Pricing Log in Create free account
Wednesday 4 November 2026 Export BWXT’s income statement to Excel — free account

BWX Technologies, Inc.

BWXT Industrials Aerospace & Defense

BWX Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 18.3% from fiscal 2024.

Revenue
+10.0%
EPS
+23.3%
Free cash flow
+58.6%
Total debt
+33.9%

Quarter to September 2026, against a year earlier

121.34 10.48 −7.95%
Market cap
$12.1B
P/E
32.3×
Fwd P/E
29.8×
Dividend yield
0.80%
F-score
5/9
Altman Z
5.32
Beneish M
−1.91
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Government Operations
  • Commercial Operations

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 1 — 2 — — 1 — — —
Insider Ownership 0.51%

Capital & Financial Ratios $m

Size
Market Cap 12,080.00
Revenue ttm 3,600.66
Net income ttm 375.95
Free cash flow ttm 372.32
Net debt Q 1,450.22
Valuation
P/E 32.26
Forward P/E 29.80
Price / sales 3.36
Forward P/S Powerpack
Price / FCF 32.57
Price / book 8.53 (above 6: high)
Financial health
Current ratio Q 1.88 (at or above 1.5: strong)
Debt / equity Q 1.43
Interest coverage Q 30.94
Growth
Revenue growth Q +10.01% (above 0%: growing)
Operating income growth Q +16.52% (above 0%: growing)
EPS, this year +18.33% (at or above 15%: strong)
EPS, next year A +9.52%
Revenue, next year A +19.31% (at or above 10%: strong)
EPS, past 5 yrs +4.23%
EPS, next 5 yrs A +13.80%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 3.4×; over the ten years it ranged from 2.3× in 2016 to 6.9× in 2025.
P/E against its own 10 years 69.28%
10-year low 10-year high
P/S against its own 10 years 67.34%
10-year low 10-year high
P/B against its own 10 years 24.59%
10-year low 10-year high
EV/Sales against its own 10 years 68.95%
10-year low 10-year high
EV/FCF against its own 10 years 20.21%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.80%
Annual rate
1.06
Payout ratio
26.0%
Growth, 2017–25
+11.5%/yr
  1. 0.42 ’17
  2. 0.64 ’18 +52
  3. 0.68 ’19 +6
  4. 0.76 ’20 +12
  5. 0.84 ’21 +11
  6. 0.88 ’22 +5
  7. 0.92 ’23 +5
  8. 0.96 ’24 +4
  9. 1.00 ’25 +4
  10. 1.07 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 79 77 503 572
Receivables 87 152 288 254
Inventory — 40 47 36
Other 653 661 723 940
818 930 1,560 1,802
2023 2024 2025 Q'26
Payables 127 158 141 282
ST’ Debt 6 13 — —
Other 107 161 305 428
375 474 672 961

Compound Annual Growth %

10y 5y 3y
Sales 8.49% 8.54% 12.73%
Cash Flow 3.65% 19.56% 25.17%
Earnings 9.61% 3.37% 11.36%
Book Value 15.99% 14.82% 18.11%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.19 Actual 1.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.91 1.08 Beat by 0.17
Q1 FY26 0.92 1.12 Beat by 0.20
Q2 FY26 1.01 1.07 Beat by 0.06
Q3 FY26 1.19 1.26 Beat by 0.07
Q4 FY26 1.35 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.99 0.97 1.11 — —
’25 0.82 0.85 0.89 1.01 3.58
’24 0.75 0.79 0.76 0.77 3.07
’23 0.67 0.64 0.66 0.72 2.68
’22 0.64 0.82 0.67 0.47 2.60
’21 0.73 0.62 0.63 1.26 3.24
’20 0.79 0.67 0.76 0.69 2.91
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 860 902 953 — —
’25 682 764 866 886 3,198
’24 604 681 672 746 2,704
’23 568 612 590 726 2,496
’22 531 554 524 624 2,233
’21 528 505 499 592 2,124
’20 542 505 520 557 2,124
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 93 156 203 — —
’25 51 159 143 127 480
’24 33 66 33 277 408
’23 (13) 81 74 222 364
’22 (5) 77 65 108 245
’21 98 60 67 160 386
’20 (6) 162 (8) 48 196
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 50 115 150 — —
’25 17 126 95 57 295
’24 3 35 (8) 224 255
’23 (43) 41 43 171 212
’22 (58) 35 25 44 46
’21 (4) (8) 1 86 75
’20 (71) 111 (72) (27) (59)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.9% a year for ten years. It grew 2.4% a year over the last ten.

