Latest Ratios: P/E Ratio 39.5x · EV/EBITDA 33.5x · ROE 28.5%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.0B | $15.9B | $10.2B | $7.0B | $5.3B | $4.5B | $5.8B | $5.9B | $3.8B | $6.1B | $4.1B |
| Enterprise Value | $14.5B | $17.4B | $11.2B | $8.2B | $6.6B | $5.7B | $6.7B | $6.7B | $4.6B | $6.4B | $4.5B |
| P/E Ratio → | 39.50 | 48.14 | 36.28 | 28.63 | 22.34 | 14.78 | 20.71 | 24.35 | 16.84 | 41.15 | 22.56 |
| P/S Ratio | 4.06 | 4.96 | 3.78 | 2.82 | 2.39 | 2.13 | 2.72 | 3.14 | 2.12 | 3.60 | 2.66 |
| P/B Ratio | 10.56 | 12.87 | 9.47 | 7.55 | 7.12 | 7.10 | 9.34 | 14.72 | 16.22 | 21.25 | 27.41 |
| P/FCF | 44.00 | 53.77 | 40.16 | 33.19 | 114.81 | 60.36 | — | 61.16 | 63.78 | 48.46 | 22.02 |
| P/OCF | 27.07 | 33.09 | 25.05 | 19.38 | 21.77 | 11.72 | 29.37 | 21.29 | 22.59 | 27.33 | 17.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.44 | 4.15 | 3.28 | 2.95 | 2.67 | 3.15 | 3.53 | 2.53 | 3.78 | 2.92 |
| EV / EBITDA | 33.54 | 40.21 | 24.04 | 17.73 | 15.58 | 13.69 | 15.93 | 17.26 | 12.50 | 18.28 | 15.87 |
| EV / EBIT | 44.87 | 39.31 | 28.89 | 22.21 | 18.76 | 13.17 | 16.99 | 19.15 | 14.81 | 20.53 | 17.02 |
| EV / FCF | — | 58.89 | 44.01 | 38.53 | 141.83 | 75.77 | — | 68.75 | 76.09 | 50.90 | 24.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.9% | 22.9% | 24.2% | 24.9% | 24.7% | 25.9% | 27.1% | 28.2% | 28.0% | 30.6% | 30.7% |
| Operating Margin | 10.1% | 10.1% | 14.1% | 15.3% | 15.6% | 16.3% | 16.9% | 17.2% | 16.9% | 17.3% | 15.1% |
| Net Profit Margin | 10.3% | 10.3% | 10.4% | 9.8% | 10.7% | 14.4% | 13.1% | 12.9% | 12.6% | 8.8% | 11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.5% | 28.5% | 28.0% | 29.2% | 34.4% | 48.7% | 54.5% | 76.3% | 87.0% | 67.8% | 85.1% |
| ROA | 9.2% | 9.2% | 10.0% | 9.2% | 9.3% | 12.8% | 13.3% | 13.7% | 13.5% | 9.0% | 12.4% |
| ROIC | 10.1% | 10.1% | 13.8% | 14.1% | 13.8% | 15.6% | 20.2% | 23.1% | 29.2% | 38.4% | 36.1% |
| ROCE | 10.8% | 10.8% | 16.0% | 16.6% | 16.2% | 18.2% | 21.9% | 23.4% | 24.8% | 25.1% | 21.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 0.98 | 1.30 | 1.72 | 1.87 | 1.54 | 2.04 | 3.26 | 1.78 | 3.49 |
| Debt / EBITDA | 4.66 | 4.66 | 2.26 | 2.62 | 3.05 | 2.87 | 2.27 | 2.13 | 2.10 | 1.46 | 1.84 |
| Net Debt / Equity | — | 1.23 | 0.91 | 1.21 | 1.68 | 1.81 | 1.47 | 1.83 | 3.13 | 1.07 | 2.66 |
| Net Debt / EBITDA | 3.50 | 3.50 | 2.10 | 2.46 | 2.97 | 2.78 | 2.17 | 1.90 | 2.02 | 0.88 | 1.40 |
| Debt / FCF | — | 5.12 | 3.85 | 5.34 | 27.02 | 15.41 | — | 7.59 | 12.31 | 2.44 | 2.13 |
| Interest Coverage | 10.01 | 10.01 | 9.83 | 7.83 | 9.63 | 12.07 | 12.68 | 9.88 | 11.07 | 20.88 | 31.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.32 | 2.32 | 1.96 | 2.18 | 2.10 | 1.68 | 1.46 | 1.56 | 1.44 | 1.65 | 1.58 |
| Quick Ratio | 2.25 | 2.25 | 1.88 | 2.11 | 2.09 | 1.68 | 1.45 | 1.55 | 1.43 | 1.64 | 1.56 |
| Cash Ratio | 0.75 | 0.75 | 0.16 | 0.21 | 0.11 | 0.08 | 0.09 | 0.23 | 0.09 | 0.39 | 0.32 |
| Asset Turnover | — | 0.75 | 0.94 | 0.91 | 0.85 | 0.85 | 0.93 | 0.99 | 1.09 | 0.99 | 0.98 |
| Inventory Turnover | 53.01 | 53.01 | 50.83 | 68.46 | 574.08 | 543.44 | 504.27 | 445.37 | 338.00 | 164.79 | 175.29 |
| Days Sales Outstanding | — | 107.83 | 103.10 | 98.67 | 110.28 | 117.78 | 116.87 | 94.93 | 93.54 | 136.08 | 121.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.6% | 0.9% | 1.2% | 1.5% | 1.8% | 1.3% | 1.1% | 1.7% | 0.7% | 0.9% |
| Payout Ratio | 28.0% | 28.0% | 31.3% | 34.6% | 34.0% | 26.0% | 26.2% | 26.8% | 28.1% | 28.4% | 20.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.1% | 2.8% | 3.5% | 4.5% | 6.8% | 4.8% | 4.1% | 5.9% | 2.4% | 4.4% |
| FCF Yield | 2.3% | 1.9% | 2.5% | 3.0% | 0.9% | 1.7% | — | 1.6% | 1.6% | 2.1% | 4.5% |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.1% | 0.4% | 5.0% | 0.4% | 0.3% | 5.6% | 0.0% | 7.1% |
| Total Shareholder Yield | 0.9% | 0.8% | 1.1% | 1.3% | 1.9% | 6.7% | 1.6% | 1.4% | 7.3% | 0.7% | 8.0% |
| Shares Outstanding | — | $92M | $92M | $92M | $92M | $95M | $96M | $96M | $100M | $100M | $104M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying BWXT stock.
