BWX Technologies, Inc.
BWXTdata completeness 100%17 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
BWX Technologies, Inc. earns about 14% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $31.68 and $147.7 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 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 shares | 94.5M | 91.7M | 91.9M | 91.9M | 91.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $134.18 of net worth that earned you $35.81 and generated $32.15 of cash last year, against $219.47 of debt.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 70% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $31.68 and $147.7 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$254.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$254.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$281.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $22.89 |
| Base | 20.0% | $73.35 |
| Bull | 20.0% | $73.35 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
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.
- 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001486957-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001486957-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001486957-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001486957-23-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001486957-24-000011 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001486957-25-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001486957-26-000007 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001486957-23-000008 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001486957-24-000011 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001486957-25-000008 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001486957-26-000007 (CashAndCashEquivalentsAtCarryingValue)