BWX Technologies, Inc. BWXT
BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years. Our core businesses focus on the design, engineering and manufacture of precision naval nuclear components, nuclear reactors and nuclear fuel for the U.S. Government. We also provide special nuclear materials processing, environmental site restoration services, products and services to customers in the nuclear power industry, critical medical radioisotopes and radiopharmaceuticals and other advanced nuclear technologies. While we provide a wide range of products and services, our business segments are heavily focused on major projects. At any given time, a relatively small number of projects can represent a significant part of our operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.20B | $2.70B | $2.50B | $2.23B | $2.12B | $2.12B | $1.89B | $1.80B | $1.69B | $1.55B |
| Cost of revenue | $2.47B | $2.05B | $1.88B | $1.68B | $1.57B | $1.55B | $1.36B | $1.30B | $1.19B | $1.09B |
| Gross profit | $732.9M | $655.2M | $620.6M | $551.9M | $550.3M | $575.4M | $533.9M | $504.0M | $495.8M | $464.2M |
| R&D | $13.9M | $7.5M | $7.6M | $9.5M | $11.1M | $14.2M | $17.7M | $15.2M | $7.2M | $6.4M |
| SG&A | $394.4M | $318.7M | $279.7M | $234.3M | $230.4M | $231.2M | $216.8M | $214.1M | $210.1M | $209.5M |
| Total operating expenses | $2.87B | $2.38B | $2.16B | $1.93B | $1.81B | $1.79B | $1.60B | $1.53B | $1.41B | $1.33B |
| Operating income | $404.5M | $380.6M | $383.1M | $348.6M | $345.8M | $358.6M | $325.5M | $305.0M | $292.2M | $234.4M |
| Interest expense | $44.2M | $39.5M | $47.0M | $36.4M | $35.8M | $31.0M | $35.3M | $27.8M | $14.9M | $8.4M |
| Pre-tax income | $398.1M | $348.7M | $321.4M | $314.4M | $395.7M | $362.2M | $313.7M | $280.1M | $295.8M | $257.3M |
| Income tax | $68.3M | $66.4M | $75.1M | $75.8M | $89.4M | $83.0M | $69.1M | $52.8M | $147.4M | $73.7M |
| Net income | $328.9M | $281.9M | $245.8M | $238.2M | $305.9M | $278.7M | $244.1M | $227.0M | $147.8M | $183.1M |
| EPS, basic | 3.59 | 3.08 | 2.68 | 2.60 | 3.24 | 2.92 | 2.56 | 2.29 | 1.49 | 1.79 |
| EPS, diluted | 3.58 | 3.07 | 2.68 | 2.60 | 3.24 | 2.91 | 2.55 | 2.27 | 1.47 | 1.76 |
| Shares, diluted (wtd. avg.) | $91.9M | $91.9M | $91.9M | $91.7M | $94.5M | $95.7M | $95.8M | $100.0M | $100.4M | $103.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $499.8M | $74.1M | $81.6M | $41.0M | $39.8M | $48.3M | $92.4M | $36.4M | $213.1M | $134.6M |
| Short-term investments | — | — | $0 | $3.8M | $3.8M | $3.7M | $5.8M | $3.6M | $2.9M | $14.5M |
| Receivables | $220.4M | $99.1M | $70.2M | $60.8M | $70.7M | $153.4M | $56.7M | $71.6M | $189.2M | $135.9M |
| Inventory | $46.5M | $40.3M | $27.4M | $22.9M | $16.3M | $15.0M | $17.1M | $16.0M | $8.6M | $7.7M |
| Total current assets | $1.56B | $930.0M | $817.8M | $771.6M | $773.7M | $773.6M | $629.8M | $542.4M | $873.1M | $693.6M |
| Property, plant and equipment | $1.59B | $1.28B | $1.23B | $1.13B | $1.05B | $816.5M | $580.2M | $439.2M | $348.6M | $299.7M |
| Goodwill | $500.9M | $287.4M | $297.0M | $293.2M | $285.5M | $283.7M | $275.5M | $274.1M | $218.3M | $210.8M |
| Other intangibles | $329.9M | $165.3M | $185.5M | $193.6M | $185.6M | $192.8M | $191.4M | $228.7M | $110.4M | $114.7M |
| Total assets | $4.27B | $2.87B | $2.75B | $2.62B | $2.50B | $2.29B | $1.91B | $1.66B | $1.71B | $1.58B |
| Accounts payable | $141.3M | $158.1M | $126.7M | $127.1M | $189.8M | $184.4M | $170.7M | $114.8M | $93.4M | $100.0M |
| Short-term debt | $0 | $12.5M | $6.2M | $6.2M | $0 | $0 | $14.7M | $14.2M | $27.9M | $27.4M |
| Total current liabilities | $672.0M | $474.2M | $375.0M | $367.9M | $459.6M | $529.7M | $404.7M | $377.3M | $528.1M | $439.9M |
| Long-term debt | $2.02B | $1.04B | $1.20B | $1.28B | $1.19B | $862.7M | $809.4M | $753.6M | $481.1M | $497.7M |
| Total liabilities | $3.04B | $1.79B | — | — | — | — | — | — | — | — |
| Retained earnings | $2.52B | $2.29B | $2.09B | $1.93B | $1.78B | $1.55B | $1.34B | $1.17B | $990.7M | $885.1M |
| Total equity | $1.23B | $1.08B | $933.3M | $748.4M | $637.2M | $617.8M | $404.1M | $235.7M | $285.8M | $150.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $479.8M | $408.4M | $363.7M | $244.7M | $386.0M | $196.4M | $279.4M | $169.3M | $222.0M | $239.9M |
| Depreciation and amortisation | $109.2M | $85.9M | $78.6M | $73.8M | $69.1M | $60.7M | $61.7M | $60.1M | $56.6M | $50.6M |
| Stock-based compensation | $26.1M | $21.7M | $15.9M | $14.1M | $18.6M | $16.8M | $12.7M | $11.9M | $15.2M | $15.4M |
| Capital expenditure | $184.6M | $153.6M | $151.3M | $198.3M | $311.1M | $255.0M | $182.1M | $109.3M | $96.9M | $52.6M |
| Investing cash flow | -$742.1M | -$154.6M | -$155.6M | -$256.2M | -$304.7M | -$265.3M | -$180.0M | -$326.7M | -$89.7M | -$188.9M |
| Financing cash flow | $693.6M | -$252.8M | -$169.4M | $14.0M | -$90.1M | $25.0M | -$43.7M | -$9.3M | -$61.2M | -$88.9M |
| Dividends paid | $92.5M | $88.3M | $85.0M | $81.1M | $79.7M | $72.9M | $65.4M | $63.8M | $42.0M | $37.4M |
| Buybacks | $30.0M | $20.0M | $0 | $20.0M | $225.8M | $22.0M | $20.0M | $214.8M | $0 | $293.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001486957-26-000007.
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