The company's financial leverage remains a concern, with a debt-to-equity ratio that has fluctuated up to 0.73 in 2025Q2, reflecting a reliance on debt to bridge working capital gaps.
Broadwind, Inc. (BWEN) balance sheet — 26-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Current Assets | 76.98M | 64.27M | 66.87M | 69.75M | 79.26M | 52.33M | 50.59M | 54.71M | 43.08M | 35.38M | 58.19M | 52.63M | 77.74M | 86.33M | 54.75M | 74.97M | 64.99M | 43.49M | 98.22M | 34.75M | 588.25K | 637.65K | 0 | 0 | 0 | 0 | 0 |
| Cash & Short-Term Investments | 17.04M | 456K | 7.72M | 1.1M | 12.73M | 852K | 3.37M | 2.42M | 1.18M | 78K | 21.87M | 12.62M | 20.17M | 26.08M | 516K | 13.34M | 15.33M | 4.83M | 15.25M | 5.78M | 125.41K | 166.02K | 0 | 0 | 0 | 0 | 0 |
| Cash Only | 17.04M | 456K | 7.72M | 1.1M | 12.73M | 852K | 3.37M | 2.42M | 1.18M | 78K | 18.7M | 6.44M | 12.15M | 24.94M | 516K | 13.34M | 15.33M | 4.83M | 15.25M | 5.78M | 125.41K | 166.02K | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.17M | 6.18M | 8.02M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 16.99M | 19.3M | 16.82M | 27.74M | 18.97M | 15.44M | 17.59M | 18.31M | 17.45M | 13.64M | 11.87M | 9.78M | 20.01M | 18.73M | 20.04M | 25.31M | 21.43M | 21.92M | 36.71M | 13.54M | 160.35K | 179.84K | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 45.62 | 44.57 | 42.9 | 49.76 | 39.18 | 38.69 | 32.34 | 37.5 | 50.81 | 33.93 | 23.95 | 17.93 | 30.27 | 31.7 | 34.71 | 49.71 | 57.13 | 40.44 | 61.65 | 165.83 | 14.55 | 33.37 | - | - | - | - | - |
| Inventory | 28.2M | 42.01M | 39.95M | 37.41M | 44.26M | 33.38M | 26.72M | 31.86M | 22.67M | 19.28M | 21.16M | 24.22M | 34.92M | 37.14M | 21.99M | 23.36M | 17.74M | 9.04M | 41.9M | 12.98M | 288.29K | 283.43K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 116.47 | 107.54 | 119.57 | 79.86 | 97.29 | 86.95 | 54.04 | 71.43 | 67.65 | 50.76 | 47.47 | 46.21 | 56.96 | 66.66 | 39.37 | 47.71 | 47.98 | 17.74 | 83.13 | 183.21 | 23.3 | 25.8 | - | - | - | - | - |
| Other Current Assets | 14.75M | 2.5M | 2.37M | 3.5M | 3.29M | 0 | 0 | 0 | 1.78M | 580K | 847K | 4.49M | 1.81M | 2.05M | 8.37M | 8.93M | 7.02M | 2.01M | 500K | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 35.19M | 52.54M | 61.42M | 65.41M | 65.28M | 65.72M | 69.09M | 68.15M | 56.09M | 76.97M | 59.47M | 57.27M | 68.88M | 77.36M | 88.16M | 97.92M | 118.52M | 186.55M | 281.53M | 171.07M | 3.31M | 2.69M | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 34.27M | 51.36M | 59.41M | 62.72M | 61.72M | 61.68M | 64.52M | 62.92M | 49.09M | 55.69M | 54.61M | 51.91M | 62.95M | 69.08M | 79.89M | 87.77M | 106.32M | 136.25M | 144.71M | 58.89M | 2.8M | 2.68M | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 2.99x | 3.08x | 2.41x | 3.24x | 2.86x | 2.36x | 3.08x | 2.83x | 2.55x | 2.64x | 3.31x | 3.84x | 3.83x | 3.12x | 2.64x | 2.12x | 1.29x | 1.45x | 1.50x | 0.51x | 1.44x | 0.74x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.71M | 30.95M | 27.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 519K | 741K | 1.4M | 2.06M | 2.73M | 3.45M | 4.19M | 4.92M | 6.6M | 16.08M | 4.57M | 5.02M | 5.46M | 5.9M | 7.45M | 9.21M | 10.07M | 37.25M | 105.59M | 84.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -403K | -1.5M | -139K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 397K | 441K | 606K | 630K | 839K | 585K | 385K | 314K | 398K | 207K | 294K | 351K | 464K | 2.38M | 816K | 944K | 2.13M | 3.34M | 275K | 543K | 507.58K | 16.31K | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 112.17M | 116.81M | 128.29M | 135.16M | 144.54M | 118.05M | 119.68M | 122.87M | 99.17M | 112.35M | 117.66M | 109.91M | 146.62M | 163.69M | 142.91M | 172.89M | 183.51M | 230.04M | 379.75M | 205.82M | 3.89M | 3.33M | 0 | 0 | 0 | 0 | 0 |
