# Bristow Group Inc. (VTOL)

> Source: Nexqual · https://nexqual.com/VTOL · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Bristow Group Inc. (VTOL), nexqual.com/VTOL" · informational, not investment advice.

**Price:** USD 41.44 (+1.15% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 40.97 · day 40.72–41.77 · 52w 35.03–50.38 · market cap $1.23B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.56B, net income $104M (6.7% margin), free cash flow -$34.2M (SEC filings).
- Valuation: P/E 11.8x (avg 9.6x at the last 2 fiscal year-ends), EV/EBITDA 6.7x, net debt $433M.
- Earnings quality: non-operating income -$57.6M vs operating income $157M over the last four quarters; P/E excluding non-operating income ≈7.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold VTOL (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $2.6M; 13 not under a Rule 10b5-1 plan ($2.6M); 0 by opportunistic insiders, 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 64.33 (range 56–70).
- Total return with dividends: 1Y +7.0% vs S&P 500 +13.6%; 5Y +20.8% vs S&P 500 +79.8%.
- Next earnings: 2026-11-03, EPS estimate USD 1.19, revenue estimate $438M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.21B | $1.30B | $1.42B | $1.49B | $1.56B |
| Operating income | — | — | $60.8M | $133M | $159M | $157M |
| Net income | -$15.8M | $9.2M | -$6.8M | $94.8M | $129M | $104M |
| EPS (diluted) | -$0.55 | $0.32 | -$0.24 | $3.21 | $4.32 | — |
| Free cash flow | $92.8M | — | -$49.5M | -$78.0M | $56.4M | -$34.2M |
| Operating margin | — | — | 4.7% | 9.4% | 10.7% | 10.0% |
| Net margin | -1.3% | 0.8% | -0.5% | 6.7% | 8.7% | 6.7% |
| Revenue growth | +0.6% | — | +7.2% | +9.1% | +5.3% | — |
| Cash + short-term investments | $264M | $160M | $180M | $248M | $286M | — |
| Total debt | $526M | $511M | $548M | $690M | $671M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.8x · P/E ex non-operating (est.) ≈7.6x · P/S 0.8x · EV/EBITDA 6.7x · EV/Sales 1.1x · P/B 1.1x · FCF yield -2.79% · Earnings yield 8.49% · Buyback yield (TTM) 1.45% · Net debt $433M · EV $1.66B
P/E at fiscal year-ends: Dec 2025 8.5x, Dec 2024 10.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VTOL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.95% | $4.5M | Added +16.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 13 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-22…2026-09-23 | Solus Alternative Asset Management Lp |  | 1,274 | $55K | 0% | No | Routine (sold in Jun & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-22 | Brass Lorin L. | Director | 3,000 | $127K | 17.4% | No | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Brass Lorin L. | Director | 1,000 | $42K | 5.5% | No | Too little history (no open-market trades in 2023) |
| 2026-09-11…2026-09-14 | Solus Alternative Asset Management Lp |  | 8,000 | $344K | 0.3% | No | Routine (sold in Jun & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-01…2026-09-03 | Solus Alternative Asset Management Lp |  | 27,086 | $1.2M | 0.9% | No | Routine (sold in Jun & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Brass Lorin L. | Director | 350 | $16K | 1.9% | No | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Truelove Brian D. | Director | 3,500 | $161K | 8.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-25 | Brass Lorin L. | Director | 200 | $9K | 1.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Stavley Stuart | COO, Offshore Energy Services | 10,218 | $472K | 13.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19…2026-08-20 | Brass Lorin L. | Director | 1,990 | $93K | 9.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Miller Maryanne | Director | 430 | $20K | 1.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-18 | Brass Lorin L. | Director | 100 | $5K | 0.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Brass Lorin L. | Director | 210 | $10K | 1% | No | 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 1.67 on a 1–5 scale), 3 analysts; mean target USD 64.33 (low 56, high 70).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +7.0% | +20.8% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +7.0% | +3.8% |
| Volatility (annualized) | 32.3% | 40.6% |
| Max drawdown | -23.8% (Apr 2026→Oct 2026) | -46.2% (Nov 2021→Mar 2023) |

## Peers (Oil & Gas Equipment & Services)
AESI (Atlas Energy Solutions Inc.) USD 9.44 +3.96% · FET (Forum Energy Technologies, Inc.) USD 90.91 +1.07% · RES (RPC, Inc.) USD 6.73 +1.97% · PUMP (ProPetro Holding Corp.) USD 7.76 +2.65% · FTK (Flotek Industries, Inc.) USD 26.08 +1.12% · ACDC (ProFrac Holding Corp.) USD 4.99 +8.71%

## More
Full page: https://nexqual.com/VTOL · 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)

Named in VTOL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1525221/000152522126000013/vtol-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Sikorsky Commercial | "In addition, there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for…" |
| Supplier | Nova Systems International | "In addition, there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for…" |
| Supplier | General Electric Aviation | "In addition, there are a limited number of suppliers, vendors and OEMs that we are able to rely on (such as Sikorsky Commercial Inc., Leonardo Spa, Nova Systems International Ltd., and General Electric Aviation Inc.) for…" |
| Partner | WASTE MANAGEMENT INC (WM) | "Her professional journey also includes several years at Waste Management, Inc. ("Waste Management"), where she started in 2002 as the Controller of Waste Management Trading before transitioning to the role of Financial R…" |
| Partner | BETA Technologies, Inc. (BETA) | "In February 2026, Bristow completed its first electric aviation test project, conducted as an international test arena alongside partners BETA Technologies, Inc. ("Beta"), Avinor and Norway CAA, using BETA's ALIA CX300 a…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Offshore Energy Services | $261.6M | 63.5% | +3.5% | $46.1M | 17.6% |
| Government Services | $112.2M | 27.3% | +21.3% | -$2.1M | -1.9% |
| Other Services | $37.9M | 9.2% | +21.8% | $2.9M | 7.7% |
| Total revenue | $411.8M | 100% | — | $39.6M | 9.6% |

## Customer concentration

Period ended 2025-12-31: 18.9%, 12.4%, 5.1% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.19 | $1.22 | -2.1% | $438.1M | 2 |
| Next quarter (ends 2026-12-31) | $1.20 | $1.30 | -8.4% | $433.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $3.48 | $3.88 | -10.4% | $1.67B | 3 |
| Next fiscal year (ends 2027-12-31) | $5.15 | $5.57 | -7.6% | $1.77B | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.28 | $0.84 | Beat +52.4% | — |
| — | Quarter ended Mar 31, 2026 | $0.55 | $1.10 | Miss −50.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.89 | $0.87 | Beat +2.3% | — |
| — | Quarter ended Sep 30, 2025 | $1.72 | $0.80 | Beat +115.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-03 | Schedule 13D/A | Solus Alternative Asset Management LP, Solus GP LLC: 9.6% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1525221/000090266426003736/0000902664-26-003736-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1525221/000152522126000100/0001525221-26-000100-index.htm |
| 2026-08-04 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1525221/000152522126000098/0001525221-26-000098-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.