BWX Technologies (BWXT)
Market Price (9/8/2026): $157.94 | Market Cap: $14.5 BilSector: Industrials | Industry: Aerospace & Defense
BWX Technologies (BWXT)
Market Price (9/8/2026): $157.94Market Cap: $14.5 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 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more. | 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 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more. |
| Key risksBWXT key risks include [1] a heavy reliance on U.S. Show more. |
Qualitative Assessment
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Updated on 9/1/2026
BWX Technologies (BWXT) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Revenue Miss and Softness in Core Government Operations.
BWX Technologies reported its fiscal Q2 2026 (ended June 30, 2026) earnings on August 3, 2026. While the company exceeded EPS estimates at $1.07 versus an expected $1.04, its revenue of $901.6 million slightly missed analyst projections of $902.41 million. A key concern for investors was the performance of its Government Operations segment, which constitutes approximately 67% of total revenue. This segment recorded only 2.1% revenue growth, and its operating income declined by 3.4% year-over-year. This tempered enthusiasm despite robust growth in Commercial Operations, which largely stemmed from acquisitions.
2. Analyst Downgrades and Price Target Reductions.
Several analyst firms adjusted their outlooks on BWXT, contributing to downward pressure on the stock. For instance, Truist Financial lowered its price target for BWX Technologies from $212.00 to $202.00 on August 14, 2026, maintaining a "hold" rating. More notably, Wells Fargo upgraded BWX Technologies from "Underweight" to "Equal Weight" on August 27, 2026, but simultaneously reduced its price target from $200 to $170. These adjustments, following the fiscal Q2 2026 results and in anticipation of increased spending plans, signaled a more cautious sentiment among some institutional analysts.
Show more
BWX Technologies (BWXT) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Revenue Miss and Softness in Core Government Operations.
BWX Technologies reported its fiscal Q2 2026 (ended June 30, 2026) earnings on August 3, 2026. While the company exceeded EPS estimates at $1.07 versus an expected $1.04, its revenue of $901.6 million slightly missed analyst projections of $902.41 million. A key concern for investors was the performance of its Government Operations segment, which constitutes approximately 67% of total revenue. This segment recorded only 2.1% revenue growth, and its operating income declined by 3.4% year-over-year. This tempered enthusiasm despite robust growth in Commercial Operations, which largely stemmed from acquisitions.
2. Analyst Downgrades and Price Target Reductions.
Several analyst firms adjusted their outlooks on BWXT, contributing to downward pressure on the stock. For instance, Truist Financial lowered its price target for BWX Technologies from $212.00 to $202.00 on August 14, 2026, maintaining a "hold" rating. More notably, Wells Fargo upgraded BWX Technologies from "Underweight" to "Equal Weight" on August 27, 2026, but simultaneously reduced its price target from $200 to $170. These adjustments, following the fiscal Q2 2026 results and in anticipation of increased spending plans, signaled a more cautious sentiment among some institutional analysts.
Show more
Updated on 9/1/2026
BWX Technologies (BWXT) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Revenue Miss and Softness in Core Government Operations.
BWX Technologies reported its fiscal Q2 2026 (ended June 30, 2026) earnings on August 3, 2026. While the company exceeded EPS estimates at $1.07 versus an expected $1.04, its revenue of $901.6 million slightly missed analyst projections of $902.41 million. A key concern for investors was the performance of its Government Operations segment, which constitutes approximately 67% of total revenue. This segment recorded only 2.1% revenue growth, and its operating income declined by 3.4% year-over-year. This tempered enthusiasm despite robust growth in Commercial Operations, which largely stemmed from acquisitions.
2. Analyst Downgrades and Price Target Reductions.
Several analyst firms adjusted their outlooks on BWXT, contributing to downward pressure on the stock. For instance, Truist Financial lowered its price target for BWX Technologies from $212.00 to $202.00 on August 14, 2026, maintaining a "hold" rating. More notably, Wells Fargo upgraded BWX Technologies from "Underweight" to "Equal Weight" on August 27, 2026, but simultaneously reduced its price target from $200 to $170. These adjustments, following the fiscal Q2 2026 results and in anticipation of increased spending plans, signaled a more cautious sentiment among some institutional analysts.
