Revenue growth remains highly erratic, oscillating between a 24.6% expansion in 2025Q3 and a 37.9% contraction in 2024Q3, while operating margins remain thin at 1.1% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 155.27M | 158.05M | 143.14M | 203.48M | 176.76M | 145.62M | 198.5M | 178.22M | 125.38M | 146.78M | 180.84M | 199.16M | 241.27M | 215.71M | 210.71M | 185.85M | 136.9M | 197.83M | 217.32M | 29.8M | 4.02M | 1.97M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 9.07% | 10.42% | -29.65% | 15.12% | 21.38% | -26.64% | 11.38% | 42.14% | -14.58% | -18.83% | -9.2% | -17.45% | 11.85% | 2.37% | 13.37% | 35.76% | -30.8% | -8.97% | 629.17% | 640.87% | 104.52% | - | - | - | - | - | - |
| Cost of Goods Sold | 139.27M | 142.58M | 121.95M | 170.97M | 166.05M | 140.11M | 180.5M | 162.81M | 122.31M | 138.63M | 162.7M | 191.29M | 223.78M | 203.37M | 203.87M | 178.67M | 134.95M | 186.03M | 183.95M | 25.86M | 4.52M | 4.01M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 90.21% | 85.2% | 84.02% | 93.94% | 96.22% | 90.93% | 91.35% | 97.56% | 94.44% | 89.97% | 96.05% | 92.75% | 94.28% | 96.76% | 96.13% | 98.58% | 94.03% | 84.64% | 86.78% | 112.27% | 203.83% | - | - | - | - | - |
| Gross Profit | 16M | 15.47M | 21.19M | 32.51M | 10.71M | 5.51M | 18M | 15.41M | 3.06M | 8.16M | 18.14M | 7.87M | 17.49M | 12.35M | 6.84M | 7.19M | 1.95M | 11.8M | 33.37M | 3.94M | -493.74K | -2.04M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 10.31% | 9.79% | 14.8% | 15.98% | 6.06% | 3.78% | 9.07% | 8.65% | 2.44% | 5.56% | 10.03% | 3.95% | 7.25% | 5.72% | 3.24% | 3.87% | 1.42% | 5.97% | 15.36% | 13.22% | -12.27% | -103.83% | - | - | - | - | - |
| Gross Profit Growth % | - | -26.98% | -34.82% | 203.53% | 94.34% | -69.38% | 16.8% | 402.84% | -62.43% | -55.02% | 130.57% | -55.02% | 41.68% | 80.59% | -4.88% | 269.32% | -83.51% | -64.63% | 747.17% | 897.79% | 75.83% | - | - | - | - | - | - |
| Operating Expenses | 15.29M | 15.02M | 16.96M | 21.37M | 17.32M | 18.11M | 17.58M | 17.77M | 15.51M | 15.59M | 16.23M | 18.71M | 21.63M | 22.97M | 23.39M | 27.18M | 30.4M | 45.23M | 55.11M | 7.47M | 1.58M | 845.09K | 7.3K | 615 | 1.87K | 5.68K | 24.66K |
| OpEx % of Revenue | - | 9.5% | 11.85% | 10.5% | 9.8% | 12.43% | 8.86% | 9.97% | 12.37% | 10.62% | 8.97% | 9.4% | 8.96% | 10.65% | 11.1% | 14.62% | 22.2% | 22.86% | 25.36% | 25.08% | 39.2% | 42.96% | - | - | - | - | - |
| Selling, General & Admin | 15.17M | 15.02M | 16.3M | 20.7M | 16.59M | 17.37M | 0 | 16.09M | 13.63M | 13.83M | 15.79M | 18.27M | 21.18M | 21.41M | 21.63M | 26.32M | 27.4M | 34.83M | 41.55M | 5.72M | 1.53M | 782.36K | 7.3K | 615 | 1.87K | 5.68K | 24.66K |
| SG&A % of Revenue | - | 9.5% | 11.39% | 10.18% | 9.39% | 11.93% | - | 9.03% | 10.87% | 9.42% | 8.73% | 9.17% | 8.78% | 9.93% | 10.27% | 14.16% | 20.02% | 17.6% | 19.12% | 19.21% | 38.13% | 39.77% | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.74K | 62.73K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.06% | 3.19% | - | - | - | - | - |
