Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported free cash flow was -$86M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$86M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue was broadly stable
Latest reported annual revenue changed +1.1% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +4.6 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- BW$588M100.0%+1.1% yoy
Members sum to the consolidated $588M for this period.
- United States$418M71.1%+7.7% yoy
- Canada$90.6M15.4%+29.6% yoy
- All Other Countries$36.4M6.2%-26.6% yoy
- ID$16.3M2.8%+23.3% yoy
- United Kingdom$15.5M2.6%-68.9% yoy
- PH$10.9M1.9%+4.4% yoy
Members sum to the consolidated $588M for this period.
- BW$214M100.0%+44.3% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,096 US-listed filers · 320 in Industrials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $588M | 46thof 3,301 middle third | 33rdof 305 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 1.1% | 33rdof 3,135 bottom third | 42ndof 294 middle third |
Operating margin operating income ÷ revenue | 3.5% | 52ndof 2,819 middle third | 45thof 280 middle third |
Net margin net income ÷ revenue | -6.2% | 33rdof 3,263 bottom third | 22ndof 299 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -14.6% | 21stof 2,679 bottom third | 17thof 276 bottom third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 4.6× | 70thof 819 top third | 57thof 61 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 74 days | 24thof 2,398 bottom third | 20thof 238 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 4.7% | 7thof 3,193 bottom third | 7thof 255 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -33.5% | 89thof 2,719 top third | 89thof 198 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 54 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating income OperatingIncomeLoss | quarter 2024-09-30 | -$1.47M 10-Q 2024-11-12 | $1.57M 10-Q 2025-11-10 | +206.3% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2023-12-31 | $19.9M 10-K 2024-03-15 | -$20.1M 10-K 2026-03-16 | -200.8% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2025-03-31 | $5.85M 10-Q 2025-05-12 | -$1.84M 10-Q 2026-05-11 | -131.5% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2024-12-31 | $25.1M 10-K 2025-03-31 | -$6.34M 10-K 2026-03-16 | -125.3% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-06-30 | $42.2M 10-Q 2024-08-08 | -$4.45M 10-Q 2025-08-11 | -110.5% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2023-06-30 | $6.98M 10-Q 2023-08-08 | $12.4M 10-Q 2024-08-08 | +77.7% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$10.3M 10-Q 2022-11-08 | -$2.73M 10-Q 2023-11-09 | +73.6% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | -$4.18M 10-K 2023-03-16 | -$1.15M 10-K 2025-03-31 | +72.4% | first · latest · 3 filings carry it |
| Interest expense InterestExpenseDebt | fiscal year 2023-12-31 | $11M 10-K 2024-03-15 | $3.52M 10-K 2026-03-16 | -67.9% | first · latest · 3 filings carry it |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2022-12-31 | $60.3M 10-K 2023-03-16 | $26.3M 10-K 2025-03-31 | -56.3% | first · latest · 9 filings carry it |
| Interest expense InterestExpenseDebt | fiscal year 2022-12-31 | $8.42M 10-K 2024-03-15 | $3.91M 10-K 2025-03-31 | -53.6% | first · latest |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2023-12-31 | $45.6M 10-K 2024-03-15 | $22.1M 10-K 2026-03-16 | -51.5% | first · latest · 6 filings carry it |
| Goodwill Goodwill | balance at 2023-12-31 | $102M 10-K 2024-03-15 | $54.3M 10-K 2026-03-16 | -46.7% | first · latest · 6 filings carry it |
| Goodwill Goodwill | balance at 2022-12-31 | $157M 10-K 2023-03-16 | $84.2M 10-K 2025-03-31 | -46.4% | first · latest · 6 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2023-12-31 | $144M 10-K 2024-03-15 | $77.5M 10-K 2026-03-16 | -46.2% | first · latest · 9 filings carry it |
| Interest expense InterestExpenseDebt | quarter 2024-09-30 | $692K 10-Q 2024-11-12 | $386K 10-Q 2025-11-10 | -44.2% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2023-12-31 | $999M 10-K 2024-03-15 | $587M 10-K 2026-03-16 | -41.2% | first · latest · 3 filings carry it |
| Goodwill Goodwill | balance at 2024-12-31 | $82.1M 10-K 2025-03-31 | $51.4M 10-K 2026-03-16 | -37.4% | first · latest · 5 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2024-09-30 | $143M 10-Q 2024-11-12 | $90M 10-Q 2025-11-10 | -37.0% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2023-12-31 | $81.1M 10-K 2024-03-15 | $52.1M 10-K 2026-03-16 | -35.8% | first · latest · 6 filings carry it |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-06-30 | $234M 10-Q 2024-08-08 | $151M 10-Q 2025-08-11 | -35.2% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-03-31 | $4.33M 10-Q 2024-05-09 | $5.72M 10-Q 2025-05-12 | +32.2% | first · latest |
| Interest expense InterestExpenseDebt | quarter 2024-03-31 | $2.19M 10-Q 2024-05-09 | $1.49M 10-Q 2025-05-12 | -32.0% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2022-12-31 | $890M 10-K 2023-03-16 | $609M 10-K 2025-03-31 | -31.5% | first · latest · 3 filings carry it |
| Interest expense InterestExpenseDebt | quarter 2024-06-30 | $1.82M 10-Q 2024-08-08 | $1.32M 10-Q 2025-08-11 | -27.6% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-09-30 | $210M 10-Q 2024-11-12 | $153M 10-Q 2025-11-10 | -27.3% | first · latest |
| Intangibles IntangibleAssetsNetExcludingGoodwill | balance at 2021-12-31 | $43.8M 10-K 2022-03-08 | $33.2M 10-K 2024-03-15 | -24.2% | first · latest · 9 filings carry it |
| Receivables AccountsReceivableNetCurrent | balance at 2024-06-30 | $125M 10-Q 2024-08-08 | $97.6M 10-Q 2025-08-11 | -21.9% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | quarter 2024-03-31 | $208M 10-Q 2024-05-09 | $164M 10-Q 2025-05-12 | -20.9% | first · latest |
| Revenue RevenueFromContractWithCustomerExcludingAssessedTax | fiscal year 2024-12-31 | $717M 10-K 2025-03-31 | $581M 10-K 2026-03-16 | -19.0% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for BW yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.