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BWX Technologies, Inc. (BWXT) is a specialty manufacturer and service provider in the nuclear industry, with over a century of operational history. The company develops and manufactures nuclear components, provides nuclear engineering services, and supports both government and commercial markets. BWXT's offerings include advanced nuclear reactors, precision components, and medical radioisotopes, serving industries such as defense, energy, and healthcare.
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Government Operations - Manufactures naval nuclear reactors and related nuclear fuel for the U.S. Naval Nuclear Propulsion Program, fabricates precision components, and provides uranium processing, advanced heat treatment, and clean-room assembly. Supports government agencies like the Department of Energy (DOE) and NASA with nuclear materials management, environmental services, and advanced reactor development.
- Nuclear Components and Fuel - Produces nuclear components and fuel for submarines and aircraft carriers.
- Uranium Processing and Nuclear Services - Processes uranium and provides nuclear services for government facilities.
- Advanced Reactor Design and Engineering - Develops advanced nuclear reactor technologies for space and terrestrial applications.
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Commercial Operations - Supplies commercial nuclear steam generators, reactor components, and spent fuel storage containers. Offers engineering services, inspection, and maintenance for nuclear facilities, and manufactures medical radioisotopes and radiopharmaceuticals.
- Nuclear Manufacturing - Produces heavy nuclear components, including steam generators and reactor components.
- Nuclear Services and Engineering - Provides specialized engineering, inspection, and maintenance services for nuclear equipment.
- Medical Radioisotopes and Radiopharmaceuticals - Manufactures critical medical isotopes and partners with pharmaceutical companies for drug development.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin M. McCoy Executive | President of Government Operations | None | Kevin M. McCoy joined BWXT in February 2022. He oversees the Government Operations segment, which constitutes approximately 80% of the company's revenue. | |
Omar F. Meguid Executive | Senior Vice President and Chief Digital Officer | None | Omar F. Meguid joined BWXT on January 1, 2023. He previously held CIO roles at L3Harris Technologies and United Technologies. | |
Rex D. Geveden Executive | President and CEO | Chairman of the Board of Directors at TTM Technologies, Inc. | Rex D. Geveden joined BWXT in October 2015 as COO and became President and CEO in January 2017. He has led BWXT to strong financial performance and strategic expansion. | View Report → |
Robb A. LeMasters Executive | Senior Vice President and CFO | None | Robb A. LeMasters joined BWXT as Senior Vice President and Chief Strategy Officer in July 2020 and became CFO in November 2021. He has played a significant role in BWXT's financial strategy. | |
Barbara A. Niland Board | Director | None | Barbara A. Niland has been a director at BWXT since 2016. She has over 30 years of financial and operational experience in shipbuilding and manufacturing operations for the U.S. Navy. | |
Gerhard F. Burbach Board | Director | Chairman of Procyrion Inc. and Artelon; Director of Vascular Dynamics, Inc. | Gerhard F. Burbach has been a director at BWXT since 2018. He provides insights into BWXT's medical isotope business. | |
James M. Jaska Board | Director | CEO of Versar, Inc. | James M. Jaska has been a director at BWXT since 2016. He has held leadership roles at GC Valiant LLC and Valiant Integrated Services LLC. | |
Jan A. Bertsch Board | Independent Board Chair | Board member at Regal Rexnord Corporation and Axalta Coating Systems, Inc. | Jan A. Bertsch has been a director at BWXT since 2013 and became Independent Board Chair in May 2022. She has extensive experience in corporate finance and strategic planning. | |
John M. Richardson Board | Director | None | John M. Richardson has been a director at BWXT since 2020. The documents do not specify any particular achievements or external roles. | |
Kenneth J. Krieg Board | Director | Founder and Principal of Samford Global Strategies; Board member of Leonardo DRS, Inc. | Kenneth J. Krieg has been a director at BWXT since 2016. He has significant experience in overseeing major research, development, and procurement programs for the U.S. Department of Defense. | |
Leland D. Melvin Board | Director | Director of Star Harbor Space Training Academy | Leland D. Melvin has been a director at BWXT since 2019. He has 24 years of experience at NASA as an astronaut and research scientist. | |
Nicole W. Piasecki Board | Director | Board member at BAE Systems PLC and Weyerhaeuser Company; Senior advisor to Mitsubishi Heavy Industries | Nicole W. Piasecki joined BWXT's Board of Directors in January 2024. She has extensive experience in the aerospace and defense sector. | |
Robert L. Nardelli Board | Director | Founder and CEO of XLR-8, LLC; Senior Advisor at Emigrant Savings Bank | Robert L. Nardelli has been a director at BWXT since 2015. He brings over 40 years of global operating and financial experience. |
- Given the expected aircraft carrier production lull through 2025 and possibly 2026, how does BWXT plan to offset the potential revenue impact and sustain growth in the Government Operations segment?
- Despite the strategic acquisition of A.O.T. and investments in your special materials portfolio, why is the 2025 revenue growth guidance only mid-single-digit, and what challenges are limiting higher growth in this area?
- With expected flat EBITDA margins due to revenue mix and early-stage programs, what specific initiatives is BWXT undertaking to improve margins, and when can investors anticipate meaningful margin expansion?
- Considering the disruptions from Hurricane Helene that affected your nuclear fuel services facility, how confident are you in meeting your free cash flow guidance for 2024, and what strategies are in place to mitigate similar risks moving forward?
