Quick Facts / Company Snapshot
- Official Legal Name: BWX Technologies, Inc.
- Trading Symbol:
- Legal Entity Identifier (LEI): 549300NP85N265KWMS58
- International Securities Identification Number (ISIN): US05605H1005
- Central Index Key (CIK): 0001486957
- Employer Identification Number (EIN): 80-0558025
- Incorporation Date: March 8, 2010 (Originally as The Babcock & Wilcox Company; renamed 2015)
- State of Incorporation: Delaware
- Global Headquarters: 800 Main Street, 4th Floor, Lynchburg, Virginia 24504, United States
- Telephone: (980) 365-4300
- Industry: Aerospace & Defense / Heavy Electrical Equipment
- Auditor: Deloitte & Touche LLP
- Total Employees: ~8,700 (as of December 31, 2024)
- 2024 Revenue: $2.704 Billion
- 2024 Net Income: $282 Million
- Total Assets: $2.870 Billion
- Transfer Agent: Computershare Trust Company, N.A.
- Official Website: bwxt.com
Company Overview & Entity Identity
BWX Technologies, Inc. (BWXT) represents a specialized titan in the global nuclear manufacturing and national security complex. Legally domiciled in Delaware and headquartered in Lynchburg, Virginia, the entity operates as a premier supplier of nuclear components and fuel to the U.S. government. Its “Identity DNA” is forged from over a century of industrial heritage, originating from the historic Babcock & Wilcox lineage, yet it now stands as a distinct, independent entity following the strategic spin-off of its power generation business in 2015.
The company functions primarily as a parent holding company, executing its operational mandates through a robust network of wholly-owned subsidiaries and strategic joint ventures. This legal structure allows BWXT to compartmentalize risk and regulatory compliance across its highly sensitive operations, which range from handling High-Enriched Uranium (HEU) to manufacturing commercial medical isotopes. Its status is defined by its critical role as a prime contractor to the U.S. Department of Energy (DOE) and the National Nuclear Security Administration (NNSA), operating within an exceptionally rigorous regulatory environment overseen by the Nuclear Regulatory Commission (NRC) in the U.S. and the Canadian Nuclear Safety Commission (CNSC) in Canada.
BWXT’s corporate purpose, “We employ nuclear technology to solve some of the world’s most important problems,” underscores its dual-market strategy: fortifying national defense through naval propulsion and advancing global health and clean energy through commercial nuclear applications .
Business Segments
BWXT organizes its vast operations into two primary reporting segments: Government Operations and Commercial Operations. This bifurcation reflects the company’s strategic alignment with its two distinct customer bases: the U.S. federal government and the global commercial nuclear and medical industries.
Segment Revenue Performance (2024 vs. 2023)
| Segment Name | Revenue 2024 (USD Millions) | Revenue 2023 (USD Millions) | % of Total Revenue (2024) | YoY Growth % |
| Government Operations | $2,183 | $2,031 | 80.7% | +7.5% |
| Commercial Operations | $524 | $466 | 19.3% | +12.4% |
| Eliminations | $(3) | $(1) | N/A | N/A |
| Total | **$2,704** | $2,496 | 100% | +8.3% |
Government Operations
Operational Scope:
This segment serves as the financial and operational backbone of BWXT, generating $2.183 billion in revenue for fiscal year 2024, representing approximately 81% of the company’s total revenue . It is the sole manufacturer of naval nuclear reactors for the U.S. Navy’s submarine and aircraft carrier fleets, a monopoly position that provides a formidable competitive moat.
Operational Capabilities:
- Naval Nuclear Propulsion: Engineering, design, and manufacturing of precision naval nuclear components, reactors, and nuclear fuel for the DOE/NNSA Naval Nuclear Propulsion Program. This includes critical components for Columbia and Virginia-class submarines and Ford-class aircraft carriers .
- Uranium Processing: The segment downblends Cold War-era government stockpiles of high-enriched uranium (HEU) into low-enriched uranium (LEU) and recovers uranium from scrap materials .
- Advanced Technologies: Development of mobile microreactors (Project Pele) for the Department of Defense (DoD) and nuclear thermal propulsion systems for NASA .