Implied
14.9%
10 years, reported
2.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,551 1,688 1,800 1,895 2,124 2,124 2,233 2,496 2,704 3,198 3,601 +8.4% 3,816 4,182 4,622 +13.1%
Gross margin, % 29.94 29.37 28.00 28.17 27.10 25.91 24.72 24.86 24.23 22.91 0.00 (7.0) pt
EBT 257 296 280 314 362 396 314 321 349 398 454 +5.0%
EBT margin, % 16.59 17.53 15.56 16.56 17.06 18.63 14.08 12.88 12.90 12.45 12.60 (4.1) pt
Net income 184 148 227 245 279 306 239 246 282 330 376 +6.7%
Per share, $
Per share, $ Revenue 15.13 16.99 18.17 19.87 22.25 22.53 24.42 27.25 29.52 34.93 39.25 +9.7%
Earnings 1.79 1.49 2.29 2.56 2.92 3.24 2.60 2.68 3.08 3.59 4.09 +8.0%
Cash flow 2.34 2.23 1.71 2.93 2.06 4.09 2.68 3.97 4.46 5.24 6.31 +9.4%
Capex (0.51) (0.98) (1.10) (1.91) (2.67) (3.30) (2.17) (1.65) (1.68) (2.02) (2.25) +16.4%
Free cash flow 1.83 1.26 0.61 1.02 (0.61) 0.80 0.51 2.32 2.78 3.22 4.06 +6.5%
Book value 1.47 2.88 2.38 4.24 6.47 6.76 8.18 10.19 11.80 13.47 15.46 +27.9%
Shares, m 102 99 99 95 95 94 91 92 92 92 92 (1.2%)
Valuation, ×
Valuation, × P/E 22.28 40.62 16.77 24.35 20.64 14.69 22.15 28.38 36.05 48.01 32.26 27.4
P/S 2.59 3.56 2.10 3.12 2.71 2.13 2.36 2.80 3.77 4.95 3.36 3.0
P/B 26.72 21.04 16.07 14.65 9.31 7.08 7.04 7.49 9.44 12.84 8.53 13.2
EV/Sales 2.84 3.74 2.51 3.51 3.14 2.67 2.92 3.25 4.13 5.43 3.77 3.4
EV/FCF 23.57 50.73 76.27 68.89 (112.29) 76.32 142.64 38.38 44.00 58.91 36.50 46.7
Cash, $m
Cash, $m Operating cash flow 240 222 169 279 196 386 245 364 408 480 579 +8.0%
Capex (53) (97) (109) (182) (255) (311) (198) (151) (154) (185) (206) +15.0%
Free cash flow 187 125 60 97 (59) 75 46 212 255 295 372 +5.2%
Balance, $m
Balance, $m Working capital 254 345 165 225 244 314 404 443 456 888 841 +14.9%
Net debt 379 295 731 729 905 1,153 1,247 1,131 979 1,513 1,450 +16.6%
Shareholders’ equity 150 286 236 404 618 637 748 933 1,080 1,233 1,418 +26.3%
Returns, %
Returns, % ROA 12.39 8.98 13.48 13.70 13.26 12.76 9.30 9.16 10.04 9.21 8.78 (3.2) pt
ROIC 27.69 31.42 19.73 17.96 14.71 12.08 10.92 11.60 11.55 9.21 9.69 (18.5) pt
ROE 85.13 67.79 87.05 76.31 54.54 48.74 34.38 29.24 28.00 28.44 28.18 (56.7) pt
People
People Employees 5,900 6,100 6,250 6,450 6,700 6,600 7,000 7,800 8,700 10,400 — +6.5%
Revenue/emp, $m 0.26 0.28 0.29 0.29 0.32 0.32 0.32 0.32 0.31 0.31 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

BWX Technologies, or BWXT, designs and manufactures nuclear components, reactors and fuel, and provides services for nuclear facilities. Its core government business supplies components and fuel for the U.S. naval nuclear propulsion program. It also processes nuclear materials and helps operate and clean up government-owned nuclear sites.

