BWXTBWX Technologies, Inc.

Engines & Turbines

Revenue: $3.2B; 18% YoY
Operating margin: 12.6%; 10% YoY
EBITDA: $514M; 10% YoY
Market cap: $12.0B
Employees: 6,700; $477K revenue each
Net debt / EBITDA: -0.5×; −$269M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$477K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 39th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.2B	$2.5B	$2.7B	$3.2B	18%
Operating income	$346M	$349M	$383M	$381M	$404M	6.3%
Net income	$306M	$238M	$246M	$282M	$329M	17%
Operating cash flow	$386M	$245M	$364M	$408M	$480M	17%
Capex	$311M	$198M	$151M	$154M	$185M	20%
Stock-based comp	$19M	$14M	$16M	$22M	$26M	20%
Buybacks	$226M	$20M	$0	$20M	$30M	50%
Dividends	$80M	$81M	$85M	$88M	$92M	4.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 22
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.