BWX Technologies Inc
- Industrie
- Nuclear Energy
- Bourse
- États-Unis
- Pays / Région
- USA
- Date d'introduction en bourse
- 2 août 2010
- Effectif
- 10 400
- Site web
- www.bwxt.com
Fourchette de valorisation composite · prudent $120–$150 / raisonnable $175–$220 / optimiste $255–$320. À $176.53, Dans la fourchette de valeur intrinsèque raisonnable.
À la publication $190.76 (5 juin 2026)
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
BWX Technologies, Inc. manufactures and sells nuclear components in the United States, Canada, and internationally. The company operates through two segments, Government Operations and Commercial Operations. It manufactures precision naval nuclear components, reactors, and nuclear fuel; close-tolerance and high-quality equipment for nuclear applications; critical nuclear components, fuels and assemblies for government and limited other uses; down blend government stockpiles of uranium; and fabricate fuel-bearing precision components. The company also supplies proprietary and sole-source valves, manifolds, and fittings to naval and commercial shipping customers; research reactor fuel elements for colleges, universities, and national laboratories; and components for defense applications. In addition, it manufactures commercial nuclear steam generators, nuclear fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems; and containers for the storage of nuclear fuel and other high-level nuclear waste. Further, the company supplies nuclear fuel, fuel handling systems, tooling delivery systems, nuclear-grade materials and precisely machined components; and manufactures medical radioisotopes, radiopharmaceuticals, and medical devices. Additionally, it provides specialized engineering services that include structural component design, 3-D thermal-hydraulic engineering analysis, weld and robotic process development, electrical and controls engineering and metallurgy and materials engineering; in-plant inspection, maintenance and modification services; and non-destructive examination and tooling/repair solutions. It also offers nuclear power plant lifecycle support and management services. The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.
Historique
BWX Technologies, Inc. traces its roots to Babcock & Wilcox (B&W), founded in 1867, a long-established boiler and energy-engineering company that became deeply involved in the birth of the U.S. nuclear navy in the 1950s by designing and manufacturing reactor components for USS Nautilus, the world's first nuclear submarine. From that point its nuclear business became an integral part of the U.S. Naval Nuclear Propulsion Program (NNPP), and the company has cumulatively delivered more than 420 reactor cores to the U.S. Navy. On June 30, 2015, The Babcock & Wilcox Company completed a key split: it spun off the declining power-generation (coal-fired boiler) business into a new independent company, Babcock & Wilcox Enterprises (headquartered in Charlotte, North Carolina), while the remaining nuclear and government business was renamed BWX Technologies, Inc. (BWXT) that same day, headquartered in Lynchburg, Virginia. BWXT's IPO date is 2010-08-02. After becoming independent, BWXT pursued two directions: deepening its core naval-nuclear base as the U.S. ramped up submarine construction (Columbia-class and Virginia-class), and extending into commercial nuclear power components, medical isotopes, micro-reactors, and advanced nuclear fuel through acquisitions and in-house development. Key acquisitions on this expansion path include Kinectrics, a Canadian nuclear-power lifecycle services provider acquired in May 2025 for about $525 million (nearly doubling the commercial segment's headcount), and Precision Components Group, agreed in April 2026 for about $200 million (target FY2025 revenue ~$125 million, expected to close in the second half of 2026). The company today operates through two reporting segments, Government Operations and Commercial Operations, and employs about 10,400 people.
Position dans le secteur
BWXT operates in the Aerospace & Defense industry (Industrials sector) and is the de facto sole-source manufacturer of U.S. Navy nuclear reactors, reactor cores, and nuclear fuel. Since supplying components for USS Nautilus in the 1950s, the reactor manufacturing for every class of U.S. nuclear-powered vessel has never gone to another supplier, with 420+ cores delivered cumulatively. The moat derives from decades of exclusive relationships, classified security qualifications and nuclear quality credentials (such as the N-Stamp) requiring cleared personnel, large dedicated capital for heavy nuclear forging and precision machining serving a single customer, and very high switching costs. Its scope is the manufacturing stage rather than the entire naval-nuclear value chain: reactor design resides in government laboratories (Bettis, Knolls, operated by other contractors); the propulsion integration prime contractor is Bechtel Plant Machinery (BPMI); and Curtiss-Wright supplies complementary, different components (valves, pumps, controls and instrumentation, propulsion auxiliaries) to the same end customer (the Navy NNPP) without competing for the same orders. The Government Operations segment (FY2025 revenue ~$2.350 billion, ~73% of total, operating margin ~16.8%) serves the DOE/NNSA naval program, primarily Virginia-class and Columbia-class submarines plus some Ford-class carrier components; its subsidiary Nuclear Fuel Services (Erwin, Tennessee) has down-blended legacy highly enriched uranium since 1995 and is the largest domestic supplier of fuel elements for U.S. university and national-laboratory research reactors. In Commercial Operations (FY2025 revenue ~$853 million, ~27% of total, operating margin ~6.8%), BWXT is the only commercial heavy nuclear component manufacturer in North America (the explicit "only" in its 10-K), supplying large heavy nuclear components, fuel, fuel-handling and reactor controls for CANDU plants (e.g., Ontario Power Generation), and producing medical radioisotopes (molybdenum-99/technetium-99m for diagnostic imaging and actinium-225 for radiopharmaceuticals) through BWXT Medical. In small modular and micro-reactors, where competition exists, BWXT is differentiated as a manufacturer and fuel supplier rather than a designer/operator: it builds its own micro-reactor for the military (Project Pele) and manufactures heavy components and fuel for designers, including the reactor pressure vessel for GE Hitachi's BWRX-300 at OPG Darlington; design/operator peers in this space include NuScale, Oklo, X-energy, Westinghouse eVinci, Kairos Power, and GE Hitachi. About 91% of the Government segment's revenue, and about 68% of total company revenue, comes from the U.S. government.
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