3. Investor Concerns Regarding Increased Spending and Growth Quality.
Despite a strategic focus shift, including the sale of its medical business for up to $800 million to concentrate on nuclear national security and commercial nuclear power, investors reacted to indications of higher capital expenditures. The company's Q2 2026 report alluded to increased spending plans for ongoing growth investments and infrastructure build-out, which, while beneficial for long-term growth, may have prompted short-term valuation concerns among investors, particularly given the modest organic growth in the higher-margin Government Operations segment.
Show less
BWX Technologies (BWXT) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Revenue Miss and Softness in Core Government Operations.
BWX Technologies reported its fiscal Q2 2026 (ended June 30, 2026) earnings on August 3, 2026. While the company exceeded EPS estimates at $1.07 versus an expected $1.04, its revenue of $901.6 million slightly missed analyst projections of $902.41 million. A key concern for investors was the performance of its Government Operations segment, which constitutes approximately 67% of total revenue. This segment recorded only 2.1% revenue growth, and its operating income declined by 3.4% year-over-year. This tempered enthusiasm despite robust growth in Commercial Operations, which largely stemmed from acquisitions.
2. Analyst Downgrades and Price Target Reductions.
Several analyst firms adjusted their outlooks on BWXT, contributing to downward pressure on the stock. For instance, Truist Financial lowered its price target for BWX Technologies from $212.00 to $202.00 on August 14, 2026, maintaining a "hold" rating. More notably, Wells Fargo upgraded BWX Technologies from "Underweight" to "Equal Weight" on August 27, 2026, but simultaneously reduced its price target from $200 to $170. These adjustments, following the fiscal Q2 2026 results and in anticipation of increased spending plans, signaled a more cautious sentiment among some institutional analysts.
3. Investor Concerns Regarding Increased Spending and Growth Quality.
Despite a strategic focus shift, including the sale of its medical business for up to $800 million to concentrate on nuclear national security and commercial nuclear power, investors reacted to indications of higher capital expenditures. The company's Q2 2026 report alluded to increased spending plans for ongoing growth investments and infrastructure build-out, which, while beneficial for long-term growth, may have prompted short-term valuation concerns among investors, particularly given the modest organic growth in the higher-margin Government Operations segment.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -19.4% change in BWXT stock from 5/31/2026 to 9/7/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 195.57 | 157.59 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,376 | 3,514 | 4.1% |
| Net Income Margin (%) | 10.2% | 10.1% | -1.0% |
| P/E Multiple | 52.0 | 40.7 | -21.8% |
| Shares Outstanding (Mil) | 92 | 92 | -0.1% |
| Cumulative Contribution | -19.4% |
Market Drivers
5/31/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BWXT | -19.4% | |
| Market (SPY) | 1.8% | 41.5% |
| Sector (XLI) | 1.2% | 56.8% |
Fundamental Drivers
The -23.2% change in BWXT stock from 2/28/2026 to 9/7/2026 was primarily driven by a -28.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 205.10 | 157.59 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,198 | 3,514 | 9.9% |
| Net Income Margin (%) | 10.3% | 10.1% | -1.7% |
| P/E Multiple | 57.1 | 40.7 | -28.7% |
| Shares Outstanding (Mil) | 92 | 92 | -0.2% |
| Cumulative Contribution | -23.2% |
Market Drivers
2/28/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BWXT | -23.2% | |
| Market (SPY) | 12.6% | 53.9% |
| Sector (XLI) | -0.8% | 66.7% |
Fundamental Drivers
The -2.2% change in BWXT stock from 8/31/2025 to 9/7/2026 was primarily driven by a -18.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 161.12 | 157.59 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,865 | 3,514 | 22.7% |
| Net Income Margin (%) | 10.3% | 10.1% | -1.6% |
| P/E Multiple | 50.1 | 40.7 | -18.8% |
| Shares Outstanding (Mil) | 92 | 92 | -0.2% |
| Cumulative Contribution | -2.2% |
Market Drivers
8/31/2025 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BWXT | -2.2% | |
| Market (SPY) | 20.4% | 55.5% |
| Sector (XLI) | 16.5% | 64.3% |
Fundamental Drivers
The 118.9% change in BWXT stock from 8/31/2023 to 9/7/2026 was primarily driven by a 50.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.99 | 157.59 | 118.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,329 | 3,514 | 50.9% |
| Net Income Margin (%) | 9.6% | 10.1% | 5.0% |
| P/E Multiple | 29.4 | 40.7 | 38.4% |
| Shares Outstanding (Mil) | 92 | 92 | -0.1% |
| Cumulative Contribution | 118.9% |
Market Drivers
8/31/2023 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BWXT | 118.9% | |
| Market (SPY) | 77.1% | 48.1% |
| Sector (XLI) | 68.7% | 56.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BWXT Return | -19% | 23% | 34% | 47% | 56% | -7% | 184% |
| Peers Return | 41% | -22% | 30% | 6% | 19% | 9% | 96% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| BWXT Win Rate | 50% | 50% | 67% | 75% | 67% | 44% | |
| Peers Win Rate | 63% | 42% | 57% | 58% | 58% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BWXT Max Drawdown | -31% | -18% | -10% | -17% | -30% | -37% | |
| Peers Max Drawdown | -18% | -36% | -29% | -23% | -34% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WWD, RRX, AYI, NOVT, BC. 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 9/4/2026 (YTD)
How Low Can It Go
| Event | BWXT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.9% | -18.8% |
| % Gain to Breakeven | 20.4% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.8% | -24.5% |
| % Gain to Breakeven | 13.4% | 32.4% |
| Time to Breakeven | 2 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.6% | -33.7% |
| % Gain to Breakeven | 65.5% | 50.9% |
| Time to Breakeven | 1147 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.9% | 23.8% |
| Time to Breakeven | 354 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.2% | -17.9% |
| % Gain to Breakeven | 45.3% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
In The Past
BWX Technologies's stock fell -16.9% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.
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Asset Allocation
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| Event | BWXT | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.6% | -33.7% |
| % Gain to Breakeven | 65.5% | 50.9% |
| Time to Breakeven | 1147 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.9% | 23.8% |
| Time to Breakeven | 354 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.2% | -17.9% |
| % Gain to Breakeven | 45.3% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
In The Past
BWX Technologies's stock fell -16.9% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BWX Technologies (BWXT)
BWX Technologies (BWXT) Business Summary
BWX Technologies, Inc. (BWXT) is a specialized manufacturer and service provider primarily focused on nuclear components and related technologies. The company operates across critical sectors, including national security, commercial nuclear power, and medical applications. It leverages its deep expertise in nuclear science and engineering to deliver essential products and services in the United States, Canada, and internationally.
A significant portion of BWXT's business involves supporting government and defense initiatives. For the United States Department of Energy, the National Nuclear Security Administration, and the U.S. Navy, BWXT provides vital precision components, naval nuclear reactors, nuclear fuel, and missile launch tubes for submarines. The company also supplies fuel elements for research reactors at colleges, universities, and national laboratories, while also managing the processing and purification of uranium-bearing materials.
Commercially, BWXT is a key supplier to the nuclear power industry, offering products such as commercial nuclear steam generators, fuel, pressure vessels, and heat exchangers. It also provides comprehensive engineering, in-plant inspection, maintenance, and modification services for nuclear power plants. Expanding into the healthcare sector, BWXT supplies medical radioisotopes and radiopharmaceuticals for research, diagnostic, and therapeutic uses. Furthermore, the company offers nuclear materials processing, environmental site restoration, and management and operating services, developing technology for future nuclear power sources.
