Free cash flow generation is highly volatile, ranging from a 43.1% margin in 2024Q4 to a negative 34.8% margin in 2025Q2, indicating poor cash conversion efficiency.
Broadwind, Inc. (BWEN) cash flow statement — 26-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 4.22M | -15.38M | 13.81M | -6.95M | 16.64M | -12.83M | 5.33M | 4.52M | 2.04M | -9.35M | 17.3M | -5.51M | 2.5M | 26.25M | -2.88M | -11.15M | -13.47M | 1.99M | -2.36M | -132K | -710.26K | -1.53M | -8K | 0 | 0 | 0 | -24.66K |
| Operating CF Margin % | - | -9.73% | 9.65% | -3.41% | 9.42% | -8.81% | 2.69% | 2.54% | 1.63% | -6.37% | 9.57% | -2.77% | 1.04% | 12.17% | -1.37% | -6% | -9.84% | 1% | -1.09% | -0.44% | -17.66% | -78.01% | - | - | - | - | - |
| Operating CF Growth % | 185.74% | -211.44% | 298.76% | -141.74% | 229.76% | -340.64% | 17.89% | 121.08% | 121.87% | -154.05% | 413.86% | -320.39% | -90.47% | 1010.96% | 74.16% | 17.2% | -778.06% | 184.23% | -1687.12% | 81.42% | 53.71% | -19074.22% | - | - | - | 100% | - |
| Net Income | 5.47M | 5.24M | 1.15M | 7.65M | -9.73M | 2.85M | -1.49M | -4.59M | -24M | -3.18M | 1.33M | -12.25M | -6.17M | -10.39M | -17.91M | -20.74M | -69.75M | -110.12M | -25.29M | -3.36M | -2.73M | -3.12M | -7.3K | -615 | -1.87K | -5.68K | -24.62K |
| Depreciation & Amortization | 4.48M | 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 |
| Stock-Based Compensation | 1.03M | 1.9M | 2.36M | 2.21M | 2.19M | 2.73M | 1.29M | 1.96M | 803K | 1.13M | 753K | 919K | 1.05M | 1.82M | 3.36M | 1.91M | 1.75M | 1.87M | 1.78M | 142K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 20K | -10K | 0 | -10K | -13K | -2K | -4K | -30K | -307K | -5.04M | -909K | -982K | -168K | -1.57M | 26K | 68K | 1.34M | -1.09M | 506K | 139K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.98M | -8.1M | -119K | 124K | -54K | -9.59M | 513K | -66K | 9.73M | -1.29M | 753K | 1.1M | 163K | 681K | 685K | 709K | 36.79M | 82.18M | 1.01M | 2K | 845.75K | 208K | 0 | 0 | 2.97K | 4.48K | 49.28K |
| Working Capital Changes | 1.35M | -20.73M | 3.73M | -23.3M | 18.19M | -15.15M | -1.27M | -250K | 6.64M | -9.96M | 8.45M | -3.48M | -4.56M | 20.86M | -5.58M | -7.63M | -52K | 3.42M | -2.24M | -591K | 851.2K | 1.14M | -700 | 615 | -1.1K | 1.2K | -24.66K |
| Change in Receivables | -4.71M | -2.58M | 10.92M | -8.85M | -3.51M | 2.58M | 374K | -792K | -3.78M | 884K | -2.14M | 7.22M | -1.27M | 1.81M | 5.11M | -4.89M | 1.2M | 14.65M | -16.36M | -4.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.95M | -2.48M | -2.54M | 6.86M | -10.88M | -6.65M | 5.14M | -9.19M | -2.94M | 7.06M | 3.06M | 6.92M | 2.22M | -15.15M | 1.37M | -5.62M | -8.91M | 32.86M | -28.42M | 715K | -4.86K | 48.96K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 392K | 1.36M | -4.39M | -6.01M | 9.93M | -1.74M | -3.32M | 9.77M | 801K | -5.29M | 989K | -3.63M | -8.58M | 11.67M | -1.17M | -5.01M | 7.57M | -25.01M | 21.59M | 2.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 7.87M | 8.89M | -3.46M | -6.38M | -3.1M | -1.67M | -1.55M | -1.84M | -1.65M | -19.89M | -3.16M | 212K | -12.32M | 5.65M | -4.7M | -2.59M | -5.13M | -12.52M | -106.7M | -82.33M | -407.6K | -1.1M | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -4.75M | -3.63M | -3.62M | -6.41M | -3.1M | -1.71M | -1.55M | -1.84M | -2.32M | -6.69M | -6.62M | -2.79M | -6.5M | -6.95M | -5.74M | -4.71M | -6.89M | -11.84M | -83.72M | -5.85M | -407.6K | -1.1M | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 3.38% | 2.3% | 2.53% | 3.15% | 1.75% | 1.17% | 0.78% | 1.03% | 1.85% | 4.56% | 3.66% | 1.4% | 2.7% | 3.22% | 2.72% | 2.53% | 5.04% | 5.98% | 38.52% | 19.64% | 10.13% | 55.82% | - | - | - | - | - |
