Tearsheet

Babcock & Wilcox Enterprises (BW)


Market Price (12/18/2025): $4.625 | Market Cap: $476.6 Mil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Babcock & Wilcox Enterprises (BW)


Market Price (12/18/2025): $4.625
Market Cap: $476.6 Mil
Sector: Industrials
Industry: 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


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%
Weak multi-year price returns
3Y Excs Rtn is -77%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%
1 Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Hydrogen Economy. Themes include Waste-to-Energy Solutions, Show more.
  Stock price has recently run up significantly
6M Rtn6 month market price return is 392%, 12M Rtn12 month market price return is 167%
2   Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -2.4%
3   Not cash flow generative
CFO/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%
4   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 361%
5   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27%
6   High stock price volatility
Vol 12M is 154%
7   Key risks
BW key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial distress, Show more.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 76%
1 Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Sustainable Infrastructure, and Hydrogen Economy. Themes include Waste-to-Energy Solutions, Show more.
2 Weak multi-year price returns
3Y Excs Rtn is -77%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 392%, 12M Rtn12 month market price return is 167%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -2.4%
6 Not cash flow generative
CFO/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%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 361%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -27%
9 High stock price volatility
Vol 12M is 154%
10 Key risks
BW 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.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BW Return-4%157%-36%-75%12%222%45%
Peers Return21%47%11%14%39%16%265%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
BW Win Rate58%50%33%33%33%58% 
Peers Win Rate62%60%57%57%65%58% 
S&P 500 Win Rate58%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

Unique KeyEventBWS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-90.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven908.1%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-83.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven514.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven307 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-98.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven7584.8%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 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.

About Babcock & Wilcox Enterprises (BW)

Better Bets than Babcock & Wilcox Enterprises (BW)

Trade Ideas

Select past ideas related to BW. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
19.8%19.8%-1.6%
VRRM_11212025_Dip_Buyer_FCFYield11212025VRRMVerra MobilityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
2.2%2.2%-1.2%
LII_11212025_Dip_Buyer_ValueBuy11212025LIILennox InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ADPAutomatic Data ProcessingMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.2%4.2%-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%11212025CWCurtiss-WrightQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
1.5%1.5%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
19.8%19.8%-1.6%
VRRM_11212025_Dip_Buyer_FCFYield11212025VRRMVerra MobilityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
2.2%2.2%-1.2%
LII_11212025_Dip_Buyer_ValueBuy11212025LIILennox InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ADPAutomatic Data ProcessingMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.2%4.2%-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%11212025CWCurtiss-WrightQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
1.5%1.5%0.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Babcock & Wilcox Enterprises

Peers to compare with:

Financials

BWFLRJACMPWRMTZMedian
NameBabcock .Fluor Jacobs S.AECOM Quanta S.MasTec  
Mkt Price4.6440.86132.3896.69414.25209.27114.53
Mkt Cap0.56.615.817.361.716.316.0
Rev LTM74715,58812,03016,14027,19113,76214,675
Op Inc LTM54-2268641,0591,548583723
FCF LTM-1022376076851,252417512
FCF 3Y Avg-762407936611,266548605
CFO LTM-883066878221,814645666
CFO 3Y Avg-633559057821,781739760

Growth & Margins

BWFLRJACMPWRMTZMedian
NameBabcock .Fluor Jacobs S.AECOM Quanta S.MasTec  
Rev Chg LTM76.3%-1.8%4.6%0.2%18.7%13.0%8.8%
Rev Chg 3Y Avg8.5%4.7%7.2%7.2%17.9%17.8%7.9%
Rev Chg Q-2.4%-17.7%6.6%1.6%17.5%22.0%4.1%
QoQ Delta Rev Chg LTM-0.5%-4.5%1.6%0.4%4.4%5.5%1.0%
Op Mgn LTM7.2%-1.4%7.2%6.6%5.7%4.2%6.1%
Op Mgn 3Y Avg3.4%0.6%6.5%5.9%5.4%2.6%4.4%
QoQ Delta Op Mgn LTM0.8%-3.3%0.0%0.2%0.1%0.3%0.2%
CFO/Rev LTM-11.8%2.0%5.7%5.1%6.7%4.7%4.9%
CFO/Rev 3Y Avg-11.5%2.2%8.0%5.0%7.7%5.9%5.5%
FCF/Rev LTM-13.7%1.5%5.0%4.2%4.6%3.0%3.6%
FCF/Rev 3Y Avg-13.5%1.5%7.0%4.2%5.4%4.4%4.3%

