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Bristow Group
(NYSE:VTOL)
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Rating:68Neutral
Price Target:
$48.00
▲(5.01% Upside)
Action:Reiterated
Date:08/06/26
VTOL scores above average mainly on improving profitability and a supportive earnings outlook with affirmed 2026 growth guidance and an accretive acquisition. The score is held back by weak and volatile free cash flow (negative in TTM) and a still-meaningful debt load, while technicals are positive but somewhat overextended and valuation appears reasonable rather than clearly cheap.
Positive Factors
Profitability rebound
Sustained positive operating and net margins signal durable operational improvement versus recent loss years. Higher margins and steady revenue growth create ongoing cash-generation potential, support reinvestment in fleet and services, and provide a buffer to absorb cyclically weak offshore demand.
Negative Factors
Inconsistent free cash flow
Volatile and sometimes negative free cash flow undermines the company’s ability to sustainably deleverage, invest in growth, or return capital. Persistent reinvestment needs and working-capital swings mean earnings quality is weaker in cash terms, limiting financial optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound
Sustained positive operating and net margins signal durable operational improvement versus recent loss years. Higher margins and steady revenue growth create ongoing cash-generation potential, support reinvestment in fleet and services, and provide a buffer to absorb cyclically weak offshore demand.
Read all positive factors
Bristow Group (VTOL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.36B
Dividend Yield0.83%
Average Volume (3M)247.38K
Price to Earnings (P/E)12.7
Beta (1Y)0.95
Revenue Growth8.19%
EPS Growth-13.77%
CountryUS
Employees3,660
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.58
Shares Outstanding29,642,000
10 Day Avg. Volume156,748
30 Day Avg. Volume247,380
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.01
Price to Sales (P/S)0.71
P/FCF Ratio18.97
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$56.00Price Target Upside22.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.56
Revenue Forecast (FY)$1.67B
Bristow Group Business Overview & Revenue Model
Company Description
Bristow Group Inc. provides vertical flight solutions to offshore energy companies and government agencies in the United Kingdom, Norway, the United States, Nigeria, and internationally. It operates through three segments: Offshore Energy Services...
How the Company Makes Money
Bristow makes money by providing aircraft and flight services under commercial agreements to customers that need VTOL/helicopter lift for offshore and other remote operations. Its core revenue streams generally include: (1) Offshore energy transpo...
Bristow Group Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial positives: affirmed 2026 adjusted EBITDA guidance with ~25% growth, sequential revenue and EBITDA improvement, immediate accretive M&A (Berry Aviation), tightened OES guidance, upgraded Government Services revenue and a materially higher adjusted operating income range versus 2025 midpoint, and improved quarterly operating cash flow and liquidity. Offsetting items were focused and mostly execution/timing related: supply chain and OEM delivery delays causing roughly $8M of 2026 operating income pressure in Government Services, a $1.5M fuel-related margin hit (now contractually mitigated), elevated transition and working capital costs, and early-stage disposal of the Norway business. Overall the positives—sizable guidance affirmation, accretive acquisition, better cash generation, and long-term market tailwinds—outweigh the limited but notable execution headwinds.Positive Updates
Affirmed Full-Year 2026 Adjusted EBITDA Guidance
Company affirmed adjusted EBITDA guidance of $295M to $325M for full-year 2026, representing approximately 25% year-over-year growth versus prior year expectations.
Negative Updates
Supply Chain Delays Adversely Impacting Government Services
Continued supply chain challenges (notably OEM delivery and modification delays for AW189/other models) resulted in delayed aircraft deliveries, elevated KPI penalties and extended transition costs, adversely impacting 2026 adjusted operating income by approximately $8M.
Read all updates
Q2-2026 Updates
Positive
Negative
Affirmed Full-Year 2026 Adjusted EBITDA Guidance
Company affirmed adjusted EBITDA guidance of $295M to $325M for full-year 2026, representing approximately 25% year-over-year growth versus prior year expectations.
Read all positive updates
Company Guidance
Management affirmed full‑year 2026 consolidated guidance of $1.6–$1.7 billion in revenues and $295–$325 million of adjusted EBITDA (≈25% year‑over‑year growth), with segment updates including OES adjusted operating income raised to $235–$245 million, Government Services revenues revised to $475–$495 million with adjusted operating income of $55–$65 million (roughly 60% higher vs. the 2025 midpoint), and Other Services revenues of $155–$175 million with adjusted operating income of $25–$30 million; they closed the Berry Aviation acquisition (July 13), which they expect to be immediately accretive to earnings and free cash flow and to bolster EBITDA margins, noted the planned Norway OES exit would be neutral to 2025 EBITDA on a pro‑forma basis, reported unrestricted cash of $312 million and total liquidity of ≈$372 million, Q2 operating cash flow of $41.4 million (versus $(8.3) million in Q1), paid $3.7 million of dividends and declared $0.125/share, disclosed total 2026 CapEx of ~$160 million (growth $130M + maintenance $30M), and cautioned about a ~ $8 million 2026 adverse impact from supply‑chain delays (plus a $1.5 million fuel timing effect now addressed contractually).Bristow Group Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.56B | 1.49B | 1.42B | 1.30B | 1.20B | 1.19B |
| Gross Profit | 661.74M | 317.96M | 398.28M | 330.81M | 278.88M | 191.81M |
| EBITDA | 251.85M | 261.42M | 215.17M | 141.18M | 116.67M | 124.34M |
| Net Income | 104.23M | 129.07M | 94.80M | -6.78M | 9.21M | -15.79M |
Balance Sheet | ||||||
| Total Assets | 2.38B | 2.31B | 2.13B | 1.94B | 1.81B | 1.82B |
| Cash, Cash Equivalents and Short-Term Investments | 314.75M | 293.63M | 247.50M | 180.26M | 163.68M | 263.77M |
| Total Debt | 969.75M | 913.04M | 957.09M | 838.32M | 753.64M | 720.98M |
| Total Liabilities | 1.29B | 1.25B | 1.23B | 1.11B | 1.03B | 988.91M |
| Stockholders Equity | 1.09B | 1.06B | 891.71M | 823.69M | 787.31M | 835.82M |
Cash Flow | ||||||
| Free Cash Flow | -34.46M | 56.15M | -77.97M | -49.47M | -63.70M | 92.79M |
| Operating Cash Flow | 132.56M | 198.17M | 177.42M | 32.04M | -14.13M | 123.85M |
| Investing Cash Flow | -106.39M | -87.33M | -245.95M | -47.32M | -44.14M | -17.37M |
| Financing Cash Flow | 18.52M | -65.81M | 141.10M | 22.04M | -19.91M | -63.48M |
Bristow Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $30.44B | 26.43 | 35.29% | 0.26% | 8.77% | 35.66% | |
76 Outperform | $5.22B | 15.23 | 32.92% | ― | 3.84% | 75.32% | |
68 Neutral | $1.36B | 12.65 | 9.82% | 0.54% | 8.19% | -13.77% | |
68 Neutral | $1.54B | 38.33 | 2.52% | ― | 1.97% | -51.44% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $7.23B | 78.54 | 1.53% | 2.02% | -1.63% | -78.44% |
* Energy Sector Average
VTOL
Bristow Group
45.29
7.01
18.31%
FTI
TechnipFMC
77.45
41.45
115.13%
HLX
Helix Energy
10.35
3.97
62.23%
NOV
NOV
20.42
7.63
59.66%
OII
Oceaneering International
53.00
29.01
120.93%
Bristow Group Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Bristow Group Boosts Q2 Results, Acquires Berry Aviation
Positive
Aug 4, 2026
For the quarter ended June 30, 2026, Bristow Group reported a solid sequential improvement in financial performance, with revenues rising to $411.8 million from $388.7 million in the first quarter and net income increasing to $21.2 million, or $0....
Business Operations and StrategyM&A Transactions
Bristow Group to Acquire Berry Aviation for Expansion
Positive
Jun 26, 2026
On June 23, 2026, Bristow Group agreed to acquire Berry Aviation for $105 million in cash, with Berry to become a wholly owned subsidiary once customary closing conditions are met, which is expected in the second half of 2026. Berry, based in San ...
Executive/Board ChangesShareholder Meetings
Bristow Group Shareholders Approve Plans at 2026 Meeting
Positive
Jun 3, 2026
On June 3, 2026, Bristow Group Inc. held its 2026 Annual Meeting of Stockholders, where investors approved Amendment No. 4 to the company’s 2021 Equity Incentive Plan and elected nine directors, including CEO Christopher S. Bradshaw and seve...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.