WTIW&T OFFSHORE INC

Crude Petroleum & Natural Gas

Revenue: $501M; 4.5% YoY
Operating margin: -10.5%; 31% YoY
EBITDA: $64M; 37% YoY
Market cap: $596M
Employees: 370; $1M revenue each
Net debt / EBITDA: 2.5×; $161M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 45th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$596M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$558M	$921M	$533M	$525M	$501M	4.5%
Operating income	$190M	$454M	$29M	−$42M	−$53M	25%
Net income	−$41M	$231M	$16M	−$87M	−$150M	72%
Operating cash flow	$134M	$340M	$115M	$60M	$77M	30%
Stock-based comp	$3M	$8M	$10M	$10M	$12M	20%
Dividends	—	—	$1M	$6M	$6M	1.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 9, 2019	KROHN TRACY W	SC 13D/A	33.0%	Passive
Aug 22, 2019	KROHN TRACY W	SC 13D/A	32.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 8
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$7M	75	218
FY2024	$4M	$575K	30	141
FY2023	$6M	$324K	59	146
FY2022	$12M	$12M	100	145
FY2021	$5M	$5M	58	102