Bristow Group Inc.
- Open
- 41.42
- Day high
- 41.82
- Day low
- 40.97
- Prev close
- 41.32
- Volume
- 94K
- Mkt cap
- $1.2B
- P/E (TTM)
- 10.3
- EPS (TTM)
- $3.97
- P/B
- 1.1
- P/S
- 0.8
- Yield
- 0.61%
- Per share
- $0.25
Bristow Group Inc. (VTOL) is a Energy company listed on NYSE. The stock is up 22% over the past year.
Bristow Group Inc. (VTOL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VTOL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.01 | $0.44 | -56.4% | $389M | +1.3% |
| Feb 26, 2026 | $0.46 | $0.61 | +32.6% | $377M | -2.6% |
| Nov 4, 2025 | $1.28 | $1.72 | +34.4% | $386M | +1.3% |
| Feb 26, 2025 | $0.61 | $1.07 | +75.4% | $354M | -3.7% |
| Mar 5, 2024 | $0.54 | $-0.28 | -151.9% | $338M | +6.8% |
| Nov 1, 2023 | $0.63 | $0.15 | -76.2% | $338M | -5.7% |
| Aug 2, 2023 | $0.27 | $-0.06 | -122.2% | $319M | -5.3% |
| May 3, 2023 | $0.56 | $-0.05 | -108.9% | $302M | -3.3% |
| Mar 8, 2023 | $0.35 | $-0.25 | -171.4% | $314M | -2.7% |
| Nov 2, 2022 | $0.45 | $0.75 | +66.7% | $307M | +3.3% |
| Aug 4, 2022 | $0.42 | $0.28 | -33.3% | $302M | +8.9% |
| May 31, 2022 | $0.56 | $-0.15 | -126.8% | $287M | -0.1% |
VTOL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | MANZO ROBERTdirector | Grant | 3,618 | — |
| Jun 5, 2026 | Brass Lorin L.director | Grant | 3,618 | — |
| Jun 5, 2026 | Mickelson George Markdirector | Grant | 3,618 | — |
| Jun 5, 2026 | Truelove Brian D.director | Grant | 3,618 | — |
| Jun 5, 2026 | Miller Maryannedirector | Grant | 3,618 | — |
| Jun 5, 2026 | Shah Shefali Adirector | Grant | 3,618 | — |
| Jun 5, 2026 | Kern Wesley E.director | Grant | 3,618 | — |
| Mar 26, 2026 | Bradshaw Christopher Scottdirector, officer: President and CEO | Sell | 29,625 | $45.47 |
| Mar 24, 2026 | Brass Lorin L.director | Sell | 1,000 | $45.00 |
| Mar 19, 2026 | Anderson Donna Lofficer: VP, Chief Accounting Officer | Tax | 960 | $45.55 |
| Mar 19, 2026 | Anderson Donna Lofficer: VP, Chief Accounting Officer | Tax | 1,018 | $44.60 |
| Mar 19, 2026 | Anderson Donna Lofficer: VP, Chief Accounting Officer | Grant | 7,528 | — |
| Mar 10, 2026 | Whalen Jennifer Dawnofficer: SVP, CFO | Tax | 1,330 | $44.60 |
| Mar 10, 2026 | Whalen Jennifer Dawnofficer: SVP, CFO | Tax | 4,803 | $46.71 |
| Mar 10, 2026 | Stavley Stuartofficer: COO, Offshore Energy Services | Tax | 3,210 | $46.22 |
Source: VTOL SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full VTOL insider & 13F page →Bristow Group Inc. company profile
Overview
Bristow Group Inc. (NYSE:VTOL) is a leading global provider of helicopter aviation services, founded in 1948 and headquartered in Houston, Texas. The company operates one of the world's largest commercial helicopter fleets, serving offshore energy companies and government agencies across six continents. After emerging from bankruptcy in 2019 and completing a transformative merger with Era Group in 2020, Bristow has consolidated its position as the dominant player in offshore helicopter transportation, with operations spanning 18 countries including major oil and gas regions in the Americas, Europe, Africa, and Asia-Pacific.
