BW → $9.00 by Dec 7, 2026.

**Babcock & Wilcox (BW): The balance sheet stopped being the risk** I’ve been digging into Babcock & Wilcox, and I think the market may still be pricing the company like the old B&W. 18 months ago, the company had a going-concern qualification and \~$337M of net debt. Today, it has roughly **$106M of net cash** after redeeming its last near-term debt maturity. Meanwhile: Q2 revenue +130% H1 revenue +85.7% $2.4B Base Electron contract Core revenue still growing \~40% excluding the …