# BWX Technologies (BWXT.US)

Canonical: https://gigainvestors.com/s/BWXT

Analysis as of: 2026-10-16T07:27:09.441Z. Financial observations: FY2005–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $137.20 per share; close as of 2026-10-15.

Estimated value: low $53.57 per share, central $68.99 per share, high $79.75 per share. Buy at or below the central value $68.99 per share. Valuation as of 2026-10-16T07:27:09.441Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.17×

- FY2018: 0.17×

- FY2019: 0.17×

- FY2020: 0.17×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.15×

- FY2024: 0.14×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 20.0%

- ROIC, second-lowest year: 15.5%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 26.5%

- Recent gross margin (lower of latest and 3-year median): 22.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 51.6%

- FY2017: 51.4%

- FY2018: 35.6%

- FY2019: 29.5%

- FY2020: 22.3%

- FY2021: 17.8%

- FY2022: 15.5%

- FY2023: 16.6%

- FY2024: 17.4%

- FY2025: 11.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: 9.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 24.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.21×

- FY2022: 0.65×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 51.4% vs 16.6%

- Per-share earnings: 1.47 to 3.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: $12B

- Cumulative retained earnings: $1.6B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.6%

- Per-share value change: $1.60

- Per-share value, starting three-year median: $1.47

- Per-share value, ending three-year median: $3.07

- Buybacks concentrated in cheaper years (correlation): 0.73

- Average buyback yield: 2.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $679M

- Cumulative net income, 10 years: $2.5B

- ROIC, first three-year median: 51.4%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.76

- FY2017: $1.47

- FY2018: $2.27

- FY2019: $2.55

- FY2020: $2.91

- FY2021: $3.24

- FY2022: $2.60

- FY2023: $2.68

- FY2024: $3.07

- FY2025: $3.59

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 5.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -4.3%

- FY2018: 3.5%

- FY2019: -1.8%

- FY2020: 3.6%

- FY2021: -3.2%

- FY2022: -0.2%

- FY2023: -4.3%

- FY2024: -4.4%

- FY2025: -3.5%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Apr 2026 · "BWXT Q3 Deep Dive: Backlog Surges, Margin Pressures Temper Outlook" (finance.yahoo.com, Nov 2025) · sales +18.3%

Story as of 2026-10-16T09:58:26.470Z; price observation 2026-10-15.

Price needs cash profits to grow 13.9% a year for ten years

- 2025-04-09: APTIM and BWX Technologies, Inc. Awarded $1.4 Billion Contract for Strategic Petroleum Reserve ([finance.yahoo.com](https://finance.yahoo.com/news/aptim-bwx-technologies-inc-awarded-170000911.html))

- 2025-05-19: BWXT Q1 Earnings Call: Strong Revenue Beat and Contract Wins Offset Margin Pressures ([finance.yahoo.com](https://finance.yahoo.com/news/bwxt-q1-earnings-call-strong-120819530.html))

- 2025-06-12: BWXT-Led Team Awarded Canadian Nuclear Laboratories Contract from Atomic Energy of Canada Limited ([finance.yahoo.com](https://finance.yahoo.com/news/bwxt-led-team-awarded-canadian-140000782.html))

- 2025-08-13: BWXT Q2 Deep Dive: Government Operations and Nuclear Services Outpace, Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/news/bwxt-q2-deep-dive-government-033548048.html))

- 2025-09-16: BWXT secures $1.5 billion NNSA contract for uranium enrichment program ([seekingalpha.com](https://seekingalpha.com/news/4495472-bwxt-secures-15-billion-nnsa-contract-for-uranium-enrichment-program?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: BWXT Q3 Deep Dive: Backlog Surges, Margin Pressures Temper Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/bwxt-q3-deep-dive-backlog-134559849.html))

### Sales · FY2024–2025

sales +18.3%; source https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm; observed 2026-02-23.

- FY2016: $1.6B 

- FY2017: $1.7B 

- FY2018: $1.8B 

- FY2019: $1.9B 

- FY2020: $2.1B 

- FY2021: $2.1B 

- FY2022: $2.2B 

- FY2023: $2.5B 

- FY2024: $2.7B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 22.9%; source https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm; observed 2026-02-23.

