BWXT

BWX Technologies, Inc. is a leading supplier of nuclear components and fuel for the U.S. government and commercial nuclear power industry. The company manufactures nuclear reactors, nuclear fuel, and related components for U.S. Navy submarines and aircraft carriers, provides nuclear operations and site management services for the government, and manufactures nuclear fuel and components for commercial nuclear power plants. BWX Technologies operates through segments including Government Operations (naval nuclear propulsion, nuclear weapons) and Commercial Operations (commercial nuclear power components, medical radioisotopes, space nuclear systems). Founded in 1867 as Babcock & Wilcox, the nuclear operations were spun off as BWXT in 2015. Headquartered in Lynchburg, Virginia, BWXT is the sole supplier of naval nuclear propulsion reactors and fuel. The company benefits from sole-source contracts, long-term government relationships, barriers to entry including security clearances and specialized capabilities, and defense spending priorities. BWXT faces limited growth in mature nuclear naval programs but benefits from new nuclear technologies and potential microreactor opportunities. The company maintains strong margins, cash generation, and returns capital to shareholders.