Bristow Group Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the business fundamentally works while one material operating question is open — and it sits precisely where the company's future is supposed to be. Government Services, the segment Bristow is steering toward, posted a $2.1 million operating loss on $112.2 million of revenue in the second quarter of 2026, after earning $0.9 million in the preceding quarter; the adjusted margin fell from 9 to 6 percent. Part of that is start-up cost for new bases in the United Kingdom and Ireland, which will pass. Another part is $3.6 million of penalties for unavailable helicopters — a problem tied to a fleet averaging 14 years of age and to delivery delays for S92 and AW189 parts, which will not clear on its own. A second open question follows: second-quarter 2026 profit benefited from an effective tax rate of 0.5 percent against 39.1 percent a year earlier, and the currency line swung by $43.2 million over the half-year comparison. There is no basis for red: no going-concern doubt, equity clearly positive at $1,089.2 million, a 45.9 percent equity ratio, interest coverage of 3.6, an untouched revolving facility in the first half of 2026 and no bond maturity before February 2033. Green is not yet warranted while the segment that just absorbed $105 million in cash is operating in the red. Explicitly not relevant to this rating is valuation: a price-to-earnings ratio of 12.3 and a price-to-book ratio of 1.16 are price arguments and justify neither yellow nor green. Green would come into view once Government Services shows positive operating income over a full reporting period and the availability penalties recede. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Bristow is a soundly financed company, profitable for six straight quarters, with a market position that is hard to replicate — and it is in the middle of a rebuild whose payoff is still pending. Revenue rose 10.1 percent to $800.5 million in the first half of 2026 while net income fell 42.0 percent to $34.3 million. The destination of the pivot, Government Services, posted a $2.1 million operating loss in the second quarter of 2026 while the offshore business earned $46.1 million. Against that stand a 45.9 percent equity ratio, $371.6 million of liquidity, a first dividend and full-year guidance the company reaffirmed. Not investment advice.
Balance sheet and funding
As of June 30, 2026 shareholders' equity of $1,089.2 million stood against $745.5 million of debt and $312.3 million of cash; the equity ratio was 45.9 percent and interest coverage 3.6 (scanner, as of September 12, 2026). The revolving facility went untouched in the first half of 2026, and the next bond maturity is not until February 2033.
Government Services segment
The growth field currently earns nothing: a $2.1 million operating loss on $112.2 million of revenue in the second quarter of 2026, after a $0.9 million profit in the preceding quarter. That includes $3.6 million of penalties for unavailable helicopters. Even adjusted, the margin fell from 9 to 6 percent.
Earnings quality
Reported profit leans on items outside the core business. In the first half of 2026 the "other, net" line swung from positive $29.0 million to negative $14.3 million — a $43.2 million difference, largely currency. In the second quarter of 2026 the effective tax rate was 0.5 percent against 39.1 percent a year earlier; at the old rate, quarterly net income would have been around $13.0 million instead of $21.2 million.
Core offshore energy business
The largest segment delivered $261.6 million of revenue and $46.1 million of operating income in the second quarter of 2026 — an 18 percent margin, 25 percent adjusted, both better than the preceding quarter. Over three years, group operating income rose from $60.8 million (2023) through $132.6 million (2024) to $158.8 million (2025).
Business model pivot
The $105.0 million Berry Aviation acquisition closed on July 13, 2026, while the Norway sale is only announced and, as of June 30, 2026, not classified as held for sale in the accounts. Bristow itself describes both steps together as neutral to 2025 EBITDA on a pro forma basis — the pivot changes the composition of the business, not its size.
Fleet and supply chain
Owned helicopters average 14 years of age; the S92, the most common heavy type with 60 aircraft, averages 16 years and the light AS350 27 years. The 2025 annual report cites continued delivery delays for S92 and AW189 parts — precisely the source of the availability penalties in the government segment.
Worth Noting
Bristow reached our research list through an ownership threshold filing with the U.S. securities regulator, the SEC: on September 3, 2026 the hedge fund Solus Alternative Asset Management, whose managing member Christopher Pucillo sits on Bristow's board according to a Form 4 insider report, reported that its stake had fallen to 9.61 percent from 10.69 percent in its previous filing of June 16, 2025.
Currency of the data: the most recent periodic report reviewed is the Form 10-Q for the quarter ended June 30, 2026, filed August 5, 2026, together with the results release (Form 8-K, Item 2.02) of August 4, 2026. Everything filed afterwards was reviewed: one Schedule 13D/A of September 3, 2026, nine Form 4 insider reports and nine Rule 144 notices. The Rule 144 notices cover very small amounts from one director's share-based compensation and do not change the picture, which is why they do not appear in the article.
