Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 7.9x · ROE 27.1%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $2.5B | $2.9B | $3.8B | $1.6B | $439M | $349M | $737M | $509M | $540M | $685M |
| Enterprise Value | $4.4B | $2.6B | $3.2B | $4.3B | $1.6B | $458M | $391M | $807M | $576M | $556M | $2.0B |
| P/E Ratio → | 12.94 | 7.61 | 16.09 | 39.19 | — | — | — | — | — | — | — |
| P/S Ratio | 3.16 | 1.87 | 2.16 | 3.78 | 2.51 | 1.18 | 0.88 | 1.51 | 1.25 | 1.63 | 1.14 |
| P/B Ratio | 3.16 | 1.86 | 2.61 | 3.68 | 1.88 | 0.63 | 0.42 | 0.72 | 0.44 | 0.53 | 0.41 |
| P/FCF | 12.09 | 7.15 | 11.79 | 52.21 | 68.94 | 72.54 | — | — | — | — | 158.41 |
| P/OCF | 11.27 | 6.67 | 10.60 | 36.46 | 40.43 | 29.27 | 87.47 | — | 129.07 | — | 22.96 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.94 | 2.39 | 4.24 | 2.52 | 1.23 | 0.99 | 1.66 | 1.42 | 1.68 | 3.34 |
| EV / EBITDA | 7.91 | 4.76 | 6.88 | 13.75 | 14.80 | — | — | — | — | 8.20 | — |
| EV / EBIT | 15.07 | 9.18 | 10.63 | 22.82 | 109.60 | — | — | — | — | — | — |
| EV / FCF | — | 7.44 | 13.06 | 58.50 | 69.15 | 75.65 | — | — | — | — | 465.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.8% | 30.8% | 30.2% | 26.6% | 19.9% | -2.0% | 2.1% | 10.8% | 18.0% | — | 10.4% |
| Operating Margin | 21.4% | 21.4% | 23.1% | 18.0% | 4.1% | -25.6% | -47.0% | -17.8% | -26.4% | — | -96.1% |
| Net Profit Margin | 24.7% | 24.7% | 13.4% | 9.6% | -3.4% | -34.8% | -49.4% | -29.1% | -42.2% | -681.0% | -109.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.1% | 27.1% | 16.8% | 10.2% | -2.8% | -16.9% | -21.3% | -13.1% | -15.8% | -168.2% | -33.4% |
| ROA | 15.0% | 15.0% | 8.7% | 5.8% | -1.8% | -11.0% | -13.9% | -8.3% | -9.6% | -75.6% | -14.4% |
| ROIC | 15.1% | 15.1% | 16.0% | 11.5% | 2.5% | -9.0% | -14.3% | -5.7% | -7.2% | — | -13.0% |
| ROCE | 15.2% | 15.2% | 17.9% | 12.8% | 2.6% | -9.5% | -15.2% | -5.7% | -6.7% | — | -26.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.57 | 0.71 | 0.20 | 0.24 | 0.23 | 0.28 | 0.38 | 0.44 | 1.23 |
| Debt / EBITDA | 1.23 | 1.23 | 1.36 | 2.36 | 1.53 | — | — | — | — | 6.61 | — |
| Net Debt / Equity | — | 0.07 | 0.28 | 0.44 | 0.01 | 0.03 | 0.05 | 0.07 | 0.06 | 0.02 | 0.80 |
| Net Debt / EBITDA | 0.18 | 0.18 | 0.67 | 1.48 | 0.04 | — | — | — | — | 0.24 | — |
| Debt / FCF | — | 0.28 | 1.27 | 6.29 | 0.21 | 3.11 | — | — | — | — | 307.20 |
| Interest Coverage | 4.33 | 4.33 | 4.15 | 3.87 | 0.87 | -6.94 | -7.18 | -2.90 | -4.04 | — | -7.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.90 | 2.90 | 2.11 | 1.80 | 1.94 | 2.17 | 2.12 | 2.89 | 4.32 | 3.84 | 0.49 |
| Quick Ratio | 2.78 | 2.78 | 2.00 | 1.70 | 1.78 | 2.09 | 2.04 | 2.78 | 4.13 | 3.71 | 0.48 |
| Cash Ratio | 1.84 | 1.84 | 0.98 | 0.83 | 0.84 | 0.94 | 0.82 | 1.18 | 2.35 | 2.00 | 0.30 |
| Asset Turnover | — | 0.57 | 0.65 | 0.49 | 0.50 | 0.34 | 0.32 | 0.31 | 0.22 | 0.19 | 0.14 |
| Inventory Turnover | 24.33 | 24.33 | 27.37 | 23.21 | 16.82 | 30.03 | 24.50 | 19.85 | 11.30 | — | 17.64 |
| Days Sales Outstanding | — | 77.00 | 87.82 | 96.98 | 88.18 | 154.09 | 160.58 | 177.16 | 219.27 | 380.90 | 234.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 13.1% | 6.2% | 2.6% | — | — | — | — | — | — | — |
| FCF Yield | 8.3% | 14.0% | 8.5% | 1.9% | 1.5% | 1.4% | — | — | — | — | 0.6% |
| Buyback Yield | 2.1% | 3.6% | 3.1% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 3.6% | 3.1% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $50M | $53M | $53M | $44M | $41M | $40M | $38M | $27M | $22M | $18M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying TDW stock.
