Operational cash flow remains inconsistent, as demonstrated by a volatile OCF/NI ratio of 13.07 in 2024Q3 and persistent negative free cash flow margins that bottomed at -35.5% in 2024Q4.
| 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 |
|---|
| Cash from Operations | -42.63M | -68.9M | -118.73M | -42.27M | -30.64M | -111.2M | -40.8M | -176.32M | -281.88M | -189.83M | 2.3M | 145.21M | -28.67M | -12.32M |
| Operating CF Margin % | - | -11.72% | -16.55% | -5.81% | -5.03% | -15.64% | -7.2% | -20.52% | -26.53% | -12.19% | 0.15% | 8.26% | -1.8% | -0.7% |
| Operating CF Growth % | 336.05% | 41.97% | -180.9% | -37.97% | 72.45% | -172.54% | 76.86% | 37.45% | -48.49% | -8353.61% | -98.42% | 606.43% | -132.67% | - |
| Net Income | -128.9M | -32.8M | -59.78M | -78.87M | -26.58M | 31.54M | -10.3M | -129.04M | -652.55M | -379.01M | -115.1M | 19.34M | -26.16M | 174.82M |
| Depreciation & Amortization | 10.06M | 10.1M | 16.71M | 21M | 23.99M | 18.34M | 16.8M | 23.61M | 32M | 40.14M | 39.6M | 34.93M | 36.45M | 23.03M |
| Stock-Based Compensation | 12.46M | 0 | 4.69M | 8.7M | 9.98M | 7.8M | 4.56M | 3.08M | 2.25M | 11.81M | 16.1M | 7.77M | -11K | -172K |
| Deferred Taxes | 1.26M | 800K | 7.1M | -1.46M | 5.9M | -7.75M | 1.8M | -855K | 98.06M | 50.3M | -9M | -32.12M | -39.38M | 56.11M |
| Other Non-Cash Items | 55.4M | -21M | 12.42M | -6.5M | -4.09M | -17.83M | 2.54M | 76.11M | 158.41M | 142.51M | 36.2M | 40.37M | 128.97M | -115.51M |
| Working Capital Changes | -15.28M | -26M | -99.88M | 14.87M | -39.83M | -143.3M | -56.2M | -149.22M | 79.93M | -55.58M | 34.5M | 74.91M | -128.54M | -150.6M |
| Change in Receivables | -19.55M | 3.2M | -54.97M | 71.39M | -82.33M | -19.87M | 21.7M | 112.41M | 80.38M | 9.41M | 58.9M | -33.98M | -19.52M | 4.9M |
| Change in Inventory | -4.7M | -7.8M | -6.41M | -8.13M | -19M | -3.05M | -4.1M | -4.14M | 10.34M | 11.87M | 2.9M | 6.06M | 2.96M | 10.77M |
| Change in Payables | -37.92M | -57.9M | 8.14M | 12.93M | 52.68M | 7.08M | -42M | -80.46M | -4.36M | -14.66M | 4.5M | 17.86M | -7.76M | -13.35M |
| Cash from Investing | 197.37M | 197M | 109.96M | -7.94M | -68.8M | -33.54M | 2.2M | 8.78M | 179.22M | -62.14M | -180.8M | -45.88M | -149.57M | -18.66M |
| Capital Expenditures | -19.6M | -16.8M | -11.21M | -9.8M | -13.24M | -6.68M | -8.2M | -3.8M | -5.47M | -14.28M | -22.5M | -35.4M | -17.93M | -11.59M |
| CapEx % of Revenue | 2.93% | 2.86% | 1.56% | 1.35% | 2.17% | 0.94% | 1.45% | 0.44% | 0.52% | 0.92% | 1.43% | 2.01% | 1.13% | 0.66% |
| Acquisitions | 32.4M | 216.3M | 120.91M | 0 | -59.42M | -29.95M | 8M | 7.45M | 183.78M | -52.55M | -153.1M | -7.42M | -132.6M | -6.88M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 187.45M | 0 | 34K | -102K | 466K | 0 | 4.9M | 2.5M | 534K | -1.55M | 10.2M | 5.69M | -6.09M | 6.95M |
| Cash from Financing | -78.6M | -58.7M | 69.73M | 8.56M | -11.16M | 302.81M | 44.1M | 167.02M | 82.61M | 206.13M | -83.4M | 53.61M | 211.7M | 47.77M |
| Debt Issued (Net) | -209.8M | -171.5M | 92.31M | 24.72M | 8.01M | 67.55M | 55.31M | 143.08M | 50.6M | 239.85M | -4.77M | -1.08M | -1.57M | -212K |
| Equity Issued (Net) | 158.59M | 129.7M | 7.6M | -1.41M | -2.82M | 269.17M | -283K | 1.27M | 438K | -17.64M | -78.41M | -25.41M | 0 | 0 |
| Dividends Paid | -14.78M | -14.9M | -18.57M | -11.14M | -14.86M | -9.13M | 0 | 0 | 0 | 0 | 0 | -242K | 0 | 0 |
| Share Repurchases | -400K | -400K | -336K | -1.41M | -2.82M | -4.94M | -283K | -117K | -805K | -17.64M | -78.41M | -25.41M | 0 | 0 |
| Other Financing | -12.6M | -2M | -11.61M | -3.61M | -1.5M | -24.78M | -10.93M | 22.66M | 31.57M | -16.08M | -246K | 80.34M | 213.27M | 47.99M |
| Net Change in Cash | 53.36M | 70.3M | 59.7M | -42.09M | -113.25M | 159.29M | 10.5M | -3.34M | -9.42M | -39.22M | -269.3M | 146.53M | 20.61M | 15.78M |
