Tearsheet

BWX Technologies (BWXT)


Market Price (6/19/2026): $205.4 | Market Cap: $18.8 BilSector: Industrials | Industry: Aerospace & Defense

BWX Technologies (BWXT)


Market Price (6/19/2026): $205.4
Market Cap: $18.8 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%

Low stock price volatility
Vol 12M is 45%

Megatrend and thematic drivers
Megatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 55x

Key risks
BWXT key risks include [1] a heavy reliance on U.S. Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%
2 Low stock price volatility
Vol 12M is 45%
3 Megatrend and thematic drivers
Megatrends include Datacenter Power, Hydrogen Economy, and Advanced Aviation & Space. Themes include Mini Nuclear, Show more.
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 55x
5 Key risks
BWXT key risks include [1] a heavy reliance on U.S. Show more.

BWXT in ETFs

Weight = BWXT's share of each fund

VTI0.03%
ITOT0.02%
IWB0.03%
IJH0.56%
VIG0.09%
VB0.25%
ARKX1.6%
ARKQ1.6%
+26 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/17/2026

BWX Technologies (BWXT) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook.

BWX Technologies reported robust fiscal Q1 2026 results on May 4, 2026, significantly exceeding analyst expectations with revenue growing 26% year-over-year to $860.2 million, surpassing the $832 million forecast. Non-GAAP earnings per share (EPS) reached $1.12, beating consensus estimates by approximately $0.20, an 18.61% to 21.74% beat. Following this strong performance, the company raised its full-year 2026 guidance for revenue to above $3.75 billion, adjusted EBITDA to between $650 million and $665 million, and non-GAAP EPS to a range of $4.60 to $4.75. This positive company-specific news provided a strong upward catalyst, yet its net impact was balanced by other market dynamics.

2. Significant Contract Wins and Strategic Acquisitions Bolstering Backlog.

During the period, BWXT announced a substantial $1.4 billion in new contracts for the Naval Nuclear Propulsion Program on May 12, 2026, reinforcing its critical role in defense. Additionally, in April 2026, alongside its earnings report, the company announced the acquisition of Precision Components Group, LLC, aimed at establishing dedicated U.S. capacity for commercial nuclear component manufacturing. These developments increased BWXT's total backlog to $8.65 billion and enhanced its long-term growth prospects, contributing positively to investor sentiment.

Show more
Updated on 6/17/2026

BWX Technologies (BWXT) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook.

BWX Technologies reported robust fiscal Q1 2026 results on May 4, 2026, significantly exceeding analyst expectations with revenue growing 26% year-over-year to $860.2 million, surpassing the $832 million forecast. Non-GAAP earnings per share (EPS) reached $1.12, beating consensus estimates by approximately $0.20, an 18.61% to 21.74% beat. Following this strong performance, the company raised its full-year 2026 guidance for revenue to above $3.75 billion, adjusted EBITDA to between $650 million and $665 million, and non-GAAP EPS to a range of $4.60 to $4.75. This positive company-specific news provided a strong upward catalyst, yet its net impact was balanced by other market dynamics.

2. Significant Contract Wins and Strategic Acquisitions Bolstering Backlog.

During the period, BWXT announced a substantial $1.4 billion in new contracts for the Naval Nuclear Propulsion Program on May 12, 2026, reinforcing its critical role in defense. Additionally, in April 2026, alongside its earnings report, the company announced the acquisition of Precision Components Group, LLC, aimed at establishing dedicated U.S. capacity for commercial nuclear component manufacturing. These developments increased BWXT's total backlog to $8.65 billion and enhanced its long-term growth prospects, contributing positively to investor sentiment.

3. Profit-Taking and Correction Following All-Time Highs.

Despite the positive news, the stock experienced a period of consolidation largely due to profit-taking after reaching an all-time high of $241.82 on April 16, 2026, within the analyzed timeframe. After such a significant run-up, a natural correction often occurs as investors realize gains, offsetting the sustained upward momentum that might otherwise be expected from strong earnings and new contracts.

