BWX Technologies vs Curtiss-Wright
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The short version
- Curtiss-Wright is the larger business, with $3.5B of revenue in fiscal 2025 against $3.2B for BWX Technologies.
- BWX Technologies grew revenue faster (18.3%, against 12.1%).
- Curtiss-Wright kept more of each dollar of sales as operating profit (18.1% operating margin, against 12.7%).
- Curtiss-Wright turned more of its sales into free cash flow (15.8% FCF margin, against 9.2%).
- Curtiss-Wright earned a higher return on the capital invested in it (15.9%, against 13.9%).
- Investors pay more for each dollar of BWX Technologies’s earnings: a P/E of 33.0x against 32.0x for Curtiss-Wright.
| Latest fiscal year | BWXT · FY25 | CW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $17.2B |
| Revenue | $3.2B | $3.5B |
| Free cash flow | $295M | $554M |
| Net income | $329M | $484M |
| Growth | ||
| Revenue growth | 18.3% | 12.1% |
| 5-year growth | 8.5% | 7.9% |
| Share count change | 0.0% | −1.9% |
| Profitability | ||
| Gross margin | 22.9% | 37.2% |
| Operating margin | 12.7% | 18.1% |
| Net margin | 10.3% | 13.8% |
| FCF margin | 9.2% | 15.8% |
| Return on capital | 13.9% | 15.9% |
| Return on equity | 28.4% | 19.4% |
| Balance sheet | ||
| Net debt | $1.5B | $587M |
| Net debt / EBITDA | 3.0x | 0.8x |
| Dividends and buybacks | $123M | $500M |
| Valuation & quality | ||
| P/E | 33.0x | 32.0x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
BWXT $1.6B
CW $2.1B
FY17
BWXT $1.7B
CW $2.3B
FY18
BWXT $1.8B
CW $2.4B
FY19
BWXT $1.9B
CW $2.5B
FY20
BWXT $2.1B
CW $2.4B
FY21
BWXT $2.1B
CW $2.5B
FY22
BWXT $2.2B
CW $2.6B
FY23
BWXT $2.5B
CW $2.8B
FY24
BWXT $2.7B
CW $3.1B
FY25
BWXT $3.2B
CW $3.5B
BWXT
CW
Operating margin
FY16
BWXT 15.1%
CW 14.1%
FY17
BWXT 17.3%
CW 14.3%
FY18
BWXT 16.9%
CW 15.5%
FY19
BWXT 17.2%
CW 16.2%
FY20
BWXT 16.9%
CW 12.1%
FY21
BWXT 16.3%
CW 15.1%
FY22
BWXT 15.6%
CW 16.6%
FY23
BWXT 15.4%
CW 17.0%
FY24
BWXT 14.1%
CW 16.9%
FY25
BWXT 12.7%
CW 18.1%
BWXT
CW
Free cash flow
FY16
BWXT $187M
CW $376M
FY17
BWXT $125M
CW $336M
FY18
BWXT $60.0M
CW $283M
FY19
BWXT $97.2M
CW $352M
FY20
BWXT −$58.6M
CW $214M
FY21
BWXT $75.0M
CW $347M
FY22
BWXT $46.4M
CW $257M
FY23
BWXT $212M
CW $403M
FY24
BWXT $255M
CW $483M
FY25
BWXT $295M
CW $554M
BWXT
CW
Return on capital
FY16
BWXT —
CW 11.6%
FY17
BWXT —
CW 13.1%
FY18
BWXT 32.6%
CW 14.9%
FY19
BWXT 24.3%
CW 15.0%
FY20
BWXT 21.5%
CW 9.2%
FY21
BWXT 16.6%
CW 10.6%
FY22
BWXT 14.0%
CW 11.2%
FY23
BWXT 14.4%
CW 12.4%
FY24
BWXT 14.9%
CW 13.4%
FY25
BWXT 13.9%
CW 15.9%
BWXT
CW
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.