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) Beneish M-score
BWX Technologies, Inc.'s Beneish M-score for fiscal 2025 is −1.91; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.91 | 0.14 |
| FY2024 | −2.05 | 0.64 |
| FY2023 | −2.69 | (0.25) |
| FY2022 | −2.44 | 0.69 |
| FY2021 | −3.13 | (2.08) |
| FY2020 | −1.04 | 1.66 |
| FY2019 | −2.70 | (0.05) |
| FY2018 | −2.66 | (0.17) |
| FY2017 | −2.49 | 0.24 |
| FY2016 | −2.73 | 0.60 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.60 | — | 1.47 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 1.18 | — | 1.06 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.04) | — | −0.16 | |
| Leverage index | 1.19 | — | −0.39 | |
| Beneish M-score | Elevated | −1.91 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TXT Textron Inc. compare | −2.7× |
| EMBJ Embraer-Empresa Brasileira de Aeronautica compare | −2.7× |
| CW Curtiss-Wright Corporation compare | −2.5× |
| MOG.A Moog Inc. compare | −2.4× |
| WWD Woodward, Inc. compare | −2.4× |
| DRS Leonardo DRS, Inc. compare | −2.3× |
| HII Huntington Ingalls Industries, Inc. compare | −2.3× |
| BWXT BWX Technologies, Inc. | −1.9× |
| FTAI FTAI Aviation Ltd. compare | −0.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI