Tidewater Inc. (TDW) Balance Sheet
TDW balance sheet, 2025
December 31, 2025 · U.S. dollars$2.39B assets = $1.03B liabilities + $1.36B equity
Both columns are drawn to the same scale: what TDW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TDW financial health
Current ratio2.90
Comfortable · current assets cover current liabilities 2.90×
Debt / equity0.50
Low leverage · $0.50 of debt for each $1 of equity
Equity / assets57.2%
Equity-funded · of assets funded by shareholders
Cash / debt85.2%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
TDW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.19B2016 | $2.39B2025 | −6.1%/yr | |
| Total liabilities | $2.54B2016 | $1.03B2025 | −9.6%/yr | |
| Shareholders’ equity | $1.63B2016 | $1.37B2025 | −2.0%/yr | |
| Cash & short-term investments | $706.4M2016 | $578.8M2025 | −2.2%/yr | |
| Total debt | $2.03B2016 | $679.3M2025 | −11.5%/yr | |
| Net cash (debt) | −$1.33B2016 | −$100.5M2025 | +$1.2B | |
| Working capital | −$1.19B2016 | $598.9M2025 | +$1.8B | |
| Book value per share | $88.582016 | $27.282025 | −12.3%/yr | |
| Current ratio | 0.492016 | 2.902025 | +2.41 | |
| Debt / equity | 1.242016 | 0.502025 | −0.75 | |
| Shares outstanding | 18.5M2016 | 50.1M2025 | +11.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TDW assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
TDW liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
TDW debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TDW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $578.8M | $324.9M | $274.4M | $164.2M | $149.0M | $149.9M | $218.3M | $371.8M | $440.9M | $706.4M |
| Cash & equivalents | $578.8M | $324.9M | $274.4M | $164.2M | $149.0M | $149.9M | $218.3M | $371.8M | $432.0M | $706.4M |
| Short-term investments | — | — | — | — | — | — | — | $18,000 | $8.9M | $0 |
| Receivables | $285.4M | $323.8M | $268.4M | $156.5M | $156.6M | $174.7M | $236.2M | $244.2M | $344.5M | $385.9M |
| Inventory | $38.5M | $34.3M | $31.9M | $30.8M | $12.6M | $15.9M | $21.9M | $29.5M | $28.2M | $30.6M |
| Other current assets | $11.5M | $15.6M | $16.4M | $26.4M | $24.4M | $48.2M | $61.0M | $37.8M | $31.5M | $18.4M |
| Total current assets | $914.1M | $698.7M | $591.1M | $377.9M | $342.7M | $388.6M | $537.3M | $683.3M | $845.2M | $1.14B |
| Property, plant & equipment (net) | $1.07B | $1.18B | $1.32B | $796.7M | $688.0M | $780.3M | $939.0M | $1.09B | $850.9M | $2.86B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $244.2M | $0 | $385.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $29.2M | $45.1M |
| Other non-current assets | $400.8M | $192.0M | $149.3M | $123.1M | $65.1M | $82.2M | $103.3M | $0 | $34.3M | $0 |
| Total assets | $2.39B | $2.07B | $2.06B | $1.30B | $1.10B | $1.25B | $1.58B | $1.83B | $1.76B | $4.19B |
| Liabilities | ||||||||||
| Accounts payable | $66.3M | $71.4M | $44.9M | $38.9M | $20.8M | $17.0M | $27.5M | $31.9M | $38.5M | $31.6M |
| Short-term debt | $30.2M | $65.4M | $103.1M | $2.1M | $1.4M | $27.8M | $9.9M | $8.6M | $5.1M | $2.03B |
| Deferred revenue | — | — | $5.0M | $600,000 | $600,000 | $129.5M | $142.8M | $109.9M | $175.6M | $23.8M |
| Total current liabilities | $315.2M | $331.6M | $328.7M | $194.8M | $157.9M | $183.2M | $185.7M | $158.4M | $220.1M | $2.33B |
| Long-term debt | $649.0M | $571.7M | $631.4M | $169.0M | $167.9M | $164.9M | $279.0M | $430.4M | $443.1M | $0 |
| Lease obligations | $24.4M | $0 | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $61.4M | $60.4M | $65.0M | $67.8M | $68.2M | $79.8M | $98.4M | $94.0M | $74.5M | $210.9M |
