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) Beneish M-score
Tidewater Inc.'s Beneish M-score for fiscal 2025 is −2.39; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.39 | 0.06 |
| FY2024 | −2.45 | (0.25) |
| FY2023 | −2.20 | (0.36) |
| FY2022 | −1.84 | 1.50 |
| FY2021 | −3.34 | (0.19) |
| FY2020 | −3.15 | (0.86) |
| FY2019 | −2.29 | 1.06 |
| FY2018 | −3.35 | (0.28) |
| FY2016 | −3.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.81 | — | 0.73 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.21 | — | −0.21 | |
| Total accruals to total assets | (0.02) | — | −0.09 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.39 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KGS Kodiak Gas Services, Inc. compare | −3.2× |
| USAC USA Compression Partners, LP compare | −3.1× |
| EFXT Enerflex Ltd. compare | −3.0× |
| WHD Cactus, Inc. compare | −2.8× |
| TDW Tidewater Inc. | −2.4× |
| AROC Archrock, Inc. compare | −2.4× |
| OII Oceaneering International, Inc. compare | −2.3× |
| SEI Solaris Energy Infrastructure, Inc. compare | −2.3× |
| WBI WaterBridge Infrastructure LLC compare | −1.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI