BWXT BWX Technologies, Inc.

Overview and Growth

In fiscal 2025, BWX Technologies, Inc. recorded $3.20B of revenue, net income of $328.94M, and an operating cash inflow of $479.85M. The $3.20B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 18.3% above fiscal 2024 revenue of $2.70B, marking a year-over-year increase. Diluted earnings per share were $3.58, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 16.6% increase from fiscal 2024 diluted EPS of $3.07. Revenue equaled 0.75x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $732.86M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 22.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $404.46M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 12.6%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $328.94M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 10.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $398.12M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 12.4%, relating income before taxes directly to revenue. The company recognized $68.26M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 17.1%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

The company held $4.27B of assets against $3.04B of liabilities and $1.23B of equity, revealing how the asset base was financed. Current assets were $1.56B against $672.02M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.32x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $499.78M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 74.4% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $2.02B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 1.64x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 47.2% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 71.1%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 11.7%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $479.85M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.46x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $184.56M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 38.5% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $295.29M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 9.2%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 6.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.