BWX Technologies, Inc.BWXT
NYSE•Industrials•Aerospace & Defense
BWX Technologies, Inc. manufactures and sells nuclear components in the United States, Canada, and internationally. The company operates through two segments, Government Operations and Commercial Operations. It manufactures precision naval nuclear components, reactors, and nuclear fuel; close-tolerance and high-quality equipment for nuclear applications; critical nuclear components, fuels and assemblies for government and limited other uses; down blend government stockpiles of uranium; and fabricate fuel-bearing precision components. The company also supplies proprietary and sole-source valves, manifolds, and fittings to naval and commercial shipping customers; research reactor fuel elements for colleges, universities, and national laboratories; and components for defense applications. In addition, it manufactures commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems; and containers for the storage of nuclear fuel and other high-level nuclear waste. Further, the company supplies nuclear fuel, fuel handling systems, tooling delivery systems, nuclear-grade materials and precisely machined components; and manufactures medical radioisotopes, radiopharmaceuticals, and medical devices. Additionally, it provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering; in-plant inspection, maintenance and modification services; and non-destructive examination and tooling/repair solutions. It also offers nuclear power plant lifecycle support and management services. The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.
BWX Technologies, Inc. (BWXT) reported trailing twelve months revenue of $3.38B as of March 2026, a 21.4% increase year-over-year. Quarterly revenue reached $860.22M, reflecting continued top-line momentum.
BWX Technologies, Inc. generated $344.55M in TTM net income, with quarterly EBITDA of $135.70M. The operating margin contracted from 14.2% to 12.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.4%) and net margin (10.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 11.1% a year ago, reflecting increased costs or interest expense.
BWXT trades at a P/E of 51.0x (a premium multiple) and a P/S of 5.2x. The price-to-book ratio of 13.7x indicates a significant premium over book value.
The company generated $50.09M in free cash flow over the trailing twelve months, a 189.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $4.32B in total assets with $2.02B in long-term debt against $1.28B in stockholders equity for a debt-to-equity ratio of 1.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~13.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 26.1% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~29.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.0% — watch for continued compression, which may signal competitive or cost pressure.
FCF consistently trails net income (avg 1.0x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 46.3% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation