TDW TIDEWATER INC

Overview and Growth

TIDEWATER INC generated $1.35B of revenue in fiscal 2025, with net income of $334.66M and an operating cash inflow of $379.11M. The $1.35B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 0.5% above fiscal 2024 revenue of $1.35B, marking a year-over-year increase. The company reported diluted EPS of $6.64, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 95.3% increase from fiscal 2024 diluted EPS of $3.40. Revenue equaled 0.57x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was $282.60M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 20.9%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $334.66M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 24.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $220.25M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 16.3%, relating income before taxes directly to revenue. The reported tax benefit was $113.21M, favorably bridging the pretax and after-tax results. Relative to positive pretax income, the tax benefit measured 51.4%. The relationship between net income and period-end equity was 24.6%, indicating the profitability achieved on book capital. Return on period-end assets was 14.0%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

At period end, the $2.39B asset base was financed through $1.03B of liabilities and $1.36B of equity. Current assets were $914.13M against $315.24M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 2.9x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $578.76M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 183.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $654.89M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.48x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 27.4%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 43.0%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 24.2% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 15.0% from $2.07B in fiscal 2024, leaving current total assets higher year over year. Book equity was 22.5% higher than fiscal 2024 equity of $1.11B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

The company reported $379.11M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.13x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $25.76M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 6.8% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $353.35M of positive free cash flow for the period. Free cash flow represented 26.1% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 14.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.