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Operator of offshore support vessels serving oil and gas platforms and offshore wind projects worldwide.
Operator of offshore support vessels serving oil and gas platforms and offshore wind projects worldwide.
Rents out vessels and crews by the day under charters from a few months to several years, so earnings follow how many ships are working and the day rate each earns. Few new offshore vessels have been built for about a decade. It emerged from bankruptcy in 2017 and bought GulfMark in 2018, becoming the largest operator.
In one line: The world's largest offshore support vessel operator.
Moat: narrow (scale, installed base). Largest global OSV fleet by count, giving reach across offshore basins competitors can't match.
Headquarters: Houston, Texas · Founded: 1956 · Employees: 7,300
Size Tidewater (TDW) is a United States Energy company (Marine Shipping) with a market value of $3.49B, the 1437th largest of 3,117 United States companies the cockpit tracks. Shares closed at $70.06 on 6 Nov 2026.
Performance Over six months the shares fell 13.7%, against +6.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 18 in its peer set.
Growth Revenue fell 1.0% over the last twelve months (peer median +29.1%); the operating margin is 17.8% (peer median 41.1%).
Valuation It trades at 13.3× forward earnings against a peer median of 4.9× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (7.6% WACC).
Credit Tidewater has 1 bond outstanding ($650M), rated BB- by the agencies and trading like BB at a weighted spread of 224 bp.
Short interest Short interest is 12.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.35B | $1.35B | $1.01B | $648M |
| Revenue growth | — | +1% | +33% | +56% | — |
| Gross profit | $382M | $416M | $418M | $269M | $129M |
| EBITDA | $505M | $552M | $551M | $355M | $148M |
| Net income | $247M | $335M | $181M | $97.2M | -$21.7M |
| Free cash flow | $254M | $353M | $255M | $58.4M | $23.2M |
| Capital expenditure | $40.1M | $25.8M | $27.6M | $31.6M | $16.6M |
| Total debt | $653M | $686M | $648M | $742M | $177M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tidewater TDW | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% |
| Solstad Offshore SOFF.OL | $606M | +4% | +21% | 31% | 6.8× | 3.4% |
| DOF DOFG.OL | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TDW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.3% | -17.8% | 7th highest of 18 |
| 6-month return | -13.7% | +6.8% | 3rd lowest of 18 |
| Distance from 52-week high | -31.0% | -21.6% | lowest of 18 |
| Revenue growth (TTM) | -1.0% | +29.1% | 3rd lowest of 18 |
| Operating margin | 17.8% | 41.1% | 2nd lowest of 18 |
| Forward P/E | 13.3× | 4.9× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | -6.9% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +27.8% | +11.2% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -26.6 pp | -18.5 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | +5.7 pp | +7.7 pp | 7th lowest of 18 |
| EV / EBITDA | 7.0× | 6.6× | 9th cheapest of 17 |
| Net debt / EBITDA | 0.1× | 0.9× | 3rd least indebted of 17 |
| Bond spread | 224 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
Tidewater has 1 bond outstanding with $650M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 6.76%, a spread of 224 bp over government bonds.