Recent News
On September 29, 2025 the company announced completion of a $650 million private offering of 9.125% senior unsecured notes due 2030 and establishment of a $250 million revolving credit facility, measures aimed at extending maturities and boosting available liquidity.
On December 2, 2025 Tidewater received a Relative Strength rating upgrade from 66 to 75, with commentary noting the stock in consolidation and a defined buy point at $64.07 if a breakout occurs.
Technical Analysis
ADX stands at 23.77, indicating an emerging trend rather than a well-established directional move; that emerging strength amplifies the market impact of the directional indicators that follow.
DI+ measures 20.68 and shows a decreasing trend while DI- measures 14.90 and shows an increasing trend; that alignment reads as a bearish directional tilt, raising the likelihood of short-term downside pressure relative to the current valuation.
MACD currently records 0.42 with a signal at 0.53 and shows a dip & reversal; momentum improved from recent lows but remains below the signal line, so bullish momentum exists but lacks confirmation for a sustained breakout.
MRO stands at 27.42 and shows a dip & reversal; the positive MRO indicates price sits above WMDST’s target and implies mean-reversion risk that can cap near-term upside despite the company’s under-valued rating.
RSI reads 50.81 with a dip & reversal, signaling equilibrium with recent buying attempts rather than strong overbought or oversold extremes; that equilibrium amplifies the potential for range-bound action around current levels.
Price sits at $54.87, above the 200-day average of $48.25 and the 50-day average of $52.68 but below the 20-day average of $55.20; the 12-day EMA shows a dip & reversal, so long-term bias appears constructive while short-term resistance resides near the 20-day band and the Bollinger upper band at $57.77.
Bollinger bands place one-standard-deviation support at $52.64 and resistance at $57.77; the Ichimoku baseline (Kijun-sen) at $53.43 lies below the current price and the SuperTrend lower level sits at $51.24, supplying nearby technical support. Volume today (537,307) runs below its 10-, 50- and 200-day averages, reducing conviction for immediate breakout moves.
Fundamental Analysis
Earnings per share came in at $0.61 versus an estimate of $0.51, producing an EPS surprise of 19.61%, a realized beat that reinforces near-term fundamental credibility. The company reported revenue of $341.1 million for the three months ended September 30, 2025 and a three-month net loss of $(0.8) million; nine-month net income totaled $114.8 million ($2.27 per share).
Operating performance shows operating margin at 18.20% and EBIT margin at 10.93%; both margins sit below the industry peer mean (operating margin mean 23.30%, EBIT margin mean 22.087%), indicating margin recovery trails peers despite positive gross margin of 28.53%.
Revenue growth reads effectively flat on the headline metric at -0.093%, with quarter-over-quarter revenue change of -103.88% and year-over-year revenue change of -128.01% per the reported QoQ/YoY figures; those period-to-period declines indicate volatile comparables that require monitoring alongside contract backlog. Gross margin fell modestly QoQ by 8.66% and YoY by 1.28%.
Liquidity and cash flow present clear positives: cash and short-term investments total $428,225,000, current ratio equals 2.89 and quick ratio equals 2.79, while cash ratio stands at 1.55. Free cash flow totaled $49,620,000 and free cash flow yield equals 1.92%, above the industry peer mean of 1.18%, supporting the under-valued determination from a cash-generation perspective.
Leverage metrics show total debt of $675,519,000 with net debt of $227,417,000 and debt-to-EBITDA at 9.05x, while interest coverage measures 2.25x; the high debt-to-EBITDA multiple and modest coverage ratio highlight refinancing and liquidity moves as material credit-story developments despite the new revolving facility and note issuance intended to smooth maturities.
