Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Bwx Technologies, Inc. (BWXT)

A forensic read on Bwx Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

9.3

Distress distance

Watch

Earnings quality

Forensic signals

44.9

P / E (ttm)

26.7%

ROE

$15.5B

Market cap

0.65%

Dividend yield

18.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Bwx Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+28.6%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +28.6% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +122% against revenue +18% and PP&E up +24% against revenue +18%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.

10.8%

FY2025

Return on invested capital. Return on invested capital is 10.8% in the latest fiscal year and steady — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.

+0.1%/yr

FY2022–FY2025

Share count. Diluted share count changed +0% over the last 3 years to FY2025 (+0.1%/yr). Roughly flat — buybacks ($30M) are about offsetting stock comp ($26M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$3.20B

Revenue Growth YoY+18.3%

Revenue CAGR (3yr)+12.7%

Net Margin10.3%

Free Cash Flow$295.3M

Return on Equity26.7%

Debt / Equity1.64x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.