4. Broader Market Headwinds and Macroeconomic Factors.

The stock's ability to sustain significant gains was tempered by broader market softness and macroeconomic headwinds. Factors such as hotter-than-expected May CPI data, which hit a three-year high of 4.2%, and escalating geopolitical tensions, including those between the U.S. and Iran, contributed to a general pullback in equity markets. These external pressures created a challenging environment that limited BWXT's net upward movement, balancing out its strong company-specific performance.

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Stock Movement Drivers

Fundamental Drivers

The 0.0% change in BWXT stock from 2/28/2026 to 6/18/2026 was primarily driven by a -4.4% change in the company's P/E Multiple.
(LTM values as of)22820266182026Change
Stock Price ($)205.42205.400.0%
Change Contribution By: 
Total Revenues ($ Mil)3,1983,3765.6%
Net Income Margin (%)10.3%10.2%-0.8%
P/E Multiple57.254.6-4.4%
Shares Outstanding (Mil)9292-0.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/18/2026
ReturnCorrelation
BWXT-0.0% 
Market (SPY)9.2%60.0%
Sector (XLI)2.4%74.5%

Fundamental Drivers

The 15.1% change in BWXT stock from 11/30/2025 to 6/18/2026 was primarily driven by a 10.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256182026Change
Stock Price ($)178.39205.4015.1%
Change Contribution By: 
Total Revenues ($ Mil)3,0593,37610.4%
Net Income Margin (%)10.0%10.2%1.7%
P/E Multiple53.254.62.7%
Shares Outstanding (Mil)9292-0.1%
Cumulative Contribution15.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/18/2026
ReturnCorrelation
BWXT15.1% 
Market (SPY)9.9%58.9%
Sector (XLI)18.4%69.7%

Fundamental Drivers

The 64.5% change in BWXT stock from 5/31/2025 to 6/18/2026 was primarily driven by a 38.0% change in the company's P/E Multiple.
(LTM values as of)53120256182026Change
Stock Price ($)124.90205.4064.5%
Change Contribution By: 
Total Revenues ($ Mil)2,7823,37621.4%
Net Income Margin (%)10.4%10.2%-1.7%
P/E Multiple39.654.638.0%
Shares Outstanding (Mil)9292-0.1%
Cumulative Contribution64.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/18/2026
ReturnCorrelation
BWXT64.5% 
Market (SPY)28.1%49.3%
Sector (XLI)28.4%58.5%

Fundamental Drivers

The 249.4% change in BWXT stock from 5/31/2023 to 6/18/2026 was primarily driven by a 144.1% change in the company's P/E Multiple.
(LTM values as of)53120236182026Change
Stock Price ($)58.78205.40249.4%
Change Contribution By: 
Total Revenues ($ Mil)2,2703,37648.7%
Net Income Margin (%)10.6%10.2%-3.6%
P/E Multiple22.454.6144.1%
Shares Outstanding (Mil)9292-0.2%
Cumulative Contribution249.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/18/2026
ReturnCorrelation
BWXT249.4% 
Market (SPY)85.7%48.0%
Sector (XLI)95.3%55.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BWXT Return-19%23%34%47%56%18%259%
Peers Return-9%-14%69%-8%88%14%160%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
BWXT Win Rate50%50%67%75%67%67% 
Peers Win Rate42%50%58%25%52%67% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BWXT Max Drawdown-31%-18%-10%-17%-30%-23% 
Peers Max Drawdown-51%-48%-35%-33%-24%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLY, ATRO, AADX, ARXS, AVEX. 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 6/18/2026 (YTD)

How Low Can It Go

EventBWXTS&P 500
2025 US Tariff Shock
  % Loss-16.9%-18.8%
  % Gain to Breakeven20.4%23.1%
  Time to Breakeven20 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-11.8%-24.5%
  % Gain to Breakeven13.4%32.4%
  Time to Breakeven2 days427 days
2020 COVID-19 Crash
  % Loss-39.6%-33.7%
  % Gain to Breakeven65.5%50.9%
  Time to Breakeven1147 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.5%-19.2%
  % Gain to Breakeven70.9%23.8%
  Time to Breakeven354 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.2%-17.9%
  % Gain to Breakeven45.3%21.8%
  Time to Breakeven161 days123 days

Compare to FLY, ATRO, AADX, ARXS, AVEX

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.

