AI & Infrastructure CapexAI 与基础设施资本开支
BWX Technologies, Inc.
BWXT 6.5Price and target zones价格与目标区间
What the company does公司做什么
BWX Technologies makes the nuclear reactors and fuel that power United States Navy submarines and aircraft carriers. It is the only company qualified to do this work, which makes it hard to replace.BWX Technologies 制造为美国海军潜艇和航空母舰提供动力的核反应堆和核燃料。它是唯一有资格做这项工作的公司,这让它很难被替代。
Earns from营收来源 long-term, sole-source government contracts, plus a smaller commercial nuclear business.长期的、独家来源的政府合同,外加一块规模较小的商用核能业务。
Read the full description查看完整介绍
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.
Revenue breakdown营收构成 share of revenue营收占比
BWXT's core business: it designs and builds the nuclear reactors, reactor components, and fuel that power United States Navy submarines and aircraft carriers, plus small modular reactor and national-security work. It holds sole-source status on this work, so contracts run long and revenue tracks the Navy's shipbuilding budget rather than the open market.BWXT的核心业务:设计并制造为美国海军潜艇和航空母舰提供动力的核反应堆、反应堆部件和燃料,此外还从事小型模块化反应堆和国家安全相关工作。该公司在这类业务上拥有唯一供应商资格,因此合同周期长,营收走势与海军造船预算挂钩,而非取决于公开市场。
Makes components for commercial nuclear power plants, supplies nuclear fuel and related services, and produces medical isotopes used in hospitals for cancer treatment and diagnostic imaging. Revenue here grew fast in fiscal year 2025 as utilities extended the life of existing reactors and new nuclear investment picked up.为商业核电站生产部件,供应核燃料及相关服务,并生产医院用于癌症治疗和诊断成像的医用同位素。2025财年,随着公用事业公司延长现有反应堆的使用寿命、新的核能投资增多,该部分营收增长迅速。
Company facts公司资料
- Founded成立时间
- 1867
- Headquarters总部
- Lynchburg, Virginia
- Former name曾用名
- The Babcock & Wilcox Company
- Employees员工人数
- 11,000
- Industry行业
- Aerospace & Defense
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Analyzed 8/27 — WATCH, first score. One of the strongest moats on the list — sole-source US Navy nuclear-propulsion monopoly (subs/carriers), government-funded — plus fast-growing SMR optionality (backlog +40%, book-to-bill 1.7x). FV $145-195. Entry $135-150. Trim 48x ttm (~$185).
8/27 分析——WATCH,首次评分 [6.5]。 全表最强护城河之一——美国海军核动力独家供应商(潜艇/航母),政府出资——外加快速增长的 SMR 期权价值(积压 +40%,订单出货比 1.7x)。 ⚠️ 医用同位素业务已售予 Nordic Capital(至多 $800M)——该论点分支已货币化而非持有——且负债/资产近乎翻倍(37%→46%)为并购融资;毛利率因低利润率整合从 24.8%→22.1% 走软。 FV $145-195。 入场 $135-150,减持 48x ttm(约 $185)。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 28%
- Revenue growth营收增长
- +18%
- Dividend yield股息率
- 0.77%
Competitors竞争对手
Why customers stay客户为什么留下
BWXT is the only company qualified and licensed to make naval nuclear reactor components and fuel for the US Navy. To replace it would mean rebuilding decades of specialised facilities, security clearances, and skilled staff — effectively impossible in the short term. It won a $2.1 billion sole-source award in early 2025.BWXT 是唯一有资格并获得许可、为美国海军制造舰用核反应堆部件和燃料的公司。要替换它,就意味着重建几十年积累的专用设施、安全许可和熟练人员——在短期内基本不可能。它在2025年初拿下了一份21亿美元的独家来源订单。
Related companies相关公司 🔴 AI capex — SELLERS into the buildout
Datacenter buildout pace. SOX −28.6% (peak 6/22 → 7/29), $3.3T of sector cap gone in 5 weeks — every name fell regardless of its own results.
Size the bucket, not the name. (ORCL's own analysis says this.)
Recent news近期新闻 last 7 days近7天
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