- As interest in microreactors and SMRs grows, how does BWXT plan to capture a significant share of this market, and what obstacles might hinder scaling your involvement in advanced nuclear technologies?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Framatome | Competes in the nuclear capabilities sector, particularly in heavy nuclear components, specialized engineering, and maintenance services for CANDU reactors. The primary bases of competition include price, technical capabilities, quality, timeliness of performance, breadth of products and services, and willingness to accept project risks. |
Operates in the nuclear capabilities sector, competing in areas such as nuclear fuel and tooling delivery systems for CANDU reactors. | |
Doosan Heavy Industries & Construction Co., Ltd. | Engages in the nuclear capabilities market, competing in heavy nuclear components and related services. |
E.S. Fox Limited | Competes in the nuclear capabilities sector, focusing on engineering and maintenance services. |
AECON Group Inc. | Operates in the nuclear capabilities market, competing in specialized engineering and maintenance services. |
Bechtel National, Inc. | Competes in both the nuclear capabilities sector and in the delivery of goods and services to the U.S. Government, including managing and operating U.S. Government facilities. |
Westinghouse Electric Corporation | Competes in the nuclear capabilities sector and in the delivery of goods and services to the U.S. Government, including nuclear components and fuel. |
AtkinsRéalis | Operates in the nuclear capabilities market, competing in areas such as heavy nuclear components and specialized engineering services. |
Curium Pharma | Competes in the nuclear medicine sector, focusing on medical radioisotopes, radiopharmaceuticals, and medical devices. The primary bases of competition include quality, distribution capabilities, price, and reliability. |
Operates in the nuclear medicine market, competing in the production and distribution of medical radioisotopes and related products. | |
Jubilant DraxImage Inc. | Competes in the nuclear medicine sector, focusing on radiopharmaceuticals and medical devices. |
Amentum | Competes in the delivery of goods and services to the U.S. Government, including managing and operating U.S. Government facilities and providing environmental remediation services. |
Operates in the U.S. Government contracting space, competing in areas such as environmental remediation and management of nuclear facilities. | |
Competes in the delivery of goods and services to the U.S. Government, including managing and operating U.S. Government facilities. | |
Operates in the U.S. Government contracting market, competing in areas such as technical capabilities and management of nuclear facilities. | |
Competes in the delivery of goods and services to the U.S. Government, including managing and operating U.S. Government facilities. | |
Operates in the U.S. Government contracting space, competing in areas such as technical capabilities and management of nuclear facilities. | |
Competes in the delivery of goods and services to the U.S. Government, including managing and operating U.S. Government facilities. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Largest and primary customer | Government Operations | Contributed approx. $1,872 million (75% of total $2,496 million revenue in 2023 ); 63% of net receivables at Dec 31, 2023 ; and 76% of total consolidated revenues in 2022, 76% in 2021. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kinectrics Inc. | 2025 | BWXT is acquiring Kinectrics Inc. for approximately $525 million (including debt, net pension liability, and transaction expenses) at an acquisition multiple of about 14x EBITDA based on an expected 2024 EBITDA of ~$40 million. The acquisition, set to close mid‐2025, strategically enhances BWXT’s offerings in commercial nuclear power and nuclear medicine through Kinectrics’ full nuclear project lifecycle services, including critical capabilities like decommissioning and support for Lutetium‑177 production. |
A.O.T. (Aerojet Ordinance Tennessee, Inc.) | 2024 | BWXT is set to acquire A.O.T. for approximately $98.0 million in cash, a move aimed at bolstering its advanced materials portfolio for defense, military, and space applications. The acquisition will integrate A.O.T.’s unique capabilities as the sole manufacturer of depleted uranium and specialty finished metals into BWXT’s Government Operations segment, with expected 2024 sales of around $40 million and mid‐teens EBITDA margins. |
Dynamic Controls Limited / Citadel Capital Corporation / Cunico Corporation | 2022 | On April 11, 2022, BWXT completed a $49.9 million acquisition of Dynamic Controls Limited (UK) along with U.S.-based Citadel Capital Corporation and its subsidiary Cunico Corporation. This deal, which includes detailed allocations for intangible assets, goodwill, inventory, and lease liabilities, added suppliers of engineered valves, manifolds, and fittings for naval nuclear and commercial vessels to BWXT’s Government Operations segment, strengthening its naval nuclear and defense market presence. |
Recent press releases and 8-K filings for BWXT.
- Q1 Financial Performance: Consolidated revenues of $682M (up 13%) with GAAP net income of $75.5M, a 13% increase in adjusted EBITDA, and EPS of $0.82 (GAAP) / $0.91 (non-GAAP) – with non-GAAP EPS up 20% YoY
- Segment Performance: Government operations grew 14% and Commercial operations increased 10%, driven by a strong backlog
- Contract Wins & Order Backlog: Secured a $2.6B, 10-year DOE contract along with additional DOE/NNSA contracts, with a government order backlog of $1.3B
- Reaffirmed Guidance: Full-year outlook targets approximately $3.0B in revenue, adjusted EBITDA of $550M–$570M, free cash flow of $265M–$285M, and non-GAAP EPS guidance of $3.40–$3.55
- Strategic Initiatives: Continued investments in SMRs and the medical business, advancing the Kinectrics acquisition and executing an Oak Ridge land purchase to support nuclear security programs
- APTIM and BWX Technologies, Inc. were awarded a $1.4 billion contract by the US Department of Energy to manage and operate the Strategic Petroleum Reserve and its facilities in Louisiana and Texas.
- The contract takes effect on June 15, extends for five years with an option for an additional five-year extension.