Babcock & Wilcox Enterprises (BW)
Market Price (11/4/2026): $4.23 | Market Cap: $630.1 MilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Babcock & Wilcox Enterprises (BW)
Market Price (11/4/2026): $4.23Market Cap: $630.1 MilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -75% 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 -3.2% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.1% 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 -8.7% High stock price volatilityVol 12M is 120% 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 43% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -75% |
| 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 -3.2% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.1% |
| 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 -8.7% |
| High stock price volatilityVol 12M is 120% |
| Key risksBW key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial distress, Show more. |
Qualitative Assessment
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Babcock & Wilcox Enterprises (BW) stock has lost about 55% since 7/31/2026 because of the following key factors:
1. Lingering Legal and Governance Concerns from Contested Contract. The stock continued to be heavily impacted by ongoing securities class action lawsuits tied to the $2.4 billion Base Electron power generation contract. These lawsuits, stemming from a March 2026 short-seller report that exposed related-party connections, raised significant governance concerns and fostered sustained investor apprehension regarding the legitimacy and convertibility of a substantial portion of the company's $2.7 billion backlog.
2. Dilution Fears Following Recent Equity Offerings. Babcock & Wilcox Enterprises experienced persistent selling pressure due to broader market fears of dilution, despite the company's announcement of a $50 million share repurchase program in July 2026. A $200 million follow-on equity offering completed in mid-May 2026 and a subsequent $95.2 million ESOP-related shelf registration for 5 million common shares significantly increased the share count and raised concerns about the company's ability to fund long-dated projects while managing negative free cash flow.
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Babcock & Wilcox Enterprises (BW) stock has lost about 55% since 7/31/2026 because of the following key factors:
1. Lingering Legal and Governance Concerns from Contested Contract. The stock continued to be heavily impacted by ongoing securities class action lawsuits tied to the $2.4 billion Base Electron power generation contract. These lawsuits, stemming from a March 2026 short-seller report that exposed related-party connections, raised significant governance concerns and fostered sustained investor apprehension regarding the legitimacy and convertibility of a substantial portion of the company's $2.7 billion backlog.
2. Dilution Fears Following Recent Equity Offerings. Babcock & Wilcox Enterprises experienced persistent selling pressure due to broader market fears of dilution, despite the company's announcement of a $50 million share repurchase program in July 2026. A $200 million follow-on equity offering completed in mid-May 2026 and a subsequent $95.2 million ESOP-related shelf registration for 5 million common shares significantly increased the share count and raised concerns about the company's ability to fund long-dated projects while managing negative free cash flow.
3. Market Repricing of AI-Power Contract and Fading Sector Momentum. A substantial portion of the stock's decline was attributable to the market's repricing of the $2.4 billion AI-power contract with Base Electron. This company-specific revaluation was exacerbated by a broader cooling of enthusiasm for data center power names, which had previously fueled the stock's rise, creating a significant sector-level headwind and technical weakness.
4. Operational Headwinds and Significant Non-Cash Charges in Fiscal Q2 2026. Despite reporting better-than-expected financial results for fiscal Q2 2026 (ended June 2026) on August 10, 2026, with an EPS of $0.04 beating estimates of $0.02 and revenue of $319.72 million surpassing forecasts of $196.95 million, investor sentiment was negatively affected by underlying operational challenges. These included labor shortages that impacted efficiencies and increased direct costs on a specific construction project, alongside $77.4 million in non-cash warrants and other stock-related costs recorded in the first half of fiscal 2026, contributing to a net loss of $62.7 million for that period.
