At a glance
BWX Technologies Inc is worth $12.37B, about 38 times its fiscal 2025 earnings. Revenue grew 18.3% to $3.20B in fiscal 2025, with 10.3% kept as profit; over 5 years it has grown 8.5% a year. It pays a 0.79% dividend yield, and returned $722.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −34.6% over the past year with dividends reinvested and +20.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.1% in the 2020 crash (S&P 500: 33.7%) and 18.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 39 months and 2 months after the lows.
The business in plain English
BWX Technologies (BWXT) makes nuclear components, reactors and nuclear fuel, mostly for the U.S. government. Its main customer is the Naval Nuclear Propulsion Program of the Energy Department's National Nuclear Security Administration, so demand is tied to the Navy's plans for nuclear-powered submarines and aircraft carriers. Most of this work runs on fixed-price incentive fee contracts. These cover allowable costs up to a cap, plus a fee tied to cost performance. U.S. government contracts made up about 68% of revenue in the year ended December 31, 2025.
This work sits in Government Operations, which brought in $2.35 billion, or about 73% of 2025 revenue. The segment also helps manage U.S. nuclear weapons sites and national laboratories. It downblends (dilutes) Cold War-era high-enriched uranium, supplies research reactor fuel to universities and designs advanced reactors for NASA and the Defense Department.
Commercial Operations, with $853 million or about 27% of revenue, is North America's only commercial maker of heavy nuclear components such as steam generators, heat exchangers and pressure vessels. It also sells fuel and plant services to nuclear utilities, especially Canadian plants under refurbishment, and makes medical radioisotopes used in imaging and radiation treatments. The May 2025 purchase of Kinectrics added to both lines. In 2025, 76% of revenue came from the United States and 21.5% from Canada.
Price history
The interactive chart needs JavaScript.
BWXT -34.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Government Operations | $2.35B | 73.5% |
| Commercial Operations | $853.1M | 26.7% |
By geography
| United States: | $2.43B | 76% |
| Canada | $688.6M | 21.5% |
| Other: | $83.2M | 2.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $953.0M, up 10% from a year earlier, and net income was $101.7M (+23.9%).
- For fiscal 2025, revenue was $3.20B (+18.3% year over year; +8.5% a year from FY2020 to FY2025) with a 10.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.5% good |
|---|---|
| Operating margin | 12.6% watch |
| Free cash flow margin | 9.2% watch |
| Return on equity (FY2025) | 26.7% good |
| Return on assets (FY2025) | 7.7% watch |
| Net cash (cash minus debt) | $-1.45B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.12B | $278.7M | $-58.6M |
| FY2021 | $2.12B | $305.9M | $75.0M |
| FY2022 | $2.23B | $238.2M | $46.4M |
| FY2023 | $2.50B | $245.8M | $212.4M |
| FY2024 | $2.70B | $281.9M | $254.8M |
| FY2025 | $3.20B | $328.9M | $295.3M |
Valuation snapshot
| Market value | $12.37B |
|---|---|
| P/E ratio | 37.7 |
| Dividend yield | 0.79% |
Rank among 1514 US companies
Market value at each year end
BWX Technologies’s market value went from $3.94B at the end of 2016 to $12.37B on Oct 28, 2026, about 3.1 times as much; since the end of 2025 it is down 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.37B | -21.7% |
| 2025 | $15.80B | +55.1% |
| 2024 | $10.19B | +45.1% |
| 2023 | $7.02B | +32.5% |
| 2022 | $5.30B | +20.0% |
| 2021 | $4.41B | -23.2% |
| 2020 | $5.75B | -2.8% |
| 2019 | $5.91B | +56.7% |
| 2018 | $3.77B | -37.2% |
| 2017 | $6.01B | +52.6% |
| 2016 | $3.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BWXT price data to Oct 28, 2026 | -21.6% | -34.6% | +23.2% | +20.1% | +14.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.6% |
| 2025 | +56.4% |
| 2024 | +46.5% |
| 2023 | +33.9% |
| 2022 | +23.3% |
| 2021 | -19.4% |
| 2020 | -1.6% |
| 2019 | +64.5% |
| 2018 | -36.1% |
| 2017 | +53.6% |
| 2016 | +26.2% |
| 2015 | +46.4% |
| 2014 | -10.2% |
| 2013 | +32.0% |
| 2012 | +8.9% |
| 2011 | -5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.8% over that stretch · deepest drop along the way 40.1%, back to its old high 38.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 8.1% over that stretch · deepest drop along the way 18%, back to its old high 1.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 9 sales ($4.3M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Rex D Geveden President and CEO, Director | sell (plan) | $814K |
| May 12, 2026 | Rex D Geveden President and CEO, Director | sell (plan) | $756K |
| May 12, 2026 | Rex D Geveden President and CEO, Director | sell (plan) | $731K |
| May 11, 2026 | Michael Thomas Fitzgerald SVP & Chief Financial Officer | sell | $506K |
| Aug 12, 2026 | Rex D Geveden President and CEO, Director | sell (plan) | $453K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.35% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
ETFs with the most weight in BWXT
| NLR VanEck Uranium and Nuclear ETF | 4.85% |
| XAR SPDR S&P Aerospace & Defense ETF | 4.11% |
| GLRY Inspire Momentum ETF | 3.19% |
| AIRR First Trust RBA American Industrial Renaissance ETF | 3.09% |
| SHLD Global X Defense Tech ETF | 2.67% |
| URAN Themes Uranium & Nuclear ETF | 2.34% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.93% |
| ITA iShares U.S. Aerospace & Defense ETF | 1.78% |
What could go wrong
- Heavy reliance on U.S. government contracts. U.S. government contracts made up about 68% of 2025 revenue. Congress funds many programs one year at a time. The government can end contracts for its convenience, skip option years or rebid them.
