Overview

• Nuclear solutions provider's Q4 revenue beat analyst expectations

• Adjusted EPS for Q4 beat analyst expectations

• Company's backlog grew 50% yr/yr, driven by naval propulsion and nuclear power awards

Outlook

• BWX Technologies expects 2026 non-GAAP EPS of $4.55-$4.70

• Company forecasts 2026 adjusted EBITDA of $645 mln-$660 mln

• BWX Technologies projects 2026 free cash flow of $305 mln-$320 mln

Result Drivers

• COMMERCIAL OPERATIONS - Revenue growth in Q4 driven by higher field services, fuel, components, and medical sales, as well as contribution from Kinectrics

• GOVERNMENT OPERATIONS - Slight decline in Q4 revenue due to lower naval nuclear component material procurement and microreactor revenue, partially offset by higher special materials processing

Company press release: ID:nBw46fjx4a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$885.80 mln	$847.47 mln (10 Analysts)
Q4 Adjusted EPS	Beat	$1.08	$0.88 (8 Analysts)
Q4 EPS		$1.01
Q4 Net Income		$93.70 mln
Q4 Adjusted EBITDA	Slight Beat*	$147.50 mln	$146.36 mln (10 Analysts)
Q4 Free Cash Flow		$56.80 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the aerospace & defense peer group is "buy"

• Wall Street's median 12-month price target for BWX Technologies Inc is $225.00, about 9% above its February 20 closing price of $206.44

• The stock recently traded at 48 times the next 12-month earnings vs. a P/E of 54 three months ago

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