| Other Operating Expenses | 122K | 0 | 661K | 664K | 725K | 733K | 17.58M | 1.68M | 2.35M | 3K | 49K | 425K | 226K | 1M | 1.27M | 859K | 2.99M | 10.4M | 13.57M | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 714K | 451K | 4.22M | 11.14M | -6.61M | -12.59M | 422K | -2.36M | -25.07M | -7.43M | 1.91M | -11.91M | -5.93M | -13.21M | -17.3M | -20.43M | -69.23M | -115.64M | -21.74M | -3.54M | -2.32M | -2.89M | -7.3K | -615 | -1.87K | -5.68K | -24.66K |
| Operating Margin % | 0.46% | 0.29% | 2.95% | 5.47% | -3.74% | -8.65% | 0.21% | -1.32% | -19.99% | -5.06% | 1.06% | -5.98% | -2.46% | -6.12% | -8.21% | -10.99% | -50.57% | -58.45% | -10.01% | -11.86% | -57.68% | -146.8% | - | - | - | - | - |
| Operating Income Growth % | - | -89.33% | -62.07% | 268.59% | 47.54% | -3084.36% | 117.9% | 90.6% | -237.23% | -489.37% | 116.03% | -100.67% | 55.08% | 23.63% | 15.33% | 70.49% | 40.13% | -431.84% | -515.08% | -52.34% | 19.63% | -39437.9% | -1087.48% | 67.16% | 67.01% | 76.98% | - |
| EBITDA | 5.32M | 6.76M | 10.91M | 17.52M | -547K | -6.26M | 6.7M | 5.14M | -15.88M | 1.57M | 8.82M | -2.73M | 6.25M | 1.65M | -760K | -5.89M | -52.76M | -89.91M | 123K | 3K | -1.99M | -2.64M | -700.5K | -615 | -1.87K | -5.68K | -24.66K |
| EBITDA Margin % | 3.43% | 4.28% | 7.62% | 8.61% | -0.31% | -4.3% | 3.38% | 2.88% | -12.67% | 1.07% | 4.88% | -1.37% | 2.59% | 0.76% | -0.36% | -3.17% | -38.54% | -45.45% | 0.06% | 0.01% | -49.55% | -134.36% | - | - | - | - | - |
| EBITDA Growth % | -41.65% | -38.02% | -37.74% | 3303.29% | 91.26% | -193.39% | 30.37% | 132.36% | -1114.24% | -82.25% | 423.31% | -143.67% | 279.65% | 316.58% | 87.11% | 88.83% | 41.32% | -73199.19% | 4000% | 100.15% | 24.58% | -277.29% | -113802.76% | 67.16% | 67.01% | 76.98% | - |
| D&A (Non-Cash Add-back) | 4.61M | 6.31M | 6.68M | 6.38M | 6.06M | 6.34M | 6.28M | 7.5M | 9.18M | 9M | 6.91M | 9.18M | 12.18M | 14.86M | 16.54M | 14.53M | 16.46M | 25.73M | 21.87M | 3.54M | 327.28K | 244.53K | 0 | 0 | 0 | 0 | 0 |
| EBIT | 714K | 451K | 4.3M | 11.09M | -6.48M | 4M | 422K | -2.24M | -22.71M | -7.43M | 1.96M | -11.48M | -5.67M | -9.33M | -16.17M | -19.56M | -68.74M | -30.04M | -21.95M | -3.54M | -2.07M | -2.89M | -700.5K | 0 | 0 | 0 | 0 |
| Net Interest Income | -2.06M | -3.39M | -3.08M | -3.2M | -3.22M | -1.13M | -1.98M | -2.31M | -1.5M | -798K | -625K | -799K | -656K | -985K | -1.71M | -1.12M | -1.17M | -2.17M | -2.28M | -839K | -410.87K | -221.96K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 351K | 584K | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.06M | 3.39M | 3.08M | 3.2M | 3.22M | 1.13M | 1.98M | 2.31M | 1.5M | 798K | 625K | 799K | 656K | 985K | 1.71M | 1.12M | 1.17M | 2.52M | 2.86M | 1.24M | 410.87K | 221.96K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.53M | 4.88M | -3M | -3.25M | -3.09M | 15.47M | -1.86M | -2.19M | 859K | -795K | -576K | -374K | -4.92M | 2.89M | -2.94M | -245K | -160K | 3.93M | -2.48M | -866K | -503.13K | -235.23K | -745.4K | 0 | 0 | 0 | 0 |
| Pretax Income | 5.24M | 5.33M | 1.23M | 7.89M | -9.7M | 2.87M | -1.44M | -4.55M | -24.21M | -8.23M | 1.33M | -12.28M | -6.4M | -10.32M | -17.88M | -20.67M | -69.91M | -111.71M | -24.22M | -4.4M | -2.57M | -2.9M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 3.38% | 3.37% | 0.86% | 3.88% | -5.48% | 1.97% | -0.73% | -2.55% | -19.31% | -5.61% | 0.74% | -6.17% | -2.65% | -4.78% | -8.49% | -11.12% | -51.07% | -56.47% | -11.15% | -14.77% | -63.98% | -147.47% | - | - | - | - | - |
| Income Tax | 125K | 87K | 74K | 241K | 35K | 25K | 48K | 38K | -205K | -5.04M | -2K | -36K | -232K | 72K | 26K | 68K | -160K | -1.59M | 1.06M | -1.04M | 663.98K | 235.23K | 7.3K | 615 | 1.87K | 5.68K | 24.66K |
| Effective Tax Rate % | 2.38% | 1.63% | 6.04% | 3.05% | -0.36% | 0.87% | -3.34% | -0.84% | 0.85% | 61.32% | -0.15% | 0.29% | 3.62% | -0.7% | -0.15% | -0.33% | 0.23% | 1.42% | -4.38% | 23.61% | -25.8% | -8.11% | - | - | - | - | - |
| Net Income | 5.12M | 5.24M | 1.15M | 7.65M | -9.73M | 2.85M | -1.49M | -4.52M | -24.15M | -3.64M | 319K | -21.81M | -6.17M | -10.5M | -17.91M | -21.95M | -85.17M | -110.12M | -25.29M | -3.36M | -2.73M | -3.12M | -7.3K | -615 | -1.87K | -5.68K | -24.66K |
| Net Margin % | 3.3% | 3.32% | 0.8% | 3.76% | -5.5% | 1.96% | -0.75% | -2.54% | -19.26% | -2.48% | 0.18% | -10.95% | -2.56% | -4.87% | -8.5% | -11.81% | -62.22% | -55.66% | -11.63% | -11.28% | -67.97% | -158.76% | - | - | - | - | - |
| Net Income Growth % | 802.88% | 355.03% | -84.94% | 178.61% | -441.76% | 291.46% | 67.12% | 81.27% | -563.17% | -1241.38% | 101.46% | -253.55% | 41.25% | 41.37% | 18.41% | 74.23% | 22.65% | -335.51% | -652.08% | -22.95% | 12.43% | -42658.92% | -1087.48% | 67.16% | 67.01% | 76.98% | - |
| Net Income (Continuing) | 5.12M | 5.24M | 1.15M | 7.65M | -9.73M | 2.85M | -1.49M | -4.59M | -24M | -3.18M | 1.33M | -12.25M | -1.79M | -10.39M | -17.91M | -20.74M | -69.75M | -107.03M | -25.29M | -3.36M | -2.73M | -3.12M | -752.7K | -615 | -1.87K | -5.68K | -24.66K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63K | 0 | 0 | 0 | -7.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.22 | 0.23 | 0.05 | 0.36 | -0.48 | 0.15 | -0.09 | -0.28 | -1.56 | -0.24 | 0.02 | -1.49 | -0.42 | -0.73 | -1.27 | -1.89 | -8.01 | -11.40 | -2.81 | -0.65 | -0.81 | -1.07 | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 |
| EPS Growth % | 755.56% | 338.93% | -85.44% | 175% | -420% | 268.92% | 68.29% | 82.05% | -550% | -1300% | 101.34% | -254.76% | 42.47% | 42.52% | 32.8% | 76.4% | 29.74% | -305.69% | -332.31% | 19.75% | 24.3% | - | - | - | - | - | - |
| EPS (Basic) | - | 0.23 | 0.05 | 0.36 | -0.48 | 0.15 | -0.09 | -0.28 | -1.56 | -0.24 | 0.02 | -1.49 | -0.42 | -0.73 | -1.27 | -1.89 | -8.01 | -11.40 | -2.81 | -0.65 | -0.81 | -1.37 | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 |
| Diluted Shares Outstanding | 23.34M | 22.98M | 21.98M | 21.49M | 20.3M | 19.39M | 16.75M | 16.13M | 15.47M | 15.05M | 15.08M | 14.68M | 14.71M | 14.46M | 14.06M | 11.62M | 10.63M | 9.66M | 8.99M | 5.15M | 3.38M | 2.91M | 3.15M | 3.15M | 3.15M | 3.15M | 3.15M |
| Basic Shares Outstanding | 23.34M | 22.87M | 21.9M | 21.19M | 20.3M | 18.73M | 16.75M | 16.13M | 15.47M | 15.05M | 14.84M | 14.68M | 14.71M | 14.43M | 14.06M | 11.62M | 10.63M | 9.66M | 8.99M | 5.15M | 3.38M | 2.27M | 2.71M | 3.15M | 3.15M | 3.15M | 3.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme liquidity and concentration
