BWX Technologies
BWXT · NYSEEngines & Turbines · Fiscal year ends Dec 31
BWX Technologies reported revenue of $3.2B in the fiscal year ended Dec 2025, up 18.3% from the year before. Operating income was $404M, an operating margin of 12.6%, and net income was $329M. Operating cash flow of $480M less capital expenditure of $185M left free cash flow of $295M. Net debt was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $2.2B | $2.5B | $2.7B | $3.2B |
| Cost of revenue | $1.6B | $1.7B | $1.9B | $2B | $2.5B |
| Gross profit | $550M | $552M | $621M | $655M | $733M |
| Research & development | $11M | $10M | $8M | $7M | $14M |
| Selling, general & admin | $230M | $234M | $280M | $319M | $394M |
| Operating income | $346M | $349M | $383M | $381M | $404M |
| Interest expense | $36M | $36M | $47M | $39M | $44M |
| Pre-tax income | $396M | $314M | $321M | $349M | $398M |
| Income tax | $89M | $76M | $75M | $66M | $68M |
| Net income | $306M | $238M | $246M | $282M | $329M |
| Diluted EPS | 3.24 | 2.60 | 2.68 | 3.07 | 3.58 |
| Diluted shares | 95M | 92M | 92M | 92M | 92M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $34M | $35M | $76M | $74M | $500M |
| Receivables | $71M | $61M | $70M | $99M | $220M |
| Inventory | $16M | $23M | $27M | $40M | $47M |
| Current assets | $774M | $772M | $818M | $930M | $1.6B |
| Net PP&E | $1B | $1.1B | $1.2B | $1.3B | $1.6B |
| Goodwill | $286M | $293M | $297M | $287M | $501M |
| Total assets | $2.5B | $2.6B | $2.7B | $2.9B | $4.3B |
| Payables | $190M | $127M | $127M | $158M | $141M |
| Deferred revenue | $112M | $89M | $107M | $161M | $305M |
| Current liabilities | $460M | $368M | $375M | $474M | $672M |
| Short-term debt | $0 | $6M | $6M | $13M | $0 |
| Long-term debt | $1.2B | $1.3B | $1.2B | $1B | $2B |
| Total liabilities | – | – | – | $1.8B | $3B |
| Shareholders' equity | $637M | $748M | $933M | $1.1B | $1.2B |
| Backlog (remaining obligations) | $5.2B | $4.1B | $4B | $4.8B | $7.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $386M | $245M | $364M | $408M | $480M |
| Capital expenditure | $311M | $198M | $151M | $154M | $185M |
| Free cash flow | $75M | $46M | $212M | $255M | $295M |
| Depreciation & amortisation | $69M | $74M | $79M | $86M | $109M |
| Stock-based compensation | $19M | $14M | $16M | $22M | $26M |
| Acquisitions | $0 | $47M | $0 | $0 | $535M |
| Share buybacks | $226M | $20M | $0 | $20M | $30M |
| Dividends paid | $80M | $81M | $85M | $88M | $92M |
| Dividend per share | 0.84 | 0.88 | 0.92 | 0.96 | 0.96 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.1% | 11.8% | 8.3% | 18.3% |
| Operating income growth (YoY) | – | 0.8% | 9.9% | −0.6% | 6.3% |
| EPS growth (YoY) | – | −19.8% | 3.1% | 14.6% | 16.6% |
| Gross margin | 25.9% | 24.7% | 24.9% | 24.2% | 22.9% |
| Operating margin | 16.3% | 15.6% | 15.3% | 14.1% | 12.6% |
| Net margin | 14.4% | 10.7% | 9.8% | 10.4% | 10.3% |
| Return on equityBlank when equity is negative | 48.0% | 31.8% | 26.3% | 26.1% | 26.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.9% | 15.5% | 16.1% | 15.9% | 11.2% |
| Free cash flow margin | 3.5% | 2.1% | 8.5% | 9.4% | 9.2% |
| Cash conversion (CFO ÷ net income) | 1.26x | 1.03x | 1.48x | 1.45x | 1.46x |
| Receivable days | 12 | 10 | 10 | 13 | 25 |
| Inventory days | 4 | 5 | 5 | 7 | 7 |
| Payable days | 44 | 28 | 25 | 28 | 21 |
| Interest cover | 9.67x | 9.57x | 8.14x | 9.64x | 9.15x |
| Debt ÷ equity | 1.87x | 1.72x | 1.30x | 0.98x | 1.64x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $1.3B | $1.1B | $981M | $1.5B |
| Current ratio | 1.68x | 2.10x | 2.18x | 1.96x | 2.32x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.