Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Babcock & Wilcox Enterprises, Inc. (BW)
A forensic read on Babcock & Wilcox Enterprises, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
94.8%
ROE
$2.2B
Market cap
0.62%
Dividend yield
Babcock & Wilcox Enterprises, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -7.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
74d DSOReceivables vs revenue.Days sales outstanding moved from 58 to 74 days FY2024→FY2025 (receivables +29% vs revenue +1%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
+6.5%/yrShare-count dilution.Diluted share count changed +19% over the last 3 years to FY2025 (+6.5%/yr). The count is GROWING — existing holders are being diluted. That's ~6.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~19%.
9%Return on invested capital.Return on invested capital is 9% and rising from -0% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
$64MGoodwill impairments.Took $64M of goodwill writedowns across 2 year(s) (FY2022 ($7M), FY2023 ($57M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-6.2%
Free Cash Flow$-85.7M
Latest Revenue$587.7M
Revenue Growth YoY+1.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Babcock & Wilcox Enterprises, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BW's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown