ATI vs BWX Technologies
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The short version
- ATI is the larger business, with $4.6B of revenue in fiscal 2025 against $3.2B for BWX Technologies.
- BWX Technologies grew revenue faster (18.3%, against 5.2%).
- ATI kept more of each dollar of sales as operating profit (14.0% operating margin, against 12.7%).
- BWX Technologies turned more of its sales into free cash flow (9.2% FCF margin, against 7.3%).
- ATI earned a higher return on the capital invested in it (16.7%, against 13.9%).
- Investors pay more for each dollar of ATI’s earnings: a P/E of 46.0x against 33.0x for BWX Technologies.
| Latest fiscal year | ATI · FY25 | BWXT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.7B | $11.7B |
| Revenue | $4.6B | $3.2B |
| Free cash flow | $334M | $295M |
| Net income | $404M | $329M |
| Growth | ||
| Revenue growth | 5.2% | 18.3% |
| 5-year growth | 9.0% | 8.5% |
| Share count change | −3.3% | 0.0% |
| Profitability | ||
| Gross margin | 22.0% | 22.9% |
| Operating margin | 14.0% | 12.7% |
| Net margin | 8.8% | 10.3% |
| FCF margin | 7.3% | 9.2% |
| Return on capital | 16.7% | 13.9% |
| Return on equity | 22.1% | 28.4% |
| Balance sheet | ||
| Net debt | $1.3B | $1.5B |
| Net debt / EBITDA | 1.6x | 3.0x |
| Dividends and buybacks | $470M | $123M |
| Valuation & quality | ||
| P/E | 46.0x | 33.0x |
| Piotroski F-score | 9 | 7 |
Revenue
FY16
ATI $3.1B
BWXT $1.6B
FY17
ATI $3.5B
BWXT $1.7B
FY18
ATI $4.0B
BWXT $1.8B
FY19
ATI $4.1B
BWXT $1.9B
FY20
ATI $3.0B
BWXT $2.1B
FY21
ATI $2.8B
BWXT $2.1B
FY22
ATI $3.8B
BWXT $2.2B
FY23
ATI $4.2B
BWXT $2.5B
FY24
ATI $4.4B
BWXT $2.7B
FY25
ATI $4.6B
BWXT $3.2B
ATI
BWXT
Operating margin
FY16
ATI −17.3%
BWXT 15.1%
FY17
ATI 3.8%
BWXT 17.3%
FY18
ATI 9.0%
BWXT 16.9%
FY19
ATI 8.9%
BWXT 17.2%
FY20
ATI −43.7%
BWXT 16.9%
FY21
ATI 4.2%
BWXT 16.3%
FY22
ATI 7.5%
BWXT 15.6%
FY23
ATI 11.2%
BWXT 15.4%
FY24
ATI 14.0%
BWXT 14.1%
FY25
ATI 14.0%
BWXT 12.7%
ATI
BWXT
Free cash flow
FY16
ATI −$246M
BWXT $187M
FY17
ATI −$100M
BWXT $125M
FY18
ATI $254M
BWXT $60.0M
FY19
ATI $61.9M
BWXT $97.2M
FY20
ATI $30.4M
BWXT −$58.6M
FY21
ATI −$137M
BWXT $75.0M
FY22
ATI $94.0M
BWXT $46.4M
FY23
ATI −$115M
BWXT $212M
FY24
ATI $168M
BWXT $255M
FY25
ATI $334M
BWXT $295M
ATI
BWXT
Return on capital
FY16
ATI −13.1%
BWXT —
FY17
ATI 3.4%
BWXT —
FY18
ATI 10.9%
BWXT 32.6%
FY19
ATI 11.8%
BWXT 24.3%
FY20
ATI −44.4%
BWXT 21.5%
FY21
ATI 3.5%
BWXT 16.6%
FY22
ATI 12.6%
BWXT 14.0%
FY23
ATI 18.1%
BWXT 14.4%
FY24
ATI 16.4%
BWXT 14.9%
FY25
ATI 16.7%
BWXT 13.9%
ATI
BWXT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.