BWX Technologies
BWXT on NYSE. BWX Technologies makes nuclear parts and fuel for governments and power companies. Market value $12.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.37 of spare cash in the past 12 months. A savings account pays about $4.
You pay 34.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 93 of 100. Price score: 27 of 100. Our list needs 70 on quality and 60 on price.
$145.70 a share, 10% above its 1-year low
Over the past year the price has ranged from $131.86 to $241.82.
Dividend: 0.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.1bn | $2.2bn | $2.5bn | $2.7bn | $3.2bn |
| Operating margin | |||||
| Operating margin | 16.3% | 15.6% | 15.3% | 14.1% | 12.6% |
| Debt to equity | |||||
| Debt to equity | 1.87 | 1.72 | 1.30 | 0.98 | 1.64 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.09bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.64× equity
- Revenue growth, five yearsSlow, 8.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $902 million last quarter, up 18% on a year ago.
- Profit: $89 million, up 14% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, down from 14 cents a year earlier.
- Spare cash over the past 12 months: $317 million, down from $360 million.
- About the same number of shares as a year ago.
- Debt is $1.4 billion more than cash, down from $1.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $672m |
| December 2024 | $746m |
| March 2025 | $682m |
| June 2025 | $764m |
| September 2025 | $866m |
| December 2025 | $886m |
| March 2026 | $860m |
| June 2026 | $902m |
| Quarter to | Amount |
|---|---|
| September 2024 | $69m |
| December 2024 | $71m |
| March 2025 | $75m |
| June 2025 | $78m |
| September 2025 | $82m |
| December 2025 | $93m |
| March 2026 | $91m |
| June 2026 | $89m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
12 long-term investors we follow own it, unchanged from 12 last quarter. 852 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $58m
- Share of fund
- 0.2%
- Torray Investment PartnersRobert Torray (founder)
- Value
- $2m
- Share of fund
- 0.3%
- First Manhattan Co.First Manhattan partners
- Value
- $703,660
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $220,881
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $332m | 1.8% | Added |
| Mawer Investment ManagementMawer team | $134m | 0.9% | Cut |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $58m | 0.2% | |
| Gotham Asset ManagementJoel Greenblatt | $32m | <0.1% | Cut |
| Polen CapitalDan Davidowitz | $7m | <0.1% | Cut |
| Torray Investment PartnersRobert Torray (founder) | $2m | 0.3% | |
| Royce & AssociatesChuck Royce | $1m | <0.1% | Cut |
| Heartland AdvisorsBill Nasgovitz | $1m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $703,660 | <0.1% | |
| Horizon KineticsMurray Stahl | $498,888 | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $220,881 | <0.1% | |
| Barrow HanleyBarrow Hanley team | $389 | <0.1% | Cut |
Largest holders overall
- BlackRock$2.4bnCut
- Vanguard Portfolio Management$926mCut
- Vanguard Capital Management$806m
- State Street$740m
- JPMorgan Chase$503mAdded
- First Trust Advisors LP$404mAdded
- Alkeon Capital Management$394mAdded
- Franklin Resources$376m
- Geode Capital Management$362mAdded
- Invesco$357mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor5.3%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 5.3% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $9m, $8m of it under preset trading plans.
- Geveden Rex DPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 10,000
- Price
- $172.50
- Value
- $2m
- Geveden Rex DPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 12 May 2026
- Shares
- 10,000
- Price
- $204.81
- Value
- $2m
- Fitzgerald Michael ThomasSVP & Chief Financial OfficerSold
- Date
- 11 May 2026
- Shares
- 2,417
- Price
- $209.25
- Value
- $505,757
- Gorman Kevin JamesVP & Chief Accounting OfficerSold
- Date
- 2 March 2026
- Shares
- 1,344
- Price
- $214.71
- Value
- $288,570
- Burbach Gerhard FDirectorSold
- Date
- 25 February 2026
- Shares
- 1,983
- Price
- $208.61
- Value
- $413,674
- Geveden Rex DPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 12 February 2026
- Shares
- 10,000
- Price
- $203.26
- Value
- $2m
- Geveden Rex DPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 12 November 2025
- Shares
- 10,000
- Price
- $197.90
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | Geveden Rex D President and CEO, Director | Sold under a preset trading plan | 10,000 | $172.50 | $2m |
| 12 May 2026 | Geveden Rex D President and CEO, Director | Sold under a preset trading plan | 10,000 | $204.81 | $2m |
| 11 May 2026 | Fitzgerald Michael Thomas SVP & Chief Financial Officer | Sold | 2,417 | $209.25 | $505,757 |
| 2 March 2026 | Gorman Kevin James VP & Chief Accounting Officer | Sold | 1,344 | $214.71 | $288,570 |
| 25 February 2026 | Burbach Gerhard F Director | Sold | 1,983 | $208.61 | $413,674 |
| 12 February 2026 | Geveden Rex D President and CEO, Director | Sold under a preset trading plan | 10,000 | $203.26 | $2m |
| 12 November 2025 | Geveden Rex D President and CEO, Director | Sold under a preset trading plan | 10,000 | $197.90 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 3 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 68% last year. Losing that customer would hurt.
“During the years ended December 31, 2025, 2024 and 2023, the U.S. Government represented approximately 68%, 76% and 75% of our total consolidated revenues, respectively.”
From the 10-K filed 23 February 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- It isn't cheap on profits: 34.6× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.