BWX Technologies (BWXT)
Market Price (4/1/2026): $205.05 | Market Cap: $18.8 BilSector: Industrials | Industry: Aerospace & Defense
BWX Technologies (BWXT)
Market Price (4/1/2026): $205.05Market Cap: $18.8 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x, P/EPrice/Earnings or Price/(Net Income) is 57x Stock price has recently run up significantly12M Rtn12 month market price return is 109% Key risksBWXT key risks include [1] a heavy reliance on U.S. Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x, P/EPrice/Earnings or Price/(Net Income) is 57x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 109% |
| Key risksBWXT key risks include [1] a heavy reliance on U.S. Show more. |
Qualitative Assessment
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BWX Technologies (BWXT) stock has gained about 20% since 12/31/2025 because of the following key factors:
1. Strong Q4 2025 Earnings Beat and Robust 2026 Guidance Fueling Investor Confidence.
BWX Technologies reported its fourth-quarter 2025 earnings on February 23, 2026, significantly surpassing analyst expectations. The company posted an earnings per share (EPS) of $1.08, exceeding the consensus estimate of $0.91 by $0.17, representing a 21.35% surprise. Revenue for the quarter also climbed to $885.84 million, outperforming analyst estimates of $837.47 million. Additionally, BWXT provided optimistic fiscal year 2026 guidance, projecting non-GAAP EPS between $4.55 and $4.70, adjusted EBITDA of $645 million to $660 million, and free cash flow of $305 million to $320 million, signaling robust growth expectations. This strong financial performance and positive outlook contributed significantly to the stock's upward trend.
2. Record Backlog Growth and Significant Contract Wins in Key Sectors.
BWX Technologies concluded 2025 with a record backlog of $7.3 billion, marking a substantial 50% year-over-year increase. This growth was largely driven by major multi-year awards in naval propulsion, special materials, and commercial nuclear power. Notably, the company secured a $1.5 billion contract with the National Nuclear Security Administration to enhance domestic uranium enrichment capabilities. These significant contract acquisitions and the expanding backlog provide strong revenue visibility and reinforce the company's long-term growth prospects in both government and commercial segments.
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1. Strong Q4 2025 Earnings Beat and Robust 2026 Guidance Fueling Investor Confidence.
BWX Technologies reported its fourth-quarter 2025 earnings on February 23, 2026, significantly surpassing analyst expectations. The company posted an earnings per share (EPS) of $1.08, exceeding the consensus estimate of $0.91 by $0.17, representing a 21.35% surprise. Revenue for the quarter also climbed to $885.84 million, outperforming analyst estimates of $837.47 million. Additionally, BWXT provided optimistic fiscal year 2026 guidance, projecting non-GAAP EPS between $4.55 and $4.70, adjusted EBITDA of $645 million to $660 million, and free cash flow of $305 million to $320 million, signaling robust growth expectations. This strong financial performance and positive outlook contributed significantly to the stock's upward trend.
2. Record Backlog Growth and Significant Contract Wins in Key Sectors.
BWX Technologies concluded 2025 with a record backlog of $7.3 billion, marking a substantial 50% year-over-year increase. This growth was largely driven by major multi-year awards in naval propulsion, special materials, and commercial nuclear power. Notably, the company secured a $1.5 billion contract with the National Nuclear Security Administration to enhance domestic uranium enrichment capabilities. These significant contract acquisitions and the expanding backlog provide strong revenue visibility and reinforce the company's long-term growth prospects in both government and commercial segments.