Key Customers & Business Model:
The primary customer is the U.S. Government, which accounted for approximately 76% of BWXT’s consolidated revenues in 2024 . Contracts are predominantly long-term, fixed-price incentive fee arrangements, which reimburse allowable costs and provide performance-based fees. This model mitigates financial risk while incentivizing operational excellence. The segment also manages high-consequence nuclear sites through joint ventures, such as the Pantex Plant and the Hanford Site .
Commercial Operations
Operational Scope:
Generating $524 million in 2024, the Commercial Operations segment focuses on the global commercial nuclear power industry and the burgeoning medical isotope market . It is the only manufacturer of large commercial heavy nuclear components in North America .
Operational Capabilities:
- Nuclear Components: Design and fabrication of steam generators, heat exchangers, pressure vessels, and fuel handling systems, primarily for CANDU reactors in Canada .
- Medical Isotopes: Production of critical radioisotopes (e.g., Molybdenum-99, Actinium-225) and radiopharmaceuticals for diagnostic and therapeutic applications through BWXT Medical .
- Services: Specialized inspection, maintenance, and modification services for nuclear power plants, including major refurbishment projects like the Pickering Life Extension .
Key Customers & Business Model:
Major customers include large utility operators such as Ontario Power Generation and Bruce Power. The business model combines heavy manufacturing with high-margin service contracts. The segment is aggressively expanding into nuclear medicine, leveraging its proprietary technology to produce therapeutic isotopes for cancer treatment .
History and Evolution
- 1867: The original enterprise is founded by Stephen Wilcox and George Herman Babcock, establishing a legacy in steam generation.
- 1950s: The company begins supplying nuclear components for U.S. Department of Energy programs, cementing its role in the naval nuclear propulsion program .
- 2010: Incorporated as The Babcock & Wilcox Company in Delaware on March 8.
- 2015: A pivotal restructuring occurs. The company completes the spin-off of its power generation business (Babcock & Wilcox Enterprises, Inc.). The remaining entity is renamed BWX Technologies, Inc., shifting its strategic focus exclusively to nuclear technology for government and commercial applications .
- 2018: Acquisition of the Nordion medical isotope business, launching BWXT Medical and diversifying into the radiopharmaceutical market.
- 2020: Issuance of $400 million in Senior Notes due 2028 to strengthen the balance sheet .
- 2024:
- Hanford Contract: A joint venture involving BWXT wins a 10-year, $45 billion contract for environmental management at the Hanford site .
- Pantex Contract: A BWXT joint venture is awarded a $30 billion management and operating contract for the Pantex Plant .
- Acquisition Announcement: BWXT announces the acquisition of Aerojet Ordnance Tennessee, Inc. (A.O.T.) to expand its special materials portfolio .
- Kinectrics Agreement: BWXT signs an agreement to acquire Kinectrics, Inc., a leader in nuclear lifecycle management, expected to close in 2025 .
Products and Services
1. Naval Nuclear Propulsion Components
- Revenue Contribution: Primary driver of the Government Operations segment ($1.692 billion sub-segment revenue in 2024) .
- Technical Profile: BWXT manufactures heavy nuclear reactor vessels, heat exchangers, and closure heads for the U.S. Navy. It is the sole manufacturer of naval nuclear reactor cores, providing the fuel that powers the fleet for the life of the ships.
2. Uranium Processing & Downblending
- Revenue Contribution: Part of the “Uranium Processing and Nuclear Services” sub-segment ($287 million in 2024) .
- Technical Profile: The company operates one of the only commercial facilities licensed to possess and process High-Enriched Uranium (HEU). It downblends HEU from government stockpiles into Low-Enriched Uranium (LEU) for commercial and research reactors, supporting global non-proliferation goals .
3. Commercial Nuclear Components
- Revenue Contribution: Generated $289 million in 2024 .
- Technical Profile: Manufacturing of steam generators, nuclear fuel bundles, and reactor pressure vessels for CANDU reactors. BWXT is also fabricating the reactor pressure vessel for the GE Hitachi BWRX-300 small modular reactor (SMR), the first of its kind in the Western Hemisphere .
