Key Takeaways BWXT combines government nuclear contracts with expanding commercial nuclear operations and acquisitions.BWX Technologies trades at 4.06X forward sales versus XE at 11.34X forward sales.BWXT shares fell 20.9% in three months versus a 45.5% decline for XE shares. As investor interest in nuclear energy continues to grow, both X-Energy (XE - Free Report) and BWX Technologies (BWXT - Free Report) have emerged as attractive ways to gain exposure to the sector. While both companies operate within the U.S. nuclear industry, they represent two very different investment opportunities. While BWX Technologies is a mature, profitable supplier of nuclear components and services to the U.S. government with decades of industry experience, X-Energy is an emerging advanced reactor developer focused on commercializing next-generation nuclear technology.
The global nuclear industry is entering a new growth cycle as governments seek reliable, carbon-free sources of electricity to complement renewable energy and strengthen energy security. Rising electricity demand driven by artificial intelligence, data centers, electrification, and industrial decarbonization is increasing the need for dependable baseload power, while geopolitical concerns have prompted many countries to reduce reliance on imported fossil fuels. As a result, governments are extending the operating lives of existing nuclear plants, restarting previously retired reactors, and investing in next-generation technologies such as small modular reactors (SMRs) and advanced reactors.
Let us compare the stocks' fundamentals to determine which one is a better investment option at present.
Factors Acting in Favor of XE StockX-Energy is focused on the future of commercial nuclear power. The company is developing the Xe-100, a Generation IV high-temperature gas-cooled SMR designed to provide carbon-free electricity, industrial heat, and hydrogen production. Unlike traditional large nuclear plants, the Xe-100 is modular, scalable, and intended to be easier and less expensive to deploy. XE is also developing TRISO-X, a business dedicated to manufacturing TRISO fuel, an advanced nuclear fuel known for its exceptional safety characteristics and high-temperature performance. The company expects fuel production to become a meaningful long-term revenue stream as advanced reactors are deployed globally.
As of March 31, 2026, the company had a project pipeline of 144 Xe-100 reactors, representing roughly 11.5 gigawatts electric (GWe) of potential capacity across the United States and the United Kingdom. This pipeline is anchored by major customers and partners including Dow, Amazon and Centrica, providing the company with a solid foundation for future reactor sales, fuel supply agreements and long-term service revenues.
Factors Acting in Favor of BWXT StockBWX Technologies has built its business around designing and manufacturing nuclear components, fuel, and reactor systems for the U.S. Navy, Department of Energy, NASA, and other government agencies. The company is the sole manufacturer of naval nuclear reactors for U.S. aircraft carriers and submarines, giving it a highly defensible competitive position supported by long-term government contracts and recurring revenues. In recent years, BWXT has also expanded its commercial nuclear operations by supplying components, fuel handling systems, and engineering services for existing nuclear power plants, while increasing its presence in medical isotopes and advanced reactor technologies. This diversified business model provides stable cash flows and relatively predictable earnings growth.
In April 2026, BWXT announced the acquisition of Precision Components Group, LLC. This marks BWXT’s first step in establishing a U.S. commercial nuclear component manufacturing footprint to support future new reactor builds and aftermarket.
How Does the Zacks Consensus Estimate Compare for XE & BWXT?The Zacks Consensus Estimate for X-Energy’s 2027 earnings per share (EPS) indicates growth of 15.09% year over year.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BWX Technologies’ 2027 EPS implies growth of 13.74% year over year.
Image Source: Zacks Investment Research
Valuation for XE & BWXTXE shares trade at a forward 12-month price/sales (P/S F12M) of 11.34X compared with BWXT’s P/S F12M of 4.06X.
Image Source: Zacks Investment Research
XE & BWXT’s Price PerformanceIn the past three months, shares of X-Energy and BWX Technologies’ have declined 45.5% and 20.9%, respectively.
Image Source: Zacks Investment Research
XE or BWXT: Which Is a Better Choice Now?X-Energy is developing advanced SMR technology for commercial nuclear power, with a focus on delivering carbon-free electricity, industrial heat, and hydrogen production through scalable reactor designs. XE is also building an advanced nuclear fuel business, supported by a growing pipeline of projects and partnerships that position it for long-term reactor, fuel, and service revenue opportunities.
BWX Technologies specializes in nuclear components, fuel, and reactor systems for U.S. government agencies, supported by long-term contracts that provide stable and recurring revenues. BWXT is also expanding its commercial nuclear business through advanced reactor technologies, nuclear services, and strategic acquisitions that strengthen its position in the growing commercial market.
Our choice at the moment is BWX Technologies, given its better price performance and more attractive valuation than X-Energy. BWXT carries a Zacks Rank #3 (Hold) and XE has a Zacks Rank #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Investors face a choice between high-growth disruption and steady government contracting when choosing between Space Exploration Technologies (SPCX 5.43%), better known as SpaceX, and BWX Technologies (BWXT 1.33%) for their portfolios in 2026.
SpaceX’s focus on reusable rocketry and satellite internet contrasts with the nuclear manufacturing expertise of BWX Technologies. While one aims to lower the cost of reaching orbit, the other provides critical nuclear solutions for global security and clean energy.
The case for SpaceXSpace Exploration Technologies designs and operates reusable rockets, the Starship platform, and the Starlink broadband service. By March 2026, the company served 10.3 million Starlink subscribers across 164 countries and territories. Its business strategy centers on reducing launch costs through reusability while leveraging its own rockets to deploy a massive satellite constellation.
In its 2025 fiscal year (FY), revenue reached $18.7 billion, representing revenue growth of 33% compared to the previous year. Despite this top-line expansion, the company reported a net loss of $4.9 billion for the period. This performance reflects a shift from the prior year when the company achieved a positive net income during its aggressive expansion phase.
As of its December 2025 balance sheet, the current ratio stands at 1.4x, which measures a company's ability to cover short-term debts with current assets. The company carries a debt-to-equity ratio of 0.6x, comparing its total debt to the value of shareholder equity. Free cash flow, or the cash remaining after the business pays for its operating activities and investments in physical equipment, was negative $14 billion in FY 2025. Note that stock-based compensation (SBC) represented 28.7% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
The case for BWX TechnologiesBWX Technologies provides specialized nuclear components and services among defense stocks and global security industries. Its primary customer is the U.S. government, which accounted for 68% of consolidated revenues in 2025. Customer concentration like this adds a layer of risk to the business, though it often provides long-term revenue visibility through multi-year contracts.
In FY 2025, revenue reached $3.2 billion, which was an increase of 18% over the prior year. The company reported net income of $329.9 million, resulting in a net margin of 10.3%. This level of profitability has remained relatively stable over the last three fiscal years as the company expanded its manufacturing footprint.
In terms of financial health, the company reported a debt-to-equity ratio of 1.6x as of its December 2025 balance sheet. This figure compares total debt to the value of shareholder equity. Its current ratio stands at 2.3x, suggesting it has ample liquid assets to cover obligations due within one year. The company generated free cash flow of $295.3 million during FY 2025.
Risk profile comparisonSpaceX operates in a capital-intensive industry that requires constant technological breakthroughs. The high cost of developing reusable rockets and the Starship platform presents ongoing financial pressure. The company also faces increasing competition in the satellite internet market from Amazon, which is developing its own satellite constellations to compete with Starlink.
BWX Technologies faces significant concentration risk since the U.S. government remains its largest customer. The company also manages high-consequence nuclear activities under strict oversight from government agencies. Operations often involve fixed-price contracts where rising costs for labor or materials can hurt the net margin. Furthermore, reliance on joint ventures with partners such as Amentum means it has limited control over some large projects.
Valuation comparisonBWX Technologies appears more conservative based on its lower Forward P/E, while Space Exploration Technologies carries a high P/S ratio. The Forward P/E measures the stock price against future earnings estimates, while the P/S ratio compares the price to the company's annual sales.
MetricSpace Exploration TechnologiesBWX TechnologiesSector BenchmarkForward P/E197.7x36.6x24.6xP/S ratio87.2x4.9xSector benchmark uses the SPDR XLI sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Deciding to invest in SpaceX or BWX Technologies (BWXT) depends on whether you are a risk taker willing to bet on the spectacular potential of a space-based economy, or prefer the more conservative investment of a defense stock.
