BWXT

BWX Technologies, Inc.

NYSE · INDUSTRIALS · ENGINES & TURBINES

135.11

+0.87 +0.65%

USD · close Oct 21

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FLAG · shorts 32

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

4 / 1

buys / sells · latest disclosed Sep 9

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP $12.4BP/E 35.0DIV YIELD —FCF YIELD 2.56%REV TTM $3.5B +22.7%NET INCOME $355.2M +20.7%NET CASH $308.2M52W 134.24 – 238.42SEC XBRL · TTM TO Invalid Date

How BWXT rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

85%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

−217

words, now 9,890

New in FY2025

Government contracts (either directly or as a sub-tier contractor to a government contractor) for a substantial percentage of our revenue, and some of those contracts are subject to continued appropriations by Congress and may be terminated or delayed if future funding is not made available.
For the year ended December 31, 2025, whether directly or as a sub-tier contractor to a government contractor, U.S.
Government contracts comprised approximately 68% of our total consolidated revenues.
In the event of a government shutdown, there is uncertainty regarding which government functions would shut down or continue operations during a lapse in appropriations, and corresponding uncertainty regarding the extent or magnitude of potential impacts to our operations.
If a government shutdown were to occur and were to continue for an extended period, our employees could be at risk of furlough and we could be at risk of program cancellations, schedule delays, production halts and other disruptions and nonpayment, which could have a material adverse effect on our financial condition, results of operations and cash flows.
Legislation or actions taken by the U.S. federal government, Canadian government or other foreign governments that restrict trade, such as tariffs, trade barriers, and other protectionist or retaliatory measures, could adversely impact our profitability and ability to sell products and services.
For example, as a contractor to the DoW, we are required to comply with applicable cybersecurity standards, including the DoW's Cybersecurity Maturity Model Certification, ("CMMC") program.
CMMC requirements may change over time and could impose additional compliance obligations on us and our suppliers, and failure to meet applicable CMMC requirements could affect our ability to receive or perform certain defense-related contracts.
We continue to monitor evolving data-privacy requirements and the use of emerging technologies, such as artificial intelligence, and maintain policies intended to promote their secure and responsible use.
Actual or threatened public health epidemics, pandemics or outbreaks, such as the global outbreak of COVID-19, could materially adversely affect our business.
By disrupting our employees, suppliers, contractors, customers or facilities through illness, quarantines, government-mandated shutdowns, cost increases, operational restrictions, and unfavorable contract impacts that may not be fully recoverable through insurance or government assistance.
Such events may also negatively affect global economic conditions, and the ultimate impact on our business may depend on uncertain future developments, including the severity of the outbreak and measures taken to contain it.
Separately, the recent presidential executive order regarding executive salaries and incentive compensation metrics applicable to defense contractors could adversely impact our ability to attract or retain executive talent.
As of December 31, 2025, we had $50.0 million in letters of credit and bank guarantees and $363.0 million in surety bonds outstanding.
As of December 31, 2025, we had underfunded defined benefit pension and postretirement benefit plans with obligations totaling approximately $153.3 million.
These laws and regulations include the FAR, the Defense FAR Supplement ("DFARS"), the Truthful Cost or Pricing Data Act, the CAS national security laws, regulations, and orders restricting the use and dissemination of classified information, and U.S. export control laws governing the export of certain products and technical information.
In addition, the President recently issued Executive Order ("EO") 14372 that could limit certain contractors performing work under critical defense weapons, supplies, and equipment contracts from issuing dividends or distributions, share repurchases, increasing executive salaries, and using particular metrics to determine executive incentive compensation.
While there remains uncertainty as to how EO 14372 will be interpreted and implemented, it is expected that EO 14372 will be implemented this year through a new DFARS clause and related contract provisions and that the EO's restrictions on dividends, distributions, share repurchases, executive salaries and foreign sales programs will, in some cases, be imposed only after the DoW determines that a contractor has failed to meet identified contract performance requirements.
Our nuclear operations are subject to various safety and quality-related requirements, and occupational radiation protection requirements, imposed by the U.S.
Non-compliance may also impact our competitive position when seeking future contracts.
Because we provide nuclear fabrication and other services to the DOE relating to its nuclear devices, facilities and other programs and the nuclear power industry in the ongoing maintenance and modifications of its nuclear power plants, including the manufacture of equipment and other components for use in such nuclear power plants, we expect, in the event of a nuclear incident or precautionary evacuation (as such terms are defined in the Atomic Energy Act), to be entitled to the indemnification protections under the Price-Anderson Act against liability arising from nuclear incidents occurring in the U.S., with an available indemnification amount, for our DOE contracts, of approximately $16.5 billion (for nuclear incidents or precautionary evacuations occurring within the US) and of $2 billion (for nuclear incidents or precautionary evacuations occurring in foreign countries).
Government's defense program, we may be entitled to some of the indemnification protections afforded by Public Law 85-804 for certain of our nuclear and hazardous operations risks.
Government, such as the DOE and the DoW, to indemnify their contractors against unusually hazardous or nuclear risks when such action would facilitate the national defense.
In addition, if new legislation, regulations or presidential executive orders are enacted or implemented, or if existing laws, regulations or presidential executive orders are amended or are interpreted or enforced differently, we may be required to obtain additional operating permits or approvals.

Gone since FY2024

Government contracts for a substantial percentage of our revenue, and some of those contracts are subject to continued appropriations by Congress and may be terminated or delayed if future funding is not made available.
For the year ended December 31, 2024, U.S.
Government contracts comprised approximately 76% of our total consolidated revenues.
The impact of any government shutdown is uncertain.
However, if a government shutdown were to occur and were to continue for an extended period, our employees could be at risk of furlough and we could be at risk of program cancellations, schedule delays, production halts and other disruptions and nonpayment, which could have a material adverse effect on our financial condition, results of operations and cash flows.
The U.S. federal government has recently implemented tariffs on certain foreign goods and may implement additional tariffs on foreign goods.
For example, in January 2025, the U.S. presidential administration stated its intention to impose a 25% tariff on imports from Canada into the United States, and the Canadian government stated it would take certain retaliatory measures.
On February 3, 2025, the U.S. presidential administration and the Canadian prime minister announced a 30-day pause to the implementation of these tariffs.
As we currently manufacture substantially all of our products for our medical radioisotope business in Canada, a 25% tariff on all imports from Canada would increase the costs of those products manufactured in Canada and could adversely impact our gross profit for this business if we are unable to pass this cost to our customers.
Our Canadian business does not currently have any material contracts for the sale of heavy nuclear components to US customers so the direct risk related to those tariffs is currently negligible.
Such tariffs and, if enacted, any further legislation or actions taken by the U.S. federal government or Canadian government that restrict trade, such as additional tariffs, trade barriers, and other protectionist or retaliatory measures taken by such governments, could adversely impact our profitability and ability to sell products and services.
Actual or threatened public health epidemics, pandemics or outbreaks, such as the global outbreak of COVID-19, could have a material adverse effect on our business and results of operations.
Any public health epidemic, pandemic or outbreak poses the risk that we or our employees, contractors, suppliers, customers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities.
Our business could be materially adversely impacted by employee illness, quarantines, government actions, facility closures, other actions to contain the impact of such diseases and/or potential responses to such actions by our customers, suppliers, contractors and employees.
If our operations or the operations of our customers or our suppliers are restricted, we may be unable to perform fully on our contracts and our costs may increase as a result of a public health epidemic, pandemic or outbreak.
These cost increases may result in unfavorable changes in estimates which may not be fully recoverable or adequately covered by insurance or through government assistance programs.
A public health epidemic, pandemic or outbreak and mitigation measures may also have an adverse impact on global economic conditions, which could have an adverse effect on our business.
The extent to which such an epidemic, pandemic or outbreak impacts our business will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of a public health epidemic, pandemic or outbreak and the actions to contain its impact.
Additionally, increased concern regarding the environment and global climate change may result in state, federal or international requirements such as the imposition of stricter limits on greenhouse gas emissions, carbon pricing mechanisms, increasing global chemical restrictions and bans, water and waste requirements and compliance and disclosure requirements.
If environmental or climate-change laws or regulations are adopted or changed, they could necessitate the need for substantial capital and other expenditures and have further negative impacts on our financial condition, results of operations and cash flows.
Increasing sustainability disclosure requirements may result in increased costs or reputational risks and could limit our ability to manufacture certain of our products.
As of December 31, 2024, we had $35.0 million in letters of credit and bank guarantees and $278.7 million in surety bonds outstanding.
As of December 31, 2024, we had underfunded defined benefit pension and postretirement benefit plans with obligations totaling approximately $103.9 million.
These laws and regulations include the FAR, Defense Federal Acquisition Regulations, the Truth in Negotiations Act, CAS, and laws, regulations, and orders restricting the use and dissemination of classified information under the U.S. export control laws and the export of certain products and technical information.
Our nuclear operations are subject to various safety-related requirements imposed by the U.S.
Environmental, social and governance matters and any related reporting obligations may impact our business.
U.S. and international regulators, investors and other stakeholders are increasingly focused on environmental, social and governance matters.
For example, new domestic and international laws and regulations relating to environmental, social and governance matters, including environmental sustainability and climate change, human capital management and cybersecurity, are under consideration or being adopted, which may include specific, target-driven disclosure requirements or obligations.
Our response will require increased costs to comply, the implementation of new reporting processes, entailing additional compliance risk, a skilled workforce and other incremental investments.
Because we provide nuclear fabrication and other services to the DOE relating to its nuclear devices, facilities and other programs and the nuclear power industry in the ongoing maintenance and modifications of its nuclear power plants, including the manufacture of equipment and other components for use in such nuclear power plants, we expect, in the event of a nuclear incident or precautionary evacuation (as such terms are defined in the Atomic Energy Act), to be entitled to the indemnification protections under the Price-Anderson Act against liability arising from nuclear incidents occurring in the U.S.
(with an available indemnification amount of approximately $16.5 billion) and in foreign countries (with an available indemnification amount of $2 billion).
Government's defense program, we may be entitled to some of the indemnification protections afforded by Public Law 85-804 for certain of our nuclear operations risks.
Government, such as the DOE and the DoD, to indemnify their contractors against unusually hazardous or nuclear risks when such action would facilitate the national defense.
In addition, if new legislation or regulations are enacted or implemented, or if existing laws or regulations are amended or are interpreted or enforced differently, we may be required to obtain additional operating permits or approvals.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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