Babcock & Wilcox Enterprises, Inc. (BW) Balance Sheet
BW balance sheet, 2025
December 31, 2025 · U.S. dollars$662.9M assets = $794.5M liabilities + −$131.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$131.6M).
Both columns are drawn to the same scale: what BW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BW financial health
Descriptive bands, not a rating. Fiscal 2025.
BW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.53B2016 | $662.9M2025 | −8.9%/yr | |
| Total liabilities | $968.1M2016 | $794.5M2025 | −2.2%/yr | |
| Shareholders’ equity | $552.1M2016 | −$131.6M2025 | — | |
| Cash & short-term investments | $95.9M2016 | $89.5M2025 | −0.8%/yr | |
| Total debt | $14.2M2016 | $368.7M2025 | +43.6%/yr | |
| Net cash (debt) | $81.7M2016 | −$279.2M2025 | −$360.9M | |
| Working capital | $160.0M2016 | $84.0M2025 | −$76.0M | |
| Book value per share | −$9.412019 | −$1.252025 | — | |
| Current ratio | 1.262016 | 1.222025 | −0.04 | |
| Debt / equity | 0.032016 | 12.152021 | +12.12 | |
| Shares outstanding | 31.5M2019 | 105.4M2025 | +22.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BW assets
BW liabilities and equity
BW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $89.5M | $23.4M | $39.9M | $76.2M | $224.9M | $57.3M | $43.8M | $43.2M | $56.7M | $95.9M |
| Cash & equivalents | $89.5M | $23.4M | $39.9M | $76.2M | $224.9M | $57.3M | $43.8M | $43.2M | $56.7M | $95.9M |
| Short-term investments | — | — | $297,000 | — | — | — | — | $14,000 | $26.0M | $27.8M |
| Receivables | $191.2M | $195.1M | $151.7M | $315.0M | $246.8M | $223.1M | $257.0M | $341.9M | $394.1M | $457.1M |
| Inventory | $60.9M | $108.9M | $97.6M | $102.6M | $79.5M | $74.4M | $63.1M | $61.3M | $82.2M | $85.8M |
| Other current assets | $129.1M | $162.8M | $208.4M | $63.7M | $31.2M | $41.2M | $48.3M | $103.2M | $199.3M | $138.7M |
| Total current assets | $470.7M | $490.2M | $497.6M | $557.6M | $582.4M | $396.1M | $412.2M | $549.6M | $732.3M | $777.5M |
| Property, plant & equipment (net) | $87.0M | $102.4M | $95.4M | $113.2M | $115.8M | $95.9M | $109.6M | $90.9M | $141.9M | $133.6M |
| Goodwill & intangible assets | $68.4M | $101.2M | $108.7M | $152.0M | $160.3M | $71.3M | $72.5M | $77.9M | $281.2M | $338.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $43.3M | $98.7M |
| Other non-current assets | $36.8M | $33.2M | $74.0M | $118.8M | $54.8M | $35.8M | $32.3M | $27.1M | $123.6M | $180.9M |
| Total assets | $662.9M | $727.0M | $775.7M | $941.7M | $913.3M | $599.1M | $626.5M | $745.5M | $1.32B | $1.53B |
| Liabilities | ||||||||||
| Accounts payable | $69.2M | $101.0M | $83.2M | $131.2M | $85.9M | $73.5M | $109.9M | $199.9M | $203.6M | $220.7M |
| Short-term debt | $157.0M | $130.3M | $10.8M | $8.5M | $18.8M | $4.9M | $287.3M | $176.2M | $169.3M | $14.2M |
| Deferred revenue | — | $58.5M | $59.1M | $130.9M | $68.4M | $64.0M | $75.3M | $149.4M | $181.1M | $210.6M |
| Total current liabilities | $386.7M | $388.5M | $350.2M | $371.5M | $253.4M | $270.8M | $602.5M | $712.0M | $744.3M | $617.5M |
| Long-term debt | $196.6M | $377.3M | $399.5M | $376.2M | $327.9M | $347.6M | $30.5M | $0 | $94.3M | $0 |
| Lease obligations | $47.6M | $64.0M | $56.9M | $58.8M | $62.4M | $40.7M | $43.2M | — | — | — |
| Other long-term liabilities | $211.2M | $244.4M | $226.3M | $196.0M | $273.4M | $311.6M | $288.5M | $310.8M | $292.9M | $350.6M |
| Total liabilities | $794.5M | $1.01B | $976.0M | $943.8M | $854.6M | $930.1M | $921.5M | $1.02B | $1.13B | $968.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.6M | $5.2M | $5.1M | $5.1M | $5.1M | $4.8M | $4.7M | $1.7M | $801.5M | $807.1M |
| Retained earnings (deficit) | −$1.70B | −$1.65B | −$1.57B | −$1.36B | −$1.32B | −$1.34B | −$1.34B | −$1.22B | −$492.1M | −$114.7M |
| Treasury stock | — | — | — | — | −$110.9M | −$106.0M | −$105.7M | −$105.6M | −$104.8M | −$103.8M |
| Accumulated other comprehensive income | −$16.0M | −$86.7M | −$66.4M | −$72.8M | −$58.8M | −$52.4M | $1.9M | −$11.4M | −$22.4M | −$36.5M |
| Minority interest | $0 | $591,000 | $611,000 | $485,000 | $25.5M | $1.1M | $1.4M | $8.8M | $8.6M | $8.8M |
| Total shareholders' equity | −$131.6M | −$283.8M | −$201.0M | −$2.6M | $33.1M | −$332.1M | −$296.4M | −$286.1M | $182.1M | $552.1M |
| Key figures | ||||||||||
| Total debt | $368.7M | $537.9M | $434.2M | $410.3M | $402.7M | $389.2M | $326.1M | $176.2M | $263.6M | $14.2M |
| Net cash (debt) | −$279.2M | −$514.5M | −$394.4M | −$334.0M | −$177.9M | −$331.9M | −$282.3M | −$132.9M | −$206.9M | $81.7M |
| Working capital | $84.0M | $101.7M | $147.4M | $186.1M | $329.1M | $125.3M | −$190.3M | −$162.4M | −$12.1M | $160.0M |
| Tangible book value | −$200.0M | −$385.0M | −$309.7M | −$154.6M | −$127.1M | −$403.4M | −$368.8M | −$364.0M | −$99.1M | $213.7M |
| Book value per share | −$1.25 | −$3.09 | −$2.26 | −$0.03 | $0.40 | −$6.82 | −$9.41 | — | — | — |
| Shares outstanding | 105.4M | 91.7M | 89.0M | 88.3M | 83.6M | 48.7M | 31.5M | — | — | — |
| Current ratio | 1.22 | 1.26 | 1.42 | 1.50 | 2.30 | 1.46 | 0.68 | 0.77 | 0.98 | 1.26 |
| Quick ratio | 0.73 | 0.56 | 0.55 | 1.05 | 1.86 | 1.04 | 0.50 | 0.54 | 0.61 | 0.90 |
| Debt / equity | — | — | — | — | 12.15 | — | — | — | 1.45 | 0.03 |
| Equity / assets | −19.9% | −39.0% | −25.9% | −0.3% | 3.6% | −55.4% | −47.3% | −38.4% | 13.8% | 36.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $308.6M | $166.9M | $89.5M | $189.9M | $21.7M | $21.6M | $23.4M | $30.6M | $95.5M | $43.9M | $71.0M | $48.4M |
| Cash & equivalents | $308.6M | $160.8M | $89.5M | $189.9M | $21.7M | $21.6M | $23.4M | $30.6M | $95.5M | $43.9M | $71.0M | $48.4M |
| Short-term investments | — | $6.1M | — | — | — | — | — | — | $31.3M | — | — | — |
| Receivables | $170.7M | $227.7M | $191.2M | $172.5M | $168.5M | $193.9M | $195.1M | $271.0M | $239.6M | $261.8M | $270.2M | $321.2M |
| Inventory | $61.0M | $60.7M | $60.9M | $64.6M | $65.7M | $111.5M | $108.9M | $116.6M | $110.3M | $112.4M | $113.9M | $113.5M |
| Other current assets | $185.1M | $35.9M | $129.1M | $52.7M | $270.9M | $155.9M | $162.8M | $112.0M | $129.2M | $64.2M | $42.4M | $59.2M |
| Total current assets | $725.4M | $491.3M | $470.7M | $479.7M | $526.9M | $482.9M | $490.2M | $530.2M | $574.6M | $482.2M | $497.6M | $542.3M |
| Property, plant & equipment (net) | $74.8M | $87.4M | $87.0M | $84.5M | $79.6M | $103.0M | $102.4M | $103.3M | $105.8M | $107.2M | $106.6M | $111.4M |
| Goodwill & intangible assets | $65.5M | $67.0M | $68.4M | $69.4M | $71.3M | $100.9M | $101.2M | $108.4M | $114.4M | $143.5M | $147.6M | $146.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $133.9M | $112.1M | $36.8M | $24.3M | $25.7M | $32.9M | $33.2M | $62.7M | $54.4M | $62.7M | $24.0M | $37.1M |
| Total assets | $999.6M | $757.8M | $662.9M | $657.9M | $703.5M | $719.7M | $727.0M | $804.6M | $849.1M | $795.5M | $775.7M | $837.3M |
| Liabilities | ||||||||||||
| Accounts payable | $169.6M | $108.8M | $69.2M | $75.6M | $96.9M | $119.1M | $101.0M | $122.4M | $147.3M | $129.5M | $127.5M | $144.3M |
| Short-term debt | $63.6M | $75.4M | $157.0M | $173.7M | $240.6M | $237.5M | $130.3M | $8.3M | $8.4M | $9.7M | $11.5M | $10.2M |
| Deferred revenue | $81.5M | $106.5M | — | $79.4M | $59.1M | $53.6M | $58.5M | $58.8M | $63.3M | $74.9M | $81.1M | $95.4M |
| Total current liabilities | $500.3M | $494.5M | $386.7M | $401.0M | $529.3M | $511.2M | $388.5M | $297.9M | $333.9M | $332.9M | $350.2M | $393.5M |
| Long-term debt | $215.3M | $206.1M | $196.6M | $275.1M | $263.2M | $269.1M | $377.3M | $498.2M | $473.3M | $437.1M | $373.3M | $372.3M |
| Lease obligations | $45.4M | $46.1M | $47.6M | $47.1M | $45.5M | $62.6M | $64.0M | $58.1M | $55.8M | $57.0M | $56.9M | $56.7M |
| Other long-term liabilities | $226.6M | $229.3M | $211.2M | $214.0M | $219.6M | $241.9M | $244.4M | $211.6M | $240.2M | $247.9M | $252.5M | $213.1M |
| Total liabilities | $942.2M | $929.9M | $794.5M | $890.1M | $1.01B | $1.02B | $1.01B | $1.01B | $1.05B | $1.02B | $976.0M | $979.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.8M | $5.7M | $5.6M | $5.4M | $5.2M | $5.2M | $5.2M | $5.2M | $5.2M | $5.1M | $5.1M | $5.1M |
| Retained earnings (deficit) | −$1.77B | −$1.78B | −$1.70B | −$1.70B | −$1.73B | −$1.67B | −$1.65B | −$1.58B | −$1.57B | −$1.59B | −$1.57B | −$1.50B |
| Accumulated other comprehensive income | −$17.7M | −$16.9M | −$16.0M | −$12.9M | −$31.2M | −$86.1M | −$86.7M | −$66.6M | −$70.1M | −$69.3M | −$66.4M | −$72.7M |
| Minority interest | — | — | $0 | $0 | $540,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $57.4M | −$172.1M | −$131.6M | −$232.2M | −$309.2M | −$303.0M | −$283.8M | −$203.7M | −$198.9M | −$223.0M | −$201.0M | −$142.3M |
| Key figures | ||||||||||||
| Total debt | $304.7M | $322.0M | $368.7M | $463.5M | $516.8M | $536.1M | $537.9M | $533.5M | $532.6M | $498.6M | $436.3M | $434.2M |
| Net cash (debt) | $4.0M | −$155.1M | −$279.2M | −$273.6M | −$495.1M | −$514.5M | −$514.5M | −$502.9M | −$437.1M | −$454.7M | −$365.3M | −$385.9M |
| Working capital | $225.1M | −$3.2M | $84.0M | $78.7M | −$2.4M | −$28.3M | $101.7M | $232.3M | $240.7M | $149.3M | $147.4M | $148.8M |
| Tangible book value | −$8.1M | −$239.1M | −$200.0M | −$301.6M | −$380.5M | −$403.9M | −$385.0M | −$312.1M | −$313.3M | −$366.5M | −$348.5M | −$288.8M |
| Book value per share | $0.37 | −$1.29 | −$1.08 | −$2.25 | −$3.13 | −$3.09 | −$3.02 | −$2.21 | −$2.18 | −$2.49 | −$2.25 | −$1.60 |
| Shares outstanding | 154.5M | 133.8M | 121.8M | 103.0M | 98.7M | 97.9M | 94.1M | 92.3M | 91.2M | 89.5M | 89.4M | 89.1M |
| Current ratio | 1.45 | 0.99 | 1.22 | 1.20 | 1.00 | 0.94 | 1.26 | 1.78 | 1.72 | 1.45 | 1.42 | 1.38 |
| Quick ratio | 0.96 | 0.80 | 0.73 | 0.90 | 0.36 | 0.42 | 0.56 | 1.01 | 1.00 | 0.92 | 0.97 | 0.94 |
| Debt / equity | 5.31 | — | — | — | — | — | — | — | — | — | — | — |
| Equity / assets | 5.7% | −22.7% | −19.9% | −35.3% | −44.0% | −42.1% | −39.0% | −25.3% | −23.4% | −28.0% | −25.9% | −17.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
BW financial position
At the end of fiscal 2025 (December 31, 2025), Babcock & Wilcox Enterprises had total assets of $662.9 million (down 8.8% from a year earlier), total liabilities of $794.5 million and shareholders' equity of -$131.6 million. It held $89.5 million in cash and short-term investments against $368.7 million of debt, net debt of $279.2 million. Its current ratio was 1.22. In the latest quarter (ended June 30, 2026) total assets were $999.6 million and equity $57.4 million.
Related: BW income statement, BW cash flow statement, BW key metrics. See the BW stock overview for the latest quote and news.
BW balance sheet FAQ
What are Babcock & Wilcox Enterprises's total assets?
Babcock & Wilcox Enterprises reported total assets of $662.9 million at the end of fiscal 2025 (December 31, 2025), compared with $727.0 million a year earlier.
How much debt does Babcock & Wilcox Enterprises have?
Babcock & Wilcox Enterprises had $368.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Babcock & Wilcox Enterprises have?
Babcock & Wilcox Enterprises held $89.5 million in cash and short-term investments at the end of fiscal 2025; with $368.7 million of debt that is net debt of $279.2 million.
What is Babcock & Wilcox Enterprises's book value?
Babcock & Wilcox Enterprises's shareholders' equity (book value) was -$131.6 million at the end of fiscal 2025, or −$1.25 per share.
What is Babcock & Wilcox Enterprises's current ratio?
Babcock & Wilcox Enterprises had current assets of $470.7 million and current liabilities of $386.7 million, a current ratio of 1.22 (it can cover its short-term obligations).
How much goodwill does Babcock & Wilcox Enterprises have?
Babcock & Wilcox Enterprises carried $68.4 million of goodwill and intangible assets, 10.3% of total assets, at the end of fiscal 2025.