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Held by 812 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $142.22 today, the market must believe free cash flow compounds 21.4%/yr for a decade (off $254.2M on the 3-yr avg basis).
On the basis ($232.9M) the requirement is 22.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 21.4% is more optimistic than its 9-yr track record.
Default is 9.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt $1.52B
mean 21.5% · volatility σ 151% · implied rate exceeded in 2/8 yrs
Central path = implied 21.4%/yr growth; shaded band = ±1σ (151%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 37 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FTI | $27.3B | 30.3× | 14.2× | 2.8× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| NVT | $26.6B | 38.1× | 41.5× | 6.8× | 29.5% | 37.7% | 18.2% | 19.0% | 13.4% | 2.3× | 934 |
| FFIV | $26.1B | 39.1× | 28.9× | 8.5× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| DOV | $25.4B | 23.8× | 16.4× | 3.1× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| XYL | $23.8B | 26.0× | 13.5× | 2.6× | 5.5% | 38.5% | 10.6% | 8.3% | 7.1% | 0.3× | 1,060 |
| HSAI | $19.6B | 36.3× | — | 45.3× | 52.1% | 41.8% | 14.4% | 4.9% | 4.5% | -3.2× | 132 |
| CNH | $19.5B | 29.6× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| CW | $18.7B | 39.4× | 28.1× | 5.4× | 12.1% | 37.2% | 13.8% | 19.1% | 13.9% | 0.8× | 908 |
| NDSN | $18.2B | 38.4× | 25.4× | 6.5× | 3.8% | 55.2% | 17.4% | 15.9% | 9.6% | 2.4× | 725 |
| ZBRA | $18.1B | 46.7× | 26.5× | 3.4× | 8.3% | 48.1% | 7.8% | 11.7% | 6.9% | 3.1× | 620 |
| ITT | $17.9B | 32.5× | 20.4× | 4.5× | 8.5% | 35.4% | 12.4% | 11.9% | 10.0% | -1.2× | 689 |
| IEX | $17.1B | 36.1× | 23.6× | 4.9× | 5.8% | 44.5% | 14.0% | 12.0% | 8.3% | 1.6× | 665 |
| RBC | $15.5B | 54.0× | 34.9× | 8.3× | 14.3% | 44.4% | 15.4% | 8.6% | 6.8% | 1.8× | 657 |
| LOGI | $14.5B | 21.1× | 15.2× | 3.0× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| LECO | $14.1B | 27.8× | 18.5× | 3.3× | 5.6% | 36.2% | 12.3% | 35.4% | 18.8% | 1.2× | 664 |
| BWXT | $13.0B | 39.7× | 28.3× | 4.1× | 18.3% | 22.9% | 10.3% | 26.7% | 10.1% | 3.0× | 812 |
| GGG | $12.7B | 25.4× | 16.5× | 5.7× | 5.8% | 52.5% | 23.3% | 19.7% | 19.7% | -0.8× | 706 |
| LII | $12.5B | 15.9× | — | 2.4× | -2.7% | 33.4% | 15.5% | 69.3% | 34.7% | — | 634 |
| RRX | $10.7B | 38.1× | 17.9× | 1.8× | -1.6% | 37.4% | 4.7% | 4.1% | 2.4% | 5.1× | 580 |
| DCI | $10.1B | 28.6× | 17.8× | 2.7× | 2.9% | 34.8% | 9.9% | 25.2% | 17.3% | 0.8× | 600 |
| TTC | $9.2B | 30.5× | 18.3× | 2.0× | -1.6% | 33.4% | 7.0% | 21.8% | 13.3% | 1.7× | 570 |
| FLS | $8.9B | 26.4× | 19.5× | 1.9× | 3.8% | 33.4% | 7.3% | 15.8% | 9.2% | 1.6× | 569 |
| SPXC | $8.4B | 33.5× | 18.1× | 3.7× | 14.2% | 40.5% | 10.8% | 10.9% | 8.9% | 0.3× | 492 |
| PNR | $8.3B | 13.2× | 10.8× | 2.0× | 2.3% | 40.5% | 15.7% | 16.9% | 11.9% | 1.7× | 702 |
| TKR | $7.9B | 27.8× | 12.3× | 1.7× | 0.2% | 30.4% | 6.3% | 9.1% | 5.7% | 2.0× | 584 |
Peers = companies sharing BWXT's sector (Engines & Turbines) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 31% of free cash flow, leaving room to grow it and fund buybacks. Last year: $92.5M dividends + $30.0M buybacks = $122.5M returned on $295.3M FCF.
