Does TIDEWATER INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TIDEWATER INC (TDW) 18.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 7, balance-sheet safety 58, capital discipline 24.

Is TDW stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $43.57 per share versus a recent price of $75.82 — 74% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has TDW's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 18.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TIDEWATER INC

TDW · Industrials · $3.8B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 1.4% over 5y, variable.

Returns on capital7

Median ROIC -3.9%, above the 9% hurdle in 20% of years.

Balance-sheet safety58

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

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

74% above value

Owner earnings (normalized): $194.4M
Est. intrinsic value / share: $43.57
Recent price: $75.82
Discount to value: 74% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

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 FY2025, with a median of 2.8% across 17 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $654.9M of total debt in FY2025 against $460.0M of owner earnings — roughly 1.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 58/100.

The share count rose 124.1% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (58/100) and Pricing Power the weakest (0/100), which is how TDW lands at 19/100 — 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.

RevenueSales, as filed$1.4B FY2025

Gross marginRevenue kept after cost of goods−7.5% FY2020

Return on invested capitalOperating profit on the capital employed19.6% FY2025

Owner earningsCash an owner could take out$460.0M FY2025

Gaps in a line mean that item isn’t in TDW’s 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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale18.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — TDW has read No moat for every logged capture since Jul 17, 2026.

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

Industrials context

#268 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#266OIS OIL STATES INTERNATIONAL, INC19.0 out of 100, No moatNo moat
#267OESX Orion Energy Systems, Inc.18.8 out of 100, No moatNo moat
#269UVV UNIVERSAL CORPORATION18.4 out of 100, No moatNo moat
#270RHNO RHINO BITCOIN INC.18.4 out of 100, No moatNo moat

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

Common questions about TDW

Does TIDEWATER INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TIDEWATER INC (TDW) 18.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 7, balance-sheet safety 58, capital discipline 24.
Is TDW stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $43.57 per share versus a recent price of $75.82 — 74% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has TDW's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 18.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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