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Stock Movement Drivers
Fundamental Drivers
The 18.5% change in BWXT stock from 12/31/2025 to 3/31/2026 was primarily driven by a 10.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 3312026 | Change |
|---|---|---|---|
| Stock Price ($) | 172.60 | 204.49 | 18.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,059 | 3,198 | 4.6% |
| Net Income Margin (%) | 10.0% | 10.3% | 2.5% |
| P/E Multiple | 51.5 | 56.9 | 10.6% |
| Shares Outstanding (Mil) | 92 | 92 | 0.0% |
| Cumulative Contribution | 18.5% |
Market Drivers
12/31/2025 to 3/31/2026| Return | Correlation | |
|---|---|---|
| BWXT | 18.5% | |
| Market (SPY) | -5.4% | 61.6% |
| Sector (XLI) | 4.3% | 66.9% |
Fundamental Drivers
The 11.2% change in BWXT stock from 9/30/2025 to 3/31/2026 was primarily driven by a 11.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 3312026 | Change |
|---|---|---|---|
| Stock Price ($) | 183.85 | 204.49 | 11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,865 | 3,198 | 11.7% |
| Net Income Margin (%) | 10.3% | 10.3% | 0.1% |
| P/E Multiple | 57.2 | 56.9 | -0.5% |
| Shares Outstanding (Mil) | 92 | 92 | 0.0% |
| Cumulative Contribution | 11.2% |
Market Drivers
9/30/2025 to 3/31/2026| Return | Correlation | |
|---|---|---|
| BWXT | 11.2% | |
| Market (SPY) | -2.9% | 60.6% |
| Sector (XLI) | 5.2% | 64.8% |
Fundamental Drivers
The 108.6% change in BWXT stock from 3/31/2025 to 3/31/2026 was primarily driven by a 78.8% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 3312026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.01 | 204.49 | 108.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,704 | 3,198 | 18.3% |
| Net Income Margin (%) | 10.4% | 10.3% | -1.4% |
| P/E Multiple | 31.8 | 56.9 | 78.8% |
| Shares Outstanding (Mil) | 92 | 92 | 0.0% |
| Cumulative Contribution | 108.6% |
Market Drivers
3/31/2025 to 3/31/2026| Return | Correlation | |
|---|---|---|
| BWXT | 108.6% | |
| Market (SPY) | 16.3% | 50.1% |
| Sector (XLI) | 24.7% | 56.8% |
Fundamental Drivers
The 233.6% change in BWXT stock from 3/31/2023 to 3/31/2026 was primarily driven by a 141.9% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 3312026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.30 | 204.49 | 233.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,233 | 3,198 | 43.2% |
| Net Income Margin (%) | 10.7% | 10.3% | -3.6% |
| P/E Multiple | 23.5 | 56.9 | 141.9% |
| Shares Outstanding (Mil) | 91 | 92 | -0.2% |
| Cumulative Contribution | 233.6% |
Market Drivers
3/31/2023 to 3/31/2026| Return | Correlation | |
|---|---|---|
| BWXT | 233.6% | |
| Market (SPY) | 63.3% | 46.7% |
| Sector (XLI) | 66.7% | 53.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BWXT Return | -19% | 23% | 34% | 47% | 56% | 11% | 238% |
| Peers Return | 0% | -13% | 82% | 28% | 88% | -22% | 200% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -7% | 69% |
Monthly Win Rates [3] | |||||||
| BWXT Win Rate | 50% | 50% | 67% | 75% | 67% | 67% | |
| Peers Win Rate | 42% | 50% | 71% | 50% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BWXT Max Drawdown | -22% | -11% | -4% | -2% | -20% | 0% | |
| Peers Max Drawdown | -14% | -36% | -1% | -7% | -25% | -31% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATRO, FLY, DFNS, YSS, GE. See BWXT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/31/2026 (YTD)
How Low Can It Go
| Event | BWXT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.2% | -25.4% |
| % Gain to Breakeven | 59.2% | 34.1% |
| Time to Breakeven | 479 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.3% | -33.9% |
| % Gain to Breakeven | 67.6% | 51.3% |
| Time to Breakeven | 1,198 days | 148 days |
| 2018 Correction | ||
| % Loss | -48.2% | -19.8% |
| % Gain to Breakeven | 93.0% | 24.7% |
| Time to Breakeven | 1,648 days | 120 days |
Compare to ATRO, FLY, DFNS, YSS, GE
In The Past
BWX Technologies's stock fell -37.2% during the 2022 Inflation Shock from a high on 4/6/2021. A -37.2% loss requires a 59.2% gain to breakeven.
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About BWX Technologies (BWXT)
BWX Technologies, Inc. manufactures and sells nuclear components in the United States, Canada, and internationally. It operates in three segments: Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The Nuclear Operations Group segment provides precision naval and critical nuclear components, reactors, nuclear fuel, and assemblies for the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program and other uses; missile launch tubes for United States Navy submarines; close-tolerance and equipment for nuclear applications; and converts Cold War-era government stockpiles of high-enriched uranium, as well as receives, stores, characterizes, dissolves, recovers, and purifies uranium-bearing materials; supplies research reactor fuel elements for colleges, universities, and national laboratories; and components for defense applications. The Nuclear Power Group segment offers commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems, and containers; engineering and in-plant services for nuclear power plants; designs, manufactures, commissions, and services nuclear power generation equipment; in-plant inspection, maintenance, and modification services, as well as non-destructive examination and tooling/repair solutions; and supplies medical radioisotopes and radiopharmaceuticals for research, diagnostic, and therapeutic uses. The Nuclear Services Group segment provides nuclear materials processing, environmental site restoration, and management and operating services; develops technology for nuclear power sources application; and designs, engineers, licenses, and manufactures nuclear reactors. The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.