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Stock Movement Drivers
Fundamental Drivers
The -54.6% change in BW stock from 7/31/2026 to 11/3/2026 was primarily driven by a -62.3% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.32 | 4.23 | -54.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 641 | 822 | 28.2% |
| P/S Multiple | 1.9 | 0.7 | -62.3% |
| Shares Outstanding (Mil) | 134 | 142 | -6.0% |
| Cumulative Contribution | -54.6% |
Market Drivers
7/31/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| BW | -54.6% | |
| Market (SPY) | 1.0% | 55.4% |
| Sector (XLI) | -4.7% | 49.5% |
Fundamental Drivers
The -73.0% change in BW stock from 4/30/2026 to 11/3/2026 was primarily driven by a -77.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.66 | 4.23 | -73.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 575 | 822 | 42.9% |
| P/S Multiple | 3.3 | 0.7 | -77.9% |
| Shares Outstanding (Mil) | 122 | 142 | -14.3% |
| Cumulative Contribution | -73.0% |
Market Drivers
4/30/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| BW | -73.0% | |
| Market (SPY) | 5.2% | 43.8% |
| Sector (XLI) | -1.6% | 44.3% |
Fundamental Drivers
The 17.2% change in BW stock from 10/31/2025 to 11/3/2026 was primarily driven by a 42.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.61 | 4.23 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 576 | 822 | 42.6% |
| P/S Multiple | 0.6 | 0.7 | 18.4% |
| Shares Outstanding (Mil) | 99 | 142 | -30.6% |
| Cumulative Contribution | 17.2% |
Market Drivers
10/31/2025 to 11/3/2026| Return | Correlation | |
|---|---|---|
| BW | 17.2% | |
| Market (SPY) | 11.5% | 36.7% |
| Sector (XLI) | 11.4% | 34.6% |
Fundamental Drivers
The 60.8% change in BW stock from 10/31/2023 to 11/3/2026 was primarily driven by a 132.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.63 | 4.23 | 60.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 742 | 822 | 10.7% |
| P/S Multiple | 0.3 | 0.7 | 132.9% |
| Shares Outstanding (Mil) | 89 | 142 | -37.6% |
| Cumulative Contribution | 60.8% |
Market Drivers
10/31/2023 to 11/3/2026| Return | Correlation | |
|---|---|---|
| BW | 60.8% | |
| Market (SPY) | 86.6% | 30.8% |
| Sector (XLI) | 81.1% | 31.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BW Return | 157% | -36% | -75% | 12% | 287% | -33% | 21% |
| Peers Return | 47% | 11% | 14% | 39% | 13% | 12% | 227% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BW Win Rate | 50% | 33% | 33% | 33% | 67% | 36% | |
| Peers Win Rate | 60% | 57% | 57% | 65% | 58% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BW Max Drawdown | -38% | -56% | -85% | -53% | -85% | -81% | |
| Peers Max Drawdown | -23% | -26% | -30% | -16% | -33% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 11/3/2026 (YTD)
How Low Can It Go
| Event | BW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -79.4% | -18.8% |
| % Gain to Breakeven | 386.3% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -46.0% | -7.8% |
| % Gain to Breakeven | 85.1% | 8.5% |
| Time to Breakeven | 46 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -81.0% | -9.5% |
| % Gain to Breakeven | 426.1% | 10.5% |
| Time to Breakeven | 725 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.5% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.1% | -24.5% |
| % Gain to Breakeven | 92.7% | 32.4% |
| Time to Breakeven | 1183 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -82.7% | -33.7% |
| % Gain to Breakeven | 479.0% | 50.9% |
| Time to Breakeven | 303 days | 140 days |
In The Past
Babcock & Wilcox Enterprises's stock fell -79.4% during the 2025 US Tariff Shock. Such a loss loss requires a 386.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -79.4% | -18.8% |
| % Gain to Breakeven | 386.3% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -46.0% | -7.8% |
| % Gain to Breakeven | 85.1% | 8.5% |
| Time to Breakeven | 46 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -81.0% | -9.5% |
| % Gain to Breakeven | 426.1% | 10.5% |
| Time to Breakeven | 725 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.5% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.1% | -24.5% |
| % Gain to Breakeven | 92.7% | 32.4% |
| Time to Breakeven | 1183 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -82.7% | -33.7% |
| % Gain to Breakeven | 479.0% | 50.9% |
| Time to Breakeven | 303 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -65.8% | -19.2% |
| % Gain to Breakeven | 192.0% | 23.8% |
| Time to Breakeven | 2620 days | 105 days |
In The Past
Babcock & Wilcox Enterprises's stock fell -79.4% during the 2025 US Tariff Shock. Such a loss loss requires a 386.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Babcock & Wilcox Enterprises (BW)
Babcock & Wilcox Enterprises (BW) is a global provider of energy and emissions control solutions, serving a diverse range of industrial, electrical utility, and municipal customers worldwide. The company's core business revolves around helping clients efficiently generate power and steam while also mitigating their environmental impact through advanced pollution control technologies.
