Babcock & Wilcox Enterprises, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Babcock & Wilcox Enterprises, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,421	1,341	1,062	859	566	711	609	587	581	588
Cost of revenue	1,283	1,317	1,192	699	400	536	464	466	454	444
Gross profit	138	24.2	-130	160	166	175	145	121	127	144
Research and development	8.85	7.61	3.78	2.9	4.4	1.6	3.8
Selling, general and administrative	217	221	205	151	142	152	153	135	125	119
Operating income	-110	-316	-427	-29.4	-1.74	19.4	-1.15	-20.1	-6.34	20.7
Interest expense	3.7	25.9	49.6	94.9	59.8	39.5	39.8	42.6	46.1	37.5
Interest income	0.8	0.51	0.24	0.92	0.65	0.53	0.59	0.91	0.65	1.49
Other non-operating income	-9.61	-1.19	-129	-95.1	-2.18	7.86	-3.96	-83.5	-85.1	-45.3
Pre-tax income	-120	-318	-556	-124	-3.92	27.3	-5.12	-104	-91.5	-24.6
Income tax	2.71	63.7	102	5.29	8.18	-2.03	9.07	5.6	12.8	8.28
Income from continuing operations	-123	-382	-658	-123	-12.1
Net income to minority interests	0.57	0.81	0.44	-7.07	0.02	0.64	-3.72	0.24	0.14
Net income	-116	-380	-725	-122	-10.3	30.9	-22.9	-197	-59.9	-36.2
EBITDA	-70.4	-276	-395	-5.78	15.1	37.8	22.8	0.93	10.4	30.9
EPS, basic	-2.31	-8.09	-52.45	-3.87	-0.21	0.26	-0.43	-2.38	-0.82	-0.48
EPS, diluted	-2.31	-8.09	-52.45	-3.87	-0.21	0.26	-0.43	-2.38	-0.82	-0.48
Shares, basic (weighted)	50.1	46.9	13.8	31.5	48.7	82.4	88.3	89	91.7	105
Shares, diluted (weighted)	50.1	46.9	13.8	31.5	48.7	83.6	88.3	89	91.7	105

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	87.4	43.7	43.2	43.8	57.3	225	76.7	65.3	26.9	89.5
Short-term investments										6.5
Receivables	282	253	197	142	128	132	158	77.5	91.8	118
Inventory	85.8	72.9	61.3	63.1	74.4	79.5	103	97.6	58.3	60.9
Other current assets	46	34	41.4	27	26.4	29.4	27	42.2	23.5	35.9
Total current assets	778	732	550	412	396	582	558	498	553	471
Property, plant and equipment	122	115	90.9	66.7	56.6	57.1	60.5	47	36.3	43.9
Lease right-of-use assets			0	12.5	10.8	30.2	28.4	26.1	16.9	17.7
Goodwill	163	85.7	47.1	47.2	47.4	116	84.2	54.3	51.4	53.1
Intangible assets	71	42.1	30.8	25.3	23.9	33.2	26.3	22.1	17.6	15.3
Long-term investments										0.6
Other non-current assets	17.5	25.7	27.1	25	24.7	54.8	27.4	20.8	16.5	12.9
Total assets	1,529	1,322	745	627	599	913	942	776	727	663
Accounts payable	221	205	200	110	73.5	85.9	131	83.2	88.3	69.2
Accrued liabilities	96	89.5	122	68.8	80.9	54.4	54	51.1	28	32.1
Deferred revenue		172	149	75.3	64	68.4	131	52.1	56.4	112
Short-term debt			30.6	104	0
Total current liabilities	618	744	712	602	271	253	372	350	407	387
Long-term debt		0	30.6							151
Lease liabilities			0	8.39	7.03	26.7	25.6	23.9	13.8	15.1
Other non-current liabilities	39.6	29.9	29.2	20.9	22.6	33.2	16.6	13.9	9.96	9.23
Total liabilities	968	1,132	1,023	921	930	855	944	976	1,010	794
Total debt		0	61.3	104	183
Paid-in capital	807	801	1,047	1,143	1,164	1,519	1,538	1,546	1,559	1,691
Retained earnings	-115	-492	-1,218	-1,340	-1,343	-1,321	-1,359	-1,571	-1,646	-1,697
Treasury stock	-104	-105	-106	-106	-106	-111	-114	-115	-116	-116
Other comprehensive income	-36.5	-22.4	-11.4	1.93	-52.4	-58.8	-72.8	-66.4	-86.7	-16
Shareholders' equity	552	182	-286	-296	-332	33.1	-2.57	-201	-284	-132
Minority interests	8.8	8.6	8.83	1.42	1.1	25.5	0.49	0.61	0.59	0
Total equity	561	191	-270	-288	-331	58.6	-2.09	-200	-283	-132
Total liabilities and equity	1,529	1,322	745	627	599	913	942	776	727	663
Shares outstanding		44.1	16.9	46.4	54.5	86.3	88.7	89.4	95.1	130

