TIDEWATER INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TIDEWATER INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	979	602	407	487	397	371	648	1,010	1,346	1,353
Gross profit	69.6	-59.4	6.07	6.89	-29.7
General and administrative	154	146	110	104	73.4	68.5	102	95.3	111	135
Operating income	-69.5	-578	-107	-86.6	-187	-95	26.7	182	311	283
Interest expense	53.8	75	30.4	29.1	24.2	15.6	17.4	48.7	73.2	66.1
Other non-operating income	-70	-65.8	-46	-26.9	-10.9	-28.8	-29	-43.3	-81.9	-62.4
Pre-tax income	-140	-644	-154	-113	-198	-124	-2.31	139	229	220
Income tax	20.8	6.4	18.3	27.7	-0.97	5.88	19.9	43.3	50.2	-113
Net income to minority interests	-0.19	10.1	-0.25	0.52	-0.45	-0.69	-0.44	-1.56	-1.38	-1.21
Net income	-160	-660	-172	-142	-196	-129	-21.7	97.2	181	335
EBITDA	113	-411	-56.2	-9.56	-114	-21.8	110	311	468	434
EPS, basic	-3.41	-14.02	-6.45	-3.71	-4.86	-3.14	-0.49	1.88	3.44	6.69
EPS, diluted	-3.41	-14.02	-6.45	-3.71	-4.86	-3.14	-0.49	1.84	3.40	6.64
Shares, basic (weighted)	47	47.1	26.6	38.2	0.04	0.04	44.1	51.6	52.5	50.1
Shares, diluted (weighted)	47	47.1	26.6	38.2	0.04	0.04	44.1	52.9	53.1	50.4
Dividend per share	0.75

Balance sheet

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	678	706	372	218	150	149	164	274	325	579
Receivables	228	123	111
Other current assets	44.8	18.4	11.8	16	11.7	8.73	21	15.2	13.6	11.5
Total current assets	1,323	1,141	683	537	389	343	378	591	699	914
Property, plant and equipment	3,551	2,865	1,090	780	780	688	797	1,315	1,184	1,072
Lease right-of-use assets				4.34				7.21	11.2	7.48
Other non-current assets	71.7	140	31.3	36.3	25.7	24.3	33.6	32.4	24.3	50.6
Total assets	4,984	4,191	1,828	1,580	1,251	1,096	1,298	2,063	2,075	2,387
Accounts payable	49.1	31.6	31.9	27.5	17	20.8	38.9	44.9	71.4	66.3
Accrued liabilities	91.6	78.1	61.8	74	52.4	51.7	106	126	130	153
Short-term debt	2,046	2,034	8.57	9.89	27.8	0	0	103	65.4	5.85
Total current liabilities	2,452	2,329	158	186	183	158	195	329	332	315
Long-term debt			430	279	165	168	169	631	572	649
Lease liabilities				4.27				5.3	5.91	6.36
Other non-current liabilities	182	155	94	98.4	79.8	68.2	67.8	65	60.4	61.4
Total liabilities	2,678	2,540	683	563	428	394	432	1,025	964	1,026
Total debt	2,052	2,041	431	298	193	168	169	734	648	670
Paid-in capital	167	165	1,352	1,368	1,372	1,376	1,557	1,672	1,657	1,663
Retained earnings	2,135	1,475	-211	-353	-549	-678	-700	-638	-549	-305
Other comprehensive income	-6.87	-10.3	2.19	-0.24	-0.8	2.67	8.58	5.27	6.06	7.25
Shareholders' equity	2,300	1,635	1,144	1,015	822	701	866	1,039	1,114	1,365
Minority interests	6.03	16.1	1.09	1.61	1.16	0.47	0.02	-1.54	-2.93	-4.13
Total equity	2,306	1,651	1,145	1,016	823	702	866	1,038	1,111	1,361
Total liabilities and equity	4,984	4,191	1,828	1,580	1,251	1,096	1,298	2,063	2,075	2,387
Shares outstanding			37	39.9	40.7	41.3	50.6	52.3	51.5	49.6

