Bristow Group Inc. (VTOL)

Price$42.16Cached quoteAs of 2026-09-29 12:42 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced, but debt and heavy reinvestment prevent a clear bargain.

At the observed price and 29.6 million shares, the market values Bristow’s equity near $1.27 billion, about 12 times trailing net income of $104.5 million and 1.2 times June accounting equity. Adding June debt minus cash and roughly adjusting for Berry’s $105 million cash purchase produces an enterprise value—shares plus net debt—near $2.03 billion. That is about 6.5 times the midpoint of management’s 2026 adjusted earnings guidance before interest, taxes, depreciation and amortization. These moderate multiples support a fair-price verdict, not an obvious bargain.

Big pictureProfits have improved sharply, but cash generation remains uneven after aircraft investment.

Revenue increased 18% from $1.26 billion in 2023 to $1.49 billion in 2025, while a $6.8 million loss became $129.1 million of profit. The latest quarter continued growing, with $411.8 million of revenue and $21.2 million of profit. Cash is less convincing: 2025 operating cash of $198.4 million exceeded all aircraft and equipment spending by only $56.4 million. Over the latest four quarters, operating cash was $132.8 million against roughly $167 million of such spending. Management’s $112.8 million free-cash figure subtracts maintenance spending only, so it excludes substantial growth investment.

Business strengthContracts steady part of demand, while leverage and rising share count limit protection.

Offshore energy supplied $261.6 million, or 64%, of second-quarter revenue, leaving results exposed to customer activity and helicopter rates. Government revenue was $112.2 million and grew 23% over the first half versus a year earlier, providing a steadier contracted counterweight. June cash was $312.3 million, and current assets were 2.3 times current liabilities. However, supplied total debt was $969.7 million, leaving $657.5 million of debt after cash before the Berry payment. Shares increased 3.5% from December 2024 despite buybacks, while the new annualized dividend yields only about 1.2%.

What could change the storyBetter government mix and cleaner cash generation could lift value; weak execution could erase it.

The bull case requires Bristow to deliver its $295 million to $325 million adjusted earnings outlook, integrate Berry’s $108 million revenue base, sell Norway on useful terms and turn cash flow positive after all fleet spending. Those outcomes would make today’s valuation look conservative and reduce reliance on offshore energy. The bear case appears if post-acquisition debt does not decline, supplier delays keep aircraft spending elevated, or the Norway exit sacrifices earnings without adequate proceeds. The current valuation therefore assumes improving operations, but not flawless growth; evidence of falling net debt would strengthen the case materially.

AI: News

Second-quarter improvementRevenue and profit increased, but investors still faced uneven cash flow and softer government-service margins.

On August 4, Bristow reported second-quarter revenue of $411.8 million, up from $388.7 million in the first quarter. Net income rose to $21.2 million from $13.1 million, while its adjusted earnings measure increased to $79.8 million from $59.3 million. Management maintained full-year adjusted earnings guidance of $295 million to $325 million. Government Services revenue grew, but adjusted operating income fell 24% sequentially. Shares closed about 7% lower the next session; timing suggests a market reaction but does not establish which disclosure drove it.

Berry acquisition completedBristow bought Berry Aviation, adding defense work but using a meaningful amount of cash.

Bristow announced the transaction on June 23 and completed it on July 13 for $105 million in cash, subject to adjustments. Berry generated approximately $108 million of 2025 revenue, operates more than 20 aircraft and receives about 72% of revenue from government-oriented special missions and related services. Management expects immediate benefits to earnings and cash generation, but that remains a forecast. The purchase diversifies Bristow beyond offshore energy while reducing the June cash cushion and introducing integration and contract-renewal risk.

Norway exit planA planned Norway sale could improve the business mix, but no price or buyer is known.

On June 23, Bristow said it would pursue a sale of its Norway offshore-energy aviation operation. By June 30, accounting rules did not yet permit classification as held for sale or discontinued operations, confirming that completion remained uncertain. Management estimated that combining Berry with the Norway exit would have shifted 2025 revenue toward 35% government services and 54% offshore energy, versus 26% and 66% actually reported, while leaving adjusted earnings broadly unchanged. The value impact depends on sale proceeds, retained liabilities and how quickly aircraft are redeployed.

