Why Moerus Thinks Tidewater (TDW) Has Created Massive Value Since 2018

Moerus Capital Management LLC recently released its second-quarter 2026 investor letter, highlighting Tidewater Inc. (NYSE:TDW) as one of the fund's top five holdings driving significant value since 2018. The offshore supply vessel operator has benefited from a relentless focus on costs, share repurchases, and strategic acquisitions of assets from distressed sellers at deep discounts.

Despite not being on the list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026, Tidewater Inc.'s performance demonstrates the fund's belief in its long-term deep-value approach, investing in unpopular businesses at significant discounts to intrinsic value. The company's market capitalization sits at approximately $4.61 billion, with its shares trading between $46.65 and $101.58 over the last 52 weeks.