Babcock & Wilcox Enterprises (BW)
Market Price (12/18/2025): $4.625 | Market Cap: $476.6 MilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Babcock & Wilcox Enterprises (BW)
Market Price (12/18/2025): $4.625Market Cap: $476.6 MilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76% | Weak multi-year price returns3Y Excs Rtn is -77% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Hydrogen Economy. Themes include Waste-to-Energy Solutions, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 392%, 12M Rtn12 month market price return is 167% | |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.4% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 361% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27% | ||
| High stock price volatilityVol 12M is 154% | ||
| Key risksBW key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial distress, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Hydrogen Economy. Themes include Waste-to-Energy Solutions, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -77% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 392%, 12M Rtn12 month market price return is 167% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.4% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 361% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27% |
| High stock price volatilityVol 12M is 154% |
| Key risksBW key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial distress, Show more. |
Valuation, Metrics & Events
BW Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Based on the available information for Babcock & Wilcox Enterprises (BW) for the approximate time period from August 31, 2025, to December 18, 2025, the stock did not experience a 108% increase. However, several key events and developments occurred during this period that impacted the company's performance and market sentiment.
Here are the key points highlighting significant movements and news for BW during this timeframe:
1. 1. Strong Q3 2025 Financial Results and Guidance: Babcock & Wilcox Enterprises reported robust third-quarter 2025 results, with adjusted EBITDA increasing by 58% year-over-year and operating income soaring by 315% year-over-year. The company's backlog also saw a significant sequential increase of 56% to over $393 million, driven by demand in power generation projects. Management also reiterated strong 2026 guidance for core-business adjusted EBITDA.
2. 2. Major AI Data Center Project Opportunity: B&W received a limited notice to proceed on a substantial $1.5 billion project to supply natural gas-fired technology for a 1 GW AI data center in collaboration with Applied Digital. This project, along with a global pipeline of $10–$12 billion in potential opportunities including $3–$5 billion in AI data centers, was highlighted by management as a significant upside to future guidance.
3.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BW Return | -4% | 157% | -36% | -75% | 12% | 222% | 45% |
| Peers Return | 21% | 47% | 11% | 14% | 39% | 16% | 265% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BW Win Rate | 58% | 50% | 33% | 33% | 33% | 58% | |
| Peers Win Rate | 62% | 60% | 57% | 57% | 65% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BW Max Drawdown | -78% | -5% | -55% | -83% | -46% | -84% | |
| Peers Max Drawdown | -52% | -5% | -22% | -19% | -10% | -24% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: FLR, J, ACM, PWR, MTZ. See BW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)
How Low Can It Go
| Event | BW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.1% | -25.4% |
| % Gain to Breakeven | 908.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -83.7% | -33.9% |
| % Gain to Breakeven | 514.8% | 51.3% |
| Time to Breakeven | 307 days | 148 days |
| 2018 Correction | ||
| % Loss | -98.7% | -19.8% |
| % Gain to Breakeven | 7584.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to TTI, NGS, BWEN, KLXE, ADVEN
In The Past
Babcock & Wilcox Enterprises's stock fell -90.1% during the 2022 Inflation Shock from a high on 11/17/2021. A -90.1% loss requires a 908.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to BW. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.8% | 19.8% | -1.6% |
| 11212025 | VRRM | Verra Mobility | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.2% | 2.2% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.9% | 5.9% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.2% | 4.2% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.5% | 1.5% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.8% | 19.8% | -1.6% |
| 11212025 | VRRM | Verra Mobility | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.2% | 2.2% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.9% | 5.9% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.2% | 4.2% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.5% | 1.5% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Babcock & Wilcox Enterprises
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.53 |
| Mkt Cap | 16.0 |
| Rev LTM | 14,675 |
| Op Inc LTM | 723 |
| FCF LTM | 512 |
| FCF 3Y Avg | 605 |
| CFO LTM | 666 |
| CFO 3Y Avg | 760 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 4.1% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 4.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 4.9% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | 3.6% |
| FCF/Rev 3Y Avg | 4.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.0 |
| P/S | 1.1 |
| P/EBIT | 27.1 |
| P/E | 40.3 |
| P/CFO | 22.7 |
| Total Yield | 2.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.4% |
| 3M Rtn | 4.8% |
| 6M Rtn | 9.7% |
| 12M Rtn | 11.8% |
| 3Y Rtn | 30.4% |
| 1M Excs Rtn | -8.2% |
| 3M Excs Rtn | -0.7% |
| 6M Excs Rtn | -2.7% |
| 12M Excs Rtn | -0.4% |
| 3Y Excs Rtn | -41.2% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2025 | 28.3% | 82.9% | 51.9% |
| 8/11/2025 | 15.7% | 18.9% | 107.1% |
| 3/31/2025 | -31.9% | -46.9% | -32.9% |
| 11/12/2024 | -28.5% | -21.3% | -28.5% |
| 8/8/2024 | 6.3% | -8.1% | 2.7% |
| 3/14/2024 | -22.7% | -17.2% | -18.0% |
| 8/8/2023 | 3.4% | -2.9% | 0.2% |
| 3/15/2023 | -0.7% | 4.4% | 11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 7 | 8 | 7 |
| Median Positive | 6.7% | 13.4% | 21.4% |
| Median Negative | -22.7% | -14.5% | -18.0% |
| Max Positive | 28.3% | 82.9% | 107.1% |
| Max Negative | -37.2% | -48.7% | -41.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8112025 | 10-Q 6/30/2025 |
| 3312025 | 5122025 | 10-Q 3/31/2025 |
| 12312024 | 3312025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 5092024 | 10-Q 3/31/2024 |
| 12312023 | 3152024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8082023 | 10-Q 6/30/2023 |
| 3312023 | 5102023 | 10-Q 3/31/2023 |
| 12312022 | 3162023 | 10-K 12/31/2022 |
| 9302022 | 11082022 | 10-Q 9/30/2022 |
| 6302022 | 8082022 | 10-Q 6/30/2022 |
| 3312022 | 5092022 | 10-Q 3/31/2022 |
| 12312021 | 3082022 | 10-K 12/31/2021 |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |