A Business at a Glance
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BWX Technologies, Inc.
BWXT
$16.0B
Mkt Cap
$174.52
-1.22%
BWX Technologies, Inc. (BWXT) has a current P/E ratio of 48.7, compared to its historical median P/E of 22.2. The stock is currently considered Expensive based on its historical valuation range.
BWX Technologies, Inc. (BWXT) has a 5-year average return on invested capital (ROIC) of 14.8%. This indicates solid capital allocation.
BWX Technologies, Inc. (BWXT) has a market capitalization of $22.5B. It is classified as a large-cap stock.
Yes, BWX Technologies, Inc. (BWXT) pays a dividend with a trailing twelve-month yield of 0.42%.
Based on historical P/E analysis, BWX Technologies, Inc. (BWXT) appears expensive. The current P/E of 48.7 is 120% above its historical median of 22.2. The estimated fair value CAGR (P/E method) is 2.8%.
BWX Technologies, Inc. (BWXT) operates in the Engines & Turbines industry, within the Industrials sector.
BWX Technologies, Inc. (BWXT) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
BWX Technologies is a specialty manufacturer of nuclear components and advanced nuclear technologies with over 100 years of operating history, serving the U.S. Government and commercial nuclear markets through two reportable segments: Government Operations and Commercial Operations. The Government Operations segment engineers, designs, and manufactures precision naval nuclear components, reactors, and nuclear fuel for the U.S. Department of Energy and National Nuclear Security Administration's Naval Nuclear Propulsion Program, while also supplying proprietary valves, manifolds, and fittings to global naval and commercial shipping customers; this segment additionally manages and operates high-consequence nuclear weapons sites and national laboratories for federal agencies, and develops advanced nuclear reactors for space and terrestrial applications. The Commercial Operations segment designs and manufactures commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components, and containers for spent nuclear fuel storage, serving as the only commercial heavy nuclear component manufacturer in North America, while also providing critical medical radioisotopes and radiopharmaceuticals through BWXT Medical and nuclear consulting and engineering services through Kinectrics. The company operates in capital-intensive industries reliant on large contracts, with a business model characterized by long-term government contracts for naval propulsion and special materials processing, commercial equipment manufacturing for nuclear utilities, and growing medical isotope production; unit economics vary by segment, with government operations generating higher margins on established programs while new programs begin at lower profit recognition, and commercial operations benefiting from increased throughput on large projects and medical isotope sales. Distribution occurs primarily through direct relationships with the U.S. Government, Canadian utilities, and international nuclear operators, supported by specialized manufacturing facilities and technical expertise that create competitive advantages in close-tolerance, high-quality nuclear component manufacturing and sole-source capabilities in naval propulsion components and special materials processing.
【Strong demand acceleration ahead】 Management expects continued robust demand across government and commercial nuclear markets, with the U.S. Navy's 30-year shipbuilding plan supporting sustained or increased procurement for nuclear-powered submarines and aircraft carriers, and commercial nuclear power components and services accelerating across the U.S., Canada, and Europe. The company anticipates significant backlog growth over the next 12 to 18 months from new contract awards in the DOE market and other emerging opportunities, while commercial power projects including SMR and AP1000 programs are expected to drive substantial future orders and revenue growth. Capital expenditures are expected to increase beyond historical levels as the company advances targeted growth investments in U.S. commercial nuclear manufacturing capacity and advanced nuclear fuel capabilities to capture significant anticipated business, with management balancing these strategic investments against financial return metrics. Margin expansion is expected in commercial operations as higher revenue and normalized mix offset continued growth investment, with government operations margins anticipated to rebound in 2027 after initial lower margins on new programs that include customer-funded infrastructure investments.
| Metric | Target | Period |
|---|---|---|
| Revenue | at least $3.75 billion | FY2026 |
| Adjusted EBITDA | $650 million-$665 million | FY2026 |
| Non-GAAP Earnings Per Share | $4.60-$4.75 | FY2026 |
| Free Cash Flow | $315 million-$330 million | FY2026 |
| Government Operations Revenue Growth | low teens growth | FY2026 |
| Commercial Operations Revenue Growth | approximately 30% | FY2026 |
| Government Operations Adjusted EBITDA Margin | exceed 19% | FY2026 |
Revenue (FY2026): “We expect revenue of at least $3.75 billion, up high teens compared to 2025.”
