Summary
BWXT at a glance
BWX Technologies (BWXT) holds a Quant grade of B (model v1, Oct 30), on a scale from S, the best, to D. It closed at $130.70 on Oct 30, 2026, overvalued by 96% vs model: DCF · Perpetuity growth · 5y puts it at $66.79 a share. The other 10 models range from $15.66 to $138.86, and the median analyst target is $187.00 from 6 firms.
In Q2 FY2026, the latest quarter on file, revenue grew 18% on a year earlier to $901.6M, with an operating margin of 10.0%. Over the twelve months to Q2 FY2026, free cash flow was $316.8M.
Among the superinvestors tracked here, Polen Capital reduced and Bridgewater reduced. Insiders sold $1.7M and made no open-market purchases over the last 90 days. The latest filing is a 10-Q/A (quarterly report (amended)), filed Aug 5.
Price and model value
What the marks mean
Valuation
All 11 models →BWX Technologies closed at $130.70, overvalued by 96% vs model (DCF · Perpetuity growth · 5y, 66.79).
DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow.
- Other models
- 15.66 – 138.86
- Wall St. target
- 187.00 30% below
- Above model, past year
- 0 of 0 days
- Valued as
- Mature & Stable
Every model
| DCF · Perpetuity growth · 5yused | $66.79 | 96% overvalued |
| DCF · Perpetuity growth · 10y | $78.86 | 66% overvalued |
| DCF · EBITDA exit · 5y | $102.78 | 27% overvalued |
| DCF · EBITDA exit · 10y | $112.24 | 16% overvalued |
| P/E · peers | $103.10 | 27% overvalued |
| EV/EBITDA · peers | $93.31 | 40% overvalued |
| EV/Revenue · peers | $60.35 | 117% overvalued |
| PEG | $82.02 | 59% overvalued |
| P/E · own history | $138.86 | 6% undervalued |
| Earnings power value | $15.66 | 735% overvalued |
| Dividend discount | $27.18 | 381% overvalued |
Against its peers and its past
| BWXT | Peers' median | Own 5-yr median | |
|---|---|---|---|
| P/E · last fiscal year | 36.4× | 26.9× | 28.6× |
| Free cash flow yield | 2.5% | 4.4% | |
| Operating margin | 10.1% | 10.2% | |
| Revenue growth | 18.3% | 6.9% |
Peers are the comparable companies below; the five-year median is at each fiscal year's close.
What the price implies
The free cash flow growth for five years, then a fade to 2.5%, at which today's price is a fair value — discounted at 7.7%. The reverse DCF →
- Risk-free rate
- 4.94%
- Beta × equity premium
- 0.82 × 4.14%
- Cost of equity
- 8.35%
- Cost of debt
- 4.94%
- Equity weight
- 86%
- WACC
- 7.74%
Quant
Quant grade over time →Quant grade B from model v1, set before the Oct 30 open. S is the best, D the worst. What the grade means
- HIIB
- GDA
- NOCA
- LMTS
- LHXB
- CEGA
Growth and forecasts
Every estimate →Analysts expect revenue to grow 12.4% a year over the next 3 years, against 8.5% a year over the last five.
| Revenue | Growth | EPS | Growth | Analysts | |
|---|---|---|---|---|---|
| FY2024 | $2.7B | +8.3% | $3.07 | +14.6% | reported |
| FY2025 | $3.2B | +18.3% | $3.59 | +16.9% | reported |
| FY2026E | $3.8B | +19.0% | $4.74 | +24.1% | 13 |
| FY2027E | $4.1B | +8.9% | $5.24 | +10.5% | 14 |
| FY2028E | $4.5B | +9.7% | $5.97 | +13.9% | 14 |
- Revenue, last 5 years
- 8.5% a year
- Consensus, next 3 years
- 12.4% a year
The analysts' estimates, as FMP collects them — their figures, not this site's. Reported EPS is GAAP diluted.
Financials
Full statements →In Q2 FY2026, the latest quarter on file, revenue grew 18% on a year earlier to $901.6M, with an operating margin of 10.0%. Over the twelve months to Q2 FY2026, free cash flow was $316.8M.
| Latest | Year before | Change | |
|---|---|---|---|
| Revenue | $3.5B | $2.9B | +23% |
| Operating income | $299.9M | $387.9M | −23% |
| Net income | $356.1M | $294.4M | +21% |
| Free cash flow | $316.8M | $360.3M | −12% |
| Diluted EPS | $3.88 | $3.20 | +21% |
- Cash and investments
- $608.2M
- Total debt
- $2.0B
Dividends
- Dividends / free cash flow, FY2025
- 31.3%
- Raised
- 10 years in a row
- Growth, 5 yrs
- 5.3% a year
- Last change
- +8.0% · Mar 2026
Profitability and health
Every ratio →Operating margin 10.1% in fiscal 2025, against 16.3% in 2021; net debt of $1.4B at the latest quarter.
