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BWX Technologies, Inc. (BWXT) stock

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NYSE: BWXT NYSE Aerospace & Defense Next results ~February 22, 2027

C+ Fundamentals grade

BWX Technologies, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$97–$180 across our lower- and higher-growth cases (11.1%–21.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 2% below our base value.

Price used: $130.47, November 2, 2026

BWX Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter BWX Technologies files

10-Q filed November 2: BWX Technologies

Model value −3.5%

BWX Technologies grew revenue to $3.60bn over the twelve months to September 2026, a 17.7% rise on the year, though the pace cooled from 22.7% growth the quarter before. Margins told a weaker story: free-cash-flow margin slipped to 10.3%, down from 15.1% a year earlier. Our model value has eased accordingly, from $140 to $135 a share, while the stock trades at $131. Hold remains the rating. At the current price, the market appears to be pricing in cash-flow growth of around 14.6% a year over the next five years, well ahead of the 11.1% a year revenue growth the company has actually delivered, leaving little margin for disappointment on execution.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where BWX Technologies stands after its latest 10-Q/A

Revenue for the twelve months to June 2026 was $3.51bn, up 22.7% on a year earlier, faster than 21.4% a quarter earlier. That growth ranks 151 of 931 among all the companies we cover. Free-cash-flow margin fell to 9.0% from 12.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $138 a share, against a share price of $135. At that price, our model says the market is pricing in about 18.2% a year of cash-flow growth for five years, faster than the 10.6% a year revenue growth it has delivered.

10-Q/A on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 22, 2027 (estimated)

BWX Technologies, Inc.'s trailing-twelve-month revenue grew 17.7% year on year, with a free-cash-flow margin of 10.3%. Where it stands out: days sales outstanding of 17 days ranks 4 of 45 aerospace & defense companies we cover. Where it lags: long-term debt as % of assets of 42.5% ranks 45 of 47 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$97–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 19.6% while net income grew 22.1%: a 42pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.7% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 1.9 against the S&P 500.
  • Growth easing. The growth rate is 5.0 points lower than a quarter earlier.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 42.5% ranks 45 of 47 aerospace & defense companies we cover (median 22.1%).
  • Below peers: change in growth rate. Change in growth rate of -5.0pp ranks 47 of 57 aerospace & defense companies we cover (median +2.2pp).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$1.26 against an average estimate of $1.19: beat by 5.7%
Revenue
$953m, up 10.0% on a year earlier
Guidance given
revenue $3,800m (Year Ending December 31, 2026); adjusted EBITDA $662m to $672m (2026)
Next report
November 2, 2026; average EPS estimate $1.36

BWX Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week-0.6%
  • 1 month-3.3%
  • This year-24.2%
  • 1 year-38.6%
  • 5 years+151.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.6B
Operating margin
12.4%
Net margin
10.4%
EPS (TTM, diluted)
$4.07

Growth

Revenue growth
+17.7%
Change in growth rate
−5.0 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$372M
FCF margin
10.3%
Stock pay % of revenue
1.0%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Partnership
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Partnership
  9. Leadership
  10. Announcement
  11. Announcement
  12. Insider trade
  13. Results
  14. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

BWX Technologies, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 14.7% a year of cash-flow growth for five years.That is close to the 11.1% a year revenue growth BWX Technologies has delivered.

  • Priced in14.7%
  • Last 12 months17.7%
  • 3 years a year14.6%
  • 5 years a year11.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($131.66, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$131.66close November 3, 2026
Implied change
▲ +2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of BWX Technologies, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($402M, FY2026 Q3 TTM), growing 13.8% and 13.6% in the next two years (forecasts, guidance and its record), then back to 16.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$97–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of BWX Technologies, Inc.'s free cash flow after stock-based pay ( $402M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value BWX Technologies, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$97–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$100–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$80 ~$61–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$62 ~$55–$73 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$62–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BWX Technologies, Inc. with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▼ −33%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $46$69$99$138$189$256
8.5% $31$48$69$97$134$181
10% $22$35$52$73$101$137