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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.
Peer Outperformance in Aerospace & Defense
BWXT has outperformed 78% of its 54 Aerospace & Defense peers over 5Y. Among the peers that beat it are HWM, ATRO and AIR. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that BWXT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
47%
of 70 industry peers · -3.1% return
3Y
62%
of 60 industry peers · 123.9% return
5Y
78%
of 54 industry peers · 191.9% return
Aerospace & Defense peers with revenue growth within 4pp of BWXT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BWXT | BWX Technologies | 14.8% | 40.7x | -3.1% | 123.9% | 191.9% | — |
| HWM | Howmet Aerospace | 13.8% | 55.4x | 45.8% | 448.6% | 746.1% | +554pp |
| ATRO | Astronics | 15.0% | 41.5x | 97.2% | 356.6% | 473.8% | +282pp |
| AIR | AAR | 18.5% | 26.8x | 68.0% | 118.9% | 283.8% | +92pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is BWXT's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 106.8% | 187.8% | CDNL 2702% · FIX 2133% · STRL 2063% |
| Marine Transportation | 5 | 70.5% | 67.2% | 170.3% | HOS 48321% · MATX 185% · KEX 170% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 64.7% | 120.0% | CAT 329% · ALSN 280% · WAB 227% |
| Aerospace & Defense ← | 55 | -1.8% | 61.8% | 77.8% | ATI 1108% · FTAI 980% · HWM 746% |
| Passenger Ground Transportation | 3 | -11.2% | 54.5% | 61.7% | UBER 89% · CAR 62% · LYFT -66% |
| Rail Transportation | 7 | 31.0% | 72.1% | 46.6% | FSTR 140% · CSX 67% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 10.1% | 45.1% | 45.7% | CRS 1494% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 9.0% | 39.6% | XPO 271% · R 260% · CVLG 222% |
| Trading Companies & Distributors | 19 | 2.7% | 35.7% | 32.9% | DXPE 552% · AIT 289% · WCC 224% |
| Diversified Support Services | 33 | 12.7% | 30.3% | 29.5% | LIME 4173% · TH 374% · WLFC 366% |
| Electrical Components & Equipment | 41 | 17.6% | 55.5% | 25.4% | POWL 2224% · BE 1132% · VRT 985% |
| Building Products | 33 | -11.0% | 4.7% | 19.8% | LMB 589% · GFF 403% · PPIH 279% |
| Agricultural & Farm Machinery | 17 | 14.1% | 6.0% | -3.9% | BLBD 227% · DE 100% · GENC 57% |
| Research & Consulting Services | 13 | -10.1% | -20.7% | -6.9% | HURN 219% · GRNQ 157% · CRAI 96% |
| Industrial Conglomerates | 17 | 10.5% | 14.2% | -10.9% | RCMT 656% · CSW 142% · CSL 82% |
| Environmental & Facilities Services | 29 | -8.4% | 25.5% | -12.7% | CECO 910% · ADUR 558% · NVRI 362% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.7% | -25.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 2.6% | -25.4% | LTM 3400% · UAL 145% · SKYW 122% |
| Office Services & Supplies | 9 | 12.0% | 27.2% | -28.6% | PBI 197% · TILE 160% · HNI 63% |
| Human Resource & Employment Services | 22 | 8.4% | -17.7% | -35.3% | BBSI 83% · ADP 51% · KFY 29% |
| Security & Alarm Services | 10 | -36.1% | 7.0% | -37.0% | CIX 135% · MG 103% · NL 52% |
| Air Freight & Logistics | 12 | -8.2% | -20.5% | -37.2% | CHRW 87% · FDX 70% · EXPD 62% |
| Airport Services | 3 | -67.1% | -77.6% | -57.6% | JOBY -28% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 160.23 |
| Mkt Cap | 10.5 |
| Rev LTM | 4,390 |
| Op Inc LTM | 495 |
| FCF LTM | 359 |
