Tidewater Midstream and Infrastructure Ltd. (TWM.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-331.3%

-CA$54.79

vs CA$23.69 price

Levered DCF

-CA$54.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.01×	-2.42×	-1.16×	19.88×	6.19×	-8.2×	-25.11×	21.07×
P/B	0.62×	0.22×	1.47×	0.53×	0.72×	0.65×	0.87×	0.95×
P/S	0.09×	0.04×	0.2×	0.13×	0.26×	0.28×	0.56×	1.32×
EV / EBITDA	62.47×	4.32×	-3.24×	6.78×	5.39×	14.21×	19.65×	9.01×
Gross margin	-2.2%	6.5%	2.7%	5.1%	5.0%	7.6%	3.1%	11.8%
Operating margin	-4.0%	3.8%	-0.3%	3.4%	3.1%	4.9%	-0.2%	6.5%
Net margin	-8.5%	-1.6%	-17.5%	0.7%	4.2%	-3.6%	-2.2%	6.3%
Current ratio	0.61×	1.28×	0.65×	0.82×	0.69×	1.03×	0.82×	0.66×
Debt / equity	3.15×	1.97×	1.22×	1.3×	1.44×	2.44×	2.26×	0.77×
Interest coverage	-0.87×	0.81×	-0.06×	1.4×	0.72×	0.68×	-0.05×	1.94×
Dividend yield	0.0%	0.0%	3.8%	3.9%	3.1%	4.9%	3.4%	3.1%
Payout ratio	0.0%	0.0%	-4.4%	76.7%	19.0%	-38.4%	-85.7%	64.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-61.6%	-9.2%	-126.2%	2.7%	11.6%	-8.2%	-3.5%	4.5%
Return on invested capital	-5.7%	5.8%	-0.6%	3.8%	2.5%	2.4%	-0.0%	1.4%
Return on assets	-10.2%	-2.1%	-24.1%	0.8%	3.6%	-1.9%	-0.8%	1.6%
Free cash flow yield	-10.4%	-121.7%	-34.4%	-28.3%	2.2%	48.5%	-100.1%	-67.7%
Earnings yield	-98.8%	-41.3%	-85.6%	5.0%	16.2%	-12.7%	-4.0%	4.7%
Enterprise value	CA$687.2M	CA$637.1M	CA$824.3M	CA$1.3B	CA$1.3B	CA$1.3B	CA$1.4B	CA$769.5M
Net debt / EBITDA	52.15×	3.88×	-1.47×	4.78×	3.58×	11.2×	14.17×	3.99×
Cash conversion cycle (days)	18	24	-3	-8	-5	-30	-21	-98