4. Nuclear Services & Engineering
- Revenue Contribution: Generated $235 million in 2024 .
- Technical Profile: In-plant inspection, maintenance, and modification services for nuclear utilities. This includes fuel handling systems, tooling delivery systems, and critical component refurbishment for plant life extension projects .
5. Medical Radioisotopes
- Technical Profile: Production of isotopes such as Molybdenum-99 (Mo-99), Technetium-99m (Tc-99m), and Actinium-225 (Ac-225). BWXT has submitted a drug master file to the FDA for Actinium-225, a therapeutic isotope with promising cancer treatment applications .
6. Advanced Microreactors
- Revenue Contribution: Part of the “Advanced Reactor Design and Engineering” sub-segment ($204 million in 2024) .
- Technical Profile: Development of high-temperature gas-cooled microreactors (Project Pele) for the DoD. This includes the manufacturing of TRISO (Tri-structural Isotropic) fuel, a robust fuel form capable of withstanding extreme temperatures .
Brand Portfolio
- BWXT: The overarching corporate brand, synonymous with nuclear innovation and national security.
- Nuclear Fuel Services (NFS): A wholly-owned subsidiary brand, recognized globally as the sole provider of nuclear fuel for the U.S. Navy .
- BWXT Medical: The commercial brand dedicated to the development and distribution of radiopharmaceuticals and medical isotopes .
- Kinectrics: Upon closing the acquisition in 2025, this brand will integrate extensive nuclear lifecycle services and grid solutions into the BWXT portfolio .
Geographical Presence
BWXT maintains a highly concentrated geographical footprint, with strategic manufacturing hubs in the United States and Canada, reflecting the geopolitical sensitivity of its operations.
| Region / Country | Revenue 2024 (USD Millions) | % of Total | Primary Activities | Manufacturing Sites |
| United States | $2,230 | 82.5% | Naval reactors, Uranium processing, Advanced tech | Lynchburg (VA), Erwin (TN), Barberton (OH), Euclid (OH), Mount Vernon (IN) |
| Canada | $431 | 15.9% | Commercial nuclear components, Medical isotopes | Cambridge (ON), Peterborough (ON), Toronto (ON), Kanata (ON), Vancouver (BC), Oakville (ON) |
| Other (incl. UK) | $46 | 1.6% | Specialized components, Admin support | UK Offices |
United States
The U.S. market is the company’s fortress, housing critical “Category 1” licensed facilities.
- Lynchburg, VA: Global headquarters and primary manufacturing plant for naval nuclear cores. Includes the new BWXT Innovation Campus (BIC) .
- Erwin, TN: Home to Nuclear Fuel Services (NFS), the nation’s sole provider of naval nuclear fuel .
- Barberton & Euclid, OH: Heavy manufacturing facilities for large nuclear components and control rod drive mechanisms.
Canada
Canadian operations are centered in Ontario, supporting the heavy water reactor market and medical isotopes.
- Cambridge, Ontario: The largest heavy commercial nuclear equipment manufacturing facility in North America, currently undergoing a 25% expansion .
- Kanata & Vancouver: Specialized sites for medical isotope research and production .
Financial Performance Analysis
Over the three-year period from 2022 to 2024, BWXT has demonstrated a trajectory of resilient growth and disciplined capital allocation. Revenue has expanded from $2.23 billion in 2022 to $2.70 billion in 2024, driven by sustained U.S. defense spending and a resurgence in the commercial nuclear sector.
Profit and Loss Analysis (Forensic)
| Metric | 2024 (USD Thousands) | 2023 (USD Thousands) | 2022 (USD Thousands) |
| Revenue | $2,703,654 | $2,496,309 | $2,232,834 |
| Cost of Operations | $2,048,447 | $1,875,716 | $1,680,899 |
| Gross Profit | **$655,207** | $620,593 | $551,935 |
| R&D Expenses | $7,478 | $7,613 | $9,535 |
| SG&A Expenses | $318,663 | $279,694 | $234,282 |
| Operating Income (EBIT) | **$380,607** | $383,059 | $348,571 |
| Interest Expense | $(39,475) | $(47,036) | $(36,410) |
| Provision for Taxes | $66,422 | $75,079 | $75,757 |
| Net Income | **$282,298** | $246,321 | $238,620 |
- Gross Margin (2024): 24.2% (Calculated: 655,207 / 2,703,654)
- Operating Margin (2024): 14.1% (Calculated: 380,607 / 2,703,654)
- Net Margin (2024): 10.4% (Calculated: 282,298 / 2,703,654)
Balance Sheet Analysis (Forensic)
| Metric | 2024 (USD Thousands) | 2023 (USD Thousands) |
| Current Assets | $929,997 | $817,801 |
| Non-Current Assets | $1,939,927 | $1,929,264 |
| Total Assets | **$2,869,924** | $2,747,065 |
| Current Liabilities | $474,201 | $375,046 |
| Long-Term Debt | $1,042,970 | $1,203,422 |
| Total Equity | **$1,080,404** | $933,301 |
- Debt-to-Equity Ratio: 0.97 (Calculated: 1,042,970 / 1,080,404)
- Current Ratio: 1.96 (Calculated: 929,997 / 474,201) – Indicates a strong short-term liquidity position.
- Quick Ratio: 1.88 (Calculated: (929,997 – 40,300 Inventory*) / 474,201). Note: Inventory of $40.3 million is cited in Note 1 .
Cash Flow Analysis (Forensic)
| Metric | 2024 (USD Thousands) | 2023 (USD Thousands) | 2022 (USD Thousands) |
| Cash from Operations | $408,428 | $363,701 | $244,704 |
| Cash from Investing (CAPEX) | $(153,647) | $(151,286) | $(198,312) |
| Cash from Financing | $(252,785) | $(169,371) | $13,952 |
| Free Cash Flow | **$254,781** | $212,415 | $46,392 |
Analysis: Free Cash Flow (Operating Cash Flow less CAPEX) has surged significantly from $46.4 million in 2022 to **$254.8 million** in 2024. This liquidity is being strategically deployed toward acquisitions (Aerojet, Kinectrics), shareholder dividends ($88.3 million paid in 2024), and share repurchases ($20 million in 2024) .
Board of Directors and Leadership Team
Directors
- Jan A. Bertsch (Independent Chair): Brings extensive financial and strategic leadership experience. Served as CFO of Owens-Illinois and Sigma-Aldrich. Joined the board in 2013 .
- Rex D. Geveden (CEO & Director): Appointed President and CEO in 2017. Previously served as COO of BWXT and Associate Administrator at NASA. His expertise spans aerospace, defense, and nuclear operations .
- Gerhard F. Burbach: Director with deep expertise in medical devices and nuclear technology applications .
- James M. Jaska: Director contributing extensive experience in government services and global operations management .
- Kenneth J. Krieg: Former Under Secretary of Defense for Acquisition, Technology and Logistics. Provides critical insight into DoD procurement processes .
- Leland D. Melvin: Former NASA astronaut and Associate Administrator for Education. Adds unique expertise in space exploration and STEM education .
- Robert L. Nardelli: Former CEO of Home Depot and Chrysler. Brings high-level industrial, operational, and transportation management experience .
- Barbara A. Niland: Former CFO of Huntington Ingalls Industries. Offers specialized expertise in defense financial management and audit .
- Nicole W. Piasecki: Former executive at Boeing. Specialist in aerospace strategy, governance, and business development .
- Adm. John M. Richardson: Retired Admiral, U.S. Navy. Former Chief of Naval Operations. Provides an invaluable perspective on naval nuclear operations and strategy .
Board Committees
| Committee | Members (Key) |
| Audit & Finance | Barbara A. Niland (Chair), Gerhard F. Burbach, James M. Jaska, John M. Richardson |
| Compensation | James M. Jaska (Chair), Gerhard F. Burbach, John M. Richardson |
| Governance | Nicole W. Piasecki (Chair), Kenneth J. Krieg, Leland D. Melvin |
Subsidiaries, Associates, and Joint Ventures
BWXT operates through a complex hierarchy of subsidiaries and joint ventures, allowing it to manage specific government contracts and geographic operations effectively.
| Subsidiary Name | Jurisdiction | Relationship | % Ownership | Primary Activity |
| Nuclear Fuel Services, Inc. (NFS) | Delaware | Subsidiary | 100% | Naval fuel fabrication & Uranium downblending |
| BWXT Canada Ltd. | Canada | Subsidiary | 100% | Commercial nuclear manufacturing & service |
| BWXT Nuclear Operations Group, Inc. | Delaware | Subsidiary | 100% | U.S. Gov. nuclear component manufacturing |
| BWXT Technical Services Group, Inc. | Delaware | Subsidiary | 100% | Management of government sites & joint ventures |
| BWXT Medical Ltd. | Canada | Subsidiary | 100% | Medical isotope production |
Key Joint Ventures:
- Hanford Tank Waste Operations & Closure, LLC: A JV awarded a $45 billion contract for environmental management at the Hanford site .
- PanTeXas Deterrence, LLC: A JV awarded the $30 billion management and operating contract for the Pantex Plant .
- Newport News Nuclear BWXT – Los Alamos, LLC: Performs environmental remediation at Los Alamos National Laboratory .
Physical Properties
BWXT’s physical infrastructure is a mix of owned and leased facilities, strategically located to support its manufacturing and R&D missions.
| Location | Purpose | Ownership Status | Key Activity |
| Lynchburg, VA | Manufacturing / R&D | Owned | Primary HEU processing & reactor manufacturing (1M sq. ft.) |
| Erwin, TN | Manufacturing | Owned | Nuclear fuel fabrication (NFS) |
| Barberton, OH | Manufacturing | Owned | Heavy nuclear components |
| Euclid, OH | Manufacturing | Owned | Control rod drive mechanisms |
| Cambridge, ON | Manufacturing | Owned | Commercial steam generators |
| Mount Vernon, IN | Manufacturing | Owned | Heavy vessel manufacturing |
| Peterborough, ON | Manufacturing | Leased (Exp 2036) | Fuel handling systems & automated tooling |
| Toronto, ON | Manufacturing | Leased (Exp 2036) | Fuel fabrication |
Shareholding Pattern
BWXT is a publicly traded entity on the New York Stock Exchange. While specific percentage breakdowns for institutional holders are not explicitly detailed in the text, the 10-K notes significant share repurchase activity and treasury stock holdings.
| Shareholder Category | Details |
| Treasury Stock | The company holds 36,869,498 shares in treasury as of December 31, 2024, with a cost of approximately $1.388 billion . |
| Common Stock Issued | 128,320,295 shares issued as of December 31, 2024 . |
| Share Repurchase | In 2024, BWXT repurchased 249,442 shares for $20.0 million . |
Investments and Capital Expenditure (CAPEX)
In 2024, BWXT invested $153.6 million in capital expenditures, reflecting a continued commitment to expanding its operational capabilities .
- R&D Spend: Total R&D activity was $53.7 million in 2024, comprising $7.5 million in company-funded expenses and $46.2 million in customer-sponsored R&D (reimbursed). Investments focused on advanced microreactors (Project Pele) and medical isotope technology .
- Facility Expansion: Significant capital was directed toward the BWXT Innovation Campus (BIC) in Lynchburg and a 25% capacity expansion at the Cambridge, Ontario plant to support SMRs and CANDU life extensions .
- Digital Transformation: The company is investing in AI and cloud capabilities to streamline operations, consolidate ERP systems, and enhance financial forecasting .
Future Strategy, Key Strengths & Risk Management
Strategic Outlook (5-Year Plan)
BWXT is positioning itself for a “nuclear renaissance” driven by geopolitical instability and the global energy transition. The strategy rests on three pillars:
- Defense Dominance: Capitalizing on the U.S. Navy’s 30-year shipbuilding plan, which calls for sustained procurement of Columbia and Virginia-class submarines .