EventBWXTS&P 500
2020 COVID-19 Crash
  % Loss-39.6%-33.7%
  % Gain to Breakeven65.5%50.9%
  Time to Breakeven1147 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.5%-19.2%
  % Gain to Breakeven70.9%23.8%
  Time to Breakeven354 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.2%-17.9%
  % Gain to Breakeven45.3%21.8%
  Time to Breakeven161 days123 days

Compare to FLY, ATRO, AADX, ARXS, AVEX

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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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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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Better Bets vs. BWX Technologies (BWXT)

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Peer Comparisons

Peers to compare with:

Financials

BWXTFLYATROAADXARXSAVEXMedian
NameBWX Tech.Firefly .AstronicsApplied .Arxis AEVEX  
Mkt Price205.4030.9580.5618.8243.6118.3037.28
Mkt Cap18.84.92.9---4.9
Rev LTM3,376185887---887
Op Inc LTM334-29891---91
FCF LTM328-25724---24
FCF 3Y Avg285-18---152
CFO LTM522-21165---65
CFO 3Y Avg453-37---245

Growth & Margins

BWXTFLYATROAADXARXSAVEXMedian
NameBWX Tech.Firefly .AstronicsApplied .Arxis AEVEX  
Rev Chg LTM21.4%70.7%8.6%---21.4%
Rev Chg 3Y Avg14.3%-15.7%---15.0%
Rev Chg Q26.1%44.8%12.0%---26.1%
QoQ Delta Rev Chg LTM5.6%15.7%2.9%---5.6%
Op Inc Chg LTM2.9%-37.2%138.6%---2.9%
Op Inc Chg 3Y Avg1.6%-589.7%---295.6%
Op Mgn LTM9.9%-161.1%10.2%---9.9%
Op Mgn 3Y Avg11.7%-4.8%---8.2%
QoQ Delta Op Mgn LTM-0.2%2.0%1.3%---1.3%
CFO/Rev LTM15.5%-114.1%7.3%---7.3%
CFO/Rev 3Y Avg15.7%-4.3%---10.0%
FCF/Rev LTM9.7%-139.3%2.7%---2.7%
FCF/Rev 3Y Avg9.9%-2.1%---6.0%

Valuation

BWXTFLYATROAADXARXSAVEXMedian
NameBWX Tech.Firefly .AstronicsApplied .Arxis AEVEX  
Mkt Cap18.84.92.9---4.9
P/S5.626.73.2---5.6
P/Op Inc56.3-16.631.8---31.8
P/EBIT41.4-14.031.8---31.8
P/E54.6-14.863.5---54.6
P/CFO36.1-23.444.5---36.1
Total Yield2.3%-6.8%1.6%---1.6%
Dividend Yield0.5%0.0%0.0%---0.0%
FCF Yield 3Y Avg2.5%-1.4%---1.9%
D/E0.10.00.1---0.1
Net D/E0.1-0.10.1---0.1

Returns

BWXTFLYATROAADXARXSAVEXMedian
NameBWX Tech.Firefly .AstronicsApplied .Arxis AEVEX  
1M Rtn4.1%-27.3%1.5%-1.0%27.7%-30.5%0.2%
3M Rtn-2.1%34.8%17.8%-1.0%12.5%-32.0%5.8%
6M Rtn20.6%54.2%55.1%-1.0%12.5%-32.0%16.6%
12M Rtn47.0%-48.7%140.3%-1.0%12.5%-32.0%5.8%
3Y Rtn202.3%-48.7%350.6%-1.0%12.5%-32.0%5.8%
1M Excs Rtn2.1%-29.3%-0.5%-3.0%25.7%-32.5%-1.8%
3M Excs Rtn-15.6%21.3%4.2%-14.5%-1.0%-45.6%-7.8%
6M Excs Rtn8.6%42.3%44.1%-11.3%2.2%-42.3%5.4%
12M Excs Rtn21.0%-74.1%108.1%-26.4%-12.8%-57.4%-19.6%
3Y Excs Rtn140.4%-120.4%271.9%-72.7%-59.1%-103.7%-65.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Government Operations2,3502,1832,0311,808 
Commercial Operations853524466427 
Eliminations-5-3-1-3-29
Nuclear Operations Group    1,623
Nuclear Power Group    407
Nuclear Services Group    124
Total3,1982,7042,4962,2332,124


