Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 6.2x · 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 | $3.3B | $2.5B | $2.9B | $3.8B | $1.6B | $439M | $349M | $737M | $509M | $540M | $685M |
| Enterprise Value | $3.4B | $2.6B | $3.2B | $4.3B | $1.6B | $458M | $391M | $807M | $576M | $556M | $2.0B |
| P/E Ratio → | 10.09 | 7.61 | 16.09 | 39.19 | — | — | — | — | — | — | — |
| P/S Ratio | 2.46 | 1.87 | 2.16 | 3.78 | 2.51 | 1.18 | 0.88 | 1.51 | 1.25 | 1.63 | 1.14 |
| P/B Ratio | 2.46 | 1.86 | 2.61 | 3.68 | 1.88 | 0.63 | 0.42 | 0.72 | 0.44 | 0.53 | 0.41 |
| P/FCF | 9.43 | 7.15 | 11.79 | 52.21 | 68.94 | 72.54 | — | — | — | — | 158.41 |
| P/OCF | 8.79 | 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 | — | 1.93 | 2.39 | 4.24 | 2.52 | 1.23 | 0.99 | 1.66 | 1.42 | 1.68 | 3.34 |
| EV / EBITDA | 6.17 | 4.71 | 6.88 | 13.75 | 14.80 | — | — | — | — | — | — |
| EV / EBIT | 11.75 | 8.98 | 10.63 | 22.82 | 109.60 | — | — | — | — | — | — |
| EV / FCF | — | 7.37 | 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 | 15.2% | 15.2% | 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 | 0.48 | 0.48 | 0.57 | 0.71 | 0.20 | 0.24 | 0.23 | 0.28 | 0.38 | 0.44 | 1.23 |
| Debt / EBITDA | 1.19 | 1.19 | 1.36 | 2.36 | 1.53 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.06 | 0.28 | 0.44 | 0.01 | 0.03 | 0.05 | 0.07 | 0.06 | 0.02 | 0.80 |
| Net Debt / EBITDA | 0.14 | 0.14 | 0.67 | 1.48 | 0.04 | — | — | — | — | — | — |
| Debt / FCF | — | 0.22 | 1.27 | 6.29 | 0.21 | 3.11 | — | — | — | — | 307.20 |
| Interest Coverage | 4.39 | 4.39 | 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 | 2.90 | 2.90 | 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 | — | — | 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 | 9.9% | 13.1% | 6.2% | 2.6% | — | — | — | — | — | — | — |
| FCF Yield | 10.6% | 14.0% | 8.5% | 1.9% | 1.5% | 1.4% | — | — | — | — | 0.6% |
| Buyback Yield | 2.7% | 3.6% | 3.1% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.7% | 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 |
Cyclical day rate volatility
According to recent market data, Tidewater trades at a forward P/E of 20.65, which suggests investors are pricing in significant earnings growth that may be disconnected from the current deceleration in top-line performance observed in the most recent quarterly filings compared to historical averages.
The valuation premium relative to the trailing P/E of 10.14 indicates that the market anticipates a sharp recovery in margins as the fleet integration matures. However, investors should monitor whether this forward multiple is justified by actual day-rate escalations or if it reflects an overly optimistic outlook on the offshore cycle's duration.
As reported in financial statements, Tidewater's ROIC has hovered in a narrow range between 3.0% and 4.3% over the last ten quarters, suggesting that the company is struggling to generate returns that meaningfully exceed its cost of capital despite aggressive fleet expansion and consolidation efforts.
The persistent low ROIC indicates that the capital-intensive nature of maintaining a global high-spec fleet continues to dilute overall efficiency. This warrants further investigation into whether the recent acquisitions are truly accretive to shareholder value or if they are merely increasing the asset base without proportional earnings growth.
Based on quarterly data, Tidewater's DSO has trended upward to 81 days in 2026Q1, which, when combined with the lack of consistent CCC metrics, suggests that the company may be facing challenges in converting its project-based revenue into timely cash inflows from its global customer base.
The inability to tighten the cash conversion cycle despite a strong liquidity position implies potential friction in contract settlement or regional payment delays. This inefficiency likely contributes to the observed volatility in free cash flow, making the company's operational performance appear less predictable than its peers.
According to the latest balance sheet disclosures, Tidewater has successfully reduced its debt-to-equity ratio to 0.48, a significant improvement from 0.71 in 2023Q4, which provides the company with a superior defensive posture compared to historically levered offshore service providers in the current interest rate environment.
This reduction in leverage appears to be a deliberate strategy to mitigate the risks associated with cyclical downturns in the offshore energy sector. Investors should monitor whether this balance sheet strength will be utilized for further opportunistic M&A or if it will be preserved to navigate potential future volatility in day rates.
As evidenced by the extreme volatility in net income, the P/E ratio is a fundamentally flawed metric for Tidewater, as it obscures the impact of non-recurring dry-docking costs and accounting adjustments that do not reflect the underlying cash-generating capacity of the vessel fleet.
Analysts should instead prioritize EV/EBITDA or FCF-based valuation models to better capture the operational reality of the business. Relying on P/E risks misinterpreting the company's true earning power, as it fails to account for the lumpy nature of capital expenditures required to keep the fleet in class.
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Quick answers to the most common questions about buying TDW stock.
Tidewater Inc.'s current P/E ratio is 10.1x. The historical average is 65.6x. This places it at the 25th percentile of its historical range.
Tidewater Inc.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.9x.
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 10.1x. 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.