SpaceX only became a public company in June while BWXT has a long history of performance that investors can review. That’s one reason why buying shares in the former is a risk. Another is that SpaceX’s debt picture looks poised to change in 2026. Shortly after its IPO, the company announced a $25 billion bond issuance to fund its capital-intensive operations.
BWXT is my pick for the stock to buy in 2026. SpaceX is too speculative at this stage. Meanwhile, BWXT has an enormous opportunity in front of it. The company produces components for nuclear power, and with the rise of artificial intelligence, the demand for electricity is soaring, so much so that the U.S. Department of Energy estimates power shortages by 2030.
Consequently, organizations are turning to nuclear power, creating a huge market for BWXT. In its first quarter earnings report, the company noted a whopping 121% year-over-year increase in sales to the commercial sector to $283.6 million. This reduces BWXT’s reliance on the government while providing a growing revenue stream for the company.
Key Takeaways BWXT's production network supports long-term government and commercial customer contracts.BWXT is investing in facilities and equipment to support long-term nuclear and defense programs.BWX Technologies' manufacturing expansion enhances production capacity and operational efficiency. BWX Technologies, Inc. (BWXT - Free Report) continues expanding its manufacturing capabilities to boost growing demand across its defense, commercial nuclear and advanced reactor businesses. The company is investing in production facilities and specialized equipment to strengthen operational capacity and improve execution across long-term customer programs. As of March 31, 2026, BWXT reported nearly $1.6 billion in net property, plant and equipment (PP&E), highlighting the scale of its manufacturing platform.
Manufacturing investment remains a key part of BWXT's long-term strategy. The company's specialized production facilities support the fabrication of naval nuclear components, reactor technologies, precision manufacturing and other mission-critical products. Continued investment in manufacturing assets helps modernize operations while aiding production requirements across multiple business segments and strengthening its long-term manufacturing capabilities.
BWXT's manufacturing footprint also provides the flexibility to execute a diverse mix of government and commercial programs. As customer requirements continue evolving, investments in facilities and production equipment boost the company's ability to support long-duration contracts while improving manufacturing efficiency, operational execution and production reliability across its manufacturing network.
Growing demand for nuclear technologies across defense, energy and medical markets is expected to bolster additional manufacturing activity. BWXT's continued investment in production infrastructure positions the company to meet future customer requirements while reinforcing its long-term competitive position and supporting sustained growth across its diversified nuclear technology portfolio.
Companies Expanding Manufacturing InfrastructureNuclear technology companies continue investing in manufacturing assets to strengthen production capabilities and support future reactor deployment. Companies like Oklo Inc. (OKLO - Free Report) and NuScale Power Corporation (SMR - Free Report) are also expanding their manufacturing asset base through continued investments in facilities and equipment.
Oklo reported $95.6 million in net property, plant and equipment as of March 31, 2026, reflecting continued investment in construction in progress and equipment supporting its advanced reactor development.
NuScale Power reported $3.2 million in net property, plant and equipment as of March 31, 2026, highlighting continued investment in facilities and manufacturing assets aiding its small modular reactor technology.
Earnings Estimates for BWXT StockThe Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 14.71% and 13.74%, respectively.
Image Source: Zacks Investment Research
BWXT Stock Is Trading at a DiscountBWX Technologies is trading at a discount relative to the industry, with a forward 12-month price-to-sales of 4X compared with the industry average of 8.41X.
Image Source: Zacks Investment Research
BWXT Stock Price PerformanceOver the past year, BWXT shares have rallied 21.5% compared with the industry’s 7% growth.
Image Source: Zacks Investment Research
BWXT’s Zacks RankBWX Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering BWX Technologies (BWXT - Free Report) , which belongs to the Zacks Aerospace - Defense Equipment industry.
This supplier of nuclear fuel and components to the U.S. government has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 20.21%.
For the most recent quarter, BWX was expected to post earnings of $0.92 per share, but it reported $1.12 per share instead, representing a surprise of 21.74%. For the previous quarter, the consensus estimate was $0.91 per share, while it actually produced $1.08 per share, a surprise of 18.68%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for BWX. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
BWX has an Earnings ESP of +5.73% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on August 3, 2026.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Key Takeaways BWX Technologies is expanding capabilities to support next-generation reactor deployment.BWXT leverages nuclear manufacturing and engineering expertise across advanced reactor programs.BWX Technologies is investing in facilities and technical capabilities to support future reactor projects. BWX Technologies, Inc. (BWXT - Free Report) continues strengthening its position in the advanced nuclear market by expanding capabilities that support next-generation reactor deployment. The company is leveraging its expertise in nuclear manufacturing, engineering and fuel technologies to support advanced reactor developers and government customers. BWXT is also investing in facilities, equipment and technical capabilities that enhance its ability to deliver specialized reactor components and related nuclear technologies.
Advanced reactors require highly specialized manufacturing processes, precision engineering and a secure domestic supply chain for critical nuclear components. BWXT's decades of experience in naval nuclear propulsion and commercial nuclear operations provide a strong foundation to support these emerging reactor programs. The company's integrated capabilities enable it to manufacture complex reactor components while meeting stringent quality and regulatory requirements.
BWXT also continues expanding its advanced reactor portfolio through collaborations with government agencies and commercial developers. Its expertise spans reactor design support, nuclear fuel development, component manufacturing and engineering services, positioning the company to participate across multiple stages of advanced reactor deployment.
As interest in advanced nuclear technologies continues growing, demand for experienced nuclear manufacturers is expected to increase. BWXT's continued investment in technical capabilities, specialized manufacturing and engineering expertise positions the company to support future advanced reactor projects while strengthening its long-term growth opportunities.
Companies Advancing Advanced Reactor CapabilitiesAs advanced nuclear technologies keep gaining momentum, companies are expanding capabilities to support the deployment of next-generation reactors. Companies like Oklo Inc. (OKLO - Free Report) and NuScale Power Corporation (SMR - Free Report) are also fortifying their positions across the advanced reactor market.
Oklo continues advancing the deployment of its Aurora advanced reactor through fuel qualification, site development and commercialization activities while expanding the capabilities needed to support future reactor operations.
NuScale Power continues advancing its small modular reactor technology through engineering, licensing and supply-chain readiness, strengthening its ability to support future reactor deployment.
Earnings Estimates for BWXT StockThe Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 14.71% and 13.90%, respectively.
Image Source: Zacks Investment Research
BWXT Stock Is Trading at a DiscountBWX Technologies is trading at a discount relative to the industry, with a forward 12-month price-to-sales of 4.25X compared with the industry average of 14.05X.
Image Source: Zacks Investment Research
BWXT Stock Price PerformanceOver the past year, BWXT shares have rallied 34.9% compared with the industry’s 20.2% growth.
Image Source: Zacks Investment Research
BWXT’s Zacks RankBWX Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) announced today that it has successfully completed its previously announced acquisition of Precision Components Group, LLC (PCG), including its subsidiaries Precision Custom Components (PCC) and DC Fabricators (DCF). PCG is a U.S. manufacturer of complex, heavy-walled and heat-transfer components. The acquisition expands BWXT’s heavy-manufacturing footprint and enhances the company’s ability to deliver U.S.-made nuclear components for the commercial sector.
“Growing demand for reliable, carbon-free energy underscores the urgent need to strengthen the U.S. nuclear manufacturing base,” said John MacQuarrie, BWXT president for Commercial Operations.
Share“Growing demand for reliable, carbon-free energy underscores the urgent need to strengthen the U.S. nuclear manufacturing base,” said John MacQuarrie, BWXT president for Commercial Operations. “By expanding our manufacturing capabilities, we can better support reactor life-extension programs, new build activity and the long-term energy reliability our communities depend on.”