| FCF 3Y Avg | 365 |
| CFO LTM | 540 |
| CFO 3Y Avg | 526 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.2% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 8.6% |
| Op Inc Chg 3Y Avg | 5.8% |
| Op Mgn LTM | 11.7% |
| Op Mgn 3Y Avg | 12.0% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 13.5% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 10.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.5 |
| P/S | 3.2 |
| P/Op Inc | 23.2 |
| P/EBIT | 22.7 |
| P/E | 35.4 |
| P/CFO | 23.7 |
| Total Yield | 3.1% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.7% |
| 3M Rtn | -8.5% |
| 6M Rtn | -2.8% |
| 12M Rtn | 13.6% |
| 3Y Rtn | 58.8% |
| 1M Excs Rtn | -7.3% |
| 3M Excs Rtn | -10.5% |
| 6M Excs Rtn | -14.9% |
| 12M Excs Rtn | -4.8% |
| 3Y Excs Rtn | -14.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government Operations | 2,350 | 2,183 | 2,031 | 1,808 | 1,725 |
| Commercial Operations | 853 | 524 | 466 | 427 | 407 |
| Eliminations | -5 | -3 | -1 | -3 | -8 |
| Total | 3,198 | 2,704 | 2,496 | 2,233 | 2,124 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government Operations | 395 | 378 | 375 | 337 | 330 |
| Commercial Operations | 58 | 47 | 38 | 27 | 35 |
| Unallocated Corporate | -48 | -44 | -29 | -15 | -19 |
| Total | 404 | 381 | 383 | 349 | 346 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Government Operations | 1,515 | 1,498 | 1,431 | ||
| Commercial Operations | 1,078 | 1,006 | 976 | ||
| Corporate Assets | 154 | 115 | 94 | 110 | 160 |
| Nuclear Operations Group | 1,185 | 987 | |||
| Nuclear Power Group | 829 | 580 | |||
| Nuclear Services Group | 166 | 178 | |||
| Other | 4 | 4 | |||
| Total | 2,747 | 2,619 | 2,501 | 2,294 | 1,909 |
Price Behavior
Price Behavior
| Market Price | $157.59 | |
| Market Cap ($ Bil) | 14.5 | |
| First Trading Date | 08/02/2010 | |
| Distance from 52W High | -33.7% | |
| 50 Days | 200 Days | |
| DMA Price | $170.92 | $192.21 |
| DMA Trend | down | down |
| Distance from DMA | -7.8% | -18.0% |
| 3M | 1YR | |
| Volatility | 43.1% | 45.0% |
| Downside Capture | 211.75 | 251.61 |
| Upside Capture | 92.51 | 196.02 |
| Correlation (SPY) | 39.6% | 55.4% |
BWXT Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.64 | 2.29 | 1.38 | 1.86 | 1.98 | 1.20 |
| Up Beta | -0.04 | 1.75 | 1.27 | 2.08 | 1.71 | 1.12 |
| Down Beta | 4.06 | 2.86 | 0.92 | 0.83 | 1.45 | 1.14 |
| Up Capture | 112% | 126% | 96% | 174% | 334% | 234% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 28 | 58 | 128 | 399 |
| Down Capture | 432% | 336% | 203% | 209% | 169% | 106% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 36 | 68 | 122 | 350 |
[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 | -3.2% | 44.8% | 0.06 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 64.3% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 55.5% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 31.8% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -7.9% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 14.0% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 33.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BWXT | |
|---|---|---|---|---|