Adjusted EBITDA (FY2026): “For adjusted EBITDA, we are increasing the guidance range by $5 million on each end, resulting in revised adjusted EBITDA guidance of $650 million-$665 million.”
Non-GAAP Earnings Per Share (FY2026): “These assumptions lead to non-GAAP earnings per share guidance of $4.60- $4.75, with the increase driven by higher operating earnings.”
Free Cash Flow (FY2026): “We expect free cash flow of $315 million- $330 million, inclusive of mid to high teens operating cash flow growth, supporting continued reinvestment in long-term shareholder value creation.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.2B | 2.7B | 2.5B | 2.2B | 2.1B |
| Net Income | 345M | 329M | 282M | 246M | 238M | 306M |
| EPS | $2.68 | $3.58 | $3.07 | $2.68 | $2.60 | $3.24 |
| Free Cash Flow | 328M | 295M | 255M | 212M | 46M | 75M |
| ROIC | 12.4% | 13.9% | 14.9% | 14.4% | 14.0% | 16.6% |
| Gross Margin | - | 22.9% | 24.2% | 24.9% | 24.7% | 25.9% |
| Debt/Equity | 1.58 | 1.64 | 0.98 | 1.30 | 1.73 | 1.87 |
| Dividends/Share | $0.73 | $0.96 | $0.96 | $0.92 | $0.88 | $0.84 |
| Operating Income | 415M | 404M | 381M | 383M | 349M | 346M |
| Operating Margin | 12.3% | 12.6% | 14.1% | 15.3% | 15.6% | 16.3% |
| ROE | 26.9% | 28.4% | 28.0% | 29.2% | 34.4% | 48.7% |
| Shares Outstanding | 129M | 92M | 92M | 92M | 92M | 94M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.5B | 1.4B | 1.6B | 1.7B | 1.8B | 1.9B | 2.1B | 2.1B | 2.2B | 2.5B | 2.7B | 3.2B | 3.4B |
| Gross Margin | 5.0% | 2.4% | 2.5% | 2.1% | 9.6% | 7.0% | 27.1% | 25.9% | 24.7% | 24.9% | 24.2% | 22.9% | N/A |
| R&D | 55M | 11M | 6.4M | 7.2M | 15M | 18M | 14M | 11M | 9.5M | 7.6M | 7.5M | 14M | 16M |
| SG&A | 230M | 208M | 210M | 210M | 214M | 217M | 231M | 230M | 234M | 280M | 319M | 394M | 415M |
| EBIT | 25M | 206M | 234M | 292M | 305M | 326M | 359M | 346M | 349M | 383M | 381M | 404M | 415M |
| Op. Margin | 1.7% | 14.5% | 15.1% | 17.3% | 16.9% | 17.2% | 16.9% | 16.3% | 15.6% | 15.3% | 14.1% | 12.6% | 12.3% |
| Net Income | 29M | 131M | 183M | 148M | 227M | 244M | 279M | 306M | 238M | 246M | 282M | 329M | 345M |
| Net Margin | 2.0% | 9.3% | 11.8% | 8.8% | 12.6% | 12.9% | 13.1% | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% | 10.2% |
| Non-Recurring | 25M | 32M | 43K | 194K | -64K | -2.8M | 1.4M | 3.5M | -5.5M | 0 | 0 | 5.0M | 5.0M |
| Returns on Capital | |||||||||||||
| ROIC | 2.4% | 16.6% | 35.8% | 31.2% | 31.8% | 24.1% | 21.5% | 16.6% | 14.0% | 14.4% | 14.9% | 13.9% | 12.4% |
| ROE | 2.7% | 20.8% | 88.1% | 67.9% | 87.1% | 76.3% | 54.5% | 48.7% | 34.4% | 29.2% | 28.0% | 28.4% | 26.9% |
| ROA | 1.1% | 6.2% | 12.4% | 9.0% | 13.5% | 13.7% | 13.3% | 12.8% | 9.3% | 9.2% | 10.0% | 9.2% | 8.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 75M | 335M | 240M | 222M | 169M | 279M | 196M | 386M | 245M | 364M | 408M | 480M | 522M |
