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TIDEWATER INC

TDDWW · Industrials · FY2025 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

85

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $371M to $1.4B, increasing; diluted EPS -3.14 to 6.64, increasing.

0

Median gross margin 1.4% over 5y, variable.

7

Median ROIC -3.9%, above the 12% hurdle in 20% of years.

58

Net debt/EBITDA 0.2x, interest coverage 4x.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
$194M
$43.57
$43.57
Unavailable — no recent price
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $1.4B (FY2009) to $1.4B (FY2025) — about −0.2% a year compounded over 16 years.

It earned 19.6% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 2.8%. Over the v3 recent window (10 measurable filed years), median ROIC was −3.9%. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $655M of total debt in FY2025 against $460M of owner earnings — roughly 1.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 58/100.

Put together: Business Trend is the strongest of the five filters (85/100) and Pricing Power the weakest (0/100), which is how TDDWW lands at 35/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from TDDWW’s SEC filings

Sales, as filed$1.4B FY2025
$0$1B2008201420202025
Revenue kept after cost of goods−7.5% FY2020
0%20%2008201420202025
Standard ROIC or separately labeled Operating ROICStandard ROIC 19.7% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

−20%0%20%2008201420202025
Cash an owner could take out$460M FY2025
−$500M$0$500M2008201420202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How TIDEWATER INC makes its money

TIDEWATER INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$1.4B100%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$283M21%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Income before tax$220M16%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Income tax−$113M−8%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$335M25%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What TIDEWATER INC owns — and owes

TIDEWATER INC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.4B100%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Cash and equivalents$579M24%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$655M27%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Stockholders’ equity$1.4B57%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives TIDEWATER INC’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity27%Tax burden152%net income ÷ pretax incomeInterest burden78%pretax ÷ operating incomeOperating margin21%operating income ÷ revenueAsset turnover0.61×revenue ÷ average assetsEquity multiplier1.80×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$335MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Income before tax$220MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Operating income$283MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$1.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Ending assets$2.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Beginning assets$2.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$1.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
$1.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Source: · event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

Where TIDEWATER INC's cash went

TIDEWATER INC’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$379M100%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Depreciation and amortization$151M40%
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001437749-26-006391 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding TIDEWATER INC

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

1 holding0 exited17 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Tweedy, Browne29,555 shares$2M · 0% of eligible reported 13FAdded to position · +3,636 shares (14%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Sep 4, 2026

Flagship explainer

What TIDEWATER INC insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

1 logged reading since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.9 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026

Score history begins Sep 4, 2026 — the record builds forward from here.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — TDDWW has read No moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for TDDWW.

Industrials context

#293 of 447 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #291FTEK FUEL TECH, INC.35.2No moat
  2. #292FDXF FedEx Freight Holding Company, Inc.35.1No moat
  3. #294RRX REGAL REXNORD CORP34.8No moat
  4. #295BOOM DMC GLOBAL INC.34.5No moat

Compare TDDWW with its nearest peers →All Industrials companies on the Index →

Common questions about TDDWW

Does TIDEWATER INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores TIDEWATER INC (TDDWW) 34.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 85, pricing power 0, returns on capital 7, balance-sheet safety 58, capital allocation 24.
How has TDDWW's Moat Score changed over time?
The record logs 1 reading since Sep 4, 2026; the latest reads 34.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TDDWW. See the disclaimer.