BWX Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BWX Technologies, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,551	1,688	1,800	1,895	2,124	2,124	2,233	2,496	2,704	3,198
Cost of revenue	1,086	1,192	1,296	1,361	1,548	1,574	1,681	1,876	2,048	2,466
Gross profit	464	496	504	534	575	550	552	621	655	733
Research and development	6.41	7.19	15.2	17.7	14.2	11.1	9.54	7.61	7.48	13.9
Selling, general and administrative	210	210	214	217	231	230	234	280	319	394
Operating income	234	292	305	326	359	346	349	383	381	404
Interest expense	8.39	14.9	27.8	35.3	31	35.8	36.4	47	39.5	44.2
Interest income	0.65	1.41	2.48	0.94	0.52	0.42	0.76	2.36	2.55	3.89
Other non-operating income	22.8	3.56	-24.8	-11.8	3.62	49.9	-34.2	-61.7	-31.9	-6.34
Pre-tax income	257	296	280	314	362	396	314	321	349	398
Income tax	73.7	147	52.8	69.1	83	89.4	75.8	75.1	66.4	68.3
Income from continuing operations	183	148
Net income to minority interests	0.56	0.52	0.35	0.56	0.53	0.42	0.43	0.47	0.36	0.92
Net income	183	148	227	244	279	306	238	246	282	329
EBITDA	285	349	365	387	419	415	422	462	466	514
EPS, basic	1.79	1.49	2.29	2.56	2.92	3.24	2.60	2.68	3.08	3.59
EPS, diluted	1.76	1.47	2.27	2.55	2.91	3.24	2.60	2.68	3.07	3.58
Shares, basic (weighted)	102	99.3	99.1	95.4	95.5	94.3	91.4	91.6	91.6	91.6
Shares, diluted (weighted)	104	100	100	95.8	95.7	94.5	91.7	91.9	91.9	91.9
Dividend per share	0.36	0.42	0.64	0.68	0.76	0.84	0.88	0.92	0.96	0.96

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	203	29.9	86.5	42.6	33.9	35.2	75.8	74.1	500
Short-term investments	14.5	2.93	3.6	5.84	3.71	3.81	3.8	0
Receivables	136	189	71.6	56.7	153	70.7	60.8	70.2	99.1	220
Inventory	7.7	8.6	16	17.1	15	16.3	22.9	27.4	40.3	46.5
Other current assets	29.3	30.4	43.9	41.5	44.3	47.7	55	64.3	49.1	66.1
Total current assets	694	873	542	630	774	774	772	818	930	1,560
Property, plant and equipment	300	349	439	580	816	1,046	1,135	1,229	1,278	1,585
Lease right-of-use assets				41	41.3	46.4	49.6	46.5	43.5	65.8
Goodwill	211	218	274	276	284	286	293	297	287	501
Intangible assets	115	110	229	191	193	186	194	186	165	330
Other non-current assets	14.7	22.6	35.6	95.6	96.4	94.7	96.8	104	92.5	125
Total assets	1,580	1,712	1,655	1,909	2,294	2,501	2,619	2,747	2,870	4,271
Accounts payable	100	93.4	115	171	184	190	127	127	158	141
Accrued liabilities	81.8	82.5	77.4	82.6	89.7	71.8	61.1	64.5	77.2	118
Deferred revenue			98.5	75.4	83.6	112	88.7	107	161	305
Short-term debt	27.4	27.9	14.2	14.7	0	0	6.25	6.25	12.5	0
Total current liabilities	440	528	377	405	530	460	368	375	474	672
Long-term debt	498	481	754	809	863	1,189	1,283	1,203	1,043	2,016
Other non-current liabilities	34	19.8	9.35	14.5	28.6	38.9	53.1	43.5	79	93.6
Total liabilities	1,429	1,427	1,419	1,505	1,676	1,864	1,871	1,814	1,790	3,038
Total debt	498	481	754	824	863	1,189	1,289	1,210	1,055	2,016
Paid-in capital	22	98.8	116	134	154	174	189	206	229	160
Retained earnings	885	991	1,167	1,344	1,550	1,776	1,933	2,094	2,287	2,524
Treasury stock	-762	-815	-1,038	-1,068	-1,095	-1,326	-1,353	-1,361	-1,388	-1,433
Other comprehensive income	3.81	9.45	-10.3	-7.45	8.2	12.1	-21.9	-7.46	-48.2	-19.4
Shareholders' equity	150	285	236	404	618	637	748	933	1,081	1,232
Minority interests	0.39	0.36	0.04	0.01	0	0.06	0.05	-0.05	-0.28	0.53
Total equity	150	286	236	404	618	637	748	933	1,080	1,233
Total liabilities and equity	1,580	1,712	1,655	1,909	2,294	2,501	2,619	2,747	2,870	4,271

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	184	148	227	245	279	306	239	246	282	330
Depreciation and amortization	50.6	56.6	60.1	61.7	60.7	69.1	73.8	78.6	85.9	109
Stock-based compensation	15.4	15.2	11.9	12.7	16.8	18.6	14.1	15.9	21.7	26.1
Deferred income tax	-7.23	93.5	17.4	3.79	7.89	40.1	5.52	-5.13	19.8	15.1
Change in payables	19.5	-7.48	1.89	44.6	-1.24	28.8	-40.5	-9.03	34.5	-23.6
Cash from operations	240	222	169	279	196	386	245	364	408	480
Capital expenditures	-52.6	-96.9	-109	-182	-255	-311	-198	-151	-154	-185
Acquisitions	-118	-0.72	-213	0	-15.9	0	-47.3	0	0	-535
Purchases of investments		-3.24	-4.52	-4.21	-4.23	-4.74	-3.8	-2.34	0	0
Sales and maturities of investments		0.15	0	0				6	0	3.4
Cash from investing	-189	-89.7	-327	-180	-265	-305	-256	-156	-155	-742
Debt issued	540	109	1,159	700	845	1,324	978	353	456
Debt repaid	0					-999	-878	-434	-612	-1,280
Stock issued	18.3	17.1	3.57	4.45	2.81	2.03
Share buybacks	-293	0	-215	-20	-22	-226	-20	0	-20	-30
Dividends paid	-37.4	-42	-63.8	-65.4	-72.9	-79.7	-81.1	-85	-88.3	-92.5
Cash from financing	-88.9	-61.2	-9.32	-43.7	25	-90.1	14	-169	-253	694
Exchange rate effect	-0.35	7.44	-9.98	0.33	-0.27	0.24	-1.21	1.94	-2.13	-4.75
Net change in cash	-38.3	78.5	-177	56	-44.1	-8.52	1.22	40.6	-1.04	427
Free cash flow	187	125	60	97.2	-58.6	75	46.4	212	255	295
Interest paid	6.51	14.3	17	39.7	38.3	50.8	51.3	63.2	72.4	65.2
Income taxes paid	66.3	38.4	58.7	70.1	73.6	44.9	71.8	84.5	45.5	47.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $138.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	12.1%	Operating income / revenue.
EBITDA margin	15.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.2%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	9.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.8%	Cash from operations / revenue.
Effective tax rate	17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	12.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	12.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.8%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	16.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	85.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	48.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.40x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.7%	Total debt / total assets.
Liabilities / assets	69.8%	Total liabilities / total assets.
Net debt	$1.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.4x	Operating income / interest expense.
Working capital	$996.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$527.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.79x	Revenue / average total assets.
Fixed asset turnover	2.19x	Revenue / average property, plant and equipment.
Receivables turnover	17.7x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.
FCF conversion	89.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.19	Revenue / diluted weighted shares.
FCF per share	$3.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.64	Cash from operations / diluted weighted shares.
Book value per share	$14.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.74	Tangible book value / shares outstanding.
Cash per share	$6.61	(Cash + short-term investments) / shares outstanding.
Payout ratio	27.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.69B	Share price x shares outstanding.
Enterprise value	$14.10B	Market cap + total debt - cash - short-term investments.
P/E	35.7x	Market cap / net income. Only when net income is positive.
P/S	3.61x	Market cap / revenue.
P/B	9.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	24.0x	Market cap / tangible book value, when positive.
P/FCF	40.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.4x	Market cap / cash from operations, when positive.
EV/Sales	4.01x	Enterprise value / revenue.
EV/EBIT	33.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	44.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.
PEG	3.17x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BWX Technologies, Inc.'s revenue in fiscal 2025?

BWX Technologies, Inc. reported revenue of $3.20B for fiscal 2025, 18.3% higher than the year before.

Was BWX Technologies, Inc. profitable in fiscal 2025?

Yes. Net income was $328.9M, a net margin of 10.3%.

How much free cash flow did BWX Technologies, Inc. generate in fiscal 2025?

Cash from operations of $479.8M minus capital expenditures of $184.6M left free cash flow of $295.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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