| Free Cash Flow | -1.1M | 267M | 187M | 125M | 60M | 97M | -59M | 75M | 46M | 212M | 255M | 295M | 328M |
| Owner Earnings | -54M | 225M | 174M | 150M | 97M | 205M | 119M | 298M | 157M | 269M | 301M | 345M | 376M |
| CapEx | 76M | 68M | 53M | 97M | 109M | 182M | 255M | 311M | 198M | 151M | 154M | 185M | 194M |
| Maint. CapEx | 106M | 79M | 51M | 57M | 60M | 62M | 61M | 69M | 74M | 79M | 86M | 109M | 114M |
| Growth CapEx | 0 | 0 | 2.1M | 40M | 49M | 120M | 194M | 242M | 124M | 73M | 68M | 75M | 79M |
| D&A | 106M | 79M | 51M | 57M | 60M | 62M | 61M | 69M | 74M | 79M | 86M | 109M | 114M |
| CapEx/OCF | 101.5% | 20.4% | 21.9% | 43.6% | 64.6% | 65.2% | 129.8% | 80.6% | 81.0% | 41.6% | 37.6% | 38.5% | 37.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 43M | 34M | 37M | 42M | 64M | 65M | 73M | 80M | 81M | 85M | 88M | 92M | 95M |
| Dividend Yield | 2.0% | 1.5% | 1.1% | 0.9% | 1.2% | 1.4% | 1.4% | 1.5% | 1.7% | 1.4% | 1.0% | 0.7% | 0.4% |
| Share Buybacks | 150M | 70M | 293M | 0 | 215M | 20M | 22M | 226M | 20M | 0 | 20M | 30M | 0 |
| Buyback Yield | 7.2% | 2.3% | 7.9% | N/A | 6.4% | 0.4% | 0.4% | 5.2% | 0.4% | N/A | 0.2% | 0.2% | 0.0% |
| Stock-Based Comp | 23M | 32M | 15M | 15M | 12M | 13M | 17M | 19M | 14M | 16M | 22M | 26M | 31M |
| Debt Repayment | 4.5M | 0 | 0 | 0 | 9.4M | 0 | 0 | 999M | 878M | 434M | 612M | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 175M | 135M | 385M | 303M | 734M | 735M | 820M | 1.2B | 1.3B | 1.1B | 985M | 1.5B | 1.5B |
| Cash & Equiv. | 124M | 155M | 126M | 203M | 30M | 87M | 43M | 34M | 35M | 76M | 74M | 500M | 512M |
| Long-Term Debt | 285M | 278M | 498M | 481M | 754M | 809M | 863M | 1.2B | 1.3B | 1.2B | 1.0B | 2.0B | 2.0B |
| Debt/Equity | 0.30 | 1.10 | 3.50 | 1.78 | 3.26 | 2.05 | 1.40 | 1.87 | 1.73 | 1.30 | 0.98 | 1.64 | 1.58 |
| Interest Coverage | 3.5 | 20.2 | 27.9 | 19.6 | 11.0 | 9.2 | 11.6 | 9.7 | 9.6 | 8.1 | 185.8 | 89.1 | 324.1 |
| Equity | 999M | 266M | 150M | 285M | 236M | 404M | 618M | 637M | 748M | 933M | 1.1B | 1.2B | 1.3B |
| Total Assets | 2.9B | 1.4B | 1.6B | 1.7B | 1.7B | 1.9B | 2.3B | 2.5B | 2.6B | 2.7B | 2.9B | 4.3B | 4.3B |
| Total Liabilities | 1.8B | 1.1B | 1.4B | 1.4B | 1.4B | 1.5B | 1.7B | 1.9B | 1.9B | 1.8B | 1.8B | 3.0B | 3.0B |
| Intangibles | 60M | 58M | 115M | 110M | 229M | 191M | 193M | 186M | 194M | 186M | 165M | 330M | 321M |
| Retained Earnings | 642M | 739M | 885M | 991M | 1.2B | 1.3B | 1.5B | 1.8B | 1.9B | 2.1B | 2.3B | 2.5B | 2.6B |
| Working Capital | 654M | 294M | 254M | 345M | 165M | 225M | 244M | 314M | 404M | 443M | 456M | 888M | 942M |
| Current Assets | 1.5B | 647M | 694M | 873M | 542M | 630M | 774M | 774M | 772M | 818M | 930M | 1.6B | 1.6B |
