Babcock & Wilcox Enterprises (BW)

The sleeper story is that their core parts business is crushing it with decade-high performance, but they're burning cash anyway and pushing a hydrogen fantasy that needs $50M they don't have. Yes, they reduced some debt, but only tackled 40% of the problem while the $193M wall in February 2026 still looms. The binding constraint isn't demand; it's their inability to finance operations and growth simultaneously while servicing massive debt. Kenny's tell: 'wouldn't go too much further on this' when asked about financing, classic evasion when negotiations are stuck. My view changes if they announce committed financing for Massillon or refinance the remaining 2026 notes in Q2.