| Acquisitions | 12.61M | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 676K | -16.45M | -615K | -2.86M | 0 | 250K | 375K | 952K | 0 | 0 | -23.02M | -76.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 12.52M | 159K | 21K | 0 | 33K | 0 | 0 | 676K | 72K | 1.07M | 4.02M | 1.06M | 13.5M | 659K | 1.17M | -75K | -684K | 40K | -5.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -23.17M | -772K | -3.73M | 1.7M | -1.67M | 11.98M | -2.83M | -1.44M | 807K | 10.66M | -3.32M | 2.05M | -2.97M | -7.49M | -5.24M | 11.22M | 29.63M | 109K | 118.53M | 88.12M | 1.08M | 2.8M | 8K | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | -22.69M | -4.42M | -3.58M | 2.48M | -1.35M | 4.09M | -2.92M | -1.44M | 859K | 10.66M | -3.34M | 2.05M | -934K | -7.51M | -5.24M | -392K | -21.39M | -2.24M | 923K | 22.56M | 1.08M | 2.81M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 410K | -256K | 0 | 0 | 230K | 7.89M | 93K | 0 | -52K | 0 | 0 | 0 | -1.83M | 18K | 0 | 11.7M | 54.03M | 675K | 117.39M | 65.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 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 |
| Share Repurchases | 0 | -256K | 0 | 0 | 0 | -1.42M | -139K | 0 | -52K | 0 | 0 | 0 | -1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -884K | 3.9M | -150K | -783K | -549K | 0 | 0 | 0 | 0 | 0 | 19K | 0 | -201K | 0 | 0 | 0 | -3M | 1.68M | 214K | 153K | 0 | -7.53K | 8K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 16M | -7.26M | 6.62M | -11.63M | 11.88M | -2.52M | 956K | 1.24M | 1.1M | -18.66M | 12.22M | -5.62M | -12.79M | 24.42M | -12.82M | -1.99M | 10.63M | -10.42M | 9.47M | 5.66M | -40.61K | 166.02K | 0 | 0 | 0 | 0 | -24.66K |
| Free Cash Flow | -524K | -19.02M | 10.19M | -13.35M | 13.54M | -14.53M | 3.78M | 2.68M | -279K | -16.04M | 10.68M | -8.3M | -4M | 19.3M | -8.62M | -15.86M | -20.37M | -9.85M | -86.08M | -5.99M | -1.12M | -2.63M | -8K | 0 | 0 | 0 | -24.66K |
| FCF Margin % | -0.37% | -12.03% | 7.12% | -6.56% | 7.66% | -9.98% | 1.91% | 1.5% | -0.22% | -10.93% | 5.9% | -4.17% | -1.66% | 8.95% | -4.09% | -8.54% | -14.88% | -4.98% | -39.61% | -20.08% | -27.79% | -133.83% | - | - | - | - | - |
| FCF Growth % | 91.89% | -286.64% | 176.31% | -198.57% | 193.2% | -484.17% | 41.31% | 1059.5% | 98.26% | -250.22% | 228.61% | -107.37% | -120.74% | 323.94% | 45.66% | 22.11% | -106.78% | 88.56% | -1338.01% | -435.49% | 57.53% | -32792.95% | - | - | - | 100% | - |
| FCF per Share | -0.02 | -0.83 | 0.46 | -0.62 | 0.67 | -0.75 | 0.23 | 0.17 | -0.02 | -1.07 | 0.71 | -0.57 | -0.27 | 1.34 | -0.61 | -1.37 | -1.92 | -1.02 | -9.58 | -1.16 | -0.33 | -0.90 | -0.00 | - | - | - | -0.01 |
| FCF Conversion (FCF/Net Income) | -0.10x | -2.93x | 11.98x | -0.91x | -1.71x | -4.51x | -3.58x | -1.00x | -0.08x | 2.57x | 54.23x | 0.25x | -0.41x | -2.50x | 0.16x | 0.51x | 0.16x | -0.02x | 0.09x | 0.04x | 0.26x | 0.49x | 1.10x | - | - | - | 1.00x |
