Babcock & Wilcox Enterprises I Financials
This page shows Babcock & Wilcox Enterprises I (BW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Babcock & Wilcox Enterprises I has an operating margin of 3.5%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from -1.1% the prior year.
Babcock & Wilcox Enterprises I's revenue grew a modest 1.1% year-over-year to $587.7M. This slow but positive growth earns a score of 35/100.
Babcock & Wilcox Enterprises I's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.
While Babcock & Wilcox Enterprises I generated -$68.9M in operating cash flow, capex of $16.8M consumed most of it, leaving -$85.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Babcock & Wilcox Enterprises I scores -0.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($794.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Babcock & Wilcox Enterprises I passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Babcock & Wilcox Enterprises I generates $1.91 in operating cash flow (-$68.9M OCF vs -$36.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Babcock & Wilcox Enterprises I earns $4.6 in operating income for every $1 of interest expense ($20.7M vs $4.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Babcock & Wilcox Enterprises I generated $587.7M in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Babcock & Wilcox Enterprises I's EBITDA was $30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 197.6% from the prior year.
Babcock & Wilcox Enterprises I reported -$36.2M in net income in fiscal year 2025. This represents an increase of 39.6% from the prior year.
Babcock & Wilcox Enterprises I earned $-0.48 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.5% from the prior year.
Cash & Balance Sheet
Babcock & Wilcox Enterprises I generated -$85.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 34.1% from the prior year.
Babcock & Wilcox Enterprises I held $89.5M in cash against $0 in long-term debt as of fiscal year 2025.
Babcock & Wilcox Enterprises I had 130M shares outstanding in fiscal year 2025. This represents an increase of 37.1% from the prior year.
Margins & Returns
Babcock & Wilcox Enterprises I's gross margin was 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.
Babcock & Wilcox Enterprises I's operating margin was 3.5% in fiscal year 2025, reflecting core business profitability. This is up 4.6 percentage points from the prior year.
Babcock & Wilcox Enterprises I's net profit margin was -6.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.2 percentage points from the prior year.
Capital Allocation
Babcock & Wilcox Enterprises I spent $386K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 14.9% from the prior year.
Babcock & Wilcox Enterprises I invested $16.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 49.7% from the prior year.
BW Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $113.4M-23.9% | $149.0M+3.4% | $144.1M-20.5% | $181.2M+60.8% | $112.7M-26.2% | $152.6M+0.8% | $151.4M-7.8% | $164.3M |
| Cost of Revenue | $90.0M-19.5% | $111.9M+11.0% | $100.8M-28.6% | $141.1M+50.2% | $93.9M-19.4% | $116.5M-1.5% | $118.3M-5.7% | $125.5M |
| Gross Profit | $23.4M-37.0% | $37.1M-14.1% | $43.2M+7.9% | $40.1M+113.5% | $18.8M-48.0% | $36.1M+9.2% | $33.1M-14.6% | $38.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $23.0M-22.9% | $29.8M-12.4% | $34.0M+3.9% | $32.7M+46.4% | $22.4M-32.9% | $33.3M-9.0% | $36.6M+13.7% | $32.2M |
| Operating Income | $259K-96.0% | $6.5M-20.0% | $8.1M+38.9% | $5.8M+163.7% | -$9.2M-685.6% | $1.6M+135.2% | -$4.4M-177.7% | $5.7M |
| Interest Expense | $1.3M+2.2% | $1.3M-6.4% | $1.4M+209.5% | $452K-98.6% | $31.6M+8088.1% | $386K-70.8% | $1.3M-89.7% | $12.8M |