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | |
|---|---|---|---|---|---|---|
| Gross margin | 25.9% | 24.7% | 24.9% | 24.2% | 22.9% | |
| Operating margin | 16.3% | 15.6% | 15.3% | 14.1% | 10.1% | |
| Net margin | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% | |
| Return on equity | 48.0% | 31.8% | 26.3% | 26.1% | 26.8% | |
| Debt to equity | 1.87× | 1.72× | 1.30× | 0.98× | 1.64× | |
| Interest coverage | 9.67× | 9.57× | 8.14× | 9.64× | 7.31× | |
| Current ratio | 1.68× | 2.10× | 2.18× | 1.96× | 2.32× |
Peers
Peers in full →BWXT beside 6 comparable companies, chosen by business, not by industry label.
| Company | Market value | P/E | FCF yield | Gross margin | Op. margin | Revenue growth | Valuation | Quant |
|---|---|---|---|---|---|---|---|---|
| BWXT BWX Technologies, Inc. | $12.0B | 36.4× | 2.5% | 22.9% | 10.1% | +18.3% | – | B |
| LMT Lockheed Martin Corporation | $147.1B | 29.6× | 4.7% | 10.2% | 10.3% | +5.7% | A | S |
| GD General Dynamics Corporation | $100.8B | 24.1× | 3.9% | 15.1% | 10.2% | +10.1% | B | A |
| CEG Constellation Energy Corporation | $93.0B | 35.5× | 1.4% | 18.4% | 12.1% | +8.3% | C | A |
| NOC Northrop Grumman Corporation | $79.2B | 19.2× | 4.2% | 19.8% | 10.2% | +2.2% | S | A |
| LHX L3Harris Technologies, Inc. | $51.7B | 32.5× | 5.2% | 25.7% | 9.8% | +2.5% | C | B |
| HII Huntington Ingalls Industries, Inc. | $12.5B | 20.6× | 6.4% | 12.7% | 4.9% | +8.2% | S | B |
Ownership
Every holder →| Polen Capital | reduced | $7.2M |
| Bridgewater | reduced | $3.2M |
| Torray | added | $2.3M |
Wall Street
Every firm →6 firms published a price target in the last 90 days: the median is $187.00, 43% above the close.
Third-party ratings and targets, quoted as the firms published them — not this site's view.
Analyst actions
News and filings
All news →About
Company profile →BWX Technologies, Inc. operates globally, specializing in the production and sale of nuclear components across the United States, Canada, and other international regions. The company's multifaceted operations are categorized into three distinct segments: Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The Nuclear Operations Group is a pivotal supplier of precision naval and critical nuclear components, including reactors, nuclear fuel, and assemblies, primarily supporting the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program. This segment also fabricates missile launch tubes for U.S. Navy submarines, produces specialized close-tolerance equipment for various nuclear applications, and is involved in converting Cold War-era stockpiles of high-enriched uranium. Its responsibilities further extend to the receiving, storage, characterization, dissolution, recovery, and purification of uranium-bearing materials, alongside providing research reactor fuel elements for academic and national laboratories, and other defense-related components. The Nuclear Power Group caters to the commercial nuclear sector, offering a comprehensive range of products such as nuclear steam generators, fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems, and specialized containers. This group provides engineering and in-plant services for nuclear power facilities, overseeing the design, manufacturing, commissioning, and servicing of nuclear power generation equipment. It also delivers essential in-plant inspection, maintenance, and modification services, non-destructive examination, and tooling/repair solutions. Moreover, it is a key provider of medical radioisotopes and radiopharmaceuticals for research, diagnostic, and therapeutic applications. Finally, the Nuclear Services Group focuses on critical support functions, encompassing nuclear materials processing, environmental site remediation, and comprehensive management and operating services. This segment is also dedicated to advancing technology for nuclear power sources and plays a role in the design, engineering, licensing, and manufacturing of nuclear reactors. Founded in 1867 as The Babcock & Wilcox Company, the corporation adopted its current name, BWX Technologies, Inc., in June 2015, and is headquartered in Lynchburg, Virginia.
- CEO
- Rex D. Geveden
- Employees
- 10,400
- Headquarters
- Lynchburg, VA
- Listed
- 2010
Research on BWXT
Model estimates and grades for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; each section is explained in the manual.