| Asset Turnover | 1.20x | 1.35x | 1.12x | 1.51x | 1.22x | 1.23x | 1.66x | 1.45x | 1.26x | 1.31x | 1.54x | 1.81x | 1.65x | 1.32x | 1.47x | 1.07x | 0.75x | 0.86x | 0.57x | 0.14x | 1.03x | 0.59x | - | - | - | - | - |
| Asset Growth % | -36.16% | -8.95% | -5.08% | -6.49% | 22.44% | -1.37% | -2.59% | 23.9% | -11.74% | -4.51% | 7.06% | -25.04% | -10.43% | 14.54% | -17.34% | -5.78% | -20.23% | -39.42% | 84.51% | 5184.68% | 16.96% | - | - | - | - | - | - |
| Total Current Liabilities | 28.28M | 31.68M | 43.56M | 53.61M | 70.18M | 42.68M | 47.97M | 64.29M | 51.85M | 40.98M | 43.25M | 36.76M | 51.67M | 60.53M | 33.84M | 48.44M | 44.5M | 52.74M | 85.74M | 62.45M | 8.4M | 5.86M | 40.13K | 32.83K | 32.21K | 30.34K | 24.66K |
| Accounts Payable | 11.09M | 17.36M | 16.08M | 20.73M | 26.25M | 16.46M | 18.18M | 21.88M | 11.62M | 11.76M | 15.85M | 13.82M | 17.55M | 27.54M | 16.38M | 17.36M | 22.34M | 14.71M | 40.23M | 10.14M | 1.62M | 1.17M | 0 | 700 | 85 | 1.2K | 0 |
| Days Payables Outstanding | 46.73 | 44.43 | 48.13 | 44.25 | 57.71 | 42.89 | 36.76 | 49.04 | 34.67 | 30.95 | 35.56 | 26.37 | 28.62 | 49.42 | 29.32 | 35.46 | 60.43 | 28.86 | 79.82 | 143.04 | 130.67 | 106.45 | - | - | - | - | - |
| Short-Term Debt | 781K | 5.04M | 5.83M | 5.9M | 1.17M | 6.65M | 1.41M | 12.92M | 12.9M | 15.01M | 465K | 3.25M | 1.03M | 201K | 1.31M | 2.2M | 2.54M | 20.87M | 14.03M | 38.43M | 5.06M | 3.89M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 3.58M | 2.69M | 18.04M | 16.5M | 34.55M | 12.08M | 18.82M | 22.72M | 23.51M | 9.79M | 18.01M | 9.94M | 22.62M | 22.99M | 4.06M | 17.33M | 6.51M | 6.96M | 10.39M | 97K | 1.53M | 585.17K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.99M | 44K | -3.89M | 12K | 1.16M | 661K | 909K | 980K | 674K | 1.86M | 3.81M | 5.63M | 6.61M | 749K | 3.86M | 4.83M | 9.29M | 13.74M | 26.88M | 1.33M | 1.08M | 208.87K | 40.13K | 32.13K | 32.13K | 29.14K | 24.66K |
| Current Ratio | 2.72x | 2.03x | 1.54x | 1.30x | 1.13x | 1.23x | 1.05x | 0.85x | 0.83x | 0.86x | 1.35x | 1.43x | 1.50x | 1.43x | 1.62x | 1.55x | 1.46x | 0.82x | 1.15x | 0.56x | 0.07x | 0.11x | - | - | - | - | - |
| Quick Ratio | 1.73x | 0.70x | 0.62x | 0.60x | 0.50x | 0.44x | 0.50x | 0.36x | 0.39x | 0.39x | 0.86x | 0.77x | 0.83x | 0.81x | 0.97x | 1.07x | 1.06x | 0.65x | 0.66x | 0.35x | 0.04x | 0.06x | - | - | - | - | - |
| Cash Conversion Cycle | 115.36 | 107.68 | 114.34 | 85.37 | 78.76 | 82.75 | 49.62 | 59.89 | 83.79 | 53.74 | 35.85 | 37.77 | 58.61 | 48.94 | 44.76 | 61.96 | 44.68 | 29.32 | 64.97 | 206.01 | -92.83 | -47.28 | - | - | - | - | - |
| Total Non-Current Liabilities | 18.09M | 18.83M | 25.33M | 25.52M | 28.09M | 21.23M | 31.05M | 17.81M | 3.95M | 5.29M | 5.83M | 5.66M | 6.57M | 7.84M | 5.77M | 6.6M | 12.81M | 21.7M | 31.85M | 18.83M | 806.54K | 896.83K | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 2.52M | 5.09M | 7.74M | 6.25M | 7.14M | 177K | 9.38M | 505K | 1.41M | 797K | 2.6M | 2.6M | 2.65M | 2.75M | 2.96M | 4.8M | 9.67M | 15.78M | 25.79M | 18.01M | 806.54K | 896.83K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 55.26M | 13.73M | 17.58M | 19.26M | 20.92M | 20.89M | 21.57M | 17.26M | 571K | 941K | 1.04M | 0 | 426K | 1.19M | 641K | 975K | 1.8M | 3.29M | 3.52M | 686K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 403K | 1.5M | 139K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 4K | 15K | 15K | 26K | 167K | 104K | 44K | 1.97M | 3.56M | 2.19M | 3.06M | 3.49M | 3.89M | 2.17M | 825K | 1.33M | 2.23M | 1.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 46.37M | 50.52M | 68.89M | 79.14M | 98.27M | 63.91M | 79.02M | 82.11M | 55.8M | 46.28M | 49.08M | 42.41M | 58.24M | 68.36M | 39.6M | 55.03M | 57.31M | 74.44M | 117.59M | 81.28M | 9.21M | 6.75M | 40.13K | 32.83K | 32.21K | 30.34K | 24.66K |
| Total Debt | 21.84M | 28.28M | 35.53M | 35.42M | 33.12M | 31.55M | 35.61M | 32.56M | 14.88M | 17.51M | 4.1M | 5.85M | 4.11M | 5.08M | 7.12M | 8.94M | 14.98M | 39.93M | 43.92M | 56.74M | 5.87M | 4.79M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 4.79M | 27.82M | 27.81M | 34.32M | 20.39M | 30.7M | 32.24M | 30.14M | 13.7M | 17.44M | -14.6M | -590K | -8.04M | -19.85M | 6.61M | -4.4M | -349K | 35.1M | 28.67M | 50.96M | 5.74M | 4.63M | 0 | 0 | 0 | 0 | 0 |
| Debt / Equity | 0.33x | 0.43x | 0.60x | 0.63x | 0.72x | 0.58x | 0.88x | 0.80x | 0.34x | 0.27x | 0.06x | 0.09x | 0.05x | 0.05x | 0.07x | 0.08x | 0.12x | 0.26x | 0.17x | 0.46x | - | - | - | - | - | - | - |
| Debt / EBITDA | 4.22x | 4.18x | 3.26x | 2.02x | - | - | 5.31x | 6.33x | - | 11.18x | 0.47x | - | 0.66x | 3.09x | - | - | - | - | 357.11x | 18913.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.93x | 4.12x | 2.55x | 1.96x | - | - | 4.81x | 5.86x | - | 11.13x | -1.65x | - | -1.29x | -12.06x | - | - | - | - | 233.10x | 16985.67x | - | - | - | - | - | - | - |
| Interest Coverage | 5.22x | 2.57x | 1.40x | 3.46x | -2.01x | 3.54x | 0.21x | -0.97x | -15.18x | -9.31x | 3.13x | -14.37x | -8.65x | -9.47x | -9.45x | -17.51x | -58.65x | -11.90x | -7.67x | -2.85x | -5.04x | -13.01x | - | - | - | - | - |
| Total Equity | 65.81M | 66.29M | 59.4M | 56.02M | 46.27M | 54.13M | 40.66M | 40.76M | 43.36M | 66.07M | 68.58M | 67.49M | 88.38M | 95.33M | 103.31M | 117.86M | 126.2M | 155.59M | 262.16M | 124.54M | -5.31M | -3.42M | -40.13K | -32.83K | -32.21K | -30.34K | -24.66K |
| Equity Growth % | 46.96% | 11.6% | 6.04% | 21.06% | -14.52% | 33.13% | -0.24% | -6% | -34.37% | -3.66% | 1.62% | -23.63% | -7.29% | -7.72% | -12.35% | -6.61% | -18.89% | -40.65% | 110.51% | 2443.7% | -55.15% | -8434.53% | -22.25% | -1.91% | -6.17% | -23.02% | - |
| Book Value per Share | 2.80 | 2.88 | 2.70 | 2.61 | 2.28 | 2.79 | 2.43 | 2.53 | 2.80 | 4.39 | 4.55 | 4.60 | 6.01 | 6.59 | 7.35 | 10.15 | 11.88 | 16.11 | 29.16 | 24.17 | -1.57 | -1.18 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 |
| Total Shareholders' Equity | 65.81M | 66.29M | 59.4M | 56.02M | 46.27M | 54.13M | 40.66M | 40.76M | 43.36M | 66.07M | 68.58M | 67.49M | 88.38M | 95.33M | 103.31M | 117.86M | 126.2M | 155.59M | 262.16M | 124.54M | -5.31M | -3.42M | -40.13K | -32.83K | -32.21K | -30.34K | -24.66K |
| Common Stock | 24K | 24K | 23K | 22K | 21K | 20K | 17K | 17K | 16K | 15K | 15K | 15K | 15K | 15K | 14K | 140K | 107K | 97K | 96K | 76K | 35.24K | 0 | 31.5K | 2.1K | 2.1K | 2.1K | 2.1K |
| Retained Earnings | -336.24M | -335.1M | -340.35M | -341.5M | -349.15M | -339.42M | -342.26M | -340.78M | -336.25M | -312.11M | -308.47M | -308.79M | -286.98M | -280.81M | -270.31M | -252.4M | -230.46M | -145.28M | -35.16M | -9.88M | -6.61M | -3.88M | -42.23K | -34.93K | -34.31K | -32.44K | -26.76K |
