Loading financials from SEC filings…
Marine shipping · Industrials · Fiscal year ends Dec 31
Tidewater reported revenue of $1.4B in the fiscal year ended Dec 2025, up 0.5% from the year before. Operating income was $283M, an operating margin of 20.9%, and net income was $335M. Operating cash flow of $379M less capital expenditure of $26M left free cash flow of $353M. Net debt was $76M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 371 | 648 | 1,010 | 1,346 | 1,353 |
| Operating income | −95.0 | 26.7 | 182 | 311 | 283 |
| Interest expense | 15.6 | 17.4 | 48.7 | 73.2 | 66.1 |
| Pre-tax income | −124 | −2.3 | 139 | 229 | 220 |
| Income tax | 5.9 | 19.9 | 43.3 | 50.2 | −113 |
| Net income | −129 | −21.7 | 97.2 | 181 | 335 |
| Diluted EPS | −3.14 | −0.49 | 1.84 | 3.40 | 6.64 |
| Diluted shares | 0.0 | 44.1 | 52.9 | 53.1 | 50.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 149 | 164 | 274 | 325 | 579 |
| Receivables | 86.5 | 156 | 268 | 324 | 285 |
| Current assets | 343 | 378 | 591 | 699 | 914 |
| Net PP&E | 688 | 797 | 1,315 | 1,184 | 1,072 |
| Total assets | 1,096 | 1,298 | 2,063 | 2,075 | 2,387 |
| Payables | 20.8 | 38.9 | 44.9 | 71.4 | 66.3 |
| Current liabilities | 158 | 195 | 329 | 332 | 315 |
| Short-term debt | 0.0 | 0.0 | 103 | 65.4 | 5.8 |
| Long-term debt | 168 | 169 | 631 | 572 | 649 |
| Total liabilities | 394 | 432 | 1,025 | 964 | 1,026 |
| Shareholders' equity | 701 | 866 | 1,039 | 1,114 | 1,365 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 15.0 | 40.2 | 104 | 282 | 379 |
| Capital expenditure | 9.0 | 16.6 | 31.6 | 27.6 | 25.8 |
| Free cash flow | 6.1 | 23.6 | 72.6 | 255 | 353 |
| Depreciation & amortisation | 73.2 | 83.5 | 129 | 156 | 151 |
| Stock-based compensation | 5.6 | 7.4 | 10.8 | 13.7 | 14.5 |
| Acquisitions | 0.0 | 20.7 | 594 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 35.0 | 90.7 | 90.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 74.6% | 55.9% | 33.3% | 0.5% |
| Operating income growth (YoY) | – | – | 582.2% | 70.9% | −9.2% |
| EPS growth (YoY) | – | – | – | 84.8% | 95.3% |
| Operating margin | −25.6% | 4.1% | 18.0% | 23.1% | 20.9% |
| Net margin | −34.8% | −3.4% | 9.6% | 13.4% | 24.7% |
| Return on equityBlank when equity is negative | −18.4% | −2.5% | 9.4% | 16.2% | 24.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −10.1% | 2.4% | 10.5% | 17.9% | 13.6% |
| Free cash flow margin | 1.6% | 3.6% | 7.2% | 18.9% | 26.1% |
| Cash conversion (CFO ÷ net income) | −0.12x | −1.85x | 1.07x | 1.56x | 1.13x |
| Receivable days | 85 | 88 | 97 | 88 | 77 |
| Interest cover | −6.09x | 1.53x | 3.74x | 4.25x | 4.27x |
| Debt ÷ equity | 0.24x | 0.20x | 0.71x | 0.57x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 18.8 | 4.8 | 460 | 312 | 76.1 |
| Current ratio | 2.17x | 1.94x | 1.80x | 2.11x | 2.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.