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. In the quarter to June 2026, revenue grew 18.0%, EPS grew 12.8%, free cash flow fell 8.98% and total debt rose 31.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three.
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BWX Technologies, Inc. (BWXT) Altman Z-score
BWX Technologies, Inc.'s Altman Z-score for fiscal 2025 is 5.32, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.32 | (0.85) |
| FY2024 | 6.17 | 1.15 |
| FY2023 | 5.02 | 0.74 |
| FY2022 | 4.27 | 0.32 |
| FY2021 | 3.95 | (0.67) |
| FY2020 | 4.61 | (0.48) |
| FY2019 | 5.09 | 0.63 |
| FY2018 | 4.46 | (0.69) |
| FY2017 | 5.15 | 0.96 |
| FY2016 | 4.19 | (0.23) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.25 | |
| Retained earnings / total assets | 0.59 | — | 0.83 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 5.21 | — | 3.13 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Safe zone | 5.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.47 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CW Curtiss-Wright Corporation compare | 7.0× |
| WWD Woodward, Inc. compare | 6.8× |
| BWXT BWX Technologies, Inc. | 5.3× |
| FTAI FTAI Aviation Ltd. compare | 4.7× |
| MOG.A Moog Inc. compare | 4.0× |
| DRS Leonardo DRS, Inc. compare | 3.7× |
| HII Huntington Ingalls Industries, Inc. compare | 2.8× |
| TXT Textron Inc. compare | 2.6× |
| EMBJ Embraer-Empresa Brasileira de Aeronautica compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets