Latest Ratios: P/E Ratio 54.8x · EV/EBITDA 45.2x · 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 | $18.0B | $15.9B | $10.2B | $7.0B | $5.3B | $4.5B | $5.8B | $5.9B | $3.8B | $6.1B | $4.1B |
| Enterprise Value | $19.6B | $17.4B | $11.2B | $8.2B | $6.6B | $5.7B | $6.7B | $6.7B | $4.6B | $6.4B | $4.5B |
| P/E Ratio → | 54.84 | 48.14 | 36.28 | 28.63 | 22.34 | 14.78 | 20.71 | 24.35 | 16.84 | 41.15 | 22.56 |
| P/S Ratio | 5.64 | 4.96 | 3.78 | 2.82 | 2.39 | 2.13 | 2.72 | 3.14 | 2.12 | 3.60 | 2.66 |
| P/B Ratio | 14.66 | 12.87 | 9.47 | 7.55 | 7.12 | 7.10 | 9.34 | 14.72 | 16.22 | 21.25 | 27.41 |
| P/FCF | 61.09 | 53.77 | 40.16 | 33.19 | 114.81 | 60.36 | — | 61.16 | 63.78 | 48.46 | 22.02 |
| P/OCF | 37.59 | 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 | 45.21 | 40.21 | 24.04 | 17.73 | 15.58 | 13.69 | 15.93 | 17.26 | 12.50 | 18.28 | 15.87 |
| EV / EBIT | 60.48 | 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 | 2.32 | 2.32 | 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 | — | — | 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 | 0.5% | 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 | 1.8% | 2.1% | 2.8% | 3.5% | 4.5% | 6.8% | 4.8% | 4.1% | 5.9% | 2.4% | 4.4% |
| FCF Yield | 1.6% | 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 | 0.7% | 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 |
Contractual Milestone Execution Risk
Based on current market data, BWXT trades at a forward P/E of 42.10, a significant premium that suggests investors are pricing in substantial growth from non-defense initiatives like medical isotopes and SMRs rather than just the stable, cost-plus naval nuclear propulsion business.
The valuation multiples appear elevated relative to traditional defense contractors, implying that the market is assigning a 'technology' premium to the company's specialized nuclear manufacturing capabilities. Investors should monitor whether the execution of these high-margin growth vectors justifies such a high entry multiple, as any delay in commercialization could lead to a sharp valuation contraction.
As reported in financial statements, BWXT's ROIC has trended downward from 4.4% in 2023Q4 to 2.9% in 2026Q1, indicating that the company's aggressive expansion of its asset base is currently struggling to generate incremental returns that exceed the cost of capital.
The decline in ROIC suggests that the heavy investment in specialized manufacturing facilities is not yet yielding the expected efficiency gains. This trend warrants further investigation into whether the current capital allocation strategy is effectively balancing long-term capacity expansion with the need to maintain competitive returns on invested capital.
According to recent quarterly filings, the company's cash conversion cycle remains volatile, with DSO fluctuating around 100 days, reflecting the inherent challenges of managing long-term government contract milestones and the resulting impact on short-term operational cash flow efficiency.
The high DSO suggests that BWXT is effectively acting as a financier for its government customers, which is typical for the defense industry but creates significant liquidity sensitivity. Investors should monitor whether the company can optimize its billing cycles to improve cash conversion, as current levels appear to be a structural drag on free cash flow.
Based on the provided data, the debt-to-equity ratio has climbed to 1.58 in 2026Q1 from 1.30 in 2023Q4, indicating that the company is increasingly relying on leverage to fund its capital-intensive manufacturing footprint and strategic growth initiatives.
While the interest coverage ratio remains at a comfortable 22.54, the upward trend in debt levels suggests that the company's balance sheet is becoming more sensitive to interest rate fluctuations. This leverage profile warrants careful monitoring to ensure that debt service remains manageable as the company continues to navigate its long-cycle project backlog.
The most commonly misapplied metric for BWXT is the standard P/E ratio, which obscures the company's unique role as a sole-source nuclear infrastructure provider and its emerging optionality in the medical isotope and SMR markets.
Using traditional defense valuation multiples fails to account for the high barriers to entry and the long-term nature of the nuclear renaissance, which are not present in standard aerospace or defense services. Analysts should instead focus on EV/EBITDA adjusted for R&D spending to better capture the underlying earning power of the company's specialized technology assets.
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Quick answers to the most common questions about buying BWXT stock.
BWX Technologies, Inc.'s current P/E ratio is 54.8x. The historical average is 27.6x. This places it at the 94th percentile of its historical range.
BWX Technologies, Inc.'s current EV/EBITDA is 45.2x. 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 54.8x. This is at the 94th 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 0.51% 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.