For commercial nuclear power customers, BWXT makes equipment such as steam generators, reactor components and fuel-handling systems. It supplies nuclear fuel and provides engineering, maintenance and other services for operating plants and major refurbishment projects. Its medical business makes radioisotopes, radiopharmaceuticals and medical devices used in diagnostic imaging and treatment. It also works with life science and pharmaceutical companies developing drugs.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Government Operations 2,350 73.48%
Commercial Operations 853 26.67%
Gross margin 22.91%
Operating margin 12.65%
Pre-tax margin 12.45%

Revenue by segment since 2009

BWX Technologies, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WWD Woodward, Inc. $19.6B 35.9× 32.8× +21.22% (above 0%: growing) +35.71% (above 0%: growing) −12.15% (below 0%: shrinking) 31.53% 16.66% Compare
CW Curtiss-Wright Corporation $18.4B 34.0× 30.6× +5.41% (above 0%: growing) +27.41% (above 0%: growing) +37.04% (above 0%: growing) 39.40% 19.34% Compare
TXT Textron Inc. $14.9B 15.8× 15.3× +4.14% (above 0%: growing) +20.34% (above 0%: growing) +18.32% (above 0%: growing) 17.73% 7.57% Compare
EMBJ Embraer-Empresa Brasileira de Aeronautica $13.4B 30.5× — +22.87% (above 0%: growing) +176.74% (above 0%: growing) +287.11% (above 0%: growing) 19.90% 12.79% Compare
HII Huntington Ingalls Industries, Inc. $12.5B 17.0× 16.6× +10.81% (above 0%: growing) +48.88% (above 0%: growing) +3,169.23% (above 0%: growing) 13.57% 7.69% Compare
BWXT BWX Technologies, Inc. $12.1B 32.3× 29.8× +10.01% (above 0%: growing) +23.33% (above 0%: growing) +58.55% (above 0%: growing) 0.00% 16.59%
MOG.A Moog Inc. $11.4B 30.4× 28.3× +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
DRS Leonardo DRS, Inc. $10.4B 28.0× 26.7× +11.04% (above 0%: growing) +59.63% (above 0%: growing) −24.68% (below 0%: shrinking) 24.67% 10.88% Compare
SARO StandardAero, Inc. $8.4B 25.5× 19.9× +4.63% (above 0%: growing) +42.86% (above 0%: growing) +263.74% (above 0%: growing) 16.80% 10.53% Compare
Median of peers $13.0B 29.2× 26.7× +10.93% +45.87% +52.28% 22.29% 11.84%

All 94 Aerospace & Defense stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.87%
Held by the ten largest 44.09%
Holder Shares Stake Change
BlackRock 12.12m 13.23% −363.72k
Vanguard 9.63m 10.52% −64.24k
State Street 3.80m 4.15% +50.43k
Franklin Templeton 2.68m 2.93% −48.76k
JPMorgan Chase 2.65m 2.90% +81.43k
First Trust 2.08m 2.27% +684.47k
T. Rowe Price 2.02m 2.21% +84.36k
Geode Capital Management 1.86m 2.03% +67.24k
Invesco 1.84m 2.00% −687.20k
Select Equity Group, L.P. 1.70m 1.86% +977.58k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.74m 37.80m 304.82
2024 8.24m 15.63m 194.94
2023 6.67m 11.71m 133.04
2022 5.72m 8.90m 99.38
2021 5.12m 3.46m 80.60
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

BWX Technologies, Inc. (BWXT) Latest News

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · Zacks
Impact 3 · · Moby

2 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Associated Press
Impact 3 · · Business Wire

30 Oct

Impact 3 · · The Motley Fool

29 Oct

Impact 3 · · TIKR
Impact 3 · · Zacks

28 Oct

Impact 3 · · Trefis

27 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Insider Monkey
Impact 3 · · Zacks

22 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Business Wire

21 Oct

Impact 4 · · The Motley Fool

19 Oct

Impact 4 · · Zacks
Impact 3 · · StockStory

14 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · Zacks

10 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool

9 Oct

Impact 4 · · Zacks

8 Oct

Impact 4 · · Insider Monkey

BWXT metrics, ten years each

stockrow.com/BWXT · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com