Dilution profile // every instrument, one screen, from SEC filings

Babcock & Wilcox Enterprises, Inc. (BW)

CIK 1630805 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$472M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
MEDIUM+63% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
MEDIUM~12.4 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2021-02-282026-11-03

Latest: 145.4M shares as of Nov 3, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-11-03
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →
Share count fell from 168.9M to 46.3M between May 1, 2019 and Jul 31, 2019, a pattern consistent with a reverse split (roughly 1-for-4); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Additional Warrants7.9Mnot tagged—FV $38.9M
Warrants5.2Mnot tagged——
Initial Warrants2.6M$4.11—FV $12.9M

Tranches exactly as the company dimensioned them in its 10-Q filed Nov 9, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Reported exercise price: $0.3 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $51.8M as of Sep 30, 2026.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Nov 9, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding145.4MNov 3, 2026
+ Additional Warrants (if exercised)7.9MNov 30, 2025
+ Warrants (if exercised)5.2MMar 18, 2026
+ Initial Warrants (if exercised)2.6MNov 30, 2025
Fully diluted estimate161.1M+10.8% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $471.7Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRMay 21, 2026$235.8M registeredfiling →
S-3May 21, 2026$235.8M registeredfiling →

Last 12 months: 2 executed · 2 registered.

REGISTEREDMay 21, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →
WITHDRAWNMay 21, 2026Registration withdrawnRW →
REGISTEREDMay 21, 2026Automatic shelf registration — effective immediately (large filers)S-3ASR →
EXECUTEDMay 15, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDMay 14, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDNov 5, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDNov 4, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJun 10, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEApr 8, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDNov 21, 2024S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDApr 10, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
UPDATEJul 29, 2022Resale prospectus — existing holders registering to sell424B7 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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