| Current Liabilities | 820M | 354M | 440M | 528M | 377M | 405M | 530M | 460M | 368M | 375M | 474M | 672M | 674M |
| Per Share Data | |||||||||||||
| EPS | 0.27 | 1.22 | 1.76 | 1.47 | 2.27 | 2.55 | 2.91 | 3.24 | 2.60 | 2.68 | 3.07 | 3.58 | 2.68 |
| Owner EPS | -0.50 | 2.09 | 1.67 | 1.49 | 0.97 | 2.14 | 1.24 | 3.16 | 1.71 | 2.93 | 3.28 | 3.75 | 2.92 |
| Book Value | 9.18 | 2.47 | 1.44 | 2.84 | 2.36 | 4.22 | 6.45 | 6.75 | 8.17 | 10.17 | 11.77 | 13.41 | 9.93 |
| Cash Flow/Share | 0.69 | 3.11 | 2.31 | 2.21 | 1.69 | 2.92 | 2.05 | 4.09 | 2.67 | 3.96 | 4.45 | 5.22 | 3.56 |
| Dividends/Share | 0.40 | 0.32 | 0.36 | 0.42 | 0.64 | 0.68 | 0.76 | 0.84 | 0.88 | 0.92 | 0.96 | 0.96 | 0.73 |
| Shares Out. | 108.8M | 107.8M | 104.0M | 100.6M | 100.0M | 95.7M | 95.8M | 94.4M | 91.6M | 91.7M | 91.8M | 91.9M | 129.0M |
| Valuation | |||||||||||||
| P/E Ratio | 70.9 | 23.2 | 20.2 | 37.5 | 14.9 | 22.8 | 19.5 | 14.2 | 21.5 | 28.1 | 36.4 | 49.1 | 65.2 |
| P/FCF | N/A | 11.4 | 19.7 | 44.4 | 56.4 | 57.3 | N/A | 57.9 | 110.3 | 32.5 | 40.2 | 54.7 | 68.6 |
| EV/EBIT | 89.9 | 15.5 | 17.4 | 20.0 | 13.5 | 19.4 | 17.4 | 15.9 | 18.3 | 21.0 | 29.4 | 42.5 | 57.9 |
| Price/Book | 2.1 | 11.5 | 24.6 | 19.4 | 14.3 | 13.8 | 8.8 | 6.8 | 6.8 | 7.4 | 9.5 | 13.1 | 17.6 |
| Price/Sales | 1.5 | 1.7 | 2.1 | 2.8 | 3.1 | 2.5 | 2.4 | 2.5 | 2.1 | 2.5 | 3.4 | 4.1 | 6.7 |
| FCF Yield | -0.1% | 8.7% | 5.1% | 2.3% | 1.8% | 1.7% | -1.1% | 1.7% | 0.9% | 3.1% | 2.5% | 1.8% | 1.5% |
| Market Cap | 2.1B | 3.1B | 3.7B | 5.5B | 3.4B | 5.6B | 5.4B | 4.3B | 5.1B | 6.9B | 10.3B | 16.2B | 22.5B |
| Avg. Price | 19.80 | 22.00 | 31.67 | 46.23 | 55.33 | 48.88 | 53.47 | 55.22 | 51.06 | 67.00 | 99.71 | 143.17 | 174.52 |
| Year-End Price | 19.14 | 28.34 | 35.54 | 55.17 | 33.81 | 58.21 | 56.73 | 45.99 | 55.84 | 75.30 | 111.65 | 175.88 | 174.52 |
BWX Technologies, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
BWX Technologies, Inc. trades at 48.7x trailing earnings, compared to its 15-year median P/E of 22.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 54.0x vs a median of 49.5x. The company's 5-year average ROIC is 14.8% with a gross margin of 24.5%. Total shareholder yield (dividends) is 0.4%. At current prices, the estimated annualized return to fair value is +34.3%.
BWX Technologies, Inc. (BWXT) has a net profit margin of 10.3%. This is a healthy margin.
BWX Technologies, Inc. (BWXT) generated $295 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BWX Technologies, Inc. (BWXT) has a debt-to-equity ratio of 1.64. This indicates higher leverage, which may increase financial risk.
BWX Technologies, Inc. (BWXT) reported earnings per share (EPS) of $3.58 in its most recent fiscal year.