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Analogy 1: Think of them as a highly specialized Lockheed Martin or Northrop Grumman, but exclusively focused on building critical nuclear propulsion systems and components for the U.S. Navy's submarines and aircraft carriers.
Analogy 2: They're also like General Electric (GE Vernova) or Siemens Energy, but entirely dedicated to designing, manufacturing, and servicing nuclear power plant components, fuel, and related advanced nuclear technologies.
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- Naval Nuclear Components: Manufactures precision components, reactors, nuclear fuel, and missile launch tubes for the U.S. Naval Nuclear Propulsion Program and defense applications.
- Commercial Nuclear Power Equipment: Provides nuclear steam generators, fuel, fuel handling systems, pressure vessels, and other components for commercial nuclear power plants.
- Nuclear Plant Services: Offers engineering, in-plant inspection, maintenance, and modification services for nuclear power plants.
- Nuclear Fuel & Materials Management: Converts, stores, purifies uranium, and supplies research reactor fuel elements.
- Medical Radioisotopes: Supplies radioisotopes and radiopharmaceuticals for medical research, diagnostics, and therapeutic uses.
- Environmental & Nuclear Site Services: Delivers services for nuclear materials processing, environmental site restoration, and site management.
- Nuclear Reactor Design & Manufacturing: Designs, engineers, licenses, and manufactures nuclear reactors.
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BWX Technologies (BWXT) sells primarily to government entities and other companies, rather than individuals. Its major customers include:- United States Department of Energy (DOE) / National Nuclear Security Administration (NNSA): These government agencies are major customers for naval nuclear propulsion components, reactors, nuclear fuel, and various nuclear materials processing and management services.
- United States Navy: A significant government customer for missile launch tubes for submarines and other components for defense applications.
- Commercial Nuclear Power Plant Operators (Utility Companies): These companies purchase nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, and a range of engineering and in-plant services for nuclear power plants.
- Research and Academic Institutions: Including colleges, universities, and national laboratories, which acquire research reactor fuel elements and components for various nuclear applications.
- Medical and Pharmaceutical Companies: For the supply of medical radioisotopes and radiopharmaceuticals used in research, diagnostics, and therapeutics.
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Rex D. Geveden - President and Chief Executive Officer
Rex D. Geveden has served as President and Chief Executive Officer of BWX Technologies since January 2017, having previously been the Chief Operating Officer from October 2015 to December 2016. Before joining BWXT, Mr. Geveden spent eight years as an executive vice president at Teledyne Technologies, where he led the Digital Imaging and Engineered Systems segments. He also dedicated 17 years to NASA, including a role as the agency's Chief Operating Officer, responsible for a $16 billion portfolio of work across NASA's mission areas. Mr. Geveden chairs the board of TTM Technologies, Inc., a global electronics manufacturing company, and holds bachelor's and master's degrees in physics from Murray State University.
Mike T. Fitzgerald - Senior Vice President and Chief Financial Officer
Mike T. Fitzgerald is the Senior Vice President and Chief Financial Officer for BWX Technologies. He was appointed interim CFO on May 12, 2025, and then permanently to the role on August 1, 2025. Mr. Fitzgerald joined BWXT in 2022 as Vice President of Finance and Chief Accounting Officer. Prior to his tenure at BWXT, he served as the managing director of MorganFranklin, LLC's aerospace and defense practice. His previous experience also includes an audit senior manager role at Deloitte & Touche. He is a Certified Public Accountant, holds a master's degree in business administration from Fitchburg State University, and serves on the board of the nonprofit organization CRi.
Bob Duffy - Senior Vice President and Chief Administrative Officer
Bob Duffy is the Senior Vice President and Chief Administrative Officer for BWXT. In this role, he oversees environmental health and safety operations, other essential administrative functions, and acts as an executive advisor for CEO initiatives. Mr. Duffy has over 30 years of human resources experience and previously served as senior vice president and chief human resources and administration officer for Harris Corporation (now L3Harris Technologies) before joining BWXT.