PCG joins BWXT’s Commercial Operations segment and will continue operating at its current facilities in York, Pennsylvania, and Florence, New Jersey. The acquisition adds more than 500,000 square feet of U.S. heavy-manufacturing capacity, including large-envelope machining, heavy weldments, pressure vessels, heat exchangers and ASME-certified component fabrication, and a skilled workforce of over 450 employees.
In addition to expanding commercial nuclear capacity, PCG will continue supporting existing workscopes, including components and services for Electric Boat, Bechtel Plant Machinery, Inc. and other U.S. Navy programs.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the acquisition of Precision Components Group, LLC, including its subsidiaries Precision Custom Components, LLC, and DC Fabricators, Inc.; anticipated benefits of the acquisition; and future demand for commercial nuclear manufacturing services. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the ability to successfully integrate the acquired businesses; changes in market demand or government policy; and supply-chain, labor or cost pressures. If one or more of these or other risks materialize, actual results may differ materially from those expressed or implied by the forward-looking statements.
For a more complete discussion of these and other risk factors, please see BWXT’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and undertakes no obligation to update or revise any forward-looking statement, except as required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 17 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.
For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.
The nuclear energy market cooled off for a decade after the 2011 Fukushima disaster. But over the past few years, it warmed up again as countries implemented new decarbonization initiatives and the cloud, AI, data center, and industrial automation markets expanded.
From 2025 to 2020, the International Energy Agency (IEA) expects the world's nuclear capacity to rise by over 50%. To capitalize on that secular trend, investors should take a closer look at BWX Technologies (BWXT 0.36%) -- a $17.5 billion nuclear energy bellwether that is much better diversified than most of its industry peers.
Image source: Getty Images.
Why is BWX Technologies a great long-term investment? BWX is the top producer of specialized nuclear components, fuel systems, and naval reactor systems in North America. It's one of the only companies authorized to handle regulated nuclear materials, work with high-assay enriched uranium (HALEU) and tri-structural isotropic (TRISO) fuel, and produce naval reactor components for the U.S. Navy.
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It's also developing modular microreactors that can be deployed in smaller areas for Project Pele, one of the most important U.S. advanced nuclear programs. Its heavy exposure to the defense market insulated it from the post-Fukushima decline in nuclear spending, and its year-end backlog swelled 50% year over year to $7.3 billion in 2025.
From 2025 to 2028, analysts expect BWX's revenue and EPS to grow at CAGRs of 13% and 16%, respectively. It might not seem like a bargain at 37 times next year's earnings, but its growing backlog and long-term strengths justify that premium valuation.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies. The Motley Fool has a disclosure policy.
BWX Technologies continues to deliver robust results, driven by strong government contracts and surging commercial demand, but valuation remains stretched. Q2 is expected to show another revenue beat, with commercial operations benefiting from Kinectrics acquisition and organic growth, though margin pressure looms longer term. BWXT trades at a significant premium to peers, with a forward earnings multiple of 40.1x and a free cash flow yield of just 1.8%, limiting margin of safety.
Key Takeaways BWXT invested $4.1 million in R&D during the first quarter of 2026.BWXT advances nuclear fuel, reactor technologies and precision manufacturing through innovation.BWXT uses R&D to strengthen competitiveness across defense and commercial nuclear markets. BWX Technologies, Inc. (BWXT - Free Report) continues investing in research and development (R&D) to strengthen its advanced nuclear technologies, manufacturing capabilities and long-term product portfolio. During the three months ended March 31, 2026, the company invested $4.1 million in R&D, reflecting its continued focus on innovation across naval nuclear propulsion, advanced reactor technologies, nuclear fuel and precision manufacturing.
Continued investment in R&D supports BWXT's efforts to enhance existing technologies while developing next-generation nuclear solutions. The company's research activities focus on improving nuclear components, fuel technologies, manufacturing processes and engineering capabilities that support both current government programs and future commercial opportunities. These investments help strengthen BWXT's technological expertise while boosting long-term competitiveness.
R&D also complements BWX Technologies’ long-term growth strategy by enabling product innovation and operational improvements across multiple nuclear markets. Continued technological advancement positions BWXT to address evolving customer requirements while expanding opportunities in defense, commercial nuclear and advanced reactor applications. This diversified innovation strategy supports sustainable long-term growth.
As demand for advanced nuclear technologies continues to increase, innovation is expected to remain a key competitive advantage. BWXT's continued investment in research and development reinforces its ability to support future nuclear programs while strengthening its leadership across the industry.
Companies Investing in Nuclear R&DNuclear companies continue increasing investments in research and development to advance reactor technologies, nuclear fuels and next-generation energy solutions. Companies like NuScale Power Corporation (SMR - Free Report) and Oklo Inc. (OKLO - Free Report) are also expanding R&D efforts in this area.
NuScale Power invested $12.8 million in R&D during the three months ended March 31, 2026, supporting the advancement of its small modular reactor technology.
Oklo invested $27 million in R&D during the three months ended March 31, 2026, aiding the development of its advanced fast reactor technology, fuel recycling capabilities and next-generation nuclear energy systems.
Earnings Estimates for BWXT StockThe Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 14.71% and 13.90%, respectively.
Image Source: Zacks Investment Research
BWXT Stock Is Trading at a DiscountBWX Technologies is trading at a discount relative to the industry, with a forward 12-month price-to-sales of 4.42X compared with the industry average of 13.54X.
Image Source: Zacks Investment Research
BWXT Stock Price PerformanceOver the past year, BWXT shares have rallied 33.8% compared with the industry’s 22.1% growth.
Image Source: Zacks Investment Research
BWXT’s Zacks RankBWX Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways BWXT's commercial nuclear segment is emerging as a key growth driver alongside its U.S. Navy business.BWXT's Commercial Operations revenues jumped 121% in Q1 2026, supported by broad-based nuclear demand.BWXT expanded its U.S. manufacturing footprint as Commercial Operations backlog reached nearly $1.72 billion. BWX Technologies (BWXT - Free Report) has long been recognized as the primary supplier of nuclear reactors and fuel for the U.S. Navy. While this government business continues to provide stable, long-term revenues, the company's commercial nuclear segment is emerging as an increasingly important growth engine.
Governments across North America and Europe are extending the operating lives of existing reactors while supporting the development of next-generation nuclear technologies, including small modular reactors ("SMRs") and advanced microreactors. These projects require specialized nuclear components, precision manufacturing, fuel handling systems, and engineering expertise — areas where BWXT has built decades of experience.
In April 2026, BWXT announced the acquisition of Precision Components Group, LLC. This marks BWXT’s first step in establishing a U.S. commercial nuclear component manufacturing footprint to support future new reactor builds and aftermarket.
During the first quarter of 2026, Commercial Operations revenues surged 121% year over year to $283.6 million, driven by strong demand for commercial nuclear components, field services, fuel and fuel-handling products, medical isotope sales, and contributions from Kinectrics.
BWXT reported a Commercial Operations book-to-bill ratio of 1.0 during the quarter, reflecting steady bookings from commercial nuclear components and field services. Kinectrics generated a book-to-bill ratio above 1.0, indicating that new orders continued to outpace revenue recognition.
Commercial Operations continues to build a robust backlog, providing strong visibility into future revenue growth. As of March 31, 2026, BWXT's Commercial Operations backlog reached nearly $1.72 billion, reflecting sustained demand for commercial nuclear components, engineering and field services, fuel handling solutions, and medical isotope products.
Nuclear Companies Positioned for the Commercial ExpansionBWX Technologies is not alone in benefiting from the renewed interest in commercial nuclear energy. Several companies are capitalizing on this long-term industry trend.
Cameco (CCJ - Free Report) continues expanding its uranium production and benefits from increasing global demand for nuclear fuel as utilities secure long-term supply contracts.
NuScale Power (SMR - Free Report) is focused on commercializing SMRs, targeting utilities, industrial customers, and data centers seeking reliable carbon-free electricity.
BWXT Stock’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 earnings per share indicates an increase of 14.76% year over year.
Image Source: Zacks Investment Research
BWXT Stock Trades at a DiscountIn terms of valuation, BWXT’s forward 12-month price-to-sales (P/S) is 4.5X, a discount to the industry’s average of 12.98X.