Identity note: today's registrant was named Era Group Inc. until June 9, 2020 (SEC CIK 0001525221). The former Bristow Group Inc. ("Old Bristow") was a separate company with its own CIK; it filed for Chapter 11 in May 2019, emerged in October 2019 and merged with Era Group on June 11, 2020. Price and ratio series from before June 2020 may refer to different companies depending on the data provider.
On the fiscal year: Bristow moved its fiscal year end from March 31 to the calendar year, with a nine-month transition period ending December 31, 2022 in between. Full calendar years are therefore only comparable from 2023 onward.
Stock Watch
This analysis is as of September 13, 2026. Stock Watch will tell you what's changed at VTOL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 35.70 $ to 50.00 $ · Last price: 41.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Equipment & Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Bristow Group Inc VTOL | 1.2 | 11.9 | 7.8 | 27.2 | 8.5 | 5.3 | 10.9 |
| Schlumberger NV SLB | 77.5 | 22.2 | 13.2 | 17.0 | 12.3 | -1.6 | 53.4 |
| Baker Hughes Co BKR | 56.1 | 17.9 | 11.2 | 23.7 | 12.3 | -0.3 | 23.6 |
| Tenaris SA TS | 30.3 | 15.1 | 8.3 | 38.5 | 16.7 | -4.3 | 60.6 |
| TechnipFMC PLC FTI | 29.0 | 26.6 | 14.5 | 23.0 | 14.1 | 9.4 | 87.2 |
| Halliburton Company HAL | 28.5 | 18.0 | 9.8 | 15.1 | 12.6 | -3.3 | 57.0 |
| NOV Inc. NOV | 7.3 | 78.5 | 11.0 | 21.7 | 2.3 | -1.4 | 62.6 |
| Solaris Energy Infrastructure, Inc SEI | 6.8 | – | 23.5 | 49.9 | 25.8 | 98.7 | 109.9 |
| LandBridge Company LLC LB | 6.6 | 76.0 | 19.8 | 98.8 | 66.1 | 81.1 | 59.6 |
| Median of companies shown | 28.5 | 20.1 | 11.2 | 23.7 | 12.6 | -0.3 | 59.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,335 | -90 | -170 | -4.84 | 59 | 468 | 955 |
| 2017 | 1,373 | -148 | -195 | -5.52 | 20 | 446 | 792 |
| 2018 | 1,308 | -217 | -337 | -9.42 | -109 | 805 | 2,653 |
| 2019 | 1,191 | -87 | -697 | -20.89 | 28 | 426 | 1,945 |
| 2020 | 1,139 | -103 | -56 | -1.77 | 97 | 898 | 1,992 |
| 2021 | 1,185 | 1 | -16 | -0.55 | 124 | 836 | 1,824 |
| 2022 | 1,198 | 26 | 9 | 0.32 | -14 | 787 | 1,812 |
| 2023 | 1,297 | 61 | -7 | -0.24 | 32 | 824 | 1,937 |
| 2024 | 1,415 | 133 | 95 | 3.21 | 177 | 892 | 2,125 |
| 2025 | 1,491 | 144 | 129 | 4.31 | 198 | 1,060 | 2,311 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.83 | 102.40 | 356 | 7.90 | 7.90 | 66 | 9 |
| 2024: Q4 | 1.07 | 1,628.60 | 377 | 4.00 | 8.40 | 51 | -32 |
| 2025: Q1 | 0.77 | 22.20 | 351 | 4.00 | 7.80 | -1 | -53 |
| 2025: Q2 | 0.68 | -40.90 | 376 | 4.60 | 8.40 | 99 | 67 |
| 2025: Q3 | 1.72 | 107.20 | 386 | 8.40 | 13.30 | 23 | -6 |
| 2025: Q4 | 0.89 | -16.70 | 377 | 0.00 | 4.90 | 77 | 48 |
| 2026: Q1 | 0.55 | -28.60 | 389 | 10.90 | 3.40 | -8 | -50 |
| 2026: Q2 | 0.70 | 2.90 | 412 | 9.40 | 5.10 | 41 | -26 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.48 | 3.31 – 3.75 | 1,672 | 60.9% | 3 |
| 12/31/2027 | 5.15 | 5.08 – 5.24 | 1,770 | -1.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 13.09.2026 gegen die vier jüngsten Quartalsberichte (10-Q) und die beiden jüngsten Geschäftsberichte (10-K) von Bristow Group: In den vier Quartalsberichten (30.06.2026, 31.03.2026, 30.09.2025, 30.06.2025) kommen „artificial intelligence“ und „machine learning“ kein einziges Mal vor. In den Geschäftsberichten für 2025 und 2024 taucht KI ausschließlich in drei Risikohinweisen (Item 1A) auf — als allgemeiner Technologiewandel, als Verstärker von Cyberangriffen und als möglicher Regulierungsbereich. Es gibt keine KI-Produkte, keine KI-Umsatzquelle und keinen im Filing beschriebenen operativen KI-Einsatz; auch die im Juli 2026 zugekaufte Berry Aviation wird mit unbemannten Luftfahrzeugen (UAS) beschrieben, nicht mit KI. Boilerplate-Risikofloskeln begründen nach dem Kriterienkatalog weder „bedroht“ noch „nutzt“ — damit bleibt es bei „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„Our future growth and financial performance will depend in part upon our ability to develop, market and integrate new services and to accommodate the latest technological advances, including artificial intelligence and machine learning, and customer preferences."
