Latest Ratios: P/E Ratio -52.4x · EV/EBITDA 126.1x · ROE N/A. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $2.6B | $1.8B | $1.4B | $1.8B | $2.1B | — | — | — | — | — |
| Enterprise Value | $4.2B | $2.9B | $2.3B | $1.8B | $2.2B | $2.3B | — | — | — | — | — |
| P/E Ratio → | -52.42 | — | — | — | — | 95.38 | — | — | — | — | — |
| P/S Ratio | 6.62 | 4.41 | 2.54 | 1.99 | 2.99 | 2.92 | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | 35.37 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.89 | 3.26 | 2.53 | 3.54 | 3.17 | — | — | — | — | — |
| EV / EBITDA | 126.07 | 86.90 | 55.98 | 48.98 | 94.43 | 59.62 | — | — | — | — | — |
| EV / EBIT | 181.85 | 179.07 | — | — | 62.18 | 37.02 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.5% | 24.5% | 24.7% | 24.3% | 23.8% | 24.6% | 29.3% | 18.7% | -12.2% | 6.4% | 11.4% |
| Operating Margin | 3.9% | 3.9% | 3.5% | 2.3% | -0.2% | 2.7% | -0.3% | -3.4% | -40.2% | -18.1% | -6.5% |
| Net Profit Margin | -6.2% | -6.2% | -8.4% | -27.1% | -3.8% | 4.3% | -1.8% | -14.2% | -68.3% | -24.4% | -7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -80.9% | 52.7% | — | — | — | -101.1% | -17.7% |
| ROA | -5.2% | -5.2% | -8.0% | -23.0% | -2.5% | 4.1% | -1.7% | -17.8% | -70.2% | -26.6% | -7.2% |
| ROIC | 9.1% | 9.1% | 8.8% | 4.7% | -0.3% | 12.3% | -142.1% | — | -252.6% | -48.2% | -17.8% |
| ROCE | 7.5% | 7.5% | 6.6% | 3.3% | -0.2% | 3.9% | -1.0% | -102.1% | -139.5% | -37.8% | -10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 6.87 | — | — | — | 1.38 | 0.03 |
| Debt / EBITDA | 11.16 | 11.16 | 12.87 | 11.55 | 17.96 | 10.67 | 25.83 | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | 3.03 | — | — | — | 1.09 | -0.15 |
| Net Debt / EBITDA | 8.45 | 8.45 | 12.31 | 10.49 | 14.63 | 4.71 | 22.03 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.39 | 0.39 | -0.32 | -0.55 | 0.87 | 1.81 | 0.66 | -0.84 | -10.20 | -11.49 | -30.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.26 | 1.42 | 1.50 | 2.30 | 1.46 | 0.68 | 0.77 | 0.98 | 1.26 |
| Quick Ratio | 1.06 | 1.06 | 0.98 | 1.14 | 1.22 | 1.98 | 1.19 | 0.58 | 0.69 | 0.87 | 1.12 |
| Cash Ratio | 0.23 | 0.23 | 0.06 | 0.11 | 0.21 | 0.89 | 0.21 | 0.07 | 0.06 | 0.08 | 0.16 |
| Asset Turnover | — | 0.89 | 0.99 | 0.94 | 0.65 | 0.78 | 0.95 | 1.37 | 1.43 | 1.18 | 1.03 |
| Inventory Turnover | 7.29 | 7.29 | 4.96 | 5.64 | 4.52 | 6.74 | 5.38 | 11.07 | 19.44 | 17.74 | 16.31 |
| Days Sales Outstanding | — | 118.75 | 99.26 | 76.14 | 188.68 | 126.72 | 143.77 | 109.21 | 117.48 | 92.35 | 105.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 1.0% | 0.8% | 0.8% | 0.4% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.0% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.2% | — | — | — | — | — |
| Total Shareholder Yield | 0.6% | 0.6% | 1.0% | 0.9% | 1.0% | 0.7% | — | — | — | — | — |
| Shares Outstanding | — | $105M | $92M | $89M | $88M | $84M | $49M | $32M | $14M | $9M | $10M |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BWNB stock.
Babcock & Wilcox Enterprises, I's current P/E ratio is -52.4x. The historical average is 95.4x.
Babcock & Wilcox Enterprises, I's current EV/EBITDA is 126.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 69.2x.
Based on historical data, Babcock & Wilcox Enterprises, I is trading at a P/E of -52.4x. Compare with industry peers and growth rates for a complete picture.
Babcock & Wilcox Enterprises, I's current dividend yield is 0.56%.
Babcock & Wilcox Enterprises, I has 24.5% gross margin and 3.9% operating margin.
Babcock & Wilcox Enterprises, I's Debt/EBITDA ratio is 11.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Debt service and project volatility
Metrics are mathematically derived from official filings.
