | $-6.8M | $-49.5M |
| FY2024 | $1.42B | $94.8M | $-78.0M |
| FY2025 | $1.49B | $129.1M | $56.4M |
Valuation snapshot
| Market value | $1.23B |
|---|---|
| P/E ratio | 9.6 |
| Dividend yield | 0.94% |
Rank among 1514 US companies
Market value at each year end
Bristow Group’s market value went from $895.1M at the end of 2021 to $1.23B on Oct 28, 2026, up 37%; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.23B | +16.0% |
| 2025 | $1.06B | +7.9% |
| 2024 | $981.9M | +23.0% |
| 2023 | $798.5M | +5.1% |
| 2022 | $760.1M | -15.1% |
| 2021 | $895.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VTOL price data to Oct 28, 2026 | +14.2% | +8.7% | +16.9% | +3.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.2% |
| 2025 | +6.8% |
| 2024 | +21.3% |
| 2023 | +4.2% |
| 2022 | -14.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.7% over that stretch · deepest drop along the way 42.8%, back to its old high 25.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 20 sales ($4.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 24, 2026 | Christopher Scott Bradshaw President and CEO, Director | sell | $1.3M |
| Sep 1, 2026 | Solus Alternative Asset Management LP See Below | sell | $688K |
| Sep 2, 2026 | Solus Alternative Asset Management LP See Below | sell | $550K |
| Aug 20, 2026 | Stuart Stavley COO, Offshore Energy Services | sell | $472K |
| Sep 11, 2026 | Solus Alternative Asset Management LP See below | sell | $215K |
Who owns it
ETFs with the most weight in VTOL
| PXJ Invesco Oil & Gas Services ETF | 2.65% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.45% |
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 0.33% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.23% |
| IWC iShares Micro-Cap ETF | 0.2% |
| SAGP Strategas Global Policy Opportunities ETF | 0.17% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.14% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.14% |
What could go wrong
- Accidents can ground aircraft and hurt contracts. Crashes, mechanical failures or harsh weather can cause injury and loss of life. An accident involving a model Bristow flies, even under another operator, could ground that model, and insurance does not cover every loss.
- Heavy reliance on offshore oil and gas. Offshore Energy Services made up 66.5% of 2025 revenue. Lower offshore activity, struggling energy customers or a shift to alternative fuels could cut demand, especially in the mature North Sea and Gulf of America.
- UK rescue contract can be ended at will. The UK Department for Transport can terminate the UK search and rescue contract at will. The UK was Bristow's largest market, at 27.6% of 2025 revenue, though that figure also includes offshore energy work.
- Reliance on a few helicopter makers. Bristow relies on a small number of manufacturers and lessors for most new aircraft, leases and maintenance. The company says this dependence has already hurt it, and production delays can hold up ordered aircraft.
- Pilot shortages and union talks. Bristow needs highly trained pilots and engineers, and retirements could deepen shortages. Some union agreements were due for renegotiation in 2026; failing to reach acceptable terms could disrupt operations or raise costs.
- Currency and political risks across many countries. Most revenue comes from outside the U.S., including the UK, Norway and Nigeria. Currency swings, political unrest, trade restrictions and rules limiting foreign ownership of aircraft companies can hurt results.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Bristow is not an income stock. Its annual filings show no dividends paid from fiscal 2021 through fiscal 2025, so there is no record of increases to judge. The shares showed a dividend yield of 0.94% as of October 28, 2026, a modest payout with little history behind it. Buybacks totaled about $32.5 million over fiscal 2021–2025, but the share count still rose 4.9% between October 2021 and July 2026. For income investors, returns here depend mainly on the share price, not cash payouts.
The stock's price record covers about 5.7 years, so it does not include the 2008 crisis or the 2020 COVID crash. In the 2022 bear market (a broad market drop of 20% or more), the shares fell 42.8% from their March 2022 peak to a July 2022 low and took about 26 months to recover, on August 30, 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Bristow Group make money?
Bristow makes money by flying helicopters for hire. In the year ended December 31, 2025, 66.5% of its $1.49 billion in revenue came from Offshore Energy Services, which ferries workers to oil and gas platforms and drilling rigs. Government Services, mainly search and rescue for the UK, Ireland, the Netherlands and the Dutch Caribbean, added 25.5%. Other Services, chiefly the Australian regional airline Airnorth and helicopter leasing, made up 8.1%. Net income for the year was $129.1 million.
Does Bristow Group (VTOL) pay a dividend?
Only a small one, with no track record. Bristow's annual filings show no dividends paid from fiscal 2021 through fiscal 2025. As of October 28, 2026, the stock showed a dividend yield of 0.94%, but there is no history of increases to judge. The company has returned cash mainly through buybacks, about $32.5 million over fiscal 2021–2025, though the share count still rose 4.9% between October 2021 and July 2026.
Is Bristow Group dependent on oil and gas?
Yes, largely. Offshore Energy Services produced 66.5% of revenue in the year ended December 31, 2025. The company says most of that comes from supporting production platforms, which need long-term transport and hold up better in downturns than drilling. Still, its 10-K flags risks from lower offshore activity, the finances of a limited number of energy customers, and a possible shift toward alternative fuels. Government search and rescue work, at 25.5% of revenue, adds some balance.
What is Bristow's UK search and rescue contract?
It is a 10-year deal to provide search and rescue helicopters and crews for the whole UK. Bristow works for the UK Department for Transport on behalf of the Maritime and Coastguard Agency. The contract, called UKSAR2G, was awarded in July 2022, and the transition to it is expected to finish by December 31, 2026. It runs from 10 existing bases plus two new seasonal ones and adds fixed wing aircraft and drones. The government can terminate it at will.
How much debt does Bristow Group have?
Bristow had about $745.5 million of total debt as of June 30, 2026, against $312.3 million of cash and investments. That leaves net debt of about $433.2 million, compared with shareholders' equity of $1.09 billion. The 10-K warns that covenants, the conditions lenders attach to loans, may restrict how the company runs its business. It also says Bristow may need more capital in the future, and that capital may not be available.