9 consecutive years of dividend increases · 12%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $499.8M covers the $0 due within a year 499779000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.2% on $2.02B of debt.
Cash of $499.8M fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.20B 100.0% | $2.70B 100.0% | $2.50B 100.0% | $2.23B 100.0% | $2.12B 100.0% | $2.12B 100.0% | $1.89B 100.0% | $1.80B 100.0% | $1.69B 100.0% | $1.55B 100.0% |
| Cost of Revenue | $2.47B 77.1% | $2.05B 75.8% | $1.88B 75.1% | $1.68B 75.3% | $1.57B 74.1% | $1.55B 72.9% | $1.36B 71.8% | $1.30B 72.0% | $1.19B 70.6% | $1.09B 70.1% |
| Research & Development | $13.9M 0.4% | $7.5M 0.3% | $7.6M 0.3% | $9.5M 0.4% | $11.1M 0.5% | $14.2M 0.7% | $17.7M 0.9% | $15.2M 0.8% | $7.2M 0.4% | $6.4M 0.4% |
| Selling, General & Admin | $394.4M 12.3% | $318.7M 11.8% | $279.7M 11.2% | $234.3M 10.5% | $230.4M 10.8% | $231.2M 10.9% | $216.8M 11.4% | $214.1M 11.9% | $210.1M 12.5% | $209.5M 13.5% |
| Total Operating Expenses | $2.87B 89.7% | $2.38B 88.0% | $2.16B 86.7% | $1.93B 86.4% | $1.81B 85.3% | $1.79B 84.4% | $1.60B 84.3% | $1.53B 84.7% | $1.41B 83.5% | $1.33B 85.9% |
| Operating Income | $404.5M 12.6% | $380.6M 14.1% | $383.1M 15.3% | $348.6M 15.6% | $345.8M 16.3% | $358.6M 16.9% | $325.5M 17.2% | $305.0M 16.9% | $292.2M 17.3% | $234.4M 15.1% |
| Interest Expense | $44.2M 1.4% | $39.5M 1.5% | $47.0M 1.9% | $36.4M 1.6% | $35.8M 1.7% | $31.0M 1.5% | $35.3M 1.9% | $27.8M 1.5% | $14.9M 0.9% | $8.4M 0.5% |
| Interest & Investment Income | $3.9M 0.1% | $2.6M 0.1% | $2.4M 0.1% | $758K 0.0% | $416K 0.0% | $518K 0.0% | $942K 0.0% | $2.5M 0.1% | $1.4M 0.1% | $651K 0.0% |
| Other Income (Expense), net | -$6.3M -0.2% | -$31.9M -1.2% | -$61.7M -2.5% | -$34.2M -1.5% | $49.9M 2.3% | $3.6M 0.2% | -$11.8M -0.6% | -$24.8M -1.4% | $3.6M 0.2% | $22.8M 1.5% |
| Pretax Income | $398.1M 12.4% | $348.7M 12.9% | $321.4M 12.9% | $314.4M 14.1% | $395.7M 18.6% | $362.2M 17.1% | $313.7M 16.6% | $280.1M 15.6% | $295.8M 17.5% | $257.3M 16.6% |
| Income Tax Expense | $68.3M 2.1% | $66.4M 2.5% | $75.1M 3.0% | $75.8M 3.4% | $89.4M 4.2% | $83.0M 3.9% | $69.1M 3.6% | $52.8M 2.9% | $147.4M 8.7% | $73.7M 4.8% |
| Net Income | $328.9M 10.3% | $281.9M 10.4% | $245.8M 9.8% | $238.2M 10.7% | $305.9M 14.4% | $278.7M 13.1% | $244.1M 12.9% | $227.0M 12.6% | $147.8M 8.8% | $183.1M 11.8% |
| Per Share | ||||||||||
| EPS (Basic) | $3.59 | $3.08 | $2.68 | $2.60 | $3.24 | $2.92 | $2.56 | $2.29 | $1.49 | $1.79 |
| EPS (Diluted) | $3.58 | $3.07 | $2.68 | $2.60 | $3.24 | $2.91 | $2.55 | $2.27 | $1.47 | $1.76 |
| Weighted Avg Shares (Basic) | 91.6M | 91.6M | 91.6M | 91.4M | 94.3M | 95.5M | 95.4M | 99.1M | 99.3M | 102.5M |
| Weighted Avg Shares (Diluted) | 91.9M | 91.9M | 91.9M | 91.7M | 94.5M | 95.7M | 95.8M | 100.0M | 100.4M | 103.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 82th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 27% against ROIC 10% — 17% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 28.4% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.0 | 71.8 | 72.9 | 74.1 | 75.3 | 75.1 | 75.8 | 77.1 |
| R&D | 0.8 | 0.9 | 0.7 | 0.5 | 0.4 | 0.3 | 0.3 | 0.4 |
| SG&A | 11.9 | 11.4 | 10.9 | 10.8 | 10.5 | 11.2 | 11.8 | 12.3 |
| Operating Income | 16.9 | 17.2 | 16.9 | 16.3 | 15.6 | 15.3 | 14.1 | 12.6 |
| Income Tax | 2.9 | 3.6 | 3.9 | 4.2 | 3.4 | 3.0 | 2.5 | 2.1 |
