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BWX Technologies

BWXT NYSE Aerospace & Defense Financials FY2016–FY2025

BWX Technologies' revenue rose 18.3% to $3.2 billion in fiscal 2025. Its operating margin was 12.7%, down from 14.1% a year earlier. Free cash flow was $295 million, up 15.9%. It paid out $122 million in dividends and buybacks, 41% of free cash flow.

Last close · Oct 23, 2026

$127.19

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
18.3% vs prior year
Operating margin Operating income as a share of revenue.
12.7%
1.4 pts
Net income Profit after all expenses, interest and tax.
$329M
16.7%
Free cash flow Cash from operations minus capital spending.
$295M
15.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.9%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.0x
On $3.86 EPS (TTM)

What BWX Technologies does

No business description yet.

Legal name
BWX TECHNOLOGIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001486957-26-000007
0001486957

Revenue and margins

BWX Technologies had $3.2B of revenue in fiscal 2025, up 18.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $295M in fiscal 2025, 9.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BWX Technologies returned $122M to shareholders in fiscal 2025, 41% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BWX Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.5B and divides by 91.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.0x · peers 39.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably BWX Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $37.7M$39.0M$75.8M$74.1M$500M
Debt incl. finance leases $1.2B$1.3B$1.2B$1.1B$2.0B
Net debt / EBITDA 2.8x3.0x2.5x2.1x3.0x
Debt / equity 1.9x1.7x1.3x1.0x1.6x
Interest coverage 9.7x9.6x8.1x9.6x9.2x
Current ratio 1.7x2.1x2.2x2.0x2.3x
Quick ratio 1.7x2.0x2.1x1.9x2.3x
Total assets $2.5B$2.6B$2.7B$2.9B$4.3B
Total liabilities $1.9B$1.9B$1.8B$1.8B$3.0B
Shareholders' equity $637M$748M$933M$1.1B$1.2B
Net debt (− = net cash) $1.2B$1.2B$1.1B$981M$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.0M

4 insiders

Of sales under plans

87%

$7.8M

DateInsiderTradeSharesPriceValueFiling
Aug 12, 2026 Rex D GevedenPresident and CEO, Director Sold plan 10,000 $172.50 $1.7M Form 4
May 12, 2026 Rex D GevedenPresident and CEO, Director Sold plan 10,000 $204.81 $2.0M Form 4
May 11, 2026 Michael Thomas FitzgeraldSVP & Chief Financial Officer Sold 2,417 $209.25 $0.5M Form 4
Mar 2, 2026 Kevin James GormanVP & Chief Accounting Officer Sold 1,344 $214.71 $0.3M Form 4
Feb 25, 2026 Gerhard F BurbachDirector Sold 1,983 $208.61 $0.4M Form 4
Feb 12, 2026 Rex D GevedenPresident and CEO, Director Sold plan 10,000 $203.26 $2.0M Form 4
Nov 12, 2025 Rex D GevedenPresident and CEO, Director Sold plan 10,000 $197.90 $2.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 97 / 97 / 9
Accruals ratio −4.4%−4.5%−4.2%
Altman Z'' 5.025.164.35

