Broadwind, Inc. (BWEN)

BWEN is a precision manufacturer of large structures, equipment, and components for energy and industrial applications. After years of lumpy performance, the company is actively diversifying away from the cyclicality of the wind energy market and toward more stable, higher-margin power generation end markets, even as visibility for strong domestic onshore wind tower activity extends through at least 2026.

As part of this shift, BWEN sold its industrial fabrication operations in Manitowoc, WI in September 2025 for $13.5M, with proceeds available for its recently announced $3M buyback program and potential debt repayment. Importantly, consolidating manufacturing capacity into its Abilene, TX facility is expected to reduce operating costs by ~$8M annually and improve asset utilization.

However, despite raising FY25 revenue guidance from $145-155M to $155-160M, the company kept its adj. EBITDA outlook unchanged at $9-10M, excluding the $8.2M gain from the Manitowoc sale. Assuming the projected cost savings are realized with no incremental increase in SG&A, and excluding potential interest savings and gross margin normalization, BWEN is currently trading at ~6x normalized FY25 adj. EBITDA.

Several themes also support the setup, including the rising global power demand from new data center installations, higher infrastructure spending, and continued industrial reshoring. Combined with strong order momentum and reduced exposure to onshore wind fluctuations from permitting delays, tariff uncertainty, and tax credit changes, the company warrants a closer look ahead of its 2026 guidance in Q4.