BWX Technologies: 2Q Results: Radiating Upside Potential; Sharpening Focus with Disciplined Execution

研报英文原文证据摘录

BWX Technologies: 2Q Results: Radiating Upside Potential; Sharpening Focus with Disciplined Execution

Tomohiko Sano AC North America Equity Research

(1-212) 622-1099 04 August 2026 J P M O R G A N

tomohiko.sano@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We believe BWX Technologies (BWXT) is a leader in nuclear

manufacturing and materials handling, with durable

competitive advantages built on deep U.S. Government

relationships, NRC Category 1 licenses, and the ability to

manufacture highly engineered heavy nuclear components.

Positioned at the intersection of multiple megatrends (SMR

adoption, commercial nuclear life extensions, and next-

generation defense spending), we believe BWXT benefits from

a robust demand landscape over the coming decades. We see the

YTD 1m 3m 12m company delivering a HSD/DD revenue CAGR through FY28,

Abs -2.4% -13.3% -22.0% 11.0% paired with modest annual margin expansion.

Rel -11.8% -13.2% -25.9% -7.1%

Valuation

Company Data

Our December 2027 price target of $230 is based on 30x our

Shares O/S (mn) 92

52-week range ($) 241.82-149.57 2027E adj. EBITDA, a premium to the company’s five-year

Market cap ($ mn) 15,455.45 average. This multiple reflects the company’s strong position in

Exchange rate 1.00 naval nuclear reactors, upside potential in commercial nuclear,

Free float (%) 99.6%

3M ADV (mn) 1.00 and growth in special materials.

3M ADV ($ mn) 192.9

Volatility (90 Day) 50

Index S&P 500 Performance Drivers

BBG ANR (Buy | Hold | Sell) 13|3|1

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 3,198 3,808 4,128 4,386

Adj. EBITDA 514 627 703 757

Adj. EBIT 404 498 561 606

Adj. net income 369 439 474 509

Adj. EPS 4.02 4.77 5.15 5.53

BBG EPS 3.81 4.66 5.24 5.82