BWX Technologies, Inc.'s current P/E ratio is 39.5x. The historical average is 27.6x. This places it at the 81th percentile of its historical range.
BWX Technologies, Inc.'s current EV/EBITDA is 33.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
BWX Technologies, Inc.'s return on equity (ROE) is 28.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 42.4%.
Based on historical data, BWX Technologies, Inc. is trading at a P/E of 39.5x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BWX Technologies, Inc.'s current dividend yield is 0.71% with a payout ratio of 28.0%.
BWX Technologies, Inc. has 22.9% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
BWX Technologies, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Government contract concentration
Metrics are mathematically derived from official filings.
Premium Pricing for Nuclear Optionality
BWXT trades at 47.3x trailing earnings and 39.5x EV/EBITDA, well above defense peers, implying the market is pricing in substantial growth from SMRs and medical isotopes, as per reported multiples.
The forward P/E of 35.8x still commands a significant premium to Curtiss-Wright's 53.7x trailing but is lower on a forward basis, suggesting investors expect accelerated earnings growth. The PEG of 11.0 is elevated, indicating that the current price already reflects optimistic long-term growth assumptions. This valuation appears to be pricing in successful execution of non-defense initiatives, which remain unproven.
Margin Compression Amid Mix Shift
Gross margin fell to 22.4% in Q2 2026 from 25.1% a year earlier, while operating margin dropped to 10.0% from 13.4%, reflecting a shift toward lower-margin government work, as per income statement data.
The decline in margins suggests that the revenue acceleration is being achieved at the expense of profitability, likely due to cost-plus contract structures and rising input costs. Net margin held relatively stable at 9.9%, but this was supported by a lower tax rate and other items, which may not be sustainable. Investors should monitor whether the mix shift is temporary or signals a structural change in earning power.
Return on Capital Decaying
ROIC has declined from 3.5% in Q2 2024 to 2.4% in Q2 2026, while ROE has remained flat around 7%, indicating that capital deployed in acquisitions and growth is not yet generating incremental returns, based on reported figures.
The decline in ROIC suggests that the company is investing heavily in new projects and acquisitions that have yet to yield returns, possibly due to long lead times in nuclear projects. The gap between ROIC and ROE highlights the impact of leverage, but the low absolute returns indicate that the business is capital-intensive with modest returns. This trend warrants monitoring as the company continues to expand capacity.
Working Capital Stretch Signals
Cash conversion cycle improved to 75 days in Q2 2026 from 80 days a year earlier, driven by faster collections (DSO down to 96 from 100), while DPO rose to 28, as per quarterly data.
The improvement in CCC suggests better working capital management, but the DSO of 96 days remains high, reflecting the nature of government contracts with long payment terms. The low DIO of 6 days indicates minimal inventory, consistent with a project-based business. The increase in DPO may indicate growing leverage over suppliers, but it could also reflect timing of payments.
Leverage Creeping Higher
Debt-to-equity rose to 1.51 in Q2 2026 from 1.30 in Q1 2024, while interest coverage improved to 17.0x from 9.6x, indicating manageable debt service despite higher leverage, as per balance sheet data.
The increase in leverage is largely due to debt-funded acquisitions, which have expanded the balance sheet but also increased financial risk. However, the strong interest coverage suggests that earnings are sufficient to cover interest expenses comfortably. The D/EBITDA of 16.7x appears elevated, but this may be distorted by low EBITDA relative to debt; investors should verify the accuracy of this metric.
Liquidity Bolstered by Cash
Current ratio improved to 2.40 in Q2 2026 from 2.24 a year earlier, with cash surging to $608M, providing a strong buffer against short-term obligations, as reported in the latest balance sheet.
The liquidity position appears robust, with a quick ratio of 2.33 indicating that the company can cover current liabilities without relying on inventory. The significant cash buildup suggests that management is retaining cash for future investments or acquisitions. However, the high current ratio may also indicate inefficiency in deploying excess cash.
Misapplied P/E Ratio
The trailing P/E of 47.3x is often compared to defense peers, but BWXT's earnings are subject to percentage-of-completion adjustments and non-recurring items, making EV/EBITDA a more reliable valuation metric, as per accounting nuances.
The P/E ratio can be distorted by catch-up adjustments on long-term contracts and one-time gains or losses, which may not reflect underlying earning power. EV/EBITDA, at 39.5x, provides a cleaner comparison by normalizing for capital structure and non-cash charges. Investors should also consider the company's backlog and contract visibility when assessing valuation, as these provide a more stable earnings base.