Forensic Analysis · Transportation / Logistics · as of Aug 11, 2026

Tidewater Inc (TDW)

A forensic read on Tidewater Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

6.6

Distress distance

Clean

Earnings quality

Forensic signals

13.8

P / E (ttm)

24.5%

ROE

$4.4B

Market cap

0.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Tidewater Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+4.5%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +14% over the last 3 years to FY2025 (+4.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.

1.1% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 1.1% of revenue and 4% of free cash flow in FY2025 — about $0.29 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 5.1% a year and is falling.

-25%

FY2015→FY2016

Dividend — cut. The payout was CUT ~25% in FY2016 (from FY2015) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.35B

Revenue Growth YoY+0.5%

Revenue CAGR (3yr)+27.8%

Net Margin24.7%

Free Cash Flow$353.3M

Return on Equity24.5%

Debt / Equity0.48x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.