One-glance verdict
Within fair range
$114.79 our estimate vs market $135.18
Wall Street consensus: $209.44 (82.5% higher than our fair-value estimate)
18% above our estimate
Fundamentals snapshot
BWX Technologies, Inc.
BWXT · NYQ · Industrials · Aerospace & Defense
Current price
$135.18
52-week range
$123.05 - $241.82
Market cap
$12.39B
Balance sheet
Stretched
7.34x Adequate
Net debt $1.41B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 9.9% last year.
- Reward Returns 28.3% on equity, ahead of 83% of its peers.
- Risk Net debt grew 21.3% over 3 years.
- Risk Operating margin compressed from 13.8% to 10.4% over 3 years.
What this company does
BWX Technologies, Inc.
BWX Technologies makes and sells specialized parts and services for nuclear applications, like components for naval reactors and fuel for commercial power plants. Most of their money comes from these government and commercial nuclear projects, which is important because it means they play a critical role in national defense and energy production.
How the company got here
BWX Technologies, Inc. has a long history, tracing its roots back to 1867 when it was founded as The Babcock & Wilcox Company. The company has evolved significantly over the decades, adapting to changing industrial and technological landscapes. A key turning point was its name change to BWX Technologies, Inc. in June 2015, signaling a renewed focus on its core nuclear technologies. This transformation reflects its deep expertise in nuclear applications, built over more than a century of operation and innovation.
What it actually does
BWXT is a company that designs, manufactures, and services complex nuclear components and fuel. Think of them as highly specialized engineers and manufacturers for the nuclear world. They create critical parts for nuclear reactors, produce nuclear fuel, and offer services related to nuclear technology. Their work is essential for both government and commercial applications, particularly in areas requiring high precision and safety standards.
Government Operations
This segment is a major part of BWXT's business, focusing on nuclear products and services for government customers, primarily the U.S. Navy. They are responsible for manufacturing precision naval nuclear components, reactors, and nuclear fuel, which are vital for powering submarines and aircraft carriers. This segment also involves down blending (processing) government stockpiles of uranium and fabricating fuel for various government uses. It represents a significant portion of the company's overall revenue due to the critical and long-term nature of these defense contracts.
Commercial Operations
BWXT's Commercial Operations segment serves the civilian nuclear industry and other specialized markets. This includes manufacturing components like nuclear steam generators, nuclear fuel, and equipment for the storage of nuclear fuel and waste for commercial power plants. They also supply proprietary valves and fittings to naval and commercial shipping customers, and provide research reactor fuel for educational institutions and national laboratories. Additionally, this segment is involved in producing medical radioisotopes and radiopharmaceuticals used in healthcare, making it a diverse revenue stream for the company.
What management is betting on now
BWXT's management is focused on leveraging its deep expertise in nuclear technology to capitalize on growing demand in both government and commercial sectors. A key priority is expanding its role in supporting naval nuclear propulsion, a stable and critical area of business. They are also looking to grow their commercial nuclear services, including fuel fabrication and components for power plants, as well as advancing their capabilities in medical radioisotopes. This strategy aims to solidify their position as a leader in nuclear solutions while exploring new avenues for growth.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-7.67M
FY2024 Q4
$224.36M
FY2025 Q1
$17.28M
FY2025 Q2
$126.31M
FY2025 Q3
$94.89M
FY2025 Q4
$56.80M
FY2026 Q1
$50.09M
FY2026 Q2
$114.97M
Revenue
$901.62M
Net income
$89.01M
Diluted EPS
0.97
Operating cash flow
$156.40M
Free cash flow
$114.97M
Fetching…
Sources
Revenue
$860.22M
Net income
$91.07M
Diluted EPS
0.99
Operating cash flow
$92.60M
Free cash flow
$50.09M
Fetching…
Sources
Revenue
$885.84M
Net income
$92.99M
Diluted EPS
1.01
Operating cash flow
$127.00M
Free cash flow
$56.80M
Fetching…
Sources
Revenue
$866.29M
Net income
$82.11M
Diluted EPS
0.89
Operating cash flow
$143.16M
Free cash flow
$94.89M
Fetching…
Sources
Revenue
$764.04M
Net income
$78.39M
Diluted EPS
0.85
Operating cash flow
$159.04M
Free cash flow
$126.31M
Fetching…
Sources
Revenue
$682.26M
Net income
$75.46M
Diluted EPS
0.82
Operating cash flow
$50.65M
Free cash flow
$17.28M
Fetching…
Sources
Revenue
$746.27M
Net income
$71.02M
Diluted EPS
0.77
Operating cash flow
$276.88M
Free cash flow
$224.36M
Fetching…
Sources
Revenue
$671.96M
Net income
$69.48M
Diluted EPS
0.76
Operating cash flow
$32.63M
Free cash flow
$-7.67M
Fetching…
Sources
Is it cheap or expensive?
Fair value $114.79 vs current price $135.18
Wall Street consensus is the average analyst price target: $209.44 (82.5% higher than our fair-value estimate).
Our most-likely fair value is $114.79 a share — about 15.1% away from today's price of $135.18, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $1.4B. Interest coverage 7.3x.
Net debt
$1.41B
Interest coverage
7.34x
BWX Technologies, Inc.'s profit covers its interest bill about 7.3 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
BWXT
BASELINE
BWX Technologies, Inc.
Total debt $2.02B Interest coverage 7.34x This is the baseline the peer rows are being compared against.
Total debt $2.94B Interest coverage 5.82x -21% vs BWXT Carries about 1.3x less debt cushion than BWXT.
Total debt $1.15B Interest coverage 14.79x +101% vs BWXT Carries about 2.0x more debt cushion than BWXT.
Total debt $4.21B Interest coverage 7.94x +8% vs BWXT Has roughly the same debt cushion as BWXT.
Total debt $1.38B Interest coverage 10.48x +43% vs BWXT Carries about 1.4x more debt cushion than BWXT.
What you should know
The case for and against BWXT
3 Rewards
3 Risks
Rewards
-
Revenue grew 9.9% last year.
-
Returns 28.3% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Net debt grew 21.3% over 3 years.
-
Operating margin compressed from 13.8% to 10.4% over 3 years.
-
Stock trades 3.4% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
35.02x
Forward P/E
25.82x
P/B
9.28x
P/S
3.52x
EV/EBITDA
28.74x
PEG ratio
1.67x
Profitability
How much profit each dollar creates
Gross margin
22.1%
Operating margin
10.4%
Net margin
10.1%
ROE
28.3%
ROA
5.5%
Health
Liquidity and balance-sheet strength
Debt / equity
1.51x
Current ratio
2.40x
Quick ratio
2.26x
Total debt
$2.02B
Total cash
$608.20M
Growth
How the business has been compounding
Revenue TTM
$3.51B
Revenue 5Y CAGR
10.8%
EPS TTM
3.86
EPS 5Y CAGR
11.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$519.16M
Free CF TTM
$295.29M
FCF margin
8.4%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
26.9%
Last ex-div date
2026-08-18