Bristow Group
VTOL on NYSE. Bristow Group flies offshore energy workers and government rescue teams by helicopter. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.86 of spare cash in the past 12 months. A savings account pays about $4.
You pay 10.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 63 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$40.31 a share, 15% above its 1-year low
Over the past year the price has ranged from $35.03 to $50.38.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $34 million in the past 12 months, $56 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.2bn | $1.2bn | $1.3bn | $1.4bn | $1.5bn |
| Operating margin | |||||
| Operating margin | -0.5% | 3.1% | 4.7% | 9.4% | 10.7% |
| Debt to equity | |||||
| Debt to equity | 0.61 | 0.63 | 0.67 | 0.77 | 0.63 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.63× equity
- Revenue growth, five yearsStrong, 36.9% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $412 million last quarter, up 9% on a year ago.
- Profit: $21 million, down 33% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Over the past 12 months it spent $34 million more cash than it brought in, compared with $9 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $433 million more than cash, down from $453 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $365m |
| December 2024 | $354m |
| March 2025 | $351m |
| June 2025 | $376m |
| September 2025 | $386m |
| December 2025 | $377m |
| March 2026 | $389m |
| June 2026 | $412m |
| Quarter to | Amount |
|---|---|
| September 2024 | $28m |
| December 2024 | $32m |
| March 2025 | $27m |
| June 2025 | $32m |
| September 2025 | $52m |
| December 2025 | $18m |
| March 2026 | $13m |
| June 2026 | $21m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 223 funds in all.
- Boston PartnersBoston Partners team
- Value
- $18m
- Share of fund
- <0.1%
- Royce & AssociatesChuck Royce
- Value
- $9m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $18m | <0.1% | |
| Royce & AssociatesChuck Royce | $9m | <0.1% | |
| Century ManagementArnold Van Den Berg | $4m | 0.9% | Added |
| LSV Asset ManagementJosef Lakonishok | $4m | <0.1% | Added |
| Donald Smith & Co.Jon Hartsel | $2m | <0.1% | Cut |
| Delphi ManagementScott Black | $211,000 | 0.2% | New |
Sold out this quarter
- Polen CapitalDan DavidowitzSold out
Largest holders overall
- BlackRock$162m
- Solus Alternative Asset Management LP$119m
- Dimensional Fund Advisors LP$75mAdded
- South Dakota Investment Council$66mCut
- Brown Advisory$53m
- State Street$46mAdded
- Vanguard Capital Management$46mAdded
- Empyrean Capital Partners, LP$44mCut
- Taconic Capital Advisors LP$44m
- American Century Companies$42mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Solus Alternative Asset Management LPPassive investorat least 9.6%−1.1 pts(filed with 2 related holders)Since 1 September 2026
- South Dakota Investment CouncilPassive investor6.2%−1.1 ptsSince 9 April 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Solus Alternative Asset Management LP Passive investor | at least 9.6%−1.1 pts (filed with 2 related holders) | 1 September 2026 | |
South Dakota Investment Council Passive investor | 6.2%−1.1 pts | 9 April 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $18m.
- Pucillo ChristopherDirectorSold
- Date
- 23 September 2026
- Shares
- 897
- Price
- $43.00
- Value
- $38,571
- Brass Lorin L.DirectorSold
- Date
- 22 September 2026
- Shares
- 3,000
- Price
- $42.42
- Value
- $127,267
- Pucillo ChristopherDirectorSold
- Date
- 22 September 2026
- Shares
- 377
- Price
- $43.00
- Value
- $16,211
- Brass Lorin L.DirectorSold
- Date
- 21 September 2026
- Shares
- 1,000
- Price
- $41.54
- Value
- $41,540
- Pucillo ChristopherDirectorSold
- Date
- 14 September 2026
- Shares
- 3,000
- Price
- $43.03
- Value
- $129,100
- Pucillo ChristopherDirectorSold
- Date
- 11 September 2026
- Shares
- 5,000
- Price
- $43.00
- Value
- $215,000
- Pucillo ChristopherDirectorSold
- Date
- 3 September 2026
- Shares
- 41
- Price
- $45.75
- Value
- $1,876
- Pucillo ChristopherDirectorSold
- Date
- 2 September 2026
- Shares
- 12,045
- Price
- $45.68
- Value
- $550,253
- Pucillo ChristopherDirectorSold
- Date
- 1 September 2026
- Shares
- 15,000
- Price
- $45.85
- Value
- $687,821
- Brass Lorin L.DirectorSold
- Date
- 1 September 2026
- Shares
- 350
- Price
- $46.03
- Value
- $16,110
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 23 September 2026 | Pucillo Christopher Director | Sold | 897 | $43.00 | $38,571 |
| 22 September 2026 | Brass Lorin L. Director | Sold | 3,000 | $42.42 | $127,267 |
| 22 September 2026 | Pucillo Christopher Director | Sold | 377 | $43.00 | $16,211 |
| 21 September 2026 | Brass Lorin L. Director | Sold | 1,000 | $41.54 | $41,540 |
| 14 September 2026 | Pucillo Christopher Director | Sold | 3,000 | $43.03 | $129,100 |
| 11 September 2026 | Pucillo Christopher Director | Sold | 5,000 | $43.00 | $215,000 |
| 3 September 2026 | Pucillo Christopher Director | Sold | 41 | $45.75 | $1,876 |
| 2 September 2026 | Pucillo Christopher Director | Sold | 12,045 | $45.68 | $550,253 |
| 1 September 2026 | Pucillo Christopher Director | Sold | 15,000 | $45.85 | $687,821 |
| 1 September 2026 | Brass Lorin L. Director | Sold | 350 | $46.03 | $16,110 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.