Valuation

BWFLRJACMPWRMTZMedian
NameBabcock .Fluor Jacobs S.AECOM Quanta S.MasTec  
Mkt Cap0.56.615.817.361.716.316.0
P/S0.60.41.31.12.31.21.1
P/EBIT30.2-57.322.9-37.927.127.1
P/E-4.42.054.730.760.749.940.3
P/CFO-5.422.323.021.034.025.622.7
Total Yield-22.7%49.7%2.3%4.0%1.7%2.0%2.2%
Dividend Yield0.0%0.0%0.5%0.8%0.1%0.0%0.0%
FCF Yield 3Y Avg-31.3%2.8%4.7%-3.0%5.7%3.0%
D/E1.00.20.2-0.10.20.2
Net D/E0.9-0.30.1-0.10.20.1

Returns

BWFLRJACMPWRMTZMedian
NameBabcock .Fluor Jacobs S.AECOM Quanta S.MasTec  
1M Rtn-27.6%-0.6%-11.9%-26.7%-3.0%8.2%-7.4%
3M Rtn50.6%1.3%-9.9%-23.6%10.2%8.2%4.8%
6M Rtn392.2%-18.3%4.4%-12.0%15.0%27.1%9.7%
12M Rtn166.7%-23.6%0.3%-11.6%23.3%53.3%11.8%
3Y Rtn-8.5%22.1%38.7%20.1%190.4%144.8%30.4%
1M Excs Rtn-28.3%-1.4%-12.6%-27.4%-3.7%7.5%-8.2%
3M Excs Rtn30.5%-5.0%-12.7%-28.5%4.7%3.6%-0.7%
6M Excs Rtn379.8%-30.7%-7.9%-24.4%2.6%14.7%-2.7%
12M Excs Rtn138.4%-36.3%-12.5%-23.5%11.8%40.8%-0.4%
3Y Excs Rtn-76.6%-50.4%-32.1%-50.4%108.5%71.7%-41.2%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Babcock & Wilcox (B&W) Thermal segment499415433305410
Babcock & Wilcox (B&W) Renewable segment141289157156206
Babcock & Wilcox (B&W) Environmental segment109154134108276
Elimination of intersegment revenues-21-10-1-3-32
Total727848723566859


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity2,674,576
Short Interest: % Change Since 11152025-10.8%
Average Daily Volume3,306,260
Days-to-Cover Short Interest1
Basic Shares Quantity103,047,000
Short % of Basic Shares2.6%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202528.3%82.9%51.9%
8/11/202515.7%18.9%107.1%
3/31/2025-31.9%-46.9%-32.9%
11/12/2024-28.5%-21.3%-28.5%
8/8/20246.3%-8.1%2.7%
3/14/2024-22.7%-17.2%-18.0%
8/8/20233.4%-2.9%0.2%
3/15/2023-0.7%4.4%11.4%
...
SUMMARY STATS   
# Positive111011
# Negative787
Median Positive6.7%13.4%21.4%
Median Negative-22.7%-14.5%-18.0%
Max Positive28.3%82.9%107.1%
Max Negative-37.2%-48.7%-41.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251110202510-Q 9/30/2025
6302025811202510-Q 6/30/2025
3312025512202510-Q 3/31/2025
12312024331202510-K 12/31/2024
93020241112202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023315202410-K 12/31/2023
93020231109202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023510202310-Q 3/31/2023
12312022316202310-K 12/31/2022
93020221108202210-Q 9/30/2022
6302022808202210-Q 6/30/2022
3312022509202210-Q 3/31/2022
12312021308202210-K 12/31/2021