Start here if you're new
what it is
Bristow flies people and gear to offshore oil platforms and runs helicopter rescue and government missions.
how it gets paid
Last year Bristow made $1.5B in revenue. Offshore oil & gas transport was the main engine at $1.0B, or 67% of sales.
why it's growing
Revenue grew 5.3% last year. The $0.61 EPS was $0.10 below estimates, which matters more than the revenue gap because it hits the stock's story.
what just happened
Bristow's quarter missed by $0.10 on EPS, even with $377.26M of revenue.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
9.2x trailing p/e — the market's not buying it — or you found a deal
1.2% dividend yield — cash in your pocket every quarter
7.3% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Bristow flies people and gear to offshore oil platforms and runs helicopter rescue and government missions.
Bristow runs 214 aircraft across the North Sea, Nigeria, and the U.S. Gulf of Mexico. Leaving is painful because your routes, crews, and safety approvals are tied to the fleet, not a spare van. Operating margin → profit from operations → so what: 14.0% of sales stays after running the business, while return on capital → profit on invested money → so what: 7.3% says the returns are decent, not glorious.
How they make money
$1.5B
annual revenue · their business grew +5.3% last year
Offshore oil & gas transport
$1.0B
Search & rescue / government missions
$0.3B
Leasing, training & maintenance support
$0.2B
The products that matter
flies crews to offshore assets
Offshore Energy Services
$1.1B · 73% of revenue
This is the main event: roughly $1.1B of revenue, growing 8%, tied to offshore operator spending and flight activity.
core segment
search, rescue, and public-sector flying
Government Services
$0.4B · 27% of revenue
This segment brings about $0.4B of revenue and was flat last year. It is supposed to steady the business, which is why any contract wobble matters more than the raw growth rate suggests.
stability test
future aircraft option value
eVTOL / Advanced Air Mobility
75 aircraft on order
This is the long-dated call option: 75 electric aircraft orders aimed at a future beyond traditional helicopters. Interesting, but still far behind the cash-generating business you own today.
long-term bet
Key numbers
$1.5B
Annual revenue
That is the size of the business. A 5% change here is $75M.
9.2x
Trailing P/E
You pay $9.20 for each $1 of trailing earnings. That is cheap for a business with a 14.0% operating margin.
14.0%
Operating margin
This is what stays after running the business. Bristow keeps $14 on every $100 of sales.
$822M
Long-term debt
That is 40% of capital. Debt this size can turn a decent quarter into a bad stock day.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 35 / 100
- long-term debt $822M (40% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VTOL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Bristow's quarter missed by $0.10 on EPS, even with $377.26M of revenue.
Revenue came in at $377.26M, or $3.07M below the street. Net income was $18.42M, and the company kept its 2026 outlook in view.
$377.3M
revenue
$0.61
eps
26.1%
gross margin
EPS miss
The $0.61 EPS was $0.10 below estimates, which matters more than the revenue gap because it hits the stock's story.
source: company earnings report, 2026
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What could go wrong
the #1 risk is missing the $295M–$325M adjusted EBITDA target for 2026.
high
2026 guidance turns out to be too ambitious
The core rerating case depends on adjusted EBITDA landing inside the $295M–$325M range. If that slips, a 9.2x earnings multiple can stay low for a reason.
The stock is being asked to trust next year's profitability more than this quarter's revenue.
med
Government Services fails to be the stabilizer
This segment is about $0.4B of revenue, or 27% of the total, and was flat last year. If contract timing or renewals wobble, the diversification story gets thinner fast.
A business sold as partly defensive starts trading like a pure offshore energy proxy.
med
Offshore energy spending cools
Offshore Energy Services is 73% of revenue, about $1.1B. That concentration means operator budgets, flight demand, and the broader oil backdrop still matter more than the label "aviation" suggests.
Most of the revenue base is exposed to one end market, even after diversification efforts.
low
The future-aircraft story stays future tense
The 75-aircraft eVTOL order book is interesting, but it does not fund today's valuation. If you start underwriting VTOL on advanced air mobility alone, you are early by definition.
This is option value, not near-term earnings support.
A miss on 2026 EBITDA would hit the central thesis directly, while 73% revenue exposure to offshore energy keeps the business tethered to a cyclical customer base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 adjusted EBITDA vs. $295M–$325M
This is the number that matters. The midpoint implies a meaningful step up from 2025, and the stock likely rerates only if the path starts looking real quarter by quarter.
calendar
Q3 2026 earnings on Nov 4–5, 2026
Consensus points to roughly $0.40B in revenue. More important than the raw number is whether management sounds more certain or more careful on the full-year target.
contracts
Government Services renewals and execution
This segment is 27% of revenue. If the "steady" business keeps producing volatility, the market will keep discounting the diversification story.
trend
Offshore energy demand staying firm
With 73% of revenue tied to Offshore Energy Services, you want to see stable customer activity and no signs that flight demand is rolling over.
Analyst rankings
earnings predictability
5 / 100
In human-speak: this company can beat and miss in the same quarter, and you should not expect a smooth earnings line.
risk rank
2
That ranks safer than 80% of stocks on this measure. Translation: business risk is real, but distress risk does not look like the immediate problem.
source: institutional data
Institutional activity
institutional ownership data for VTOL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$44
current price
n/a
target midpoint · n/a from current
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