Broadwind, Inc. (BWEN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Materials / Mining & Chemicals · as of Sep 18, 2026
Broadwind, Inc. (BWEN)
A forensic read on Broadwind, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.7
Distress distance
Watch
Earnings quality
5
Forensic signals
7.9%
ROE
10.4%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Broadwind, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -5.7, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.61×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -0.61× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+22.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +22.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +18% against revenue +10%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 30% of net operating assets, against an accruals ratio of 22.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
+4.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.2% 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 ~12%.
0.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.4% of revenue in FY2025 — about $0.03 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.2% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$158.1M
Revenue Growth YoY+10.4%
Net Margin3.3%
Free Cash Flow-$19.0M
Return on Equity7.9%
Debt / Equity0.15x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Broadwind, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 18, 2026. Forensic signals flag probability, not certainty.
8.7%
FY2025
Return on invested capital.Return on invested capital is 8.7% in the latest fiscal year, against -14% in FY2021, having run between -14.0% and 11.6% across FY2021–FY2025 with no direction held — within 0.2 points of the ~8% cost of capital we hold this sector to, so the capital deployed to date has been roughly value-neutral. The capital base behind it grew +11% across FY2021–FY2025, from $81M to $90M, and the return did not fall doing it, so the dollars added over that window earned at least the -14% the older base was already earning.