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BWXT

BWX Technologies, Inc.

NYSE · Industrials · Aerospace & Defense · US

$147.52
+0.80%
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  • Research · Sep 3, 2026

    [BWXT] BWX Technologies Thesis 2026: Naval Reactor Cycle Drives Defense Plus SMR Growth

    BWX Technologies Inc. (NYSE: BWXT) FY2025 revenue ~$3.0-3.2B (+8-15%) with adj. EPS ~$3.30-3.65 reflecting continued post-2024 Government Operations (~$2.4-2.6B; +5-10%) Navy Naval Reactor program contracts + selected post-2024 Commercial Operations (~$0.6-0.7B; +15-25%) Small Modular Reactor (SMR) + selected various commercial nuclear cycle + selected post-July 2024 ~$190M aggregate Aerojet Rocketdyne Holdings AR1 + AR2 ramjet propulsion businesses acquisition + selected post-September 2024 ~$525M aggregate Kinectrics Inc. (selected major Canadian commercial nuclear services) acquisition under continued President + CEO Rex Geveden (~8-year tenure since June 2017). Leading US-based nuclear components + nuclear fuel + selected various provider focused on Naval Reactor + Commercial Operations + selected various. Founded 1867 as Babcock, Wilcox + Company in Providence Rhode Island (~158-year heritage); selected post-1973 Babcock & Wilcox McDermott International acquisition; selected post-2010 Babcock & Wilcox spin-off from McDermott International; selected post-June 2015 BWX Technologies (BWXT) renaming + NYSE listing; selected post-June 2017 Rex Geveden CEO appointment; selected post-July 2024 ~$190M Aerojet Rocketdyne acquisition; selected post-September 2024 ~$525M Kinectrics Inc. acquisition. Headquartered in Lynchburg Virginia; ~7,500+ employees globally with ~$3.0-3.2B revenue. Two primary business segments: Government Operations (~80% revenue ~$2.4-2.6B), Commercial Operations (~20% ~$0.6-0.7B). Naval Reactor program cycle: ~$2.4-2.6B FY2025 Government Operations revenue (+5-10% YoY); Columbia-class submarine (~$110B aggregate FY2024-2042 program; ~12 boats) + Virginia-class submarine (~$130B aggregate FY2024-2042 program; ~30+ boats) + Gerald R. Ford-class aircraft carrier (~$13B aggregate per carrier); ~$30-40B aggregate FY2025-2030 Naval Reactor program backlog. Small Modular Reactor (SMR) cycle: ~$0.6-0.7B FY2025 Commercial Operations revenue (+15-25% YoY); BWXT Advanced Technologies SMR + TRISO fuel + post-September 2024 Kinectrics Inc. Canadian commercial nuclear services + selected post-2024 Microsoft + selected various hyperscaler nuclear power purchase agreement signing. Selected various M&A: post-July 2024 ~$190M Aerojet Rocketdyne AR1 + AR2 ramjet propulsion + post-September 2024 ~$525M Kinectrics. President + CEO Rex Geveden since June 2017 (~8-year tenure); CFO Robb LeMasters. Capital return: ~$0.96 annual dividend FY2025 (~+6% growth; ~9-year continuous dividend track post-2016); ~$50-100M FY2025 buybacks; aggregate capital return ~$200-300M; net leverage 2.0-2.5x; investment-grade Ba1/BB+ credit rating. FY2026 thesis: Naval Reactor program cycle + Small Modular Reactor (SMR) + commercial nuclear cycle + Aerojet Rocketdyne + Kinectrics integration + ~9-year continuous dividend track + selected continued post-2024 nuclear renaissance cycle. Risks: Naval Reactor program execution, Aerojet + Kinectrics integration, General Dynamics Electric Boat competition, US Department of Defense + Navy budget cycle, commercial nuclear cycle.

  • Research · Aug 25, 2026

    Defense Contracting Locks In Multi-Year Volume Commitments

    Allison, BWX Technologies and Rocket Lab each disclosed that defense buyers now fix multi-year volume up front; Allison's 2027 order board is already full.

  • Research · Jun 3, 2026

    SMR, OKLO, CCJ: AI Power Meets the Nuclear Renaissance

    BNP Paribas pivoted its top-decile fund into SMR-cohort stocks as institutional capital arrives. AI power demand and SMR commercialization timelines align.

  • Research · Apr 13, 2026

    BA's SLS Moon Rocket at Risk: 5 Space Stocks Poised to Win NASA's Next Contracts

    Boeing's SLS faces Trump NASA scrutiny, per April 11 Bloomberg report, boosting Lockheed, Northrop, Rocket Lab, BWXT, and Intuitive Machines for lunar bases and nuclear propulsion. LMT and NOC top ranked for stability; BA lags. Article analyzes financials and exposure.