MeritValue

BWX Technologies, Inc.

BWXTdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.12B1$2.23B2$2.5B3$2.7B3$3.2B3
Net income$305.9M4$238.2M5$245.8M6$281.9M6$328.9M6
Operating cash flow$386M7$244.7M8$363.7M9$408.4M9$479.8M9
Capital expenditure$311.1M10$198.3M11$151.3M12$153.6M12$184.6M12
Free cash flow (derived)$75M7$46.4M8$212.4M9$254.8M9$295.3M9
Total debt$1.19B13$1.29B14$1.21B15$1.06B16$2.02B16
Cash & equivalents$33.9M17$35.2M18$75.8M19$74.1M20$499.8M20
Diluted shares94.5M91.7M91.9M91.9M91.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000011%
of the whole company
Your share of last year’s profit
$35.81
Your share of its debt
$219.47
Your share of free cash flow
$32.15
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$153.94
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$254.8M
DCF · Growth Exit 5Y
$76.31
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$254.8M
Earnings Power Value
$32.34
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$281.9M
  • growthAssumed0.0%
Graham Number
$32.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $76.31

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001486957-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001486957-24-000011 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001486957-25-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001486957-26-000007 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001486957-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001486957-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001486957-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001486957-26-000007 (CashAndCashEquivalentsAtCarryingValue)