Image Source: Zacks Investment Research
BWXT Stock’s Price PerformanceIn the past six months, shares of the company have risen 12.6% compared with the industry’s 13.8% growth.
Image Source: Zacks Investment Research
BWXT’s Zacks RankThe company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BWX Technologies, Inc. (NYSE: BWXT) will issue a news release detailing second quarter 2026 results on Monday, Aug. 3, 2026, after market close and will host a conference call at 5:00 p.m. EDT.
Listen-only participants are encouraged to participate and view the supporting presentation via the Internet at investors.bwxt.com. The dial-in numbers for participants are (U.S.) 1-800-715-9871 and (International) 1-646-307-1963; conference ID: 6333615. A replay of the call will remain available on the BWXT website for a limited time.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 17 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian government at more than two dozen additional locations. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, FacebookandInstagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260630965448/en/
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) will issue a news release detailing second quarter 2026 results on Monday, Aug. 3, 2026, after market close and will host a conference call at 5:00 p.m. EDT. Listen-only participants are encouraged to participate and view the supporting presentation via the Internet at investors.bwxt.com. The dial-in numbers for participants are (U.S.) 1-800-715-9871 and (International) 1-646-307-1963; conference ID: 6333615. A replay of the c.
Nuclear stocks BWX Technologies and NuScale Power are drawing fresh investor interest, but execution, valuation and revenue visibility may separate the stronger choice.
Pre-Market Stock Futures: Futures are trading mixed as we prepare to finish the last full week of the second quarter. We finished a wild holiday-shortened trading week last Thursday, as Friday was the federal Juneteenth holiday, and all major indices rebounded smartly from the Federal Reserve-induced sell-off on Wednesday. Details of the signed memorandum of understanding between the United States and Iran helped push oil prices back to the lowest level since March, and provided a strong tailwind for stocks. When the final bell rang last Thursday, the small-cap Russell 2000 led the way once again. closing up 2.12% at 2,979, while the Nasdaq also posted a strong day, finishing the session at 26,517, up 1.91%. The S&P 500 finished up 1.08% at 7,500, while the Dow Jones Industrials closed out the day at 51,564, up 0.14%.
Treasury Bonds: Yields were mixed across the curve on Thursday as buyers came in on the long end, while sellers were concentrated on the belly and short end maturities of the curve. By the close, the 30-year-long bond was spotted at 4.90%, and the 10-year benchmark note was last seen at 4.46%. Following the hawkish tone at the Federal Reserve meeting last week, bond traders will be keeping a close eye on incoming economic data. They will closely monitor the 2-year note, which is the most policy-sensitive maturity.
Oil and Gas: The energy complex, which rallied big last week on the potential for an end to the war with Iran, closed modestly higher to finish off the short trading week. The positive attitude, while encouraging for traders and consumers, is being challenged by some on Wall Street, who have issued warnings this week stating that reopening the Strait of Hormuz is not the same as restoring normal oil flows. That could take some time, so spot oil prices could stay higher than many expect, and may have fallen too fast. Brent Crude closed Thursday at $79.53, down just 0.03%, while West Texas Intermediate was last seen at $75.61, down 0.53%. Natural gas, which had a strong week, closed Thursday at $3.22, up 2.45%.
Gold: Gold wrapped up the shortened week modestly lower as a strong dollar weighed on the precious metal, despite continued gigantic gold purchases by China. When the smoke cleared on Thursday, Gold was last seen at $4,215, down 0.97%, while Silver closed at $65.93, down 3.12%.
Crypto: Cryptocurrencies fell sharply on Thursday, weighed down by a broad sell-off across the cryptocurrency market. Bitcoin plunged around 5% to approximately $62,500, while Ethereum and XRP slid 5–6% during the day. The rapid decline triggered liquidations of over $200 million across crypto positions in just a few hours, pushing the total cryptocurrency market capitalization down to roughly $2.15 trillion. At 8 AM EDT, Bitcoin was quoted at $64,038, while Ethereum was trading at $1,766.
24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.
Here are some of the best Wall Street analyst upgrades, downgrades, and initiations seen on Monday, June 22, 2026.
Upgrades: APA Corporation (NYSE: APA | APA Price Prediction) was upgraded to Buy from Neutral at Roth Capital, which bumped the target price for the energy giant to $38 from $37. BWX Technologies (NYSE: BWXT) was upgraded to Buy from Neutral at Seaport Research, with a $245 target price objective. ConocoPhillips (NYSE: COP) was upgraded to Buy from Neutral at Roth Capital, which moved the target price for the integrated energy leader to $130 from $124. Incyte (NASDAQ: INCY) was raised to Market Perform from Underperform by BMO Capital, which lifted the target price for the stock to $94 from $75. Kimco Realty (NYSE: KIM) was upgraded to Outperform from Peer Perform at Wolfe Research, with a $28 target price. rating Downgrades: Accenture (NYSE: ACN) was downgraded to Hold from Buy at TD Cowen, which slashed the price target for the shares to $150 from $258. Apple (NASDAQ: AAPL) was downgraded to Hold from Outperform at KGI Securities, which has a $315 target price for the tech giant. Cleveland-Cliffs (NYSE: CLF) was downgraded to Equal Weight from Overweight at Morgan Stanley, which nudged the target price to $12.50 from $12. Melco Resorts & Entertainment (NASDAQ: MLCO) was cut to Equal Weight from Overweight at Morgan Stanley, which trimmed the target price for the stock to $6 from $6.30. TE Connectivity (NYSE: TEL) was cut to In Line from Outperform at Evercore ISI, which cut the target price for the shares to $230 from $260. Initiations: Boyd Gaming (NYSE: BYD) was initiated with a Buy rating at Benchmark, which has a $100 target price for the stock. Credo Technology Group Holding (NASDAQ: CRDO) was started with an Outperform rationg at Evercore ISI, with a $325 target price. Estee Lauder Companies (NYSE: EL) was reinstated with a Buy rating at Goldman Sachs, with a $100 target price.
Hut 8 (NASDAQ: HUT) was initiated with a Buy rating at Lucid Capital, with a $226 target price. Space Exploration Technologies (NASDAQ: SPCX) was started with a Sector Weight rating at KeyBanc without a price target.
The U.S. nuclear sector reached a historic technical milestone earlier this month when Antares Nuclear’s Mark-0 microreactor achieved criticality at Idaho National Laboratory (INL). The June 4 demonstration marked the first time a privately developed advanced reactor reached this state under the Department of Energy’s (DOE) Reactor Pilot Program (RPP). It also represented the first novel reactor design to go critical at INL in more than 40 years.
This event provides concrete validation that reactor concepts can move from design and analysis into physical testing on accelerated timelines. It also underscores the supporting role in the nuclear supply chain of established companies that deliver the specialized fuel and components required for these tests.
Key Takeaways Antares Nuclear’s microreactor became the first advanced design to complete a criticality test under the DOE RPP. BWX Technologies (BWXT) manufactured and supplied the reactor fuel that powered the successful test. The demonstration clears the way for Aalo Atomics to pursue its own criticality milestone later this summer with support from Flowserve (FLS), another established constituent of the VettaFi Nuclear Renaissance Index (NUKZX). What Happened at INL Antares conducted the test at INL using the Mark-0, a microreactor fueled with high-assay low-enriched uranium (HALEU). The reactor reached a self-sustaining nuclear chain reaction, but produced essentially no measurable thermal power or electricity.
The Mark-0 configuration was built specifically as a low-power physics test bed. It lacks the power conversion equipment, full heat removal systems, and balance-of-plant infrastructure that a commercial or higher-power prototype would require. This focused setup allowed Antares to complete the fueled test safely on an accelerated schedule; the company transitioned from chalkboard to splitting atoms in only nine months.
Criticality is the condition in which a nuclear reactor achieves a self-sustaining fission chain reaction. In practical terms, it means the number of neutrons produced by fission exactly balances the number lost to absorption or leakage. The reactor is neither increasing nor decreasing in power on its own; it holds steady at whatever level the operators set through control systems.
