The company's financial position remains strained with negative shareholder equity of $172.1M as of 2026Q1 and a substantial debt load of $322.0M that limits operational flexibility.
| 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 |
|---|
| Total Current Assets | 491.27M | 470.7M | 490.19M | 497.59M | 557.61M | 582.43M | 396.08M | 412.22M | 549.62M | 732.26M | 777.5M | 978.18M | 854.69M | 749.75M |
| Cash & Short-Term Investments | 166.85M | 89.5M | 23.4M | 39.86M | 76.24M | 224.87M | 57.34M | 43.77M | 43.21M | 56.67M | 95.9M | 369.19M | 221.08M | 207.43M |
| Cash Only | 160.76M | 89.5M | 23.4M | 39.86M | 76.24M | 224.87M | 57.34M | 43.77M | 43.21M | 56.67M | 95.9M | 365.19M | 219.09M | 198.48M |
| Short-Term Investments | 6.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 2M | 8.95M |
| Accounts Receivable | 227.75M | 191.2M | 195.08M | 151.73M | 315.04M | 246.8M | 223.07M | 257.04M | 341.93M | 394.12M | 457.06M | 427.32M | 447.76M | 365.68M |
| Days Sales Outstanding | 103.74 | 118.75 | 99.26 | 76.14 | 188.68 | 126.72 | 143.77 | 109.21 | 117.48 | 92.35 | 105.7 | 88.76 | 102.81 | 75.51 |
| Inventory | 60.73M | 60.9M | 108.89M | 97.58M | 102.64M | 79.53M | 74.45M | 63.1M | 61.32M | 82.16M | 85.8M | 90.12M | 100.02M | 102.35M |
| Days Inventory Outstanding | 45.67 | 50.08 | 73.56 | 64.69 | 80.68 | 54.17 | 67.85 | 32.96 | 18.78 | 20.57 | 22.38 | 22.7 | 26.76 | 28.06 |
| Other Current Assets | 35.94M | 129.1M | 162.82M | 208.43M | 63.7M | 31.24M | 41.23M | 48.3M | 103.15M | 221.5M | 138.78M | 95.56M | 54.02M | 74.3M |
| Total Non-Current Assets | 266.57M | 192.2M | 236.8M | 278.11M | 384.08M | 330.83M | 202.99M | 214.3M | 195.88M | 589.97M | 751.6M | 684.86M | 668.11M | 546.72M |
| Property, Plant & Equipment | 87.43M | 87M | 102.38M | 95.44M | 113.25M | 115.79M | 95.89M | 109.55M | 90.89M | 141.93M | 133.6M | 145.72M | 158.96M | 163.06M |
| Fixed Asset Turnover | 7.90x | 6.75x | 7.01x | 7.62x | 5.38x | 6.14x | 5.91x | 7.84x | 11.69x | 10.98x | 11.81x | 12.06x | 10.00x | 10.84x |
| Goodwill | 52.69M | 53.1M | 82.14M | 85.12M | 100.44M | 116.46M | 47.36M | 47.16M | 47.11M | 204.4M | 267.4M | 201.07M | 219.33M | 114.69M |
| Intangible Assets | 14.34M | 15.3M | 19.05M | 23.58M | 51.56M | 43.8M | 23.91M | 25.3M | 30.79M | 76.78M | 71M | 37.84M | 51.63M | 19.51M |
| Long-Term Investments | 132.91M | 26.9M | 0 | 0 | 0 | 12.21M | 0 | 0 | 15.75M | 43.28M | 98.7M | 93.29M | 109.51M | 144.83M |
| Other Non-Current Assets | 15.47M | 9M | 33.19M | 71.86M | 116.82M | 42.58M | 35.83M | 32.29M | 27.09M | 25.76M | 17.5M | 16.29M | 11.2M | 15.61M |
| Total Assets | 757.85M | 662.9M | 726.99M | 775.7M | 941.69M | 913.26M | 599.08M | 626.52M | 745.5M | 1.32B | 1.53B | 1.66B | 1.52B | 1.3B |
| Asset Turnover | 0.96x | 0.89x | 0.99x | 0.94x | 0.65x | 0.78x | 0.95x | 1.37x | 1.43x | 1.18x | 1.03x | 1.06x | 1.04x | 1.36x |
| Asset Growth % | -38.9% | -8.82% | -6.28% | -17.63% | 3.11% | 52.45% | -4.38% | -15.96% | -43.62% | -13.53% | -8.05% | 9.21% | 17.46% | - |
| Total Current Liabilities | 494.52M | 386.7M | 388.49M | 350.22M | 371.53M | 253.38M | 270.83M | 602.49M | 711.99M | 744.33M | 617.5M | 561.35M | 488.09M | 518.48M |
| Accounts Payable | 108.75M | 69.2M | 101.03M | 83.15M | 131.22M | 85.93M | 73.48M | 109.91M | 199.88M | 203.57M | 220.74M | 175.17M | 160.61M | 167.42M |
| Days Payables Outstanding | 63.53 | 56.91 | 68.25 | 55.12 | 103.16 | 58.53 | 66.97 | 57.41 | 61.2 | 50.97 | 57.59 | 44.12 | 42.97 | 45.91 |
| Short-Term Debt | 75.41M | 157M | 125.14M | 6.17M | 3.83M | 12.38M | 0 | 282.95M | 176.16M | 169.31M | 14.24M | 2M | 3.21M | 4.67M |
| Deferred Revenue (Current) | 245.01M | 0 | 58.48M | 59.12M | 130.94M | 68.38M | 64M | 75.29M | 149.37M | 181.07M | 210.6M | 229.39M | 153.57M | 210.75M |
| Other Current Liabilities | 193.26M | 160.5M | 59.26M | 141.68M | 37.26M | 12.99M | 22.21M | 27.79M | 167.27M | 293.68M | 253.36M | 103.31M | 222.02M | 256.3M |
| Current Ratio | 0.99x | 1.22x | 1.26x | 1.42x | 1.50x | 2.30x | 1.46x | 0.68x | 0.77x | 0.98x | 1.26x | 1.74x | 1.75x | 1.45x |
| Quick Ratio | 0.87x | 1.06x | 0.98x | 1.14x | 1.22x | 1.98x | 1.19x | 0.58x | 0.69x | 0.87x | 1.12x | 1.58x | 1.55x | 1.25x |
| Cash Conversion Cycle | 85.89 | 111.93 | 104.57 | 85.71 | 166.21 | 122.36 | 144.65 | 84.76 | 75.05 | 61.95 | 70.5 | 67.33 | 86.6 | 57.67 |
| Total Non-Current Liabilities | 435.42M | 407.8M | 621.67M | 625.83M | 572.24M | 601.26M | 659.22M | 318.96M | 310.81M | 387.2M | 350.6M | 353.27M | 341.03M | 246.11M |
| Long-Term Debt | 206.09M | 169.9M | 348.78M | 373.31M | 348.69M | 327.91M | 347.63M | 0 | 0 | 94.3M | 9.8M | 0 | 0 | 225K |
| Capital Lease Obligations | 164.87M | 41.8M | 58.82M | 50.08M | 53.07M | 56.05M | 36.72M | 38.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 43.03M | 10.7M | 11.03M | 10.22M | 12.06M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 178.27M | 185.4M | 203.04M | 192.21M | 158.42M | 215.9M | 274.87M | 280.12M | 310.81M | 292.9M | 340.85M | 353.27M | 341.03M | 245.88M |
| Total Liabilities | 929.94M | 794.5M | 1.01B | 976.05M | 943.78M | 854.64M | 930.05M | 921.46M | 1.02B | 1.13B | 968.1M | 914.62M | 829.12M | 764.58M |
| Total Debt | 321.98M | 368.7M | 537.93M | 434.23M | 410.27M | 402.74M | 389.23M | 326.12M | 176.16M | 263.61M | 14.2M | 2M | 3.21M | 4.9M |
| Net Debt | 161.22M | 279.2M | 514.53M | 394.37M | 334.03M | 177.86M | 331.89M | 282.35M | 132.94M | 206.95M | -81.7M | -363.19M | -215.87M | -193.58M |
| Debt / Equity | -1.87x | - | - | - | - | 6.87x | - | - | - | 1.38x | 0.03x | 0.00x | 0.00x | 0.01x |
| Debt / EBITDA | 8.38x | 11.16x | 12.87x | 11.55x | 17.96x | 10.67x | 25.83x | - | - | - | - | 0.04x | - | 0.02x |
| Net Debt / EBITDA | 4.20x | 8.45x | 12.31x | 10.49x | 14.63x | 4.71x | 22.03x | - | - | - | - | -6.39x | - | -0.83x |
| Interest Coverage | -1.62x | 0.39x | -0.32x | -0.55x | 0.87x | 1.81x | 0.66x | -0.84x | -10.20x | -11.49x | -30.87x | 20.22x | -73.43x | 460.93x |
| Total Equity | -172.09M | -131.6M | -283.17M | -200.35M | -2.09M | 58.62M | -330.98M | -294.94M | -277.3M | 190.7M | 560.9M | 748.43M | 693.69M | 531.88M |
| Equity Growth % | 26.69% | 53.53% | -41.34% | -9490.71% | -103.56% | 117.71% | -12.22% | -6.36% | -245.41% | -66% | -25.06% | 7.89% | 30.42% | - |
| Book Value per Share | -1.29 | -1.25 | -3.09 | -2.25 | -0.02 | 0.70 | -6.80 | -9.36 | -20.05 | 20.25 | 55.78 | 69.48 | 64.56 | 49.50 |
| Total Shareholders' Equity | -172.09M | -131.6M | -283.76M | -200.96M | -2.57M | 33.15M | -332.08M | -296.36M | -286.13M | 182.1M | 552.1M | 747.71M | 692.66M | 530.96M |
| Common Stock | 5.68M | 5.6M | 5.21M | 5.15M | 5.14M | 5.11M | 4.78M | 4.7M | 1.75M | 499K | 500K | 540K | 676.04M | 495.63M |
| Retained Earnings | -1.78B | -1.7B | -1.65B | -1.57B | -1.36B | -1.32B | -1.34B | -1.34B | -1.22B | -492.15M | -114.7M | 965K | 0 | 0 |
| Treasury Stock | -122.06M | -115.9M | -115.5M | -115.16M | -113.75M | -110.93M | -105.99M | -105.71M | -105.59M | -104.78M | -103.82M | -25.41M | 0 | 0 |
