• The Lockheed Martin of nuclear power for defense.
• The Rolls-Royce of naval nuclear reactors and fuel.

• Nuclear Reactors and Components: Designs and manufactures nuclear reactors and critical components for naval propulsion and commercial nuclear power generation.
• Nuclear Fuel: Manufactures various types of nuclear fuel, including naval nuclear fuel and specialized commercial fuels.
• Nuclear Materials: Processes, converts, and manages specialized nuclear materials for government and commercial applications.
• Medical Isotopes: Produces vital radioisotopes used for medical diagnostic imaging and therapeutic treatments.
• Nuclear Services and Advanced Technologies: Provides specialized engineering, nuclear waste management, environmental remediation, and decommissioning services.

BWX Technologies (symbol: BWXT) primarily sells to the U.S. government. The company's business model is largely Business-to-Government (B2G).

Its major customers are:

• The U.S. Government: This constitutes the vast majority of BWXT's revenue. BWXT supplies nuclear components, fuel, and services primarily for the U.S. Naval Nuclear Propulsion Program. This involves contracts with agencies such as the Department of Energy (DOE) and the Department of Defense (DOD), particularly the U.S. Navy. The U.S. Government is not a publicly traded company and therefore does not have a stock symbol.

While the U.S. Government is its overwhelming primary customer, BWXT also serves a smaller number of international governments and commercial customers for specialized nuclear components and services.

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 joined the company as Chief Operating Officer in October 2015. Prior to BWXT, Mr. Geveden was an executive vice president at Teledyne Technologies, where he led two of its four operating segments. He also spent 17 years at the National Aeronautics and Space Administration (NASA), including serving as the agency's Associate Administrator (effectively COO) responsible for a $16 billion technical portfolio, overseeing science, aeronautics, space operations, exploration, and 10 field centers. He 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 was appointed Chief Financial Officer of BWX Technologies in August 2025, after serving as interim CFO since May 2025. He joined BWXT in 2022 as vice president of finance and chief accounting officer. Before joining BWXT, Mr. Fitzgerald was the managing director of MorganFranklin, LLC's aerospace and defense practice, where he was responsible for developing and delivering financial and IT services. He also previously served as an audit senior manager at Deloitte & Touche, LLP. Mr. Fitzgerald is a certified public accountant and earned a bachelor's degree in business administration from James Madison University and a master's degree in business administration from Fitchburg State University.

Robert (Bob) L. Duffy, Senior Vice President and Chief Administrative Officer

Bob Duffy is the Senior Vice President and Chief Administrative Officer for BWXT, overseeing environmental health and safety, various administrative functions, and serving as an executive advisor for CEO initiatives. With over 30 years of human resources experience, he previously held the role of senior vice president and chief human resources and administration officer for Harris Corporation (now L3Harris Technologies). Prior to Harris Corporation, Mr. Duffy held human resources leadership positions of increasing responsibility across several business units within United Technologies Corporation, including Sikorsky Aircraft, UTC Fire & Security, Carrier Corporation, Hamilton Sundstrand, and Pratt & Whitney. He holds a bachelor's degree in human resources management from Muhlenberg College and a master's degree in management and technology from Rensselaer Polytechnic Institute.

Omar F. Meguid, Senior Vice President and Chief Digital Officer

Omar Meguid is Senior Vice President and Chief Digital Officer for BWXT, responsible for the company's comprehensive digital platform across its U.S., Canada, and U.K. operations. He brings over 30 years of corporate experience in governance and architecture development for strategic roadmaps. Before joining BWXT, Mr. Meguid led his own IT consulting firm, All Digital. His prior experience includes serving as vice president and chief information officer for L3Harris Technologies and holding various IT leadership roles, including vice president and chief information officer for United Technologies Commercial divisions (OTIS Elevator Company, Carrier Corporation, and UTC Fire and Security). He is a graduate of the Carnegie Mellon eBusiness program and the University of Virginia Darden School of Business Executive programs, holding a bachelor's degree in electronics and telecommunications engineering from Cairo University.

John R. MacQuarrie, President, Commercial Operations

John R. MacQuarrie is President of BWXT's Commercial Operations, which encompasses BWXT Canada and its subsidiaries. With 31 years of nuclear industry experience, his career includes 27 years with BWXT, where he has held various operational and business development leadership roles. He previously served as president of BWXT Canada Ltd. since 2013 and as vice president of business development & marketing for the commercial nuclear energy operating group. Mr. MacQuarrie holds bachelor's and master's degrees of applied science in mechanical engineering from the University of Toronto and is a licensed professional engineer in Ontario. He is a former Chair of the Board of Directors for the Canadian Nuclear Association (CNA) and a board member with the Nuclear Innovation Institute.