| Total liabilities | $1.03B | $963.7M | $1.03B | $431.7M | $394.0M | $427.9M | $563.1M | $682.8M | $737.7M | $2.54B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $50,000 | $52,000 | $52,000 | $51,000 | $41,000 | $41,000 | $40,000 | $37,000 | $22,000 | $169.9M |
| Retained earnings (deficit) | −$305.2M | −$548.8M | −$637.8M | −$699.6M | −$677.9M | −$548.9M | −$352.5M | −$210.8M | −$39.3M | $1.48B |
| Treasury stock | — | — | — | — | — | — | — | — | — | $0 |
| Accumulated other comprehensive income | $7.2M | $6.1M | $5.3M | $8.6M | $2.7M | −$804,000 | −$236,000 | $2.2M | −$147,000 | −$10.3M |
| Minority interest | −$4.1M | −$2.9M | −$1.5M | $22,000 | $466,000 | $1.2M | — | $1.1M | — | $16.1M |
| Total shareholders' equity | $1.37B | $1.11B | $1.04B | $866.0M | $701.8M | $822.1M | $1.01B | $1.14B | $1.02B | $1.63B |
| Key figures | ||||||||||
| Total debt | $679.3M | $637.1M | $734.4M | $171.1M | $169.3M | $192.7M | $288.9M | $439.0M | $448.2M | $2.03B |
| Net cash (debt) | −$100.5M | −$312.2M | −$460.0M | −$7.0M | −$20.3M | −$42.8M | −$70.6M | −$67.2M | −$7.2M | −$1.33B |
| Working capital | $598.9M | $367.0M | $262.4M | $183.1M | $184.7M | $205.5M | $351.6M | $524.9M | $625.1M | −$1.19B |
| Tangible book value | $1.37B | $1.11B | $1.04B | $866.0M | $701.8M | $822.1M | $1.01B | $899.6M | $1.02B | $1.25B |
| Book value per share | $27.28 | $20.99 | $19.63 | $19.62 | $17.11 | $20.37 | $26.56 | $43.02 | $46.11 | $88.58 |
| Shares outstanding | 50.1M | 53.1M | 52.9M | 44.1M | 41.0M | 40.4M | 38.2M | 26.6M | 22.1M | 18.5M |
| Current ratio | 2.90 | 2.11 | 1.80 | 1.94 | 2.17 | 2.12 | 2.89 | 4.32 | 3.84 | 0.49 |
| Quick ratio | 2.74 | 1.96 | 1.65 | 1.65 | 1.94 | 1.77 | 2.45 | 3.89 | 3.57 | 0.47 |
| Debt / equity | 0.50 | 0.57 | 0.71 | 0.20 | 0.24 | 0.23 | 0.28 | 0.38 | 0.44 | 1.24 |
| Equity / assets | 57.2% | 53.7% | 50.4% | 66.7% | 64.0% | 65.7% | 64.2% | 62.6% | 58.0% | 39.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $613.5M | $552.3M | $578.8M | $428.2M | $369.4M | $341.8M | $324.9M | $280.8M | $315.9M | $280.9M | $274.4M | $275.1M |
| Cash & equivalents | $613.5M | $552.3M | $578.8M | $428.2M | $369.4M | $341.8M | $324.9M | $280.8M | $315.9M | $280.9M | $274.4M | $275.1M |
| Receivables | $306.6M | $299.7M | $285.4M | $332.6M | $316.5M | $312.9M | $323.8M | $293.1M | $280.5M | $286.0M | $268.4M | $250.7M |
| Inventory | $29.5M | $29.4M | $38.5M | $27.9M | $24.5M | $23.1M | $34.3M | $26.7M | $26.9M | $24.8M | $31.9M | $27.5M |
| Other current assets | $17.3M | $18.2M | $11.5M | $11.7M | $14.1M | $20.4M | $15.6M | $25.4M | $23.6M | $23.9M | $16.4M | $22.1M |
| Total current assets | $966.9M | $899.6M | $914.1M | $800.3M | $724.5M | $698.2M | $698.7M | $626.0M | $646.9M | $615.5M | $591.1M | $575.4M |
| Property, plant & equipment (net) | $1.04B | $1.07B | $1.07B | $1.10B | $1.13B | $1.16B | $1.18B | $1.22B | $1.25B | $1.29B | $1.32B | $1.35B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $361.3M | $372.0M | $400.8M | $224.0M | $217.8M | $204.2M | $192.0M | $201.1M | $189.2M | $175.7M | $149.3M | $148.2M |
| Total assets | $2.37B | $2.34B | $2.39B | $2.13B | $2.07B | $2.07B | $2.07B | $2.05B | $2.09B | $2.08B | $2.06B | $2.07B |
| Liabilities | ||||||||||||
| Accounts payable | $62.6M | $58.2M | $66.3M | $42.6M | $48.7M | $50.2M | $71.4M | $64.1M | $60.7M | $51.8M | $44.9M | $57.2M |
| Short-term debt | $5.7M | $5.8M | $30.2M | $25.7M | $93.4M | $80.0M | $65.4M | $53.1M | $103.0M | $103.0M | $103.1M | $102.4M |
| Deferred revenue | $2.1M | — | — | — | $6.1M | — | — | — | $4.1M | $5.7M | $5.0M | $155.7M |
| Total current liabilities | $270.1M | $269.9M | $315.2M | $276.5M | $343.1M | $337.5M | $331.6M | $273.6M | $340.2M | $339.1M | $328.7M | $332.5M |
| Long-term debt | $647.5M | $648.6M | $649.0M | $649.8M | $531.9M | $556.0M | $571.7M | $597.4M | $608.0M | $620.3M | $631.4M | $641.3M |