- FY2016: 30.7% 

- FY2017: 30.6% 

- FY2018: 28.0% 

- FY2019: 28.2% 

- FY2020: 27.1% 

- FY2021: 25.9% 

- FY2022: 24.7% 

- FY2023: 24.9% 

- FY2024: 24.2% 

- FY2025: 22.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm (filed 2026-02-23); FY2025: revenue 3198425000; grossProfit 731523999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BWXT.US: 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.

### Why customers stay

Margins ranged from 22.9% to 24.9% during 2023–25; it earns 20% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 24.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 22.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.5161234670996132],[2017,0.5138452444718574],[2018,0.35555878871502933],[2019,0.29506127821135525],[2020,0.22305757738400409],[2021,0.17761156901616001],[2022,0.1551780649560836],[2023,0.16610838154906343],[2024,0.17361526455856793],[2025,0.1193098256756205]]; median 0.20033457320008205. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 25% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm (filed 2026-02-23); Gross margin observations: [[2021,0.2590667745097393],[2022,0.24719034196003822],[2023,0.2486042392989009]]; range within 2 percentage points.

### Where the cash goes

Spends 22.8% of cash earnings on expansion; earns 9.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 2080000; upkeep 50554000; owner earnings 183057000. Growth capex / owner earnings = 0.011362581053988649.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 32366174.466187954; upkeep 64513825.533812046; owner earnings 139887174.46618795. Growth capex / owner earnings = 0.2313734235443519.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 25453849.65258178; upkeep 83884150.34741822; owner earnings 203170849.65258178. Growth capex / owner earnings = 0.12528298078246644.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 21667264.97721252; upkeep 160456735.02278748; owner earnings 145380264.97721252. Growth capex / owner earnings = 0.14903855747276792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 61015736.300800264; upkeep 194011263.69919974; owner earnings 145332736.30080026. Growth capex / owner earnings = 0.4198347726317755.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 182307.7297924757; upkeep 310869692.2702075; owner earnings 64081307.729792476. Growth capex / owner earnings = 0.0028449439665183015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 42096481.50255683; upkeep 156215518.49744317; owner earnings 155817481.50255683. Growth capex / owner earnings = 0.2701653312363803.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 72720000; upkeep 78566000; owner earnings 245849000. Growth capex / owner earnings = 0.2957913190617005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 67785000; upkeep 85862000; owner earnings 281941000. Growth capex / owner earnings = 0.24042264161650842.

- Source: https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm (filed 2026-02-23); FY2025: growth capex 75371000; upkeep 109186000; owner earnings 329861000. Growth capex / owner earnings = 0.22849321380824045.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Incremental return on capital 0.09149434161160835, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,37370000],[2017,42043000],[2018,63821000],[2019,65374000],[2020,72940000],[2021,79668000],[2022,81074000],[2023,84974000],[2024,88349000],[2025,92467000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 30000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BWXT.US SharesStats.PercentInsiders = 0.35500000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.9% yearly over ten years; actual growth was 10.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.18759217543704143. Price 137.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.3175963768706924 → FY2025 3.5910659436089394. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $39.22 per share

