Tidewater Inc.
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Range $91 – $117
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About the company
Tidewater Inc. , along with its subsidiaries, provides essential marine support and transportation services globally for the offshore energy industry, leveraging its diverse fleet of specialized vessels. Its core activities include facilitating offshore oil and natural gas exploration, field development, and production, as well as contributing to windfarm development and maintenance.
- CEO
- Quintin V. Kneen
- IPO
- 1980
- Employees
- 7,300
- HQ
- Houston, TX, US
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- Market Cap
- $4.76B
- P/E
- 19.22
- Fwd P/E
- 33.13
- PEG
- 0.69
- P/S
- 3.54
- P/B
- 3.42
- EV/EBITDA
- 10.34
- Div Yield
- 0.00%
- Gross Margin
- 28.61%
- Op Margin
- 18.63%
- Net Margin
- 18.34%
- ROE
- 18.74%
- ROIC
- 11.93%
Latest fiscal year · YoY change
- Revenue
- $1.35B+0.5%
- Gross Profit
- $416.35M+2.4%
- Op Income
- $290.16M
- Net Income
- $334.66M+85.2%
- EPS
- $6.69+94.5%
- OCF Growth
- +38.4%
- FCF Growth
- +43.5%
- 52W High
- $96.45
- 52W Low
- $46.65
- 50D MA
- $76.10
- 200D MA
- $70.99
- Beta
- 0.54
- RSI (14)
- 72
- Avg Volume
- 728.40K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Tidewater posted a better-than-expected second quarter, with stronger rates and utilization, while raising full-year guidance despite continued Middle East conflict costs and a delayed Wilsons acquisition closing.· August 3, 2026
- Q2 revenue was $342.3 million and gross margin was just under 47%, both ahead of management’s expectations.
- Leading-edge day rates rose 7.5% sequentially, signaling a tighter supply-demand backdrop.
- Free cash flow nearly doubled sequentially to $64 million, helped by stronger operations and deferred dry docks.
- The Wilsons acquisition is now expected to close around September 1, with about $270 million of cash consideration funded from cash on hand.
- Management was increasingly bullish on offshore activity, with stronger tendering and pre-tendering across multiple regions.
Tidewater reported Q2 2026 revenue of $342.3 million, up from $326.2 million in Q1, and net income of $21.7 million, or $0.43 per share. Gross margin was $160.5 million, with gross margin at 46.9% versus 48.8% in Q1; management said gross margin was nearly 3 percentage points above prior expectations and would have been about 49% excluding $6.8 million of Operation Epic Fury-related expenses. Adjusted EBITDA was $133.8 million, and free cash flow was $64.4 million versus $34.4 million in Q1. For Q3, management expects revenue up about 3% including one month of Wilsons, gross margin around 46%, and roughly $4 million of conflict-related costs. Full-year 2026 guidance was modestly revised to revenue of $1.42 billion to $1.47 billion and gross margin of 49% to 50%; the revision reflects the Wilsons closing about two months later than previously expected, partly offset by stronger year-to-date Legacy Tidewater revenue.
Quintin Kneen said he is “probably more bullish now than I’ve been in the last 6 to 9 months,” pointing to strong tendering and pre-tendering activity and better visibility across regions. He emphasized that the company sees the next leg of the cycle building, supported by offshore supply constraints, energy security considerations, and a lack of meaningful newbuild activity. His tone was confident but disciplined: Tidewater wants value-accretive M&A, not growth for scale’s sake, and will also use buybacks opportunistically when M&A is not available.
Sam Rubio focused on the quarter’s beat versus expectations and the financial impacts of Operation Epic Fury, including about $6.8 million of added costs in Q2 and roughly $9.2 million year-to-date through June 30. He said Q3 should include another $4 million of war-related costs, plus similar direct crew/insurance costs and elevated fuel and travel expense, while noted invoiced reimbursements of about $5 million through Q2 with less than $100,000 collected so far. He also highlighted balance-sheet strength, including liquidity of more than $850 million, net debt essentially at 0 at quarter end, expected pro forma net leverage of about 0.8x after Wilsons, and a $500 million share repurchase authorization still in place.
Analysts focused on three main issues: whether Tidewater’s bullish view on offshore day rates is improving, how management plans to offset Middle East conflict-related costs, and whether M&A opportunities are broadening. Management said activity is stronger than at the start of the year, with more optimism in Asia Pacific, West Africa, and Brazil, while acknowledging some projects may slip to the right. On costs, they said they are reducing war-pay premiums, working on insurance, and eventually rebilling direct costs to customers, though the process can be slow. On M&A, Tidewater said it is still looking for larger, strategic, value-accretive deals and is less interested in small one-off vessel purchases.
The call reinforced a view that offshore fundamentals remain tight: day rates rose sequentially, utilization improved, and management sees substantial tendering momentum across multiple regions. Tidewater also enters the second half with strong liquidity, a near-zero net debt position, and a backlog that covers a large share of remaining 2026 days, with additional upside possible if market tightening continues.
The biggest near-term risk is continued Operation Epic Fury exposure, with management guiding to about $4 million of additional Q3 conflict-related costs and noting uncertainty about how long the disruption will last. The Wilsons acquisition is also closing later than expected, which reduced full-year revenue guidance, and management flagged downtime, dry docks, and weak or delayed project timing as ongoing risks to backlog conversion and margins.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.1%
- Shares Outstanding
- 49.73M
- Float Shares
- 46.79M
of shares held by institutions
382 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 7.55M | ▲ 307.42K |
| Vanguard Group Inc | 4.79M | ▼ 25.04K |
| Price T Rowe Associates Inc | 3.68M | ▲ 476.31K |
| Robotti Robert | 2.91M | ▼ 14.31K |
| Neuberger Berman Group LLC | 2.80M | ▼ 467.96K |
| Dimensional Fund Advisors LP | 2.08M | ▲ 243.11K |
| State Street Corp | 2.03M | ▲ 82.56K |
| Vanguard Capital Management LLC | 1.95M | ▲ 10.42K |
| Baillie Gifford & Co | 1.67M | ▲ 1.02M |
| American Century Companies Inc | 1.62M | ▲ 282.49K |
| Wellington Management Group Llp | 1.48M | ▲ 147.19K |
| Sourcerock Group LLC | 1.40M | ▲ 981.47K |
Held by 319 ETFs
Biggest fund positions in TDW by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Rubio Samuel R | sell | 17,705 |
| Aug 10, 26 | Hudson Daniel A. | sell | 5,000 |
| Jun 16, 26 | RASPINO LOUIS | other | 1,760 |
| Jun 16, 26 | Cougle Melissa | other | 1,760 |
| Jun 16, 26 | Zabrocky Lois K | other | 1,760 |
| Jun 16, 26 | FAGERSTAL DICK | other | 1,760 |
| Jun 16, 26 | Traub Kenneth | other | 1,760 |
| Jun 16, 26 | ROBOTTI ROBERT | other | 1,760 |
| Jun 12, 26 | ROBOTTI ROBERT | other | 16,932 |
| Apr 1, 26 | Cougle Melissa | other | 374 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our TDW coverage
Recent articles, reports, and earnings notes.
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Generate TDW report →Insider Selling: Tidewater (NYSE:TDW) EVP Sells $1,621,069.80 in Stock
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