Tidewater Midstream & Infrastructure Ltd.

Tidewater Midstream & Infrastructure Ltd.

23.22
CAD
-0.88
(-3.65%)
-3.14EPS
356.31MMarket Cap
Nov 05Next Earn
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
8.47
13.53
19.69
41.59
57.91
99.96
154.54
103.82
76.3
61.04
73.91
Basic EPS, GAAP
- -
1.17
0.79
1.23
-0.41
-2
4.21
0.46
-18.14
-1.24
-5.19
-3.51
Free Cash Flow per Basic Share
- -
-2.07
-3.78
-17.61
-23.42
7.96
0.58
-5.72
6.46
-1.56
2.65
4.63
Dividend per Share
- -
0.79
0.78
0.8
0.8
0.8
0.8
0.78
0.8
- -
- -
- -
Book Value per Share
24.85
26.39
26.84
28.23
27.87
25.17
36.1
33.14
14.53
13.48
8.4
7.86
Tangible Book Value per Share
24.85
26.39
26.84
28.23
27.87
25.17
36.1
33.14
14.53
13.48
8.4
7.86
Basic Weighted Avg Shares
4
13
16
16
17
17
17
19
21
22
22
22
Sales/Revenue/Turnover
- -
110
221
324
692
979
1,698
2,875
2,208
1,641
1,319
1,606
Operating Margin (%)
- -
16.15
13.11
6.52
0.57
4.94
3.09
3.36
0.48
4.49
-3.38
6.08
Depreciation Expense
- -
14
25
46
60
86
82
84
97
91
64
64
Net Income, GAAP
- -
15
13
20
-7
-34
72
9
-386
-27
-112
-76
Effective Tax Rate (%)
- -
19.62
27.52
31.67
- -
- -
21.55
28.68
- -
- -
- -
- -
Profit Margin (%)
- -
13.76
5.81
6.27
-0.97
-3.45
4.21
0.3
-17.47
-1.62
-8.51
-4.75
Working Capital
17
-49
30
-69
-55
9
-162
-101
-321
77
-153
-23
LT Debt
31
- -
182
357
970
993
700
870
239
545
401
496
Total Equity
209
375
441
472
473
429
643
746
341
333
217
215
Return on Invested Capital (%)
- -
4.53
4.01
1.98
- -
- -
2.74
4.31
- -
- -
- -
- -
Return on Capital (%)
- -
4.63
3.27
3.85
- -
- -
8.39
2.97
- -
- -
- -
- -
Return on Common Equity (%)
- -
5.18
3.15
4.47
-1.44
-7.53
13.71
1.29
-76.11
-8.85
-47.46
-36.56

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
174
51
37
LT Borrowings
393
518
490
LT Finance Leases
8
7
6
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
22
22
22
Market Capitalization
109
196
356

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
244
329
337
Cash, Cash Equivalents & STI
1
- -
1
Accounts Receivable, Net
120
164
155
Inventories
97
139
151
Total Current Liabilities
397
363
361
Payables & Accruals
161
205
197
ST Debt
174
51
37
Deferred Revenue
33
36
15

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.97%
-5.07%
-34.8%
Free Cash Flow
- -
-378.35%
-270.75%
Net Income, GAAP
- -
-962.23%
321.8%
Sales/Revenue/Turnover
- -
14.83%
-19.63%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
440
461
378
362
1,641
2025
310
341
354
314
1,319
2026
386
552
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.53
-0.22
-0.34
-0.15
-1.24
2025
-1.47
-0.75
-1.58
-1.39
-5.19
2026
-1.24
0.68
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Jeremy R. Baines
Full Time Employees
352
Sector
Distribution services
Industry
Wholesale distributors
Address
222 – 3rd Avenue S.W. Calgary AB Canada T2P 0B4
IPO Date
Apr 15, 2015
Business
Tidewater Midstream and Infrastructure Ltd. is a diversified midstream and infrastructure company focused on the North American natural gas processing, natural gas liquids, petroleum refining, and renewables markets. The company provides a vertically integrated value chain through its ownership and operation of downstream facilities including the Prince George Refinery, the sole light oil refinery serving interior British Columbia that processes crude oil feedstock into gasoline, low sulphur diesel, and ancillary products such as heavy fuel oil, liquefied petroleum gas, ethanol, and very low sulfur fuel oil; natural gas processing facilities including the Brazeau River Complex with fractionation, natural gas storage pools, and the Ram River Gas Plant featuring sulfur handling and rail connections; natural gas liquids infrastructure for gathering, processing, fractionation, transportation, and marketing of NGLs such as propane, butane, and natural gasoline; pipelines including the recently acquired North Segment of the Western Pipeline System; storage assets; and marketing of crude oil, refined products, natural gas, NGLs, renewable products, and services to customers across North America. Tidewater operates primarily in western Canada and the United States, with key activities centered in Alberta and British Columbia; it was founded in 2015 and maintains headquarters in Calgary, Alberta. The company holds a majority interest in Tidewater Renewables Ltd., which operates the adjacent HDRD Complex for low-carbon renewable diesel production and pursues sustainable aviation fuel initiatives. Recent developments include the September 2025 closing of the acquisition of the North Segment of Pembina Pipeline Corporation's Western Pipeline System for approximately $1.2 million plus assumed abandonment obligations, enhancing feedstock procurement and operational efficiencies at the Prince George Refinery; the October 2025 sale of the Sylvan Lake Gas Processing Facility to Parallax Energy Operating Inc.; a 20-for-1 common share consolidation effective August 2025; and ongoing non-core asset dispositions alongside anticipation of benefits from Canada's proposed $370 million Biofuel Production Incentive program.

Company News

  • Tidewater Midstream and Infrastructure Q2 Earnings Call Highlights

  • Tidewater Midstream and Infrastructure Ltd. (TWM:CA) Q2 2026 Earnings Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWM:CA) Q1 2026 Earnings Call Transcript

  • Axiom Announces Manola Divestiture and Additional Tidewater Midstream and Infrastructure Ltd. Lawsuit

  • Axiom Oil and Gas Inc. Maintains $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd. Related to Brazeau Property for Sale

  • Axiom Oil and Gas Inc. Announces Property Sales, Files $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd.

  • Tidewater Midstream and Infrastructure Ltd. (TWM:CA) Q3 2025 Earnings Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q1 2025 Earnings Conference Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q4 2024 Earnings Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q4 2023 Earnings Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q3 2023 Earnings Call Transcript

  • Tidewater Midstream: Moving In The Right Direction

  • Tidewater Midstream and Infrastructure Ltd (TWMIF) Q2 2023 Earnings Call Transcript

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q1 2023 Earnings Call Transcript

  • Tidewater Midstream: Trading At Just 4x EBITDA On A Deconsolidated Basis

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q3 2022 Earnings Call Transcript

  • Tidewater Midstream: Maturity Wall Cleared, Focus On Next Catalysts

  • Tidewater Midstream and Infrastructure Ltd. (TWMIF) CEO Joel MacLeod on Q1 2022 Results - Earnings Call Transcript

  • Tidewater Midstream & Infrastructure Ltd. (TWMIF) CEO Joel MacLeod on Q1 2020 Results - Earnings Call Transcript