Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 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
4.3
Distress distance
Watch
Earnings quality
2
Forensic signals
28.4%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 4.3, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+14.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +14.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $341.6M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +122% against revenue +18% and PP&E up +24% against revenue +18%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 14.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
12.3%
FY2025
Return on invested capital.Return on invested capital is 12.3% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.0-point range. After-tax operating profit was $294M in FY2023 and $335M in FY2025, with operating income at 15.3% of revenue in FY2023, 14.1% in FY2024 and 12.6% in FY2025. The capital base behind it grew +18% across FY2023–FY2025, from $2.3B to $2.7B, while the return fell 0.5 points, so the dollars added over that window earned less than the 12.8% the older base was already earning.
Key fundamentals
Latest Revenue$3.20B
Revenue Growth YoY+18.3%
Revenue CAGR (2yr)+13.2%
Net Margin10.3%
Free Cash Flow$295.3M
Return on Equity28.4%
Debt / Equity1.64x
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