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Bristow Group Inc. (VTOL) 10-Year Financial Performance & Capital Metrics

VTOL • • Industrial / General
EnergyOilfield ServicesSubsea & Offshore EquipmentOffshore Marine Services
AboutBristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial search and rescue services; and other helicopter and fixed wing transportation services. As of March 31, 2022, the company had a fleet of 229 aircrafts, of which 213 were helicopters. It also has operations in Australia, Brazil, Canada, Chile, the Dutch Caribbean, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, and the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.Show more
  • Revenue $1.42B +9.1%
  • EBITDA $201M +52.9%
  • Net Income $95M +1498.2%
  • EPS (Diluted) 3.21 +1437.5%
  • Gross Margin 28.14% +10.4%
  • EBITDA Margin 14.19% +40.2%
  • Operating Margin 9.37% +100.1%
  • Net Margin 6.7% +1381.5%
  • ROE 11.06% +1413.1%
  • ROIC 6.45% +102.4%
  • Debt/Equity 1.07 +5.4%
  • Interest Coverage 3.53 +140.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading near 52-week high
  • ✓Trading at only 1.4x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 3.8%
  • ✗Negative free cash flow
  • ✗Thin 5Y average net margin of 0.1%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.97%
5Y3.52%
3Y6.1%
TTM5.26%

Profit (Net Income) CAGR

10Y1.18%
5Y-
3Y-
TTM158.68%

EPS CAGR

10Y14.35%
5Y-
3Y-
TTM156.99%

ROCE

10Y Avg-4.09%
5Y Avg1.44%
3Y Avg4.43%
Latest7.74%

Peer Comparison

Offshore Marine Services
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
HLXHelix Energy Solutions Group, Inc.1.06B7.20205.34%3.25%2.71%15.37%0.44
TDWTidewater Inc.2.89B58.3617.1633.25%11.14%13.32%8.51%0.57
VTOLBristow Group Inc.1.18B40.9512.769.1%9.56%13.75%1.07
VALValaris Limited3.81B54.7210.6932.42%16.51%16.28%0.52