The key risks to BWX Technologies' business are primarily centered around its heavy reliance on government contracts, the inherent regulatory and environmental challenges of its nuclear operations, and financial considerations related to its valuation and growth investments.

1. Heavy Reliance on U.S. Government Contracts: BWX Technologies derives over 80% of its revenue from U.S. government spending, largely through its Government Operations segment. This makes the company highly vulnerable to uncertainties in the federal budget, potential budget cuts, prolonged government shutdowns, and shifts in defense priorities. Such external political and budgetary factors can significantly impact contract visibility and revenue.
2. Regulatory and Environmental Risks of Nuclear Operations: The company's involvement in the design, engineering, manufacturing, and maintenance of nuclear fuel and power components exposes it to substantial regulatory and environmental risks. These include potential liabilities for harmful effects on human health and the environment, unplanned expenditures for maintenance and upgrades mandated by regulatory bodies like the NRC and CNSC, and limitations on commercially available insurance for nuclear-related losses. Compliance with stringent nuclear industry regulations requires ongoing investment and any regulatory delays or incidents could lead to significant project delays and increased costs.
3. High Valuation and Financial Strain from Growth Investments: BWX Technologies' stock is trading at a premium, with a P/E ratio around 67.47 as of November 2025, suggesting a high valuation that anticipates flawless execution of its growth strategy. Any operational missteps or overruns could negatively impact the stock. Furthermore, the company faces financial strain from significant necessary growth investments, which has contributed to a higher net debt to EBITDA ratio compared to the market average and a negative free cash flow yield, as heavy investment in new projects consumes working capital.

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Naval Nuclear Propulsion:

• The global nuclear-powered naval vessels market is projected to grow from USD 24.6 billion in 2024 to USD 33.92 billion by 2030, at a compound annual growth rate (CAGR) of 5.50%. Another report estimates the market at US$ 26.41 billion in 2024, expanding to US$ 41.31 billion by 2031 with a CAGR of 6.6%.
• North America is expected to dominate the naval nuclear propulsion market, driven by significant government investments in naval defense and the presence of leading players. The United States, with its robust nuclear navy of approximately 70 nuclear-powered vessels, holds about 40% of the global market.

Advanced Nuclear Reactors (including Small Modular Reactors - SMRs):

• The global advanced nuclear reactors market is estimated at approximately USD 8 billion in 2025 and is projected to reach around USD 45 billion by 2031, growing at a CAGR of approximately 16.4% from 2023 to 2031.
• The North American advanced nuclear reactors market is estimated at approximately USD 4.2 billion in 2025, with a CAGR of around 8% through 2031.

Nuclear Components and Power Plant Equipment:

• The global nuclear reactor components market size was valued at USD 30 billion in 2024 and is projected to reach USD 50 billion by 2032, expanding at a CAGR of 7%.
• The global nuclear power plant equipment market size was estimated at USD 21.52 billion in 2024 and is projected to reach USD 26.35 billion by 2030, growing at a CAGR of 3.4% from 2025 to 2030. Another report values the market at USD 22.72 billion in 2024, projected to reach USD 28.37 billion by 2033 with a CAGR of 2.5%.
• North America is the largest market for nuclear power plant equipment, holding approximately 40% of the global market share.

Nuclear Fuel:

• The global nuclear fuel market is valued at $7.5 billion in 2025 and is projected to reach $12 billion by 2032, growing at a CAGR of 7.3%. Another estimate indicates the global nuclear fuel market size was $33.28 billion in 2024 and is expected to grow to $34.23 billion in 2025 at a CAGR of 2.9%.
• The global nuclear fuel market is also expected to grow with a CAGR of 6.1% from 2024 to 2030.
• North America was the largest region in the nuclear fuel market in 2024.

Medical Isotopes:

• Market size for medical isotopes was not found in the provided search results.

Decommissioning & Decontamination, Environmental Management, and Technical Services (Nuclear Services Group):

• While BWXT provides these services, a specific market size for this combined segment was not found in the provided search results.

Nuclear Thermal Propulsion (for Space Exploration):

• Market size for nuclear thermal propulsion was not found in the provided search results.

