TDWTIDEWATER INC
Water Transportation
- Revenue
- $1.4B
- 0.5% YoY
- Operating margin
- 20.9%
- 9.7% YoY
- EBITDA
- $434M
- 7.2% YoY
- Market cap
- $4.3B
- Employees
- —
- Net debt / EBITDA
- 0.1×
- $57M net debt
- AI in 10-K
- 2.6
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo114% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo33% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.6 per 10K words · 64th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $371M | $648M | $1.0B | $1.3B | $1.4B | 0.5% |
| Operating income | −$95M | $27M | $182M | $311M | $283M | 9.2% |
| Net income | −$129M | −$22M | $96M | $179M | $334M | 86% |
| Operating cash flow | $15M | $40M | $104M | $282M | $379M | 34% |
| Capex | $9M | $17M | $32M | $28M | $26M | 6.6% |
| Stock-based comp | $6M | $7M | $11M | $14M | $14M | 5.9% |
| Buybacks | $0 | $0 | $35M | $91M | $90M | 0.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 20, 2024 | ROBOTTI ROBERT | SCHEDULE 13D | 5.1% | Passive |
| May 21, 2024 | ROBOTTI ROBERT | SC 13D/A | 4.7% | Passive |
| Mar 8, 2024 | ROBOTTI ROBERT | SC 13D/A | 6.5% | Passive |
| Nov 14, 2022 | ROBOTTI ROBERT | SC 13D/A | 7.7% | Active |
| Aug 15, 2022 | ROBOTTI ROBERT | SC 13D/A | — | Active |
| Dec 20, 2021 | ROBOTTI ROBERT | SC 13D/A | 6.9% | Active |
| May 4, 2021 | Ravenswood Investment Co L.P. | SC 13D/A | 7.0% | Passive |
| Mar 12, 2021 | Ravenswood Investment Co L.P. | SC 13D/A | — | Passive |
| Jun 3, 2020 | ROBOTTI ROBERT | SC 13D/A | 7.7% | Active |
| Feb 6, 2020 | ROBOTTI ROBERT | SC 13D/A | 7.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $10M · 10
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $4M | 585 | 182 |
| FY2024 | $6M | $688K | 633 | 176 |
| FY2023 | $5M | $25M | 835 | 199 |
| FY2022 | $6M | $22M | 427 | 195 |
| FY2021 | $3M | $4M | 124 | 121 |