Forensic Analysis · Transportation / Logistics · as of Sep 25, 2026
Bristow Group Inc. (VTOL)
A forensic read on Bristow Group Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
3
Forensic signals
11.9
P / E (ttm)
12.2%
ROE
$1.3B
Market cap
1.12%
Dividend yield
5.3%
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, going concern, valuation). 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.
Bristow Group Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.1, 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
+3.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+3.1%/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 ~3.1% 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 FY2023 has been diluted ~6%.
8.1%
FY2025
Return on invested capital.Return on invested capital is 8.1% in the latest fiscal year and rising across FY2023–FY2025 from 2.7%. After-tax operating profit was $39M in FY2023 and $136M in FY2025, with operating income at 4.7% of revenue in FY2023, 9.4% in FY2024 and 10.7% in FY2025. The capital base behind it grew +16% across FY2023–FY2025, from $1.5B to $1.7B, and the return did not fall doing it, so the dollars added over that window earned at least the 2.7% the older base was already earning.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 30% of free cash flow in FY2025 — about $0.57 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.1% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.49B
Revenue Growth YoY+5.3%
Revenue CAGR (2yr)+7.2%
Net Margin8.7%
Free Cash Flow$56.4M
Return on Equity12.2%
Debt / Equity0.63x
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