Tidewater Inc.'s current P/E ratio is 12.9x. The historical average is 65.6x. This places it at the 25th percentile of its historical range.
Tidewater Inc.'s current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.0x.
Tidewater Inc.'s return on equity (ROE) is 27.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -14.1%.
Based on historical data, Tidewater Inc. is trading at a P/E of 12.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tidewater Inc. has 30.8% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tidewater Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings volatility from one-offs
Metrics are mathematically derived from official filings.
Margin Compression Amidst Cost Pressures
Gross margin slipped to 28.4% in 2026Q2 from 31.2% a year earlier, while operating margin fell to 18.3% from 23.7%, indicating rising labor and reactivation costs are eroding pricing gains, per recent financial statements.
The sequential decline in gross margin from 29.1% in 2025Q4 to 28.4% in 2026Q2 suggests that cost inflation, particularly for specialized crew and maintenance, is outpacing day rate improvements. Operating margin compression is more pronounced, with SG&A growing 11.5% year-over-year while revenue grew only 0.3%, implying that overhead efficiency gains from fleet integration are reversing. Net margin volatility, swinging from 65.3% in 2025Q4 to 6.3% in 2026Q2, underscores that reported profitability is heavily influenced by one-time items; investors should focus on operating margin as the cleaner measure of core earning power.
ROIC Stagnant Despite Deleveraging
ROIC has remained range-bound between 3.0% and 4.3% over the past ten quarters, even as debt-to-equity fell from 0.69 to 0.47, suggesting that capital efficiency is not improving despite a stronger balance sheet, based on reported figures.
The stability of ROIC around 3-4% indicates that the company is not yet compounding returns on invested capital, likely because the asset base is still absorbing reactivation costs and integration expenses. ROE spiked to 17.6% in 2025Q4 due to a one-time gain, but normalized ROE in 2026Q2 is only 1.6%, reflecting the earnings miss. The lack of improvement in ROIC despite lower leverage suggests that margin expansion, not balance sheet optimization, is the key driver needed to unlock value.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 69 days in 2026Q2 from 64 days a year earlier, driven by DSO rising to 81 days from 76 days, indicating slower collections that may strain liquidity despite a strong current ratio, as per quarterly data.
The increase in DSO suggests that Tidewater is giving customers more time to pay, possibly due to competitive pressure or contract terms, which ties up cash. DPO also rose to 22 days from 20 days, but not enough to offset the DSO increase, resulting in a longer CCC. This trend, combined with volatile working capital swings that consumed $101.3M in 2026Q2, indicates that cash conversion is becoming less efficient, though the company's ample cash buffer mitigates immediate risk.
Leverage Minimal, Coverage Adequate
Debt-to-equity stands at 0.47, down from 0.69 in 2024Q1, while interest coverage improved to 3.81x in 2026Q2 from 4.07x a year earlier, indicating a comfortable debt service position, according to recent balance sheet data.
The continued deleveraging, with total debt falling to $653M, reduces interest rate sensitivity and provides financial flexibility. However, interest coverage of 3.81x is modest and could deteriorate if operating margins continue to compress. The D/EBITDA ratio of 5.07x is elevated relative to the low D/E, reflecting the cyclical trough in EBITDA; investors should monitor whether EBITDA growth can bring this ratio down to more comfortable levels.
Liquidity Buffer Strengthens
Current ratio improved to 3.58 in 2026Q2 from 1.81 in 2024Q1, with cash at $613.5M, providing a robust cushion against short-term obligations and funding reactivation costs, as reported in quarterly balance sheets.
The quick ratio of 3.47 indicates that liquidity is not dependent on inventory, which is minimal in this business. This strong liquidity position suggests Tidewater can weather operational disruptions and fund fleet reactivation without straining its balance sheet. However, the large cash balance also implies that capital is not being deployed for growth, which may weigh on returns if not invested in high-return projects.
P/E Misleads on Cyclical Earnings
The trailing P/E of 12.48 appears cheap, but forward P/E of 28.58 reveals that the market expects earnings to decline, making EV/EBITDA of 7.64 a more reliable valuation metric for this capital-intensive cyclical, based on current multiples.
The wide gap between trailing and forward P/E indicates that current earnings are inflated by one-time gains, and the market is pricing in a normalization. EV/EBITDA is more appropriate because it captures the company's debt and cash position, and it is less distorted by depreciation and non-operating items. Investors should also consider the price-to-FCF of 11.66, which reflects the lumpy cash flow nature of the business, and compare these multiples to peers like Oceaneering and Bristow to gauge relative value.