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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and TIDEWATER INC (TDW). Click either name above to swap in a different company.
TIDEWATER INC is the larger business by last-quarter revenue ($336.8M vs $267.7M, roughly 1.3× Borr Drilling Ltd). TIDEWATER INC runs the higher net margin — 65.3% vs 13.1%, a 52.2% gap on every dollar of revenue. On growth, Borr Drilling Ltd posted the faster year-over-year revenue change (-1.5% vs -2.4%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
BORR vs TDW — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $336.8M |
| Net Profit | $35.1M | $219.9M |
| Gross Margin | — | — |
| Operating Margin | 36.0% | 19.0% |
| Net Margin | 13.1% | 65.3% |
| Revenue YoY | -1.5% | -2.4% |
| Net Profit YoY | 10.7% | 495.8% |
| EPS (diluted) | $0.14 | $4.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $336.8M | ||
| Q3 25 | — | $341.1M | ||
| Q2 25 | $267.7M | $341.4M | ||
| Q1 25 | — | $333.4M | ||
| Q4 24 | — | $345.1M | ||
| Q3 24 | — | $340.4M | ||
| Q2 24 | $271.9M | $339.2M | ||
| Q1 24 | — | $321.2M |
| Q4 25 | — | $219.9M | ||
| Q3 25 | — | $-806.0K | ||
| Q2 25 | $35.1M | $72.9M | ||
| Q1 25 | — | $42.7M | ||
| Q4 24 | — | $36.9M | ||
| Q3 24 | — | $46.4M | ||
| Q2 24 | $31.7M | $50.4M | ||
| Q1 24 | — | $47.0M |
| Q4 25 | — | 19.0% | ||
| Q3 25 | — | 18.4% | ||
| Q2 25 | 36.0% | 23.7% | ||
| Q1 25 | — | 22.5% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | 38.4% | 23.0% | ||
| Q1 24 | — | 25.5% |
| Q4 25 | — | 65.3% | ||
| Q3 25 | — | -0.2% | ||
| Q2 25 | 13.1% | 21.4% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | 11.7% | 14.8% | ||
| Q1 24 | — | 14.6% |
| Q4 25 | — | $4.37 | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | $0.14 | $1.46 | ||
| Q1 25 | — | $0.83 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $0.87 | ||
| Q2 24 | $0.12 | $0.94 | ||
| Q1 24 | — | $0.89 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $92.4M | $578.8M |
| Total DebtLower is stronger | — | $670.1M |
| Stockholders' EquityBook value | $1.0B | $1.4B |
| Total Assets | $3.4B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $578.8M | ||
| Q3 25 | — | $428.2M | ||
| Q2 25 | $92.4M | $369.4M | ||
| Q1 25 | — | $341.8M | ||
| Q4 24 | — | $324.9M | ||
| Q3 24 | — | $280.8M | ||
| Q2 24 | $195.3M | $315.9M | ||
| Q1 24 | — | $280.9M |
| Q4 25 | — | $670.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $647.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $999.2M | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $3.4B | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | $3.2B | $2.1B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.3M | $153.0M |
| Free Cash FlowOCF − Capex | — | $147.8M |
| FCF MarginFCF / Revenue | — | 43.9% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 0.18× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $153.0M | ||
| Q3 25 | — | $54.7M | ||
| Q2 25 | $6.3M | $85.4M | ||
| Q1 25 | — | $86.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | — | $49.0M | ||
| Q2 24 | $16.0M | $78.6M | ||
| Q1 24 | — | $54.8M |
| Q4 25 | — | $147.8M | ||
| Q3 25 | — | $49.6M | ||
| Q2 25 | — | $80.2M | ||
| Q1 25 | — | $75.7M | ||
| Q4 24 | — | $95.5M | ||
| Q3 24 | — | $43.3M | ||
| Q2 24 | — | $72.3M | ||
| Q1 24 | — | $43.8M |
| Q4 25 | — | 43.9% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 23.5% | ||
| Q1 25 | — | 22.7% | ||
| Q4 24 | — | 27.7% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 13.6% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | — | 0.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | 1.17× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | 0.50× | 1.56× | ||
| Q1 24 | — | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
TDW
Segment breakdown not available.