- Commercial Growth: Leveraging the SMR wave (manufacturing the BWRX-300 RPV) and the refurbishment of the Canadian nuclear fleet (Pickering & Bruce Power) .
- Medical Expansion: Commercializing the production of Actinium-225 and Molybdenum-99 to become a global leader in nuclear medicine .
Top 5 Risks & Mitigation Strategies (Forensic Analysis of 10-K Item 1A)
- Government Funding Dependency:
- Risk: 76% of revenue relies on U.S. Government appropriations. Budget cuts or shutdowns could halt programs .
- Mitigation: Diversification into commercial power and medical isotopes; securing long-term, multi-year contracts.
- Regulatory Compliance:
- Risk: Loss of critical NRC or CNSC licenses could shut down operations immediately .
- Mitigation: Rigorous internal safety cultures (Zero Injury vision) and continuous compliance monitoring.
- Nuclear Liability:
- Risk: Catastrophic nuclear incidents could exceed insurance coverage .
- Mitigation: Reliance on the Price-Anderson Act (US) and Nuclear Liability and Compensation Act (Canada) for government indemnification .
- Operational Hazards:
- Risk: Handling HEU and radioactive waste poses severe environmental and safety risks .
- Mitigation: Extensive safety protocols, specialized facilities, and a dedicated “stretch and flex” program that reduced injuries by 25% in 2024 .
- Talent Retention:
- Risk: High reliance on employees with security clearances; aging workforce .
- Mitigation: Robust succession planning, partnerships with universities, and competitive compensation packages .
Conclusion and Strategic Outlook
BWX Technologies, Inc. stands as a fortress in the nuclear sector, protected by high barriers to entry and cemented by its indispensable role in U.S. national security. Its financial profile is characterized by steady, government-backed cash flows which fuel high-growth ventures in clean energy and nuclear medicine. With a record backlog of $4.8 billion and strategic acquisitions like Kinectrics on the horizon, BWXT is aggressively expanding its technical moat . The convergence of defense needs and the global push for carbon-free energy places BWXT at the nexus of two secular tailwinds, projecting a trajectory of sustained relevance and profitability through 2025 and beyond.
Official Site: bwxt.com
FAQs
1. What is BWXT’s role in the U.S. Naval Nuclear Propulsion Program?
BWXT is the sole manufacturer of naval nuclear reactor cores and a primary supplier of heavy components for the U.S. Navy’s submarines and aircraft carriers.
2. How much revenue did BWXT generate in 2024?
The company reported a record $2.704 billion in revenue for the fiscal year ended December 31, 2024.
3. What are the major recent contract wins for BWXT?
Significant 2024 wins include a $45 billion Hanford environmental management contract, a $30 billion Pantex Plant contract, and over C$1 billion in Ontario nuclear energy projects.
4. What is the status of the BWXT Innovation Campus (BIC)?
Opened in 2024, the 170,000-square-foot BIC in Lynchburg, Virginia, houses advanced manufacturing, R&D, and testing teams for advanced reactors and fuel.
5. Is BWXT involved in Small Modular Reactors (SMRs)?
Yes, BWXT is manufacturing the reactor pressure vessel for the GE Hitachi BWRX-300, the first Western Hemisphere SMR, at its expanded Cambridge facility.
6. What medical products does BWXT produce?
BWXT Medical produces critical isotopes like Actinium-225 for cancer treatment and diagnostic agents like Iodine-123 MIBG.
7. How many employees does BWX Technologies have?
As of late 2024, the company employs over 8,700 highly skilled workers.
8. What is the current debt-to-equity ratio for the company?
As of December 31, 2024, BWXT has a forensic debt-to-equity ratio of 0.97, based on $1.043 billion in long-term debt and $1.080 billion in equity.
9. Who is the CEO of BWX Technologies?
The President and CEO is Rex D. Geveden, who has led the company through its strategic expansion since 2017.
10. Where is BWXT’s primary manufacturing for nuclear fuel located?
Primary nuclear fuel fabrication for the U.S. Navy is conducted at the Nuclear Fuel Services (NFS) facility in Erwin, Tennessee.
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