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.63B1.34B1.37B1.31B1.19B1.14B1.19B1.2B1.3B1.42B
Revenue Growth %-0.06%-0.18%0.03%-0.05%-0.09%-0.04%0.04%0.01%0.08%0.09%
Cost of Goods Sold+1.21B1.1B1.12B1.08B940.48M851.17M993.39M919.27M966.62M1.02B
COGS % of Revenue0.75%0.82%0.81%0.83%0.79%0.75%0.84%0.77%0.75%0.72%
Gross Profit+414.83M234.05M256.08M228.16M250.17M287.85M191.81M278.88M330.81M398.28M
Gross Margin %0.25%0.18%0.19%0.17%0.21%0.25%0.16%0.23%0.25%0.28%
Gross Profit Growth %-0.25%-0.44%0.09%-0.11%0.1%0.15%-0.33%0.45%0.19%0.2%
Operating Expenses+455.68M323.92M404.06M445.49M337.45M390.75M190.63M252.88M270.06M265.67M
OpEx % of Revenue0.28%0.24%0.29%0.34%0.28%0.34%0.16%0.21%0.21%0.19%
Selling, General & Admin210.51M182.97M174.18M185.98M154.65M149.43M159.06M175.63M204.62M198.01M
SG&A % of Revenue0.13%0.14%0.13%0.14%0.13%0.13%0.13%0.15%0.16%0.14%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses245.16M140.95M229.88M259.5M182.8M241.31M31.56M77.25M65.44M67.67M
Operating Income+-40.84M-89.87M-147.98M-217.32M-87.28M-102.9M1.18M26M60.75M132.61M
Operating Margin %-0.03%-0.07%-0.11%-0.17%-0.07%-0.09%0%0.02%0.05%0.09%
Operating Income Growth %-1.28%-1.2%-0.65%-0.47%0.6%-0.18%1.01%20.98%1.34%1.18%
EBITDA+67.27M18.48M-23.94M-92.43M27.32M-12.43M88.42M95.57M131.36M200.9M
EBITDA Margin %0.04%0.01%-0.02%-0.07%0.02%-0.01%0.07%0.08%0.1%0.14%
EBITDA Growth %-0.73%-0.73%-2.3%-2.86%1.3%-1.46%8.11%0.08%0.37%0.53%
D&A (Non-Cash Add-back)108.11M108.35M124.04M124.9M114.61M90.46M87.24M69.57M70.61M68.29M
EBIT100.35M-54.93M-40.95M-80.45M-1.95M68.59M37.1M47.09M70.57M146.89M
Net Interest Income+34.13M49.92M77.06M-110.08M150.14M-49.97M-41.36M-38.74M-32.77M-28.68M
Interest Income34.13M49.92M77.06M3.42M150.14M1.29M161K2.2M8.65M8.9M
Interest Expense000113.5M051.26M41.52M40.94M41.42M37.58M
Other Income/Expense-38.39M-53.46M-80.02M-118.97M-660.54M46.26M-5.6M-6.04M-42.74M-30.55M
Pretax Income+-79.23M-143.33M-228M-336.3M-747.83M-56.64M-4.42M19.96M18.01M102.06M
Pretax Margin %-0.05%-0.11%-0.17%-0.26%-0.63%-0.05%-0%0.02%0.01%0.07%
Income Tax+-2.08M32.59M-30.89M-161K-50.7M-355K11.29M10.75M24.93M7.19M
Effective Tax Rate %0.91%1.18%0.85%1%0.93%0.99%3.57%0.46%-0.38%0.93%
Net Income+-72.44M-169.56M-194.68M-336.85M-697.19M-56.09M-15.79M9.21M-6.78M94.8M
Net Margin %-0.04%-0.13%-0.14%-0.26%-0.59%-0.05%-0.01%0.01%-0.01%0.07%
Net Income Growth %-1.86%-1.34%-0.15%-0.73%-1.07%0.92%0.72%1.58%-1.74%14.98%
Net Income (Continuing)-77.15M-175.92M-197.11M-336.14M-697.13M-56.28M-15.71M9.21M-6.92M94.87M
Discontinued Operations0000000000
Minority Interest4.8M4.22M3.77M7.15M-269K1.03M-447K-368K-508K-435K
EPS (Diluted)+-2.12-0.39-5.52-9.42-0.17-3.12-0.550.32-0.243.21
EPS Growth %-3.52%0.82%-13.15%-0.71%0.98%-17.35%0.82%1.58%-1.75%14.38%
EPS (Basic)0.42-0.39-5.52-9.42-0.17-3.12-0.550.33-0.243.32
Diluted Shares Outstanding34.89M35.04M35.29M35.74M33.37M31.68M28.53M28.57M28.14M29.55M
Basic Shares Outstanding34.88M35.03M35.27M35.74M33.37M24.6M28.53M28.07M28.14M28.52M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+102.55M96.37M82.56M565.51M524.15M585.75M579.88M493.13M563.58M619.46M
Cash & Short-Term Investments14.37M26.95M13.58M178.06M196.66M228.01M263.77M163.68M180.26M247.5M
Cash Only14.37M26.95M13.58M178.06M196.66M228.01M263.77M163.68M180.26M247.5M
