Bristow Group Inc. VTOL
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.49B | $1.42B | $1.30B | $1.21B | $1.15B | $1.14B | $226.1M | $1.32B | $1.43B | $247.2M |
| SG&A | $174.1M | $175.6M | $181.7M | — | $159.1M | $153.3M | $38.3M | $182.1M | $185.0M | $36.2M |
| Total operating expenses | $1.35B | $1.29B | $1.24B | $1.18B | $1.16B | $1.18B | $230.4M | $1.45B | $1.49B | $255.4M |
| Operating income | $158.8M | $132.6M | $60.8M | — | — | — | -$3.3M | $28.1M | -$136.5M | -$3.4M |
| Interest expense | $39.9M | $37.6M | $41.4M | — | $41.5M | $51.3M | $13.9M | $113.5M | $77.1M | $17.3M |
| Pre-tax income | $151.2M | $102.1M | $18.0M | -$5.0M | -$4.4M | -$56.6M | -$14.7M | -$336.3M | -$228.0M | -$19.4M |
| Income tax | $21.8M | $7.2M | $24.9M | $10.8M | $11.3M | $355.0K | $731.0K | $161.0K | $30.9M | $3.4M |
| Net income | $129.1M | $94.8M | -$6.8M | -$15.8M | -$56.1M | -$56.1M | -$3.6M | -$336.8M | -$194.7M | -$8.0M |
| EPS, basic | 4.47 | 3.32 | -0.24 | 0.33 | -0.55 | 3.12 | -0.17 | -9.42 | -5.52 | -0.39 |
| EPS, diluted | 4.32 | 3.21 | -0.24 | 0.32 | -0.55 | 2.32 | -0.17 | -9.42 | -5.52 | -0.39 |
| Shares, diluted (wtd. avg.) | $29.9M | $29.6M | $28.1M | $28.4M | $28.5M | $31.7M | $21.0M | $35.7M | $35.3M | $20.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $286.2M | $247.5M | $183.7M | $163.7M | $277.5M | $231.1M | $199.1M | $178.1M | $380.2M | $30.7M |
| Receivables | — | — | $208.4M | $182.7M | — | — | — | $33.3M | $33.8M | $32.5M |
| Inventory | $132.7M | $114.5M | $99.9M | $81.9M | $81.7M | $92.2M | $82.4M | $20.7M | $21.1M | $25.4M |
| Total current assets | $694.3M | $619.5M | $563.6M | $493.1M | $579.9M | $585.7M | $524.2M | $115.9M | $82.6M | $96.4M |
| Property, plant and equipment | $1.15B | $1.08B | $927.8M | $915.3M | $942.6M | $1.00B | $931.7M | $599.2M | $673.9M | $821.8M |
| Goodwill | — | — | — | — | — | $0 | $0 | $18.4M | — | — |
| Other intangibles | $12.6M | $28.9M | $48.4M | $65.8M | $83.9M | $108.8M | $96.0K | $1.1M | $1.1M | $1.1M |
| Total assets | $2.31B | $2.13B | $1.94B | $1.81B | $1.86B | $1.99B | $1.95B | $764.9M | $792.1M | $955.2M |
| Accounts payable | $86.3M | $83.5M | $87.9M | $89.6M | $63.5M | $69.5M | $52.1M | $13.2M | $16.4M | $8.9M |
| Short-term debt | $27.9M | $18.6M | $13.2M | $11.7M | $12.8M | $16.0M | $45.7M | $2.1M | $2.7M | $2.1M |
| Total current liabilities | $365.2M | $325.9M | $309.8M | $285.6M | $287.8M | $305.1M | $298.0M | $28.8M | $32.4M | $25.6M |
| Long-term debt | $643.5M | $671.2M | $534.8M | $499.8M | $512.9M | $527.5M | $515.4M | $160.2M | $202.2M | $230.1M |
| Total liabilities | $1.25B | $1.23B | $1.11B | $1.03B | $1.02B | $1.09B | $1.37B | $298.1M | $342.6M | $482.5M |
| Retained earnings | $441.7M | $312.8M | $218.0M | $224.7M | $211.2M | $227.0M | $139.2M | $18.3M | $4.4M | $32.5M |
| Total equity | $1.06B | $891.7M | $823.2M | $786.9M | $835.4M | $897.1M | $426.2M | $812.4M | $1.18B | $468.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $198.4M | $177.4M | $32.0M | -$7.7M | $123.9M | $96.8M | $27.6M | -$109.4M | -$19.5M | $58.5M |
| Depreciation and amortisation | $70.3M | $68.3M | $70.6M | — | $75.0M | $70.1M | $37.6M | $124.9M | $124.0M | $49.3M |
| Stock-based compensation | $16.9M | $15.8M | $16.5M | — | $11.7M | $11.5M | $3.6M | $6.4M | $10.4M | $4.6M |
| Capital expenditure | $142.0M | $255.4M | $81.5M | — | $31.1M | $14.8M | $6.6M | $40.9M | $46.3M | $39.2M |
| Investing cash flow | -$87.3M | -$246.0M | -$47.3M | -$52.0M | -$17.4M | $173.3M | $48.6M | -$26.1M | $96.9M | -$9.1M |
| Financing cash flow | -$66.0M | $141.1M | $22.0M | -$24.6M | -$63.5M | -$245.6M | -$9.4M | -$63.1M | $189.0M | -$33.0M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $2.5M | — |
| Buybacks | $15.2M | $4.1M | $2.7M | — | $41.2M | $10.5M | $7.7M | $0 | $52.0K | $161.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001525221-26-000072.
Others in SIC 4522
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UP | Wheels Up Experience Inc. | $158.2M | — | -7.0% |
| SRFM | SURF AIR MOBILITY INC. | $67.3M | — | -10.8% |
| FLYX | FLYEXCLUSIVE INC. | $61.9M | — | 14.9% |
| SOAR | Volato Group, Inc. | $12.9M | 0.2x | 101.1% |
| JTAI | Jet.AI Inc. | $4.4M | 3.8x | -34.6% |