BWXT’s Fuel Role and the Supply Chain Connection BWXT played a direct, enabling role by manufacturing the fuel used in the Mark-0 test. The company also processed the HALEU feedstock into the form needed for advanced reactors. This work built on BWXT’s prior fuel production experience for the Army’s Project Pele microreactor program.
The successful use of this fuel in the first RPP criticality test highlights how established manufacturers reduce technical risk for newer reactor developers. BWXT’s Lynchburg facility has decades of specialized nuclear fuel fabrication expertise that newer entrants can leverage rather than recreate from scratch.
Aalo Atomics Positioned to Follow Quickly Aalo Atomics, also participating in the DOE RPP, is targeting its own criticality demonstration with the Aalo-X critical test reactor in the coming weeks, with the goal of meeting the July 4 executive order timeline. Aalo has already secured DOE approval to begin reactor start up preparations at INL.
Aalo maintains a strategic partnership with Flowserve (FLS) focused on pumps, valves, and critical flow-control equipment for its modular reactor designs aimed at data center applications. Flowserve’s involvement provides Aalo with proven nuclear-grade components and engineering support as it moves toward its own criticality milestone.
Implications for Investors and the Nuclear Value Chain Early criticality demonstrations like the one completed by Antares de-risk advanced reactor concepts and compress development timelines. They demonstrate today’s nuclear industry is ready, willing, and able to build capacity at speeds not seen since the 1950s/1960s.
The VettaFi Nuclear Renaissance Index (NUKZX) captures exposure to these developments through companies such as BWXT, which supplied the enabling fuel, and Flowserve, which is already partnered with the next company expected to reach criticality. NUKZX includes a diversified mix of fuel cycle, component, engineering, and service providers positioned across the nuclear value chain. NUKZX serves as the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ).
These milestones illustrate how progress on advanced reactors creates tangible opportunities for established public companies long before any single reactor developer reaches commercial revenue. For investors seeking broad participation in the nuclear renaissance without concentrating risk in pre-revenue reactor developers, the diversified approach embedded in NUKZX offers a practical path to capture value from the full ecosystem supporting these projects.
Related Research: Investing in X-energy Without the Pre-Revenue IPO Risk
Today’s Energy Crisis & the Need for Nuclear Tomorrow
Not All Nuclear Exposure Is Created Equally
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For more news, information, and analysis, visit the Nuclear Energy Content Hub.
vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
The ongoing nuclear renaissance is entering an aggressive consolidation phase as public companies are snapping up private suppliers as they look to secure supply chains.
Key Takeaways Publicly traded nuclear energy companies are acquiring private supply chain companies to expand manufacturing depth and control deployment timelines. Industry players like BWX Technologies (BWXT), Nano Nuclear Energy (NNE), and Oklo (OKLO) have closed acquisitions to secure specialized engineering assets. The Range Nuclear Renaissance ETF (NUKZ) offers investors diversified exposure across this entire nuclear value chain. 3 Recent M&A Deals in the Nuclear Sector Three holdings in the Range Nuclear Renaissance ETF (NUKZ) have completed acquisitions of private supply chain companies to bolster their operations during the ongoing nuclear renaissance.
First, BWX Technologies (BWXT) has entered into a definitive agreement to acquire Precision Components Group (PCG). The strategic transaction adds more than 500,000 square feet of complex, heavy-walled and heat-transfer component capacity in the U.S. PCG generated approximately $125 million in revenue in 2025, providing BWXT with immediate commercial nuclear footprint expansion.
Next, Nano Nuclear Energy (NNE) has expanded its infrastructure footprint by acquiring Secured Transportation Services (STS). This acquisition ensures the microreactor developer controls the highly regulated logistics and transport mechanisms required for nuclear fuel and materials.
Finally, just this week, Oklo (OKLO) announced its acquisition of ARMEC, a precision manufacturing and mechanical engineering firm. The free-cash-flow-positive target company brings over two decades of operating experience in high-precision machining and prototyping. The integration directly aims to support faster design-to-manufacturing feedback for Oklo’s advanced reactor and fuel fabrication programs.
Capitalizing on the Value Chain via NUKZ The Range Nuclear Renaissance ETF (NUKZ) is designed to capture the entire nuclear value chain, incorporating multiple companies at every stage of the nuclear renaissance. This includes advanced reactor developers, utilities, construction services, as well as fuel suppliers. This allows investors to capture the secular growth of nuclear power while bypassing the complexity of managing foreign currency conversions or international brokerage accounts.
Looking for nuclear insights in your inbox? Subscribe here to keep a pulse on nuclear investing through our weekly research.
For more news, information, and analysis, visit the Nuclear Energy Content Hub.
vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
When investors search for nuclear energy stocks, it's easy to start researching Oklo and NuScale Power. Those two companies are working to deliver disruptive technology to an older industry with their small modular reactors (SMRs).
A company that sometimes gets missed, however, is BWX Technologies (BWXT +0.04%). It's not a pure-play nuclear energy company, and it hasn't quite captured the investing world's imagination. But that's OK because it creates an opportunity for those who value owning shares in a profitable, growing company that also pays a dividend.
Image source: Getty Images.
A nuclear company that knows how to make money BWX may not be a pure-play nuclear stock, but it still has extensive operations relating to nuclear energy. It does a little bit of everything in the market, ranging from manufacturing nuclear reactors to providing field and engineering services to nuclear medicine. It's also the contractor-manufacturer of the reactor pressure vessel for an SMR being developed by a partnership between GE Vernova and Hitachi.
The bulk of BWX's revenue comes from its government operations, with $2.3 billion of its total $3.2 billion in 2025 revenue coming from that segment. Also, $5.5 billion of its $7.3 billion backlog is for government operations. While there are risks involved in relying on government contracts, BWX also has a moat that provides steady revenue through its highly specialized operations, as evidenced by its backlog.
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That said, the company is also seeing growth with its commercial operations, which include nuclear components, fuel handling, and medical sales. Revenue for that segment grew 63% from $524 million in 2024 to $853 million in 2025. That growth trend appears to be continuing for commercial operations into this year, with 2026 first-quarter revenue of $284 million, up 121%.
It also has another catalyst for revenue growth on the horizon with the potential acquisition of Precision Components Group. If the acquisition clears regulatory hurdles, BWX says it will "establish additional U.S. commercial nuclear production capacity to serve growing domestic demand." In 2025, Precision Components generated $125 million in revenue.
BWX Technologies investment considerations Reporting net income of around $329 million in 2025, this isn't the biggest moneymaking operation in the world. Still, it's a steady, profitable business with reliable demand from government contracts and is growing its other revenue streams.
Despite the stability, for value investors this nuclear investment is considered expensive based on traditional valuation metrics, and, as of this writing, shares have climbed nearly 100% over the last 12 months. Some may want to wait for a pullback. Still, within the nuclear energy space, finding a profitable company that also pays a dividend may be worth considering paying up for.
Energy stocks often experience cyclical swings, but the top stocks tend to be strong long-term investments because the world will continually consume more energy. But instead of sticking with the classic oil and gas stocks to profit from that trend, investors should consider buying some higher-growth plays in the solar and nuclear energy markets.
Both of those growing markets should benefit from global decarbonization initiatives, making them more resilient investments than the top fossil fuel stocks. If you want to profit from that shift, you should invest in these two higher-growth energy stocks: Nextpower (NXT +3.47%) in the solar market and BWX (BWXT +0.04%) in the nuclear market.
Image source: Getty Images.
Nextpower Nextpower is the world's largest producer of solar trackers, which tilt solar panels to follow the sun throughout the day. It also produces electrical balance-of-systems (eBOS) solutions for moving electricity from solar panels to the grid, robotics systems for maintaining solar farms, and AI software for predicting weather and automating a solar power plant's operations.
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Nextpower still generates most of its revenue from selling solar trackers in North America, but it's expanding overseas and beefing up its smaller businesses through acquisitions. That expansion is locking in its customers, widening its moat against its competitors, and turning it into a "one-stop" shop that supports the entire lifecycle of a solar power plant.