Short-Term Investments0000000000
Accounts Receivable58.03M38.65M43.42M42.64M180.68M215.62M203.77M215.13M234.62M211.59M
Days Sales Outstanding1310.5611.5411.955.3969.162.7565.546654.56
Inventory27.99M25.42M21.11M121.31M82.42M92.18M81.67M81.89M99.86M114.51M
Days Inventory Outstanding8.418.426.941.0131.9939.5330.0132.5137.7141.09
Other Current Assets2.15M5.36M4.45M223.51M34.86M17.82M2.3M32.42M48.84M45.86M
Total Non-Current Assets+904.54M858.8M709.53M1.97B1.42B1.41B1.24B1.32B1.37B1.51B
Property, Plant & Equipment859.22M821.81M673.91M1.83B1.18B1.25B1.14B1.16B1.22B1.34B
Fixed Asset Turnover1.90x1.62x2.04x0.71x1.01x0.91x1.04x1.04x1.07x1.06x
Goodwill00018.44M000000
Intangible Assets1.16M1.14M1.12M1.4M00065.81M48.44M28.94M
Long-Term Investments28.9M29.27M30.06M118.2M110.06M37.53M17.59M17M19.89M22.42M
Other Non-Current Assets-214.58M-218.88M-102.16M-108.36M128.34M117.77M90.7M60.73M78.96M113.93M
Total Assets+1.01B955.17M792.1M2.65B1.95B1.99B1.82B1.81B1.94B2.13B
Asset Turnover1.62x1.40x1.73x0.49x0.61x0.57x0.65x0.66x0.67x0.67x
Asset Growth %-0.01%-0.05%-0.17%2.35%-0.27%0.02%-0.08%-0.01%0.07%0.1%
Total Current Liabilities+32.08M25.62M32.44M28.8M297.98M305.12M287.75M285.59M309.79M325.9M
Accounts Payable79.95M8.88M16.42M99.57M52.11M69.54M63.5M89.61M87.89M83.46M
Days Payables Outstanding24.022.945.3633.6620.2229.8223.3335.5833.1929.95
Short-Term Debt3.28M2.14M2.74M2.06M45.74M15.96M12.76M11.66M13.25M18.61M
Deferred Revenue (Current)00001000K1000K1000K1000K1000K1000K
Other Current Liabilities-51.15M13.94M13.26M17.48M000000
Current Ratio3.20x3.76x2.54x19.63x1.76x1.92x2.02x1.73x1.82x1.90x
Quick Ratio2.32x2.77x1.89x15.42x1.48x1.62x1.73x1.44x1.50x1.55x
Cash Conversion Cycle-2.6116.0413.0719.2567.1578.869.4362.4770.5365.7
Total Non-Current Liabilities+498.9M456.91M310.21M8.22M1.22B788.51M701.16M739.47M804.31M908.07M
Long-Term Debt266.44M230.14M202.17M8.22M515.38M527.53M512.91M499.76M534.82M671.17M
Capital Lease Obligations0000224.59M167.72M125.44M165.96M214.96M188.95M
Deferred Tax Liabilities000022.77M42.43M39.81M48.63M42.71M39.02M
Other Non-Current Liabilities232.46M226.77M108.03M0458.31M50.83M23M25.12M11.82M8.94M
Total Liabilities530.98M482.54M342.65M298.13M1.52B1.09B988.91M1.03B1.11B1.23B
Total Debt+269.72M232.28M204.91M162.28M867.2M789.12M720.98M753.64M838.32M957.09M
Net Debt255.35M205.33M191.33M-15.78M670.54M561.11M457.21M589.95M658.05M709.59M
Debt / Equity0.57x0.49x0.46x0.35x2.03x0.88x0.86x0.96x1.02x1.07x
Debt / EBITDA4.01x12.57x--31.74x-8.15x7.89x6.38x4.76x
Net Debt / EBITDA3.80x11.11x--24.54x-5.17x6.17x5.01x3.53x
Interest Coverage----1.91x--2.01x0.03x0.64x1.47x3.53x
Total Equity+476.11M472.64M449.45M466.74M426.22M898.64M835.37M786.94M823.18M891.27M
Equity Growth %0.03%-0.01%-0.05%0.04%-0.09%1.11%-0.07%-0.06%0.05%0.08%
Book Value per Share13.6413.4912.7413.0612.7728.3729.2827.5429.2530.16
Total Shareholders' Equity471.3M468.42M445.68M805.22M426.49M897.61M835.82M787.31M823.69M891.71M
Common Stock207K211K215K386K1K303K303K306K311K315K
Retained Earnings40.5M32.52M4.36M455.6M139.23M227.01M211.22M224.75M217.97M312.76M
Treasury Stock----0-10.5M-51.66M-63.01M-65.72M-69.78M
Accumulated OCI92K92K110K110K-8.64M-6.92M-23.45M-84.06M-54.64M-93.67M
Minority Interest4.8M4.22M3.77M7.15M-269K1.03M-447K-368K-508K-435K

