# Tidewater Inc. (TDW)

> Source: Nexqual · https://nexqual.com/TDW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tidewater Inc. (TDW), nexqual.com/TDW" · informational, not investment advice.

**Price:** USD 79.61 (-2.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 81.32 · day 75.84–80.96 · 52w 47.6–101.58 · market cap $3.96B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.35B, net income $247M (18.3% margin), free cash flow $271M (SEC filings).
- Valuation: P/E 16.0x (avg 21.0x at the last 3 fiscal year-ends), EV/EBITDA 8.7x, net debt $39.7M.
- Earnings quality: non-operating income -$87.6M vs operating income $248M over the last four quarters; P/E excluding non-operating income ≈11.8x (estimate: non-operating income taxed at the company's 0% effective rate).
- 3 of 80 tracked superinvestors hold TDW (13F, Q2 2026): 0 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $5.5M; 3 not under a Rule 10b5-1 plan ($3.5M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.38 on a 1–5 scale) (8 analysts), mean target USD 94.88 (range 68–120).
- Total return with dividends: 1Y +54.8% vs S&P 500 +14.9%; 5Y +537.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.72, revenue estimate $361M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $371M | $648M | $1.01B | $1.35B | $1.35B | $1.35B |
| Operating income | -$95.0M | $26.7M | $182M | $311M | $283M | $248M |
| Net income | -$129M | -$21.7M | $97.2M | $181M | $335M | $247M |
| EPS (diluted) | -$3.14 | -$0.49 | $1.84 | $3.40 | $6.64 | — |
| Free cash flow | $6.1M | $23.6M | $72.6M | $255M | $353M | $271M |
| Operating margin | -25.6% | 4.1% | 18.0% | 23.1% | 20.9% | 18.4% |
| Net margin | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% | 18.3% |
| Revenue growth | -6.5% | +74.6% | +55.9% | +33.3% | +0.5% | — |
| Cash + short-term investments | $149M | $164M | $274M | $325M | $579M | — |
| Total debt | $168M | $169M | $734M | $648M | $670M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.0x · P/E ex non-operating (est.) ≈11.8x · P/S 2.9x · EV/EBITDA 8.7x · EV/Sales 3.0x · P/FCF 14.6x · P/B 2.8x · FCF yield 6.85% · Earnings yield 6.23% · Buyback yield (TTM) 0.00% · Net debt $39.7M · EV $4.00B
P/E at fiscal year-ends: Dec 2025 7.6x, Dec 2024 16.1x, Dec 2023 39.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold TDW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 9.95% | $62.2M | Added +1.4% |
| Tweedy Browne |  | 0.15% | $2.0M | Added +14.0% |
| First Pacific Advisors |  | 0.06% | $5.1M | Reduced -7.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Robotti Robert | Director | 10,300 | $925K | 0.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-02 | Traub Kenneth | Director | 10,000 | $990K | 13.6% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-02 | Hudson Daniel A. | EVP, CLO & Corporate Secretary | 15,000 | $1.5M | 31.2% | Yes (adopted March 17, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Rubio Samuel R | EVP, CFO & CAO | 17,705 | $1.6M | 26.2% | No | Too little history (no open-market trades in 2025) |
| 2026-08-10 | Hudson Daniel A. | EVP, CLO & Corporate Secretary | 5,000 | $445K | 9.4% | Yes (adopted March 17, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 8 analysts; mean target USD 94.88 (low 68, high 120).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | BTIG | Reiterated | Buy | $120 |
| 2026-09-01 | BTIG | Upgrade | Neutral → Buy | $120 |
| 2026-08-13 | Barclays | Target raised | Equal-Weight | $86 → $91 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +54.8% | +537.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +55.1% | +44.7% |
| Volatility (annualized) | 48.4% | 49.6% |
| Max drawdown | -29.1% (Apr 2026→Jun 2026) | -67.8% (Apr 2024→Apr 2025) |

## Peers (Oil & Gas Equipment & Services)
WHD (Cactus, Inc. Class A Common Sto) USD 60.38 -5.91% · OII (Oceaneering International, Inc.) USD 36.62 -16.94% · KGS (Kodiak Gas Services, Inc.) USD 44.07 -10.10% · WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · AROC (Archrock, Inc.) USD 28.39 -4.64% · EFXT (Enerflex Ltd) USD 22.89 -7.29%

## More
Full page: https://nexqual.com/TDW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TDW in their own reports (relationship from TDW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | GENESIS ENERGY LP (GEL) | 10-K 2026-02-18 | "Even though (i) the Tidewater case did not involve a publicly traded partnership and it was not decided under Section 7704 of the Internal Revenue Code relating to "qualifying income," (ii) some exper…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vessel | $339.7M | 99.3% | +0.9% |
| Product & Service Other | $2.6M | 0.7% | -44.1% |
| Total revenue | $342.3M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other Countries | $613.6M | 45.4% | +2.2% |
| Angola | $155.8M | 11.5% | +7.8% |
| United Kingdom | $149.0M | 11.0% | +1.2% |
| Saudi Arabia | $133.8M | 9.9% | +3.4% |
| Norway | $117.4M | 8.7% | +4.7% |
| Australia | $108.5M | 8.0% | -17.1% |
| United States | $74.6M | 5.5% | -8.5% |
| Total revenue | $1.35B | 100% | — |

## Customer concentration

Period ended 2024-12-31: 12.3% of revenue from unnamed direct customers (10-K, filed 2026-03-02).

## Company outlook (8-K filed 2026-08-03)

- "Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "The second quarter of 2026 came in nicely above our expectations, driven by both revenue outperformance and lower-than-expected operating expenses."
- "Gross margin of 46.9% came in well ahead of our expectations due to the increase in revenue and lower than anticipated operating expenses, but was down modestly from the first quarter due to costs associated with the conflict in the Middle East."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.72 | $1.32 | -45.7% | $360.9M | 5 |
| Next quarter (ends 2026-12-31) | $1.50 | $1.47 | +2.2% | $422.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $2.79 | $3.37 | -17.2% | $1.45B | 7 |
| Next fiscal year (ends 2027-12-31) | $6.01 | $6.26 | -4.0% | $1.69B | 7 |