# BWX Technologies, Inc. (BWXT)

> Source: Nexqual · https://nexqual.com/BWXT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BWX Technologies, Inc. (BWXT), nexqual.com/BWXT" · informational, not investment advice.

**Price:** USD 127.3 (-5.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 135.11 · day 124.79–132.99 · 52w 124.79–241.82 · market cap $11.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.51B, net income $355M (10.1% margin), free cash flow $317M (SEC filings).
- Valuation: P/E 32.8x (avg 37.8x at the last 3 fiscal year-ends), EV/EBITDA 24.0x, net debt $1.41B.
- 2 of 80 tracked superinvestors hold BWXT (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $4.3M; 1 not under a Rule 10b5-1 plan ($506K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (18 analysts), mean target USD 209.44 (range 150–290).
- Total return with dividends: 1Y -36.0% vs S&P 500 +14.9%; 5Y +131.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.19, revenue estimate $972M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.12B | $2.23B | $2.50B | $2.70B | $3.20B | $3.51B |
| Gross profit | $550M | $552M | $621M | $655M | $733M | — |
| Operating income | $346M | $349M | $383M | $381M | $404M | $426M |
| Net income | $306M | $238M | $246M | $282M | $329M | $355M |
| EPS (diluted) | $3.24 | $2.60 | $2.68 | $3.07 | $3.58 | — |
| Free cash flow | $75.0M | $46.4M | $212M | $255M | $295M | $317M |
| Gross margin | 25.9% | 24.7% | 24.9% | 24.2% | 22.9% | — |
| Operating margin | 16.3% | 15.6% | 15.3% | 14.1% | 12.6% | 12.1% |
| Net margin | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% | 10.1% |
| Revenue growth | +0.0% | +5.1% | +11.8% | +8.3% | +18.3% | — |
| Cash + short-term investments | $37.7M | $39.0M | $75.8M | — | — | — |
| Total debt | $1.19B | $1.29B | $1.21B | $1.06B | $2.02B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.8x · P/S 3.3x · EV/EBITDA 24.0x · EV/Sales 3.7x · P/FCF 36.8x · P/B 8.7x · FCF yield 2.72% · Earnings yield 3.05% · Dividend yield (paid, TTM) 0.82% · Buyback yield (TTM) 0.00% · Net debt $1.41B · EV $13.1B
P/E at fiscal year-ends: Dec 2025 48.3x, Dec 2024 36.3x, Dec 2023 28.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BWXT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.33% | $2.5M | Added +0.6% |
| Polen Capital | Polen Capital Management | 0.06% | $7.2M | Reduced -3.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Geveden Rex D | President and CEO | 10,000 | $1.7M | 4.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Geveden Rex D | President and CEO | 10,000 | $2.0M | 4.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Fitzgerald Michael Thomas | SVP & Chief Financial Officer | 2,417 | $506K | 26% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 18 analysts; mean target USD 209.44 (low 150, high 290).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Overweight | $230 → $190 |
| 2026-10-06 | Truist Securities | Target lowered | Hold | $202 → $182 |
| 2026-09-30 | Northland Capital Markets | Target lowered | Outperform | $250 → $220 |
| 2026-09-30 | B of A Securities | Target lowered | Buy | $250 → $210 |
| 2026-09-30 | Guggenheim | Reiterated | Buy | $192 |
| 2026-09-30 | BTIG | Reiterated | Buy | $235 |
| 2026-09-24 | BNP Paribas | Target lowered | Neutral | $190 → $165 |
| 2026-09-15 | Guggenheim | Initiated | Buy | $192 |
| 2026-09-03 | Jefferies | Initiated | Buy | $181 |
| 2026-08-27 | Wells Fargo | Upgrade | Underweight → Equal-Weight | $200 → $170 |
| 2026-08-14 | Truist Securities | Target lowered | Hold | $212 → $202 |
| 2026-08-04 | BTIG | Reiterated | Buy | $235 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -36.0% | +131.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -36.1% | +18.2% |
| Volatility (annualized) | 44.7% | 30.7% |
| Max drawdown | -46.5% (Apr 2026→Oct 2026) | -45.9% (Apr 2026→Oct 2026) |

## Peers (Aerospace & Defense)
EMBJ (Embraer S.A.) USD 69.21 -5.06% · HII (Huntington Ingalls Industries, ) USD 278.86 +1.79% · MOG-A (Moog Inc.) USD 341.71 -6.96% · TXT (Textron Inc.) USD 78.04 +0.98% · DRS (Leonardo DRS, Inc.) USD 34.3 +1.06% · FTAI (FTAI Aviation Ltd.) USD 157.5 -3.68%

## More
Full page: https://nexqual.com/BWXT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Government Operations | $577.9M | 67.2% | +4.1% | $99.1M | 17.2% |
| Commercial Operations | $283.6M | 33.0% | +121.1% | $24.0M | 8.5% |
| Corporate costs (not allocated) | — | — | — | -$16.5M | — |
| Total revenue | $860.2M | 100% | — | $106.7M | 12.4% |

## Revenue by product line (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Nuclear Component Program | $448.4M | 52.1% | +1.7% |
| Nuclear Servicesand Engineering | $163.4M | 19.0% | +288.2% |
| Nuclear Manufacturing | $120.2M | 14.0% | +39.4% |
| Uranium & Nuclear Services | $101.3M | 11.8% | +21.8% |
| Commercial Operations | $28.2M | 3.3% | -9.1% |
| Total revenue | $860.2M | 100% | — |

## Revenue by region (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $598.9M | 69.6% | +5.9% |
| Canada | $232.6M | 27.0% | +128.6% |
| Other | $30.1M | 3.5% | +85.8% |
| Total revenue | $860.2M | 100% | — |

## Customer concentration

Period ended 2026-03-31: 89% of revenue from unnamed direct customers (10-Q, filed 2026-05-04).

## Company outlook (8-K filed 2026-08-03)

- "BWXT raised its 2026 guidance for revenue, adjusted EBITDA, non-GAAP EPS (1) , and free cash flow (1) . 2026 guidance includes contribution from the Precision Components Group, LLC acquisition, which closed on July 1, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.19 | $1.23 | -2.9% | $972.3M | 13 |
| Next quarter (ends 2026-12-31) | $1.36 | $1.33 | +2.8% | $1.08B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.74 | $4.71 | +0.6% | $3.82B | 17 |
| Next fiscal year (ends 2027-12-31) | $5.23 | $5.19 | +0.8% | $4.17B | 17 |