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Side-by-side financial comparison of TIDEWATER INC (TDW) and United Maritime Corp (USEA). Click either name above to swap in a different company.
TIDEWATER INC is the larger business by last-quarter revenue ($336.8M vs $1.8M, roughly 184.2× United Maritime Corp). TIDEWATER INC runs the higher net margin — 65.3% vs 59.6%, a 5.7% gap on every dollar of revenue. TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $-477.0K).
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.
Navios Maritime Holdings Inc. is a multinational, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
TDW vs USEA — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $336.8M | $1.8M |
| Net Profit | $219.9M | $1.1M |
| Gross Margin | — | — |
| Operating Margin | 19.0% | — |
| Net Margin | 65.3% | 59.6% |
| Revenue YoY | -2.4% | — |
| Net Profit YoY | 495.8% | — |
| EPS (diluted) | $4.37 | $0.13 |
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 | $1.8M | ||
| Q2 25 | $341.4M | — | ||
| Q1 25 | $333.4M | — | ||
| Q4 24 | $345.1M | — | ||
| Q3 24 | $340.4M | — | ||
| Q2 24 | $339.2M | — | ||
| Q1 24 | $321.2M | — |
| Q4 25 | $219.9M | — | ||
| Q3 25 | $-806.0K | $1.1M | ||
| Q2 25 | $72.9M | — | ||
| Q1 25 | $42.7M | — | ||
| Q4 24 | $36.9M | — | ||
| Q3 24 | $46.4M | — | ||
| Q2 24 | $50.4M | — | ||
| Q1 24 | $47.0M | — |
| Q4 25 | 19.0% | — | ||
| Q3 25 | 18.4% | — | ||
| Q2 25 | 23.7% | — | ||
| Q1 25 | 22.5% | — | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | 20.6% | — | ||
| Q2 24 | 23.0% | — | ||
| Q1 24 | 25.5% | — |
| Q4 25 | 65.3% | — | ||
| Q3 25 | -0.2% | 59.6% | ||
| Q2 25 | 21.4% | — | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 14.8% | — | ||
| Q1 24 | 14.6% | — |
| Q4 25 | $4.37 | — | ||
| Q3 25 | $-0.02 | $0.13 | ||
| Q2 25 | $1.46 | — | ||
| Q1 25 | $0.83 | — | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $0.87 | — | ||
| Q2 24 | $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 | $578.8M | $19.7M |
| Total DebtLower is stronger | $670.1M | $49.5M |
| Stockholders' EquityBook value | $1.4B | $57.5M |
| Total Assets | $2.4B | $144.2M |
| Debt / EquityLower = less leverage | 0.49× | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $578.8M | — | ||
| Q3 25 | $428.2M | $19.7M | ||
| Q2 25 | $369.4M | — | ||
| Q1 25 | $341.8M | — | ||
| Q4 24 | $324.9M | — | ||
| Q3 24 | $280.8M | — | ||
| Q2 24 | $315.9M | — | ||
| Q1 24 | $280.9M | — |
| Q4 25 | $670.1M | — | ||
| Q3 25 | — | $49.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $647.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.1B | $57.5M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.1B | $144.2M | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | 0.49× | — | ||
| Q3 25 | — | 0.86× | ||
| 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 | $153.0M | $-444.0K |
| Free Cash FlowOCF − Capex | $147.8M | $-477.0K |
| FCF MarginFCF / Revenue | 43.9% | -26.1% |
| Capex IntensityCapex / Revenue | 1.5% | 1.8% |
| Cash ConversionOCF / Net Profit | 0.70× | -0.41× |
| TTM Free Cash FlowTrailing 4 quarters | $353.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $153.0M | — | ||
| Q3 25 | $54.7M | $-444.0K | ||
| Q2 25 | $85.4M | — | ||
| Q1 25 | $86.0M | — | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $49.0M | — | ||
| Q2 24 | $78.6M | — | ||
| Q1 24 | $54.8M | — |
| Q4 25 | $147.8M | — | ||
| Q3 25 | $49.6M | $-477.0K | ||
| 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% | -26.1% | ||
| 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% | 1.8% | ||
| 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 | — | -0.41× | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 1.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
