Does BABCOCK & WILCOX ENTERPRISES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores BABCOCK & WILCOX ENTERPRISES, INC. (BW) 17.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 12, returns on capital 0, balance-sheet safety 28, capital discipline 44.

How has BW's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 17.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

BABCOCK & WILCOX ENTERPRISES, INC.

BW · Industrials · $1.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power12

Median gross margin 22.8% over 10y, variable.

Returns on capital0

Median ROIC -99.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage 1x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $9.89
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

BABCOCK & WILCOX ENTERPRISES, INC. booked $587.7M of revenue in FY2025 in the Industrials sector and kept 24.5% of it as gross profit — a moderate-margin business by that measure. After every other cost, −6.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $1.8B (FY2013) to $587.7M (FY2025) — about −8.8% a year compounded over 12 years.

It earned −180.6% on invested capital in FY2017, with a median of −6.4% across 5 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $183.3M of total debt in FY2020. Balance-Sheet Safety scores it 28/100.

The share count rose 196.0% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Returns on Capital the weakest (0/100), which is how BW lands at 18/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$587.7M FY2025

Gross marginRevenue kept after cost of goods24.5% FY2025

Return on invested capitalOperating profit on the capital employed−180.6% FY2017

Owner earningsCash an owner could take out−$36.2M FY2025

Gaps in a line mean that item isn’t in BW’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale17.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BW has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#274 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#272ARTW ARTS WAY MANUFACTURING CO INC17.9 out of 100, No moatNo moat
#273ASTE Astec Industries, Inc.17.9 out of 100, No moatNo moat
#275SMHI SEACOR Marine Holdings Inc.17.9 out of 100, No moatNo moat
#276TPICQ TPI Composites, Inc.17.3 out of 100, No moatNo moat

Compare BW with its nearest peers →All Industrials companies on the Index →

Common questions about BW

Does BABCOCK & WILCOX ENTERPRISES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores BABCOCK & WILCOX ENTERPRISES, INC. (BW) 17.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 12, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has BW's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 17.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BW. See the disclaimer.