The global solar market's total volume could expand at a 19.9% CAGR from 2026 to 2031, according to Mordor Intelligence, as more companies ramp up renewable energy investments to meet the power-hungry demands of of the artificial intelligence (AI), cloud infrastructure, and data center markets.
From fiscal 2025 (which ended last March) to fiscal 2027, analysts expect Nextpower's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 13% and 12%, respectively. With an enterprise value of $20.4 billion, it still looks reasonably valued at five times this year's sales and 22 times its adjusted EBITDA. So if you're looking for a simple play on the growing solar market, Nextpower checks all the right boxes.
BWX Technologies BWX, which was spun off from Babcock & Wilcox (BW +2.96%) in 2025, is the only large-scale nuclear equipment manufacturing facility in North America. It produces specialized nuclear components, fuel systems, and naval reactor systems in its large precision nuclear fabrication facilities. It's also one of the only companies simultaneously licensed to work with regulated nuclear materials, handle high-assay enriched uranium (HALEU) and tri-structural isotropic (TRISO) fuel, and manufacture naval reactor components for the U.S. Navy.
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Those facilities, which are widely considered irreplaceable parts of the nuclear supply chain, make BWX a linchpin of the nuclear energy market. Its heavy exposure to the defense sector also helped it keep growing, even as many countries reined in their nuclear spending in the decade after the Fukushima disaster in 2011.
BWX's backlog grew 50% year over year to $7.3 billion at the end of 2025, driven by the demand for naval propulsion components for submarines, commercial nuclear power components, and special materials. Its nascent small modular reactor (SMR) business, which produces smaller and easier-to-deploy nuclear reactors for remote areas, is also attracting more attention as a long-term play on the AI, cloud infrastructure, and data center markets.
From 2025 to 2028, analysts expect BWX's revenue and adjusted EBITDA to grow at 13% and 12% CAGRs, respectively. With an enterprise value of $20.1 billion, it isn't cheap at five times this year's sales and 30 times its adjusted EBITDA. Still, its wide moat and exposure to the resurgent nuclear energy market should justify that higher valuation.
Global energy demand is exploding, and the world is facing a simple reality: We need more energy. While wind and solar have grown in popularity, modern technology is always on and needs reliable energy that can deliver power no matter what. Technology giants are increasingly embracing nuclear energy, and governments are paving the way for more nuclear energy in the coming decades.
Amid this resurgence, nuclear energy stocks are enjoying strong tailwinds that could persist for decades. Two nuclear stocks that are surging are Cameco (CCJ +2.12%) and BWX Technologies (BWXT +0.04%), gainin 103% and 82%, respectively, in the past year alone. Here's why these stocks can continue delivering for long-term investors.
Image source: Getty Images.
This top miner will help fuel the global nuclear build-out In recent years, surging energy demand has come into focus, and countries are scrambling to meet the growing needs of artificial intelligence (AI) data centers. In the United States, there has been a major push for energy independence, and nuclear power is seen as a key pillar in making it possible. Under the Trump administration, the U.S. is pushing to advance nuclear technology and accelerate the build-out of nuclear-related infrastructure.
Cameco sits at the intersection of Western energy independence and the growing demand for nuclear power. The company is the largest publicly traded uranium miner in the world and the undisputed heavyweight of the Western world's uranium supply. Cameco supplies roughly 17% of the world's uranium and owns ultra-high-grade uranium mines at McArthur River and Cigar Lake in Saskatchewan, Canada.
The company has committed to delivering an average of 28 million pounds of uranium per year over the next five years, which enables it to optimize its inventory and prevent excess supply from flooding the spot market. Cameco also signed a huge $2.6 billion long-term agreement with India's Department of Atomic Energy to supply 22 million pounds of uranium ore concentrate through 2035.
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While Cameco is a major player in the uranium mining space, it also offers investors upside from the nuclear energy infrastructure build-out through its 49% stake in Westinghouse Electric. Westinghouse is a behemoth in the nuclear energy technology industry, and nearly half of the operating nuclear power plants rely on its technology. In November 2023, a consortium comprising Cameco and Brookfield Renewable Partners acquired Westinghouse for $7.9 billion.
Last year, Westinghouse, Cameco, and Brookfield entered into a partnership with the U.S. Department of Commerce to accelerate the build-out of Westinghouse reactors across the United States. The deal, valued at around $80 billion, would see Westinghouse build as many as 20 of its large-scale AP1000 reactors across the country. On top of that, Westinghouse is developing the AP300 small modular reactor (SMR) and hopes to deploy it in the early 2030s.
Cameco stock has run up significantly over the past few years as investors have grown more bullish about the budding nuclear energy industry. More recently, the stock has pulled back 22% from its 52-week high. Given the long-term tailwinds from growing demand for nuclear energy, I think the dip is an excellent opportunity for long-term investors to scoop up the stock.
BWX Technologies' monopoly provides the ultimate economic moat BWX Technologies is a picks-and-shovels stock in the nuclear industry. It doesn't mine or own power plants, but it does provide the specialized equipment and fuel needed for nuclear energy and nuclear medicine. The company has built up expertise and manufactures the complex, high-precision equipment used in nuclear reactors.
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The company manufactures components for nuclear reactors, including steam generators, reactor pressure vessels, and piping. It also manufactures components for next-generation SMRs, including those for the BWRX-300 SMR by GE Vernova and Hitachi, as well as advanced reactors for the U.S. military. It also leverages its nuclear infrastructure to manufacture medical isotopes used in cancer diagnostics and targeted therapies.
What makes BWX compelling for investors is its virtual monopoly on supplying fuel to the U.S. Navy. For over 70 years, BWX has been the exclusive provider of nuclear reactors that power the Navy's fleet of aircraft carriers and submarines, including the Virginia-class and Columbia-class subs. Because these military-grade reactor cores are highly complex and sensitive, it's difficult for competitors to break into this space, giving BWX a government-backed monopoly with a multibillion-dollar backlog.
BWX Technologies is in a strong position as a defense contractor crucial for national security, while also offering you an opportunity to invest in the AI revolution and nuclear energy build-out. For investors looking to capitalize on the nuclear energy revolution, BWX is another compelling stock to buy and hold for the long haul.
The nuclear energy market cooled for roughly a decade after the Fukushima disaster in 2011, prompting many countries to pause their nuclear projects. But over the past few years, new decarbonization initiatives, safer nuclear reactors, and the expansion of the AI, cloud, and data center markets have driven more companies to restart their nuclear energy projects.
According to the International Energy Agency (IEA), the world's nuclear capacity could increase by more than 50% from 2025 to 2050. To capitalize on that trend, investors should look for nuclear companies that control crucial parts of the global nuclear energy supply chain. Two of those companies are Cameco (CCJ +2.12%) and BWX Technologies (BWXT +0.04%).
Image source: Getty Images.
Cameco Cameco, which mined roughly 15% of the world's uranium in 2025, is the world's second-largest uranium miner after Kazatomprom, Kazakhstan's national atomic company. It's based in Canada, and it operates mines across Canada, the U.S., and Kazakhstan.
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Cameco struggled for years after the Fukushima disaster in 2011. Uranium's spot price plunged from $62.25 per pound in 2011 to $35.00 in 2020, forcing Cameco to temporarily shut down its largest mines and mills. That reduced production throttled its revenue growth.
But by the end of this April, uranium's spot price had bounced back to $86.35 per pound. Citi analysts expect it to rise as high as $125 per pound this year, as the resurgent interest in nuclear energy drives the demand for uranium to outstrip its supply. Cameco restarted its mines and mills to meet that soaring demand, but its supply remains tight.
Cameco also partnered with Brookfield Asset Management to acquire Westinghouse Electric, one of the world's leading nuclear technology companies, in 2023. That investment reduced Cameco's exposure to volatile uranium prices and marked a major step toward its evolution into a more diversified nuclear energy company.
From 2025 to 2028, analysts expect Cameco's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 8% and 12%, respectively. With an enterprise value of $61.5 billion, it isn't cheap at 33 times this year's adjusted EBITDA -- but the soaring demand for uranium could justify that higher valuation. It only pays a paltry forward yield of 0.2%, but its low payout ratio of 16% gives it ample room for future hikes.