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$28.15$35.53$54.56$34.86$57.34$56.46$45.51$56.11$75.11$110.06$172.10$130.47
Market value$3.0bn$3.7bn$5.5bn$3.5bn$5.5bn$5.4bn$4.3bn$5.1bn$6.9bn$10.1bn$15.8bn$12.0bn
+ Net debt (− = net cash)$145m$399m$306m$738m$738m$820m$1.2bn$1.3bn$1.1bn$981m$1.5bn$1.5bn
Enterprise value$3.2bn$4.1bn$5.8bn$4.2bn$6.2bn$6.2bn$5.5bn$6.4bn$8.0bn$11.1bn$17.3bn$13.5bn
Multiples
Price / sales 2.1x2.4x3.2x1.9x2.9x2.5x2.0x2.3x2.8x3.7x4.9x3.3x
Price / earnings 23.0x20.2x37.0x15.4x22.5x19.4x14.1x21.6x28.1x35.9x48.1x32.0x
Price / free cash flow 11.3x19.7x43.8x58.2x56.5x—57.4x110.9x32.5x39.7x53.5x32.2x
EV / EBITDA 11.2x14.3x16.6x11.6x16.1x14.8x13.2x15.1x17.4x23.8x33.7x23.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard BWX Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.2% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 25.5%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.6%; its worst year was 12.4%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.5% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.74 +18% $3.8bn +19%
Next $5.23 +10% $4.2bn +9%

Next year's EPS estimate has moved −0.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 1 analyst raised BWX Technologies, Inc.'s forecast and 0 cut it.

Consensus EPS forecast BWX Technologies, Inc., last 90 days
$4.60 $4.80 $5.00 $5.20 $5.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.71 Current fiscal year, 60 days ago: $4.74 Current fiscal year, 30 days ago: $4.74 Current fiscal year, 7 days ago: $4.74 Current fiscal year, Now: $4.74 $4.74 Next fiscal year, 90 days ago: $5.24 Next fiscal year, 60 days ago: $5.26 Next fiscal year, 30 days ago: $5.23 Next fiscal year, 7 days ago: $5.23 Next fiscal year, Now: $5.23 $5.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.71$5.24
60 days ago $4.74$5.26
30 days ago $4.74$5.23
7 days ago $4.74$5.23
Now $4.74$5.23

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.19 $1.26 +5.7%
Jun 2026 $1.04 $1.07 +2.7%
Mar 2026 $0.93 $1.12 +21.0%
Dec 2025 $0.88 $1.08 +22.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Revenue Year Ending December 31, 2026 about $3,800m Raised
    “Revenue $3,198 ~$3,800 >$3,750” source
  • non-GAAP EPS 2026 $4.70 to $4.80 Non-GAAP Raised
    “Raising adjusted EBITDA (1) guidance to $662 million-$672 million, non-GAAP EPS (1) guidance to $4.70-$4.80, and free cash flow (1) guidance to $345 million-$360 million” source
  • adjusted EBITDA 2026 $662m to $672m Non-GAAP Raised
    “Raising adjusted EBITDA (1) guidance to $662 million-$672 million, non-GAAP EPS (1) guidance to $4.70-$4.80, and free cash flow (1) guidance to $345 million-$360 million” source
  • free cash flow 2026 $345m to $360m Non-GAAP Raised
    “Raising adjusted EBITDA (1) guidance to $662 million-$672 million, non-GAAP EPS (1) guidance to $4.70-$4.80, and free cash flow (1) guidance to $345 million-$360 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows BWX Technologies, Inc.'s revenue by +13.8% next year and +13.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.1%, weight 56%) , management guidance (+12.6%, weight 19%) and the company's own record (+16.1%, weight 25%) . How the weights are set.

Analyst recommendations

18 analysts, Nov 2026
Buy1478%
Hold422%
Sell00%

Monthly trend

  1. Nov 2026311418
  2. Oct 2026311418
  3. Sep 2026311418
  4. Aug 202639416

Counts of recommendations published by analysts covering BWX Technologies, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.6%
of tradable shares
Days to cover
2.62
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.4%
of shares
Employees
11,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −38.6%

$212.39 on October 31, 2025 to $130.47

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.5bn +22.7%
Net margin 10.3% 10.1% −1.6%
P/E multiple 66.3x 33.8x −49.0%
Share count 92m 92m −0.1%

Biggest factor: p/e multiple.

Last 3 years +75.6%

$74.30 on November 3, 2023 to $130.47

ThenNowEffect
Revenue (last 12 months) $2.3bn $3.5bn +50.9%
Net margin 9.6% 10.1% +5.0%
P/E multiple 30.4x 33.8x +11.1%
Share count 92m 92m −0.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BWXT−19%+23%+34%+47%+56%−24%
Industry peers (median)−4%−11%+13%+22%+16%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BWXT50%50%67%75%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BWXT−31%−18%−10%−17%−30%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from April 20, 2018 to December 24, 2018. Getting back needed a 91% gain, reached on February 19, 2020, 422 days after the low.

Price behaviour

52-week range
$127.19 – $237.73
From 52-week high
−45.1%
vs 50-day average
−8.8%
vs 200-day average
−29.1%
Volatility (1 year)
45%
Beta vs S&P 500
1.95

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±6.5%
After a week
7 up, 4 down
typical move ±6.4%
After a month
6 up, 5 down
typical move ±8.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +2.2% +3.3% +0.1% −4.1%
May 4, 2026 −4.7% +0.4% −2.5% −14.5%
February 23, 2026 −1.1% −0.3% +4.9% −0.7%
November 3, 2025 −6.2% −1.0% −6.9% −18.1%
August 4, 2025 +21.7% +1.0% +19.0% +7.8%
May 5, 2025 −4.0% −1.4% −4.9% +14.7%
February 24, 2025 +2.7% −1.0% +0.1% +3.6%
November 4, 2024 −4.6% +1.0% +3.2% +6.7%
August 5, 2024 −1.2% −2.0% +3.0% +4.8%
May 6, 2024 −10.6% +1.1% −8.9% −6.6%
February 27, 2024 +12.1% +0.1% +16.6% +13.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How BWX Technologies, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

BWX Technologies, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BWX Technologies, Inc.
$2B $2.5B $3B $3.5B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.8B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.4B Revenue (TTM), FY26 Q2: $3.5B Revenue (TTM), FY26 Q3: $3.6B $3.6B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.5B
FY24 Q2 $2.6B
FY24 Q3 $2.7B
FY24 Q4 $2.7B
FY25 Q1 $2.8B
FY25 Q2 $2.9B
FY25 Q3 $3.1B
FY25 Q4 $3.2B
FY26 Q1 $3.4B
FY26 Q2 $3.5B
FY26 Q3 $3.6B
Revenue growth, TTM YoY BWX Technologies, Inc.
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.8% Revenue growth, TTM YoY, FY24 Q1: 11.5% Revenue growth, TTM YoY, FY24 Q2: 11.7% Revenue growth, TTM YoY, FY24 Q3: 12.0% Revenue growth, TTM YoY, FY24 Q4: 8.3% Revenue growth, TTM YoY, FY25 Q1: 9.9% Revenue growth, TTM YoY, FY25 Q2: 10.1% Revenue growth, TTM YoY, FY25 Q3: 14.0% Revenue growth, TTM YoY, FY25 Q4: 18.3% Revenue growth, TTM YoY, FY26 Q1: 21.4% Revenue growth, TTM YoY, FY26 Q2: 22.7% Revenue growth, TTM YoY, FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.8%
FY24 Q1 11.5%
FY24 Q2 11.7%
FY24 Q3 12.0%
FY24 Q4 8.3%
FY25 Q1 9.9%
FY25 Q2 10.1%
FY25 Q3 14.0%
FY25 Q4 18.3%
FY26 Q1 21.4%
FY26 Q2 22.7%
FY26 Q3 17.7%
Operating margin (TTM) BWX Technologies, Inc.
12% 13% 14% 15% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.3% Operating margin (TTM), FY24 Q1: 15.3% Operating margin (TTM), FY24 Q2: 15.4% Operating margin (TTM), FY24 Q3: 15.3% Operating margin (TTM), FY24 Q4: 14.1% Operating margin (TTM), FY25 Q1: 13.8% Operating margin (TTM), FY25 Q2: 13.5% Operating margin (TTM), FY25 Q3: 13.2% Operating margin (TTM), FY25 Q4: 12.6% Operating margin (TTM), FY26 Q1: 12.3% Operating margin (TTM), FY26 Q2: 12.1% Operating margin (TTM), FY26 Q3: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.3%
FY24 Q1 15.3%
FY24 Q2 15.4%
FY24 Q3 15.3%
FY24 Q4 14.1%
FY25 Q1 13.8%
FY25 Q2 13.5%
FY25 Q3 13.2%
FY25 Q4 12.6%
FY26 Q1 12.3%
FY26 Q2 12.1%
FY26 Q3 12.4%
FCF margin (TTM) BWX Technologies, Inc.
6% 8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.5% FCF margin (TTM), FY24 Q1: 10.2% FCF margin (TTM), FY24 Q2: 9.7% FCF margin (TTM), FY24 Q3: 7.5% FCF margin (TTM), FY24 Q4: 9.4% FCF margin (TTM), FY25 Q1: 9.7% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 9.2% FCF margin (TTM), FY26 Q1: 9.7% FCF margin (TTM), FY26 Q2: 9.0% FCF margin (TTM), FY26 Q3: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.5%
FY24 Q1 10.2%
FY24 Q2 9.7%
FY24 Q3 7.5%
FY24 Q4 9.4%
FY25 Q1 9.7%
FY25 Q2 12.6%
FY25 Q3 15.1%
FY25 Q4 9.2%
FY26 Q1 9.7%
FY26 Q2 9.0%
FY26 Q3 10.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,855 2,689 2,952 3,291 1,547 1,451 1,416 1,551 1,688 1,800 1,895 2,124 2,124 2,233 2,496 2,704 3,198 3,601
Gross profit 673 656 568 830 534 298 388 464 496 504 534 575 550 552 621 655 733 814
EBITDA 342 320 169 416 377 131 285 285 349 365 387 419 415 422 462 466 514 568
Operating income 270 249 96 347 307 25 206 234 292 305 326 359 346 349 383 381 404 445
Net income 148 140 78 228 346 29 131 183 148 227 244 279 306 238 246 282 329 375
Diluted EPS $1.26 $1.19 $0.66 $1.91 $3.07 $0.27 $1.22 $1.76 $1.47 $2.27 $2.55 $2.91 $3.24 $2.60 $2.68 $3.07 $3.58 $4.07
Growth (year on year)
Revenue — −5.8% +9.8% +11.5% −53.0% −6.2% −2.4% +9.5% +8.8% +6.6% +5.3% +12.1% +0.0% +5.1% +11.8% +8.3% +18.3% +17.7%
EBITDA — −6.4% −47.4% +146.8% −9.3% −65.3% +117.4% +0.1% +22.4% +4.7% +6.1% +8.3% −1.0% +1.8% +9.3% +1.0% +10.1% +12.2%
Operating income — −7.7% −61.6% +262.3% −11.4% −91.8% — +13.8% +24.7% +4.4% +6.7% +10.1% −3.5% +0.8% +9.9% −0.6% +6.3% +10.0%
Net income — −5.3% −44.0% +190.7% +52.0% −91.5% +347.3% +39.2% −19.2% +53.5% +7.6% +14.2% +9.8% −22.1% +3.2% +14.7% +16.7% +22.1%
Diluted EPS — −5.6% −44.5% +189.4% +60.7% −91.2% +351.9% +44.3% −16.5% +54.4% +12.3% +14.1% +11.3% −19.8% +3.1% +14.6% +16.6% +21.9%
Margins
Gross margin 23.6% 24.4% 19.2% 25.2% 34.5% 20.5% 27.4% 29.9% 29.4% 28.0% 28.2% 27.1% 25.9% 24.7% 24.9% 24.2% 22.9% 22.6%
EBITDA margin 12.0% 11.9% 5.7% 12.6% 24.4% 9.0% 20.1% 18.4% 20.7% 20.3% 20.4% 19.7% 19.5% 18.9% 18.5% 17.3% 16.1% 15.8%
Operating margin 9.4% 9.3% 3.2% 10.5% 19.8% 1.7% 14.5% 15.1% 17.3% 16.9% 17.2% 16.9% 16.3% 15.6% 15.3% 14.1% 12.6% 12.4%
Net margin 5.2% 5.2% 2.7% 6.9% 22.4% 2.0% 9.3% 11.8% 8.8% 12.6% 12.9% 13.1% 14.4% 10.7% 9.8% 10.4% 10.3% 10.4%
Free-cash-flow margin 5.6% 4.8% 3.7% 3.0% 4.7% −0.1% 18.8% 12.1% 7.4% 3.3% 5.1% −2.8% 3.5% 2.1% 8.5% 9.4% 9.2% 10.3%
Cash flow
Cash from operations 253 192 174 185 138 75 335 240 222 169 279 196 386 245 364 408 480 579
Capital spending 94 64 64 87 65 76 68 53 97 109 182 255 311 198 151 154 185 206
Free cash flow 159 129 110 98 73 −1 267 187 125 60 97 −59 75 46 212 255 295 372
Stock-based pay 26 16 18 32 29 23 32 15 15 12 13 17 19 14 16 22 26 35
Free cash flow after stock pay 133 112 92 66 44 −25 235 172 110 48 85 −75 56 32 197 233 269 337
Balance sheet
Cash 469 391 415 384 346 124 155 126 203 30 87 43 34 35 76 74 500 569
Total debt 0 7 5 5 5 318 300 525 509 768 824 863 1,189 1,289 1,210 1,055 2,016 2,022
Net debt (negative = net cash) −469 −384 −410 −379 −341 195 145 399 306 738 738 820 1,155 1,254 1,134 981 1,516 1,453
Diluted shares 117m 118m 118m 119m 113m 109m 108m 104m 100m 100m 96m 96m 95m 92m 92m 92m 92m 92m
Returned to shareholders
Dividends — — — 9 38 43 34 37 42 64 65 73 80 81 85 88 92 98
Buybacks — — — 97 157 150 70 293 0 215 20 22 226 20 0 20 30 0
Total returned — — — 106 195 193 104 330 42 279 85 95 305 101 85 108 122 98

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $4.8bn
Short-term assets $1.8bnLonger-term assets $3.0bn
What it owes, and who funded it · $4.8bn
Short-term liabilities $961mLonger-term liabilities $2.4bnShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $961m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $2.4bn of longer-dated liabilities.
  • More cash than debt $569m of cash against $2.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 143% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 197% to 143% over five years.
  • A year's operating cash flow covers at least 20% of debt $579m of operating cash flow against $2.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $445m against $26m of interest.

From BWX Technologies, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$97.9M
Returned to shareholders
26%
of free cash flow
Buybacks, last 3 fiscal years
$50M
Diluted share count
+0.2%
year over year
Total shareholder yield
0.8%
dividends 0.8% + buybacks 0.0% of market value
Dividend payout ratio
26%
of net income paid out
R&D spending
0.4%
of revenue
Sales & admin spending
12.3%
of revenue
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated BWXT CAE CW AIR DRS AXON Median
Revenue, last 12 months $3.6bn $3.6bn $3.7bn $3.5bn $3.9bn $3.2bn $769m
Revenue growth, last 12 months 17.7% 5.0% 10.5% 22.0% 8.9% 34.6% 15.5%
Revenue growth, 3-year average 14.6% — 10.3% 18.5% 12.6% 33.2% 12.6%
Revenue growth, latest quarter 10.0% — 5.4% 24.1% 11.0% 35.3% 15.8%
Gross margin 22.6% 28.3% 37.7% 19.1% 25.3% 59.4% 27.8%
Operating margin 12.4% 12.5% 18.8% — 10.8% 0.7% 9.0%
Operating margin, 3-year average 13.6% 12.4% 17.9% — 9.7% 3.0% 6.0%
Net margin 10.4% 6.4% 14.8% 5.5% 9.4% 6.2% 5.5%
Cash from operations / revenue 16.1% 16.1% 19.7% 5.7% 12.6% 8.3% 5.5%
Free-cash-flow margin 10.3% 10.3% 17.1% 4.6% 8.9% 4.1% 3.4%
Free-cash-flow margin, 3-year average 11.0% 7.6% 15.8% 1.4% 8.2% 7.6% 3.0%
Stock pay / revenue 1.0% 0.7% 0.7% 0.6% 0.2% 19.7% 1.2%
Change in share count 0.2% 0.8% −2.2% 9.8% −0.0% 2.4% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 17.7% 15.5% 22 of 57
Change in growth rate Growth -5.0pp +2.2pp 47 of 57
Gross margin Profitability 22.6% 28.3% 33 of 46
Operating margin Profitability 12.4% 8.5% 14 of 51
Net margin Profitability 10.4% 5.5% 12 of 57
Free-cash-flow margin Cash generation 10.3% 3.4% 14 of 57
Stock pay as % of revenue Cash generation 1.0% 1.5% 26 of 53
Long-term debt as % of assets Balance sheet 42.5% 22.1% 45 of 47
Change in share count Balance sheet 0.2% 2.4% 18 of 51
Days sales outstanding Balance sheet 17 days 53 days 4 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $2.4B 75.9% ▲ 9.0%
Canada $689M 21.5% ▲ 59.7%
Other Geographic Location $83.2M 2.6% ▲ 82.7%

From BWX Technologies, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$16.5B
Institutions reporting
843
Shares held vs prior quarter
▼ 0.6%
Positions opened / closed
108 / 84