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Key Risks to BWX Technologies (BWXT)
1. Dependence on U.S. Government Contracts and Funding
A predominant portion of BWX Technologies' revenue is derived from contracts with the U.S. government, particularly through the Naval Nuclear Propulsion Program and other Department of Energy/National Nuclear Security Administration initiatives. For instance, approximately 80% of BWXT's revenue is from U.S. government contracts. This heavy reliance exposes the company to significant risks associated with federal budget uncertainty, potential budget cuts, shifts in defense spending priorities, or prolonged government shutdowns. Any changes in government policy or funding levels could directly impact contract visibility, order volumes, and financial performance.2. Regulatory and Political Risks within the Nuclear Industry
Operating within the highly specialized and sensitive nuclear sector, BWX Technologies is subject to stringent regulations and significant political oversight, impacting both its defense and commercial operations. The nuclear industry faces unique challenges, including evolving safety standards, environmental regulations, and public perception, all of which require continuous investment and can affect the company's cost structure. Any adverse shifts in the political landscape, increased regulatory burdens, or changes in public acceptance of nuclear power could alter the long-term outlook for the company's commercial nuclear power group and associated services. The company is regularly inspected by numerous federal, provincial, and local government regulatory agencies.AI Analysis | Feedback
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BWX Technologies, Inc. (BWXT) participates in several key markets related to nuclear technology, including nuclear power plant equipment and services, nuclear fuel, medical radioisotopes and radiopharmaceuticals, and nuclear waste management and decommissioning services. The addressable market sizes for their main products and services are as follows:
- Nuclear Power Plant Equipment: The global nuclear power plant equipment market was valued at approximately USD 41.7 billion in 2024 and is projected to reach USD 54.6 billion by 2033. Another estimate placed the market size at USD 22.25 billion in 2025, with a projection to reach USD 28.82 billion by 2033. A different report indicated a value of USD 41.1 billion in 2020, expected to reach USD 58.4 billion by 2030. The market for nuclear power plant equipment was also reported as USD 31.72 billion in 2020, growing to USD 38.82 billion by 2030.
- Nuclear Steam Generators: The global nuclear steam generator market was valued at approximately USD 6.3 billion. Other sources estimate the market size at USD 5.4 billion in 2025, expected to reach USD 7.7 billion by 2032. Another report estimated the market at USD 1132.96 million in 2024, projected to reach USD 1490.89 million by 2031.
- Nuclear Fuel: The global nuclear fuel market was valued at approximately USD 34.5 billion in 2025 and is forecasted to reach USD 43.9 billion by 2032. Another estimate indicated a market value of USD 34.23 billion in 2025, growing to USD 35.33 billion in 2026. The market was also reported as USD 34.33 billion in 2024, with a projection to reach USD 42.69 billion by 2035. Another source provided a market value of USD 12.13 billion in 2023, expected to reach USD 20.21 billion in 2030.
- Medical Radioisotopes: The global medical radioisotopes market size was estimated at USD 825.61 million in 2025 and is projected to reach USD 1397.5 million by 2033. Another report valued the market at USD 771.91 million in 2025, expected to reach USD 1558.84 million by 2034. The global medical radioisotopes market was valued at USD 803 million in 2025 and is expected to reach USD 1382 million by 2034.
- Radiopharmaceuticals: The global radiopharmaceuticals market was valued at USD 16.30 billion in 2024 and is expected to reach USD 26.98 billion by 2032. Another source reported the market size as USD 7.9 billion in 2023, estimated to reach USD 21.8 billion by 2033. Other estimates include a market size of USD 6.74 billion in 2024, predicted to increase to USD 14.44 billion by 2034. The market was also valued at USD 6.80 billion in 2024, projected to grow to USD 16.87 billion by 2033. Additionally, the global radiopharmaceuticals market size was reported as USD 8125.2 million in 2024, expected to reach USD 16657.59821 million by 2031.
- Nuclear Waste Management: The global nuclear waste management market size was valued at USD 8.25 billion in 2024 and is projected to grow to USD 11.44 billion by 2032. Other figures include a market value of USD 20.39 billion in 2022. Another report provided a market size of USD 4.87 billion in 2024, projected to reach USD 5.87 billion by 2034. The market was also valued at USD 6.06 billion in 2025, growing to USD 7.69 billion by 2031. The global nuclear waste management market was valued at USD 4.78 billion in 2022.