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Financial statements

	2025	2024	2023	2022 · Dec 31	2022 · Mar 31	2021	2019 · Dec 31	2019 · Mar 31	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$1.49B	$1.42B	$1.26B	$896.8M	$1.15B	$1.14B	$226.1M	$1.32B	$221.7M	$231.3M	$247.2M	$281.8M	$331.2M	$299.0M	$272.9M	$258.1M
Operating expenses	$851.4M	$1.29B	$727.6M	—	$1.16B	$1.18B	$230.4M	$1.45B	$151.5M	$167.4M	$169.9M	$171.5M	$204.4M	$186.6M	$167.2M	$162.7M
Operating income	$158.8M	$132.6M	$60.8M	—	−$7.8M	−$42.3M	−$3.3M	−$122.3M	$28.1M	−$136.5M	−$3.4M	$24.3M	$42.7M	$46.2M	$32.1M	$36.1M
Operating margin	10.65%	9.37%	4.81%	—	−0.67%	−3.71%	−1.45%	−9.24%	12.66%	−58.99%	−1.36%	8.62%	12.88%	15.44%	11.74%	13.99%
EBITDA	$229.1M	$200.9M	$131.4M	—	$67.2M	$27.8M	$34.3M	$2.6M	$67.6M	−$90.7M	$45.9M	$71.6M	$89.0M	$91.7M	$74.6M	$78.7M
EBITDA margin	15.37%	14.19%	10.39%	—	5.84%	2.44%	15.19%	0.20%	30.50%	−39.22%	18.58%	25.42%	26.86%	30.68%	27.32%	30.49%
Net income	$129.1M	$94.8M	−$6.8M	$9.2M	−$15.8M	−$56.1M	−$3.6M	−$336.8M	$13.9M	−$28.2M	−$8.0M	$8.7M	$17.1M	$18.7M	$7.8M	$2.1M
Net profit margin	8.66%	6.70%	−0.54%	1.03%	−1.37%	−4.92%	−1.59%	−25.44%	6.28%	−12.17%	−3.23%	3.09%	5.17%	6.26%	2.85%	0.82%
Basic EPSper basic share	$4.47	$3.32	-$0.24	$0.33	-$0.55	$3.12	-$0.51	-$9.42	$1.92	-$4.08	-$1.17	$1.26	$2.52	$2.64	-$0.09	$0.54
Diluted EPSper diluted share	$4.32	$3.21	-$0.24	$0.32	-$0.55	$2.32	-$0.51	-$9.42	$1.92	-$4.08	-$1.17	$1.26	$2.52	$2.64	-$0.09	$0.54

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.23%of listed shares

BlackRock, Inc.3.92M shares · Jun 30, 2026

View holders

Top 20 reported holders of VTOL
Holder	% owned
BlackRock, Inc.	13.23%3.92M shares
Solus Alternative Asset Management LP	9.71%2.88M shares
DIMENSIONAL FUND ADVISORS LP	6.10%1.81M shares
South Dakota Investment Council	5.41%1.6M shares
BROWN ADVISORY INC	4.32%1.28M shares
STATE STREET CORP	3.79%1.12M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.77%1.12M shares
Empyrean Capital Partners, LP	3.60%1.07M shares
Taconic Capital Advisors LP	3.58%1.06M shares
AMERICAN CENTURY COMPANIES INC	3.43%1.02M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.82%834.98K shares
WELLINGTON MANAGEMENT GROUP LLP	2.42%716.1K shares
FIRST TRUST ADVISORS LP	2.35%696.29K shares
FEARNLEY ASSET MANAGEMENT AS	2.35%696K shares
GEODE CAPITAL MANAGEMENT, LLC	2.26%670.25K shares
Boston Partners	1.43%424.6K shares
ALGERT GLOBAL LLC	1.38%410.06K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.26%373.39K shares
AQR CAPITAL MANAGEMENT LLC	1.23%365.94K shares
Invesco Ltd.	1.16%342.83K shares

Percentages use 29.64M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)65$35.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 24, 2026Form 4	Bradshaw Christopher ScottPresident and CEO	SellCommon Stock	29.6K	$45.47	$1.35M	302.9K
Mar 23, 2026Form 4	Brass Lorin L.Director	SellCommon Stock	1.0K	$45.00	$45.0K	17.5K
Mar 4, 2026Form 4	Miller MaryanneDirector	SellCommon Stock	2.2K	$44.90	$98.8K	20.3K
Mar 2, 2026Form 4	Whalen Jennifer DawnSVP, CFO	SellCommon Stock	500	$47.83	$23.9K	108.2K
Mar 2, 2026Form 4	Whalen Jennifer DawnSVP, CFO	SellCommon Stock	14.5K	$46.90	$680.0K	108.7K

Review ownership filings at SEC.gov ↗

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Bristow Group Inc. (VTOL)

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