- Radioactive materials bring special liabilities. BWXT processes, ships and disposes of uranium and other radioactive materials. Contamination or injuries could bring large costs and claims. Changes to government indemnification (liability protection) for nuclear work could raise its exposure.
- Cost overruns on capped contracts. Most government work uses fixed-price incentive fee contracts with dollar limits. If costs run above estimates, profit falls and losses are possible. Revised estimates on long projects can trigger sizable charges against earnings.
- Uneven commercial work tied to Canada. Commercial results depend on the timing of reactor maintenance outages and major refurbishments, mainly in Canada, which supplied 21.5% of 2025 revenue. A few large projects can drive results, so earnings can be lumpy.
- Budget standoffs, shutdowns and stopgap funding. Continuing resolutions (stopgap bills that usually freeze spending at prior levels), shutdowns and debt-ceiling fights can delay work. Across-the-board cuts could hit BWXT's programs even when they match defense priorities.
- Acquisitions and new technologies may disappoint. BWXT bought A.O.T. and Kinectrics in 2025 and is developing advanced reactors. Deals may be paid for with debt or new shares. New technologies need heavy investment and may not deliver the expected results.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
BWXT pays a small dividend that has grown slowly. Dividends per share rose from $0.76 in 2020 to $0.96 in 2024, then held at $0.96 in 2025, ending a run of yearly increases. The 2025 payout used about 28% of earnings and 31% of free cash flow (the cash left after capital spending). The yield was 0.79% as of October 28, 2026, so the stock offers little income. Buybacks totaled about $296 million from 2021 to 2025, most of it in 2021. The share count fell only 0.6% between October 2021 and July 2026.
In the 2020 COVID crash, the shares dropped about 40% in under a month and took nearly 39 months to recover, getting back to their old level in June 2023. In the 2022 bear market they dipped 18% but bounced back within two months, and they were up 8.1% across the market's full slide. Over the year to October 28, 2026, they lost 34.6%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does BWX Technologies make money?
BWXT earns most of its money building nuclear reactors, components and fuel for the U.S. government's Naval Nuclear Propulsion Program under long-term contracts. Its Government Operations segment brought in $2.35 billion, about 73% of revenue, in the year ended December 31, 2025. The rest came from Commercial Operations, about $853 million. That segment sells large reactor components, fuel and services to nuclear power plants and makes medical radioisotopes. Total revenue was about $3.2 billion, up 18.3% from the year before.
How much of BWXT's revenue comes from the government?
About 68% in the year ended December 31, 2025. That counts both direct contracts and work as a subcontractor to other government contractors, so federal budgets are central to its results. Congress funds many programs one year at a time. The government can end contracts for its convenience, decline option years or rebid major contracts. Stopgap funding bills, shutdowns and debt-ceiling fights can also delay spending on the programs BWXT serves.
Does BWXT raise its dividend every year?
Not every year. Dividends per share rose each year from $0.76 in 2020 to $0.96 in 2024, then stayed at $0.96 in 2025. That works out to growth of about 4.8% a year over five years. The 2025 dividend used about 28% of earnings and 31% of free cash flow, a fairly low share. The yield was 0.79% as of October 28, 2026, which is small for investors who rely on income.
Is BWXT stock volatile?
Yes. As of October 28, 2026, the shares were down 34.6% over one year. At one point during that year they had fallen 46.5% from a high. Their one-year beta of 1.89 means they tended to move almost twice as much as the broad market. Over longer periods the share price rose about 20.1% a year over five years and 14.5% a year over ten years, including a 56.4% gain in calendar 2025.
How much debt does BWXT have?
BWXT had about $2.02 billion of total debt as of June 30, 2026, against about $608 million in cash and investments. That left net debt (debt minus cash) of roughly $1.41 billion. Shareholders' equity was about $1.33 billion. The company has said it may pay for future acquisitions with cash from operations, new debt, new shares or a mix, so its borrowing could change with future deals.