BW Babcock & Wilcox Enterprises, Inc. Common Stock

NYSE · Electrical Equipment · View on SEC EDGAR ↗
$8.78
Price · Aug 19, 2026
Fundamentals as of May 11, 2026

About Babcock & Wilcox Enterprises, Inc. Common Stock Company overview from Wikipedia

Babcock & Wilcox Enterprises, Inc. is an American energy technology and service provider that is active and has operations in many international markets with its headquarters in Akron, Ohio. Historically, the company is best known for their steam boilers.

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Babcock & Wilcox Enterprises, Inc. is an American energy technology and service provider that is active and has operations in many international markets with its headquarters in Akron, Ohio. Historically, the company is best known for their steam boilers.

Background

The company was founded in 1867 in Providence, Rhode Island, by partners Stephen Wilcox and George Babcock to manufacture and market Wilcox's patented water-tube boiler. B&W's list of innovations and firsts include the world's first installed utility boiler (1881); manufacture of boilers to power New York City's first subway (1902); first pulverized coal power plant (1918); design and manufacture of components for USS Nautilus, the world's first nuclear-powered submarine (1953–55); the first supercritical pressure coal-fired boiler (1957); design and supply of reactors for the first U.S. built nuclear-powered surface ship, NS Savannah (1961).

History

In 1867, Stephen Wilcox, Jr. and his partner George Herman Babcock, of Providence, Rhode Island, patented their so-called safety boiler ("Improvements in Steam Generators", U.S. Patent No. 65,042). Its water was dispersed in many small tubes that resisted exploding when heated, a significant advance over conventional shell boilers, whose water was concentrated in a single container. When overheated, seams of the shell could burst, causing an explosion, often with fatal consequences. The water tube boiler had the added advantages that it could generate steam under higher pressure and more efficiently than existing designs.

In 1878, Thomas Edison purchased B&W boiler No. 92 for his Menlo Park laboratory.

In 1891, Babcock & Wilcox Ltd was established as a separate United Kingdom company, to be responsible for all sales outside the US and Cuba. In 1895, B&W supplied of steam furnaces of Kahrizak sugar factory, Tehran, Iran. In 1898, Robert Jurenka and Alois Seidl signed an agreement with the British division, Babcock & Wilcox Ltd, to make the Berlin, Germany Babcock sales office into a subsidiary of the British company; a factory in Oberhausen in the Ruhr district made the boiler designed by the American engineers.

In 1902, New York City's first subway line was powered by B&W boilers. During 1907 and 1909, Theodore Roosevelt's Great White Fleet were powered by B&W Boilers.

In 1915, The Babcock & Wilcox Company acquired the Dumbarton Weldless Tube Company Ltd., originally Kosmoid Tubes Ltd., with works in Dumbarton, Scotland (operational until 1997). In 1923, both Babcock & Wilcox Ltd and The Babcock & Wilcox Company bought into The Goldie & McCulloch Company Ltd of Cambridge, Ontario, to form Babcock-Wilcox & Goldie-McCulloch Ltd in Canada. In 1929, B&W installed the world's first commercial size recovery boiler using the magnesium bisulfite process in Quebec, Canada.

Between 1941 and 1945, B&W designed and delivered 4,100 marine boilers for combat and merchant ships, including 95 percent of the US fleet in Tokyo Bay at Japanese surrender. In 1942, the company developed the cyclone furnace. Between 1943 and 1945, B&W provided components, materials and process development for Manhattan Project.

In 1948, Babcock and Wilcox was at the center of a labor dispute with the United Stone and Allied Products Workers of America. The National Labor Relations Board held that during captive audience meetings, the union was entitled to equal time. This was later overturned in Livingston Shirt Corp.

Between 1949 and 1952, B&W provided the 8 boilers for the SS United States, the fastest ocean liner ever constructed. Between 1953 and 1955, B&W designed and fabricated components for USS Nautilus (SSN-571), world's first nuclear-powered submarine. In 1961, B&W designed and supplied reactors for world's first commercial nuclear ship NS Savannah. In 1962, B&W designed and furnished reactor systems for B&W's first commercial reactor, Indian Point, NY, using HEU 233.

In 1967, the name of Babcock-Wilcox & Goldie-McCulloch Ltd is changed to Babcock & Wilcox Canada Ltd.

In 1975, B&W designed and built components for liquid metal fast breeder reactors.

In 1975, the long-term business agreements with the British Babcock & Wilcox Ltd were ended. Subsequently, the British company was renamed Babcock International Group plc.

In 1978, B&W designed and built the nuclear reactor that was involved in the Three Mile Island accident. In 1983, A known, unreported design failure in a B&W valve was found to be an initial cause for the Three Mile Island accident. In 1999, B&W was awarded the contract to develop fuel cells and steam reforming for US Navy.