Business
Bristow Group operates in the specialized aviation services industry, providing helicopter transportation primarily to offshore energy companies and government agencies. The company's core business revolves around transporting personnel and equipment to and from offshore oil and gas platforms, search and rescue operations, and other critical aviation services in challenging environments. The company operates three main business segments. Offshore Energy Services represents approximately 65% of total revenues and involves transporting workers, equipment, and supplies to offshore oil rigs and platforms using specialized helicopters capable of operating in harsh marine environments. This segment serves integrated oil companies, national oil companies, and independent offshore energy producers who need reliable transportation to access remote drilling sites and production facilities located dozens or hundreds of miles from shore. Government Services accounts for roughly 25% of revenues and includes search and rescue (SAR) operations under contracts with coast guards and maritime authorities. The company operates SAR services for the UK Coast Guard, Irish Coast Guard, and Dutch Caribbean, providing emergency response capabilities including medical evacuations, maritime rescues, and disaster response. These contracts typically span multiple years and require specialized aircraft configurations and highly trained crews. Fixed Wing and Other Services comprises the remaining 10% of revenues, primarily through Airnorth, a scheduled passenger airline serving remote communities in Northern Australia. This segment also includes helicopter services for non-energy applications such as emergency medical services and utility work. Bristow maintains a fleet of approximately 220 aircraft, with about 213 being helicopters. The fleet is dominated by modern, technologically advanced models including Sikorsky S-92s, AgustaWestland AW189s, and AW139s, which represent about two-thirds of the total fleet. These aircraft are specifically designed for offshore operations, featuring twin engines for safety redundancy, advanced navigation systems, and the ability to operate in severe weather conditions over water.
Revenue model
Bristow generates revenue primarily through long-term service contracts and day-rate arrangements with its customers. In the offshore energy segment, the company typically enters into multi-year contracts with oil and gas companies, charging daily rates for helicopter services that include aircraft, crew, maintenance, and insurance. These contracts often include minimum utilization guarantees and escalation clauses tied to inflation or fuel costs. The company also earns revenue from ad-hoc flights and emergency services charged on a per-flight basis. Government services operate under long-term contracts, often spanning 10+ years, with fixed annual payments for maintaining search and rescue capabilities. These contracts provide predictable cash flows but require significant upfront capital investments in specialized aircraft and infrastructure. The UK SAR contract, for example, is valued at £1.6 billion over 10 years, while the Irish Coast Guard contract is worth €670 million. Several factors significantly impact Bristow's profitability margins. Commodity price cycles represent the most significant external factor, as offshore oil and gas activity directly correlates with energy prices and exploration budgets. When oil prices are high, energy companies increase offshore drilling and production activities, driving higher helicopter utilization rates and pricing power. Conversely, during commodity downturns, customers reduce operations and pressure service providers on pricing. Helicopter supply dynamics also influence margins substantially. The industry has experienced consolidation and reduced manufacturing capacity following the 2014-2016 oil downturn, creating a tighter supply environment. New helicopter deliveries now take 24+ months, and the company reports effective utilization rates near 100% for relevant aircraft models, providing pricing leverage during contract renewals. Regulatory requirements and safety standards create both costs and competitive advantages. Bristow's investment in safety systems, crew training, and maintenance capabilities represents significant ongoing expenses but also differentiates the company from lower-cost competitors. Foreign exchange fluctuations impact margins since the company operates globally with revenues in multiple currencies while maintaining a USD cost base for much of its fleet financing and corporate overhead. Supply chain challenges, particularly for aircraft parts and maintenance, have emerged as a margin pressure point, with the company reporting persistent issues obtaining S-92 parts that can ground aircraft and reduce utilization rates.