BW operates through three primary segments. The Babcock & Wilcox Renewable segment offers technologies for waste-to-energy conversion, biomass energy systems, and solar construction and installation, facilitating the use of waste for power generation and replacing fossil fuels. The Babcock & Wilcox Environmental segment provides a comprehensive suite of emissions control and environmental technology solutions, including systems for cooling, ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control. Lastly, the Babcock & Wilcox Thermal segment supplies steam generation equipment, aftermarket parts, and essential construction, maintenance, and field services for power generation, oil and gas, and various industrial sectors like refining, petrochemical, and food processing.
AI Analysis | Feedback
Here are 1-3 brief analogies for Babcock & Wilcox Enterprises (BW):
Like a specialized Honeywell focused on industrial energy infrastructure and emissions control.
A Siemens Energy but with a strong emphasis on industrial and utility environmental solutions, including waste-to-energy.
The Ecolab for making heavy industry and utilities cleaner and more energy-efficient, specifically through emissions control and waste-to-energy conversion.
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- Renewable Energy Technologies: Provides waste-to-energy, biomass energy systems, solar construction and installation, and black liquor systems for the pulp and paper industry.
- Environmental & Emissions Control Solutions: Offers systems for cooling, ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control.
- Thermal Steam Generation Equipment: Supplies equipment for steam generation in power generation, oil and gas, and general industrial applications.
- Aftermarket Parts & Field Services: Provides aftermarket parts, construction, maintenance, and field services for thermal power generation and industrial plants.
AI Analysis | Feedback
Major Customers of Babcock & Wilcox Enterprises (BW)
Babcock & Wilcox Enterprises (BW) primarily sells its energy and emissions control solutions to other companies and organizations worldwide. The provided background description does not list specific customer company names. However, it identifies the following major categories of customers that the company serves:
- Industrial Customers: This broad category includes a diverse range of sectors such as the pulp and paper industry (for black liquor systems), refining, petrochemical, food processing, metals, carbon black, and other general industrial applications. These customers utilize BW's steam generation equipment, aftermarket parts, construction, maintenance, and field services, as well as environmental and renewable energy solutions.
- Electrical Utility Customers: These are companies involved in power generation. They use BW's steam generation equipment, emissions control technologies (for particulate control, NOx and SO2 removal, carbon control, mercury control), and renewable energy systems.
- Municipal Customers: These typically include city or government entities, often engaging with BW for waste-to-energy projects. BW provides technologies that support diverting waste from landfills for power generation.
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Kenneth Young - Chairman and Chief Executive Officer
Kenneth Young has served as Chief Executive Officer of Babcock & Wilcox (B&W) since November 2018 and Chairman since September 2020. He brings over 30 years of global operational, executive, and director experience, primarily within the energy, communications, and finance industries. Mr. Young is noted for his strategic acumen and transformational leadership, driving a turnaround at B&W by improving profitability and reducing senior debt. He previously served as President of B. Riley Financial, Inc. and Chief Executive Officer for B. Riley Principal Investments, a wholly-owned subsidiary of B. Riley Financial. Before B. Riley, he held executive leadership positions with Lightbridge Communications Corporation (LCC), a large independent telecom construction and services company, where he led the company's sale in 2015. Prior to LCC, Mr. Young held C-level positions within several of Liberty Media's subsidiaries and executive management positions at Cingular Wireless, SBC Wireless, Southwestern Bell Telephone, and AT&T. He has also served on the boards of directors for nine public companies.
Cameron Frymyer - Executive Vice President and Chief Financial Officer
Cameron Frymyer was named Executive Vice President and Chief Financial Officer for Babcock & Wilcox, effective January 1, 2025. He has a tenure of 27 years with the company, having served in numerous senior-level Finance & Accounting and operational leadership roles. From December 2023 through December 2024, Mr. Frymyer was Senior Vice President of Business Operations.
Jimmy B. Morgan - Executive Vice President and Chief Commercial Officer
Jimmy B. Morgan was appointed Executive Vice President and Chief Commercial Officer, effective January 1, 2025. He possesses over 35 years of experience in the global energy and construction industry, with extensive large project management, operations, and construction expertise. Mr. Morgan joined B&W in 2016 and has held various senior and executive-level roles, including Chief Operating Officer since 2022. His past responsibilities include leading the company's renewable energy business, including Babcock & Wilcox Vølund and its operations and maintenance services, as well as global aftermarket, new-build, and environmental products and services businesses.