On February 22, 2000, B&W filed for Chapter 11 bankruptcy in part as a result of thousands of claims for personal injury due to prolonged exposure to asbestos and asbestos fibers. Claims included asbestosis, lung cancer, pleural and peritoneal mesothelioma. As a condition of emerging from bankruptcy, B&W created a trust fund to compensate victims for amounts far less than settlements paid in individual personal injury lawsuits.

After B&W emerged from bankruptcy in 2006, B&W and BWX Technologies, both subsidiaries of the McDermott International, Inc., merged on 26 November 2007 to form The Babcock & Wilcox Companies, headed by President John Fees. The old company logo was changed.

On June 10, 2009, B&W unveiled B&W Modular Nuclear Energy, LLC (B&W MNE). On the same day, B&W MNE announced its plans to design and develop the B&W mPower reactor, a modular, scalable nuclear reactor. The B&W mPower reactor design is a 125 megawatt, passively safe Advanced Light Water Reactor (ALWR) (a Generation III reactor) with a below-ground containment structure. The reactor is set to be manufactured in a factory, shipped by rail, then buried underground.

On May 12, 2010, B&W announced that it and its subsidiaries would be spun off from its parent company, McDermott International, Inc. The headquarters moved from Lynchburg, Virginia to Charlotte. and the company became The Babcock & Wilcox Company.

On August 2, 2010, B&W began trading on the New York Stock Exchange as BWC.

On June 30, 2015, Babcock & Wilcox completed a spinoff from BWX Technologies, its former parent company. The two companies began trading separately on July 1 when Babcock & Wilcox Enterprises, Inc. was listed on the New York Stock Exchange under the ticker symbol: BW. In 2016, in the UK, the company was ordered to change its name following a petition filed by Babcock International.

On September 24, 2018, Babcock & Wilcox announced that it would move its corporate headquarters from Charlotte to Akron, Ohio, into space formerly occupied by the Goodyear Tire and Rubber Company prior to its move to a new building nearby. On December 30, 2019, Babcock & Wilcox relocated its corporate headquarters from Barberton, Ohio, to Akron, Ohio.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

BW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$8.78
Market Cap
$1.15B
P/E (TTM)
-18.3
EPS (TTM)
$-0.48
Revenue (TTM)
$588M
Div Yield
ROE
17.4%
Debt/Equity
52W Range
$1 – $22

BW Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $588M
10-point trend, -58.6%
2016-12-31 2025-12-31
EPS $-0.48
9-point trend, +79.2%
2016-12-31 2025-12-31
Free Cash Flow $-86M
6-point trend, -324.5%
2016-12-31 2025-12-31
Margins -6.2%
2-point trend, -7.5%
2016-12-31 2018-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
BW
Peer Median
P/E (TTM)
5-point trend, -138.1%
-18.3
25.6
P/S (TTM)
5-point trend, +127.1%
1.9
2.7
P/B
5-point trend, -173.3%
-8.7
7.3
Price / FCF
5-point trend, -321.5%
-13.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
BW
Peer Median
Operating Margin
5-point trend, +108.8%
3.5%
Net Profit Margin
5-point trend, +91.0%
-6.2%
-24.3%
ROA
5-point trend, +92.6%
-5.2%
-7.5%
ROE
5-point trend, -98.8%
17.4%
1.3%
ROIC
5-point trend, -110.7%
-21.1%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
BW
Peer Median
Current Ratio
5-point trend, +57.7%
1.2
1.9
Quick Ratio
5-point trend, +59.2%
0.5

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
BW
Peer Median
Revenue YoY
5-point trend, -17.3%
1.1%
Revenue CAGR 3Y
5-point trend, -17.3%
-1.2%
Revenue CAGR 5Y
5-point trend, -17.3%
0.74%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
BW
Peer Median
EPS (Diluted)
5-point trend, -284.6%
$-0.48

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
BW
Peer Median

BW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 11 analysts
  • Strong Buy 3 27.3%
  • Buy 7 63.6%
  • Hold 1 9.1%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

3 analysts · 2026-08-15
Median target $23.00 +162.0%
Mean target $22.67 +158.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.01%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.04 $0.03 0.01%
March 31, 2026 $0.01 $-0.03 0.04%
Dec. 31, 2025 $0.05 $-0.07 0.12%
Sept. 30, 2025 $0.31 $-0.09 0.40%
June 30, 2025 $-0.63 $-0.09 -0.54%
March 31, 2025 $-0.11 $-0.14 0.03%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
BW $827M -13.2 1.1% -6.2% 17.4%
BE -234.8 37.3% -4.3% -13.1% 29.0%
FPS
XE
SMR -6.5 -15.0% -1130.3% -39.8% 36.3%
EROC
NNE $1.61B -36.4 -22.6%
PSIX 11.6 51.8%
NRGV $779M -7.1 340.9% -50.9% -131.3% 23.6%
NPWR -0.3 -134.6%
HDRN

