TDWTidewater Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Margin-driven, fat margins on slower asset turns. ROE 19% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is TDW?
Tidewater Inc. earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 4.7 points above what the capital costs: growth creates value
- Operating margin
- 18%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q2 2026
- Cash conversion
- 1.59×
Cash conversion · 1.29× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.23%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −47% |
| FY2021 | −26% |
| FY2022 | 4.1% |
| FY2023 | 18% |
| FY2024 | 23% |
| FY2025 | 21% |
Details›
- Gross margin12 months to Q2 2026
- 100%
- Operating margin12 months to Q2 2026
- 18%
- Net margin12 months to Q2 2026
- 18%
- Free cash flow margin
- 20%
- Revenue, trailing twelve months
- $1.35B
- Free cash flow, trailing twelve months
- $271M
- Net income, trailing twelve months
- $247M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Equipment & Services
Ranks #7 of 29 by RyuScore