Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Bristow reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out $22M over the 3 fiscal years to FY Dec 2025 with -$71M of free cash flow.
Bristow returned $22M in buybacks and dividends over three fiscal years while its free cash flow totalled -$71M. The money came from its cash pile or from borrowing.
Stock pay outran buybacks. Stock-based pay expense $49M vs $22M spent repurchasing shares over the 3 fiscal years to FY Dec 2025.
Over three fiscal years Bristow recorded $49M of stock-based pay expense and spent $22M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Bristow recorded $49M of stock-based pay expense and spent $22M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 5-year high.11% in FY Dec 2025, the best of the last 5 years.
Bristow kept 11% of revenue as operating profit in FY Dec 2025, its highest in the 5 years of filings we have.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 60 → 59
Share price -0.8%+1
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield8.7%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.98Sector median: 0.0522 · MAD: 0.0351
EBITDA yield15.1%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.58Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-2.8%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Why it changed since the Oct 27, 2026 close: Safety percentile 35 → 36
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Bristow
Is Bristow getting weaker?
Its latest SEC filing (Aug 5, 2026) got weaker in some ways: free cash flow turned negative over the last 12 months. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is Bristow valued vs its peers?
Priced about in line with its peers. Valuation scores 59/100 against 404 energy peers.Earnings yield 8.7% vs a peer median of 5.2% (stronger than 74% of peers).Earnings yield 8.7% vs peers 5.2% (stronger than 74% of peers).Free cash flow yield -2.8% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -2.8% vs peers 6.2% (weaker than 100% of peers).
Is Bristow growing?
Yes, faster than most of its peers. Growth scores 62/100 against 404 energy peers.3-year revenue growth 8.0% vs a peer median of -1.3% (stronger than 77% of peers).3-year revenue growth 8.0% vs peers -1.3% (stronger than 77% of peers).Earnings per share growth -15.0% vs a peer median of 1.1% (weaker than 61% of peers).Earnings per share growth -15.0% vs peers 1.1% (weaker than 61% of peers).
How profitable is Bristow?
Less profitable than most of its peers. Profitability scores 39/100 against 404 energy peers.
How risky is Bristow?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 2.26× vs a peer median of 1.37× (stronger than 79% of peers).Current ratio 2.26× vs peers 1.37× (stronger than 79% of peers).Beta 1.19 vs a peer median of 0.57 (weaker than 92% of peers).Beta 1.19 vs peers 0.57 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Free cash flow turned negative over the last 12 months
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.5B USD
1.6B USD
+2.3%
Net income (12 months)
114.8M USD
104.2M USD
−9.2%
Operating margin
10.5%
10.0%
−0.4 pts
Free cash flow (12 months)
59.5M USD
−34.2M USD
turned negative
Debt
754.8M USD
745.5M USD
−1.2%
Cash
342.1M USD
312.3M USD
−8.7%
Shares outstanding
29.6M
29.6M
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Mar 2022
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
0.1%
—
4.7%
9.4%
10.7%
▲ 1.3 pts
Net margin
-1.3%
0.8%
-0.5%
6.7%
8.7%
▲ 2.0 pts
Return on assets (ROA)
-0.9%
0.5%
-0.3%
4.5%
5.6%
▲ 1.1 pts
Return on equity (ROE)
-1.9%
1.2%
-0.8%
10.6%
12.2%
▲ 1.5 pts
Free cash flow margin
7.8%
—
-3.8%
-5.5%
3.8%
▲ 9.3 pts
Current ratio
2.02×
1.73×
1.82×
1.90×
1.90×
▲ 0.0%
Quick ratio
1.73×
1.44×
1.50×
1.55×
1.54×
▼ 0.8%
Debt to equity
0.63×
0.65×
0.67×
0.77×
0.63×
▼ 18%
Interest coverage
0.03×
—
1.47×
3.53×
3.98×
▲ 13%
VTOL price history
Price history is added with the daily price update and will appear after the next one.