Broadwind Energy Inc (BWEN)
🔔 Watch stock
Broadwind sounds like a wind-power comeback: steel towers for wind turbines, a price-to-sales ratio around 0.6, strong price momentum. We read the annual report and the quarterly report at the SEC — and found a completely different story: $943,000 in cash as of March 31, 2026, a Wells Fargo credit line whose covenants have been loosened twice, a legislated end to subsidies, and the sale of both tower plants. Not investment advice — just the story the price tag doesn't tell.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.04 | -185.30 | 34 | -28.00 | -2.70 | 15 | 15 |
| 2025: Q1 | -0.02 | -124.50 | 37 | -2.10 | -1.00 | -8 | -9 |
| 2025: Q2 | -0.04 | -305.20 | 39 | 7.60 | -2.50 | -13 | -14 |
| 2025: Q3 | 0.32 | 9,985.10 | 44 | 24.60 | 16.90 | 4 | 4 |
| 2025: Q4 | -0.04 | – | 38 | 12.40 | -2.30 | 1 | 0 |
| 2026: Q1 | -0.02 | – | 34 | -7.50 | -1.50 | 3 | 0 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
$131.4 million in order intake in 2025 (+22 percent), Industrial Solutions +79 and gearing +52 percent, book-to-bill of 1.1 in the first quarter of 2026 — the remaining business is benefiting from the gas-turbine boom; order backlog of $99.1 million (March 31, 2026).
Manitowoc sale of $13.5 million (September 2025), Abilene sale of up to $19.5 million (April 30, 2026) plus $15.4 million of free credit line and an unused $11.7 million equity program — the exit from wind is paid for, not just decided.
A price-to-sales ratio around 0.63 and EV/revenue around 0.86 are cheap — but the P/E around 19 lives off the one-off gain, and the forward P/E sits around 43 (data as of July 6, 2026). Cheap by revenue, expensive by earnings: the price is a bet on a successful restructuring.
$943,000 in cash as of March 31, 2026, −$4.4 million operationally over four reporting quarters, an Altman Z of −2.45; the Wells Fargo credit line expires on August 4, 2027, and its covenants have been loosened twice since late 2024 (most recently to 0.75).
The OBBBA law of July 4, 2025 eliminates the AMP credits after 2027 (2025: $13.1 million — more than double net income) and ends PTC/ITC for new wind projects — the foundation of the tower business has collapsed politically.
2025 net income ($5.2 million) only thanks to an $8.2 million one-off sale gain; operating cash flow of −$15.4 million; a Beneish M-Score of −1.31 above the warning threshold; a fundamental grade of D in our in-house scanner — the ongoing business isn't making money yet.
Broadwind is no longer a wind-power bet — it's a cash-strapped restructuring story: the tower plants are sold, the subsidies are running out, and whether gearing plus gas-turbine supply alone can carry a profit still has to be proven by the reports starting in August 2026. Until then, the thin cash position hangs on the credit line and sale proceeds. Not investment advice.
- Smoke-detector note: the Insolvency Radar measures the balance-sheet date of March 31, 2026 — the Abilene proceeds (up to $19.5 million, April 30, 2026) flowed in afterward and improve the cash position in the following quarter; this analysis contains no insolvency verdict.
- Starting in the second quarter of 2026, the wind business (51 percent of 2025 revenue) will be reported as a discontinued operation — revenue and earnings series are then reclassified retroactively and only comparable to prior periods to a limited extent.
- AI finding: in the annual report (10-K) for 2025, artificial intelligence appears only in standard risk clauses (evaluation of "emerging technologies", competitive and legal risks) — no AI product, no AI revenue.
About the Company
Broadwind, Inc. fertigt und verkauft Strukturen, Anlagen und Komponenten für Stromerzeugung, kritische Infrastruktur und andere spezialisierte Anwendungen in den USA.
| IPO Year | 2004 |
|---|---|
| Next Earnings | 11. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.