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NYSE · Industrials

TIDEWATER INC (TDW)

As-reported financials and SEC filings for TIDEWATER INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About TIDEWATER INC

Tidewater Inc provides offshore marine support services primarily to the oil and gas industry. The company operates a fleet of vessels that support offshore exploration, development, and production activities. It serves energy companies requiring marine transportation and logistics solutions.

Snapshot

Revenue
$1.35B
Revenue growth (YoY)
0.5%
Net income
$334.7M
Diluted EPS
$6.64
Gross margin
Operating margin
20.9%
Net margin
24.7%
FCF margin
26.1%
ROE
24.6%
net income / fiscal-year-end equity
P/E
18.8×
trailing when available, otherwise FY EPS
Market cap
$4.61B
Long-term debt / equity
0.48×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Tidewater

  • Revenue grew 0.5% to $1.4B in FY2025, slower than the 33.3% the year before.
  • Operating margin turned positive at 20.9% in FY2025, from a 25.6% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $342M, up 0.3% from Q2 FY2025.
  • Free cash flow was $353M in FY2025, 26.1% of revenue.
  • Net income rose 85.2% to $335M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Tidewater’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin20.9%
90th percentile of 605
Net margin24.7%
96th percentile of 645
FCF margin26.1%
96th percentile of 562
Revenue growth (YoY)+0.5%
36th percentile of 668
ROE24.6%
87th percentile of 600
P/E18.8×
36th percentile of 434
Long-term debt / equity0.48×
50th percentile of 409
Short interest8.09d
93rd percentile of 676

Tidewater’s net margin of 24.7% ranks in the 96th percentile of the 645 Industrials companies reporting it. Tidewater’s FCF margin of 26.1% ranks in the 96th percentile of the 562 Industrials companies reporting it. Tidewater’s operating margin of 20.9% ranks in the 90th percentile of the 605 Industrials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $2.1M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 3 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+3 quant / multi-strat
Initiated / added
3
0 new, 3 added
Reduced / exited
2
2 trimmed, 0 exited
Combined position
$109.8M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$83.2M1.2MAdded
Millennium ManagementquantQ2 2026$21.4M321.3KAdded
AQR Capital ManagementquantQ2 2026$3.1M46.8KAdded
Gotham Asset ManagementQ2 2026$1.3M20.1KReduced
Bridgewater AssociatesQ2 2026$720,07010.8KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
2
$2.1M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-12
filed 2026-08-14
Rubio Samuel REVP, CFO & CAOSell17.7K$91.56$1.6M
2026-08-10
filed 2026-08-11
Hudson Daniel A.EVP, CLO & Corporate SecretarySell5.0K$89.01$445K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.5M
settled 2026-08-14
Change vs prior
-0.1%
vs previous settlement
Days to cover
8.09
at avg daily volume
Avg daily volume
798.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-146.5M-0.1%8.09
2026-07-316.5M+2.7%12.06
2026-07-156.3M-0.6%8.03
2026-06-306.3M+16.2%5.94
2026-06-155.5M-5.7%8.93
2026-05-295.8M+8.2%7.93
2026-05-155.3M+21.0%6.54
2026-04-304.4M+21.1%5.21

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.35B$1.35B$1.01B$647.7M$371.0M
Gross profit
Operating income$282.6M$311.3M$182.2M$26.7M$-95.0M
Net income$334.7M$180.7M$97.2M$-21.7M$-129.0M
Diluted EPS$6.64$3.40$1.84$-0.49$-3.14

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$578.8M$324.9M$274.4M$164.2M$149.0M
Current assets$914.1M$698.7M$591.1M$377.9M$342.7M
Total assets$2.39B$2.07B$2.06B$1.30B$1.10B
Current liabilities$315.2M$331.6M$328.7M$194.8M$157.9M
Long-term debt$649.0M$571.7M$631.4M$169.0M$167.9M
Total liabilities$1.03B$963.7M$1.03B$431.7M$394.0M
Total equity$1.36B$1.11B$1.04B$866.0M$701.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$379.1M$282.5M$104.2M$40.2M$15.0M
Capital expenditure$25.8M$27.6M$31.6M$16.6M$9.0M
Free cash flow$353.3M$254.9M$72.6M$23.6M$6.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$342.3M0.3%$21.7M$0.43
Q1 FY2026$326.2M-2.2%$6.1M$0.12
Q4 FY2025$336.8M-2.4%$219.9M$4.40
Q3 FY2025$341.1M0.2%$-806,000$-0.02
Q2 FY2025$341.4M0.6%$72.9M$1.46
Q1 FY2025$333.4M3.8%$42.7M$0.83
Q4 FY2024$345.1M14.0%$36.9M$0.70
Q3 FY2024$340.4M13.7%$46.4M$0.87

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryWater Transportation
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2014
SEC CIK98222

Selected SEC filings

10-K2026-03-02
View on EDGAR →
10-Q2026-08-03
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
8-K2026-08-31
View on EDGAR →
8-K2026-08-03
View on EDGAR →
8-K2026-07-06
View on EDGAR →
8-K2026-06-18
View on EDGAR →

Largest Industrials peers

All Industrials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.