Unser künftiges Wachstum und unsere finanzielle Entwicklung hängen zum Teil davon ab, ob wir neue Dienstleistungen entwickeln, vermarkten und einbinden können und ob wir den jüngsten technologischen Fortschritten — darunter künstliche Intelligenz und maschinelles Lernen — sowie den Kundenpräferenzen gerecht werden.
10-K · 2026-02-26 · View SEC filing
„Cybersecurity risks are heightened by the advancement of technologies like artificial intelligence, which enable more sophisticated attacks."
Die Cyber-Risiken werden durch den Fortschritt von Technologien wie künstlicher Intelligenz verstärkt, die raffiniertere Angriffe ermöglichen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on September 13, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 7.6%
- More than 10% revenue growth is expected for the coming year -70.6%
- Share count grows by less than 3% a year 1.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 9.1%
- Gross margin at 40% or higher and without meaningful erosion 21.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 2.4 x EBITDA
- Operating cash flow covers the profits of the last three years 191 m
- Return on capital at 15% or higher, or up versus two years ago 7.4%
- Insiders hold at least 10% or are net buyers 3.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 1.2%
- Exp. sales growth 3Y > 5% 9.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 9.3%
- Net debt < 4x EBIT 4.3x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 12.3%
- ROCE > 15% 7.4%
- Expected return > 10% 14.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Solus Alternative Asset Management LP | See below | Sell | 3,000 | 43.03 | 129,100 |
| Sep 11, 2026 | Solus Alternative Asset Management LP | See below | Sell | 5,000 | 43.00 | 215,000 |
| Sep 3, 2026 | Solus Alternative Asset Management LP | See Below | Sell | 41 | 45.75 | 1,876 |
| Sep 2, 2026 | Solus Alternative Asset Management LP | See Below | Sell | 12,045 | 45.68 | 550,253 |
| Sep 1, 2026 | Solus Alternative Asset Management LP | See Below | Sell | 15,000 | 45.85 | 687,821 |
| Sep 1, 2026 | Brass Lorin L. | Director | Sell | 350 | 46.03 | 16,110 |
| Sep 1, 2026 | Truelove Brian D. | Director | Sell | 3,500 | 45.87 | 160,546 |
| Aug 25, 2026 | Brass Lorin L. | Director | Sell | 200 | 46.55 | 9,309 |
| Aug 20, 2026 | Stavley Stuart | COO, Offshore Energy Services | Sell | 10,218 | 46.20 | 472,075 |
| Aug 20, 2026 | Brass Lorin L. | Director | Sell | 100 | 47.05 | 4,705 |
The company
About the Company
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, Government Services, and Other Services. The company offers various aviation services comprising personnel transportation, search and rescue (SAR), medevac, fixed wing transportation, unmanned systems, and ad-hoc helicopter services. It also operates specialized helicopters, as well as provides trained personnel. In addition, the company is involved in dry leasing of aircraft to third-party operators; and sales of parts. Further, it provides equipment or additional services, such as logistical and maintenance support, training services, and flight and maintenance crews; and regular passenger transport and charter services. Bristow Group Inc. was founded in 1948 and is based in Houston, Texas.
- Employees
- 3,660
- Headquarters
- Houston, TX
- Address
- 3151 Briarpark Drive, 77042 Houston, United States
- Phone
- 713 267 7600
- Website
- bristowgroup.com
- IPO Date
- 01/22/2013
- ISIN
- US11040G1031
- Stock Split
- 1:2 on 06/12/2020
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher S. Bradshaw | President, CEO & Director | 1976 |
| Jennifer Dawn Whalen | Senior VP & CFO | 1974 |
| Alan Corbett | Chief Operating Officer of Government Services | 1958 |
| David F. Stepanek | Executive VP & Chief Transformation Officer | 1966 |
| Stuart Stavley | Chief Operating Officer of Offshore Energy Services | 1972 |
| Donna L. Anderson CPA | VP & Chief Accounting Officer | 1973 |
| Mary Wersebe | Senior VP & Chief Administrative Officer | 1976 |
| Anne Rappold | Chief Legal Officer & Corporate Secretary | – |
| Adam Morgan | Director of Global Communications | – |
| Joe Pitzinger | Vice President of Treasury & Corporate Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 Bristow Group Inc. (VTOL): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.