📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Babcock & Wilcox Enterprises, Inc., together with its subsidiaries, provides energy and emissions control solutions to industrial, electrical utility, municipal, and other customers in the United States, Canada, the United Kingdom, Indonesia, and the Philippines. The company offers BrightLoop chemical looping technology, which produces steam, hydrogen, or syngas for applications in the energy, industrial, and agricultural sectors. It also provides steam generation equipment, including aftermarket parts, construction, maintenance, and field services; steam generation systems, such as package boilers, watertube and firetube waste heat boilers, and other boilers to medium and heavy industrial customers. The company was founded in 1867 and is headquartered in Akron, Ohio.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	362.5K	$5.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific growth percentages and beat-street figures to convey strong performance, with phrases like 'strong operating results' and 'ahead of expectations'. They repeatedly highlighted a 31% revenue increase in Parts and Services and a 90% adjusted EBITDA increase from continuing operations.

Q3 2025

Confident Specific

Management repeatedly gave precise figures (Adj EBITDA +58%, operating income +315%, backlog +56% to $393M, $1.5B contract) and called the quarter 'record' multiple times. Language like 'significantly outperformed expectations', 'profound impact', and 'we have positioned B&W for substantial growth' reinforces a strong, data-backed confidence.

Q4 2025

Confident Specific

Management repeatedly cited specific growth figures (backlog +470%, pipeline $12B, adjusted EBITDA targets $80-100M) and detailed progress on the Base Electron project, using language like 'profound impact' and 'confidence in meeting schedule'.

Q1 2026 latest

Confident Specific

The CEO opened with 'very pleased to report one of the strongest first quarter performances in recent company history' and cited exact figures (revenue +44% to $214M, adjusted EBITDA +296% to $16.1M), while repeatedly stating results 'exceeded company and street expectations.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Q1 results were well above expectations, driven by strong core parts & services and early Base Electron revenue. The massive bookings and pipeline growth—especially from AI data center opportunities—signal significant future revenue visibility. However, management's reluctance to raise full-year guidance and the lack of concrete updates on additional data center contract wins temper near-term conviction. Key areas to watch next quarter: conversion of the $2B+ pipeline into firm bookings, timing of the next major data center project announcement, and the trajectory of core parts & services revenues as utilization of coal-fired assets continues to rise.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 revenue $214M, adj EBITDA $16.1M, bookings $2.5B, backlog $2.7B

Revenue & Profitability

Revenue for Q1 2026 was $214.4 million, up from $148.6 million in Q1 2025. Adjusted EBITDA was $16.1 million, a 296% increase versus $4.0 million. Net loss from continuing operations was $79.6 million, including $81.8 million of non-cash warrant and stock appreciation rights costs. Excluding those costs, adjusted net income from continuing operations was $2.2 million. Operating loss was $1.7 million, relatively flat year-over-year. Net debt stood at $42.4 million at quarter end, after paying off $15 million in bonds.

Outlook

Management sees strong and sustained demand for electrical generation from utilities, industrial, and AI data center customers, driving increased baseload generation. Existing U.S. coal plants operate at ~50% capacity factors, presenting significant underutilized generation. Elevated natural gas prices improve coal economics, and rising energy demand is prompting utilities to recondition coal assets. The company expects continued momentum in parts and services throughout 2026.

Growth Drivers

Key growth levers include AI data center opportunities, which added over $2 billion to the pipeline in Q1, and the Base Electron project progressing as planned. The core parts and services business saw elevated demand due to increased coal plant utilization. Management is also pursuing behind-the-meter data center projects and coal-to-gas conversions. The total pipeline grew 17% to over $14 billion, with bookings of $2.5 billion (up ~1,900% YoY) and backlog of $2.7 billion (up 483% YoY).

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted EBITDA margin improved significantly, with adjusted EBITDA of $16.1 million on revenue of $214.4 million (approximately 7.5%). Operating leverage was supported by strong revenue growth, though GAAP net loss reflected non-cash warrant costs. Management did not provide specific margin guidance but noted strong operating results and expects momentum to continue.

Key Risks

Risks flagged include non-cash warrant and stock appreciation rights valuation costs due to significant stock price increases, which can affect reported net income. In Q&A, management noted that securing supply chain capacity for steam turbines and pressure parts will be crucial as additional data center projects are booked. Project timing and permitting also present uncertainties.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Q2 2026 saw revenues up 130% year-over-year, with net income and adjusted EBITDA both rising sharply. Bookings and backlog surged, driven by strong demand from utilities and data centers, and the company raised its full-year adjusted EBITDA guidance.

Q1 2026 Q1 2026 2026-05-11

Q1 2026 saw record revenue and adjusted EBITDA growth, driven by surging demand from utilities, industrials, and AI data centers. Bookings and backlog soared, debt was sharply reduced, and the outlook for core and data center-related business remains robust.

Q4 2025 Q4 2025 2026-03-16

Strong 2025 growth was driven by surging demand for power generation and a major $2.4B AI data center contract, boosting backlog and pipeline. Debt was significantly reduced, and 2026 guidance was raised, reflecting robust prospects in both core and data center segments.

Q3 2025 Q3 2025 2025-11-10

Adjusted EBITDA and operating income surged year-over-year, driven by record parts and services results and a growing backlog. A $1.5 billion AI data center project and expanded pipeline signal strong future growth, with 2026 EBITDA guidance up 80% from 2025.

Q2 2025 Q2 2025 2025-08-11

Q2 2025 saw strong operating results, with Parts and Services revenue up 31% year-over-year and a significant backlog increase. The sale of Diamond Power improved the balance sheet, and positive cash flow is expected in the second half, driven by robust demand and project pipeline.

📊 Analysis Methodology

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