| Income Tax | $1.0M+1.0% | $1.0M-73.6% | $3.9M+67.6% | $2.3M-69.9% | $7.7M+1620.5% | -$508K-110.9% | $4.7M+415.8% | $907K |
| Net Income | $9.2M-73.6% | $35.1M+160.0% | -$58.5M-165.8% | -$22.0M+65.2% | -$63.2M-1084.5% | -$5.3M-121.0% | $25.4M+250.9% | -$16.8M |
| EPS (Diluted) | N/A | $0.30+147.6% | $-0.63-142.3% | $-0.26 | N/A | $-0.10-141.7% | $0.24+204.3% | $-0.23 |
BW Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $662.9M+0.8% | $657.9M-6.5% | $703.5M-2.3% | $719.7M-1.0% | $727.0M-9.6% | $804.6M-5.2% | $849.1M+6.7% | $795.5M |
| Current Assets | $470.7M-1.9% | $479.7M-9.0% | $526.9M+9.1% | $482.9M-12.8% | $553.5M+4.4% | $530.2M-7.7% | $574.6M+19.1% | $482.2M |
| Cash & Equivalents | $89.5M+254.7% | $25.2M+7.6% | $23.4M-0.3% | $23.5M-12.5% | $26.9M-12.3% | $30.6M-67.9% | $95.5M+117.6% | $43.9M |
| Inventory | $60.9M-5.7% | $64.6M-1.7% | $65.7M-41.1% | $111.5M+91.2% | $58.3M-50.0% | $116.6M+5.7% | $110.3M-1.9% | $112.4M |
| Accounts Receivable | $118.4M+16.4% | $101.7M+4.1% | $97.7M-23.8% | $128.3M+39.8% | $91.8M+1.9% | $90.0M-7.7% | $97.6M-21.6% | $124.4M |
| Goodwill | $53.1M+1.0% | $52.6M-1.6% | $53.4M-35.2% | $82.5M+60.5% | $51.4M-39.2% | $84.6M+0.9% | $83.8M-16.7% | $100.7M |
| Total Liabilities | $794.5M-10.7% | $890.1M-12.1% | $1.0B-1.0% | $1.0B+1.2% | $1.0B+0.2% | $1.0B-3.8% | $1.0B+2.9% | $1.0B |
| Current Liabilities | $386.7M-3.6% | $401.0M-24.2% | $529.3M+3.5% | $511.2M+25.7% | $406.7M+36.5% | $297.9M-10.8% | $333.9M+0.3% | $332.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$131.5M+43.4% | -$232.2M+24.9% | -$309.2M-2.1% | -$303.0M-6.8% | -$283.8M-39.3% | -$203.7M-2.4% | -$198.9M+10.8% | -$223.0M |
| Retained Earnings | -$1.7B+0.3% | -$1.7B+1.8% | -$1.7B-3.7% | -$1.7B-1.6% | -$1.6B-4.2% | -$1.6B-0.6% | -$1.6B+1.4% | -$1.6B |
BW Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M+90.7% | -$32.1M-26.9% | -$25.3M-198.6% | -$8.5M+62.4% | -$22.5M+67.6% | -$69.5M-488.4% | -$11.8M+21.0% | -$14.9M |
| Capital Expenditures | $4.2M-24.3% | $5.5M+100.8% | $2.7M-36.5% | $4.3M+301.5% | $1.1M-50.0% | $2.2M-52.9% | $4.6M+34.8% | $3.4M |
| Free Cash Flow | -$7.2M+81.0% | -$37.6M-34.1% | -$28.1M-119.1% | -$12.8M+45.7% | -$23.6M+67.1% | -$71.6M-337.2% | -$16.4M+10.6% | -$18.3M |
| Investing Cash Flow | $24.6M-84.8% | $161.8M+1011.4% | $14.6M+472.6% | -$3.9M-112.2% | $32.0M+1561.3% | $1.9M-97.6% | $78.9M+2868.9% | -$2.8M |
| Financing Cash Flow | -$21.4M+46.6% | -$40.0M-1434.5% | $3.0M+823.2% | -$414K+62.6% | -$1.1M+89.7% | -$10.8M-135.5% | $30.3M-40.9% | $51.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $386K | N/A | N/A | $62K-76.0% | $258K+1512.5% | $16K | $0 |
BW Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6%-4.3pp | 24.9%-5.1pp | 30.0%+7.9pp | 22.1%+5.5pp | 16.7%-7.0pp | 23.7%+1.8pp | 21.9%-1.7pp | 23.6% |
| Operating Margin | 0.2%-4.1pp | 4.4%-1.3pp | 5.6%+2.4pp | 3.2%+11.4pp | -8.1%-9.2pp | 1.0%+4.0pp | -2.9%-6.4pp | 3.5% |
| Net Margin | 8.2%-15.4pp | 23.5%+64.1pp | -40.6%-28.5pp | -12.2%+43.9pp | -56.0%-52.5pp | -3.5%-20.3pp | 16.8%+27.0pp | -10.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.4%-3.9pp | 5.3%+13.6pp | -8.3%-5.2pp | -3.1%+5.6pp | -8.7%-8.0pp | -0.7%-3.6pp | 3.0%+5.1pp | -2.1% |
| Current Ratio | 1.22+0.0 | 1.20+0.2 | 1.00+0.1 | 0.94-0.4 | 1.36-0.4 | 1.78+0.1 | 1.72+0.3 | 1.45 |
| Debt-to-Equity | -6.04-2.2 | -3.83-0.6 | -3.27+0.1 | -3.37+0.2 | -3.56+1.4 | -4.95+0.3 | -5.27-0.7 | -4.56 |
| FCF Margin | -6.3%+18.9pp | -25.3%-5.8pp | -19.5%-12.4pp | -7.1%+13.9pp | -20.9%+26.0pp | -46.9%-36.1pp | -10.8%+0.3pp | -11.2% |
Note: Shareholder equity is negative (-$131.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Babcock & Wilcox Enterprises I's annual revenue?
Babcock & Wilcox Enterprises I (BW) reported $587.7M in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Babcock & Wilcox Enterprises I's revenue growing?
Babcock & Wilcox Enterprises I (BW) revenue grew by 1.1% year-over-year, from $581.0M to $587.7M in fiscal year 2025.
Is Babcock & Wilcox Enterprises I profitable?
No, Babcock & Wilcox Enterprises I (BW) reported a net income of -$36.2M in fiscal year 2025, with a net profit margin of -6.2%.
What is Babcock & Wilcox Enterprises I's EBITDA?
Babcock & Wilcox Enterprises I (BW) had EBITDA of $30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Babcock & Wilcox Enterprises I's gross margin?
Babcock & Wilcox Enterprises I (BW) had a gross margin of 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Babcock & Wilcox Enterprises I's operating margin?
Babcock & Wilcox Enterprises I (BW) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Babcock & Wilcox Enterprises I's net profit margin?
Babcock & Wilcox Enterprises I (BW) had a net profit margin of -6.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Babcock & Wilcox Enterprises I's free cash flow?
Babcock & Wilcox Enterprises I (BW) generated -$85.7M in free cash flow during fiscal year 2025. This represents a 34.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Babcock & Wilcox Enterprises I's operating cash flow?
Babcock & Wilcox Enterprises I (BW) generated -$68.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Babcock & Wilcox Enterprises I's total assets?
Babcock & Wilcox Enterprises I (BW) had $662.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Babcock & Wilcox Enterprises I's capital expenditures?
Babcock & Wilcox Enterprises I (BW) invested $16.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Babcock & Wilcox Enterprises I's current ratio?
Babcock & Wilcox Enterprises I (BW) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Babcock & Wilcox Enterprises I's debt-to-equity ratio?
Babcock & Wilcox Enterprises I (BW) had a debt-to-equity ratio of -6.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Babcock & Wilcox Enterprises I's return on assets (ROA)?
Babcock & Wilcox Enterprises I (BW) had a return on assets of -5.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Babcock & Wilcox Enterprises I's cash runway?
Based on fiscal year 2025 data, Babcock & Wilcox Enterprises I (BW) had $89.5M in cash against an annual operating cash burn of $68.9M. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Babcock & Wilcox Enterprises I's debt-to-equity ratio negative or unusual?
Babcock & Wilcox Enterprises I (BW) has negative shareholder equity of -$131.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Babcock & Wilcox Enterprises I's Altman Z-Score?
Babcock & Wilcox Enterprises I (BW) has an Altman Z-Score of -0.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Babcock & Wilcox Enterprises I's Piotroski F-Score?
Babcock & Wilcox Enterprises I (BW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Babcock & Wilcox Enterprises I's earnings high quality?
Babcock & Wilcox Enterprises I (BW) has an earnings quality ratio of 1.91x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Babcock & Wilcox Enterprises I cover its interest payments?
Babcock & Wilcox Enterprises I (BW) has an interest coverage ratio of 4.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Babcock & Wilcox Enterprises I?
Babcock & Wilcox Enterprises I (BW) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.