BWX Technologies BWX is the only large-scale producer of specialized nuclear components, fuel systems, and naval reactor systems in North America. It's also one of the only companies authorized to work with regulated nuclear materials, handle high-assay enriched uranium (HALEU) and tri-structural isotropic (TRISO) fuel, and produce naval reactor components for the U.S. Navy.
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Those qualities make BWX, which was spun off from Babcock & Wilcox in 2025, a linchpin and bellwether of the nuclear energy market. Its heavy exposure to the defense sector also insulated it from the broader slowdown in nuclear spending after the Fukushima disaster.
At the end of 2025, BWX's backlog grew 50% year over year to $7.3 billion as it produced more naval propulsion components for submarines, sold more commercial nuclear power components, and expanded its fledgling small modular reactor (SMR) business -- which produces smaller and easier-to-deploy nuclear reactors for remote areas. The rapid expansion of the power-hungry AI and data center markets should drive more companies to adopt SMRs.
From 2025 to 2028, analysts expect BWX's revenue and adjusted EBITDA to grow at CAGRs of 13% and 12%, respectively. With an enterprise value of $19.5 billion, it isn't a bargain at 30 times this year's adjusted EBITDA.
However, BWX's scale, diversification, and wide moat could justify that premium valuation as its defense and commercial customers ramp up their nuclear spending. It only pays a forward yield of 0.5% today, but its low payout ratio of 27% also gives it plenty of room to raise its dividend.
Key Takeaways BWXT backlog totaled about $8.65B as of March 31, 2026, spanning Government and Commercial Operations.BWXT expects nearly 60% of remaining performance obligations to convert to revenues by end of 2027.BWXT Q1 2026 revenues rose in both segments, led by nuclear services, fuel programs and uranium processing. BWX Technologies, Inc. (BWXT - Free Report) continues strengthening its long-term revenue visibility through a large and diversified backlog supported by naval nuclear propulsion, uranium processing, advanced reactor programs and commercial nuclear operations. As of March 31, 2026, the company’s backlog totaled approximately $8.65 billion, reflecting healthy demand across both its Government and Commercial Operations businesses.
The company expects nearly 60% of its remaining performance obligations to convert into revenues associated with backlog by the end of 2027, with the rest scheduled for later periods. This visibility helps support manufacturing activity, capital deployment and long-term operational planning while reducing near-term business uncertainty.
BWXT continues benefiting from stable demand tied to U.S. naval nuclear propulsion and government-related nuclear programs. During first-quarter 2026, Government Operations revenues rose to $577.9 million from $555.3 million in the year-ago quarter, and growth was supported by nuclear components and fuel programs, uranium processing activities and nuclear services.
The Commercial Operations business is also contributing to backlog support and future revenue generation. First-quarter 2026 Commercial Operations revenues climbed sharply to $283.6 million from $128.3 million in the prior-year quarter, aided by growth in nuclear manufacturing as well as nuclear services and engineering.
BWXT is also expanding its long-term growth pipeline through acquisitions and investments tied to nuclear services and advanced manufacturing capabilities. These efforts continue strengthening the company’s position across defense, energy and nuclear technology markets while supporting future backlog growth.
Companies Supporting Strong BacklogsHealthy demand for defense modernization, nuclear infrastructure and naval programs continues supporting strong backlog visibility across the industry. Companies like Huntington Ingalls Industries, Inc. (HII - Free Report) and Curtiss-Wright Corporation (CW - Free Report) are also benefiting from long-term program demand.
Huntington Ingalls reported total backlog of $54 billion as of March 31, 2026, supported by aircraft carriers, submarines, amphibious assault ships and mission technologies programs.
Curtiss-Wright reported a backlog of nearly $4.3 billion as of March 31, 2026, driven by demand across defense electronics, naval nuclear propulsion and commercial aerospace markets.
Earnings Estimates for BWXT StockThe Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 16.96% and 10.98%, respectively.
Image Source: Zacks Investment Research
BWXT Stock Trading at a DiscountBWX Technologies is trading at a discount relative to the industry, with a forward 12-month price-to-sales of 4.76X compared with the industry average of 12.27X.
Image Source: Zacks Investment Research
BWXT Stock Price PerformanceOver the past year, BWXT shares have surged 69.5% compared with the industry’s 26.3% growth.
Image Source: Zacks Investment Research
BWXT’s Zacks RankBWX Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways BWX Technologies supports reactor infrastructure and advanced nuclear technology manufacturing activities.BWXT secured a contract exceeding $1.4 billion tied to U.S. Naval Nuclear Propulsion Program work.UEC is advancing uranium resource projects and production readiness amid rising nuclear energy demand. BWX Technologies, Inc. (BWXT - Free Report) and Uranium Energy Corp. (UEC - Free Report) are benefiting from expanding activity across the nuclear energy market, driven by a rising focus on energy reliability, nuclear fuel security and long-term low-carbon power generation. As governments and energy providers continue strengthening nuclear infrastructure and fuel supply capabilities, both companies are expanding their presence across different parts of the nuclear value chain while supporting future reactor operations and energy system development.
The nuclear industry continues to gain traction through investments in reactor expansion, uranium supply development and next-generation nuclear technologies. Growing electricity demand and increasing interest in dependable low-emission power sources are encouraging broader adoption of nuclear energy solutions. Efforts to strengthen domestic fuel supply chains and expand nuclear infrastructure are creating long-term growth opportunities for companies involved in reactor technologies, uranium production and nuclear resource development.
Let’s compare the stocks’ fundamentals to determine which one is the better investment option at present.
The Case for BWXT StockBWX Technologies operates across nuclear technologies, reactor systems and precision manufacturing solutions supporting government and commercial nuclear activities. The company develops nuclear reactors, fuel-related systems and specialized components used in nuclear operations and advanced technology programs. BWXT also continues aiding nuclear infrastructure programs tied to long-term reactor and energy system requirements.
BWXT continues to benefit from sustained demand for nuclear propulsion and reactor-related programs. In May 2026, the company secured contracts valued at more than $1.4 billion supporting the U.S. Naval Nuclear Propulsion Program. The awards include long-lead material procurement, reactor system components and manufacturing work tied to nuclear-powered naval platforms, strengthening BWXT’s position in a critical segment of the nuclear industry.
The Case for UEC StockUranium Energy operates across uranium mining, processing and resource development activities, boosting future nuclear fuel requirements. The company owns uranium projects and processing infrastructure designed to support future production expansion and long-term uranium supply needs. Its operations remain aligned with increasing demand for uranium resources tied to expanding nuclear generation activities.
UEC continues advancing development projects, expanding processing capabilities and increasing operational readiness across its uranium platform. The company is focused on strengthening production capacity, advancing resource development initiatives and expanding its uranium asset base to support future nuclear fuel demand. Its continued emphasis on uranium supply growth and domestic production capabilities positions the company to benefit from increasing interest in nuclear power generation and fuel security initiatives.
How Does the Zacks Consensus Estimate Compare for BWXT & UEC?The Zacks Consensus Estimate for BWX Technologies’ 2026 earnings per share (EPS) indicates a rise of 1.96% in the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for Uranium Energy’s fiscal 2026 EPS calls for a decline of 20% in the past 60 days.
Image Source: Zacks Investment Research
Debt Position of BWXT & UECDebt position is an important financial indicator that reflects a company’s financial stability and ability to manage debt obligations efficiently. Currently, BWXT’s debt-to-capital stands at 61.18%, while UEC maintains a debt-free capital structure.
BWXT & UEC: Stock Price PerformanceOver the past three months, shares of BWXT and UEC have fallen 7.9% and 13.3%, respectively.
Image Source: Zacks Investment Research
Valuation for BWXT & UECBWXT shares are trading at a forward 12-month Price/Sales (P/S F12M) multiple of 4.64 compared with UEC’s P/S F12M of 78.36.
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ConclusionBoth companies operate across the expanding nuclear energy and fuel infrastructure market. BWX Technologies focuses on nuclear reactor systems, fuel-related technologies and specialized manufacturing solutions supporting nuclear operations and long-term reactor programs. Uranium Energy centers on uranium mining, processing and resource development activities designed to support future nuclear fuel demand and supply-chain expansion.
