Tidewater Inc. Common Stock (TDW)

FairStock Score: 75/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable advantages, honest financials, and a price that leaves room for error. Tidewater is a capital-intensive offshore support vessel operator. Scale and a global fleet may help, but this is a cyclical service industry with limited pricing power and no obvious wide moat. The filed record is uneven. In fiscal 2023, the year ended 2023-12-31, revenue was $1.0B, net income $97.2M, and diluted EPS $1.84. In fiscal 2024, revenue was $1.3B, net income $180.7M, and EPS $3.40. In fiscal 2025, revenue was $1.4B, net income $334.7M, and EPS $6.64. But the latest filed quarter, fiscal Q2 2026, the quarter ended 2026-06-30, showed revenue of $342.3M and net income of $21.7M, versus fiscal Q2 2025 revenue of $341.4M and net income of $72.9M. That is flat revenue and much lower profit; fiscal Q3 2025 also had a small net loss of $0.806M. The provided growth figures show a 70.30% profit decline and 0.25% revenue growth. Financial health is not alarming: D/E 0.47, Piotroski 7/9, Altman Z 3.07, and trailing FCF $271.2M, a 6.3% FCF yield. But returns on capital are modest, with ROCE 6.96%. At the 2026-10-13 close of $86.97, FairStock's P/E is 17.64, P/B is 3.11, EV/EBITDA is 11.52, and the Graham Number is $55.73, implying a negative 56.06% margin of safety. The price already assumes a recovery. I would want a wider discount before calling it a classic value opportunity.

In plain English: Tidewater runs ships that support offshore oil and gas work. The business made more money in the last few years, but the latest quarter was much weaker than a year earlier and sales have barely grown. At $86.97, the stock looks expensive compared with its accounting value and a conservative value estimate, even though it still produces cash.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer