BROADWIND, INC.
BWEN · Nonferrous Foundries (Castings) · 23.4M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.94 · est. market cap ~$45M — last insider sale, 2025-06-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Profitable but thinly-capitalized precision manufacturer whose earnings lean on a one-time asset-sale gain amid wind tax-credit phase-out.
Strengths
- Returned to net income with ROA in 77th pct and net income growth in 93rd pct
- Modest leverage (D/E 0.18, 36th pct) with ~$24M of undrawn revolver capacity
Risks
- Cash runway near zero (0.1 quarters, 3rd pct) and FCF of -$19M; 2025 net income largely from $8.2M Manitowoc gain
- Severe customer concentration (top 5 = 80%, GE Vernova >10%) and OBBBA accelerating wind AMP/PTC credit phase-out
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-19.0M)
- Customer concentration~80% of revenue from one customer/distributor — In 2025, one customer, GE Vernova, accounted for more than 10% of our consolidated revenues, and our five largest customers accounted for 80% of our consolidated revenues
- Revenue declineRevenue -40.0% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
7.9%
Return on assets
4.5%
ROIC
8.7%
Revenue growth (QoQ)
-40.0%
Net-income growth
355.0%
Debt / equity
0.2×
Net debt / EBITDA
0.8×
Current ratio
2.0×
Free cash flow
-$19M
EBITDA
$15M
Tangible book value
$66M
Cash & investments
$456K
Cash runway
0q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | Christman Philip J | Grant | 14K | $3.67 |
| 2026-05-28 | Shivaram Sachin M | Grant | 14K | $3.67 |
| 2026-05-28 | Blashford Eric B. | Grant | 42K | $3.67 |
| 2026-05-28 | Press Jeanette A. | Grant | 14K | $3.67 |
| 2026-05-28 | Ciccone Thomas A | Grant | 15K | $3.67 |
| 2026-05-28 | Mayo Gilbert W. Jr. | Grant | 8.2K | $3.67 |
| 2026-05-28 | Wood Cary B | Grant | 14K | $3.67 |
| 2026-05-26 | Mayo Gilbert W. Jr. | Tax withheld | 753 | $3.96 |
| 2026-05-26 | Ciccone Thomas A | Tax withheld | 1.3K | $3.96 |
| 2026-05-26 | Blashford Eric B. | Tax withheld | 4.7K | $3.96 |
| 2026-05-18 | Blashford Eric B. | Tax withheld | 7.7K | $3.79 |
| 2026-05-18 | Mayo Gilbert W. Jr. | Tax withheld | 1.3K | $3.79 |
| 2026-05-18 | Ciccone Thomas A | Tax withheld | 2.3K | $3.79 |
| 2026-05-15 | Mayo Gilbert W. Jr. | Tax withheld | 1.6K | $4.52 |
| 2026-05-15 | Blashford Eric B. | Tax withheld | 8.9K | $4.52 |
| 2026-05-15 | Ciccone Thomas A | Tax withheld | 2.9K | $4.52 |
| 2025-06-09 | Schueller Daniel E. | Sell | 3.0K | $1.94 |
| 2025-05-27 | Ciccone Thomas A | Tax withheld | 1.0K | $1.72 |
| 2025-05-27 | Mayo Gilbert W. Jr. | Tax withheld | 711 | $1.72 |
| 2025-05-27 | Blashford Eric B. | Tax withheld | 3.4K | $1.72 |
| 2025-05-16 | Mayo Gilbert W. Jr. | Tax withheld | 1.1K | $1.88 |
| 2025-05-16 | Blashford Eric B. | Tax withheld | 5.2K | $1.88 |
| 2025-05-16 | Ciccone Thomas A | Tax withheld | 1.6K | $1.88 |
| 2025-05-15 | Christman Philip J | Grant | 21K | — |
| 2025-05-15 | Shivaram Sachin M | Grant | 21K | — |
| 2025-05-15 | Schueller Daniel E. | Grant | 20K | — |
| 2025-05-15 | REILAND DAVID P | Grant | 21K | — |
| 2025-05-15 | Press Jeanette A. | Grant | 21K | — |
| 2025-05-15 | Ciccone Thomas A | Grant | 22K | — |
| 2025-05-15 | Blashford Eric B. | Grant | 62K | — |
| 2025-05-15 | Mayo Gilbert W. Jr. | Grant | 12K | — |
| 2025-05-15 | Wood Cary B | Grant | 21K | — |
| 2025-04-25 | Mayo Gilbert W. Jr. | Tax withheld | 1.2K | $1.49 |
| 2025-04-25 | Blashford Eric B. | Tax withheld | 5.7K | $1.49 |
| 2025-04-25 | Ciccone Thomas A | Tax withheld | 968 | $1.49 |
| 2025-02-26 | Blashford Eric B. | Grant | 146K | — |
| 2025-02-26 | Blashford Eric B. | Tax withheld | 70K | $1.57 |
| 2025-02-26 | Mayo Gilbert W. Jr. | Grant | 29K | — |
| 2025-02-26 | Mayo Gilbert W. Jr. | Tax withheld | 13K | $1.57 |
| 2025-02-26 | Ciccone Thomas A | Grant | 29K | — |
| 2025-02-26 | Ciccone Thomas A | Tax withheld | 12K | $1.57 |
| 2025-02-26 | Schueller Daniel E. | Grant | 48K | — |
| 2025-02-26 | Schueller Daniel E. | Tax withheld | 23K | $1.57 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- GE Vernova 10% of rev
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-29 | Shareholder vote | filing ↗ |
| 2026-05-12 | ResultsReg FDExhibits | filing ↗ |
| 2026-05-07 | Exhibits | filing ↗ |
| 2026-05-06 | Material agreementAcquisition/dispositionResultsExhibits | filing ↗ |
| 2026-04-06 | Exec/director changeExhibits | filing ↗ |
| 2026-03-11 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-05 | Material agreementResultsDebt obligationExhibits | filing ↗ |
| 2025-11-13 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-29 | 2026-05-28 | 0001437749-26-018834 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001437749-26-016321 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001171843-26-003268 ↗ |
| 8-K/A | 2026-05-07 | 2026-04-30 | 0001437749-26-015661 ↗ |
| 8-K | 2026-05-06 | 2026-04-30 | 0001437749-26-014971 ↗ |
| 8-K | 2026-04-06 | 2026-03-31 | 0001437749-26-011351 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001171843-26-001473 ↗ |
| 10-K | 2026-03-11 | 2025-12-31 | 0001437749-26-007742 ↗ |
| 8-K | 2026-02-05 | 2026-02-04 | 0001437749-26-003088 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001437749-25-034781 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001171843-25-007255 ↗ |
| 8-K | 2025-09-23 | 2025-09-22 | 0001437749-25-029714 ↗ |