Top buyers and sellers, Q2 2026: 424 institutions bought and 365 sold ; the biggest buyer was Select Equity Group, L.P (+978K shares) and the biggest seller Invesco Ltd (−687K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.4B 12.1M 14.3% ▼ 2.9%
Vanguard Portfolio Management LLC $926M 4.8M 5.6% ▼ 2.8%
Vanguard Capital Management LLC $806M 4.1M 4.9% ▲ 1.1%
State Street Corp $740M 3.8M 4.5% ▲ 1.3%
Jpmorgan Chase & Co $503M 2.7M 3.1% ▲ 3.2%
First Trust Advisors LP $404M 2.1M 2.5% ▲ 49.2%
Alkeon Capital Management LLC $394M 2.0M 2.4% ▲ 16.3%
Franklin Resources Inc $376M 1.9M 2.3% ▲ 1.5%
Geode Capital Management, LLC $362M 1.9M 2.2% ▲ 3.7%
Invesco Ltd. $357M 1.8M 2.2% ▼ 27.2%
Select Equity Group, L.P. $332M 1.7M 2.0% ▲ 134.6%
Van Eck Associates Corp $303M 1.6M 1.8% ▼ 1.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BWX Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9M 22 trades by 4 insiders · 87% under pre-set plans
Net ▼ $9M net selling
Insider Date Trade Shares Price Value
Geveden Rex D President and CEO August 12, 2026 Sell pre-set plan 2,600 $174.23 $452,998
Geveden Rex D President and CEO August 12, 2026 Sell pre-set plan 2,407 $171.21 $412,102
Geveden Rex D President and CEO August 12, 2026 Sell pre-set plan 263 $173.00 $45,499
Geveden Rex D President and CEO August 12, 2026 Sell pre-set plan 4,730 $172.18 $814,411
Geveden Rex D President and CEO May 12, 2026 Sell pre-set plan 1,402 $205.78 $288,504
Geveden Rex D President and CEO May 12, 2026 Sell pre-set plan 1,318 $207.13 $272,997
Geveden Rex D President and CEO May 12, 2026 Sell pre-set plan 3,570 $204.65 $730,600
Geveden Rex D President and CEO May 12, 2026 Sell pre-set plan 3,710 $203.78 $756,024
Fitzgerald Michael Thomas SVP & Chief Financial Officer May 11, 2026 Sell 2,417 $209.25 $505,757
Gorman Kevin James VP & Chief Accounting Officer March 2, 2026 Sell 1,344 $214.71 $288,570
Burbach Gerhard F Director February 25, 2026 Sell 1,983 $208.61 $413,674
Geveden Rex D President and CEO February 12, 2026 Sell pre-set plan 2,192 $203.23 $445,480

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 23 trades and filings

In the last 12 months, 1 member of Congress disclosed 8 purchases and 1 sale of BWX Technologies, Inc. shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded August 3, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded July 30, 2026, filed August 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on BWX Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BWX Technologies, Inc. in brief

What does BWX Technologies, Inc. do?
BWX Technologies, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is BWX Technologies, Inc.'s stock ticker?
BWX Technologies, Inc. trades under the ticker BWXT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BWX Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, BWX Technologies, Inc. reported revenue of $3.6B, 17.7% higher than a year earlier, according to its SEC filings.
What is BWX Technologies, Inc.'s free cash flow?
BWX Technologies, Inc.'s free-cash-flow margin is 10.3% of revenue over the trailing twelve months, ranking 14 of the 57 aerospace & defense companies we cover.
What is BWX Technologies, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of BWX Technologies, Inc.'s free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$97–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are BWX Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is BWX Technologies, Inc. buying back stock, and does it pay a dividend?
BWX Technologies, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.2% over the year.
What is BWX Technologies, Inc.'s market cap?
On November 2, 2026, BWX Technologies, Inc.'s market capitalisation was about $12B, with a price-to-earnings ratio of 32.0 and net debt of $1.5B. Market figures come from third-party market data and may be delayed.
Does BWX Technologies, Inc. pay a dividend?
Yes: BWX Technologies, Inc. paid $97.9M in dividends over the trailing twelve months, a dividend yield of 0.82% and a payout ratio of 26.1%.
How much debt does BWX Technologies, Inc. have?
BWX Technologies, Inc.'s debt-to-equity ratio is 142.6%, from its latest balance sheet (197.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are BWX Technologies, Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to BWX Technologies, Inc. are CAE Inc, Curtiss Wright Corp, AAR Corp, Leonardo DRS, Inc. and Axon Enterprise. The side-by-side comparison below sets their revenue, margins and growth against BWX Technologies, Inc.'s.
Are insiders buying or selling BWX Technologies, Inc. stock?
Over the last 12 months, BWX Technologies, Inc.'s directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is BWX Technologies, Inc.'s next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — BWX Technologies, Inc. announces its own schedule.