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1. Company Snapshot

1.a. Company Description

Broadwind, Inc.manufactures and sells structures, equipment, and components for clean tech and other specialized applications primarily in the United States.It operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions.


The Heavy Fabrications segment provides fabrications to various industrial markets.It offers steel towers and adapters primarily to wind turbine manufacturers.The Gearing segment provides gearing, and gearboxes and systems for onshore and offshore oil and gas fracking and drilling, surface and underground mining, wind energy, steel, material handling, and other infrastructure markets.


This segment also offers heat treat services for aftermarket and original equipment manufacturer applications.The Industrial Solutions segment provides supply chain solutions for offering instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, energy storage services, and electromechanical devices; light fabrication, inventory management, and kitting and assembly services; packaging solutions; and fabricating services for panels and sub-assemblies to combined cycle natural gas turbine market.The company sells its products to the energy, mining, and infrastructure sector customers through its direct sales force and independent sales agents.


The company was formerly known as Broadwind Energy, Inc.and changed its name to Broadwind, Inc.in May 2020.


Broadwind, Inc.is headquartered in Cicero, Illinois.

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1.b. Last Insights on BWEN

Recent stock performance of Broadwind, Inc. was negatively driven by a quarterly loss of $0.04 per share in Q4, despite topping revenue estimates. The company's earnings release revealed weak profitability, which likely contributed to the decline. Additionally, an ongoing investigation by Glancy Prongay & Murray LLP into possible violations of state laws by Broadwind's directors and officers may have also weighed on investor sentiment.

1.c. Company Highlights

2. Broadwind's Q4: Power Play Amidst Cost Pressures

Broadwind reported a 12% jump in Q4 revenue to $37.7 million, a 60% year‑over‑year rise driven by its Industrial Solutions arm. Adjusted EBITDA slipped to $1.9 million from $2.1 million, reflecting lower Gearing utilization and raw‑material bottlenecks. EPS came in at –$0.04 versus –$0.05 expected, underscoring margin compression. The company’s valuation sits at a modest P/E of 9.93, with an EV/EBITDA of 5.35, indicating a reasonably priced upside.

Publication Date: Apr -17

📋 Highlights
  • Q4 Revenue Surge: Consolidated revenues reached $37.7M, a 12% YoY increase, driven by a 60% surge in Industrial Solutions segment revenue.
  • EBITDA Decline: Adjusted EBITDA dropped to $1.9M from $2.1M YoY due to Gearing segment underperformance and supplier-related inefficiencies.
  • Strong Order Backlog: Q4 orders hit $39M, with Industrial Solutions backlog hitting a record $38M and Gearing backlog at $26M, up 38% YoY.
  • 2026 Guidance Affirmed: Full-year revenue projected at $140–150M and adjusted EBITDA at $8–10M, with strategic focus on power generation and renewables.
  • Capacity Expansion Potential: Industrial Solutions capacity can grow 30% in 2026, enabling revenue to potentially double or reach 2.2x 2025 levels without new facilities.

Q4 Revenue Drivers

The industrial segment led growth, with $11 million in new orders—38% YoY—propelling the backlog past $38 million, the highest since 2023. Gearing orders rose 38% to $9.7 million, adding to a $26 million backlog and reinforcing the company’s foothold in power‑generation markets.

Adjusted EBITDA and Cost Pressures

EBITDA fell mainly due to sub‑optimal capacity use in Gearing and a directed‑buy raw‑material supplier issue. While orders hit $39 million, the company’s ability to convert them into profit is hampered by operating inefficiencies that will need tightening in 2026.

Orders and Backlog Momentum

Q4 orders of nearly $39 million, bolstered by power generation, oil & gas, and natural‑gas turbine verticals, confirm strong demand. The backlog in Industrial Solutions now exceeds $38 million, while Gearing’s $26 million backlog signals continued pipeline strength.

Strategic Shift to Power Generation

Management reiterated a focus on high‑margin, high‑growth power‑generation segments—oil & gas, renewables, and nuclear—citing a super‑cycle that could last a decade. The company plans bolt‑on acquisitions to deepen expertise in grid and power‑generation capabilities.

Capacity Expansion and Execution

Industrial Solutions will expand capacity by 30%, with current operations running a single shift and the option to add another. This flexibility could double revenue or more, while Gearing aims for double‑digit growth and steady revenue through Q3‑Q4 as execution improves.

Future Outlook and Guidance

Broadwind maintains its 2026 revenue guidance of $140‑$150 million and adjusted EBITDA of $8‑$10 million. Analysts project a 17.4% revenue growth next year, and the company’s EPS is expected to improve as cost controls tighten and the power‑generation super‑cycle unfolds.

3. NewsRoom

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Broadwind Energy, Inc. (BWEN) Stock Slides as Market Rises: Facts to Know Before You Trade

Apr -13

Source: zacks.com

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Broadwind Energy, Inc. (BWEN) Outperforms Broader Market: What You Need to Know

Apr -06

Source: zacks.com

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Contrasting Broadwind Energy (NASDAQ:BWEN) and Applied Industrial Technologies (NYSE:AIT)

Mar -28

Source: defenseworld.net

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Here's Why Broadwind Energy, Inc. (BWEN) Fell More Than Broader Market

Mar -27

Source: zacks.com

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Kadant (NYSE:KAI) & Broadwind Energy (NASDAQ:BWEN) Critical Analysis

Mar -23

Source: defenseworld.net

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Why Broadwind Energy, Inc. (BWEN) Dipped More Than Broader Market Today

Mar -19

Source: zacks.com

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Broadwind, Inc. (BWEN) Q4 2025 Earnings Call Transcript

Mar -11

Source: seekingalpha.com

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Broadwind Energy, Inc. (BWEN) Reports Q4 Loss, Tops Revenue Estimates

Mar -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.39%)

6. Segments

Heavy Fabrications

Expected Growth: 4.5%

Growing demand for renewable energy, increasing adoption of wind power, and rising investments in infrastructure development are driving the growth of the heavy fabrication market.

Gearing

Expected Growth: 8.5%

Increasing adoption of renewable energy sources, government incentives, and advancements in wind turbine technology drive growth in the gearing segment, as wind energy production becomes more efficient and cost-effective.

Industrial Solutions

Expected Growth: 4.5%

Growing demand for renewable energy, increasing adoption of wind power, and rising investments in industrial infrastructure drive growth in Broadwind's industrial solutions segment.

7. Detailed Products

Wind Towers

Broadwind, Inc. designs and manufactures wind towers for the wind energy industry, providing a critical component for wind turbines.

Gearboxes

Broadwind, Inc. manufactures gearboxes for wind turbines, providing a critical component for efficient energy production.

Fabrication Services

Broadwind, Inc. offers fabrication services for heavy fabrications, including wind towers, gearboxes, and other large steel components.

Industrial Services

Broadwind, Inc. provides industrial services, including repair, maintenance, and upgrade services for heavy equipment and machinery.

8. Broadwind, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Broadwind, Inc. is medium due to the availability of alternative products and services in the heavy steel fabrication industry.

Bargaining Power Of Customers

The bargaining power of customers for Broadwind, Inc. is low due to the company's strong relationships with its customers and the lack of buyer concentration in the industry.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Broadwind, Inc. is medium due to the presence of multiple suppliers in the industry, but the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for Broadwind, Inc. is low due to the high barriers to entry in the heavy steel fabrication industry, including the need for significant capital investment and technical expertise.

Intensity Of Rivalry

The intensity of rivalry for Broadwind, Inc. is high due to the competitive nature of the heavy steel fabrication industry, with multiple players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.73%
Debt Cost 9.32%
Equity Weight 61.27%
Equity Cost 10.66%
WACC 10.14%
Leverage 63.22%

11. Quality Control: Broadwind, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Babcock & Wilcox Enterprises

A-Score: 4.8/10

Value: 9.6

Growth: 3.2

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

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Broadwind

A-Score: 4.4/10

Value: 7.6

Growth: 5.0

Quality: 3.7

Yield: 0.0

Momentum: 9.0

Volatility: 1.3

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Xometry

A-Score: 4.4/10

Value: 6.4

Growth: 6.3

Quality: 2.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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CVD Equipment

A-Score: 4.2/10

Value: 7.6

Growth: 3.6

Quality: 5.0

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

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Helios Technologies

A-Score: 3.8/10

Value: 3.2

Growth: 4.0

Quality: 5.5

Yield: 1.0

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

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TPI Composites

A-Score: 3.2/10

Value: 10.0

Growth: 3.2

Quality: 5.2

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.34$

Current Price

2.34$

Potential

-0.00%

Expected Cash-Flows