Pulling SEC filings + quote and writing the call…

TIDEWATER INC
Next earnings Aug 3, 2026 (after close) · consensus $0.50 EPS, $336M rev
Last earnings -0.9% on 2026-05-04
Offshore OSV cycle turning hard: FY25 net income +85%, FCF gusher, 9.7x P/E with Wilson deal adding 22 PSVs in Brazil.
Sources: SEC EDGAR (CIK 0000098222, latest 10-Q filed 2026-05-04) · EODHD · analysis by claude-code · as of 6/25/2026, 1:39:49 PM.
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Quality fundamentals and an attractive price line up (~284% below fair value) — the rarer case where both the business and the entry look good.
Tidewater is in the sweet spot of an offshore-vessel up-cycle and the market has not fully repriced it. FY2025 revenue was essentially flat at $1.35B, but net income surged 85.2% to $335M and diluted EPS leapt 95.3% to $6.64 — the classic operating-leverage signature of a fleet operator pushing day rates higher on a fixed cost base. Operating cash flow of $379M against just $25.8M of capex produced massive free cash flow that funded $90.1M of buybacks (shrinking the share count 3.7%) and built cash to $579M (+78%). ROE of 24.5% on a strengthened equity base of $1.37B (+22.6%) confirms the cycle is paying real dividends to shareholders, not just optical earnings.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $371M | $648M | $1.01B | $1.35B | $1.35B |
| Gross profit | — | — | — | — | — |
| Operating income | -$95.0M | $26.7M | $182M | $311M | $283M |
| Net income | -$129M | -$21.7M | $97.2M | $181M | $335M |
| Diluted EPS | -$3.14 | -$0.49 | $1.84 | $3.40 | $6.64 |
| Net margin | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting vote results plus board/officer change disclosed; no business surprises.
Q1 2026 10-Q filed; Wilson acquisition pending Brazilian antitrust approval.
Q1 2026 10-Q filed; Wilson acquisition pending Brazilian antitrust approval.
Annual proxy: director slate, say-on-pay, auditor ratification — routine.
Officer/director change announced; no strategic shift signaled.
FY2025 10-K: NI +85%, OCF $379M, cash $579M, vessel realignment tax benefit booked.
FY2025 10-K: NI +85%, OCF $379M, cash $579M, vessel realignment tax benefit booked.
Signed $500M deal for Wilson Sons' 22 Brazil PSVs; expands footprint, adds ~$261M debt.
Q3 2025 10-Q: first full quarter on new $650M 9.125% notes due 2030.
1071 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
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