{ "ok": true, "cik": "98222", "ticker": "TDW", "name": "TIDEWATER INC", "filings": [ { "form": "8-K", "filed": "2026-09-25", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/98222/000110465926111052/0001104659-26-111052-index.htm" }, { "form": "8-K", "filed": "2026-08-31", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.01 Completion of Acquisition or Disposition of Assets", "2.03 Creation of a Direct Financial Obligation", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/98222/000110465926103962/0001104659-26-103962-index.htm" }, { "form": "8-K", "filed": "2026-08-03", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/98222/000143774926025451/0001437749-26-025451-index.htm" }, { "form": "10-Q", "filed": "2026-08-03", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/98222/000143774926025450/0001437749-26-025450-index.htm" }, { "form": "8-K", "filed": "2026-07-06", "items": [ "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/98222/000143774926022594/0001437749-26-022594-index.htm" }, { "form": "8-K", "filed": "2026-06-18", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/98222/000110465926075757/0001104659-26-075757-index.htm" } ], "events12m": 10, "healthWatch": { "window": "last 12 months", "since": "2025-09-28", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-18", "url": "https://www.sec.gov/Archives/edgar/data/98222/000110465926075757/0001104659-26-075757-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000098222.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=98222" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up TIDEWATER INC ($TDW). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-25. 10 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 1352786000, "revenueGrowth1y": 0.0051648233252961084, "revenueGrowthPerYear": 0.3818284836464332, "yearsOfData": 5, "operatingMargin": 0.20889926418517046, "operatingMarginPrior": 0.23134188069116943, "netMargin": 0.24738650459126574, "operatingCashFlow": 379108000, "capitalSpending": 25761000, "freeCashFlow": 353347000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 578761000, "longTermDebt": 670078000, "longTermDebtChange": 0.03425134321262813, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 371033000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 647684000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 1009985000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 1345835000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 1352786000 } ], "totalEquity": 1365388000, "totalAssets": 2386911000, "equityRatio": 0.5720313828207252, "returnOnEquity": 0.24510322340609408, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": 0.75, "dividendYearsRising": 0, "dividendCut": true, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 6.69, "sharesOutstanding": 50432000, "bookValuePerShare": 27.07384200507614, "revenuePerShare": 26.82396097715736, "range80": { "low": 1150864930.6075718, "high": 1979067649.2060044, "baseline": 1544498097.4570787, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.239329911242767, "classVolatility": 0.07701947805587882, "volatility": 0.17777908540583554 }, "ifPaceHeld": { "low": 1150864930.6075718, "high": 1979067649.2060044 } }, "edgarette": "🔖 Exposure: revenue $1.4B (FY2025), total debt $670.1M. Experience: revenue up 0.5% on the year, up 38.2% a year over 4 years; operating margin 20.9%, down from 23.1%. Soundness: equity 57.2% of assets, return on equity 24.5%, the dividend per share fell in the latest year on record. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.2B and $2.0B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $944.2M to $2.4B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, water transportation): operating margin 20.9% against a 18.9% median; growth 0.5% against 1.8%.", "peers": { "sic": 4400, "sicDescription": "Water Transportation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4400", "growth": [ 0.0176, 8 ], "opMargin": [ 0.1886, 8 ] }, "summary": "Tidewater (TDW) grew revenue 0.5% in FY2025 to $1.4 billion, operating margin 20.9% against a 18.9% median for water transportation, equity 57.2% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
TIDEWATER INC against its own record and its peers
Operating marginPeer median 18.9%20.9%Revenue, on the yearPeer median 1.8%0.5%Equity of assets57.2%Return on equity24.5%No peer group large enough for a median
", "chartHorizon": "
Handed back now, or kept to compound · of each dollar of profit
Handed back per share$0.75cut in the latest year

Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 11, "hits": 6, "rate": 0.5454545454545454, "method": "v4", "byYear": { "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2020": [ 0, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-28T14:31:03.014Z", "hash": "cf8a989de0e766e0", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Tidewater (TDW) grew revenue 0.5% in FY2025 to $1.4 billion, operating margin 20.9% against a 18.9% median for water transportation, equity 57.2% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 1352786000, "totalDebt": 670078000, "cash": 578761000 }, "experience": { "revenueGrowth1y": 0.0051648233252961084, "revenueGrowthPerYear": 0.3818284836464332, "operatingMargin": 0.20889926418517046, "operatingMarginPrior": 0.23134188069116943, "netMargin": 0.24738650459126574, "freeCashFlow": 353347000 }, "soundness": { "equityRatio": 0.5720313828207252, "returnOnEquity": 0.24510322340609408, "payoutRatio": null, "dividendPerShare": 0.75, "dividendYearsRising": 0, "dividendCut": true, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4400, "sicDescription": "Water Transportation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4400", "growth": [ 0.0176, 8 ], "opMargin": [ 0.1886, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-28", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-18", "url": "https://www.sec.gov/Archives/edgar/data/98222/000110465926075757/0001104659-26-075757-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 1150864930.6075718, "high": 1979067649.2060044, "baseline": 1544498097.4570787, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.239329911242767, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.17777908540583554, "k": 3 }, "stress": { "low": 944150169.6829914, "high": 2412831258.1439195, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 11, "hits": 6, "rate": 0.5454545454545454, "method": "v4", "byYear": { "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 0, 1 ], "2017": [ 1, 1 ], "2020": [ 0, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-28T14:31:03.014Z", "hash": "cf8a989de0e766e0", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000098222.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=98222" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2802, "growth3y": 0.2783, "volatility": 0.2393, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.572, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 28.0% of revenue into operating cash; revenue growing 27.8% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 79th percentile for cash, 92nd for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 79, "growthPctInClass": 92, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "range", "text": "revenue is hard to predict: its 80% range is ±26%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 379108000, "investing": -7482000, "financing": -135959000, "capitalSpending": 25761000, "free": 353347000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 15006000, "free": 6055000 }, { "fiscalYearEnd": "2022-12-31", "operating": 40226000, "free": 23589000 }, { "fiscalYearEnd": "2023-12-31", "operating": 104194000, "free": 72606000 }, { "fiscalYearEnd": "2024-12-31", "operating": 282472000, "free": 254892000 }, { "fiscalYearEnd": "2025-12-31", "operating": 379108000, "free": 353347000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 578761000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 2386911000, "ladder": null, "currentRatio": 2.9, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2802, "growth3y": 0.2783, "volatility": 0.2393, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.572, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 28.0% of revenue into operating cash; revenue growing 27.8% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 79th percentile for cash, 92nd for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 79, "growthPctInClass": 92, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "range", "text": "revenue is hard to predict: its 80% range is ±26%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 379108000, "investing": -7482000, "financing": -135959000, "capitalSpending": 25761000, "free": 353347000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 15006000, "free": 6055000 }, { "fiscalYearEnd": "2022-12-31", "operating": 40226000, "free": 23589000 }, { "fiscalYearEnd": "2023-12-31", "operating": 104194000, "free": 72606000 }, { "fiscalYearEnd": "2024-12-31", "operating": 282472000, "free": 254892000 }, { "fiscalYearEnd": "2025-12-31", "operating": 379108000, "free": 353347000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 578761000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 2386911000, "ladder": null, "currentRatio": 2.9, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }