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BWXT

BWX Technologies, Inc.

BWXT

BWX Technologies, Inc. • NYSE
$178.88 ▲ 0.39% (+0.70)
Market Cap $16.35 B
52w High $218.50
52w Low $84.21
Dividend Yield 1.00%
P/E 53.4
Volume 372.54K
Outstanding Shares 91.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $866.286M ▲ $96.861M ▲ $82.106M ▲ 9.478% ▼ $0.9 ▲ $150.045M ▲
Q2-2025 $764.039M ▲ $88.973M ▲ $78.388M ▲ 10.26% ▼ $0.86 ▲ $136.759M ▲
Q1-2025 $682.258M ▼ $68.563M ▼ $75.526M ▲ 11.07% ▲ $0.82 ▲ $123.723M ▲
Q4-2024 $746.267M ▲ $82.111M ▲ $71.018M ▲ 9.516% ▼ $0.78 ▲ $109.808M ▼
Q3-2024 $671.956M $67.378M $69.483M 10.34% $0.76 $121.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $82.65M ▲ $3.782B ▲ $2.54B ▲ $1.241B ▲
Q2-2025 $36.984M ▼ $3.699B ▲ $2.515B ▲ $1.184B ▲
Q1-2025 $55.435M ▼ $3.054B ▲ $1.954B ▲ $1.1B ▲
Q4-2024 $74.109M ▲ $2.87B ▼ $1.79B ▼ $1.081B ▲
Q3-2024 $35.522M $2.947B $1.889B $1.059B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $82.191M ▲ $143.16M ▼ $-44.413M ▲ $-46.218M ▼ $42.818M ▲ $94.893M ▼
Q2-2025 $78.462M ▲ $159.043M ▲ $-473.13M ▼ $301.035M ▲ $-17.821M ▲ $126.314M ▲
Q1-2025 $75.526M ▲ $50.65M ▼ $-156.35M ▼ $84.791M ▲ $-18.615M ▼ $17.281M ▼
Q4-2024 $71.018M ▲ $276.88M ▲ $-53.636M ▼ $-182.89M ▼ $38.607M ▲ $224.361M ▲
Q3-2024 $69.483M $32.628M $-40.301M $-4.891M $-12.635M $-7.673M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Operations Segment
Commercial Operations Segment
 $150.00M ▲$130.00M ▼$180.00M ▲$250.00M ▲
Government Operations Segment
Government Operations Segment
 $590.00M ▲$560.00M ▼$590.00M ▲$620.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with growth clearly accelerating more recently. Profitability at the operating level has been consistently solid, with margins holding up well despite the higher investment and R&D needs in this type of business. Net income and earnings per share have been more up and down, reflecting one‑off items and timing of contracts, but overall remain healthy rather than deteriorating. In simple terms, the core business looks stable and gradually expanding, with no obvious sign of margin erosion so far.

Balance Sheet

Balance Sheet The balance sheet shows a business that has been adding assets and building its equity base over time. Debt increased earlier in the period but has begun to edge down, which slightly reduces financial risk compared with a few years ago. Cash on hand is relatively modest, which is common for a contract‑driven industrial company, but it does mean BWXT relies on ongoing cash generation and credit access rather than a large cash cushion. Overall, leverage looks manageable and trending in a more conservative direction, but the company is not cash‑rich.

Cash Flow

Cash Flow Operating cash flow has improved over time, moving from more uneven performance to a stronger and more reliable inflow in the most recent years. Free cash flow has historically been pressured by sizable capital spending, particularly during heavier investment years, but has turned meaningfully positive more recently as spending became more measured. This pattern suggests BWXT went through an investment phase and is now starting to harvest more cash from those investments. Still, free cash flow remains sensitive to the timing of large projects and working capital swings tied to government and industrial contracts.

Competitive Edge

Competitive Edge BWXT occupies a highly specialized niche with deep, long‑standing ties to the U.S. defense ecosystem, particularly as a sole‑source provider of nuclear components for naval reactors. The regulatory, technical, and security hurdles in this field are extremely high, which acts as a strong barrier to entry and supports its competitive moat. Large, multi‑year government contracts and a sizable backlog provide visibility on future work, though they also create dependence on defense budgets and policy decisions. Compared with most industrial peers, BWXT is less exposed to broad economic cycles but more exposed to government priorities and nuclear‑specific regulation.

Innovation and R&D

Innovation and R&D The company is investing heavily in next‑generation nuclear technologies, ranging from advanced fuels and microreactors to space nuclear propulsion and medical isotopes. These efforts aim to extend BWXT’s capabilities beyond its traditional naval business into commercial power, remote energy, space applications, and healthcare. The new innovation campus and programs like TRISO fuel, transportable microreactors, and nuclear thermal propulsion highlight a deliberate push to stay at the technological frontier. While these projects could open new long‑term growth avenues, they also carry technical, regulatory, and commercialization risks, and many benefits are likely to be realized over a longer time frame rather than immediately.

Summary

BWXT combines a stable, defense‑anchored core business with a growing portfolio of advanced nuclear initiatives. The income statement shows gradual growth and resilient margins, the balance sheet is strengthening with somewhat lower leverage, and cash generation has improved after a period of heavy investment. Its competitive position is underpinned by unique expertise and high barriers to entry, especially in naval nuclear propulsion, but is closely tied to government funding and regulatory environments. Innovation efforts in microreactors, space nuclear systems, and medical isotopes could diversify and expand the business over time, though they introduce additional execution and policy risk. Overall, BWXT appears to be a mature, strategically important industrial player steadily investing to secure a role in the next wave of nuclear technologies.

NEWS

November 6, 2025 · 6:22 PM UTC

BWXT Announces Toby Smith as General Counsel

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November 6, 2025 · 6:25 AM UTC

BWX Technologies Announces Pricing of Upsized Convertible Senior Notes Offering

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November 5, 2025 · 7:27 AM UTC

BWX Technologies Announces Proposed Convertible Senior Notes Offering

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November 3, 2025 · 4:09 PM UTC

BWX Technologies Reports Third Quarter 2025 Results

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October 30, 2025 · 8:00 AM UTC

BWXT Awarded $174 Million Naval Nuclear Fuel Contract in September

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