Forensic Analysis · Materials / Mining & Chemicals · as of Aug 4, 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
4
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). 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 Altman Z-score is -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). 4 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, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +18% against revenue +10%. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 30% of net operating assets.
+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%.
8.7%
FY2025
Return on invested capital.Return on invested capital is 8.7% in the latest fiscal year and rising from -8% — around its ~8% cost of capital, so growth is roughly value-neutral.
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
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 Broadwind, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BWEN'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