Babcock & Wilcox Enterprises, Inc. BW

Industrials SIC 3433 - Heating Equipment, Except Electric & Warm Air Furnaces NAICS Manufacturing › Machinery Manufacturing › Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing › Heating Equipment (except Warm Air Furnaces) Manufacturing derived NYSE

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. We support global energy needs and baseload power demand by providing advanced technologies that utilize coal, natural gas, hydrogen, waste and biomass to produce energy, environmental solutions and carbon capture systems. Our proven platforms help utilities, data centers, oil and gas, and other industries meet rising demand, while our comprehensive aftermarket services keep existing power plants operating efficiently. Our advanced environmental and decarbonization technologies help to reduce greenhouse gases and other emissions and capture carbon. We also are investing in new coal and natural gas technologies to produce steam or hydrogen from solid fuels and simultaneously isolate and capture CO2.

Last close 4.15 2026-10-23
Market cap $618.2M 2026-06-30 share count
52-week range 3.12 - 22.03

Valuation FY2025 figures against the last close

P/S1.1x
P/E—
P/FCF—
EV/EBITDA20.0x
Dividend yield—
Diluted EPS-0.48

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
  • Aggregate of all other countries, each with less than $10 million in revenues
  • Indonesia
  • United Kingdom
  • Philippines
Revenue by geography, 6 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 418M (71.1%) 71% United States Canada, FY2025: 90.6M (15.4%) 15% Canada Aggregate of all other countries, each with less than $10 million in revenues, FY2025: 36.4M (6.2%) 6% Indonesia, FY2025: 16.3M (2.8%) United Kingdom, FY2025: 15.5M (2.6%) Philippines, FY2025: 10.9M (1.9%) FY2024 United States, FY2024: 388.2M (66.8%) 67% Canada, FY2024: 69.9M (12.0%) 12% Aggregate of all other countries, each with less than $10 million in revenues, FY2024: 49.6M (8.5%) 9% Indonesia, FY2024: 13.2M (2.3%) United Kingdom, FY2024: 49.7M (8.5%) 9% Philippines, FY2024: 10.5M (1.8%)
Region FY2025FY2024
United States $418.0M $388.2M
Canada $90.6M $69.9M
Aggregate of all other countries, each with less than $10 million in revenues $36.4M $49.6M
Indonesia $16.3M $13.2M
United Kingdom $15.5M $49.7M
Philippines $10.9M $10.5M

As the company reported it, from the “SEGMENT REPORTING - Schedule of Revenue by Country (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $587.7M$581.0M$587.4M$609.4M$710.9M$566.3M$859.1M$1.06B$1.34B$1.42B
Cost of revenue $443.8M$454.3M$466.0M$464.3M$535.8M$400.5M$698.9M$1.19B$1.32B$1.28B
Gross profit $143.9M$126.7M$121.5M$145.1M$175.0M$165.9M$160.3M-$129.6M$24.2M$138.3M
R&D ———$3.8M$1.6M$4.4M$2.9M$3.8M$7.6M$8.8M
SG&A $119.5M$124.5M$134.9M$152.7M$151.8M$141.7M$151.1M$204.7M$221.1M$217.1M
Total operating expenses $566.9M$587.4M$607.5M$610.6M$691.5M$568.1M$888.5M$1.48B$1.65B$1.55B
Operating income $20.7M-$6.3M-$20.1M-$1.2M$19.4M-$1.7M-$29.4M-$426.6M-$316.4M-$110.0M
Interest expense $37.5M$46.1M$42.6M$39.8M$39.5M$59.8M$94.9M$49.6M$25.9M$3.7M
Pre-tax income -$24.6M-$91.5M-$103.6M-$5.1M$27.3M-$3.9M-$124.4M-$555.8M-$317.6M-$119.6M
Income tax $8.3M$12.8M$5.6M$9.1M$2.0M$8.2M$5.3M$102.2M$63.7M$2.7M
Net income -$32.8M-$72.9M-$75.8M-$14.2M$32.0M-$10.3M-$122.0M-$725.3M-$379.8M-$115.6M
EPS, basic -0.48-0.82-2.38-0.430.26-0.21-3.87—-8.09-2.31
EPS, diluted -0.48-0.82-2.38-0.430.26-0.21-3.87-52.45-8.09-2.31
Shares, diluted (wtd. avg.) 105.4M91.7M89.0M88.3M83.6M48.7M31.5M—46.9M50.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $89.5M$26.9M$65.3M$113.5M$226.7M$67.4M$56.9M$60.3M$69.7M$87.4M
Short-term investments $6.5M—————————
Receivables $118.4M$91.8M$77.5M$158.4M$132.1M$128.3M$142.2M$197.2M$252.5M$282.3M
Inventory $60.9M$58.3M$97.6M$102.6M$79.5M$74.4M$63.1M$61.3M$72.9M$85.8M
Total current assets $470.7M$553.5M$497.6M$557.6M$582.4M$396.1M$412.2M$549.6M$732.3M$777.5M
Property, plant and equipment $43.9M$36.3M$47.0M$60.5M$57.1M$56.6M$66.7M$90.9M$114.7M$122.0M
Goodwill $53.1M$51.4M$54.3M$84.2M$116.5M$47.4M$47.2M$47.1M$85.7M$163.1M
Other intangibles $15.3M$17.6M$22.1M$26.3M$33.2M$23.9M$25.3M$30.8M$42.1M$71.0M
Total assets $662.9M$727.0M$775.7M$941.7M$913.3M$599.1M$626.5M$745.5M$1.32B$1.53B
Accounts payable $69.2M$88.3M$83.2M$131.2M$85.9M$73.5M$109.9M$199.9M$205.4M$220.7M
Short-term debt —————$0$104.0M$30.6M——
Total current liabilities $386.7M$406.7M$350.2M$371.5M$253.4M$270.8M$602.5M$712.0M$744.3M$617.5M
Long-term debt —————$183.3M—$30.6M$0—
Total liabilities $794.5M$1.01B$976.0M$943.8M$854.6M$930.1M$921.5M$1.02B$1.13B$968.2M
Retained earnings -$1.70B-$1.65B-$1.57B-$1.36B-$1.32B-$1.34B-$1.34B-$1.22B-$492.1M-$114.7M
Total equity -$131.5M-$283.8M-$200.3M-$2.1M$58.6M-$331.0M-$287.7M-$270.0M$190.7M$561.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$68.9M-$118.7M-$42.3M-$30.6M-$111.2M-$40.8M-$176.3M-$281.9M-$189.8M$2.3M
Depreciation and amortisation $10.1M$16.7M$21.0M$24.0M$18.3M$16.8M$23.6M$32.0M$40.1M$39.6M
Capital expenditure $16.8M$11.2M$9.8M$13.2M$6.7M$8.2M$3.8M$5.5M$14.3M$22.4M
Investing cash flow $197.0M$110.0M-$7.9M-$68.8M-$33.5M$2.2M$8.8M$179.2M-$63.9M-$190.2M
Financing cash flow -$58.7M$69.7M$8.6M-$11.2M$302.8M$44.1M$167.0M$82.6M$206.1M-$83.4M
Buybacks $386.0K$336.0K$1.4M$2.8M$4.9M$283.0K$117.0K$805.0K$967.0K$78.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-042128.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2016: 1.4B Gross profit, FY2016: 138.3M Net income, FY2016: -115.6M Revenue, FY2017: 1.3B Gross profit, FY2017: 24.2M Net income, FY2017: -379.8M Revenue, FY2018: 1.1B Gross profit, FY2018: -129.6M Net income, FY2018: -725.3M Revenue, FY2019: 859.1M Gross profit, FY2019: 160.3M Net income, FY2019: -122M Revenue, FY2020: 566.3M Gross profit, FY2020: 165.9M Net income, FY2020: -10.3M Revenue, FY2021: 710.9M Gross profit, FY2021: 175M Net income, FY2021: 32M Revenue, FY2022: 609.4M Gross profit, FY2022: 145.1M Net income, FY2022: -14.2M Revenue, FY2023: 587.4M Gross profit, FY2023: 121.5M Net income, FY2023: -75.8M Revenue, FY2024: 581M Gross profit, FY2024: 126.7M Net income, FY2024: -72.9M Revenue, FY2025: 587.7M Gross profit, FY2025: 143.9M Net income, FY2025: -32.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.42B $1.34B $1.06B $859.1M $566.3M $710.9M $609.4M $587.4M $581.0M $587.7M
Gross profit $138.3M $24.2M -$129.6M $160.3M $165.9M $175.0M $145.1M $121.5M $126.7M $143.9M
Net income -$115.6M -$379.8M -$725.3M -$122.0M -$10.3M $32.0M -$14.2M -$75.8M -$72.9M -$32.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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