Therefore, the addressable market sizes for BWX Technologies' main products and services are:

• Naval Nuclear Propulsion: Global market estimated between USD 24.6 billion (2024) and USD 41.31 billion (2031). North America accounts for approximately 40% of the global market.
• Advanced Nuclear Reactors (including SMRs): Global market estimated between USD 8 billion (2025) and USD 45 billion (2031). North American market estimated at USD 4.2 billion (2025).
• Nuclear Components and Power Plant Equipment: Global market for nuclear reactor components estimated between USD 30 billion (2024) and USD 50 billion (2032). Global market for nuclear power plant equipment estimated between USD 21.52 billion (2024) and USD 26.35 billion (2030). North America is the largest market.
• Nuclear Fuel: Global market estimated between USD 7.5 billion (2025) and USD 34.23 billion (2025). North America was the largest region in 2024.
• Medical Isotopes: null
• Decommissioning & Decontamination, Environmental Management, and Technical Services: null
• Nuclear Thermal Propulsion: null

• Large Multi-year National Security and Defense Contracts: BWXT's record backlog of $7.4 billion, significantly up from previous periods, is heavily supported by major multi-year national security contracts. These include a $1.5 billion defense fuels contract to establish domestic uranium enrichment capability and a $1.6 billion, 10-year contract to supply high-purity depleted uranium for the NNSA. These substantial awards are anticipated to be primary revenue drivers for several years.
• Growth in Commercial Nuclear Power and Advanced Nuclear Technologies: The company is strategically focused on the expanding commercial nuclear sector, including investments in next-generation nuclear solutions such as small modular reactors (SMRs), microreactors, and TRISO fuel. BWXT has secured contracts for designing steam generators for Rolls-Royce's SMRs and is progressing on programs like Project Pele and the Army's Janus program. Strong organic growth in commercial nuclear power, coupled with opportunities in CANDU market life extensions and new builds, is expected to drive significant revenue.
• Expansion in Medical Isotope Production: BWXT is increasing its production capacity for therapeutic isotope precursors, notably ytterbium-176 for lutetium-177, to meet rising demand in cancer radiotherapy and diagnostic markets. Double-digit growth in medical revenue, particularly from PET and other diagnostic product lines, is projected to continue, supported by increasing therapeutic isotope sales for clinical trials.
• Strategic Acquisitions: Recent acquisitions, such as Kinectrics and Aerojet Ordnance Tennessee (A.O.T.), are already contributing positively to BWXT's financial results. These acquisitions are expected to continue driving growth, especially in the Commercial Operations segment through enhanced life of plant services and in Government Operations.
• Naval Nuclear Propulsion Programs: The core Naval Propulsion business within Government Operations continues to be a robust and consistent revenue driver. BWXT's intense focus on meeting delivery commitments for submarine and aircraft carrier programs, combined with a focus on operational excellence and leveraging advanced manufacturing, underpins sustained growth in this segment.

Share Repurchases

• BWX Technologies returned $95 million to shareholders through share repurchases and dividends in 2020.
• In May 2021, the company's Board of Directors approved a new share repurchase authorization for $500 million with no expiration date.
• During the first quarter of 2021, BWXT repurchased $20.0 million in shares.

Share Issuance

• In November 2025, BWX Technologies announced a private offering of $1.1 billion aggregate principal amount of 0% Convertible Senior Notes due 2030, upsized from the previously announced $1.0 billion.
• The net proceeds from this offering are estimated to be approximately $1,075.3 million, and BWXT intends to use a portion to fund capped call transactions, repay existing credit facility indebtedness, and for general corporate purposes.

Outbound Investments

• BWX Technologies completed the acquisition of Aerojet Ordnance Tennessee, Inc. (A.O.T.) in January 2025 for $100 million, strengthening its special materials work in the government sector.
• The company announced an agreement to acquire Kinectrics, Inc., a Toronto-based provider of testing, inspection, and engineering services for the electricity lifecycle, for $525 million, with the acquisition completed in January 2025. This acquisition aims to enhance BWXT's portfolio by offering comprehensive end-to-end lifecycle solutions for both small modular reactors and traditional large-scale nuclear reactors.

Capital Expenditures

• In 2024, BWXT's capital expenditures were $154 million, representing 5.7% of sales, which was in line with expectations.
• For 2025, the company anticipates capital expenditures to remain in the range of 5% to 6% of sales, with approximately 4% for maintenance CapEx and 1% to 2% for select growth initiatives.
• Major capital projects in 2024 and ongoing into 2025 include the expansion of its Cambridge commercial nuclear manufacturing plant and incremental capital investment into U.S. facilities to support increasing production of Columbia-class submarine reactor cores.