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18
Annual Income Statement data for BW
Metric Trend 20252024202320222021202020192018201720162015
Revenue 11-point trend, -66.6% $588M $581M $587M $609M $711M $566M $859M $1.06B $1.34B $1.42B $1.76B
Cost of Revenue 11-point trend, -69.4% $444M $454M $466M $464M $536M $400M $699M $19M $3M $0 $1.45B
Gross Profit 4-point trend, -142.1% · · · · · · · $-130M $24M $138M $308M
R&D Expense 8-point trend, -77.0% · · · $4M $2M $4M $3M $4M $8M $9M $16M
SG&A Expense 11-point trend, -50.2% $119M $125M $135M $153M $152M $142M $151M $205M $221M $217M $240M
Operating Expenses 11-point trend, -67.3% $567M $587M $608M $611M $691M $568M $888M $1.48B $1.65B $1.55B $1.74B
Operating Income 11-point trend, -5.1% $21M $-6M $-20M $-1M $19M $-2M $-29M $-427M $-316M $-110M $22M
Interest Expense 10-point trend, +1873.7% · $46M $43M $40M $40M $60M $95M $50M $26M $4M $2M
Interest Income 11-point trend, +140.5% $1M $650.0K $907.0K $586.0K $531.0K $646.0K $923.0K $244.0K $507.0K $802.0K $618.0K
Other Non-op 11-point trend, -2362.5% $-1M $-1M $-1M $-4M $-2M $-1M $285.0K $259.0K $-698.0K $-616.0K $64.0K
Pretax Income 11-point trend, -221.6% $-25M $-91M $-104M $-5M $27M $-4M $-124M $-556M $-318M $-120M $20M
Income Tax 11-point trend, +125.6% $8M $13M $6M $9M $-2M $8M $5M $102M $64M $3M $4M
Net Income 11-point trend, -288.9% $-36M $-60M $-197M $-23M $31M $-10M $-122M $-725M $-380M $-116M $19M
EPS (Basic) 10-point trend, -233.3% $-0.48 $-0.82 $-2.38 $-0.43 $0.26 $-0.21 $-3.87 · $-8.09 $-2.31 $0.36
EPS (Diluted) 10-point trend, -233.3% $-0.48 $-0.82 $-2.38 $-0.43 $0.26 $-0.21 $-3.87 · $-8.09 $-2.31 $0.36
Shares (Basic) 10-point trend, +97.1% 105,421,000 91,717,000 89,011,000 88,256,000 82,391,000 48,710,000 31,514,000 · 46,935,000 50,129,000 53,487,000
Shares (Diluted) 10-point trend, +96.3% 105,421,000 91,717,000 89,011,000 88,256,000 83,580,000 48,710,000 31,514,000 · 46,935,000 50,129,000 53,709,000
EBITDA 7-point trend, -45.6% $31M $42M · $20M $39M · · $-395M · $-63M $57M
Balance Sheet 31
Annual Balance Sheet data for BW
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 11-point trend, -75.5% $89M $27M $65M $77M $225M $57M $44M $43M $44M $87M $365M
Short-term Investments · · · · · · · · · · $4M
Receivables 11-point trend, -59.4% $118M $92M $77M $158M $132M $128M $142M $197M $253M $282M $291M
Inventory 11-point trend, -32.4% $61M $58M $98M $103M $80M $74M $63M $61M $73M $86M $90M
Other Current Assets 11-point trend, +66.6% $36M $24M $42M $27M $29M $26M $27M $41M $34M $46M $22M
Current Assets 11-point trend, -51.9% $471M $553M $498M $558M $582M $396M $412M $550M $732M $778M $978M
PP&E (Net) 11-point trend, -69.9% $44M $36M $47M $61M $57M $57M $67M $91M $115M $122M $146M
PP&E (Gross) 11-point trend, -58.0% $139M $126M $165M $201M $190M $193M $247M $294M $323M $333M $330M
Accum. Depreciation 11-point trend, -48.7% $95M $90M $118M $140M $133M $136M $181M $203M $208M $199M $184M
Goodwill 11-point trend, -73.6% $53M $51M $54M $84M $116M $47M $47M $47M $86M $163M $201M
Intangibles 11-point trend, -59.7% $15M $18M $22M $26M $33M $24M $25M $31M $42M $71M $38M
Other Non-current Assets 11-point trend, -26.0% $13M $16M $21M $27M $55M $25M $25M $27M $26M $17M $17M
Total Assets 11-point trend, -60.1% $663M $727M $776M $942M $913M $599M $627M $745M $1.32B $1.53B $1.66B
Accounts Payable 11-point trend, -60.5% $69M $88M $83M $131M $86M $73M $110M $200M $205M $221M $175M
