Tidewater Midstream and Infrastructure

TWM.TO

Oil & Gas Midstream · Energy

Price

C$21.25

-1.00 (-4.49%)

Market Cap

C$464.2M

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+4.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 20.6M (2021) → 21.6M (2025)

Winston Score History

The full picture

Tidewater Midstream and Infrastructure Ltd. is a Canadian energy company that collects, processes, and moves natural gas and natural gas liquids (NGLs) for oil and gas producers in Western Canada. It owns pipelines, processing plants, and storage facilities, and it also operates a small refinery in Prince George, British Columbia. The company sits in the "midstream" part of the energy industry, meaning it handles the transportation and processing of energy products rather than drilling for them.

Tidewater earns money by charging fees to energy producers who use its pipelines and processing facilities, and by selling refined fuel products from its Prince George refinery. It operates almost entirely within Western Canada, making it a regional player rather than a national or global one. The very thin margins shown in its financials reflect the capital-heavy, low-markup nature of midstream and refining businesses, and the company's main risk is its dependence on producer activity levels in Western Canada, which can fall sharply when oil and gas prices drop.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+62.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+189.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

34.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$53M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Tidewater Midstream and Infrastructure grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

16.9%

Thin — 16.9% gross margin

Profit after running costs

Operating Margin

15.2%

Healthy — 15.2% operating margin

Return on the money invested

ROCE

13.1%

Good — 13.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.5%

Fast-growing sales (+15.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.6%

Thin free cash flow (3.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

3.02

Heavy debt load (3.02)

Covers its interest

Interest Cover

1.52x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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