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BWX Technologies BWXT $11.7B 18.3% 12.7% 9.2% 13.9% 33.0x 7
Curtiss-Wright CW $17.2B 12.1% 18.1% 15.8% 15.9% 32.0x 8 Compare →
Axon Enterprise AXON $34.7B 33.5% −2.2% 2.7% −2.2% 174.4x 6 Compare →
Moog MOG-A $11.0B 7.0% 11.7% 3.3% 11.7% 29.0x 7 Compare →
ATI ATI $21.7B 5.2% 14.0% 7.3% 16.7% 46.0x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.7B $1.8B $1.9B $2.1B $2.1B $2.2B $2.5B $2.7B $3.2B
Gross profit $464M $496M $504M $534M $575M $550M $552M $621M $655M $733M
Research and development $6.4M $7.2M $15.2M $17.7M $14.2M $11.1M $9.5M $7.6M $7.5M $13.9M
Operating income $234M $292M $305M $326M $359M $346M $349M $383M $381M $405M
Interest expense $8.4M $14.9M $27.8M $35.3M $31.0M $35.8M $36.4M $47.0M $39.5M $44.2M
Pretax income $257M $296M $280M $314M $362M $396M $314M $321M $349M $398M
Income tax $73.7M $147M $52.8M $69.1M $83.0M $89.4M $75.8M $75.1M $66.4M $68.3M
Net income $183M $148M $227M $244M $279M $306M $238M $246M $282M $329M
Diluted EPS $1.76 $1.47 $2.27 $2.55 $2.91 $3.24 $2.60 $2.68 $3.07 $3.58
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.09B 0.09B 0.09B 0.09B 0.09B
Cash flow
Cash from operations $240M $222M $169M $279M $196M $386M $245M $364M $408M $480M
Capital expenditure $52.6M $96.9M $109M $182M $255M $311M $198M $151M $154M $185M
Free cash flow $187M $125M $60.0M $97.2M −$58.6M $75.0M $46.4M $212M $255M $295M
Depreciation and amortization $50.6M $56.6M $60.1M $61.7M $60.7M $69.1M $73.8M $78.6M $85.9M $109M
Stock-based compensation $15.4M $15.2M $11.9M $12.7M $16.8M $18.6M $14.1M $15.9M $21.7M $26.1M
Acquisitions $118M $0.7M $213M $0.0M $15.9M $0.0M $47.3M $0.0M $0.0M $535M
Share buybacks $293M $0.0M $215M $20.0M $22.0M $226M $20.0M $0.0M $20.0M $30.0M
Dividends paid $37.4M $42.0M $63.8M $65.4M $72.9M $79.7M $81.1M $85.0M $88.3M $92.5M
Dividends and buybacks $330M $42.0M $279M $85.4M $94.9M $305M $101M $85.0M $108M $122M
Balance sheet
Cash and short-term investments $140M $206M $33.5M $92.4M $46.3M $37.7M $39.0M $75.8M $74.1M $500M
Total debt — $481M $754M $824M $863M $1.2B $1.3B $1.2B $1.1B $2.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $694M $873M $542M $630M $774M $774M $772M $818M $930M $1.6B
Current liabilities $440M $528M $377M $405M $530M $460M $368M $375M $474M $672M
Inventory $7.7M $8.6M $16.0M $17.1M $15.0M $16.3M $22.9M $27.4M $40.3M $46.5M
Property and equipment, net $300M $349M $439M $580M $817M $1.0B $1.1B $1.2B $1.3B $1.6B
Total assets $1.6B $1.7B $1.7B $1.9B $2.3B $2.5B $2.6B $2.7B $2.9B $4.3B
Total liabilities $1.4B $1.4B $1.4B $1.5B $1.7B $1.9B $1.9B $1.8B $1.8B $3.0B
Shareholders' equity $150M $285M $236M $404M $618M $637M $748M $933M $1.1B $1.2B
Margins
Gross margin 29.9% 29.4% 28.0% 28.2% 27.1% 25.9% 24.7% 24.9% 24.2% 22.9%
Operating margin 15.1% 17.3% 16.9% 17.2% 16.9% 16.3% 15.6% 15.4% 14.1% 12.7%
EBITDA margin 18.4% 20.7% 20.3% 20.4% 19.7% 19.5% 18.9% 18.5% 17.3% 16.1%
Net margin 11.8% 8.8% 12.6% 12.9% 13.1% 14.4% 10.7% 9.9% 10.4% 10.3%
FCF margin 12.1% 7.4% 3.3% 5.1% −2.8% 3.5% 2.1% 8.5% 9.4% 9.2%
Returns
Return on capital — — 32.6% 24.3% 21.5% 16.6% 14.0% 14.4% 14.9% 13.9%
Return on capital employed 21.7% 25.2% 24.8% 23.4% 21.9% 18.2% 16.2% 16.6% 16.0% 13.5%
Return on equity 88.1% 67.9% 87.1% 76.3% 54.5% 48.8% 34.4% 29.2% 28.0% 28.4%
Return on assets 12.4% 9.0% 13.5% 13.7% 13.3% 12.8% 9.3% 9.2% 10.0% 9.2%
Growth
Revenue growth 9.5% 8.9% 6.7% 5.3% 12.1% 0.0% 5.1% 11.8% 8.3% 18.3%
Net income growth 39.2% −19.2% 53.5% 7.6% 14.2% 9.8% −22.1% 3.2% 14.7% 16.7%
EPS growth 44.3% −16.5% 54.4% 12.3% 14.1% 11.3% −19.8% 3.1% 14.6% 16.6%
FCF growth −29.8% −33.2% −52.1% 62.2% −160.3% — −38.1% 357.9% 19.9% 15.9%
Share count change −3.5% −3.3% −0.4% −4.2% −0.1% −1.3% −3.0% 0.2% −0.0% 0.0%
Financial health
Net debt / EBITDA — 0.8x 2.0x 1.9x 2.0x 2.8x 3.0x 2.5x 2.1x 3.0x
Debt / equity — 1.7x 3.2x 2.0x 1.4x 1.9x 1.7x 1.3x 1.0x 1.6x
Interest coverage 27.9x 19.6x 11.0x 9.2x 11.6x 9.7x 9.6x 8.1x 9.6x 9.2x
Current ratio 1.6x 1.7x 1.4x 1.6x 1.5x 1.7x 2.1x 2.2x 2.0x 2.3x
Quick ratio 1.6x 1.6x 1.4x 1.5x 1.4x 1.7x 2.0x 2.1x 1.9x 2.3x
Capital allocation
Capex / revenue 3.4% 5.7% 6.1% 9.6% 12.0% 14.6% 8.9% 6.1% 5.7% 5.8%
Stock comp / revenue 1.0% 0.9% 0.7% 0.7% 0.8% 0.9% 0.6% 0.6% 0.8% 0.8%
Payouts / FCF 176.4% 33.6% 464.7% 87.8% — 407.4% 217.9% 40.0% 42.5% 41.5%
Quality scores
Piotroski F-score — — 4.0 8.0 4.0 5.0 5.0 7.0 7.0 7.0
Altman Z'' 4.0 4.6 4.4 4.5 4.3 4.4 4.7 5.0 5.2 4.4
Accruals ratio −3.9% −4.5% 3.4% −2.0% 3.9% −3.3% −0.3% −4.4% −4.5% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0001486957). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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