Margin Compression Masks Underlying Earnings Power
Gross margin fell to 14.6% in Q2 2026 from 30.0% a year earlier, per reported figures, while net margin turned positive at 4.5%, suggesting a shift toward lower-margin project work.
The sharp gross margin decline in Q2 2026, despite a revenue surge, indicates that the revenue mix has tilted toward lower-margin EPC projects rather than the high-margin Thermal aftermarket business. Operating margin of 3.7% in Q2 2026, down from 18.1% in Q2 2024, suggests that operating leverage remains elusive as costs scale with project volume. The positive net margin in Q2 2026 is a notable inflection after five consecutive quarters of losses, but the TTM net margin remains negative at -6.15%, implying that the recovery may be fragile and dependent on project timing rather than structural margin improvement.
ROIC Volatility Reflects Project-Driven Capital Efficiency
ROIC swung from -5.6% in Q4 2024 to 41.5% in Q2 2026, per financial statements, indicating that capital efficiency is highly sensitive to project milestones and one-time gains rather than steady compounding.
The extreme quarterly swings in ROIC, from deeply negative to strongly positive, suggest that returns on invested capital are not driven by sustainable operational improvements but by the timing of large project completions and potential asset revaluations. The Q2 2026 ROIC of 41.5% appears inflated relative to the company's historical performance and likely reflects a low invested capital base following the equity rebound, rather than genuine value creation. Investors should view ROIC with caution, as the underlying asset turnover of 0.36x remains low, indicating that the capital base is not yet generating consistent returns.
Working Capital Cycle Compresses but Remains Volatile
Cash conversion cycle improved to 31 days in Q2 2026 from 136 days in Q1 2024, per reported data, driven by faster receivables collection and lower inventory days, though DSO remains elevated at 57 days.
The dramatic improvement in CCC from 136 days to 31 days over the past two years suggests that management has made progress in tightening working capital, particularly in reducing DSO from 147 days to 57 days. However, the volatility in DSO and DIO across quarters indicates that project-based revenue recognition and milestone billing continue to distort the efficiency metrics. The DPO of 46 days in Q2 2026, down from 93 days in Q1 2024, suggests that the company is paying suppliers faster, which may reflect improved credit terms or a shift in project mix, but it also reduces the cash buffer available from supplier financing.
Leverage Remains Extreme Despite Debt Reduction
D/E ratio of 5.31 in Q2 2026, per balance sheet data, remains elevated even after total debt fell to $304.7M from $516.8M a year earlier, indicating thin equity and heavy debt service burden.
The reduction in total debt is a positive step, but the D/E ratio of 5.31 highlights that equity is still thin, and the company's ability to service debt remains constrained. Interest coverage improved to 3.63x in Q2 2026 from negative levels in prior quarters, suggesting that operating income is now sufficient to cover interest expenses, but this is a recent development and may not be sustainable given the volatility in operating margins. The D/EBITDA ratio of 21.34x in Q2 2026, while improved from 242.82x in Q1 2026, remains far above typical investment-grade levels, indicating that the company is still highly leveraged relative to its earnings power.
Liquidity Buffer Strengthens but May Be Temporary
Current ratio improved to 1.45 in Q2 2026 from 0.99 in Q1 2026, per reported data, with cash surging to $308.6M, though negative operating cash flow suggests the buffer may be project-driven.
The improvement in the current ratio and the surge in cash to $308.6M appear to be driven by customer deposits and advanced billings, which are liabilities that could reverse as projects progress. The quick ratio of 1.33 in Q2 2026 indicates that the company can cover short-term obligations without relying on inventory, but the negative FCF margin of -7.5% suggests that the cash position may not be sustainable from operations alone. Under a severe stress scenario, such as a project cancellation or a delay in receivables, the liquidity buffer could erode quickly, especially given the high debt service requirements.
EV/EBITDA Misapplied to Project-Based Earnings
EV/EBITDA of 126.07x, per valuation data, is misleading for BWNB because EBITDA is highly volatile and often negative, making the multiple meaningless for assessing value.
The EV/EBITDA multiple is commonly misapplied to BWNB because the company's EBITDA is subject to extreme swings due to project loss provisions, percentage-of-completion accounting, and one-time gains. In quarters where EBITDA is near zero or negative, the multiple becomes distorted, as seen in the 242.82x D/EBITDA in Q1 2026. A more appropriate metric would be EV/Revenue or a normalized EBITDA that adjusts for project volatility and non-recurring items, allowing investors to compare BWNB against peers on a more stable basis. The P/S ratio of 6.62x, while still elevated, provides a more consistent valuation reference, though it fails to capture the company's thin margins and high leverage.