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+44.46M58.5M20.1M-109.44M27.55M96.84M123.85M-14.13M32.04M177.42M
Operating CF Margin %0.03%0.04%0.01%-0.08%0.02%0.09%0.1%-0.01%0.02%0.13%
Operating CF Growth %-0.43%0.32%-0.66%-6.45%1.25%2.52%0.28%-1.11%3.27%4.54%
Net Income7.9M-14.91M-28.61M-336.14M-3.59M-56.28M-15.71M18.04M-6.92M94.87M
Depreciation & Amortization47.34M49.31M45.74M124.9M37.62M90.46M87.24M79.76M85.59M83.19M
Stock-Based Compensation3.72M4.63M4.62M6.38M4.28M11.52M11.69M13.23M16.46M15.79M
Deferred Taxes14.2M-4.59M-119.14M-14.45M-4.53M-15.47M-1.74M-5.32M669K-19.96M
Other Non-Cash Items-14.44M18.2M111.22M160.3M-9.94M49.7M36.69M-18.17M-4.62M4.23M
Working Capital Changes-14.27M5.86M6.27M-50.43M3.72M16.92M5.7M-101.66M-59.14M-702K
Change in Receivables00019.2M-1.14M39.86M10.58M-15.35M-27.02M9.29M
Change in Inventory000-5.93M-5.17M13.5M15.92M-82.14M-39.85M-44.72M
Change in Payables-14.27M5.86M6.27M-63.69M3.62M-36.44M-20.8M82.14M7.74M34.73M
Cash from Investing+-22.81M-12.77M-6.05M-26.12M48.62M173.27M-17.37M-44.14M-47.32M-245.95M
Capital Expenditures-60.05M-39.2M-16.77M-40.9M-6.56M-14.84M-31.07M-49.57M-81.51M-255.39M
CapEx % of Revenue0.04%0.03%0.01%0.03%0.01%0.01%0.03%0.04%0.06%0.18%
Acquisitions----------
Investments----------
Other Investing38.99M26.43M10.72M13.81M7.78M67.88M14.55M034.19M9.44M
Cash from Financing+-46.03M-32.99M-27.5M-63.14M-9.43M-245.62M-63.48M-19.91M22.04M141.1M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid000-2.16M000000
Share Repurchases----------
Other Financing-46.03M-32.99M-27.5M-2.76M-740K-12.17M-3.11M0-2.71M-4.02M
Net Change in Cash----------
Free Cash Flow+-15.59M19.3M3.33M-150.34M20.99M82M92.79M-63.7M-49.47M-77.97M
FCF Margin %-0.01%0.01%0%-0.11%0.02%0.07%0.08%-0.05%-0.04%-0.06%
FCF Growth %0.45%2.24%-0.83%-46.2%1.14%2.91%0.13%-1.69%0.22%-0.58%
FCF per Share-0.450.550.09-4.210.632.593.25-2.23-1.76-2.64
FCF Conversion (FCF/Net Income)-0.61x-0.35x-0.10x0.32x-0.04x-1.73x-7.84x-1.53x-4.73x1.87x
Interest Paid---------43.27M
Taxes Paid---------20.78M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-15.47%-35.74%-42.23%-73.53%-156.15%-8.47%-1.82%1.14%-0.84%11.06%
Return on Invested Capital (ROIC)-4.2%-9.56%-16.83%-29.86%-8.46%-6.04%0.06%1.46%3.19%6.45%
Gross Margin25.46%17.53%18.64%17.44%21.01%25.27%16.18%23.28%25.5%28.14%
Net Margin-4.45%-12.7%-14.17%-25.75%-58.56%-4.92%-1.33%0.77%-0.52%6.7%
Debt / Equity0.57x0.49x0.46x0.35x2.03x0.88x0.86x0.96x1.02x1.07x
Interest Coverage----1.91x--2.01x0.03x0.64x1.47x3.53x
FCF Conversion-0.61x-0.35x-0.10x0.32x-0.04x-1.73x-7.84x-1.53x-4.73x1.87x
Revenue Growth-5.64%-18.05%2.85%-4.77%-8.97%-4.34%4.05%1.09%8.29%9.1%