| Net Income | 12.6 | 12.9 | 13.1 | 14.4 | 10.7 | 9.8 | 10.4 | 10.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BWXT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 1.9pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 22.1% | 9.7% (today's — no rate published for this year) | 12.3pts |
| FY2020 | 19.4% | 9.7% (today's — no rate published for this year) | 9.6pts |
| FY2021 | 15.1% | 5.4% | 9.7pts |
| FY2022 | 13.7% | 7.1% | 6.6pts |
| FY2023 | 14.5% | 7.0% | 7.5pts |
| FY2024 | 14.4% | 8.1% | 6.3pts |
| FY2025 | 11.5% | 8.9% | 2.6pts |
| Now | 10.1% | 9.7% | 0.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 29.9% | 15.1% | 11.8% |
| FY2017 | 29.4% | 17.3% | 8.8% |
| FY2018 | 28.0% | 16.9% | 12.6% |
| FY2019 | 28.2% | 17.2% | 12.9% |
| FY2020 | 27.1% | 16.9% | 13.1% |
| FY2021 | 25.9% | 16.3% | 14.4% |
| FY2022 | 24.7% | 15.6% | 10.7% |
| FY2023 | 24.9% | 15.3% | 9.8% |
| FY2024 | 24.2% | 14.1% | 10.4% |
| FY2025 | 22.9% | 12.6% | 10.3% |
Leverage and buybacks account for 17 points of the 27% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$495M of goodwill — 18% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 1.9pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Cash conversion of 0.62x sits below the level that would make the earnings clearly cash-backed.
The cash conversion cycle has lengthened +24 days over 3 years to 11 — that many more days of the company's own cash funding the same volume of business.
Covers interest 62.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 89.09x |
| 5% | 84.63x |
| 10% | 80.18x |
| 15% | 75.72x |
| 20% | 71.27x |
| 25% | 66.82x |
| 30% | 62.36x |
| 35% | 57.91x |
| 40% | 53.45x |
| 45% | 49.00x |
| 50% | 44.54x |
| 55% | 40.09x |
| 60% | 35.64x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $142.22, free cash flow must compound 21.43%/yr for 10 years. It has done 20.34%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −160.2% | 21.4% |
| FY2022 | −38.1% | 21.4% |
| FY2023 | 357.9% | 21.4% |
| FY2024 | 19.9% | 21.4% |
| FY2025 | 15.9% | 21.4% |
The implied rate has been matched or beaten in 1 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $329M | $329M |
| Share-based comp | $26M | $355M |
| Other non-cash & working capital | $125M | $480M |
| Operating cash flow | $480M | $480M |
| Capex | −$185M | $295M |
| Free cash flow | $295M | $295M |
| FCF after SBC | $269M | $269M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 12.1% | 170.4% | 158.3 points |
| FY2021 | 0.0% | -53.9% | -54.0 points |
| FY2022 | 5.1% | -14.0% | -19.1 points |
| FY2023 | 11.8% | 15.5% | 3.7 points |
| FY2024 | 8.3% | 41.2% | 32.9 points |
| FY2025 | 18.3% | 122.4% | 104.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 10.9 days | 4.6 days | 45.8 days | -30.3 days |
| FY2020 | 26.4 days | 3.5 days | 43.5 days | -13.6 days |
| FY2021 | 12.1 days | 3.8 days | 44 days | -28.1 days |
| FY2022 | 9.9 days | 5 days | 27.6 days | -12.7 days |
| FY2023 | 10.3 days | 5.3 days | 24.6 days | -9.1 days |
| FY2024 | 13.4 days | 7.2 days | 28.2 days | -7.6 days |
| FY2025 | 25.2 days | 6.9 days | 20.9 days | 11.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.9 percent |
| FY2020 | 3.6 percent |
| FY2021 | -3.2 percent |
| FY2022 | -0.3 percent |
| FY2023 | -4.3 percent |
| FY2024 | -4.4 percent |
| FY2025 | -3.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.