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-115	-379	-725	-129	-10.3	31.5	-26.6	-197	-59.8	-36.2
Depreciation and amortization	39.6	40.1	32	23.6	16.8	18.3	24	21	16.7	10.1
Deferred income tax	-1.67	55.3	97.3	0.59	4.22	-8.3	4.47	-0.34	6.33	-0.26
Change in receivables									-14.3	-26.6
Change in inventory	2.87	11.9	10.3	-4.14	-4.08	-3.05	-19	-8.13	-6.41	-7.83
Change in payables	4.54	-14.7	-4.36	-80.5	-42	7.08	52.7	12.9	8.14	-57.9
Cash from operations	2.27	-190	-282	-176	-40.8	-111	-30.6	-42.3	-119	-68.9
Capital expenditures	-22.5	-14.3	-5.47	-3.8	-8.23	-6.68	-13.2	-9.8	-11.2	-16.8
Acquisitions	-145	-52.5	0	0	0	-55.3	-64.9	0	0
Purchases of investments	-45.2	-29.3	-34.8	-8.91	-29.1	-12.6	-6.43	-6.09	-7.13
Sales and maturities of investments								8.05	7.36	3.51
Cash from investing	-190	-63.9	179	8.78	2.22	-33.5	-68.8	-7.94	110	197
Debt issued				0	172	303	6.83	0	0
Debt repaid								0	0	-111
Stock issued	0	0	1.24	1.39	0	161	0	0	7.94	130
Share buybacks	-78.4	-0.97	-0.81	-0.12	-0.28	-4.94	-2.82	-1.41	-0.34	-0.39
Cash from financing	-83.4	206	82.6	167	44.1	303	-11.2	8.56	69.7	-58.7
Exchange rate effect	-7.31	6.63	-2.32	-2.82	4.97	1.22	-2.65	-0.44	-1.26	0.9
Net change in cash	-269	-39.2	-9.42	-3.34	10.5	159	-113	-42.1	59.7	70.3
Free cash flow	-20.2	-204	-287	-180	-49	-118	-43.9	-52.1	-130	-85.7
Interest paid			18.4	26.9	17.8	20.2	25.7	23.1	37.3	36.4
Income taxes paid	10.8	-10.9	3.69	3.87	6.96	4.99	7.95	6.73	7.76	8.71

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.7%	Gross profit / revenue.
Operating margin	3.1%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.7%	Pre-tax income / revenue.
Net margin	-2.2%	Net income / revenue.
FCF margin	-7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.2%	Cash from operations / revenue.
Return on equity (ROE)	-32.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.8%	Net income / average total assets.
SG&A / revenue	16.1%	Selling, general and administrative expense / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	197.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	14.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.63x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	94.3%	Total liabilities / total assets.
Interest coverage	1.03x	Operating income / interest expense.
Working capital	$225.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	15.4x	Revenue / average property, plant and equipment.
Inventory turnover	10.9x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Receivables turnover	4.89x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	94 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	15 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.40	Revenue / diluted weighted shares.
FCF per share	-$0.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.22	Cash from operations / diluted weighted shares.
Book value per share	$0.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.05	Tangible book value / shares outstanding.
Cash per share	$2.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$934.0M	Share price x shares outstanding.
Enterprise value	$620.0M	Market cap + total debt - cash - short-term investments.
P/S	1.12x	Market cap / revenue.
P/B	16.3x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	0.74x	Enterprise value / revenue.
EV/EBIT	24.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-6.2%	Free cash flow / market cap.
Earnings yield	-2.0%	Net income / market cap (the inverse of P/E).

What was Babcock & Wilcox Enterprises, Inc.'s revenue in fiscal 2025?

Babcock & Wilcox Enterprises, Inc. reported revenue of $587.7M for fiscal 2025, 1.1% higher than the year before.

Was Babcock & Wilcox Enterprises, Inc. profitable in fiscal 2025?

No. It reported a net loss of $36.2M.

How much free cash flow did Babcock & Wilcox Enterprises, Inc. generate in fiscal 2025?

Cash from operations of $68.9M minus capital expenditures of $16.8M left free cash flow of -$85.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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