Valuation multiples present a mixed picture: price-to-book trades at 2.26 versus an industry peer mean of 3.94 (below peer mean), forward P/E sits near 30.95 based on forward EPS of $1.7625, and trailing P/E registers as a negative figure due to the small reported trailing-period loss. WMDST values the stock as under-valued, a conclusion driven by strong cash balances and free-cash generation relative to price, tempered by below-peer operating margins and elevated debt leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-10 |
| NEXT REPORT DATE: | 2026-02-09 |
| CASH FLOW | Begin Period Cash Flow | $ 372.3 M |
| Operating Cash Flow | $ 54.7 M | |
| Capital Expenditures | $ -5.12 M | |
| Change In Working Capital | $ -24.11 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 58.8 M | |
| End Period Cash Flow | $ 431.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 341.1 M | |
| Forward Revenue | $ -9.24 B | |
| COSTS | ||
| Cost Of Revenue | $ 243.8 M | |
| Depreciation | $ 37.3 M | |
| Depreciation and Amortization | $ 37.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 279.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 97.3 M | |
| EBITDA | $ 74.6 M | |
| EBIT | $ 37.3 M | |
| Operating Income | $ 62.1 M | |
| Interest Income | $ 455.0 K | |
| Interest Expense | $ 16.6 M | |
| Net Interest Income | $ -16.13 M | |
| Income Before Tax | $ 20.7 M | |
| Tax Provision | $ 21.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -806.00 K | |
| Net Income From Continuing Operations | $ -1.02 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.51 | |
| EPS Actual | $ 0.61 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 19.608 % | |
| Forward EPS | $ 1.76 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 800.3 M | |
| Cash and Short-Term Investments | $ 428.2 M | |
| Cash | $ 428.2 M | |
| Net Receivables | $ 332.6 M | |
| Inventory | $ 27.9 M | |
| Long-Term Investments | $ 69.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 42.6 M | |
| Short-Term Debt | $ 5.8 M | |
| Total Current Liabilities | $ 276.5 M | |
| Net Debt | $ 227.4 M | |
| Total Debt | $ 675.5 M | |
| Total Liabilities | $ 989.9 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -525.04 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.06 | |
| Shares Outstanding | 49.562 M | |
| Revenue Per-Share | $ 6.88 | |
| VALUATION | Market Capitalization | $ 2.6 B |
| Enterprise Value | $ 2.8 B | |
| Enterprise Multiple | 37.942 | |
| Enterprise Multiple QoQ | 75.527 % | |
| Enterprise Multiple YoY | 23.597 % | |
| Enterprise Multiple IPRWA | high: 80.266 median: 41.597 mean: 38.359 TDW: 37.942 low: -39.124 |
|
| EV/R | 8.299 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.863 | |
| Asset To Liability | 2.151 | |
| Debt To Capital | 0.372 | |
| Debt To Assets | 0.317 | |
| Debt To Assets QoQ | 5.275 % | |
| Debt To Assets YoY | 1123.246 % | |
| Debt To Assets IPRWA | high: 0.955 mean: 0.34 median: 0.329 TDW: 0.317 low: 0.001 |
|
| Debt To Equity | 0.591 | |
| Debt To Equity QoQ | 7.758 % | |
| Debt To Equity YoY | 1142.956 % | |
| Debt To Equity IPRWA | high: 6.629 mean: 1.825 TDW: 0.591 median: 0.477 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.261 | |
| Price To Book QoQ | -0.489 % | |
| Price To Book YoY | -33.226 % | |
| Price To Book IPRWA | high: 8.239 mean: 3.937 median: 2.833 TDW: 2.261 low: -0.551 |
|
| Price To Earnings (P/E) | -2606.59 | |
| Price To Earnings QoQ | -8218.153 % | |
| Price To Earnings YoY | -3238.534 % | |
| Price To Earnings IPRWA | high: 210.205 median: 66.119 mean: 55.194 low: -166.307 TDW: -2606.59 |
|
| PE/G Ratio | 25.714 | |
| Price To Sales (P/S) | 7.574 | |
| Price To Sales QoQ | -0.133 % | |
| Price To Sales YoY | -31.808 % | |
| Price To Sales IPRWA | high: 26.398 mean: 8.642 median: 8.247 TDW: 7.574 low: 0.202 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 30.946 | |
| Forward PE/G | -0.305 | |
| Forward P/S | -0.28 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 651.114 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.162 | |
| Asset Turnover Ratio QoQ | -1.583 % | |
| Asset Turnover Ratio YoY | -1.361 % | |
| Asset Turnover Ratio IPRWA | high: 0.527 TDW: 0.162 mean: 0.146 median: 0.146 low: 0.025 |
|
| Receivables Turnover | 1.051 | |