Accrued Liabilities 11-point trend, -49.4% $32M $28M $51M $54M $54M $81M $69M $122M $90M $96M $63M
Short-term Debt · · · · · · · · · · $2M
Current Liabilities 11-point trend, -31.1% $387M $407M $350M $372M $253M $271M $602M $712M $744M $618M $561M
Capital Leases 8-point trend, +15125000.00 $15M $14M $24M $26M $27M $7M $8M $0 · · ·
Deferred Tax 5-point trend, +662.4% $11M $10M $10M $12M $1M · · · · · ·
Other Non-current Liabilities 11-point trend, -78.7% $9M $10M $14M $17M $33M $23M $21M $29M $30M $40M $43M
Total Liabilities 11-point trend, -13.1% $794M $1.01B $976M $944M $855M $930M $921M $1.02B $1.13B $968M $915M
Long-term Debt 2-point trend, +199.1% · · · · · $183M · $61M · · ·
Total Debt 2-point trend, +1428.6% · · · · · · · $31M · · $2M
Common Stock 11-point trend, +931.3% $6M $5M $5M $5M $5M $5M $5M $2M $499.0K $544.0K $540.0K
Paid-in Capital · · · · · · · · · · $790M
Retained Earnings 11-point trend, -175927.5% $-1.70B $-1.65B $-1.57B $-1.36B $-1.32B $-1.34B $-1.34B $-1.22B $-492M $-115M $965.0K
Treasury Stock 11-point trend, +356.1% $116M $116M $115M $114M $111M $106M $106M $106M $105M $104M $25M
AOCI 11-point trend, +15.2% $-16M $-87M $-66M $-73M $-59M $-52M $2M $-11M $-22M $-36M $-19M
Stockholders' Equity 11-point trend, -117.6% $-132M $-284M $-201M $-3M $33M $-332M $-296M $-286M $182M $552M $748M
Liabilities + Equity 11-point trend, -60.1% $663M $727M $776M $942M $913M $599M $627M $745M $1.32B $1.53B $1.66B
Shares Outstanding 9-point trend, +196.0% 130,447,000 95,138,000 89,449,000 88,700,000 86,286,000 54,452,000 46,374,000 16,879,000 44,065,000 · ·
Cash Flow 18
Annual Cash Flow data for BW
Metric Trend 20252024202320222021202020192018201720162015
D&A 11-point trend, -71.0% $10M $17M $21M $24M $18M $17M $24M $32M $40M $40M $35M
Stock-based Comp · · · · · · · · · · $8M
Deferred Tax 11-point trend, +99.2% $-263.0K $6M $-344.0K $4M $-8M $4M $593.0K $97M $55M $-2M $-32M
Amort. of Intangibles 10-point trend, -74.3% $3M $3M $3M $7M $5M $3M · $661.0K $426.0K $598.0K $11M
Restructuring 8-point trend, +108.7% · $1M $3M $560.0K $5M · · $17M $15M $39M $-15M
Other Non-cash 7-point trend, -130.3% $-43M $-79M · $-36M $-152M · · $314M · $87M $141M
Operating Cash Flow 11-point trend, -140.4% $-69M $-119M $-42M $-31M $-111M $-41M $-176M $-282M $-190M $2M $170M
CapEx 11-point trend, -52.6% $17M $11M $10M $13M $7M $8M $4M $5M $14M $22M $35M
Investing Cash Flow 10-point trend, +203.6% $197M $110M $-8M $-69M $-34M $2M $9M $179M $-64M $-190M ·
Debt Issued · · · · · $172M · · · · ·
Stock Issued 10-point trend, +130130000.00 $130M $8M $0 $0 $161M $0 $1M $1M $0 $0 ·
Stock Repurchased 11-point trend, -98.5% $386.0K $336.0K $1M $3M $5M $283.0K $117.0K $805.0K $967.0K $78M $25M
Net Stock Activity 7-point trend, +610.6% $130M $8M · $-3M $156M · · $438.0K · $-78M $-25M
Financing Cash Flow 10-point trend, +29.6% $-59M $70M $9M $-11M $303M $44M $167M $83M $206M $-83M ·
Net Change in Cash 11-point trend, -52.0% $70M $60M $-42M $-113M $159M $10M $-3M $-9M $-39M $-269M $147M
Taxes Paid 11-point trend, -41.9% $9M $8M $7M $8M $5M $7M $4M $4M $-11M $11M $15M
Free Cash Flow 7-point trend, -163.5% $-86M $-130M · $-44M $-118M · · $-287M · $-20M $135M
Levered FCF 5-point trend, -238.2% · $-185M · $-121M $-160M · · $-346M · · $134M
Profitability 8
Annual Profitability data for BW
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 3-point trend, -169.6% · · · · · · · -12.2% · -11.3% 17.5%
Operating Margin 7-point trend, +184.7% 3.5% 3.5% · -0.47% 2.9% · · -40.2% · -6.5% 1.2%
Net Margin 7-point trend, -664.2% -6.2% -8.3% · -2.6% 4.3% · · -68.3% · -7.3% 1.1%
Pretax Margin 7-point trend, -463.5% -4.2% -8.5% · -1.7% 4.0% · · -52.3% · -6.9% 1.1%
EBITDA Margin 7-point trend, +62.5% 5.2% 5.8% · 2.2% 5.4% · · -37.1% · -4.0% 3.2%
ROA 7-point trend, -533.3% -5.2% -8.0% · -2.5% 4.1% · · -70.2% · -7.2% 1.2%
ROE 7-point trend, +552.1% 17.4% 24.7% · -149.5% -20.7% · · 1394.5% · -17.8% 2.7%
ROIC 7-point trend, -982.0% -21.1% -10.6% · 278.2% 67.6% · · 197.7% · -19.8% 2.4%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for BW
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 7-point trend, -30.2% 1.2 1.3 · 1.5 2.3 · · 0.8 · 1.3 1.7
Quick Ratio 7-point trend, -54.3% 0.5 0.4 · 0.6 1.4 · · 0.3 · 0.6 1.2
Debt / Equity 2-point trend, -4066.7% · · · · · · · -0.1 · · 0.0
LT Debt / Equity · · · · · · · -0.1 · · ·
Interest Coverage 5-point trend, -97.4% · 0.5 · -0.1 0.5 · · -8.6 · · 20.6
Efficiency 3
Annual Efficiency data for BW
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 7-point trend, -23.5% 0.8 1.0 · 1.0 1.0 · · 1.0 · 1.0 1.1
Inventory Turnover 7-point trend, -51.5% 7.4 5.2 · 7.7 7.1 · · 0.3 · 15.9 15.3
Receivables Turnover 7-point trend, -11.4% 5.6 7.1 · 6.0 5.6 · · 4.7 · 5.5 6.3
Per Share 5
Annual Per Share data for BW
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 5-point trend, +40.5% $-1.01 $-2.98 · $-0.03 $0.38 · · $-1.70 · · ·
Revenue / Share 6-point trend, -83.0% $5.57 $7.82 · $10.08 $8.65 · · · · $31.48 $32.72
Cash Flow / Share 6-point trend, -120.6% $-0.65 $-1.29 · $-0.35 $-1.33 · · · · $0.05 $3.17
Cash / Share 5-point trend, +167.9% $0.69 $0.28 · $0.86 $2.61 · · $0.26 · · ·
EPS (TTM) 11-point trend, -233.3% $-0.48 $-0.82 $-2.38 $-0.43 $0.26 $-0.21 $-3.87 $-8.44 $-8.09 $-2.31 $0.36
Growth Rates 3
Annual Growth Rates data for BW
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -95.5% 1.1% -1.1% -3.6% -14.3% 25.5% · · · · · ·
Revenue CAGR 3Y 3-point trend, -197.6% -1.2% -6.5% 1.2% · · · · · · · ·
Revenue CAGR 5Y 0.74% · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for BW
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 11-point trend, -66.6% $588M $581M $587M $609M $711M $566M $859M $1.06B $1.34B $1.42B $1.76B
Net Income TTM 11-point trend, -288.9% $-36M $-60M $-197M $-23M $31M $-10M $-122M $-725M $-380M $-116M $19M
Market Cap 5-point trend, +25.6% $827M $156M · $512M $778M · · $658M · · ·
Enterprise Value · · · · · · · $646M · · ·
P/E 11-point trend, -102.3% -13.2 -2.0 -0.6 -13.4 34.7 -16.7 -0.9 -0.5 -7.0 -71.8 579.7
P/S 5-point trend, +127.1% 1.4 0.3 · 0.8 1.1 · · 0.6 · · ·
P/B 5-point trend, -173.3% -6.3 -0.5 · -198.8 23.5 · · -2.3 · · ·
P / Cash Flow 5-point trend, -414.1% -12.0 -1.3 · -16.7 -7.0 · · -2.3 · · ·
P / FCF 5-point trend, -321.5% -9.7 -1.2 · -11.7 -6.6 · · -2.3 · · ·
EV / EBITDA · · · · · · · -1.6 · · ·
EV / FCF · · · · · · · -2.2 · · ·
EV / Revenue · · · · · · · 0.6 · · ·
Earnings Yield 11-point trend, -4552.9% -7.6% -50.0% -163.0% -7.4% 2.9% -6.0% -106.3% -216.4% -14.2% -1.4% 0.17%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $588M$581M$587M$609M$711M
Operating Margin % 3.5%3.5%-0.47%2.9%
Net Income $-36M$-60M$-197M$-23M$31M
Diluted EPS $-0.48$-0.82$-2.38$-0.43$0.26
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 1.21.31.52.3
Quick Ratio 0.50.40.61.4
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-86M$-130M$-44M$-118M

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Institutional owners (13F) 224 filers · $1.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
89 (+30 vs prior Q) 35 (+12 vs prior Q) 61 (+5 vs prior Q) 45 (+13 vs prior Q) +10.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BRC Group Holdings, Inc. $386,995,960 27,446,522 27.12% Shares
Hood River Capital Management LLC $193,024,474 13,689,679 13.53% Shares
VANGUARD CAPITAL MANAGEMENT LLC $84,424,765 5,987,572 5.92% Shares
AMERIPRISE FINANCIAL INC $70,660,298 5,011,367 4.95% Shares
GENDELL JEFFREY L $55,202,445 3,915,067 3.87% Shares
NEUBERGER BERMAN GROUP LLC $44,679,698 3,168,549 3.13% Shares
STATE STREET CORP $41,740,117 2,960,292 2.92% Shares
GEODE CAPITAL MANAGEMENT, LLC $38,732,569 2,746,424 2.71% Shares
Driehaus Capital Management LLC $32,954,689 2,337,212 2.31% Shares
Value Aligned Research Advisors, LLC $31,556,138 2,238,024 2.21% Shares
Situational Awareness LP $28,587,059 2,027,451 2.00% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $22,554,360 1,599,600 1.58% Call option
Situational Awareness Partners LP $19,888,791 1,353,900 1.39% Shares
MILLENNIUM MANAGEMENT LLC $18,988,400 1,346,695 1.33% Shares
MARSHALL WACE, LLP $16,953,727 1,202,392 1.19% Shares
Vantage Consulting Group Inc $15,318,708 2,416,200 1.07% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $14,593,909 1,035,029 1.02% Shares
BANK OF AMERICA CORP /DE/ $14,412,344 1,022,152 1.01% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $13,855,534 982,662 0.97% Shares
Connor, Clark & Lunn Investment Management Ltd. $11,912,441 844,854 0.83% Shares
VANGUARD FIDUCIARY TRUST CO $11,393,773 808,069 0.80% Shares
D. E. Shaw & Co., Inc. $10,886,610 772,100 0.76% Shares
ROYCE & ASSOCIATES LP $10,619,838 753,180 0.74% Shares
JANE STREET GROUP, LLC $9,939,090 704,900 0.70% Call option
EQUITEC PROPRIETARY MARKETS, LLC $9,830,816 697,221 0.69% Shares
GOLDMAN SACHS GROUP INC $9,758,502 692,092 0.68% Shares
OBERWEIS ASSET MANAGEMENT INC/ $8,853,390 627,900 0.62% Shares
Alyeska Investment Group, L.P. $8,636,250 612,500 0.61% Shares
Valiant Capital Management, L.P. $7,755,000 550,000 0.54% Shares
CITADEL ADVISORS LLC $7,473,000 530,000 0.52% Call option
WELLINGTON MANAGEMENT GROUP LLP $7,301,558 517,841 0.51% Shares
Trexquant Investment LP $7,144,414 506,696 0.50% Shares
Vennlight Capital Management, LP $6,119,710 434,022 0.43% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $5,615,198 398,241 0.39% Shares
BNP PARIBAS FINANCIAL MARKETS $5,473,803 388,213 0.38% Shares
ALGERT GLOBAL LLC $5,456,897 387,014 0.38% Shares
Global Retirement Partners, LLC $5,254,252 372,642 0.37% Shares
MORGAN STANLEY $5,253,759 372,607 0.37% Shares
PANAGORA ASSET MANAGEMENT INC $5,014,679 355,651 0.35% Shares
Shannon River Fund Management LLC $4,697,457 333,153 0.33% Shares
Arosa Capital Management LP $3,877,500 275,000 0.27% Shares
CAPITAL FUND MANAGEMENT S.A. $3,829,926 271,626 0.27% Shares
POLEN CAPITAL MANAGEMENT LLC $3,516,695 249,411 0.25% Shares
JANE STREET GROUP, LLC $3,448,056 244,543 0.24% Shares
Aquatic Capital Management LLC $3,307,564 234,579 0.23% Shares
Swiss National Bank $3,110,460 220,600 0.22% Shares
Informed Momentum Co LLC $3,050,211 216,327 0.21% Shares
United Advisor Group, LLC $3,028,595 214,794 0.21% Shares
LuminArx Capital Management LP $2,893,320 205,200 0.20% Shares
RHUMBLINE ADVISERS $2,452,488 173,936 0.17% Shares
Bank of New York Mellon Corp $2,250,952 159,642 0.16% Shares
BOOTHBAY FUND MANAGEMENT, LLC $2,231,297 158,248 0.16% Shares
XTX Topco Ltd $2,163,152 153,415 0.15% Shares
Value Aligned Research Advisors, LLC $2,098,080 148,800 0.15% Call option
KMT WEALTH MANAGEMENT, LLC $2,083,712 147,781 0.15% Shares
ALLIANCEBERNSTEIN L.P. $2,061,036 140,302 0.14% Shares
Saba Capital Management, L.P. $2,044,500 145,000 0.14% Shares
AMH Equity Ltd $2,042,021 704,145 0.14% Shares
VOYA INVESTMENT MANAGEMENT LLC $2,041,342 144,776 0.14% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,983,870 140,700 0.14% Put option
READYSTATE ASSET MANAGEMENT LP $1,900,074 134,757 0.13% Shares
Palumbo Wealth Management LLC $1,888,371 133,927 0.13% Shares
Hudson Bay Capital Management LP $1,769,621 125,505 0.12% Shares
LPL Financial LLC $1,707,425 121,094 0.12% Shares
Gotham Asset Management, LLC $1,657,300 117,539 0.12% Shares
WELLS FARGO & COMPANY/MN $1,591,566 112,877 0.11% Shares
Walleye Capital LLC $1,541,468 109,324 0.11% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,531,852 108,642 0.11% Shares
BlackRock, Inc. $1,455,416 103,221 0.10% Shares
DARK FOREST CAPITAL MANAGEMENT LP $1,369,011 97,093 0.10% Shares
PEAK6 LLC $1,309,890 92,900 0.09% Call option
Point72 Asset Management, L.P. $1,239,390 87,900 0.09% Call option
Squarepoint Ops LLC $1,158,343 82,152 0.08% Shares
MML INVESTORS SERVICES, LLC $1,110,192 78,737 0.08% Shares
MetLife Investment Management, LLC $1,103,804 78,284 0.08% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $1,094,160 77,600 0.08% Shares
CITADEL ADVISORS LLC $1,091,340 77,400 0.08% Put option
VANGUARD ASSET MANAGEMENT, Ltd $1,084,882 76,942 0.08% Shares
STATE OF WISCONSIN INVESTMENT BOARD $1,074,843 76,230 0.08% Shares
TWO SIGMA INVESTMENTS, LP $1,032,275 73,211 0.07% Shares
Kestra Advisory Services, LLC $992,640 70,400 0.07% Shares
DIMENSIONAL FUND ADVISORS LP $985,167 69,870 0.07% Shares
Advisory Services Network, LLC $927,583 65,786 0.06% Shares
Potomac Capital Management, Inc. $902,400 64,000 0.06% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $867,249 61,507 0.06% Shares
State of New Jersey Common Pension Fund D $825,851 58,571 0.06% Shares
CITIGROUP INC $820,225 58,172 0.06% Shares
THOMPSON DAVIS & CO., INC. $794,888 56,375 0.06% Shares
Verition Fund Management LLC $775,500 55,000 0.05% Shares
Invesco Ltd. $754,251 53,493 0.05% Shares
Engineers Gate Manager LP $748,837 53,109 0.05% Shares
JANE STREET GROUP, LLC $743,070 52,700 0.05% Put option
DIVERSIFIED TRUST CO $735,864 52,189 0.05% Shares
UBS Group AG $729,661 51,749 0.05% Shares
IRONWOOD INVESTMENT MANAGEMENT LLC $703,576 49,899 0.05% Shares
OCCUDO QUANTITATIVE STRATEGIES LP $695,045 49,294 0.05% Shares
NEW YORK STATE COMMON RETIREMENT FUND $664,110 47,100 0.05% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $660,839 46,868 0.05% Shares
AQR CAPITAL MANAGEMENT LLC $656,891 46,588 0.05% Shares
Vanguard Global Advisers, LLC $644,215 45,689 0.05% Shares

