Revenue remains highly erratic with a 142.9% growth spike in 2025Q4, yet operating income frequently fails to scale, as seen when a $24.2M gross profit in 2024Q4 resulted in a $20.0M operating loss.
| Sales/Revenue | 587.7M | 717.33M | 727.32M | 609.44M | 710.87M | 566.32M | 859.11M | 1.06B | 1.56B | 1.58B | 1.76B | 1.59B | 1.77B |
| Revenue Growth % | -18.07% | -1.37% | 19.34% | -14.27% | 25.53% | -34.08% | -19.13% | -31.8% | -1.3% | -10.19% | 10.54% | -10.07% | - |
| Cost of Goods Sold | 443.8M | 540.31M | 550.61M | 464.3M | 535.83M | 400.46M | 698.85M | 1.19B | 1.46B | 1.4B | 1.45B | 1.36B | 1.33B |
| COGS % of Revenue | 75.51% | 75.32% | 75.7% | 76.19% | 75.38% | 70.71% | 81.35% | 112.2% | 93.59% | 88.65% | 82.46% | 85.82% | 75.31% |
| Gross Profit | 143.9M | 177.03M | 176.7M | 145.13M | 175.05M | 165.85M | 160.26M | -129.64M | 99.88M | 179.2M | 308.16M | 225.36M | 436.48M |
| Gross Margin % | 24.49% | 24.68% | 24.3% | 23.81% | 24.62% | 29.29% | 18.65% | -12.2% | 6.41% | 11.35% | 17.54% | 14.18% | 24.69% |
| Gross Profit Growth % | -18.71% | 0.18% | 21.75% | -17.09% | 5.54% | 3.49% | 223.61% | -229.8% | -44.26% | -41.85% | 36.74% | -48.37% | - |
| Operating Expenses | 121M | 151.94M | 160.1M | 146.29M | 155.63M | 167.59M | 189.64M | 227.11M | 269.21M | 257.5M | 256.51M | 260.45M | 225.11M |
| OpEx % of Revenue | 20.59% | 21.18% | 22.01% | 24% | 21.89% | 29.59% | 22.07% | 21.38% | 17.28% | 16.31% | 14.6% | 16.38% | 12.74% |
| Selling, General & Admin | 119.5M | 141.48M | 150.15M | 152.7M | 164.85M | 154.62M | 179.01M | 223.33M | 259.8M | 247.1M | 239.97M | 241.7M | 204.07M |
| SG&A % of Revenue | 20.33% | 19.72% | 20.64% | 25.06% | 23.19% | 27.3% | 20.84% | 21.02% | 16.68% | 15.66% | 13.66% | 15.2% | 11.54% |
| Research & Development | 1.5M | 5.79M | 7.2M | 2.56M | 1.59M | 4.38M | 2.86M | 3.78M | 9.41M | 10.4M | 16.54M | 18.75M | 21.04M |
| R&D % of Revenue | 0.26% | 0.81% | 0.99% | 0.42% | 0.22% | 0.77% | 0.33% | 0.36% | 0.6% | 0.66% | 0.94% | 1.18% | 1.19% |
| Other Operating Expenses | 0 | 4.67M | 2.75M | -8.96M | -10.82M | 8.59M | 7.77M | 0 | 0 | -2.4M | -1.22M | 1.16M | 1.44M |
| Operating Income | 22.9M | 25.08M | 16.61M | -1.15M | 19.42M | -1.74M | -29.38M | -426.6M | -281.56M | -102.8M | 21.86M | -57.52M | 210.23M |
| Operating Margin % | 3.9% | 3.5% | 2.28% | -0.19% | 2.73% | -0.31% | -3.42% | -40.15% | -18.08% | -6.51% | 1.24% | -3.62% | 11.89% |
| Operating Income Growth % | -8.71% | 51.06% | 1538.91% | -105.94% | 1218.13% | 94.09% | 93.11% | -51.51% | -173.9% | -570.24% | 138.01% | -127.36% | - |
| EBITDA | 33M | 41.79M | 37.6M | 22.84M | 37.76M | 15.07M | -5.78M | -398.08M | -251.12M | -63.22M | 56.79M | -21.06M | 233.26M |
| EBITDA Margin % | 5.62% | 5.83% | 5.17% | 3.75% | 5.31% | 2.66% | -0.67% | -37.47% | -16.12% | -4.01% | 3.23% | -1.32% | 13.2% |
| EBITDA Growth % | -21.04% | 11.15% | 64.64% | -39.52% | 150.59% | 360.83% | 98.55% | -58.52% | -297.23% | -211.31% | 369.66% | -109.03% | - |
| D&A (Non-Cash Add-back) | 10.1M | 16.71M | 21M | 23.99M | 18.34M | 16.8M | 23.61M | 28.52M | 30.45M | 39.58M | 34.93M | 36.45M | 23.03M |
| EBIT | 22.9M | -14.64M | -23.41M | 34.68M | 60.81M | 39.41M | -80.06M | -506.19M | -297.89M | -117.17M | 21.41M | -36.13M | 212.95M |