| Receivables Turnover Ratio QoQ | -3.125 % | |
| Receivables Turnover Ratio YoY | -11.436 % | |
| Receivables Turnover Ratio IPRWA | high: 6.266 mean: 2.569 median: 1.95 TDW: 1.051 low: 0.342 |
|
| Inventory Turnover | 9.318 | |
| Inventory Turnover Ratio QoQ | -5.601 % | |
| Inventory Turnover Ratio YoY | 3.156 % | |
| Inventory Turnover Ratio IPRWA | high: 25.021 TDW: 9.318 mean: 3.609 median: 1.539 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 86.818 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 79.244 | |
| Cash Conversion Cycle Days QoQ | 7.087 % | |
| Cash Conversion Cycle Days YoY | 25.455 % | |
| Cash Conversion Cycle Days IPRWA | high: 283.261 TDW: 79.244 median: 62.589 mean: 61.335 low: -106.205 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.651 | |
| CapEx To Revenue | -0.015 | |
| CapEx To Depreciation | -0.137 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 523.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.549 | |
| Current Ratio | 2.895 | |
| Current Ratio QoQ | 37.082 % | |
| Current Ratio YoY | 26.519 % | |
| Current Ratio IPRWA | high: 8.853 TDW: 2.895 mean: 1.994 median: 1.409 low: 0.121 |
|
| Quick Ratio | 2.794 | |
| Quick Ratio QoQ | 36.936 % | |
| Quick Ratio YoY | 27.55 % | |
| Quick Ratio IPRWA | high: 5.886 TDW: 2.794 mean: 1.414 median: 1.004 low: 0.119 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.053 | |
| Cost Of Debt | 2.015 % | |
| Interest Coverage Ratio | 2.247 | |
| Interest Coverage Ratio QoQ | -60.992 % | |
| Interest Coverage Ratio YoY | -48.228 % | |
| Interest Coverage Ratio IPRWA | high: 24.78 mean: 7.279 median: 4.924 TDW: 2.247 low: -18.692 |
|
| Operating Cash Flow Ratio | 0.039 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 17.742 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.628 % | |
| Revenue Growth | -0.093 % | |
| Revenue Growth QoQ | -103.883 % | |
| Revenue Growth YoY | -128.012 % | |
| Revenue Growth IPRWA | high: 71.615 % TDW: -0.093 % median: -2.556 % mean: -3.718 % low: -41.644 % |
|
| Earnings Growth | -101.37 % | |
| Earnings Growth QoQ | -237.339 % | |
| Earnings Growth YoY | 1261.219 % | |
| Earnings Growth IPRWA | high: 116.667 % median: 7.692 % mean: -2.514 % TDW: -101.37 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 28.532 % | |
| Gross Margin QoQ | -8.663 % | |
| Gross Margin YoY | -1.277 % | |
| Gross Margin IPRWA | high: 86.511 % mean: 33.769 % median: 30.384 % TDW: 28.532 % low: -11.703 % |
|
| EBIT Margin | 10.93 % | |
| EBIT Margin QoQ | -60.604 % | |
| EBIT Margin YoY | -51.368 % | |
| EBIT Margin IPRWA | high: 86.674 % mean: 22.087 % median: 20.288 % TDW: 10.93 % low: -67.009 % |
|
| Return On Sales (ROS) | 18.197 % | |
| Return On Sales QoQ | -17.646 % | |
| Return On Sales YoY | -19.034 % | |
| Return On Sales IPRWA | high: 86.674 % mean: 23.3 % median: 20.034 % TDW: 18.197 % low: -53.182 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 49.6 M | |
| Free Cash Flow Yield | 1.92 % | |
| Free Cash Flow Yield QoQ | -38.005 % | |
| Free Cash Flow Yield YoY | 67.102 % | |
| Free Cash Flow Yield IPRWA | high: 9.049 % TDW: 1.92 % median: 1.414 % mean: 1.184 % low: -14.958 % |
|
| Free Cash Growth | -38.135 % | |
| Free Cash Growth QoQ | -741.571 % | |
| Free Cash Growth YoY | -4.424 % | |
| Free Cash Growth IPRWA | high: 203.349 % mean: 22.099 % median: 6.034 % TDW: -38.135 % low: -303.183 % |
|
| Free Cash To Net Income | -61.563 | |
| Cash Flow Margin | 3.195 % | |
| Cash Flow To Earnings | -13.52 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.038 % | |
| Return On Assets QoQ | -101.079 % | |
| Return On Assets YoY | -101.695 % | |
| Return On Assets IPRWA | high: 5.354 % median: 2.006 % mean: 1.671 % TDW: -0.038 % low: -7.223 % |
|
| Return On Capital Employed (ROCE) | 2.013 % | |
| Return On Equity (ROE) | -0.001 | |
| Return On Equity QoQ | -101.11 % | |
| Return On Equity YoY | -101.71 % | |
| Return On Equity IPRWA | high: 0.234 mean: 0.076 median: 0.05 TDW: -0.001 low: -0.117 |
|
| DuPont ROE | -0.071 % | |
| Return On Invested Capital (ROIC) | 1.638 % | |
| Return On Invested Capital QoQ | -67.135 % | |
| Return On Invested Capital YoY | -106.242 % | |
| Return On Invested Capital IPRWA | high: 8.654 % mean: 3.036 % median: 2.722 % TDW: 1.638 % low: -8.039 % |
|