Bristow Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bristow Group 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

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	231	222	1,370	226	1,178	1,185	1,210	1,297	1,415	1,491
Selling, general and administrative			182		153	159		182
General and administrative	42.1	45.1		38.3				182	176	174
Operating income	-136	28.1		-3.28				60.8	133	159
Interest expense	16.8	15.1	114	13.9	51.3	41.5		41.4	37.6	39.9
Interest income	0.76	2.04		3.49
Other non-operating income	-16.2	-13.9	-119	-11.5	46.3	-5.6	-6.04	-42.7	-30.5	-7.57
Pre-tax income	-153	14.2	-336	-14.7	-56.6	-4.42		18	102	151
Income tax	-123	2.94	-0.16	-0.73	-0.36	11.3	10.8	24.9	7.19	21.8
Net income to minority interests	-0.45	-0.46	0.71	-0.49	-0.19	0.08	-0.01	-0.14	0.07	0.35
Net income	-28.2	13.9	-337	-3.59	-56.1	-15.8	9.22	-6.78	94.8	129
EBITDA	-90.7	67.6		34.3				131	201	229
EPS, basic	-1.36	0.64	-9.42	-0.17	3.12	-0.55	0.33	-0.24	3.32	4.47
EPS, diluted	-1.36	0.64	-9.42	-0.17	2.32	-0.55	0.32	-0.24	3.21	4.32
Shares, basic (weighted)	20.8	21.2	35.7	21	24.6	28.5	28.1	28.1	28.5	28.9
Shares, diluted (weighted)	20.8	21.2	35.7	21	31.7	28.5	28.4	28.1	29.6	29.9

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.6	50.8	49.6	117	228	264	160	180	248	286
Receivables	33.8	33.3	34.7				183	208
Inventory	21.1	20.7	20.9	20.1	92.2	81.7	81.9	99.9	115	133
Other current assets	1.2	1.81	2.23	2.18	32.1	28.4	32.4	45.4	42.1	50.8
Total current assets	82.6	116	120	196	586	580	493	564	619	694
Property, plant and equipment	674	599	591	557	1,005	943	915	928	1,076	1,153
Lease right-of-use assets		0	8.46	9.47	247	194	241	288	264	242
Goodwill			18.4		0					0
Intangible assets	1.12	1.11	1.1	0.1	109	83.9	65.8	48.4	28.9	12.6
Other non-current assets	4.44	21.6	21.1	2.19	118	90.7	146	138	143	199
Total assets	792	765	766	765	1,992	1,824	1,812	1,937	2,125	2,311
Accounts payable	16.4	13.2	12.6	12.9	69.5	63.5	89.6	87.9	83.5	86.3
Accrued liabilities	8.26	9.27	5.52	10.6	58.6	53.4	45.2	52.7	54.4	68.7
Deferred revenue					13.6	15.2	14.3	20.3	15.2	22.4
Short-term debt	2.74	2.06	1.94	18.3	16	12.8	11.7	13.2	18.6	27.9
Total current liabilities	32.4	28.8	31.5	50.8	305	288	286	310	326	365
Long-term debt	202	160	160	142	528	513	500	535	671	644
Lease liabilities		0	6.77	7.82	168	125	166	215	189	165
Other non-current liabilities					6.68	4.83	5.03	11.8	8.94	31.8
Total liabilities	343	298	304	305	1,094	989	1,025	1,114	1,234	1,252
Total debt	208	165	162	162	543	526	511	548	690	671
Paid-in capital	444	447	449	452	688	699	709	726	742	763
Retained earnings	4.36	18.3	12.3	14.7	227	211	225	218	313	442
Treasury stock	-2.95	-2.48	-2.48	-10.2	-10.5	-51.7	-63	-65.7	-69.8	-87.1
Other comprehensive income	0.11	0.11	0.11	0	-6.92	-23.5	-84.1	-54.6	-93.7	-57.8
Shareholders' equity					898	836	787	824	892	1,060
Minority interests					-0.54	-0.45	-0.37	-0.51	-0.44	-0.08
Total equity	446	463	812	150	897	835	787	823	891	1,060
Total liabilities and equity	792	765	766	765	1,992	1,824	1,812	1,937	2,125	2,311
Shares outstanding	21.3	21.8	22.2	21.3	29.7	28.3	28	28.3	28.6	29.2