| BWXT | 23.7% | 33.8% | 0.69 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 53.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 44.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 21.0% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 9.0% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 29.5% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 21.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BWXT | |
|---|---|---|---|---|
| BWXT | 16.3% | 31.4% | 0.55 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 52.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 45.9% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 14.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 18.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 32.9% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 11.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.8% | -2.8% | -6.9% |
| 5/4/2026 | -4.9% | -2.7% | -14.6% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 16 |
| # Negative | 13 | 9 | 8 |
| Median Positive | 3.1% | 5.2% | 6.6% |
| Median Negative | -2.3% | -4.4% | -7.5% |
| Max Positive | 17.8% | 26.3% | 28.5% |
| Max Negative | -12.0% | -10.3% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.8% | -2.8% | -6.9% |
| 5/4/2026 | -4.9% | -2.7% | -14.6% |
| 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% |
| 5/6/2024 | -12.0% | -10.3% | -8.0% |
| 2/27/2024 | 12.9% | 17.4% | 14.4% |
| 11/1/2023 | 3.1% | 1.9% | 6.0% |
| 8/3/2023 | 7.6% | 6.5% | 8.1% |
| 5/8/2023 | 2.4% | 3.0% | -1.0% |
| 2/23/2023 | 2.6% | 5.2% | 3.6% |
| 11/7/2022 | -0.9% | 1.8% | 3.7% |
| 8/8/2022 | -0.6% | -1.8% | -2.9% |
| 5/9/2022 | 0.6% | 3.1% | 8.4% |
| 2/22/2022 | 5.5% | 26.3% | 28.5% |
| 11/1/2021 | -7.6% | -7.2% | -18.4% |
| 8/2/2021 | -3.1% | -4.8% | 1.3% |
| 5/3/2021 | -0.1% | -2.1% | -5.7% |
| 2/22/2021 | -0.5% | 3.9% | 10.1% |
| 11/2/2020 | -0.1% | 0.1% | 3.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 16 |
| # Negative | 13 | 9 | 8 |
| Median Positive | 3.1% | 5.2% | 6.6% |
| Median Negative | -2.3% | -4.4% | -7.5% |
| Max Positive | 17.8% | 26.3% | 28.5% |
| Max Negative | -12.0% | -10.3% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.80 Bil | 1.3% | Raised | Guidance: 3.75 Bil for 2026 | |||
| 2026 Adjusted EBITDA | Reported | 662.00 Mil | 667.00 Mil | 672.00 Mil | 1.4% | Raised | Guidance: 657.50 Mil for 2026 | |
| 2026 Non-GAAP Earnings Per Share | Reported | 4.7 | 4.75 | 4.8 | 1.6% | Raised | Guidance: 4.67 for 2026 | |
| 2026 Free Cash Flow | Reported | 345.00 Mil | 352.50 Mil | 360.00 Mil | 9.3% | Raised | Guidance: 322.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.75 Bil | 0 | Affirmed | Guidance: 3.75 Bil for 2026 | |||
| 2026 Adjusted EBITDA | Reported | 650.00 Mil | 657.50 Mil | 665.00 Mil | 0.8% | Raised | Guidance: 652.50 Mil for 2026 | |
| 2026 Non-GAAP Earnings Per Share | Reported | 4.6 | 4.67 | 4.75 | 1.1% | Raised | Guidance: 4.62 for 2026 | |
| 2026 Free Cash Flow | Reported | 315.00 Mil | 322.50 Mil | 330.00 Mil | 3.2% | Raised | Guidance: 312.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.75 Bil | 21.0% | Higher New | Actual: 3.10 Bil for 2025 | |||
| 2026 Adjusted EBITDA | Reported | 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 | Reported | 4.55 | 4.62 | 4.7 | 22.5% | Higher New | Actual: 3.77 for 2025 | |
