📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Tidewater Inc., together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management expressed strong confidence in Q2 outperformance with specific beats (day rates beat by $1,300+, gross margin 50.1% vs. 44% guided) and reiterated full-year guidance, while acknowledging near-term softness in Q3 and Q4 with specific sequential and regional downgrades.

Q3 2025

Mixed

Management expresses confidence in strong cash flow generation and long-term offshore fundamentals ('we are pleased with the cash flow', 'we remain very optimistic about the long-term outlook') but also acknowledges near-term headwinds from drilling white space and guides 2026 revenue flat to slightly down, using cautious language like 'short-term headwinds to navigate through' and 'we do expect this non-drilling demand to help us retain utilization and day rates next year'. The tone is balanced but leans cautious on near-term pricing power.

Q4 2025

Confident Specific

Management repeatedly used precise metrics (revenue $336.8M, gross margin 49%, free cash flow $151M for Q4, $430M for FY) and pointed to specific leading indicators (tenders, contracts up vs earlier 2025). They expressed optimism but grounded it in observable data.

Q1 2026 latest

Confident Specific

Management repeatedly stated that revenue and gross margin exceeded internal expectations ('ahead of what we expected') and that the quarter's performance was strong. They provided specific cost impacts from Operation Epic Fury ($2.3M in Q1) and maintained full-year guidance, projecting continued optimism despite headwinds.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Tidewater delivered Q1 results above plan despite Middle East conflict headwinds, and management maintained full-year guidance while absorbing ~$2.3M in conflict costs. The Wilson Sons acquisition adds a high-quality Brazilian fleet at an attractive time, and the long-term demand outlook for OSVs is supported by energy security trends and tightening supply. Key risks to watch are the duration and escalation of Operation Epic Fury (which could increase quarterly costs by $10M-$11M) and the success of customer recoupment efforts. Next quarter, focus on Q2 margin decline and any signs of day rate acceleration in the second half of 2026.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Tidewater reports Q1 revenue of $326.2M, gross margin 48.8%, free cash flow $34M.

Revenue & Profitability

First-quarter 2026 revenue was $326.2 million, down from $336.8 million in Q4 2025. Net income was $6.1 million ($0.12 per share), and EBITDA was $129.3 million. Average day rates increased 1% sequentially, while utilization decreased slightly to 80.6% from 81.7% due to higher dry dock days.

Outlook

Management expects the offshore vessel market to tighten in late 2026 and into 2027-2028, supporting day rate increases of roughly $3,000-$4,000 per day per year. The Middle East conflict (Operation Epic Fury) has increased focus on energy security and sovereign energy independence, potentially boosting offshore project activity. Crude price support from inventory drawdowns and heightened geopolitical risk is seen as a tailwind.

Growth Drivers

Key growth levers include the pending Wilson Sons acquisition in Brazil, anticipated pent-up demand in the Middle East post-conflict, and increased drilling and EPCI activity in Asia-Pacific (Indonesia, Malaysia, Australia), Africa (Nigeria, Namibia, Angola, Mozambique), and the Mediterranean. Management cited rising rig demand and FPSO orders as supportive of long-term OSV demand.

Balance Sheet & CapEx

Full-year 2026 deferred dry dock costs are expected to be approximately $122 million (plus $16 million for Wilson Sons in H2). Capital expenditures are guided at $51 million, including a major upgrade to a Norwegian vessel; maintenance CapEx is approximately $36 million. In Q1, $24.4 million was spent on purchase options for leased vessels, reflected in financing cash flows.

Margins

First-quarter gross margin was 48.8%, slightly above internal plan and the prior quarter's 48.7%. Full-year 2026 gross margin guidance is 49%-51%. Second-quarter gross margin is expected to decline about 5 percentage points sequentially due to cost increases from Operation Epic Fury, including crew hazard pay, insurance, and fuel. Management is seeking rebills from customers for about half of these costs.

Key Risks

The primary risk flagged is the ongoing Middle East conflict (Operation Epic Fury), which has caused incremental operating costs of $10-$11 million per quarter (crew, insurance, fuel). Uncertainty remains on the duration of the conflict and the ability to fully recoup costs from customers. Other risks include unplanned downtime, dry dock schedule variability, and slower-than-expected tender activity in Brazil ahead of elections.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 2026 results exceeded expectations with revenue of $342.3M and gross margin of 46.9%. Free cash flow nearly doubled sequentially, and the Wilson Sons acquisition is set to close in September. Strong day rates and utilization, robust liquidity, and a positive long-term market outlook support continued growth.

Q1 2026 Q1 2026 2026-05-05

Revenue and gross margin exceeded expectations in Q1 2026, driven by higher utilization and day rates. The Wilson Sons acquisition is on track, and full-year guidance is maintained despite increased costs from Middle East conflict, with strong market fundamentals and a robust balance sheet.

Q4 2025 Q4 2025 2026-03-03

Delivered record financial results in 2025 with strong revenue, margin, and cash flow growth. Announced a $500M acquisition in Brazil, maintained a robust balance sheet, and raised 2026 guidance, expecting further market tightening and day rate increases.

Q3 2025 Q3 2025 2025-11-11

Q3 2025 revenue and gross margin exceeded expectations, with strong free cash flow and a robust balance sheet. 2026 guidance projects stable revenue and margins, supported by a solid backlog and positive long-term market fundamentals, despite some regional and operational headwinds.

Q2 2025 Q2 2025 2025-08-05

Q2 2025 delivered strong revenue, margin, and free cash flow, supported by record day rates and robust operational execution. A $650M bond refinancing and $500M share repurchase program enhance financial flexibility, while full-year guidance is reiterated despite near-term market softness.

📊 Analysis Methodology

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