- Nuclear Decommissioning Services: The global nuclear decommissioning services market was valued at approximately USD 7.54 billion in 2024 and is predicted to grow to around USD 13.12 billion by 2034. Other estimates include a market size of USD 7.5 billion in 2025, expected to reach USD 11.2 billion by 2034. The market was valued at USD 7.37 billion in 2025 and is expected to reach USD 12.99 billion by 2033. Another report estimated the market size at USD 8,170.1 million in 2023. Additionally, the global market size for nuclear decommissioning services was estimated at USD 7.04 billion in 2024 and is predicted to reach USD 11.49 billion in 2033.
For highly specialized products and services such as precision naval and critical nuclear components, reactors, nuclear fuel, and assemblies for the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program, missile launch tubes for United States Navy submarines, and close-tolerance equipment for nuclear applications, specific addressable market sizes are null due to their niche government procurement nature rather than open commercial markets.
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BWX Technologies (BWXT) is expected to drive future revenue growth over the next 2-3 years through several key areas:- Robust Demand in Government Nuclear Programs: BWXT anticipates continued strong demand within its Government Operations segment, particularly from the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program. This includes new pricing agreements for naval propulsion equipment and fuel, along with initial contracts for U.S. defense uranium enrichment and expanded high-purity depleted uranium (HPDU) production. The government operations segment is projected to achieve low to mid-teens growth, with a significant portion stemming from defense fuels and HPDU contracts.
- Expansion in Commercial Nuclear Power: The company is poised for substantial growth in its Commercial Operations segment, driven by projects such as CANDU refurbishments in Canada and other international markets, design awards for Small Modular Reactor (SMR) components, and the significant $1.6 billion Bulgaria AP1000 contract. Commercial operations reported impressive organic revenue growth and are expected to see approximately 25% growth in 2026.
- Growth in Medical Isotopes and Radiopharmaceuticals: BWXT Medical is a key growth area, with anticipated double-digit revenue growth stemming from PET and other diagnostic product lines. Furthermore, increasing therapeutic isotope sales for clinical trials and the progressing development of TEK-ninety nine are expected to support continued revenue growth in this sector.
- Strategic Acquisitions and Record Backlog: Strategic acquisitions, such as AOT in government operations and Kinectrics in commercial operations during 2025, have expanded BWXT's service and product portfolio and contributed to revenue and backlog growth. The company ended 2025 with a record backlog of $7.3 billion, a 50% increase year-over-year, which provides strong visibility and predictability for future revenue generation from multi-year awards in naval propulsion, special materials, and commercial nuclear power.
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Share Repurchases
- A new $500 million share repurchase authorization with no expiration date was approved on April 30, 2021.
- BWX Technologies completed $20.0 million in share repurchases during the first quarter of 2021.
- The company spent approximately $30 million on share buybacks in 2025.
Share Issuance
- BWX Technologies completed a $1.25 billion convertible debt offering with a 0% coupon in the fourth quarter of 2025 (reported in February 2026).
- The net proceeds from this offering, estimated at approximately $1,075.3 million, were intended for funding capped call transactions, repaying existing credit facility indebtedness, and for general corporate purposes.
- The convertible notes will mature on November 1, 2030, with an initial conversion rate of 3.8094 shares of common stock per $1,000 principal amount, equating to an initial conversion price of approximately $262.51 per share.
Outbound Investments
- BWX Technologies completed the acquisition of Kinectrics Inc. in May 2025 for $525 million, expanding its nuclear power plant lifecycle support and radiopharmaceutical isotope production capabilities.
- The company also completed the acquisition of AOT in 2025.
- These acquisitions were strategic, aimed at expanding BWXT's service and product offerings, particularly within its commercial nuclear operations.
Capital Expenditures
- Capital expenditures in 2025 totaled $185 million, representing 5.8% of sales.
- Expected capital expenditures for 2026 are projected to be about 6% of sales.
