The company's financial position is strained by a negative equity base of $172.1 million and a substantial debt load of $322.0 million 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 |
|---|
| 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 | 0 | 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 | 54.78M | 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 | 0.91x | 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 liquidity
According to recent SEC filings, Babcock & Wilcox has seen its total equity position deteriorate into a deep deficit, reaching negative $172.1 million in 2026Q1, which reflects a sustained inability to generate retained earnings while managing the company's complex, multi-year industrial restructuring and legacy project obligations.
The consistent negative equity trend suggests that the company's capital base is being systematically depleted by recurring losses rather than being bolstered by operational success. Investors should monitor whether this trajectory indicates a structural impairment of the business model or if it is merely a lagging indicator of past restructuring efforts.
As reported in financial statements, the company maintains a significant debt load of $322.0 million as of 2026Q1, which, when viewed against a negative equity base, highlights a precarious leverage profile that limits the firm's financial flexibility and increases sensitivity to interest rate fluctuations.
The reliance on debt to fund operations while equity remains negative suggests that the company is operating under significant financial strain. This capital structure warrants further investigation into the maturity profile of these obligations and the potential for future refinancing risks if cash flow generation does not improve.
Based on the latest quarterly data, the current ratio has hovered near parity at 0.99 in 2026Q1, indicating that the company's ability to cover short-term liabilities with current assets remains constrained and leaves little margin for error during periods of operational volatility or project-related cash outflows.
The fluctuation in cash reserves, which dropped from $189.9 million in 2025Q3 to $160.8 million in 2026Q1, suggests that liquidity is highly sensitive to the timing of project milestones. This tight buffer may force management to prioritize cash preservation over strategic growth initiatives in the near term.
Analysis of the balance sheet reveals that goodwill and intangible assets of $52.7 million represent a meaningful portion of total assets, which may be subject to future impairment charges if the company fails to achieve its projected profitability targets in the competitive power generation market.
The presence of these intangible assets on a balance sheet with negative equity suggests that the company's book value is heavily reliant on subjective valuations. Investors should be wary of potential non-cash write-downs that could further exacerbate the existing equity deficit and signal deeper operational challenges.
Quick answers to the most common questions about buying BW stock.
As of 2025, Babcock & Wilcox Enterprises, Inc. (BW) had total assets of $662.9M including $470.7M in current assets.
Babcock & Wilcox Enterprises, Inc. (BW) 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, Inc. (BW) 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, Inc. (BW) 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.