Cash flow statement

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-160	-650	-172	-141	-197	-130	-22.2	95.6	179	333
Depreciation and amortization	182	167	51.3	77	73	73.2	83.5	129	156	151
Stock-based compensation	13.2	3.28	13.4	19.6	5.12	5.64	7.37	10.8	13.7	14.5
Deferred income tax	-6.8	-2.2	0.57	0.67	1.22	-1.29	0.04	0.09	-2.81	-196
Change in inventory	13.7	2.29	-1.96	2.43	2.59	1.37	-14.6	1.98	-2.91	-4.62
Cash from operations	253	29.8	3.94	-31.4	3.99	15	40.2	104	282	379
Capital expenditures	-194	-25.5	-21.4	-18	-14.9	-8.95	-16.6	-31.6	-27.6	-25.8
Acquisitions					0	0	-20.7	-594	0	0
Sales and maturities of investments							0	0	8.05	0.66
Cash from investing	-135	14.9	68.5	10.8	23.4	25.1	-23.8	-610	-0.19	-7.48
Debt issued				0	0	172	0	575	0	650
Debt repaid	-137	-10.1	-105
Stock issued			0	0	0	0	188	0	0
Share buybacks						0	0	-35	-90.7	-90.1
Dividends paid	-35.4
Cash from financing	482	-16.7	-128	-150	-99.8	-41	-2.72	616	-223	-136
Net change in cash	600	28	-55.6	-170	-72.4	-0.95	13.7	110	51.1	253
Free cash flow	58.9	4.32	-17.5	-49.4	-10.9	6.06	23.6	72.6	255	353
Interest paid	50.7	70.7	32.3	32.7	21.2	13.7	15.6	26.6	66.9	47.8
Income taxes paid	51.6	26.9	16.8	14.4	13	19	22.3	43.9	56.9	60.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $83.27 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.4%	Operating income / revenue.
EBITDA margin	34.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.9%	Pre-tax income / revenue.
Net margin	18.3%	Net income / revenue.
FCF margin	20.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.1%	Cash from operations / revenue.
Effective tax rate	-52.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.4%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	15.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	119.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	57.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	85.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	95.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	34.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	111.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	148.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	38.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	146.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	22.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	316.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.58x	Current assets / current liabilities.
Quick ratio	2.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.6%	Total debt / total assets.
Liabilities / assets	41.3%	Total liabilities / total assets.
Net debt	$39.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.09x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$697.3M	Current assets - current liabilities.
Tangible book value	$1.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	1.30x	Revenue / average property, plant and equipment.
FCF conversion	109.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.86	Revenue / diluted weighted shares.
FCF per share	$5.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.21	Cash from operations / diluted weighted shares.
Book value per share	$28.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.00	Tangible book value / shares outstanding.
Cash per share	$12.33	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.14B	Share price x shares outstanding.
Enterprise value	$4.18B	Market cap + total debt - cash - short-term investments.
P/E	16.8x	Market cap / net income. Only when net income is positive.
P/S	3.08x	Market cap / revenue.
P/B	2.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.97x	Market cap / tangible book value, when positive.
P/FCF	15.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.3x	Market cap / cash from operations, when positive.
EV/Sales	3.11x	Enterprise value / revenue.
EV/EBIT	16.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.15x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was TIDEWATER INC's revenue in fiscal 2025?

TIDEWATER INC reported revenue of $1.35B for fiscal 2025, 0.5% higher than the year before.

Was TIDEWATER INC profitable in fiscal 2025?

Yes. Net income was $334.7M, a net margin of 24.7%.

How much free cash flow did TIDEWATER INC generate in fiscal 2025?

Cash from operations of $379.1M minus capital expenditures of $25.8M left free cash flow of $353.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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