BWX Technologies, Inc. (BWXT) financials
NYSE · Industrials · Aerospace & Defense · 10,400 employees · CEO Rex D. Geveden
- Price
- $130.70 -5.24%
- Market cap
- $12B
- Enterprise value
- $13.4B
- Last report
- Q2 '26 filed 2026-08-03
- Next report
- 2026-11-02 EPS est. $1.18
Revenue (TTM)$3.51B+22.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)9.7%-3.9 pp vs a year agoOperating income $339M
Net income (TTM)$355M+20.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$317M-12.1% vs a year agoCapex $202M
Diluted EPS (TTM)$3.88+21.2% vs a year agoSum of the last 4 quarters
Net cash-$1.41B+5.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $12B EV $13.4B
- Revenue
- $3.51B Trailing 12 months
- Revenue growth
- +19% FY2026 consensus
- Profit margin
- 10.1% Net income / revenue, TTM
- P/E
- 33.7× Forward 27.6× (FY2026)
- P/S
- 3.4× Price / sales, TTM
- EV / EBITDA
- 24.2× TTM
- Free cash flow
- $317M Trailing 12 months
- Net income
- $355M Trailing 12 months
- Revenue estimate
- $3.81B FY2026 consensus
- Earnings
- 2026-11-02 Revenue est. $971M
- Dividend
- $1.06 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-03): revenue in line, EPS beat by 2.9%Revenue $902M vs $902M expected (-0.1%); EPS $1.07 vs $1.04 (+2.9%).
- Revenue growth slowing: 18.0% year on yearQ2 '26 revenue $902M, against an average of 21.5% over the four quarters before.
- Operating margin 9.7% (TTM), -3.9 pp on a year agoOperating income grew -12.5% while revenue grew 22.7%.
- 21.0% of pre-tax profit is non-operatingPre-tax income $429M vs operating income $339M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.8% of revenue (a year ago 5.5%)$202M invested in the last 4 quarters (+27.4% on a year earlier). Free cash flow $317M = 89.2% of net income.
- Returned $96.1M to shareholders = 30.3% of free cash flowBuybacks $0 (a year earlier $30M), dividends $96.1M, stock-based pay $32.5M (TTM).
- Diluted share count up 0.3% in a year92M diluted shares in Q2 '26, 91.7M a year earlier.
- Net debt $1.41BCash + short-term investments $608M, debt incl. leases $2.02B; a year ago net debt $1.5B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $902M | $764M | +18.0% |
| Gross margin | 22.4% | 25.1% | -2.6 pp |
| Operating income | $89.9M | $102M | -12.2% |
| Operating margin | 10.0% | 13.4% | -3.4 pp |
| Net income | $89M | $78.4M | +13.6% |
| Diluted EPS | $0.97 | $0.85 | +14.1% |
| Operating cash flow | $156M | $159M | -1.7% |
| Capex | $41.4M | $32.7M | +26.6% |
| Free cash flow | $115M | $126M | -9.0% |
| R&D | $4.17M | $4.57M | -8.7% |
| Stock-based compensation | $9.95M | $8.69M | +14.5% |
Reported vs consensus
2026-08-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $902M | $902M | -0.1% |
| EPS (as estimated) | $1.07 | $1.04 | +2.9% |
From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Government Operations Segment | $578M | +4.1% | 67.1% | $2.37B | +5.4% | |
| Commercial Operations Segment | $284M | +121.1% | 32.9% | $1.01B | +88.4% |
Revenue by region
share of total| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $599M | +5.9% | 69.5% | $2.46B | +7.4% | |
| CANADA | $233M | +128.8% | 27.0% | $820M | +87.2% | |
| Other Geographic Location | $30.1M | +85.8% | 3.5% | $97.1M | +82.4% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q1 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Government Operations Segment | – | – | $99.1M | – | – | – | – |
| Commercial Operations Segment | – | – | $24M | – | – | – | – |
| Corporate (unallocated) | – | – | -$16.5M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $519M
- Capex
- -$202M
- Buybacks
- $0
- Dividends
- -$96.1M
- Acquisitions
- $6.36M
- Net debt issued
- $348M
- Stock-based compensation
- $32.5M
- Free cash flow
- $317M
- Returned to shareholders / FCF
- 30.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 33.7× | 30.0× | 14.8× – 48.0× |
| EV / EBITDA | 24.2× | 20.0× | 11.3× – 31.4× |
| EV / Sales | 3.8× | 3.7× | 2.7× – 5.4× |
| Price / FCF | 37.8× | 60.3× | 33.1× – 114.5× |
| Price / Book | 9.0× | 8.8× | 7.1× – 12.8× |
| FCF yield | 2.6% | 2.0% | 0.9% – 3.0% |
| Return on invested capital | 7.6% | 11.5% | 7.4% – 13.1% |
| Return on equity | 27.9% | 31.8% | 26.1% – 48.0% |
Analysts
Consensus target $206.88 (+58.3%)
range $170.00 – $255.00 · rating Buy
Strong buy0
Buy14
Hold5
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $3.81B | +19.0% | $4.74 | +32.1% | 27.6× | 12 |
| FY2027 | $4.14B | +8.9% | $5.24 | +10.5% | 24.9× | 12 |
| FY2028 | $4.55B | +9.7% | $5.97 | +13.9% | 21.9× | 8 |
| FY2029 | $4.97B | +9.4% | $6.75 | +13.0% | 19.4× | 5 |
| FY2030 | $5.5B | +10.6% | $7.71 | +14.3% | 16.9× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 265 figures BWX Technologies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $213M | $192M | +11.2% | $141M | $158M | -10.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $198M | $149M | +33.3% | $220M | $99.1M | +122.4% |
| Accounts Receivable, Allowance for Credit Loss | $600K2025-12-31 | $300K | +100.0% | $600K | $300K | +100.0% |
| Accrued Environmental Loss Contingencies, Noncurrent | $104M | $96.6M | +7.5% | $100M | $94.2M | +6.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.01B | $944M | +7.2% | $970M | $900M | +7.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$51.3M | -$23.4M | -119.5% | -$19.4M | -$48.2M | +59.8% |
| Additional Paid in Capital, Common Stock | $184M | $243M | -24.5% | $160M | $229M | -30.1% |
| Amortization of Intangible Assets | – | – | – | $20.6M | $11.4M | +81.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -164K | 279K | -159.0% | 12.2K | 64.6K | -81.2% |
| Asset Retirement Obligation | $86.7M2025-12-31 | $81.7M | +6.1% | $86.7M | $81.7M | +6.1% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $2.93M | $7M | -58.2% |
| Asset Retirement Obligation, Current | $200K2025-12-31 | $1.1M | -81.8% | $200K | $1.1M | -81.8% |
| Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | – | – | – | -$206K | $465K | -144.3% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $868K | $1.17M | -25.9% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $2.72M | -$3.2M | +185.1% |
| Assets | $4.42B | $3.7B | +19.6% | $4.27B | $2.87B | +48.8% |
| Assets, Current | $1.71B | $997M | +71.5% | $1.56B | $930M | +67.8% |
| Capital Expenditures Incurred but Not yet Paid | $6.21M | $5.11M | +21.6% | $12.3M | $17.5M | -29.9% |
| Cash and Cash Equivalents, at Carrying Value | $608M | $37M | +1,544.5% | $500M | $74.1M | +574.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $616M | $44.1M | +1,296.3% | $507M | $80.6M | +529.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $95.9M | -$17.8M | +638.4% | $427M | -$1.04M | +40,965.2% |
| Common Stock, Dividends, Per Share, Declared | $0.272026-03-31 | $0.25 | +8.0% | $0.96 | $0.96 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 325M | 325M | 0.0% | 325M | 325M | 0.0% |
| Common Stock, Shares, Issued | 129M | 129M | +0.3% | 129M | 128M | +0.3% |
| Common Stock, Value, Issued | $1.29M | $1.29M | +0.2% | $1.29M | $1.28M | +0.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $84K | $74K | +13.5% | $916K | $357K | +156.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $69.1M | $98.3M | -29.7% | $358M | $241M | +48.3% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $69.2M | $98.4M | -29.7% | $359M | $242M | +48.5% |
| Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | – | – | – | $35.3M | -$39.5M | +189.4% |
| Contract with Customer, Liability | $305M2025-12-31 | $161M | +89.3% | $305M | $161M | +89.3% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $8.81M | $17.5M | -49.7% | $5.54M | $37.9M | -85.4% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Modification of Contract | $7.04M | $17.6M | -60.0% | $4.32M | $36.8M | -88.3% |
| Contract with Customer, Liability, Current | $313M | $198M | +57.9% | $305M | $161M | +89.3% |
| Contract with Customer, Liability, Revenue Recognized | $79.3M | $54.1M | +46.6% | $151M | $87M | +73.0% |
| Cost of Goods and Services Sold | $699M | $573M | +22.1% | – | – | – |
| Cost of Revenue | – | – | – | $2.47B | $2.05B | +20.4% |
| Costs and Expenses | $812M | $680M | +19.4% | $2.87B | $2.38B | +20.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $40M | $36.6M | +9.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $10.4M | $8.02M | +29.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $53.1M | $46.6M | +14.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.68M | $2.01M | +33.8% |
| Debt Issuance Costs, Net | $36M2025-12-31 | $7.03M | +411.9% | $36M | $7.03M | +411.9% |
| Debt Related Commitment Fees and Debt Issuance Costs | – | – | – | $33.5M | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $8.79M | $15.4M | -43.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $6.48M | $1.76M | +268.3% |
| Deferred Income Tax Assets, Net | $5.88M | $4.73M | +24.4% | $12.3M | $6.57M | +86.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $15.1M | $19.8M | -23.7% |
| Deferred Income Taxes and Tax Credits | – | – | – | $49.4M | $19.8M | +149.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$122K | $2.65M | -104.6% |
| Deferred Tax Assets, Equity Method Investments | $3.07M2025-12-31 | $2.75M | +11.6% | $3.07M | $2.75M | +11.6% |
| Deferred Tax Assets, Gross | $201M2025-12-31 | $172M | +17.2% | $201M | $172M | +17.2% |
| Deferred Tax Assets, Net of Valuation Allowance | $187M2025-12-31 | $155M | +20.5% | $187M | $155M | +20.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3.4M2025-12-31 | – | – | $3.4M | – | – |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $3.4M2025-12-31 | $3.07M | +10.7% | $3.4M | $3.07M | +10.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $11.5M2025-12-31 | $10.1M | +14.1% | $11.5M | $10.1M | +14.1% |
| Deferred Tax Assets, Other | $1.15M2025-12-31 | $1.69M | -32.3% | $1.15M | $1.69M | -32.3% |
| Deferred Tax Assets, Tax Credit Carryforwards | $19.8M2025-12-31 | $23.4M | -15.3% | $19.8M | $23.4M | -15.3% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $57.9M2025-12-31 | $64.8M | -10.7% | $57.9M | $64.8M | -10.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Compensated Absences | $2.72M2025-12-31 | $2.43M | +11.8% | $2.72M | $2.43M | +11.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Some figures could not be updated in the last refresh; they show older data or none.
Data as of 2026-11-02