| Free Cash Flow | -62.23M | -85.7M | -129.94M | -52.07M | -43.88M | -117.88M | -49M | -180.12M | -287.36M | -204.11M | -20.2M | 109.81M | -46.6M | -23.91M |
| FCF Margin % | -9.31% | -14.58% | -18.11% | -7.16% | -7.2% | -16.58% | -8.65% | -20.97% | -27.05% | -13.1% | -1.28% | 6.25% | -2.93% | -1.35% |
| FCF Growth % | 50.04% | 34.05% | -149.55% | -18.68% | 62.78% | -140.56% | 72.8% | 37.32% | -40.79% | -910.45% | -118.4% | 335.65% | -94.88% | - |
| FCF per Share | -0.47 | -0.81 | -1.42 | -0.59 | -0.50 | -1.41 | -1.01 | -5.72 | -20.78 | -21.68 | -2.01 | 10.19 | -4.34 | -2.23 |
| FCF Conversion (FCF/Net Income) | 0.48x | 1.91x | 1.98x | 0.21x | 1.34x | -3.60x | 3.95x | 1.45x | 0.39x | 0.50x | -0.02x | 7.59x | 1.08x | -0.07x |
| Interest Paid | 15.52M | 0 | 37.32M | 23.07M | 25.67M | 20.23M | 17.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 5.6M | 0 | 7.76M | 6.73M | 7.95M | 4.99M | 6.96M | 0 | 0 | 0 | 0 | 0 | 8.21M | 0 |
Liquidity and project execution
According to reported financial data, BWNB exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme levels, such as the 13.07 observed in 2024Q3, suggesting that accounting earnings provide little insight into the company's actual cash generation capabilities.
The wide variance between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of the company's financial profile. Investors should monitor this volatility, as it suggests that reported earnings are not a reliable proxy for the underlying cash-generating health of the business.
As evidenced by the quarterly cash flow statements, BWNB has struggled to maintain positive free cash flow, with FCF margins bottoming out at -35.5% in 2024Q4, indicating that the company's current operational model is consistently consuming rather than generating cash for shareholders.
The inability to sustain positive free cash flow suggests that the company's capital-intensive projects are not yet yielding the returns necessary to cover operational costs. This trend warrants further investigation into whether the current project pipeline can ever reach a self-sustaining level of profitability.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $19.5M inflow in 2023Q4 to a $31.1M outflow in 2024Q3, which appears to reflect the lumpy nature of project-based billing and collection cycles inherent in the company's business model.
These fluctuations suggest that the company is highly dependent on the timing of milestone payments from customers to manage its immediate liquidity needs. Such reliance on working capital management may indicate a vulnerability to project delays or shifts in customer payment behavior.
As reported in financial filings, BWNB's capital expenditure relative to revenue has remained consistently elevated, peaking at 3.7% in 2025Q3, which suggests that the company must continue to invest heavily in its asset base despite the ongoing challenges in achieving positive net margins.
The persistent level of capital spending, even during periods of negative cash flow, indicates that the company is forced to maintain its infrastructure to support its legacy thermal business. This capital intensity may limit the firm's flexibility to pivot toward higher-growth, less asset-heavy environmental technologies.
Quick answers to the most common questions about buying BWNB stock.
Babcock & Wilcox Enterprises, I (BWNB) generated $-68.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Babcock & Wilcox Enterprises, I (BWNB) reported negative free cash flow of $85.7M in 2025, indicating capital requirements exceeded cash from operations.
Babcock & Wilcox Enterprises, I (BWNB) spent $16.8M 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, Babcock & Wilcox Enterprises, I (BWNB) returned $14.9M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.