According to recent financial filings, Broadwind's revenue growth has exhibited significant volatility, oscillating between a 24.6% expansion in 2025Q3 and a 37.9% contraction in 2024Q3, reflecting the inherent lumpiness of project-based wind energy contracts and the company's high sensitivity to domestic infrastructure project timing.
The inconsistent revenue trajectory suggests that the company struggles to maintain a steady backlog, likely due to its reliance on a narrow base of large turbine OEMs. Investors should monitor whether the recent shift toward Industrial Solutions can provide a more predictable revenue floor to offset the cyclicality of the Heavy Fabrications segment.
As reported in quarterly statements, gross margins have compressed from a peak of 17.6% in 2024Q1 to 13.8% in 2026Q1, highlighting the company's limited pricing power and vulnerability to raw material cost fluctuations within its high-fixed-cost manufacturing model.
The inability to sustain double-digit gross margins suggests that Broadwind lacks the scale to effectively absorb input cost volatility. This margin profile appears to be operating near a break-even threshold, where minor shifts in capacity utilization or steel pricing could lead to outsized impacts on bottom-line profitability.
Based on the provided income statement data, operating income has frequently dipped into negative territory, with the 2026Q1 operating margin of 1.1% indicating that the company's high fixed overhead costs prevent meaningful operating leverage even during periods of revenue growth.
The data suggests that Broadwind's cost structure is heavily weighted toward fixed facility expenses, which limits the potential for margin expansion as volume increases. Without a significant, sustained increase in throughput, the company appears likely to remain trapped in a cycle of thin operating margins and earnings volatility.
With a cash balance of only $456,000 reported against a backdrop of recurring net losses, the company's financial position appears highly vulnerable, suggesting that any delay in customer payments or project milestones could necessitate dilutive financing or further strain operational continuity.
Short-sellers would likely focus on the disconnect between the company's reliance on long-term IRA subsidies and its immediate, precarious liquidity position. The lack of a cash buffer warrants further investigation into the company's working capital management and its ability to fund operations without external capital injections.
Quick answers to the most common questions about buying BWEN stock.
For fiscal year 2025, Broadwind, Inc. (BWEN) reported total revenue of $158.1M.
Broadwind, Inc. (BWEN) is profitable, generating $5.2M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.
Broadwind, Inc. (BWEN) reported an operating income of $0.5M, resulting in an operating profit margin of 0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Broadwind, Inc. (BWEN) generated $15.5M in gross profit for the year, representing a gross profit margin of 9.8%. This demonstrates the company's core pricing power and production efficiency.