Operating Income by Segment
$ Mil20252024202320222021
Government Operations395378375337 
Commercial Operations58473827 
Unallocated Corporate-48-44-29-15-19
Nuclear Operations Group    309
Nuclear Power Group    53
Nuclear Services Group    28
Other    -24
Total404381383349346


Assets by Segment
$ Mil20232022202120202019
Government Operations1,5151,4981,431  
Commercial Operations1,0781,006976  
Corporate Assets15411594110160
Nuclear Operations Group   1,185987
Nuclear Power Group   829580
Nuclear Services Group   166178
Other   44
Total2,7472,6192,5012,2941,909


Price Behavior

Price Behavior
Market Price$205.40 
Market Cap ($ Bil)18.8 
First Trading Date08/02/2010 
Distance from 52W High-13.7% 
   50 Days200 Days
DMA Price$208.05$196.20
DMA Trendupdown
Distance from DMA-1.3%4.7%
 3M1YR
Volatility50.6%45.3%
Downside Capture272.69206.37
Upside Capture151.66195.93
Correlation (SPY)62.1%50.4%
BWXT Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.962.732.292.311.881.16
Up Beta2.073.262.602.141.731.11
Down Beta0.790.970.691.471.631.17
Up Capture45%111%224%343%331%229%
Bmk +ve Days13283667141432
Stock +ve Days8193061137407
Down Capture457%506%280%223%160%103%
Bmk -ve Days7132757109318
Stock -ve Days11213262112342

[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
BWXT46.6%45.2%0.97-
Sector ETF (XLI)28.7%16.2%1.3859.1%
Equity (SPY)26.5%12.4%1.6150.3%
Gold (GLD)24.2%27.5%0.7729.8%
Commodities (DBC)19.8%18.8%0.83-9.4%
Real Estate (VNQ)11.0%13.7%0.5218.9%
Bitcoin (BTCUSD)-38.3%42.4%-1.0233.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BWXT
BWXT27.7%33.0%0.80-
Sector ETF (XLI)13.5%17.5%0.6154.4%
Equity (SPY)13.5%17.1%0.6245.5%
Gold (GLD)17.1%18.3%0.7621.6%
Commodities (DBC)7.5%19.4%0.2911.3%
Real Estate (VNQ)1.9%18.9%0.0032.1%
Bitcoin (BTCUSD)11.6%54.2%0.4120.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BWXT
BWXT20.4%30.8%0.67-
Sector ETF (XLI)14.2%20.0%0.6253.0%
Equity (SPY)15.3%18.0%0.7346.5%
Gold (GLD)12.3%16.1%0.6314.1%
Commodities (DBC)5.9%18.0%0.2619.4%
Real Estate (VNQ)5.3%20.7%0.2234.0%
Bitcoin (BTCUSD)60.4%66.8%1.0011.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity2.7 Mil
Short Interest: % Change Since 5152026-7.7%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest3.2 days
Basic Shares Quantity91.7 Mil
Short % of Basic Shares2.9%