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-28.6	13.5	-336	-4.08	-56.3	-15.7	9.22	-6.92	94.9	129
Depreciation and amortization	45.7	39.5	125	37.6	70.1	75		70.6	68.3	70.3
Stock-based compensation	4.62	2.94	6.38	3.64	11.5	11.7		16.5	15.8	16.9
Deferred income tax	-119	1.76	-16.8	-4.53	-15.5	-1.75		0.67	-20	-10
Change in receivables	-4.89	0.5	19.2	-1.14	39.9	10.6		-27	9.29	7.74
Cash from operations	20.1	54.4	-109	27.6	96.8	124	-7.73	32	177	198
Capital expenditures	-16.8	-9.22	-40.9	-6.56	-14.8	-31.1		-81.5	-255	-142
Acquisitions	0					0		0	0
Purchases of investments	0	0		-5
Sales and maturities of investments				4.43
Cash from investing	-6.57	22.8	-26.1	48.6	173	-17.4	-52	-47.3	-246	-87.3
Debt issued			0.47		400	0		170	165	5.83
Debt repaid			-61.1		-618	-19.2		-142	-15.4	-57.8
Stock issued								0	0.51	1.39
Share buybacks	-0.05	0	0	-7.71	-10.5	-41.2		-2.71	-4.05	-15.2
Cash from financing	-27.5	-43.5	-63.1	-9.43	-246	-63.5	-24.6	22	141	-66
Exchange rate effect	0.08	0.25	-3.47	-0.13	7.46	-8.07	-29.4	13.2	-4.95	-2.68
Net change in cash	-13.9	33.9	-202	66.6	32	34.9	-114	20	67.6	42.4
Free cash flow	3.33	45.1	-150	21	82	92.8		-49.5	-78	56.4
Interest paid					32.3	32		39.5	43.3	46.8
Income taxes paid	0.43	0.28	19.4	1.26	15.1	12		19.3	20.8	26.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.23 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.5%	Operating income / revenue.
EBITDA margin	15.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.0%	Pre-tax income / revenue.
Net margin	5.0%	Net income / revenue.
FCF margin	0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.6%	Cash from operations / revenue.
Effective tax rate	16.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	8.0%	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	9.8%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	14.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	36.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	141.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	34.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	138.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	15.4%	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 CAGR, 5y	-7.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.4%	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	3.4%	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	8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	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	3.0%	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	1.1%	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	1.7%	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	-1.2%	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	1.99x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.66x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.7%	Total debt / total assets.
Liabilities / assets	54.7%	Total liabilities / total assets.
Net debt	$508.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.18x	Operating income / interest expense.
Working capital	$353.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	1.33x	Revenue / average property, plant and equipment.
FCF conversion	15.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	92.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.69	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	$54.12	Revenue / diluted weighted shares.
FCF per share	$0.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.72	Cash from operations / diluted weighted shares.
Book value per share	$37.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.85	Tangible book value / shares outstanding.
Cash per share	$8.02	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	344.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.19B	Share price x shares outstanding.
Enterprise value	$1.70B	Market cap + total debt - cash - short-term investments.
P/E	14.8x	Market cap / net income. Only when net income is positive.
P/S	0.74x	Market cap / revenue.
P/B	1.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.11x	Market cap / tangible book value, when positive.
P/FCF	97.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.98x	Market cap / cash from operations, when positive.
EV/Sales	1.05x	Enterprise value / revenue.
EV/EBIT	11.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.67x	Enterprise value / EBITDA, when both are positive.
EV/FCF	139x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Bristow Group Inc.'s revenue in fiscal 2025?

Bristow Group Inc. reported revenue of $1.49B for fiscal 2025, 5.3% higher than the year before.

Was Bristow Group Inc. profitable in fiscal 2025?

Yes. Net income was $129.1M, a net margin of 8.7%.

How much free cash flow did Bristow Group Inc. generate in fiscal 2025?

Cash from operations of $198.4M minus capital expenditures of $142.0M left free cash flow of $56.4M.

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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