Revenue by Segment

2014201520162017201820192020202120232024
Service------1.14B1.14B1.26B1.42B
Service Growth-------0.00%10.99%11.96%
Government Services-------272.86M336.92M329.65M
Government Services Growth--------23.48%-2.16%
Service, Other---------119.77M
Service, Other Growth----------
Oil and Gas Service------825.53M767.72M809.77M-
Oil and Gas Service Growth--------7.00%5.48%-
Fixed Wing Services------73.75M85.37M107.23M-
Fixed Wing Services Growth-------15.76%25.61%-
Other Services------14.42M13.11M10.38M-
Other Services Growth--------9.06%-20.87%-
Helicopter Service Contracts-------1.07B--
Helicopter Service Contracts Growth----------
Reimbursable-------46.14M--
Reimbursable Growth----------
Fixed Wing Service Contracts-------589K--
Fixed Wing Service Contracts Growth----------
UK SAR Services------225.33M---
UK SAR Services Growth----------
Operating Revenues----210.19M210.03M----
Operating Revenues Growth------0.08%----

Revenue by Geography

2014201520162017201820192020202120232024
UNITED KINGDOM---------394.66M
UNITED KINGDOM Growth----------
Other Countries---------353.03M
Other Countries Growth----------
NORWAY---------270.86M
NORWAY Growth----------
UNITED STATES281.87M222.47M-152.19M-----226.93M
UNITED STATES Growth--21.08%--------
NIGERIA---------170.01M
NIGERIA Growth----------
Europe17.91M10.58M5.92M5.03M608K384K656.77M662.42M721.55M-
Europe Growth--40.93%-44.02%-15.11%-87.91%-36.84%170933.59%0.86%8.93%-
Americas------337.53M379.62M366.21M-
Americas Growth-------12.47%-3.53%-
Africa------101.65M69.66M122.64M-
Africa Growth--------31.47%76.04%-
Asia Pacific------76.64M72.03M87.02M-
Asia Pacific Growth--------6.01%20.81%-
Asia10.91M8.37M6.18M5.17M5.76M7.36M----
Asia Growth--23.32%-26.21%-16.31%11.51%27.67%----
Latin America and the Caribbean20.52M40.42M64.01M68.94M58.04M-----
Latin America and the Caribbean Growth-96.94%58.35%7.70%-15.81%-----
CANADA----------
CANADA Growth----------

Frequently Asked Questions

Valuation & Price

Bristow Group Inc. (VTOL) has a price-to-earnings (P/E) ratio of 12.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Bristow Group Inc. (VTOL) reported $1.49B in revenue for fiscal year 2024. This represents a 24% increase from $1.20B in 2011.

Bristow Group Inc. (VTOL) grew revenue by 9.1% over the past year. This is steady growth.

Yes, Bristow Group Inc. (VTOL) is profitable, generating $142.4M in net income for fiscal year 2024 (6.7% net margin).

Dividend & Returns

Bristow Group Inc. (VTOL) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

Bristow Group Inc. (VTOL) had negative free cash flow of $23.8M in fiscal year 2024, likely due to heavy capital investments.

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