| Interest Paid | 0 | 1.43M | 1.55M | 2.07M | 0 | 741K | 1.45M | 1.62M | 1.17M | 585K | 494K | 652K | 601K | 789K | 1.5M | 1.03M | 1.17M | 1.91M | 2.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 164K | 192K | 17K | 0 | 102K | 81K | 49K | 116K | 44K | 23K | 48K | 62K | 22K | 26K | 34K | 38K | 505K | 65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BWEN stock.
Broadwind, Inc. (BWEN) generated $-15.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Broadwind, Inc. (BWEN) reported negative free cash flow of $19.0M in 2025, indicating capital requirements exceeded cash from operations.
Broadwind, Inc. (BWEN) spent $3.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Broadwind, Inc. (BWEN) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Extreme liquidity and concentration
Metrics are mathematically derived from official filings.
Earnings Decoupled From Cash Reality
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 16.18 in 2024Q4 to a positive 21.72 in 2025Q1, indicating significant volatility in the company's underlying cash conversion quality.
The extreme variance in the OCF/NI ratio suggests that GAAP net income is a poor proxy for the company's actual liquidity generation. Investors should monitor the impact of project-based accounting, which appears to create massive timing differences between revenue recognition and the actual collection of cash from turbine OEM partners.
Free Cash Flow Volatility Persists
Based on the provided quarterly data, free cash flow margins have fluctuated wildly, ranging from a high of 43.1% in 2024Q4 to a low of negative 34.8% in 2025Q2, reflecting the lumpy nature of project milestones and the company's inability to maintain consistent cash generation.
The erratic FCF trajectory underscores the operational risk inherent in the company's heavy fabrication model. The inability to sustain positive FCF suggests that the business remains highly sensitive to the timing of large-scale contract payments, which may leave the company vulnerable during periods of project delays.
Working Capital Swings Drive Liquidity
According to recent SEC filings, working capital changes have been the primary driver of cash flow volatility, with a massive $30.2 million inflow in 2023Q4 followed by a $13.8 million outflow in 2025Q2, highlighting the company's reliance on managing customer payment cycles to maintain operational liquidity.
The significant swings in working capital suggest that the company's cash position is heavily dependent on the timing of customer advances and inventory management. This reliance on working capital fluctuations to fund operations may indicate that the core business lacks the internal cash-generating power to support its fixed-cost structure.
Capital Intensity Remains Under Pressure
As indicated by the reported figures, capital expenditures have remained relatively modest, peaking at 8.2% of revenue in 2026Q1, which suggests that management is prioritizing the preservation of limited cash over significant investments in new fabrication capacity or technological upgrades for its gearing segment.
The low level of capital intensity may be a defensive response to the company's constrained liquidity position rather than a sign of operational efficiency. Investors should monitor whether this level of maintenance capex is sufficient to keep the company's specialized heavy-lift infrastructure competitive against larger, better-capitalized industry peers.