BWX Technologies, Inc. (BWXT) has a return on equity (ROE) of 28.4%. This indicates the company generates strong returns for shareholders.
BWX Technologies, Inc. (BWXT) has a 5-year average gross margin of 24.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for BWX Technologies, Inc. (BWXT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BWX Technologies, Inc. (BWXT) has a book value per share of $13.41, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand across government and commercial nuclear markets, with the U.S. Navy's 30-year shipbuilding plan supporting sustained or increased procurement for nuclear-powered submarines and aircraft carriers, and commercial nuclear power components and services accelerating across the U.S., Canada, and Europe. The company anticipates significant backlog growth over the next 12 to 18 months from new contract awards in the DOE market and other emerging opportunities, while commercial power projects including SMR and AP1000 programs are expected to drive substantial future orders and revenue growth. Capital expenditures are expected to increase beyond historical levels as the company advances targeted growth investments in U.S. commercial nuclear manufacturing capacity and advanced nuclear fuel capabilities to capture significant anticipated business, with management balancing these strategic investments against financial return metrics. Margin expansion is expected in commercial operations as higher revenue and normalized mix offset continued growth investment, with government operations margins anticipated to rebound in 2027 after initial lower margins on new programs that include customer-funded infrastructure investments.
Based on recent SEC filings and earnings calls, BWX Technologies, Inc. (BWXT) has provided the following forward guidance: Revenue: at least $3.75 billion (FY2026); Adjusted EBITDA: $650 million-$665 million (FY2026); Non-GAAP Earnings Per Share: $4.60-$4.75 (FY2026); Free Cash Flow: $315 million-$330 million (FY2026); Government Operations Revenue Growth: low teens growth (FY2026), plus 2 additional metrics.
Government Operations Revenue Growth (FY2026): “In government operations, we expect low teens growth, with over half coming from the defense fuels and HPDU contracts.”
Commercial Operations Revenue Growth (FY2026): “In commercial operations, we increased our revenue growth expectation to approximately 30%, driven by low teens growth in commercial power, high teens medical growth, and a full year of contribution from Kinectrics, which as mentioned, has outperformed our expectations to date.”
Government Operations Adjusted EBITDA Margin (FY2026): “Given first quarter performance, we now expect Government Operations margins to exceed 19% for the year.”