olivLaw · US equity research
BWX Technologies, Inc. BWXT
Engines & Turbines · SIC 3510 · Vertical: Engines & Turbines (SIC 3510)
BWX Technologies is a specialty manufacturer of nuclear components and a developer of nuclear technologies, with major customers in the U.S. Government and the civil nuclear power industry. The company reported second quarter 2026 results ahead of its expectations and raised its guidance for the year, which makes its profile relevant for those following demand for nuclear energy and defense.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BWX Technologies, Inc. (BWXT) stock was 121.50 USD (−7.83% on the day), with market capitalisation 11.1 bn USD, P/E 29.8 on diluted EPS of 4.08 USD over the last 12 months, dividend yield 0.84%, beta 1.33, 52-week range 121.50–238.42 USD. Latest reported quarter (Q3 2026): revenue of 953.0 m USD (+10.0% YoY), net income of 101.7 m USD (+23.9% YoY), diluted EPS 1.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 123.85 – 144.73
- below the lower band · %B -0.11 · band width 15.6%
- SMA 50 / 200
- 142.08 / 183.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.92 / -3.66
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.2% | −1.1% | −9.1 pp | — |
| 3 months | −27.8% | −0.5% | −27.3 pp | — |
| 6 months | −43.5% | +4.4% | −47.9 pp | — |
| Year to date | −29.7% | +12.3% | −42.0 pp | — |
| 1 year | −39.4% | +13.5% | −52.9 pp | −5.2% |
| 3 years | +59.6% | +76.4% | −16.8 pp | +110.5% |
| 5 years | +120.6% | +63.7% | +56.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 746.3 m | 682.3 m | 764.0 m | 866.3 m | 885.8 m | 860.2 m | 901.6 m | 953.0 m |
| Cost of revenue | 571.9 m | 517.1 m | 572.6 m | 677.3 m | 698.6 m | 662.8 m | 699.3 m | 725.8 m |
| Research & development | 2.6 m | 2.0 m | 4.6 m | 3.5 m | 3.8 m | 4.1 m | 4.2 m | 3.8 m |
| SG&A | 90.7 m | 87.6 m | 102.9 m | 93.4 m | 110.5 m | 108.0 m | 108.4 m | 117.2 m |
| Operating income | 92.3 m | 96.6 m | 102.4 m | 113.3 m | 92.1 m | 106.7 m | 114.1 m | 132.1 m |
| Depreciation & amortisation | 22.4 m | 23.9 m | 27.3 m ≈ | 28.5 m ≈ | 29.6 m | 29.0 m | 31.4 m ≈ | 33.5 m ≈ |
| Interest expense | 9.3 m | 8.0 m | 11.7 m | 14.0 m | 10.5 m | 4.7 m | 5.3 m | 5.1 m |
| Pre-tax income | 78.1 m | 91.8 m | 97.8 m | 107.6 m | 101.0 m | 107.3 m | 113.6 m | 131.9 m |
| Income tax | 7.0 m | 16.3 m | 19.3 m | 25.4 m | 7.3 m | 16.1 m | 24.5 m | 29.9 m |
| Net income | 71.0 m | 75.5 m | 78.4 m | 82.1 m | 93.0 m | 91.1 m | 89.0 m | 101.7 m |
| Diluted EPS | 0.77 | 0.82 | 0.85 | 0.89 | 1.01 | 0.99 | 0.97 | 1.11 |
| Operating cash flow | 276.9 m | 50.7 m | 159.0 m ≈ | 143.2 m ≈ | 127.0 m | 92.6 m | 156.4 m ≈ | 202.7 m ≈ |
| Capex | 52.5 m | 33.4 m | 32.7 m ≈ | 48.3 m ≈ | 70.2 m | 42.5 m | 41.4 m ≈ | 52.3 m ≈ |
| Dividends paid | 22.0 m | 23.7 m | 23.1 m ≈ | 22.9 m ≈ | 22.8 m | 25.8 m | 24.7 m ≈ | 24.7 m ≈ |
| Share repurchases | 0 | 30.0 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 60 percentile of its own 40-quarter history (min 14.8, median 26.4, max 55.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.5 bn | 2.7 bn | 3.2 bn |
| Revenue YoY | +6.6% | +5.3% | +12.1% | +0.0% | +5.1% | +11.8% | +8.3% | +18.3% |
| Net income | 227.0 m | 244.1 m | 278.7 m | 305.9 m | 238.2 m | 245.8 m | 281.9 m | 328.9 m |
| Net income YoY | +53.5% | +7.6% | +14.2% | +9.8% | −22.1% | +3.2% | +14.7% | +16.7% |
| Diluted EPS | 2.27 | 2.55 | 2.91 | 3.24 | 2.60 | 2.68 | 3.07 | 3.58 |
| Diluted EPS YoY | +54.4% | +12.3% | +14.1% | +11.3% | −19.8% | +3.1% | +14.6% | +16.6% |
| net % | 12.6% | 12.9% | 13.1% | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% |
| Free cash flow | 60.0 m | 97.2 m | -58.6 m | 75.0 m | 46.4 m | 212.4 m | 254.8 m | 295.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 499.8 m USD
- Financial debt
- 2.0 bn USD
- Net debt
- 1.5 bn USD
- Equity
- 1.2 bn USD
- Total assets
- 4.3 bn USD
- Debt / equity
- 1.64x
- Current ratio
- 2.32x
- ROE
- 28.4%
- ROA
- 9.2%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.1 bn | 2.2 bn | 2.5 bn | 2.7 bn | 3.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 1.5 bn | 1.6 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 575.4 m ≈ | 550.3 m ≈ | 551.9 m ≈ | 620.6 m ≈ | 655.2 m ≈ | 732.9 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 14.2 m | 11.1 m | 9.5 m | 7.6 m | 7.5 m | 13.9 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 231.2 m | 230.4 m | 234.3 m | 279.7 m | 318.7 m | 394.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 358.6 m | 345.8 m | 348.6 m | 383.1 m | 380.6 m | 404.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 60.7 m | 69.1 m | 73.8 m | 78.6 m | 85.9 m | 109.2 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | 419.2 m ≈ | 414.9 m ≈ | 422.4 m ≈ | 461.6 m ≈ | 466.5 m ≈ | 513.6 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 31.0 m | 35.8 m | 36.4 m | 47.0 m | 39.5 m | 44.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 362.2 m | 395.7 m | 314.4 m | 321.4 m | 348.7 m | 398.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 83.0 m | 89.4 m | 75.8 m | 75.1 m | 66.4 m | 68.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | 278.7 m | 305.9 m | 238.2 m | 245.8 m | 281.9 m | 328.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | 2.91 | 3.24 | 2.60 | 2.68 | 3.07 | 3.58 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 95.7 m | 94.5 m | 91.7 m | 91.9 m | 91.9 m | 91.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | 0.76 | 0.84 | 0.88 | 0.92 | 0.96 | 0.96 | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 42.6 m | 33.9 m | 35.2 m | 75.8 m | 74.1 m | 499.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 153.4 m | 70.7 m | 60.8 m | 70.2 m | 99.1 m | 220.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 15.0 m | 16.3 m | 22.9 m | 27.4 m | 40.3 m | 46.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 773.6 m | 773.7 m | 771.6 m | 817.8 m | 930.0 m | 1.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 816.5 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 283.7 m | 285.5 m | 293.2 m | 297.0 m | 287.4 m | 500.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 192.8 m | 185.6 m | 193.6 m | 185.5 m | 165.3 m | 329.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 2.3 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.9 bn | 4.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 184.4 m | 189.8 m | 127.1 m | 126.7 m | 158.1 m | 141.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 0 | 0 | 6.3 m | 6.3 m | 12.5 m | 0 | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 862.7 m | 1.2 bn | 1.3 bn | 1.2 bn | 1.0 bn | 2.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 529.7 m | 459.6 m | 367.9 m | 375.0 m | 474.2 m | 672.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | — | — | — | — | 1.8 bn | 3.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 617.8 m | 637.2 m | 748.4 m | 933.3 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 196.4 m | 386.0 m | 244.7 m | 363.7 m | 408.4 m | 479.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 255.0 m | 311.1 m | 198.3 m | 151.3 m | 153.6 m | 184.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | -58.6 m ≈ | 75.0 m ≈ | 46.4 m ≈ | 212.4 m ≈ | 254.8 m ≈ | 295.3 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -265.3 m | -304.7 m | -256.2 m | -155.6 m | -154.6 m | -742.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 25.0 m | -90.1 m | 14.0 m | -169.4 m | -252.8 m | 693.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | 72.9 m | 79.7 m | 81.1 m | 85.0 m | 88.3 m | 92.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 22.0 m | 225.8 m | 20.0 m | 0 | 20.0 m | 30.0 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet69
- Growth88
- Quality94
- Returns48
- Valuation12
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.62 – 101.70 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)57.56 – 101.70 (Mid 74.26)WACC 8.6% · starting FCFF 393.5 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 33.5%
- Peers: EV/EBITDA22.32 – 81.23 (Mid 46.03)4 companies used · median multiple 10.0x · quartiles 6.2x – 15.7xBC, CEPL, CMI, CYD
- Peers: P/E65.96 – 87.20 (Mid 76.98)3 companies used · median multiple 18.9x · quartiles 16.2x – 21.4xCMI, CYD, PSIX
- Dividend discount (DDM)12.62 – 16.97 (Mid 14.47)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.3% | 87 (on a fixed band) | 10% |
| Net margin · Quality | 10.4% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 99.3% | 99 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 12.7% | 100 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 11.3% | 75 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.6x | 41 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 17.4x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 29.8x | 1 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 22.1x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.3% | 42 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 26.3% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet69/100 · 3/3 factors with a value
- Growth88/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation12/100 · 3/3 factors with a value
Memo
BWX TECHNOLOGIES, INC. (BWXT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 18.3%; net margin 10.4%; ROE 28.2%; net debt/EBITDA 2.6x.
The estimated value range is 39.94–84.22 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 60.15 USD, the price of 121.50 USD leaves a potential of -50.5% (value / price − 1) and a margin of safety of -102.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.3%
- Net margin: 10.4%
- FCF conversion: 99.3%
- Revenue CAGR 3Y: 12.7%
- EPS CAGR 3Y: 11.3%
- Interest coverage: 17.4x
- Current ratio: 1.9x
- Payout ratio (FCF): 26.3%
What contradicts it
- P/E (TTM): 29.8x
- EV/EBITDA: 22.1x
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
Versus the vertical median
Engines & Turbines (SIC 3510) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CMICummins Inc. | 65.0 bn | 23.9 | 23.0% | 8.1% | −1.3% | −5% / +110% |
| BWXTBwx Technologies, Inc. | 11.1 bn | 29.8 | 28.2% | 10.4% | +18.3% | −39% / +60% |
| BCBrunswick Corporation | 5.3 bn | — | -4.8% | -1.5% | +2.4% | +23% / +3% |
| PSIXPower Solutions International, Inc. | 915.0 m | 13.5 | 40.1% | 10.0% | +51.8% | −27% / +1,317% |
| CYDChina Yuchai International Limited | 807.0 m | 18.9 | 3.5% | 1.7% | +5.0% | −40% / +136% |
| CEPLCapstone Energy Plus, Inc. | 50.4 m | — | — | 3.5% | +23.9% | unavailable / unavailable |
| WPRTWestport Fuel Systems Inc. | 33.0 m | — | -59.9% | -264.3% | −42.7% | −5% / −63% |
1- and 3-year price returns: for BWXT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 77.95 Total return -35% · Per year -35% | 137.31 Total return 14% · Per year 14% | 206.14 Total return 71% · Per year 71% |
| 3 years | 88.68 Total return -25% · Per year -9% | 174.49 Total return 47% · Per year 14% | 285.70 Total return 139% · Per year 34% |
| 5 years | 100.89 Total return -13% · Per year -3% | 221.72 Total return 89% · Per year 14% | 395.97 Total return 234% · Per year 27% |
- Exit P/E± 43.62
- Net margin± 30.54
- Annual revenue growth± 23.23
- Annual dilution± 2.57
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
BWX Technologies is a specialty manufacturer of nuclear components and a developer of nuclear technologies, with major customers in the U.S. Government and the civil nuclear power industry. The company reported second quarter 2026 results ahead of its expectations and raised its guidance for the year, which makes its profile relevant for those following demand for nuclear energy and defense 3.
SWOT
Strengths
- The company holds a consolidated position in nuclear components for the U.S. naval fleet, with high entry barriers 1.
- A high and growing backlog gives visibility over future revenue for several years 1.
- The commercial segment showed solid growth in the second quarter of 2026, supported by acquisitions and services 3.
Weaknesses
Opportunities
- The sale of the medical business could allow resources to focus on defense and civil nuclear power 3.
- The Precision Components Group acquisition could expand the U.S. footprint in commercial nuclear component manufacturing 3.
- If demand for new reactors and nuclear solutions grows, the company could leverage its advanced design work 1.
Risks
- Dependence on government fundinghigh
Government contracts make up a major part of revenue, and funding can be delayed or reduced 1.
- Shutdowns and continuing resolutionsmedium
Budget delays can postpone new awards and affect programs in progress 1.
- Fixed-price contractsmedium
Unforeseen costs can reduce profitability or produce losses on large projects 1.
- Tariffs and Canadian exposuremedium
Trade measures could raise costs and limit sales to U.S. customers 1.
- Operational and security riskslow
Cyber threats and other disruptions could affect production and contracts 1.
Investment thesis
What would need to be true (bull case)
- If naval programs and demand for nuclear energy remain funded, the high backlog could support revenue over several years 13.
- Recent acquisitions and a focus on core segments could improve margins and cash flow in the commercial segment 3.
- The raised 2026 guidance shows that first-half execution ran ahead of expectations, if the trend continues 3.
What would break the thesis
What to watch
- Revenue and adjusted EBITDA trend against the raised guidanceQ3 2026
- Integration of Precision Components Group and its contribution to revenue2026
- Timing of the completion of the medical business sale2026
- Status of the federal budget and upcoming continuing resolutions or shutdown risk2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
The company reports two segments: Government Operations and Commercial Operations 1. It has expanded through acquisitions, including Aerojet Ordnance Tennessee, completed January 3, 2025 and reported in Government Operations, and Kinectrics, completed May 20, 2025 and reported in Commercial Operations 1. In the second quarter of 2026, management announced the sale of its medical business and closed the acquisition of Precision Components Group on July 1, 2026 3.
Market context
The market BWX Technologies serves is shaped by capital-intensive nuclear industries, large contracts and high entry barriers, including the technical and regulatory requirements for nuclear components 1. The company relies heavily on public funding for defense and energy, so the market depends on budget cycles and congressional appropriations 1. Civil demand for nuclear energy and medical isotopes complements this base but remains sensitive to the economy and energy policy 1.
Guidance for 2026 was raised to revenue of about 3,800 million dollars and adjusted EBITDA between 662 and 672 million dollars 3. Management links this revision to first-half performance and the contribution of Precision Components Group 3. The company notes that demand and results can vary materially with government funding, economic conditions and contracts in progress 1.
Trends
- Demand for nuclear energytailwind
Management says demand for new nuclear solutions is remarkably deep and broad, which could support growth in the commercial segment 3. If investment in nuclear capacity continues, the company could benefit from larger orders for components and services.
- U.S. budget uncertaintyheadwind
The company warns that continuing resolutions, the debt ceiling and possible government shutdowns can delay new awards or payments 1. It notes that federal spending reductions could affect government programs and suppliers 1.
- Tariffs and trade with Canadamixed
Canadian operations are important, and tariffs or trade measures could raise costs and reduce product competitiveness 1. They could also weigh on margins if costs cannot be passed on to customers.
Competitive position
In the government segment, competition is limited by technical, regulatory and security requirements, and the main bases of competition are experience, past performance and technical capabilities 1. Competitors named in the report include engineering and contracting firms working on government contracts and federal sites 1.
In the commercial segment, contracts are usually awarded through competitive bidding, where price, equipment availability and reputation matter 1. The company relies on its heavy component manufacturing capacity in North America and on lifecycle services for nuclear plants 1.
- Bechtel National, Inc.
Competitor in delivering goods and services to the government and operating federal facilities 1.
- Amentum Environment & Energy, Inc.
Competitor in operating government facilities and environmental remediation for federal nuclear sites 1.
- Fluor CorporationFLR
Competitor in government contracts and in operating facilities for the U.S. Government 1.
- Westinghouse Electric Corporation
Competitor in the nuclear field, named among the company's principal competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- BWX Technologies (BWXT) Wins $4 Million Y-12 Design Contract. Could Construction Follow?Yahoo Finance — News · 22 Sept 2026 · EN
- Jim Cramer Picks Nokia as AI Supercycle Winner While Dumping on BWX Technologies’ 30x MultipleYahoo Finance — News · 17 Sept 2026 · EN
- BWX Technologies Already Builds Reactors for the Navy. Why Is It Still the Cheapest Nuclear Stock?Yahoo Finance — News · 06 Sept 2026 · EN
- Expansion of Commercial Operations in Focus for BWX Technologies (BWXT)Yahoo Finance — News · 05 Sept 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Current report03 Nov 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 May 2026Shareholder vote
- Quarterly report04 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Proxy statement18 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BWX Technologies, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BWX Technologies, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BWX Technologies, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.