TDW Tidewater
Offshore Β· OSV Β· 59 documents
Tidewater pays no dividend, in its own words, so our forecast is $0.00 a share.
Yields annualise each quarter Γ4 at the last close, $79.50 (2026-10-16). Our model is not company guidance.
What will Tidewater pay for 2026Q3?
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our modelβs figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Osv Β· 204 | $18,3012026Q2 Β· fleet avg | βnone printed | βno open $/day series |
Company earned: the issuerβs own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Ξ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list Γ the quarter's calendar days for osv: no off-hire or drydock days are deducted there. |
18,768 | 18,768 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 18,301 | 18,301 | |||||||||
Revenue (TCE basis), $m assumedVessel-days Γ fleet TCE. |
343.5 | 343.5 | |||||||||
Vessel opex, $m assumed2026Q2: $180.7m over 18,768 vessel-days, held per day. Source (2026Q2) |
(180.7) | (180.7) | |||||||||
G&A, $m assumed2026Q2: $34.8m over 18,768 vessel-days, held per day. Source (2026Q2) |
(34.8) | (34.8) | |||||||||
| EBITDA, $m assumed | 127.9 | 127.9 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
β | β | |||||||||
Interest expense, $m assumed2026Q2: $16.4m over 18,768 vessel-days, held per day. Source (2026Q2) |
(16.4) | (16.4) | |||||||||
Scheduled debt amortisation, $m stated2026Q2: $1.4m over 18,768 vessel-days, held per day (the issuerβs scheduled principal). Source (2026Q2) |
(1.4) | (1.4) | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
β | β | |||||||||
Cash break-even, $/day assumedΞ£ cash costs above Γ· vessel-days. |
12,438 | 12,438 | |||||||||
| Cushion vs fleet TCE, $/day | 5,863 | 5,863 | |||||||||
Free cash flow to equity, $m assumedRevenue β cash costs: the cash available for distribution. |
110.0 | 110.0 | |||||||||
Capex (memo), $mAs reported for 2026Q2. Not deducted: the modelβs cash is opex, G&A, interest and scheduled principal. Source (2026Q2) |
(14.9) | ||||||||||
Dividend policy stated
No stated payout policy on file.
The companyβs own word sets this dividend; it does not move with the rate.
| Output | Model | Your scenario | Ξ |
|---|---|---|---|
| Estimated DPS, $/share stated | $0.00 | ||
| Forward yield, run-rate % | 0.0% |
Yield annualises the quarterβs DPS Γ 4 (a run-rate, not a forecast of the year) against the $79.50 close on 2026-10-16.
This dividend is set by the company's stated decision to pay none, not by the rate β your scenario moves the cash line, not the DPS.
Showing the modelβs own figures. Setting your own rates needs JavaScript.
Market context β rates, the dividend, and the price
Rates and dividend β realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β see Dividend forecast.
The line is the declared dividend per share β dashed where it is the model's estimate. Model estimate β not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β
Where TDW departs from that
- The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat β the revenue track record shows how that has done.
What drives it β fleet TCE, 2026Q3
Earnings bridge β 2026Q2 β 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
204Γ osv current
Fleet model β 2026Q3
Fleet model estimate β not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Osv | 204 | β | β | β | β | β | 18,301 | β | 343.5 |
| Total | 204 | 18,301 | β | 343.5 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate β no market index covers this fleet, so there is no peak-index Bull case.
Model gaps & assumptions
osv: no index and no guidance β priced at the issuer's own last realized fleet rate $18,301/day (2026Q2, derived: revenue per vessel-day β vessel revenues 339,731k / (204 x 91)), held flat (owner ruling 2026-09-26) Β· no dividend, in the company's words: βWe currently do not pay cash dividends on our common stock.β (2026-03-02)
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Ξ |
|---|---|---|---|
| Revenue | $342.3M | $326.2M | +0.3% |
| Opex | $180.7M | β | β |
| Net income | $21.7M | $6.1M | -70.3% |
Full P&L grid β 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 342.3 | 326.2 | 336.8 | 341.1 | 341.4 | 333.4 |
| Voyage expenses $M | β | β | β | β | β | β |
| Vessel opex $M | 180.7 | β | β | β | β | β |
| G&A $M | 34.8 | β | β | β | β | β |
| Depreciation $M | β | β | β | β | β | β |
| Interest expense, gross $M | 16.4 | β | β | β | β | β |
| Net income $M | 21.7 | 6.1 | 219.9 | β0.8 | 72.9 | 42.7 |
| Declared DPS | β | β | β | β | β | β |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 18,301.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index β monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Guidance & sources
Sources β press, filings & documents
Press & filings by quarter
Recent documents
- edgar 2026-10-05 FORM 8-K (2026-10-05)
- edgar 2026-09-25 FORM 8-K (2026-09-25)
- edgar 2026-08-31 FORM 8-K (2026-08-31)
- edgar 2026-08-03 FORM 8-K (2026-08-03)
- edgar 2026-08-03 FORM 10-Q (2026-08-03)
- edgar 2026-07-06 FORM 8-K (2026-07-06)
- edgar 2026-06-18 FORM 8-K (2026-06-18)
- edgar 2026-05-04 FORM 8-K (2026-05-04)
- edgar 2026-05-04 FORM 10-Q (2026-05-04)
- edgar 2026-03-19 FORM 8-K (2026-03-19)
- edgar 2026-03-02 FORM 10-K (2026-03-02)
- edgar 2026-03-02 FORM 8-K (2026-03-02)