Our choice at the moment is BWX Technologies due to its stronger earnings estimate trends, more attractive valuation and relatively better stock price performance compared to Uranium Energy.
BWX Technologies and Uranium Energy each carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) announced today that its TRISO nuclear fuel has powered Antares Nuclear Inc.’s reactor through the first successful criticality milestone under the Administration’s Executive Order 14301, Reforming Nuclear Reactor Testing at the Department of Energy. BWXT also processed the high assay low enriched uranium (HALEU) feedstock material used to manufacture the Antares TRISO fuel compacts from scrap materials provided by NNSA, underscoring the company’s leadership across the full spectrum of next generation fuel production.
“BWXT is delivering leading-edge nuclear products that support the energy dominance goals of our nation, and this milestone underscores that fact,” said Rex D. Geveden, BWXT president and chief executive officer.
Share “This marks a historic milestone for advanced nuclear fuel fabrication in the United States,” said U.S. Energy Secretary Chris Wright. “The Trump administration is proud to partner with private companies such as BWXT, as we strengthen the foundation of a reliable and secure nuclear supply chain to support both national defense and commercial energy needs.”
“BWXT is delivering leading-edge nuclear products that support the energy dominance goals of our nation, and this milestone underscores that fact,” said Rex D. Geveden, BWXT president and chief executive officer. “Our skilled workforce, advanced manufacturing technologies and nuclear-qualified supply chain are driving a new generation of reactor demonstrations across the country.”
"BWXT's TRISO fuel supported our path to criticality,” said Jordan Bramble, CEO, Antares. “Building on a proven fuel specification developed through Project Pele let our team focus on what we had to prove ourselves: our control system and reactor physics. We're grateful for a partnership that continues as we move from neutrons to electrons."
Antares modeled its reactor fuel on the TRISO (TRi-structural ISOtropic) fuel compacts BWXT delivered for Project Pele, the 1.5 megawatt transportable microreactor BWXT is building for the U.S. Army’s Strategic Capabilities Office. That TRISO fuel specification, developed within DOE’s Advanced Gas Reactor (AGR) program over the past several decades, paired with BWXT’s decades of TRISO development at its Specialty Fuels Fabrication facility in Lynchburg, helped accelerate Antares’ path to a successful criticality test, and demonstrates the value of mature, scalable U.S. fuel manufacturing infrastructure.
“BWXT is proud to work with Antares and deliver the fuel necessary for this important milestone at the Idaho National Lab and for the future,” said Joe Miller, BWXT’s president for Government Operations. “Antares is moving quickly to progress from concept to criticality and we are proud to supply this team with the TRISO needed to do so.”
BWXT continues to support Antares with ongoing TRISO fuel manufacturing, reinforcing the company’s readiness to meet customer timelines and the growing national demand for advanced reactor fuel.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to the performance, design, suitability and impact of advanced reactor technology and TRISO nuclear fuel compacts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner; the ability to commercialize this technology; competition in an environment of rapid technological changes; and the enforcement and protection of our intellectual property rights. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 17 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.
For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.
United States Representative April McClain Delaney has disclosed purchases of shares in BWX Technologies (NYSE: BWXT), a major supplier of nuclear reactors and components to the U.S. Navy.
The trade is of interest as the company has close ties to national defense and the nuclear sector.
According to the filing, Delaney purchased between $1,001 and $15,000 worth of BWX Technologies on May 14, 2026. The transaction was disclosed on June 5, nearly three weeks after the trade occurred.
Data from congressional trading trackers indicates the lawmaker has reported multiple purchases that could total as much as $130,000 in BWXT stock. Since the transaction, BWXT stock has plunged over 11%, trading at $188, underperforming the broader market over the same period.
BWXT one-year stock price chart. Source: Google Finance Despite the recent decline, BWXT remains up roughly 40% over the past year and continues to trade near the middle of its 52-week range of $127.51 to $241.82.
The Maryland Democrat serves on the House Committee on Science, Space, and Technology, a position that has prompted scrutiny of investments tied to industries affected by federal policy and government spending.
BWXT fundamentals BWX Technologies is a key player in the U.S. nuclear and defense sector, supplying components and propulsion systems for the Navy while expanding into advanced reactors and commercial nuclear projects.
The Congress trade comes after several positive developments for the company. In May, BWXT reported stronger-than-expected first-quarter 2026 earnings, raised its full-year outlook, and secured more than $1.4 billion in naval nuclear propulsion contracts.
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The company has also benefited from growing investor interest in nuclear energy amid rising power demand from AI infrastructure and data centers.
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On June 11, 2026, BWX Technologies Inc BWXT shares rose 6.4% to a current price of $194.68. The stock has seen a 52-week range from a low of $133.84 to a high of $241.82, reflecting a significant volatility in its price performance. This recent increase follows a -7.5% decline over the last month, but the stock remains up 12.9% year-to-date and has surged 44.2% over the past year.
GF Value™ verdict: Current price is $194.68 vs GF Value™ of $140.23, indicating a 38.8% overvaluation.GF Score™ of 93/100, suggesting strong overall performance and potential for higher long-term returns.Notable signal: Insiders sold $2.6 million in shares over the last three months, indicating a lack of confidence from management. Is BWXT Overvalued or Undervalued? The current price of BWX Technologies Inc BWXT at $194.68 is significantly above the GF Value™ estimate of $140.23, reflecting a 38.8% overvaluation. This overvaluation suggests that the stock may not be a safe investment at its current price and indicates a lack of margin of safety for potential investors. The GF Valuation label categorizes BWXT as "Significantly Overvalued," which poses risks for those considering entering a position at this price level.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. As BWXT trades at a considerable premium to its calculated intrinsic value, potential investors should be cautious and consider the risks associated with investing in an overvalued stock.
How Does BWXT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 52.0x 31.4x Forward P/E 41.3x N/A The current P/E ratio of BWXT stands at 52.0x, which is 66% above its 5-year median P/E of 31.4x. The forward P/E of 41.3x also indicates a premium valuation. This analysis aligns with the GF Value™ verdict of overvaluation, suggesting that BWXT's stock is trading at levels that may not be sustainable based on its historical valuation metrics.
What Does BWXT's GF Score™ Tell Us? Metric Rating GF Score™ 93 Financial Strength 6/10 Profitability 9/10 Growth 10/10 Valuation 5/10 Momentum 10/10 The GF Score™ of 93/100 suggests that BWX Technologies Inc is likely to generate higher long-term returns compared to its peers. The strongest areas for BWXT are its Growth (10/10) and Profitability (9/10) scores, indicating a robust business model and strong financial performance. However, the Valuation score of 5/10 raises concerns about the sustainability of its current price level, especially given the overvaluation indicated by the GF Value™ assessment.
What Are Insiders Doing with BWXT Stock? Over the last three months, insiders at BWX Technologies Inc have sold approximately $2.6 million worth of shares, with no reported buying activity. This pattern of selling may suggest a lack of confidence in the stock's future performance from management, which could be a red flag for external investors. The absence of insider buying further reinforces the caution suggested by the stock's current overvaluation.
What This Means for Investors Based on the GF Value™ analysis, BWX Technologies Inc BWXT is currently overvalued. The significant premium over its intrinsic value, combined with insider selling activity and high valuation multiples, suggests that potential investors should approach with caution. It may be prudent to wait for a more favorable entry point before considering an investment.
For the complete analysis, visit the BWX Technologies Inc BWXT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is BWXT's GF Score™?
BWXT has a GF Score™ of 93/100, indicating strong overall performance and potential for higher long-term returns.
Is BWXT overvalued or undervalued?
BWXT is currently overvalued, with a GF Value™ of $140.23 compared to its current price of $194.68, reflecting a 38.8% overvaluation.
What is BWXT's P/E ratio?
BWXT's P/E ratio is currently 52.0x, which is significantly above its 5-year median P/E of 31.4x, indicating a premium valuation consistent with the overvaluation suggested by the GF Value™.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