| Accumulated OCI | -16.89M | -16M | -86.66M | -66.36M | -72.79M | -58.82M | -52.39M | 1.93M | -11.43M | -22.43M | -36.5M | -18.85M | 10M | -277.3M |
| Minority Interest | 0 | 0 | 591K | 611K | 485K | 25.47M | 1.1M | 1.42M | 8.83M | 8.6M | 8.8M | 719K | 1.03M | 924K |
Negative equity and leverage
As reported in recent financial filings, BWNB's balance sheet trajectory remains concerning, with shareholder equity deteriorating from -201.0M in 2023Q4 to -172.1M in 2026Q1, reflecting a sustained inability to generate retained earnings sufficient to offset the company's ongoing operational losses and capital structure pressures.
The persistent negative equity position suggests that the company is effectively operating with a deficit that may limit its financial flexibility. Investors should monitor whether this trend indicates a structural impairment of the business model or if management can pivot toward profitability to begin repairing the balance sheet.
Based on the provided quarterly data, BWNB maintains a significant debt load that peaked at 537.9M in 2024Q4, and while it has since moderated to 322.0M as of 2026Q1, the absolute level of debt remains high relative to the company's limited asset base and negative equity.
The reliance on debt to fund operations in the absence of positive retained earnings suggests a high-risk capital structure. This leverage profile warrants further investigation into the maturity schedule and interest coverage, as the current debt levels appear to be a primary driver of the company's net margin pressure.
According to the latest balance sheet figures, BWNB's current ratio has fluctuated significantly, reaching a low of 0.94 in 2025Q1 before recovering to 0.99 in 2026Q1, which indicates that the company's ability to cover short-term obligations remains precarious and highly dependent on project-based cash inflows.
The volatility in cash balances, which dropped from 189.9M in 2025Q3 to 160.8M in 2026Q1, suggests that liquidity is not stable and may be subject to the timing of large-scale project milestones. This lack of a consistent cash buffer may force management to rely on external financing to maintain operations.
As evidenced by the balance sheet, the company carries 52.7M in goodwill as of 2026Q1, which represents a significant portion of total assets, potentially exposing the firm to future impairment charges if the underlying business segments fail to meet their long-term growth and profitability expectations.
The presence of substantial goodwill alongside negative equity suggests that the market value of the company's assets may be overstated relative to their actual earning power. Investors should be cautious, as any downward revision to these intangible assets could further erode the already negative shareholder equity position.
Quick answers to the most common questions about buying BWNB stock.
As of 2025, Babcock & Wilcox Enterprises, I (BWNB) had total assets of $662.9M including $470.7M in current assets.
Babcock & Wilcox Enterprises, I (BWNB) carries total debt of $368.7M, offset by $89.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Babcock & Wilcox Enterprises, I (BWNB) has total shareholders' equity (book value) of $-131.6M ($-1.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Babcock & Wilcox Enterprises, I (BWNB) reported a current ratio of 1.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.