Chris Riker - Executive Vice President and Chief Operating Officer
Chris Riker was named Executive Vice President and Chief Operating Officer, effective January 1, 2025. He has nearly 15 years of experience with B&W. Most recently, Mr. Riker served as Senior Vice President, Thermal, since August 2022, a role in which he was instrumental in improving cash flows and margins within the company's global operations. Prior to joining B&W, he worked as a consultant with KPMG LLP.
Gillianne Hetrick - Senior Vice President, Corporate Operations
Gillianne Hetrick was appointed Senior Vice President, Corporate Operations, effective January 1, 2025. She joined B&W in 2019 and has since taken on several roles of increasing responsibility, including for the company's corporate projects, mergers and acquisitions, real estate management, and IT functions. Ms. Hetrick brings over 20 years of experience in the energy and communications industries, having worked with both public and private companies.
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The key risks to Babcock & Wilcox Enterprises (BW) are:
- Financial Health and Going Concern Risk: Babcock & Wilcox Enterprises faces significant financial challenges, including substantial debt, persistent operational losses, negative equity, and insufficient earnings to cover its interest expenses. The company's own filings indicate "substantial doubt about its ability to continue as a going concern" without securing additional financing or refinancing its debt obligations. This precarious financial position, highlighted by a negative Altman Z-Score, suggests a potential risk of bankruptcy.
- Execution and Concentration Risk of Major Projects: A significant portion of the company's recent growth and backlog is tied to a single, large $2.4 billion AI data center power project. This reliance creates high execution risk due to the unprecedented scale of the project for BW and introduces severe concentration risk, as much of its projected growth is dependent on this one initiative. Concerns have also been raised regarding the legitimacy and transparency of this agreement and partnerships with related entities. Delays, cost overruns, or contract disputes on such large, fixed-price projects could severely impact the company's financial performance.
- Highly Competitive and Evolving Market with Regulatory Risks: Babcock & Wilcox Enterprises operates in intensely competitive industrial, electrical utility, and municipal sectors across its Renewable, Environmental, and Thermal segments. The company's business is susceptible to global market and economic uncertainties, including geopolitical conflicts and fluctuations in foreign currency exchange rates. Furthermore, it faces ongoing regulatory risks related to environmental laws, climate change initiatives, and the broader global transition towards decarbonization. While these trends can present opportunities for their environmental solutions, they also pose a threat to demand for traditional power generation technologies and introduce risks associated with policy and permitting delays for renewable and carbon projects.
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Babcock & Wilcox Enterprises (BW) operates in several addressable markets related to energy, environmental control, and thermal solutions. The market sizes for their main products and services are as follows:
Babcock & Wilcox Renewable Segment:
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Waste-to-Energy Market: The global waste-to-energy market size was estimated at USD 42.5 billion in 2024 and is projected to reach USD 68.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.3% from 2025 to 2030. Other estimates place the global market at USD 42.12 billion in 2024, with a projected CAGR of 8.2% from 2025 to 2034. Another source reports the global market size at USD 48.06 billion in 2024, anticipated to reach approximately USD 92.95 billion by 2034, with a CAGR of 6.81% from 2025 to 2034.
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Biomass Energy Market: The global biomass power market size was estimated at USD 133.97 billion in 2023 and is projected to reach USD 203.61 billion by 2030, growing at a CAGR of 6.3% from 2024 to 2030. Another report valued the global biomass power market at USD 132.19 billion in 2023, reaching USD 140.12 billion in 2024, and is expected to reach USD 223.33 billion in 2032, growing at a CAGR of 6% over the forecast period (2024-2032). Asia Pacific is noted as the fastest-growing region in the biomass market.
Babcock & Wilcox Environmental Segment:
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Industrial Emissions Control Systems Market: The global industrial emission control systems market size was valued at USD 24.6 billion in 2025 and is projected to reach USD 41.7 billion by 2034, exhibiting a CAGR of 5.87% during 2026-2034. Another estimate indicates the global industrial emission control system market size was valued at USD 42.4 billion in 2024 and is estimated to grow at a CAGR of 5.7% from 2025 to 2034. The Asia-Pacific region currently dominates this market, holding over 48.7% in 2025.
Babcock & Wilcox Thermal Segment:
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Industrial Steam Generation Equipment Market: The global steam boiler market size was valued at USD 17.46 billion, and is expected to advance from USD 18.07 billion in 2025 to USD 23.80 billion with a CAGR of 3.5% during the forecast period (2025-2033). The global steam generator market size was estimated at USD 13.94 billion in 2026 and is likely to register a CAGR of over 3.4%, exceeding USD 18.9 billion in revenue by 2035. North America holds approximately 40% of the global boilers and steam generators market share, making it the largest market.
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Aftermarket Services for Power Generation/Industrial Plants: The global power plant services market was valued at USD 116.28 billion in 2024 and is anticipated to reach USD 197.78 billion by 2033, growing at a CAGR of 7.8% from 2025 to 2033. North America holds the largest share in this market, with an estimated share of approximately 30% in 2024. The global power plant operation and maintenance (O&M) services market size was valued at approximately USD 285 billion in 2023 and is projected to reach around USD 410 billion by 2032, growing at a CAGR of 4.2% during the forecast period.
AI Analysis | Feedback
Babcock & Wilcox Enterprises (BW) is poised for future revenue growth over the next two to three years, driven by several key factors:
- Increasing Demand for Power from AI Data Centers: The rapid expansion of AI-driven data centers and the associated rising need for power and electricity present a significant growth driver for Babcock & Wilcox's technologies. The company is actively capitalizing on a global project pipeline exceeding $3 billion in the AI data center market, including a notable $2.4 billion power generation project with Base Electron, backed by Applied Digital, to deliver 1.2 gigawatts of capacity for AI Factory campuses.
- Expansion of Global Parts and Services Business: Babcock & Wilcox is strategically focused on expanding its global parts and services business. This segment has demonstrated strong performance, with increasing demand for electricity from fossil fuels driving higher coal baseload generation, particularly from consumers, industrial sectors, and data centers. This expansion contributes significantly to the company's growing backlog.
- Advancement and Deployment of BrightLoop and ClimateBright Technologies: The company continues to invest in its BrightLoop and ClimateBright technologies, anticipating substantial spending in 2025 for projects and technological advancements. These solutions are key to decarbonization and sustainable power generation and represent a significant portion of Babcock & Wilcox's future project pipeline.
- Increased Demand within Utility and Industrial Power Generation Sectors: Beyond the specific growth from AI data centers, Babcock & Wilcox anticipates increased demand from the broader utility and industrial power generation sectors. This includes the growing reality of new biomass energy plants in North America, with expected bookings in the near future, as well as continued utilization of their core technologies in sectors like oil and gas, and evaluations of further power generation augmentation through biomass, hydrogen, and natural gas.
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Share Issuance
- Babcock & Wilcox Enterprises sold 5.0 million common shares through an At-The-Market Offering, raising $7.9 million (as of March 31, 2025).
- An equity offering of $67 million was noted, suggesting the issuance of an additional 10-15 million shares (reflecting activity from the prior year, as of January 2026).
- The company is considering selling additional common shares to raise capital (as of March 2025).
Outbound Investments
- The company sold non-core businesses, including BWRS, SPIG, and GMAB, generating net proceeds of $117.2 million, which were utilized to reduce debt and support working capital needs (as of March 31, 2025).
- The sale of assets of a Denmark-based A/S subsidiary generated $20 million in proceeds (announced May 2025), with $5 million of these funds directed towards the Massillon BrightLoop™ project.
Capital Expenditures
- Capital expenditures were $12.3 million in 2022, $12.8 million in 2023, and $15.8 million in 2024.
- Projected capital expenditures for 2025 are estimated to be between $15 million and $20 million.
- These capital expenditures are primarily focused on operational improvements and strategic growth initiatives.
Peer Outperformance in Industrial Machinery & Supplies & Components
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BW | Babcock & Wilcox Enterprises | 16.0% | -32.8x | 7.9% | 65.9% | -41.9% | — |
| MLI | Mueller Industries | 12.3% | 14.0x | 4.0% | 190.5% | 337.1% | +379pp |
| ESE | ESCO Technologies | 12.1% | 20.6x | 13.0% | 151.7% | 185.8% | +228pp |
| SPXC | SPX Technologies | 15.2% | 27.5x | -24.0% | 98.1% | 163.2% | +205pp |
| ITT | ITT | 14.8% | 43.5x | 11.4% | 108.1% | 121.1% | +163pp |
| CR | Crane | 15.9% | 34.9x | 7.9% | 110.2% | 104.3% | +146pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 29 | -3.6% | 100.0% | 149.1% | STRL 1304% · FIX 1275% · AGX 776% |
| Marine Transportation | 5 | 34.9% | 45.7% | 144.5% | MATX 171% · KEX 145% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 16.1% | 58.1% | 103.1% | ALSN 274% · CAT 233% · WAB 224% |
| Aerospace & Defense | 54 | -9.5% | 62.7% | 65.1% | ATI 997% · FTAI 981% · HWM 644% |
| Industrial Machinery & Supplies & Components ← | 71 | 7.9% | 55.4% | 39.9% | CRS 890% · MLI 337% · SYM 273% |
| Trading Companies & Distributors | 19 | 21.5% | 40.7% | 32.2% | DXPE 420% · AIT 224% · URI 220% |
| Rail Transportation | 7 | 35.2% | 58.3% | 31.6% | CSX 52% · UNP 42% · NSC 32% |
| Diversified Support Services | 32 | 23.9% | 42.2% | 27.2% | CXW 233% · OPLN 166% · CACI 138% |
| Building Products | 34 | -6.4% | 11.9% | 20.1% | MOD 1023% · GFF 355% · TT 149% |
| Cargo Ground Transportation | 16 | 37.4% | 13.7% | 8.5% | XPO 292% · R 259% · ARCB 25% |
| Electrical Components & Equipment | 39 | -3.6% | 76.3% | 7.4% | POWL 1863% · VRT 819% · BE 569% |
| Office Services & Supplies | 10 | 27.7% | 21.1% | 1.3% | TILE 153% · PBI 146% · HNI 46% |
| Industrial Conglomerates | 17 | 12.6% | -4.5% | -13.9% | CSW 109% · CSL 78% · DD 76% |
| Data Processing & Outsourced Services | 6 | -17.5% | -0.6% | -15.4% | EXLS 61% · BR 18% · G -14% |
| Research & Consulting Services | 13 | 3.4% | -16.8% | -20.4% | HURN 281% · FCN 32% · BAH 11% |
| Agricultural & Farm Machinery | 16 | 12.9% | -7.6% | -22.0% | DE 107% · TTC 19% · AGCO 6% |
| Security & Alarm Services | 9 | -52.9% | 12.7% | -25.0% | BCO 65% |
| Environmental & Facilities Services | 29 | -32.9% | 21.6% | -28.3% | GEO 207% · CLH 175% · RSG 95% |
| Passenger Airlines | 11 | -1.6% | 41.6% | -34.2% | LTM 2778% · UAL 119% · DAL 110% |
| Air Freight & Logistics | 12 | -23.3% | -9.3% | -40.9% | FDX 83% · EXPD 69% · CHRW 59% |
| Human Resource & Employment Services | 22 | 20.5% | -9.6% | -44.1% | ADP 47% · FA 22% · PAYX 10% |
| Passenger Ground Transportation | 3 | -20.4% | 39.5% | -61.4% | UBER 46% · CAR -61% · LYFT -66% |
| Airport Services | 4 | -51.9% | -61.5% | -86.1% | JOBY -49% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 112.58 |
| Mkt Cap | 12.1 |
| Rev LTM | 15,465 |
| Op Inc LTM | 683 |
| FCF LTM | 304 |
| FCF 3Y Avg | 592 |
| CFO LTM | 551 |
| CFO 3Y Avg | 736 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.9% |
| Rev Chg 3Y Avg | 15.1% |
| Rev Chg Q | 32.2% |
| QoQ Delta Rev Chg LTM | 7.6% |
| Op Inc Chg LTM | 10.4% |
| Op Inc Chg 3Y Avg | 27.2% |
| Op Mgn LTM | 4.6% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 3.4% |
| CFO/Rev 3Y Avg | 5.3% |
| FCF/Rev LTM | 1.8% |
| FCF/Rev 3Y Avg | 4.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Babcock & Wilcox (B&W) | 588 | 581 | 587 | ||
| Babcock & Wilcox (B&W) Environmental segment | 82 | 134 | |||
| Babcock & Wilcox (B&W) Renewable segment | 123 | 144 | |||
| Babcock & Wilcox (B&W) Thermal segment | 415 | 433 | |||
| Elimination of intersegment revenues | -10 | -1 | |||
| Total | 588 | 581 | 587 | 609 | 711 |
| $ Mil | 2015 |
|---|---|
| Global Services | 192 |
| Global Power | 111 |
| Industrial Environmental | 49 |
| Adjustment | -331 |
| Total | 22 |
Price Behavior
| Market Price | $4.23 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 07/01/2015 | |
| Distance from 52W High | -80.6% | |
| 50 Days | 200 Days | |
| DMA Price | $5.99 | $11.44 |
| DMA Trend | down | down |
| Distance from DMA | -29.3% | -63.0% |
| 3M | 1YR | |
| Volatility | 79.5% | 119.6% |
| Downside Capture | 713.60 | 431.04 |
| Upside Capture | 267.58 | 402.43 |
| Correlation (S&P 500) | 53.4% | 37.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.79 | 4.34 | 4.10 | 3.50 | 3.43 | 2.69 |
| Up Beta | 0.40 | 2.10 | 2.71 | 3.00 | 1.96 | 1.87 |
| Down Beta | 2.35 | 3.72 | 4.37 | 2.79 | 3.28 | 3.19 |
| Up Capture | 216% | 352% | 278% | 289% | 1751% | 9501% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 16 | 24 | 51 | 122 | 352 |
| Down Capture | 537% | 497% | 458% | 293% | 185% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 25 | 38 | 73 | 126 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BW | |
|---|---|---|---|---|
| BW | 17.2% | 119.6% | 0.65 | - |
| Sector ETF (XLI) | 11.5% | 17.3% | 0.46 | 34.6% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 36.7% |
| Gold (GLD) | -2.4% | 28.6% | -0.10 | 27.8% |
| Commodities (DBC) | 42.0% | 20.9% | 1.56 | 9.5% |
| Real Estate (VNQ) | 10.6% | 13.7% | 0.48 | 1.3% |
| Bitcoin (BTCUSD) | -29.9% | 43.5% | -0.70 | 27.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BW | |
|---|---|---|---|---|
| BW | -8.1% | 111.9% | 0.44 | - |
| Sector ETF (XLI) | 12.0% | 17.6% | 0.51 | 33.8% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 32.0% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 13.5% |
| Commodities (DBC) | 8.3% | 19.6% | 0.31 | 11.5% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 21.8% |
| Bitcoin (BTCUSD) | 5.0% | 51.5% | 0.28 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BW | |
|---|---|---|---|---|
| BW | -30.2% | 109.2% | 0.21 | - |
| Sector ETF (XLI) | 13.5% | 20.1% | 0.59 | 30.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.71 | 29.0% |
| Gold (GLD) | 11.5% | 16.5% | 0.57 | 8.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 13.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 22.5% |
| Bitcoin (BTCUSD) | 61.1% | 66.2% | 1.01 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 3.5% | 11.7% | -16.3% |
| 5/11/2026 | 30.1% | 50.3% | 6.5% |
| 3/4/2026 | 45.7% | 73.3% | 84.8% |
| 11/4/2025 | 28.3% | 82.9% | 51.9% |
| 8/11/2025 | 15.7% | 18.9% | 107.1% |
| 5/12/2025 | 46.1% | 26.0% | 88.2% |
| 11/12/2024 | -28.5% | -21.3% | -28.5% |
| 8/8/2024 | 6.3% | -8.1% | 2.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 14 |
| # Negative | 5 | 7 | 6 |
| Median Positive | 6.4% | 18.9% | 22.2% |
| Median Negative | -22.7% | -11.8% | -17.1% |
| Max Positive | 46.1% | 82.9% | 107.1% |
| Max Negative | -54.5% | -33.8% | -28.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 3.5% | 11.7% | -16.3% |
| 5/11/2026 | 30.1% | 50.3% | 6.5% |
| 3/4/2026 | 45.7% | 73.3% | 84.8% |
| 11/4/2025 | 28.3% | 82.9% | 51.9% |
| 8/11/2025 | 15.7% | 18.9% | 107.1% |
| 5/12/2025 | 46.1% | 26.0% | 88.2% |
| 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% |
| 11/9/2023 | -54.5% | -33.8% | -28.6% |
| 8/8/2023 | 3.4% | -2.9% | 0.2% |
| 5/10/2023 | 0.0% | -4.7% | -1.8% |
| 3/15/2023 | -0.7% | 4.4% | 11.4% |
| 11/8/2022 | 4.2% | 22.3% | 22.8% |
| 3/8/2022 | 5.0% | 14.1% | 21.7% |
| 11/10/2021 | 24.3% | 36.2% | 18.5% |
| 8/12/2021 | 2.4% | -11.8% | -12.9% |
| 5/13/2021 | 6.4% | 9.5% | 16.6% |
| 3/9/2021 | 6.7% | 12.0% | 31.8% |
| 11/12/2020 | -0.7% | 12.7% | 74.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 14 |
| # Negative | 5 | 7 | 6 |
| Median Positive | 6.4% | 18.9% | 22.2% |
| Median Negative | -22.7% | -11.8% | -17.1% |
| Max Positive | 46.1% | 82.9% | 107.1% |
| Max Negative | -54.5% | -33.8% | -28.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/08/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/12/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 80.00 Mil | 92.50 Mil | 105.00 Mil | Raised | Guidance: 90.00 Mil for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 80.00 Mil | 90.00 Mil | 100.00 Mil | Affirmed | |||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Debt Repayment | Reported | |||||||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Kenneth M | Chief Executive Officer | Direct | Buy | 8132026 | 9.65 | 7,000 | 67,550 | 16,494,301 | Form |
| 2 | Frymyer, Cameron M | Chief Financial Officer | Direct | Buy | 3182026 | 14.76 | 1,285 | 18,967 | 4,784,351 | Form |
| 3 | Young, Kenneth M | Chief Executive Officer | Direct | Buy | 3182026 | 15.14 | 7,000 | 106,015 | 25,087,874 | Form |
| 4 | Brc, Group Holdings, Inc | Direct | Sell | 2132026 | 9.00 | 1,155,382 | Form | |||
| 5 | Frymyer, Cameron M | Chief Financial Officer | Direct | Buy | 11132025 | 7.05 | 2,853 | 20,114 | 1,104,439 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Kenneth M | Chief Executive Officer | Direct | Buy | 8132026 | 9.65 | 7,000 | 67,550 | 16,494,301 | Form |
| 2 | Frymyer, Cameron M | Chief Financial Officer | Direct | Buy | 3182026 | 14.76 | 1,285 | 18,967 | 4,784,351 | Form |
| 3 | Young, Kenneth M | Chief Executive Officer | Direct | Buy | 3182026 | 15.14 | 7,000 | 106,015 | 25,087,874 | Form |
| 4 | Brc, Group Holdings, Inc | Direct | Sell | 2132026 | 9.00 | 1,155,382 | Form | |||
| 5 | Frymyer, Cameron M | Chief Financial Officer | Direct | Buy | 11132025 | 7.05 | 2,853 | 20,114 | 1,104,439 | Form |
| 6 | Young, Kenneth M | Chief Executive Officer | See Note | Buy | 11132025 | 7.16 | 1,675 | 11,993 | 1,953,012 | Form |
| 7 | Young, Kenneth M | Chief Executive Officer | Direct | Buy | 11132025 | 7.13 | 1,500 | 10,695 | 10,297,766 | Form |
| 8 | Young, Kenneth M | Chief Executive Officer | See Note | Buy | 9082025 | 2.14 | 9,347 | 20,003 | 580,137 | Form |
| 9 | Moeller, Philip D | Direct | Buy | 8292025 | 1.86 | 10,000 | 18,599 | 367,440 | Form | |
| 10 | Frymyer, Cameron M | Chief Financial Officer | Direct | Buy | 8202025 | 1.55 | 20,000 | 31,000 | 238,398 | Form |
| 11 | Young, Kenneth M | Chief Executive Officer | See Note | Buy | 8192025 | 1.51 | 20,000 | 30,142 | 394,476 | Form |
| 12 | Dziewisz, John J | General Counsel & Secretary | Direct | Sell | 8112025 | 1.34 | 2,915 | 3,906 | 320,771 | Form |
| 13 | Dziewisz, John J | General Counsel & Secretary | Direct | Sell | 8042025 | 0.93 | 2,551 | 2,362 | 210,871 | Form |
Investor Activity (13F)
Updated Nov 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Babcock & Wilcox Enterprises — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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