- These expenditures are primarily focused on ongoing growth investments, supporting commitments to government customers, meeting increasing demand in commercial markets, and building out facilities and infrastructure, including the expansion of the Cambridge manufacturing plant for the commercial nuclear market.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| GE, VSEC Look Smarter Buy Than BWX Technologies Stock | 03/26/2026 | |
| Can GE Aerospace Outrun BWX Technologies in the Next Rally? | 01/15/2026 | |
| BWX Technologies Earnings Notes | 12/24/2025 | |
| Earn 11% Today or Buy BWXT 30% Cheaper - It's a Win-Win | 12/16/2025 | |
| BWX Technologies Stock's Winning Streak May Not Be Over Yet | 12/05/2025 | |
| BWX Technologies Stock May Have More Upside | 11/27/2025 | |
| BWXT May Still Have Room to Run | 11/19/2025 | |
| How Low Can BWX Technologies Stock Really Go? | 10/17/2025 | |
| ARTICLES | ||
| GE Looks Smarter Buy Than BWX Technologies Stock | 03/26/2026 | |
| HEI, GE Top BWX Technologies Stock on Price & Potential | 01/31/2026 | |
| BWX Technologies Stock May Still Have Room to Run | 12/05/2025 | |
| BWX Technologies Stock’s Winning Streak May Not Be Over Yet | 11/27/2025 | |
| Mid Cap Stocks Trading At 52-Week High | 11/04/2025 |
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| 08312025 | BWXT | BWX Technologies | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 27.3% | 27.3% | -1.2% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.60 |
| Mkt Cap | 11.6 |
| Rev LTM | 862 |
| Op Inc LTM | 76 |
| FCF LTM | 43 |
| FCF 3Y Avg | 133 |
| CFO LTM | 75 |
| CFO 3Y Avg | 222 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.3% |
| Rev Chg 3Y Avg | 15.2% |
| Rev Chg Q | 17.6% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Mgn LTM | 9.5% |
| Op Mgn 3Y Avg | 11.9% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 11.8% |
| CFO/Rev 3Y Avg | 14.4% |
| FCF/Rev LTM | 7.1% |
| FCF/Rev 3Y Avg | 9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.6 |
| P/S | 6.2 |
| P/EBIT | 29.3 |
| P/E | 45.6 |
| P/CFO | 33.4 |
| Total Yield | 1.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -15.2% |
| 3M Rtn | 4.3% |
| 6M Rtn | -4.2% |
| 12M Rtn | 4.2% |
| 3Y Rtn | 99.8% |
| 1M Excs Rtn | -11.1% |
| 3M Excs Rtn | 9.4% |
| 6M Excs Rtn | -11.0% |
| 12M Excs Rtn | -12.6% |
| 3Y Excs Rtn | 40.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government Operations | 2,183 | 2,031 | 1,808 | ||
| Commercial Operations | 524 | 466 | 427 | ||
| Eliminations | -3 | -1 | -3 | -31 | |
| Nuclear Operations Group | 1,646 | ||||
| Nuclear Power Group | 371 | ||||
| Nuclear Services Group | 136 | ||||
| Total | 2,704 | 2,496 | 2,233 | 2,124 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government Operations | 378 | 375 | 337 | ||
| Commercial Operations | 47 | 38 | 27 | ||
| Unallocated Corporate | -44 | -29 | -15 | -24 | |
| Nuclear Operations Group | 326 | ||||
| Nuclear Power Group | 52 | ||||
| Nuclear Services Group | 26 | ||||
| Other | -22 | ||||
| Total | 381 | 383 | 349 | 359 |
Price Behavior
Price Behavior
| Market Price | $204.49 | |
| Market Cap ($ Bil) | 18.7 | |
| First Trading Date | 08/02/2010 | |
| Distance from 52W High | -7.9% | |
| 50 Days | 200 Days | |
| DMA Price | $203.45 | $180.82 |
| DMA Trend | up | up |
| Distance from DMA | 0.5% | 13.1% |
| 3M | 1YR | |
| Volatility | 54.7% | 46.0% |
| Downside Capture | 1.41 | 0.87 |
| Upside Capture | 426.57 | 182.69 |
| Correlation (SPY) | 59.2% | 49.7% |
BWXT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.81 | 2.38 | 2.54 | 2.24 | 1.20 | 1.08 |
| Up Beta | -0.75 | 1.40 | 0.89 | 1.13 | 0.93 | 0.97 |
| Down Beta | 1.55 | 1.16 | 1.86 | 2.05 | 1.21 | 1.23 |