| 2026 Free Cash Flow | Reported | 305.00 Mil | 312.50 Mil | 320.00 Mil | 9.6% | Higher New | Actual: 285.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 3.10 Bil | 0 | Affirmed | Guidance: 3.10 Bil for 2025 | |||
| 2025 Adjusted EBITDA | Reported | 570.00 Mil | 0 | Affirmed | Guidance: 570.00 Mil for 2025 | |||
| 2025 Non-GAAP Earnings Per Share | Reported | 3.75 | 3.77 | 3.8 | 2.0% | Raised | Guidance: 3.7 for 2025 | |
| 2025 Free Cash Flow | Reported | 285.00 Mil | 1.8% | Raised | Guidance: 280.00 Mil for 2025 | |||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Geveden, Rex D | President and CEO | Direct | Sell | 8132026 | 172.50 | 10,000 | 1,725,007 | 33,204,823 | Form |
| 2 | Geveden, Rex D | President and CEO | Direct | Sell | 5122026 | 204.81 | 10,000 | 2,048,124 | 41,472,673 | Form |
| 3 | Fitzgerald, Michael Thomas | SVP & Chief Financial Officer | Direct | Sell | 5122026 | 209.25 | 2,417 | 505,757 | 1,440,477 | Form |
| 4 | Gorman, Kevin James | VP & Chief Accounting Officer | Direct | Sell | 3042026 | 214.71 | 1,344 | 288,574 | 24,477 | Form |
| 5 | Burbach, Gerhard F | Direct | Sell | 2272026 | 208.61 | 1,983 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Geveden, Rex D | President and CEO | Direct | Sell | 8132026 | 172.50 | 10,000 | 1,725,007 | 33,204,823 | Form |
| 2 | Geveden, Rex D | President and CEO | Direct | Sell | 5122026 | 204.81 | 10,000 | 2,048,124 | 41,472,673 | Form |
| 3 | Fitzgerald, Michael Thomas | SVP & Chief Financial Officer | Direct | Sell | 5122026 | 209.25 | 2,417 | 505,757 | 1,440,477 | Form |
| 4 | Gorman, Kevin James | VP & Chief Accounting Officer | Direct | Sell | 3042026 | 214.71 | 1,344 | 288,574 | 24,477 | Form |
| 5 | Burbach, Gerhard F | Direct | Sell | 2272026 | 208.61 | 1,983 | Form | |||
| 6 | Geveden, Rex D | President and CEO | Direct | Sell | 2132026 | 203.26 | 10,000 | 2,032,560 | 36,097,044 | Form |
| 7 | Geveden, Rex D | President and CEO | Direct | Sell | 11132025 | 197.90 | 10,000 | 1,979,005 | 37,124,953 | Form |
Investor Activity (13F)
Updated Sep 8, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $80.4 Mil | 11.1% | 31 | New | 13F |
| Ananym Capital Management, LP | $24.2 Mil | 9.2% | 10 | ADD +12.2% | 13F |
| Harvey Partners, LLC | $52.2 Mil | 4.2% | 45 | Hold | 13F |
| Minneapolis Portfolio Management Group, LLC | $32.2 Mil | 3.4% | 33 | Hold | 13F |
| Chescapmanager LLC | $14.3 Mil | 2.3% | 20 | TRIM -40.6% | 13F |
| Owl Creek Asset Management, L.P. | $8.0 Mil | 1.6% | 21 | TRIM -52.5% | 13F |
| Shapiro Capital Management LLC | $9.2 Mil | 0.6% | 50 | TRIM -34.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $80.4 Mil | 11.1% | 31 | New | 13F |
| Harvey Partners, LLC | $52.2 Mil | 4.2% | 45 | Hold | 13F |
| Minneapolis Portfolio Management Group, LLC | $32.2 Mil | 3.4% | 33 | Hold | 13F |
| Ananym Capital Management, LP | $24.2 Mil | 9.2% | 10 | ADD +12.2% | 13F |
| Chescapmanager LLC | $14.3 Mil | 2.3% | 20 | TRIM -40.6% | 13F |
| Shapiro Capital Management LLC | $9.2 Mil | 0.6% | 50 | TRIM -34.5% | 13F |
| Owl Creek Asset Management, L.P. | $8.0 Mil | 1.6% | 21 | TRIM -52.5% | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
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Core Cache Last Updated: 9/7/2026