| Net Interest Income | -36M | -45.33M | -41.49M | -39.21M | -33M | -59.15M | -93.98M | -49.37M | -25.43M | -2.99M | -441K | 568K | 814K |
| Interest Income | 1.5M | 814K | 1.08M | 586K | 531K | 646K | 923K | 244K | 507K | 810K | 618K | 1.06M | 1.28M |
| Interest Expense | 37.5M | 46.15M | 42.57M | 39.8M | 33.53M | 59.8M | 94.9M | 49.61M | 25.93M | 3.8M | 1.06M | 492K | 462K |
| Other Income/Expense | -47.5M | -85.87M | -82.58M | -3.96M | 7.86M | -2.18M | -95.06M | -129.2M | -35.98M | -16.83M | -1.66M | 1.36M | 2.26M |
| Pretax Income | -24.6M | -60.79M | -65.98M | -5.12M | 27.29M | -3.92M | -124.45M | -555.8M | -314.2M | -108.1M | 20.2M | -55.69M | 212.49M |
| Pretax Margin % | -4.19% | -8.47% | -9.07% | -0.84% | 3.84% | -0.69% | -14.49% | -52.32% | -20.17% | -6.85% | 1.15% | -3.5% | 12.02% |
| Income Tax | 8.3M | 12.17M | 9.82M | 9.07M | -2.03M | 8.18M | 5.29M | 102.22M | 64.82M | 6.9M | 3.67M | -29.53M | 72.01M |
| Effective Tax Rate % | -33.74% | -20.02% | -14.88% | -177.34% | -7.43% | -208.75% | -4.25% | -18.39% | -20.63% | -6.38% | 18.17% | 53.02% | 33.89% |
| Net Income | -36.1M | -59.91M | -197.21M | -22.86M | 30.89M | -10.32M | -121.97M | -725.29M | -379.82M | -115.6M | 19.14M | -26.53M | 174.53M |
| Net Margin % | -6.14% | -8.35% | -27.11% | -3.75% | 4.35% | -1.82% | -14.2% | -68.27% | -24.38% | -7.32% | 1.09% | -1.67% | 9.87% |
| Net Income Growth % | 39.75% | 69.62% | -762.64% | -174% | 399.42% | 91.54% | 83.18% | -90.95% | -228.57% | -703.94% | 172.15% | -115.2% | - |
| Net Income (Continuing) | -32.9M | -72.96M | -75.79M | -14.19M | 29.31M | -12.1M | -129.73M | -658.02M | -381.26M | -122.33M | 16.53M | -11.89M | 140.48M |
| Discontinued Operations | -3.3M | 13.18M | -121.18M | -12.4M | 2.23M | 1.8M | 694K | 0 | 2.24M | 0 | 2.8M | 0 | 34.34M |
| Minority Interest | 0 | 591K | 611K | 485K | 25.47M | 1.1M | 1.42M | 8.83M | 8.6M | 8.8M | 719K | 1.03M | 924K |
| EPS (Diluted) | -0.48 | -0.82 | -2.38 | -0.43 | 0.26 | -0.21 | -3.87 | -52.45 | -40.34 | -11.50 | 1.78 | -2.47 | 16.24 |
| EPS Growth % | 41.46% | 65.55% | -453.49% | -265.38% | 223.81% | 94.57% | 92.62% | -30.02% | -250.78% | -746.07% | 172.06% | -115.21% | - |
| EPS (Basic) | -0.48 | -0.82 | -2.38 | 0.43 | 0.26 | -0.21 | -3.87 | -52.45 | -40.34 | -11.50 | 1.78 | -2.48 | 16.30 |
| Diluted Shares Outstanding | 105.4M | 91.72M | 89M | 88.3M | 83.6M | 48.7M | 31.5M | 13.83M | 9.42M | 10.06M | 10.77M | 10.75M | 10.75M |
| Basic Shares Outstanding | 105.4M | 91.72M | 89M | 88.3M | 82.4M | 48.7M | 31.5M | 13.83M | 9.42M | 10.06M | 10.73M | 10.71M | 10.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 1.26% | - | - |
Volatile project execution risks
As evidenced by the quarterly data, BWSN's revenue trajectory remains highly erratic, with a recent 142.9% surge in 2025Q4 following multiple periods of double-digit contraction, suggesting that the firm's reliance on lumpy, project-based industrial contracts creates significant top-line instability that complicates long-term forecasting for institutional investors.
The extreme variance in quarterly revenue suggests that the company is struggling to maintain a consistent backlog conversion rate. Investors should monitor whether this recent growth represents a sustainable shift in demand or merely the timing of large-scale project milestones being recognized under percentage-of-completion accounting.