Earnings Returns History

Updated 6/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/4/2026-4.9%-2.7%-14.6%
2/23/20262.9%9.1%3.4%
11/3/2025-7.2%-7.9%-17.3%
8/4/202517.8%15.1%4.3%
5/5/2025-3.5%-4.4%15.3%
2/24/20254.2%1.6%5.1%
11/4/2024-2.3%5.7%9.2%
8/5/20240.9%5.3%7.1%
...
SUMMARY STATS   
# Positive121617
# Negative1287
Median Positive3.6%5.3%6.0%
Median Negative-2.7%-4.6%-8.0%
Max Positive17.8%26.3%28.5%
Max Negative-12.0%-10.3%-18.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/4/2026-4.9%-2.7%-14.6%
2/23/20262.9%9.1%3.4%
11/3/2025-7.2%-7.9%-17.3%
8/4/202517.8%15.1%4.3%
5/5/2025-3.5%-4.4%15.3%
2/24/20254.2%1.6%5.1%
11/4/2024-2.3%5.7%9.2%
8/5/20240.9%5.3%7.1%
5/6/2024-12.0%-10.3%-8.0%
2/27/202412.9%17.4%14.4%
11/1/20233.1%1.9%6.0%
8/3/20237.6%6.5%8.1%
5/8/20232.4%3.0%-1.0%
2/23/20232.6%5.2%3.6%
11/7/2022-0.9%1.8%3.7%
8/8/2022-0.6%-1.8%-2.9%
5/9/20220.6%3.1%8.4%
2/22/20225.5%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%
8/3/20208.2%8.5%1.5%
SUMMARY STATS   
# Positive121617
# Negative1287
Median Positive3.6%5.3%6.0%
Median Negative-2.7%-4.6%-8.0%
Max Positive17.8%26.3%28.5%
Max Negative-12.0%-10.3%-18.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/04/202610-Q
12/31/202502/23/202610-K
09/30/202511/03/202510-Q
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/27/202410-K
09/30/202311/01/202310-Q
06/30/202308/03/202310-Q
03/31/202305/08/202310-Q
12/31/202202/23/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/04/202610-Q
12/31/202502/23/202610-K
09/30/202511/03/202510-Q
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/27/202410-K
09/30/202311/01/202310-Q
06/30/202308/03/202310-Q
03/31/202305/08/202310-Q
12/31/202202/23/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202102/22/202210-K
09/30/202111/01/202110-Q
06/30/202108/02/202110-Q
03/31/202105/03/202110-Q
12/31/202002/22/202110-K
09/30/202011/02/202010-Q
06/30/202008/03/202010-Q
03/31/202005/04/202010-Q
12/31/201902/24/202010-K
09/30/201911/04/201910-Q
06/30/201908/05/201910-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue 3.75 Bil 0 AffirmedGuidance: 3.75 Bil for 2026
2026 Adjusted EBITDA650.00 Mil657.50 Mil665.00 Mil0.8% RaisedGuidance: 652.50 Mil for 2026
2026 Non-GAAP Earnings Per Share4.64.674.751.1% RaisedGuidance: 4.62 for 2026
2026 Free Cash Flow315.00 Mil322.50 Mil330.00 Mil3.2% RaisedGuidance: 312.50 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue 3.75 Bil 21.0% Higher NewActual: 3.10 Bil for 2025
2026 Adjusted EBITDA645.00 Mil652.50 Mil660.00 Mil14.5% Higher NewActual: 570.00 Mil for 2025
2026 Non-GAAP Earnings Per Share4.554.624.722.5% Higher NewActual: 3.77 for 2025
2026 Free Cash Flow305.00 Mil312.50 Mil320.00 Mil9.6% Higher NewActual: 285.00 Mil for 2025

Insider Activity

Updated 6/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Geveden, Rex DPresident and CEODirectSell5122026204.8110,0002,048,12441,472,673Form
2Fitzgerald, Michael ThomasSVP & Chief Financial OfficerDirectSell5122026209.252,417505,7571,440,477Form
3Gorman, Kevin JamesVP & Chief Accounting OfficerDirectSell3042026214.711,344288,57424,477Form
4Burbach, Gerhard F DirectSell2272026208.611,983  Form
5Geveden, Rex DPresident and CEODirectSell2132026203.2610,0002,032,56036,097,044Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Geveden, Rex DPresident and CEODirectSell5122026204.8110,0002,048,12441,472,673Form
2Fitzgerald, Michael ThomasSVP & Chief Financial OfficerDirectSell5122026209.252,417505,7571,440,477Form
3Gorman, Kevin JamesVP & Chief Accounting OfficerDirectSell3042026214.711,344288,57424,477Form
4Burbach, Gerhard F DirectSell2272026208.611,983  Form
5Geveden, Rex DPresident and CEODirectSell2132026203.2610,0002,032,56036,097,044Form
6Geveden, Rex DPresident and CEODirectSell11132025197.9010,0001,979,00537,124,953Form
7Melvin, Leland D DirectSell8122025178.26600106,959994,540Form
8Whitford, Ronald Owen JRSVP, General Counsel and Sec.DirectSell8122025177.432,092371,1921,800,780Form
9Meguid, Omar FathiSVP and Chief Digital OfficerDirectSell8082025179.842,261406,618424,602Form
10Geveden, Rex DPresident and CEODirectSell8082025179.0025,0004,475,09835,370,099Form
Core Cache Last Updated: 6/18/2026