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BW

Babcock & Wilcox Enterprises, Inc.

BW

Babcock & Wilcox Enterprises, Inc. • NYSE
$6.25 ▼ -0.16% (-0.01)
Market Cap $615.35 M
52w High $7.77
52w Low $0.22
Dividend Yield 0%
P/E -8.93
Volume 1.11M
Outstanding Shares 98.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $149M ▲ $30.1M ▼ $35.1M ▲ 23.557% ▲ $0.3 ▲ $10.1M ▼
Q2-2025 $144.054M ▼ $35.114M ▲ $-58.492M ▼ -40.604% ▼ $-0.63 ▼ $11.74M ▲
Q1-2025 $181.194M ▲ $34.211M ▼ $-22.007M ▲ -12.146% ▲ $-0.26 ▲ $8.198M ▲
Q4-2024 $66.276M ▼ $44.203M ▼ $-63.065M ▼ -95.155% ▼ $-0.71 ▼ $-52.161M ▼
Q3-2024 $209.859M $51.295M $-5.332M -2.541% $-0.1 $3.933M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $189.9M ▲ $657.9M ▼ $890.1M ▼ $-232.2M ▲
Q2-2025 $21.71M ▲ $703.49M ▼ $1.012B ▼ $-309.226M ▼
Q1-2025 $21.628M ▼ $719.713M ▼ $1.022B ▲ $-303.011M ▼
Q4-2024 $23.399M ▼ $726.987M ▼ $1.01B ▲ $-283.763M ▼
Q3-2024 $30.629M $804.633M $1.008B $-203.694M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $35.092M ▲ $-32.113M ▼ $161.77M ▲ $-39.956M ▼ $90.278M ▲ $-37.631M ▼
Q2-2025 $-58.51M ▼ $-25.31M ▼ $14.555M ▲ $2.994M ▲ $-7.812M ▲ $-28.058M ▼
Q1-2025 $-7.781M ▲ $-8.477M ▲ $-3.906M ▼ $-414K ▲ $-12.445M ▼ $-12.805M ▲
Q4-2024 $-63.021M ▼ $-22.477M ▲ $31.954M ▲ $-1.107M ▲ $3.145M ▲ $-23.555M ▲
Q3-2024 $-5.332M $-69.673M $2.129M $-10.779M $-74.17M $-71.83M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
BW Environmental Segment
BW Environmental Segment
 $0 ▲$10.00M ▲$20.00M ▲$20.00M ▲
BW Renewable Segment
BW Renewable Segment
 $0 ▲$30.00M ▲$20.00M ▼$20.00M ▲
BW Thermal Segment
BW Thermal Segment
 $270.00M ▲$140.00M ▼$100.00M ▼$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement BW’s revenue has grown over the five‑year period but has been uneven, with a strong jump in the prior year followed by a pullback most recently. Profitability remains fragile: gross profit margins are reasonable for an engineering and services business, but operating profits are thin and net results are still in the red. The company has swung between small profits and losses in the past, with a particularly weak year recently and only partial recovery thereafter. Overall, the income statement shows a business with meaningful revenue and technical capability, but not yet a consistently profitable earnings profile.

Balance Sheet

Balance Sheet The balance sheet is stretched. Total assets are modest and have been drifting down, while debt remains high relative to the size of the company. Equity has hovered around zero or negative, which points to a highly leveraged capital structure and limited cushion against shocks. Cash on hand has trended lower, suggesting less flexibility to absorb volatility or fund growth internally. In short, the company is operating with a tight financial safety margin and depends heavily on lenders and capital markets.

Cash Flow

Cash Flow BW has not been generating steady cash from its core operations. Operating cash flow has been negative for several years, and free cash flow has also been consistently negative, even though spending on equipment and capital projects has been fairly modest. This pattern indicates that the business has been consuming cash rather than producing it, likely due to project timing, working capital needs, and weak profitability. The company appears reliant on external financing or asset sales to support operations and growth initiatives, which adds financial risk if funding conditions tighten.

Competitive Edge

Competitive Edge Competitively, BW combines a long industrial legacy with a specialized focus on cleaner energy and emissions control. Its large installed base of boilers and environmental systems provides recurring service and upgrade work, and its brand is well known in power generation. The company competes against large diversified players and focused niche firms, but stands out through turnkey project capabilities, lifecycle services, and deep project‑management experience. These strengths give BW relevance in markets such as plant conversions, waste‑to‑energy, and decarbonization retrofits, although pricing pressure and large‑project execution risk remain ongoing challenges.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. BW’s ClimateBright portfolio, including its chemical looping, oxy‑combustion, post‑combustion capture, and hydrogen combustion technologies, positions the company directly in the path of decarbonization and cleaner power trends. The ability to work with multiple fuels, convert existing plants, and integrate carbon capture is a meaningful differentiator. The company is also targeting emerging areas like power for AI data centers and components for green hydrogen projects, often via partnerships. The main uncertainty is how quickly these technologies can scale from promising projects and pipelines into repeatable, profitable deployments.

Summary

BW is an industrial company in transition: strategically well aligned with the global shift to cleaner energy, but financially constrained and still searching for consistent profitability and cash generation. Its engineering heritage, installed base, and proprietary decarbonization technologies give it a recognizable competitive position and exposure to growth themes like emissions control, plant conversions, data‑center power, and hydrogen. At the same time, a weak balance sheet, persistent negative cash flow, and volatile earnings raise execution and funding risks. The core question going forward is whether BW can convert its strong technology and project pipeline into stable margins and self‑funded growth before financial constraints become more pressing.

NEWS

November 25, 2025 · 6:30 AM UTC

Babcock & Wilcox to Present at 5th Annual B. Riley Convergence Conference on December 4, 2025

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November 24, 2025 · 6:30 AM UTC

Babcock & Wilcox Enterprises Announces Retirement of Henry Bartoli from its Board of Directors

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November 20, 2025 · 6:30 AM UTC

Babcock & Wilcox Construction Co., LLC Awarded $17 Million Contract for Refurbishing a U.S. Power Plant

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November 7, 2025 · 6:30 AM UTC

Babcock & Wilcox Announces It Raised $67.5 Million Through its At-the-Market Equity Offering

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November 4, 2025 · 5:28 PM UTC

Babcock & Wilcox Announces Sale of Allen-Sherman-Hoff Business

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