The firm's capital structure remains severely strained with a negative equity position of -$131.6M as of 2025Q4 and a total debt load of $368.7M that continues to pressure liquidity.
| Total Current Assets | 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 | 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 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 2M | 8.95M |
| Accounts Receivable | 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 | 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 | 60.9M | 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 | 50.09 | 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 | 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 | 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 | 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 | 6.76x | 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 | 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 | 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 | 26.9M | 0 | 0 | 0 | 0 | 0 | 0 | 15.75M | 43.28M | 98.7M | 93.29M | 109.51M | 144.83M |
| Other Non-Current Assets | 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 | 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 | 0.89x | 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 % | -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 | 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 | 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 | 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 | 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) | 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 | 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 | 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 | 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 | 111.92 | 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 | 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 | 169.9M | 348.78M | 373.31M | 348.69M | 327.91M | 347.63M | 0 | 0 | 94.3M | 9.8M | 0 | 0 | 225K |
| Capital Lease Obligations | 41.8M | 58.82M | 50.08M | 53.07M | 56.05M | 36.72M | 38.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 10.7M | 11.03M | 10.22M | 12.06M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 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 | 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 | 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 | 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 | - | - | - | - | 6.87x | - | - | - | 1.38x | 0.03x | 0.00x | 0.00x | 0.01x |
| Debt / EBITDA | 11.17x | 12.87x | 11.55x | 17.96x | 10.67x | 25.83x | - | - | - | - | 0.04x | - | 0.02x |
| Net Debt / EBITDA | 8.46x | 12.31x | 10.49x | 14.63x | 4.71x | 22.03x | - | - | - | - | -6.39x | - | -0.83x |
| Interest Coverage | 0.61x | 0.54x | 0.39x | -0.03x | 0.58x | -0.03x | -0.31x | -8.60x | -10.86x | -27.08x | 20.64x | -116.90x | 455.05x |
| Total Equity | -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 % | 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 | -1.25 | -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 | -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 | 5.6M | 5.21M | 5.15M | 5.14M | 5.11M | 4.78M | 4.7M | 1.75M | 499K | 500K | 540K | 676.04M | 495.63M |
| Retained Earnings | -1.7B | -1.65B | -1.57B | -1.36B | -1.32B | -1.34B | -1.34B | -1.22B | -492.15M | -114.7M | 965K | 0 | 0 |
| Treasury Stock | -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 | -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 | 591K | 611K | 485K | 25.47M | 1.1M | 1.42M | 8.83M | 8.6M | 8.8M | 719K | 1.03M | 924K |
Negative equity and insolvency
As reported in financial statements, BWSN's equity position has remained deeply negative, deteriorating from -$142.3M in 2023Q3 to -$131.6M by 2025Q4, a trend that underscores the structural inability of the firm to generate sufficient retained earnings to offset its ongoing operational losses and capital base depletion.
The persistent negative equity suggests that the company has effectively exhausted its book value, leaving the balance sheet highly sensitive to any further impairment of assets. Investors should monitor whether this trajectory forces a capital restructuring, as the current trend indicates a long-term failure to build intrinsic value.
Based on the company's reported figures, total debt has fluctuated significantly, peaking at $537.9M in 2024Q4 before settling at $368.7M in 2025Q4, a reduction that appears driven more by liquidity necessity than by a strategic deleveraging of the firm's heavy industrial capital structure.
The high debt load relative to the company's negative equity position implies a precarious financial standing that limits management's flexibility. This leverage profile warrants further investigation into the maturity schedule, as the firm's ability to refinance in a high-rate environment remains a significant concern for solvency.
According to recent SEC filings, BWSN's cash position has been highly volatile, swinging from a low of $21.6M in 2025Q1 to $89.5M in 2025Q4, which suggests that the company's liquidity buffer is heavily dependent on the timing of project-based cash inflows rather than consistent operational generation.
With a current ratio hovering near 1.22, the company maintains a thin margin of safety that may be insufficient to absorb unexpected project cost overruns or delays. This liquidity profile appears to leave the firm vulnerable to short-term shocks, necessitating a cautious outlook on its near-term operational stability.
As indicated by the provided balance sheet data, the company carries $53.1M in goodwill as of 2025Q4, a figure that may be subject to impairment risk given the persistent negative net margins and the ongoing contraction in the firm's core thermal power generation business segment.
The presence of significant goodwill on a balance sheet with negative equity suggests that the carrying value of these intangible assets may not be supported by current cash flow generation. Analysts should consider the potential for a non-cash impairment charge, which would further exacerbate the firm's already strained equity position.
Quick answers to the most common questions about buying BWSN stock.
As of 2025, Babcock & Wilcox Enterprises, I (BWSN) had total assets of $662.9M including $470.7M in current assets.
Babcock & Wilcox Enterprises, I (BWSN) 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, I (BWSN) 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, I (BWSN) 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.