Based on reported financial statements, BWSN has maintained gross margins generally within the 22% to 30% range, indicating that while the company possesses some pricing power in its proprietary aftermarket services, its overall profitability remains vulnerable to the fluctuating costs of raw materials and specialized labor.
The gross margin profile appears relatively resilient despite the top-line volatility, which suggests that the core aftermarket business provides a necessary buffer. However, the inability to consistently expand these margins implies that competitive pressures in the broader industrial engineering space continue to limit pricing upside.
According to recent SEC filings, BWSN's operating income has frequently failed to scale with gross profit, as evidenced by the 2024Q4 period where a $24.2M gross profit was overwhelmed by fixed costs, resulting in a significant operating loss that highlights the firm's high operating leverage risk.
The company's cost structure appears heavily weighted toward fixed engineering and administrative overhead, which creates significant earnings sensitivity to even minor revenue shortfalls. This lack of operating leverage suggests that the firm requires a much higher and more consistent revenue base to achieve meaningful, sustained profitability.
As reported in financial statements, BWSN's net income has been characterized by extreme swings, including a $58.5M loss in 2025Q2 followed by a $35.1M profit in 2025Q3, indicating that non-operating items and potential project-related charges frequently obscure the underlying operational performance of the business.
The frequent divergence between operating income and net income warrants further investigation into the nature of these non-operating adjustments. Investors should be wary of the impact of legacy liabilities and potential one-time charges that continue to distort the company's true earning power and cash generation capabilities.
Based on the provided income statement history, short-sellers would likely focus on the recurring net losses and the company's reliance on percentage-of-completion accounting, which may mask underlying project cost overruns that could lead to future earnings revisions and further erosion of the firm's already strained capital base.
The persistent gap between gross profit and net income suggests that the company is not currently self-sustaining, raising concerns about the long-term viability of its current business model. Without a clear path to consistent net profitability, the firm may remain vulnerable to liquidity constraints if project execution continues to falter.
Quick answers to the most common questions about buying BWSN stock.
For fiscal year 2025, Babcock & Wilcox Enterprises, I (BWSN) reported total revenue of $587.7M. This represents a 66.8% decline compared to $1.77B in 2013.
Babcock & Wilcox Enterprises, I (BWSN) reported a net loss of $36.1M for the fiscal year ending 2025.
Babcock & Wilcox Enterprises, I (BWSN) reported an operating income of $22.9M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Babcock & Wilcox Enterprises, I (BWSN) generated $143.9M in gross profit for the year, representing a gross profit margin of 24.5%. This demonstrates the company's core pricing power and production efficiency.