Competitive moat
Bristow possesses a moderate but meaningful competitive moat built primarily on scale advantages, regulatory barriers, and specialized expertise that would be difficult for new entrants to replicate quickly. The company's fleet of over 220 aircraft represents one of the world's largest commercial helicopter operations, providing significant economies of scale in aircraft procurement, maintenance, parts inventory, and crew training. This scale allows Bristow to maintain aircraft availability rates and operational flexibility that smaller competitors cannot match. Regulatory and safety barriers create substantial entry hurdles in the offshore helicopter industry. Operating in offshore environments requires extensive certifications, safety management systems, and demonstrated track records that take years to develop. Government SAR contracts particularly favor established operators with proven safety records and financial stability. Bristow's decades of operational history and safety certifications across multiple jurisdictions represent valuable intangible assets. Customer switching costs provide additional protection, as offshore energy companies and government agencies prioritize reliability and safety over cost savings. The consequences of helicopter service failures - including potential loss of life and operational disruptions - make customers reluctant to switch providers based solely on price. Long-term contract structures also reduce customer churn. However, Bristow's moat faces several limitations. The company operates in a cyclical, commodity-dependent industry where demand fluctuates significantly with oil and gas prices. During downturns, customers can reduce operations or delay contract renewals, limiting pricing power. Technological disruption poses a long-term threat, as autonomous aircraft and advanced air mobility solutions could eventually reduce demand for traditional helicopter services. Geographic concentration risks also weaken the moat, as regulatory changes or political instability in key markets like the North Sea or West Africa could significantly impact operations. The company's dependence on aging offshore infrastructure in mature basins creates vulnerability if energy companies shift investment toward onshore or renewable projects. Competition from well-funded regional operators and potential new entrants with access to modern aircraft could pressure margins, particularly in cost-sensitive markets. While Bristow's scale provides advantages, the helicopter services industry has historically been fragmented, suggesting that sustainable competitive advantages may be limited.
Risks & safety
Bristow demonstrates a moderate margin of safety with solid liquidity but elevated leverage and cyclical earnings volatility. **Liquidity and Solvency:** - Strong liquidity position with $208.6 million in cash and $260 million total available liquidity as of Q3 2024 - Current ratio of 1.83x indicates adequate short-term liquidity coverage - Debt-to-equity ratio of 0.92x represents moderate leverage but manageable given asset-heavy business model - Positive operating cash flow of $66 million in Q3 2024, though free cash flow remains modest at $9 million due to capital investments **Valuation Metrics:** - Trading at 8.8x P/E ratio, suggesting reasonable valuation relative to earnings - EV/EBITDA of 14.5x appears elevated but reflects significant ongoing capital investments for SAR contracts - Price-to-book ratio of 1.10x indicates shares trade near tangible book value - Graham number of $26.41 suggests potential undervaluation at current $34.58 price **Other Considerations:** - Cyclical industry creates earnings volatility and cash flow unpredictability - Substantial capital commitments for government contracts (~$300 million) strain near-term cash generation - Asset-heavy business model provides some downside protection but limits financial flexibility - Improving industry fundamentals and contract repricing provide upside potential but remain dependent on commodity cycles
Recent development
Over the past few years, Bristow has executed a significant strategic transformation focused on diversifying revenue streams, expanding government services, and positioning for industry recovery. The company completed a transformative merger with Era Group in 2020, achieving $60 million in annual cost synergies and creating the world's largest commercial helicopter operator. A major strategic pivot has been the aggressive expansion of government services contracts, which now represent 25% of revenues compared to minimal exposure historically. The company secured the £1.6 billion UK SAR 2G contract, the €670 million Irish Coast Guard contract, and additional contracts in the Netherlands and Dutch Caribbean. These contracts require approximately $300 million in capital investments for new aircraft and infrastructure but provide long-term, stable cash flows less dependent on commodity cycles. In offshore energy services, Bristow has been strategically repositioning its contract portfolio during the industry recovery. Management expects to reset approximately 70% of offshore energy contracts by 2026, targeting 25%+ rate increases as legacy contracts signed during the industry downturn expire. The company has been selective about contract renewals, prioritizing profitability over market share. Fleet modernization and optimization represents another key development area. Bristow has ordered new AW189 helicopters for government contracts while retiring older aircraft models. The company maintains that 80% of its fleet is owned rather than leased, providing greater operational flexibility and potential residual value capture. The company has also begun exploring Advanced Air Mobility (AAM) partnerships, positioning for potential disruption in urban transportation and offshore logistics. While still early-stage, management suggests the AAM fleet could eventually reach comparable size to the current helicopter fleet within 10 years. Recent operational improvements include enhanced safety performance, with the company achieving significant reductions in lost work days and recordable injuries. However, the tragic helicopter accident in Norway in 2023 underscored the inherent risks in offshore operations.
VTOL company profile · for informational purposes only — not investment advice.
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