| Lease obligations | $0 | $0 | $24.4M | $19.9M | — | — | $0 | — | — | — | — | — |
| Other long-term liabilities | $60.4M | $58.1M | $61.4M | $63.6M | $63.2M | $62.3M | $60.4M | $62.4M | $62.5M | $63.2M | $65.0M | $66.2M |
| Total liabilities | $978.0M | $976.7M | $1.03B | $989.9M | $938.1M | $955.8M | $963.7M | $933.3M | $1.01B | $1.02B | $1.03B | $1.04B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $51,000 | $52,000 | $52,000 | $52,000 | $53,000 | $52,000 | $53,000 |
| Retained earnings (deficit) | −$277.4M | −$299.0M | −$305.2M | −$525.0M | −$524.2M | −$545.9M | −$548.8M | −$541.2M | −$573.4M | −$594.3M | −$637.8M | −$640.1M |
| Accumulated other comprehensive income | $6.9M | $7.1M | $7.2M | $7.9M | $7.3M | $6.6M | $6.1M | $4.6M | $5.1M | $5.2M | $5.3M | $4.4M |
| Minority interest | −$4.9M | −$4.3M | −$4.1M | −$3.7M | −$3.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.39B | $1.37B | $1.37B | $1.14B | $1.14B | $1.11B | $1.11B | $1.12B | $1.08B | $1.06B | $1.04B | $1.03B |
| Key figures | ||||||||||||
| Total debt | $653.2M | $654.4M | $679.3M | $675.5M | $625.2M | $636.0M | $637.1M | $650.5M | $711.0M | $723.3M | $734.4M | $743.7M |
| Net cash (debt) | −$39.7M | −$102.1M | −$100.5M | −$247.3M | −$255.8M | −$294.2M | −$312.2M | −$369.6M | −$395.1M | −$442.5M | −$460.0M | −$468.6M |
| Working capital | $696.8M | $629.7M | $598.9M | $523.9M | $381.4M | $360.7M | $367.0M | $352.4M | $306.7M | $276.4M | $262.4M | $242.9M |
| Tangible book value | $1.39B | $1.37B | $1.37B | $1.14B | $1.14B | $1.11B | $1.11B | $1.12B | $1.08B | $1.06B | $1.04B | $1.03B |
| Book value per share | $28.01 | $27.59 | $27.55 | $23.09 | $22.79 | $21.62 | $21.09 | $21.03 | $20.27 | $19.98 | $19.25 | $19.26 |
| Shares outstanding | 49.7M | 49.6M | 49.6M | 49.5M | 50.0M | 51.5M | 52.8M | 53.1M | 53.3M | 52.9M | 54.0M | 53.6M |
| Current ratio | 3.58 | 3.33 | 2.90 | 2.89 | 2.11 | 2.07 | 2.11 | 2.29 | 1.90 | 1.81 | 1.80 | 1.73 |
| Quick ratio | 3.41 | 3.16 | 2.74 | 2.75 | 2.00 | 1.94 | 1.96 | 2.10 | 1.75 | 1.67 | 1.65 | 1.58 |
| Debt / equity | 0.47 | 0.48 | 0.50 | 0.59 | 0.55 | 0.57 | 0.57 | 0.58 | 0.66 | 0.68 | 0.71 | 0.72 |
| Equity / assets | 58.9% | 58.5% | 57.2% | 53.7% | 54.9% | 53.9% | 53.7% | 54.5% | 51.7% | 50.9% | 50.4% | 49.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
TDW financial position
At the end of fiscal 2025 (December 31, 2025), Tidewater had total assets of $2.4 billion (up 15.0% from a year earlier), total liabilities of $1.0 billion and shareholders' equity of $1.4 billion. It held $578.8 million in cash and short-term investments against $679.3 million of debt, net debt of $100.5 million. Its current ratio was 2.90. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $1.4 billion.
Related: TDW income statement, TDW cash flow statement, TDW key metrics. See the TDW stock overview for the latest quote and news.
TDW balance sheet FAQ
What are Tidewater's total assets?
Tidewater reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Tidewater have?
Tidewater had $679.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.50.
How much cash does Tidewater have?
Tidewater held $578.8 million in cash and short-term investments at the end of fiscal 2025; with $679.3 million of debt that is net debt of $100.5 million.
What is Tidewater's book value?
Tidewater's shareholders' equity (book value) was $1.4 billion at the end of fiscal 2025, or $27.28 per share.
What is Tidewater's current ratio?
Tidewater had current assets of $914.1 million and current liabilities of $315.2 million, a current ratio of 2.90 (it can cover its short-term obligations).