| Up Capture | 609% | 439% | 552% | 418% | 287% | 197% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 21 | 34 | 68 | 145 | 407 |
| Down Capture | 219% | 210% | 199% | 186% | 114% | 99% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 21 | 29 | 58 | 107 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BWXT | |
|---|---|---|---|---|
| BWXT | 108.1% | 45.9% | 1.73 | - |
| Sector ETF (XLI) | 25.7% | 19.4% | 1.05 | 56.7% |
| Equity (SPY) | 17.2% | 18.9% | 0.72 | 50.0% |
| Gold (GLD) | 52.7% | 27.9% | 1.51 | 23.5% |
| Commodities (DBC) | 17.9% | 17.6% | 0.86 | 21.8% |
| Real Estate (VNQ) | 2.8% | 16.5% | -0.00 | 28.5% |
| Bitcoin (BTCUSD) | -20.8% | 44.1% | -0.40 | 29.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BWXT | |
|---|---|---|---|---|
| BWXT | 27.7% | 32.0% | 0.81 | - |
| Sector ETF (XLI) | 12.9% | 17.2% | 0.59 | 52.9% |
| Equity (SPY) | 12.1% | 17.0% | 0.55 | 45.3% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 19.1% |
| Commodities (DBC) | 11.6% | 18.8% | 0.50 | 17.2% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.10 | 32.2% |
| Bitcoin (BTCUSD) | 4.9% | 56.6% | 0.31 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BWXT | |
|---|---|---|---|---|
| BWXT | 21.1% | 30.3% | 0.69 | - |
| Sector ETF (XLI) | 13.2% | 19.9% | 0.59 | 52.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 46.4% |
| Gold (GLD) | 13.8% | 15.9% | 0.72 | 12.0% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 23.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 34.0% |
| Bitcoin (BTCUSD) | 66.1% | 66.8% | 1.05 | 10.7% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/23/2026 | 2.9% | 9.1% | 3.4% |
| 11/3/2025 | -7.2% | -7.9% | -17.3% |
| 8/4/2025 | 17.8% | 15.1% | 4.3% |
| 5/5/2025 | -3.5% | -4.4% | 15.3% |
| 2/24/2025 | 4.2% | 1.6% | 5.1% |
| 11/4/2024 | -2.3% | 5.7% | 9.2% |
| 8/5/2024 | 0.9% | 5.3% | 7.1% |
| 2/27/2024 | 12.9% | 17.4% | 14.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 18 |
| # Negative | 10 | 6 | 5 |
| Median Positive | 4.2% | 5.3% | 6.6% |
| Median Negative | -1.6% | -4.6% | -5.7% |
| Max Positive | 17.8% | 26.3% | 28.5% |
| Max Negative | -7.6% | -7.9% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.75 Bil | 21.0% | Higher New | Actual: 3.10 Bil for 2025 | |||
| 2026 Adjusted EBITDA | 645.00 Mil | 652.50 Mil | 660.00 Mil | 14.5% | Higher New | Actual: 570.00 Mil for 2025 | |
| 2026 Non-GAAP Earnings Per Share | 4.55 | 4.62 | 4.7 | 22.5% | Higher New | Actual: 3.77 for 2025 | |
| 2026 Free Cash Flow | 305.00 Mil | 312.50 Mil | 320.00 Mil | 9.6% | Higher New | Actual: 285.00 Mil for 2025 | |
Prior: Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 3.10 Bil | 0 | Affirmed | Guidance: 3.10 Bil for 2025 | |||
| 2025 Adjusted EBITDA | 570.00 Mil | 0 | Affirmed | Guidance: 570.00 Mil for 2025 | |||
| 2025 Non-GAAP Earnings Per Share | 3.75 | 3.77 | 3.8 | 2.0% | Raised | Guidance: 3.7 for 2025 | |
| 2025 Free Cash Flow | 285.00 Mil | 1.8% | Raised | Guidance: 280.00 Mil for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Geveden, Rex D | President and CEO | Direct | Sell | 11132025 | 197.90 | 10,000 | 1,979,005 | 37,124,953 | Form |
| 2 | Melvin, Leland D | Direct | Sell | 8122025 | 178.26 | 600 | 106,959 | 994,540 | Form | |
| 3 | Whitford, Ronald Owen Jr | SVP, General Counsel and Sec. | Direct | Sell | 8122025 | 177.43 | 2,092 | 371,192 | 1,800,780 | Form |
| 4 | Meguid, Omar Fathi | SVP and Chief Digital Officer | Direct | Sell | 8082025 | 179.84 | 2,261 | 406,618 | 424,602 | Form |
| 5 | Geveden, Rex D | President and CEO | Direct | Sell | 8082025 | 179.00 | 25,000 | 4,475,098 | 35,370,099 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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