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BABCOCK & WILCOX ENTERPRISES, INC.

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

Doesn't clear the bar

No moat
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The five investor questions

26

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $711M to $588M, decreasing; diluted EPS 0.26 to -0.48, decreasing.

12

Median gross margin 22.8% over 10y, variable.

0

Median ROIC -99.7%, above the 12% hurdle in 0% of years.

28

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

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$9.62
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

14 years of fundamentals

The business, in plain English

BABCOCK & WILCOX ENTERPRISES, INC. booked $588M 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 $588M (FY2025) — about −8.8% a year compounded over 12 years.

ROIC is not available for the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was −6.4%. Over the v3 recent window (2 measurable filed years), median ROIC was −99.7%. The Returns on Capital filter above scores it 0/100.

BW's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Capital Allocation is the strongest of the five filters (44/100) and Returns on Capital the weakest (0/100), which is how BW lands at 22/100 — 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.

FY2012–FY2025 · 14 fiscal years, normalized from BW’s SEC filings

Sales, as filed$588M FY2025
$0$1B2012201720222025
Revenue kept after cost of goods24.5% FY2025
0%50%100%2012201720222025
Standard ROIC or separately labeled Operating ROICROIC −180.6% FY2017

Not meaningful FY2018–2020: invested capital is negative (cash exceeds debt + equity)

−100%0%2012201720222025
Cash an owner could take out−$36.2M FY2025
−$500M$02012201720222025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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.

Flagship explainer

How BABCOCK & WILCOX ENTERPRISES, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$588M · 100%Cost of revenue$444M · 76%Gross profit$144M · 24%Operating income$20.7M · 4%Income before tax−$24.6M · −4%Income tax$8.3M · 1%Net income−$36.2M · −6%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$588M100%
Cost of revenue$444M76%
$144M24%
$20.7M4%
Income before tax−$24.6M−4%
Income tax$8.3M1%
−$36.2M−6%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What BABCOCK & WILCOX ENTERPRISES, INC. owns — and owes

BABCOCK & WILCOX ENTERPRISES, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$663M100%
Cash and equivalents$89.5M13%
Stockholders’ equity−$132M−20%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives BABCOCK & WILCOX ENTERPRISES, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity17%Tax burden147%net income ÷ pretax incomeInterest burden−118%pretax ÷ operating incomeOperating margin4%operating income ÷ revenueAsset turnover0.85×revenue ÷ average assetsEquity multiplier-3.35×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$36.2MFY2025
Income before tax−$24.6MFY2025
Operating income$20.7MFY2025
$588MFY2025
Ending assets$663MFY2025
Beginning assets$727MFY2024
−$132MFY2025
−$284MFY2024
Source:
  • SEC filingFiling detailsAccession 0001630805-25-000007
  • SEC filingFiling detailsAccession 0001630805-26-000018
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where BABCOCK & WILCOX ENTERPRISES, INC.'s cash went

BABCOCK & WILCOX ENTERPRISES, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$68.9M−100%
Depreciation and amortization$10.1M15%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding BABCOCK & WILCOX ENTERPRISES, INC.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

1 holding0 exited18 not holding19/19 resolved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Polen Capital271,492 shares$4M · 0% of eligible reported 13FAdded to position · +149,212 shares (122%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Pershing SquareNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
38 SEC filings
  1. 13F-HR · Q4 2025Filing detailsAccession 0000813917-26-000022 · filed Feb 17, 2026
  2. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  3. 13F-HR · Q4 2025Filing detailsAccession 0000860643-26-000001 · filed Feb 12, 2026
  4. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  5. 13F-HR · Q4 2025Filing detailsAccession 0000905567-26-000001 · filed Feb 3, 2026
  6. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  7. 13F-HR · Q4 2025Filing detailsAccession 0000919574-26-000775 · filed Feb 13, 2026
  8. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  9. 13F-HR · Q4 2025Filing detailsAccession 0001061768-26-000005 · filed Feb 13, 2026
  10. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  11. 13F-HR · Q4 2025Filing detailsAccession 0001096343-26-000011 · filed Feb 6, 2026
  12. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  13. 13F-HR · Q4 2025Filing detailsAccession 0001104659-26-016458 · filed Feb 17, 2026
  14. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  15. 13F-HR · Q4 2025Filing detailsAccession 0001112520-26-000008 · filed Feb 13, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  17. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000654 · filed Feb 12, 2026
  18. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000791 · filed Feb 13, 2026
  19. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001057 · filed Feb 17, 2026
  20. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001068 · filed Feb 17, 2026
  21. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001091 · filed Feb 17, 2026
  22. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  23. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  24. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002336 · filed May 15, 2026
  27. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-033986 · filed Feb 3, 2026
  28. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-050636 · filed Feb 13, 2026
  29. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-054580 · filed Feb 17, 2026
  30. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  31. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  32. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  33. 13F-HR · Q4 2025Filing detailsAccession 0001325447-26-000004 · filed Feb 4, 2026
  34. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  35. 13F-HR · Q4 2025Filing detailsAccession 0001398344-26-003084 · filed Feb 13, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  37. 13F-HR · Q4 2025Filing detailsAccession 0001569205-26-000002 · filed Feb 17, 2026
  38. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
· event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What BABCOCK & WILCOX ENTERPRISES, INC. insiders reported

Records still being gathered — partial as of retrieval Aug 11, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale21.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 11, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (17 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Young Kenneth MDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event50,000$9.38$469,0001,727,304Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 50,000 shares at $9.38 · code M · owned after 1,727,304 · Paired event: 50,000 Restricted Stock Unit → 50,000 Common Stock ·
Young Kenneth MDirector, Chief Executive OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock25,050$9.38$234,9691,702,254Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 25,050 shares at $9.38 · code F · owned after 1,702,254 ·
Young Kenneth MDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event50,000—Exercise or conversion of derivative security (M)—100,000Aug 7, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 50,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 100,000 · Paired event: 50,000 Restricted Stock Unit → 50,000 Common Stock ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event38,333$9.38$359,564390,177Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 38,333 shares at $9.38 · code M · owned after 390,177 · Paired event: 38,333 Restricted Stock Unit → 38,333 Common Stock ·
Frymyer Cameron MChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock17,096$9.38$160,360373,081Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 17,096 shares at $9.38 · code F · owned after 373,081 ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event38,333—Exercise or conversion of derivative security (M)—76,667Aug 7, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 38,333 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 76,667 · Paired event: 38,333 Restricted Stock Unit → 38,333 Common Stock ·
Young Kenneth MDirector, Chief Executive OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units125,000—Grant, award, or other acquisition (A)—125,000Aug 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 125,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 125,000 ·
Frymyer Cameron MChief Financial OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units100,000—Grant, award, or other acquisition (A)—100,000Aug 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 100,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 100,000 ·
Young Kenneth MDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event41,667$10.14$422,5031,698,179Aug 5, 2026
1 filed lot
  • Table I · Common Stock: 41,667 shares at $10.14 · code M · owned after 1,698,179 · Paired event: 41,667 Restricted Stock Units → 41,667 Common Stock ·
Young Kenneth MDirector, Chief Executive OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock20,875$10.14$211,6731,677,304Aug 5, 2026
1 filed lot
  • Table I · Common Stock: 20,875 shares at $10.14 · code F · owned after 1,677,304 ·
Young Kenneth MDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event41,667—Exercise or conversion of derivative security (M)—41,667Aug 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 41,667 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 41,667 · Paired event: 41,667 Restricted Stock Units → 41,667 Common Stock ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event33,333$10.14$337,997366,710Aug 5, 2026
1 filed lot
  • Table I · Common Stock: 33,333 shares at $10.14 · code M · owned after 366,710 · Paired event: 33,333 Restricted Stock Units → 33,333 Common Stock ·
Frymyer Cameron MChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock14,866$10.14$150,741351,844Aug 5, 2026
1 filed lot
  • Table I · Common Stock: 14,866 shares at $10.14 · code F · owned after 351,844 ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event33,333—Exercise or conversion of derivative security (M)—33,334Aug 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 33,333 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 33,334 · Paired event: 33,333 Restricted Stock Units → 33,333 Common Stock ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event16,667$9.52$158,670340,810Aug 4, 2026
1 filed lot
  • Table I · Common Stock: 16,667 shares at $9.52 · code M · owned after 340,810 · Paired event: 16,667 Restricted Stock Units → 16,667 Common Stock ·
Frymyer Cameron MChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock7,433$9.52$70,762333,377Aug 4, 2026
1 filed lot
  • Table I · Common Stock: 7,433 shares at $9.52 · code F · owned after 333,377 ·
Frymyer Cameron MChief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event16,667—Exercise or conversion of derivative security (M)—0Aug 4, 2026
1 filed lot
  • Table II · Restricted Stock Units: 16,667 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 16,667 Restricted Stock Units → 16,667 Common Stock ·

Source-event as of . Retrieved .

Industrials context

#392 of 428 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #390SPCE Virgin Galactic Holdings, Inc22.1No moat
  2. #391MATW MATTHEWS INTERNATIONAL CORP22.0No moat
  3. #393TPCS TECHPRECISION CORP21.7No moat
  4. #394SXC SUNCOKE ENERGY, INC.21.6No 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) 21.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 26, pricing power 12, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has BW's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 21.9 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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