| Treasury Stock | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | -1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3M | 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 |
Quick answers to the most common questions about buying BWEN stock.
As of 2025, Broadwind, Inc. (BWEN) had total assets of $116.8M including $64.3M in current assets.
Broadwind, Inc. (BWEN) carries total debt of $28.3M, offset by $0.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Broadwind, Inc. (BWEN) has total shareholders' equity (book value) of $66.3M ($2.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Broadwind, Inc. (BWEN) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Extreme liquidity and concentration
Metrics are mathematically derived from official filings.
Balance Sheet Stability Remains Elusive
According to recent financial statements, Broadwind's total assets have contracted from $135.2 million in 2023Q4 to $118.0 million by 2026Q1, reflecting a persistent struggle to maintain a stable capital base amidst ongoing operational volatility and the cyclical nature of its heavy fabrication business model.
The downward trend in total assets suggests that the company is struggling to grow its footprint, potentially due to limited capital for reinvestment. Investors should monitor whether this contraction indicates a strategic downsizing or a forced reduction in capacity due to persistent liquidity constraints.
Leverage Fluctuations Signal Operational Strain
As reported in quarterly filings, the company's debt-to-equity ratio has oscillated between 0.40 and 0.73 over the last ten quarters, indicating that management relies on debt as a tactical necessity to bridge working capital gaps rather than as a strategic tool for long-term growth.
The volatility in leverage suggests that the company lacks a consistent capital structure, which may increase refinancing risk during periods of industry downturns. The reliance on debt to manage liquidity warrants further investigation into the cost and covenants associated with these credit facilities.
Minimal Cash Buffer Limits Flexibility
Based on reported figures, Broadwind's cash position has remained precariously low, bottoming out at $456,000 in 2025Q4, which provides a negligible buffer against the operational shocks inherent in its project-based revenue model and high-fixed-cost manufacturing environment.
A current ratio hovering near 1.5 to 2.0 may appear adequate on the surface, but the absolute cash balance is insufficient to absorb even minor delays in customer payments or project milestones. This liquidity profile suggests that the company is perpetually one or two missed payments away from a potential funding crisis.
Accumulated Deficit Masks Structural Weakness
As indicated by the company's balance sheet, the retained earnings deficit of $335.6 million as of 2026Q1 highlights a long-term inability to generate sustainable shareholder value, which potentially distorts the perceived quality of the equity base for long-term investors.
The massive accumulated deficit suggests that historical operations have consistently failed to cover the cost of capital, making the current equity position appear fragile. Investors should be wary that the book value of equity may not reflect the true economic health of the business given this persistent erosion of retained earnings.