Tidewater Inc. (TDW) intrinsic value & 10-year financials
Tidewater Inc. (TDW) has a Graham intrinsic value of $90.63 per share. At $79.50 on Oct 17, 2026, the stock trades 12% below that value. Over the last 10 fiscal years revenue grew 3.7% a year to $1.4B, with an average return on invested capital of -0.8%.
- Graham intrinsic value
- $90.63
- Share price (Oct 17, 2026)
- $79.50
- Price vs Graham value
- 12% below
- Market cap
- $4.0B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 3.7%
- ROIC (10-yr avg)
- -0.8%
- Free cash flow (FY2025)
- $353.3M
TDW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $334.7M | $6.64 | $353.3M | 20.9% | 19.6% |
| FY2024 | $1.3B | $180.7M | $3.40 | $246.3M | 23.1% | 16.6% |
| FY2023 | $1.0B | $97.2M | $0.00 | $73.1M | 18.0% | 10.6% |
| FY2022 | $647.7M | -$21.7M | -$0.00 | $23.6M | 4.1% | 3.4% |
| FY2021 | $371.0M | -$129.0M | -$0.00 | $6.1M | -25.6% | -12.0% |
| FY2020 | $397.0M | -$196.2M | -$0.00 | -$10.9M | -47.0% | -19.0% |
| FY2019 | $486.5M | -$141.7M | -$0.00 | -$49.4M | -17.8% | -7.5% |
| FY2018 | $406.5M | -$171.5M | -$0.01 | -$17.4M | -26.4% | -5.2% |
| FY2017 | $601.6M | -$660.1M | -$0.01 | $4.3M | -96.1% | -13.3% |
| FY2016 | $979.1M | -$160.2M | -$0.00 | $58.9M | -7.1% | -1.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TIDEWATER INC has demonstrated mature, steady growth, with revenue compounding at 3.7% annually over the past decade.
TIDEWATER INC has historically struggled to out-earn its cost of capital, averaging just -0.8% ROIC.
Over the decade, TIDEWATER INC shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TIDEWATER INC is modeled at 3.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $90.63 per share.