- 2016-11: $39.16 per share

- 2016-12: $39.70 per share

- 2017-01: $41.49 per share

- 2017-02: $46.44 per share

- 2017-03: $47.60 per share

- 2017-04: $49.17 per share

- 2017-05: $48.60 per share

- 2017-06: $48.75 per share

- 2017-07: $52.68 per share

- 2017-08: $54.72 per share

- 2017-09: $56.02 per share

- 2017-10: $59.92 per share

- 2017-11: $62.45 per share

- 2017-12: $60.49 per share

- 2018-01: $63.44 per share

- 2018-02: $62.96 per share

- 2018-03: $63.53 per share

- 2018-04: $67.80 per share

- 2018-05: $66.74 per share

- 2018-06: $62.32 per share

- 2018-07: $65.76 per share

- 2018-08: $61.32 per share

- 2018-09: $62.54 per share

- 2018-10: $58.46 per share

- 2018-11: $45.22 per share

- 2018-12: $38.23 per share

- 2019-01: $46.42 per share

- 2019-02: $52.35 per share

- 2019-03: $49.58 per share

- 2019-04: $51.10 per share

- 2019-05: $46.54 per share

- 2019-06: $52.10 per share

- 2019-07: $53.91 per share

- 2019-08: $59.20 per share

- 2019-09: $57.21 per share

- 2019-10: $58.10 per share

- 2019-11: $60.13 per share

- 2019-12: $62.08 per share

- 2020-01: $63.59 per share

- 2020-02: $54.84 per share

- 2020-03: $48.71 per share

- 2020-04: $53.06 per share

- 2020-05: $62.57 per share

- 2020-06: $56.64 per share

- 2020-07: $54.52 per share

- 2020-08: $55.61 per share

- 2020-09: $56.31 per share

- 2020-10: $55.01 per share

- 2020-11: $56.88 per share

- 2020-12: $60.28 per share

- 2021-01: $53.92 per share

- 2021-02: $58.01 per share

- 2021-03: $65.94 per share

- 2021-04: $66.92 per share

- 2021-05: $62.54 per share

- 2021-06: $58.12 per share

- 2021-07: $57.43 per share

- 2021-08: $57.43 per share

- 2021-09: $53.86 per share

- 2021-10: $56.74 per share

- 2021-11: $47.70 per share

- 2021-12: $47.88 per share

- 2022-01: $44.51 per share

- 2022-02: $53.42 per share

- 2022-03: $53.86 per share

- 2022-04: $51.92 per share

- 2022-05: $51.20 per share

- 2022-06: $55.09 per share

- 2022-07: $56.68 per share

- 2022-08: $52.13 per share

- 2022-09: $50.37 per share

- 2022-10: $56.98 per share

- 2022-11: $60.89 per share

- 2022-12: $58.08 per share

- 2023-01: $60.86 per share

- 2023-02: $61.11 per share

- 2023-03: $63.04 per share

- 2023-04: $64.58 per share

- 2023-05: $60.32 per share

- 2023-06: $71.57 per share

- 2023-07: $69.00 per share

- 2023-08: $73.76 per share

- 2023-09: $74.98 per share

- 2023-10: $74.28 per share

- 2023-11: $78.03 per share

- 2023-12: $76.73 per share

- 2024-01: $81.48 per share

- 2024-02: $100.83 per share

- 2024-03: $102.62 per share

- 2024-04: $95.77 per share

- 2024-05: $92.13 per share

- 2024-06: $95.00 per share

- 2024-07: $99.49 per share

- 2024-08: $103.00 per share

- 2024-09: $108.70 per share

- 2024-10: $121.75 per share

- 2024-11: $130.85 per share

- 2024-12: $111.39 per share

- 2025-01: $112.93 per share

- 2025-02: $103.97 per share

- 2025-03: $98.65 per share

- 2025-04: $109.12 per share

- 2025-05: $125.60 per share

- 2025-06: $144.06 per share

- 2025-07: $151.93 per share

- 2025-08: $162.04 per share

- 2025-09: $184.37 per share

- 2025-10: $213.61 per share

- 2025-11: $178.88 per share

- 2025-12: $172.84 per share

- 2026-01: $205.43 per share

- 2026-02: $205.98 per share

- 2026-03: $204.49 per share

- 2026-04: $216.39 per share

- 2026-05: $195.88 per share

- 2026-06: $194.65 per share

- 2026-07: $168.70 per share

- 2026-08: $152.29 per share

- 2026-09: $137.00 per share

- 2026-10: $137.20 per share

## Annual estimated value (USD per share)

- FY2016: low $17.40 per share, central $19.65 per share, high $22.65 per share

- FY2017: low $20.12 per share, central $22.66 per share, high $26.04 per share

- FY2018: low $19.70 per share, central $22.41 per share, high $26.03 per share

- FY2019: low $22.80 per share, central $26.59 per share, high $30.83 per share

- FY2020: low $21.57 per share, central $26.38 per share, high $30.75 per share

- FY2021: low $18.85 per share, central $21.44 per share, high $24.90 per share

- FY2022: low $19.30 per share, central $22.87 per share, high $26.62 per share

- FY2023: low $21.04 per share, central $23.89 per share, high $27.70 per share

- FY2024: low $27.12 per share, central $37.20 per share, high $43.58 per share

- FY2025: low $48.07 per share, central $62.07 per share, high $71.84 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1486957/000148695726000007/bwxt-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.