Company insiders 19 insiders · 7 officers · 12 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Kenneth M Young Chief Executive Officer July 28, 2025 M 1,421,376 0 0 $0
Louis Salamone Jr Chief Financial Officer Dec. 6, 2024 S 583,045 0 0 $0
Jimmy B Morgan Chief Operating Officer Aug. 11, 2024 M 539,996 0 0 $0
John J Dziewisz General Counsel & Secretary Aug. 15, 2024 S 217,521 0 0 $0
Christopher S Riker Senior Vice President Aug. 11, 2024 M 92,171 0 0 $0
Joseph T Buckler Senior Vice President Aug. 25, 2023 M 115,003 0 0 $0
Robert P. Mckinney Senior Vice President, General Counsel and Corporate Secretary Aug. 14, 2019 M 2,735 0 0 $0
Rebecca L Stahl Director May 15, 2025 A 145,763 0 0 $0
Philip D Moeller Director May 15, 2025 A 187,559 0 0 $0
Joseph A Tato Director May 15, 2025 A 169,088 0 0 $0
Naomi Louise Boness Director May 15, 2025 A 104,530 0 0 $0
Henry E Bartoli Director May 15, 2025 M 453,187 0 0 $0
Alan B Howe Director May 15, 2025 A 127,744 0 0 $0
Bryant R. Riley Director June 5, 2020 P 176,424 0 0 $0
Cynthia S Dubin Director Aug. 13, 2019 M 40,646 0 0 $0
Brian Randall Kahn Director Aug. 13, 2019 A 25,606 0 0 $0
Matthew E Avril Director Aug. 13, 2019 M 67,247 0 0 $0
Kenneth S Siegel Director Aug. 13, 2019 M 25,606 0 0 $0
Babcock & Wilcox Co 10% owner June 18, 2015 J 0 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 15 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
BRC Group Holdings, Inc., BRF Investments, LLC, B. Riley Securities, Inc., Bryant R. Riley ×2 filings Feb. 13, 2026 24.90% Amendment Passive investment SEC
Galloway Capital Partners, LLC, Bruce Galloway June 2, 2025 4.31% Initial filing Passive investment SEC
B. Riley Securities, Inc. April 2, 2025 15.80% Initial filing Passive investment SEC
B. Riley Financial, Inc., B. Riley Securities, Inc., BRF Investments, LLC, Bryant R. Riley ×18 filings Sept. 25, 2024 Initial filing SEC
Vintage Capital Management, LLC (2), Kahn Capital Management, LLC (2), Brian R. Kahn (2) ×9 filings March 26, 2021 Initial filing SEC
STEEL PARTNERS HOLDINGS L.P., SPH GROUP LLC, SPH GROUP HOLDINGS LLC, STEEL PARTNERS HOLDINGS GP INC., STEEL EXCEL INC., STEEL PARTNERS LTD., WARREN G. LICHTENSTEIN ×15 filings Oct. 18, 2019 Initial filing SEC
July 29, 2019 Initial filing SEC
OR July 24, 2019 Initial filing SEC
July 23, 2019 Initial filing SEC
July 19, 2019 Initial filing SEC
May 2, 2019 Initial filing SEC
April 5, 2019 Initial filing SEC
VIEX Opportunities Fund, LP- Series One*, VIEX GP, LLC, VIEX Capital Advisors, LLC, Eric Singer March 14, 2018 Initial filing SEC
VIEX Opportunities Fund, LP - Series One*, VIEX GP, LLC, VIEX Capital Advisors, LLC, Eric Singer ×2 filings Oct. 27, 2017 Initial filing SEC
Lightship Capital LLC, AIPCF VI, LLC, AIPCF VI Credit Opportunity Fund, LP ×2 filings Aug. 11, 2017 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 19 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.17% 70,947 NS May 31, 2026 N-PORT
AFSM · First Trust Exchange-Traded Fund VI… 0.14% 7,371 NS May 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS July 15, 2026 Daily
VTI · VANGUARD INDEX FUNDS July 15, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS July 15, 2026 Daily
ITOT · iShares Trust July 22, 2026 Daily
IWV · iShares Trust Aug. 18, 2026 Daily
IWN · iShares Trust Aug. 17, 2026 Daily
IWO · iShares Trust Aug. 18, 2026 Daily
IWM · iShares Trust Aug. 18, 2026 Daily
PFF · iShares Trust Aug. 18, 2026 Daily
VIS · VANGUARD WORLD FUND July 20, 2026 Daily
ISCB · iShares Trust July 20, 2026 Daily
ISCG · iShares Trust July 21, 2026 Daily
ISCV · iShares Trust July 20, 2026 Daily
WSML · iShares Trust July 20, 2026 Daily