Tidewater Inc.
TDW Energy Oil & Gas Equipment & Services
Tidewater Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 0.52% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 70.1%, free cash flow fell 15.9% and total debt rose 4.47%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three, operating cash flow growth for five.
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Tidewater Inc. (TDW) Altman Z-score
Tidewater Inc.'s Altman Z-score for fiscal 2025 is 2.56, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.56 | (0.21) |
| FY2024 | 2.77 | 0.09 |
| FY2023 | 2.68 | 0.44 |
| FY2022 | 2.24 | 2.18 |
| FY2021 | 0.06 | 0.16 |
| FY2020 | −0.10 | (0.97) |
| FY2019 | 0.87 | 0.21 |
| FY2018 | 0.66 | (0.08) |
| FY2017 | 0.73 | 0.48 |
| FY2017 | 0.25 | (2.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | (0.13) | — | −0.18 | |
| EBIT / total assets | 0.12 | — | 0.39 | |
| Market value of equity / total liabilities | 2.46 | — | 1.48 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Grey zone | 2.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.42 | ||
Z and Z″ put Tidewater Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WHD Cactus, Inc. compare | 6.3× |
| OII Oceaneering International, Inc. compare | 3.7× |
| TDW Tidewater Inc. | 2.6× |
| EFXT Enerflex Ltd. compare | 2.2× |
| SEI Solaris Energy Infrastructure, Inc. compare | 1.6× |
| KGS Kodiak Gas Services, Inc. compare | 1.2× |
| AROC Archrock, Inc. compare | 1.0× |
| WBI WaterBridge Infrastructure LLC compare | 0.5× |
| USAC USA Compression Partners, LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets