BWNB

MKT CAP:$91M

Babcock & Wilcox Enterprises, I

Market Cap

$91M

Technology·Consumer Electronics·🇺🇸 United States·NYSE

Technology·Consumer Elec.·🇺🇸·NYSE

Stock Price

$25.03+$0.61 (+2.50%)

Apr 21, 2026

Company Details

Babcock & Wilcox Enterprises, Inc., together with its subsidiaries, provides energy and emissions control solutions to a range of industrial, electrical utility, municipal, and other customers worldwide. The company operates through three s...

CEO

Kenneth M. Young

IPO Date

Dec 17, 2021

Website

www.babcock.com

Key Metrics TTM

Revenue

$569M

-28.8% YoY

Net Income

-$92M

EPS (Diluted)

-$1.14

Free Cash Flow

-$161M

Revenue / Share

$5.53

Gross Margin

27.1%

Operating Margin

-1.2%

Net Margin

-16.1%

FCF Margin

-28.3%

P/S

0.2x

P/E

—

Earnings Reports

Q3 2025

Nov 10, 2025

$149M-29.0%EPS $0.30

Q2 2025

Aug 11, 2025

$144M-38.3%EPS -$0.63

FY 2024

Mar 31, 2025

$717MEPS -$0.82

Q4 2024

Mar 31, 2025

$66MEPS -$0.71

Q3 2024

Nov 12, 2024

$210MEPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$223M	-$75M	-$138M
Q1 19	$232M	$31M	-$32M
Q2 19	$248M	$44M	-$4M
Q3 19	$199M	$40M	-$3M
Q1 20	$149M	$34M	-$10M
Q3 20	$133M	$31M	$14M
Q1 21	$168M	$37M	-$6M
Q2 21	$203M	$44M	$3M
Q3 21	$160M	$45M	$15M
Q1 23	$241M	$52M	$1M
Q1 24	$164M	$39M	$6M
Q2 24	$234M	$54M	$42M
Q3 24	$210M	$50M	-$1M
Q4 24	$66M	$24M	-$20M
Q2 25	$144M	$43M	$8M
Q3 25	$149M	$37M	$7M

Valuation

Quarter	P/S	P/E
Q4 18	0.1x	—
Q1 19	0.1x	—
Q2 19	0.1x	—
Q3 19	0.3x	—
Q1 20	0.1x	—
Q3 20	0.2x	—
Q1 21	0.9x	—
Q2 21	1.0x	—
Q3 21	0.8x	15.5x
Q1 23	0.7x	—
Q1 24	0.1x	—
Q2 24	0.2x	14.9x
Q3 24	0.2x	—
Q4 24	0.2x	—
Q2 25	0.2x	—
Q3 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$68M	-$69M
Q1 19	-$38M	-$38M
Q2 19	-$155M	-$155M
Q3 19	-$8M	-$9M
Q1 20	-$35M	-$38M
Q3 20	-$18M	-$19M
Q1 21	-$54M	-$55M
Q2 21	-$32M	-$33M
Q3 21	-$22M	-$24M
Q1 23	-$13M	-$15M
Q1 24	-$15M	-$18M
Q2 24	-$12M	-$16M
Q3 24	-$70M	-$72M
Q4 24	-$22M	-$24M
Q2 25	-$25M	-$28M
Q3 25	-$32M	-$38M

Capital Expenditures

Quarter	CapEx
Q4 18	$454.0K
Q1 19	$288.0K
Q2 19	$146.0K
Q3 19	$1M
Q1 20	$2M
Q3 20	$599.0K
Q1 21	$1M
Q2 21	$758.0K
Q3 21	$2M
Q1 23	$2M
Q1 24	$3M
Q2 24	$5M
Q3 24	$2M
Q4 24	$1M
Q2 25	$3M
Q3 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	-45.5%	-29.8%
Q1 19	-43.2%	-38.8%
Q2 19	-20.3%	-39.1%
Q3 19	-32.7%	-40.7%
Q1 20	-33.4%	-55.9%
Q3 20	-42.9%	-55.1%
Q1 21	-32.2%	-30.8%
Q2 21	+2.1%	-0.9%
Q3 21	+7.7%	-8.6%
Q1 23	+82.1%	+102.6%
Q1 24	-2.4%	-9.2%
Q2 24	+15.2%	-4.3%
Q3 24	+31.2%	+45.5%
Q4 24	-72.5%	-64.1%
Q2 25	-12.3%	-14.3%
Q3 25	-36.2%	-25.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$252.0K	0.1%
Q1 19	$404.0K	0.2%
Q2 19	$205.0K	0.1%
Q3 19	$1M	0.6%
Q1 20	$880.0K	0.6%
Q3 20	$2M	1.2%
Q1 21	$5M	2.7%
Q2 21	$1M	0.6%
Q3 21	$923.0K	0.6%
Q1 23	$3M	1.4%
Q1 24	$1M	0.8%
Q2 24	$1M	0.6%
Q3 24	$938.0K	0.4%
Q4 24	$911.0K	1.4%
Q2 25	$728.0K	0.5%
Q3 25	$757.0K	0.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 18	$899.0K	$56M	—	—
Q1 19	$743.0K	$56M	—	—
Q2 19	$710.0K	$47M	—	—
Q3 19	$828.0K	$40M	—	—
Q1 20	$1M	$4M	$30M	—
Q3 20	$1M	$4M	$28M	—
Q1 21	$588.0K	$3M	$31M	—
Q2 21	$609.0K	$5M	$28M	—
Q3 21	$228.0K	$2M	$28M	—
Q1 23	$1M	$48M	—	—
Q1 24	$815.0K	$41M	—	—
Q2 24	$1M	$50M	—	—
Q3 24	$1M	—	—	$43M
Q4 24	$2M	—	—	$6M
Q2 25	$941.0K	—	—	$34M
Q3 25	$303.0K	—	—	$30M

Revenue Segments

Quarter	Babcock & Wilcox Segment	Volund & Other Renewable	B&W Environmental Segment	B&W Renewable Segment	B&W Thermal Segment
Q3 19	$162M	$32M	—	—	—
Q2 24	—	—	$56M	$61M	$120M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$108M	$0	$108M
Q2 22	$72M	$0	$72M
Q3 22	$48M	$0	$48M
Q4 22	$76M	$0	$76M
Q1 23	$63M	$0	$63M
Q2 23	$55M	$0	$55M
Q3 23	$48M	$0	$48M
Q4 23	$71M	$0	$71M
Q1 24	$44M	$0	$44M
Q2 24	$95M	$0	$95M
Q3 24	$31M	$0	$31M
Q4 24	$23M	$0	$23M
Q1 25	$22M	$0	$22M
Q2 25	$22M	$0	$22M
Q3 25	$190M	$0	$190M
Q4 25	$90M	$0	$90M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	17M	-8.0%	+82.4%
Q1 19	18M	+8.8%	+107.1%
Q2 19	18M	+0.0%	+107.2%
Q3 19	41M	+122.6%	+122.8%
Q1 20	46M	+13.5%	+174.9%
Q3 20	50M	+7.9%	+172.7%
Q1 21	71M	+42.6%	+288.7%
Q2 21	87M	+21.9%	+112.8%
Q3 21	87M	-0.0%	+87.4%
Q1 23	89M	+2.0%	+77.3%
Q1 24	89M	+0.8%	+25.3%
Q2 24	91M	+1.9%	+4.8%
Q3 24	92M	+1.3%	+6.1%
Q4 24	94M	+2.0%	+6.0%
Q2 25	99M	+4.9%	+10.3%
Q3 25	103M	+4.3%	+13.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$55.7K	4K
Q1 19	$58.0K	4K
Q2 19	$62.0K	4K
Q3 19	$49.7K	4K
Q1 20	$61.9K	2K
Q3 20	$55.2K	2K
Q1 21	$80.1K	2K
Q2 21	$96.6K	2K
Q3 21	$76.2K	2K
Q1 23	$111.5K	2K
Q1 24	$73.0K	2K
Q2 24	$103.8K	2K
Q3 24	$93.3K	2K
Q4 24	$34.0K	2K
Q2 25	$73.9K	2K
Q3 25	$76.4K	2K

Revenue / Employee