BWX Technologies Inc
bwxt.comWhat Do They Do?
Builds naval nuclear components, reactors and fuel, and provides operations and cleanup services for U.S. government sites; also supplies nuclear-power utilities and medical-isotope customers.
10-K for FY2025, filed Feb 23, 2026Through this segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the U.S.…View ↗
This segment also provides various services to the U.S. and Canadian governments by managing and operating high-consequence operations at…View ↗
Through this segment, we design and manufacture commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components…View ↗
This segment also manufactures and supplies products for diagnostic imaging and radiotherapeutic treatments and is a partner for contract…View ↗
How Do They Make Money?
Government customers pay for nuclear components, fuel and site operations through contracts, generally as work progresses and as costs accrue or milestones are reached. Commercial customers pay for components and services as work progresses or at milestones; standard parts and some medical products are paid for on delivery.
10-K for FY2025, filed Feb 23, 2026Our Government Operations segment recognizes revenue over time for the manufacturing of naval nuclear reactor components and fuel, the…View ↗
Our Government Operations segment's contracts primarily allow for billings as costs are incurred, subject to certain retainages that…View ↗
Our Commercial Operations segment recognizes revenue over time using a cost-to-cost method for the manufacturing of large components…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by reportable segment ↗
$3.2B
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10-K for FY2025, filed Feb 23, 2026
$3.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Government Operations
Recurring
10-K for FY2025, filed Feb 23, 2026 |
73%
FY2022: 81%
|
Government Operations, FY2025
$2.4B Sources
|
Recurring |
|
Commercial Operations
|
27%
FY2022: 19%
|
Commercial Operations, FY2025
$853.1M Sources
|
Who Are Their Customers?
The U.S. Government, including some of its contractors, buys Government Operations work directly or through prime contractors. Commercial Operations serves large utilities and other customers in nuclear power and radiopharmaceutical markets.
10-K for FY2025, filed Feb 23, 2026We provide our products and services to a diverse customer base, including the U.S. Government, utilities and other customers in the…View ↗
The primary customer of our Government Operations segment is the U.S. Government, including some of its contractors. Our Commercial…View ↗
We rely on U.S. Government contracts (either directly or as a sub-tier contractor to a government contractor) for a substantial percentage…View ↗
10-K for FY2025, filed Feb 23, 2026
We provide our products and services to a diverse customer base, including the U.S. Government, utilities and other customers in the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
10-K for FY2025, filed Feb 23, 2026
$404.5MView ↗
10-K for FY2025, filed Feb 23, 2026
$328.9MView ↗
10-K for FY2025, filed Feb 23, 2026
$295.3MView ↗
How Are They Changing?
Growing. Revenue grew 51% in 4 years, from $2.1B in FY2021 to $3.2B in FY2025, about 11% a year.
Advanced materials
Government Operations expands beyond uranium downblending to include high-purity depleted uranium capabilities and advanced materials for commercial, military and space uses.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 23, 2026Our Government Operations segment specializes in the design and manufacture of close-tolerance and high-quality equipment for nuclear…View ↗
Our Government Operations segment specializes in the design and manufacture of close-tolerance and high-quality equipment for nuclear…View ↗
Broader commercial services
Commercial Operations adds lifecycle services for transmission and distribution markets and isotope production and supply for the radiopharmaceutical industry through Kinectrics.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 23, 2026
Who Do They Compete With?
Competes with Bechtel National, Amentum Environment & Energy, Fluor, Northrop Grumman, Huntington Ingalls Industries, Honeywell International, Leidos, Westinghouse Electric, AtkinsRéalis, Framatome, Cameco, Doosan Heavy Industries & Construction, AECON Group, Curium Pharma, SHINE Technologies, and Jubilant DraxImage
10-K for FY2025, filed Feb 23, 2026This segment also engages in the management and operation of U.S. Government facilities and the delivery of environmental remediation…View ↗
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