BWX Technologies

What BWX Technologies does

BWX Technologies, Inc. (NYSE: BWXT) is a publicly-traded nuclear components and fuel manufacturer headquartered in Charlotte, North Carolina, with principal operations in Lynchburg, Virginia and approximately 10,000 employees across 17 manufacturing facilities in the U.S. and Canada. The company traces its nuclear lineage to its 1946 award of the first U.S. Navy nuclear propulsion research contract and the 1950s fabrication of components for USS Nautilus, the world's first nuclear-powered submarine. Today BWXT is organized into five segments: Defense and Space (naval nuclear propulsion, microreactors, space nuclear power), Nuclear Energy (commercial components, SMR/microreactor designs, field services), Nuclear Fuel (TRISO, HEU/HALEU, CANDU), Nuclear Medicine (BWXT Medical subsidiary), and Complex Site Operations (DOE/NNSA site management and environmental cleanup).

The company's core technical capabilities span naval nuclear reactor design and fabrication (over 420 reactor cores delivered to the U.S. Navy), TRISO fuel manufacturing (the only U.S. company to have produced irradiation-tested uranium oxycarbide TRISO fuel at production scale), HEU/HALEU processing at the only two NRC Category 1-licensed facilities in the U.S., CANDU fuel manufacturing in Canada, and advanced reactor designs including the 1-5 MWe Project Pele microreactor, the 75 MW BANR reactor, and the 195 MWe mPower SMR. Manufacturing infrastructure includes the only large commercial nuclear equipment manufacturing facility in North America at Cambridge, Ontario, and North America's largest nuclear clean room.

Revenue is generated predominantly through long-term sole-source and competitive-bid contracts with the U.S. Navy, DOD, and DOE/NNSA, supplemented by direct commercial sales of nuclear components and fuel to utilities (e.g., Ontario Power Generation, GE Vernova Hitachi) and nuclear medicine products to healthcare providers. Backlog reached a record $8.7B in Q1 2026, anchored by $1.4B+ in FY2026 naval propulsion task orders and a $21B Savannah River Site operations contract. FY2025 revenue was $3.2B (+18% YoY) with Q1 2026 revenue of $860.2M (+26% YoY, +11% organic) and FY2026 adjusted EBITDA guidance of $650-$665M.

Name

BWX Technologies

Legal name

BWX Technologies, Inc.

Website

https://bwxt.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

BWX Technologies designs and manufactures nuclear reactors, TRISO and CANDU fuel, and reactor components primarily for the U.S. Navy's submarine and aircraft carrier fleet, with additional commercial nuclear, nuclear medicine, and DOE environmental management operations. FY2025 revenue: $3.2B.

Ownership category

akta.pro rank

Product category

Nuclear Components and Fuel Manufacturing

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Boiler, Tank, and Shipping Container Manufacturing (3324)

SIC

Guided Missiles & Space Vehicles & Parts (3760), Fabricated Plate Work (Boiler Shops) (3443)

akta.pro primary industry

Reactor Vessel, Internals & Primary Circuit Components (RPV, piping, pumps, valves) (EUAKADAE)

akta.pro secondary industries

Gen III/III+ Reactor Systems & Components (EUAKADAB), Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC), Advanced & Non‑LWR Fuel Manufacturing (TRISO, metallic fuels, HALEU fuels) (EUAKACAG), Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL), Reactor Refueling & Fuel Handling Systems (Cranes, Machines, Transfer Systems) (EUAKADAN)

Keywords

• Naval nuclear propulsion
• Nuclear component manufacturing
• Nuclear fuel fabrication
• Small modular reactors
• Commercial nuclear services

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Government Operations - Naval Nuclear Propulsion: Long-term contracts for U.S. Naval Nuclear Propulsion Program including reactor cores, steam generators, and components for submarines and aircraft carriers. Includes $1.4B+ contracts for FY2026 and $2.6B eight-year naval agreement.
2. Government Operations - Defense and Space: Microreactor development (Project Pele), space nuclear propulsion, research reactors for DOD and DOE. Includes uranium enrichment and defense fuel facilities.
3. Commercial Nuclear Components: Steam generators, heat exchangers, reactor pressure vessels, and other components for commercial nuclear power plants. Includes CANDU fuel manufacturing in Canada.
4. Nuclear Medicine: Medical isotope production including Tc-99m generators and other radiopharmaceutical products through BWXT Medical subsidiary.
5. Complex Site Operations: Management and operations contracts for DOE/NNSA sites including Savannah River Site, environmental cleanup, and nuclear facility management. Includes $21B contract for SRS operations.
6. Technology Licensing: Licensing of mPower SMR design to Applied Atomics for land-based facilities in US and Canada, with BWXT retaining ownership and manufacturing rights.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

BWXT designs, manufactures, and supplies naval nuclear reactors, fuel, and major components (reactor cores, steam generators, pressure vessels) for the U.S. Navy and commercial nuclear power plants. It produces proprietary TRISO nuclear fuel and HEU/HALEU downblending services, advanced reactor designs (Project Pele microreactor, BANR and mPower SMRs), CANDU fuel for Canadian reactors, nuclear medicine products through BWXT Medical, and complex site cleanup services for DOE/NNSA.

Product overview

BWX Technologies provides nuclear solutions across five interconnected segments: Defense and Space (naval nuclear propulsion, microreactors, space nuclear power), Nuclear Energy (commercial components, SMRs, field services), Nuclear Fuel (TRISO, HEU, CANDU fuel), Nuclear Medicine (BWXT Medical subsidiary), and Complex Site Operations (environmental cleanup, DOE facility management). The company manufactures nuclear reactor cores for the U.S. Navy (over 420 delivered), steam generators, TRISO fuel, and advanced microreactors like Project Pele. Commercial offerings include the 75 MW BANR SMR, CANDU fuel for Canadian reactors, and nuclear medicine products through its BWXT Medical subsidiary. The company operates 17 manufacturing facilities globally and holds exclusive U.S. licenses for HEU processing.

Differentiator

Problem solved

Functional benefit

Brands

• BWXT Medical: Nuclear medicine subsidiary developing, manufacturing and delivering products for diagnostic imaging and radiotherapeutic treatments
• Nuclear Fuel Services (NFS)
• BWXT Nuclear Energy Canada Inc. (BWXT NEC)
• Nuclear Operations Group
• Technical Services Group

Products and services

• Naval Nuclear Propulsion Designs and manufactures naval nuclear reactors, reactor cores, steam generators, and major components for U.S. Navy submarines and aircraft carriers. BWXT has delivered more than 420 nuclear reactor cores to the Naval Nuclear Propulsion Program and serves as the sole-source supplier for Ohio, Virginia, Seawolf, Los Angeles, and Columbia-class submarines and Nimitz and Ford-class aircraft carriers.
• Commercial Nuclear Components and Equipment Engineers and manufactures reactor pressure vessels, steam generators, heat exchangers, and other critical nuclear components for commercial nuclear power plants. BWXT has produced 200 nuclear steam generators and operates the Cambridge, Ontario facility, which is the only large commercial nuclear equipment manufacturing facility in North America and houses one of the world's largest nuclear clean rooms.
• TRISO Nuclear Fuel Tri-structural Isotropic (TRISO) coated fuel for advanced and high-temperature gas-cooled reactors. BWXT is the only U.S. company to have manufactured irradiation-tested uranium oxycarbide TRISO fuel using production-scale equipment, supporting Project Pele, BANR, and the emerging advanced reactor market.
• Highly Enriched Uranium (HEU) and HALEU Downblending Downblends highly enriched uranium to produce low enriched uranium (LEU) and high assay low-enriched uranium (HALEU) nuclear fuels. BWXT operates the only two NRC Category 1-licensed nuclear facilities in the United States authorized to handle, store, and process HEU, with capability to fabricate fuel at any enrichment level for naval, defense, research, and advanced reactor applications.
• CANDU Fuel Manufactures CANDU fuel bundles from facilities in Peterborough and Toronto, Ontario, including 37-element fuel bundles and fuel channel components. BWXT is the original designer and manufacturer of CANDU fuel handling systems and serves Canadian utilities including Ontario Power Generation, Bruce Power, and Darlington.
• Project Pele Microreactor 1-5 MWe transportable nuclear microreactor designed for the U.S. DOD Strategic Capabilities Office. Uses high-temperature gas-cooled reactor (HTGR) technology with HALEU TRISO fuel, designed to provide resilient, independent power for military bases and contested environments while fitting inside standard shipping containers.
• BANR (BWXT Advanced Nuclear Reactor) 75 MW modular, factory-fabricated small modular reactor designed to provide on-site, resilient, carbon-free energy. Employs mature high-MRL high-temperature gas reactor technology with passive cooling and TRISO fuel, targeted at data center, remote, and industrial power applications.
• BWRX-300 Reactor Pressure Vessel Manufacturing Contract manufacturing of reactor pressure vessels for GE Vernova Hitachi's BWRX-300 small modular reactor, a 300 MW boiling water reactor SMR. Supports the Ontario Power Generation Darlington New Nuclear Project, the first commercial grid-scale SMR in the G7.
• BWXT Medical - Nuclear Medicine Products Subsidiary developing, manufacturing, and delivering nuclear medicine products including Tc-99m generators and other radiopharmaceuticals for diagnostic imaging and radiotherapeutic treatments. Supports more than 40 million nuclear medical procedures annually worldwide, with 300+ employees in Ottawa and Vancouver.
• Environmental Management and Nuclear Facility Cleanup Decontamination, decommissioning, and environmental cleanup services for U.S. DOE and NNSA sites, including waste management, facility closure, and remediation using advanced technological solutions across multiple sites. Includes the $21B Savannah River Site management contract.
• Nuclear Thermal Propulsion Advanced nuclear propulsion technology for deep space missions and lunar/Martian habitation. BWXT is collaborating with NASA and DARPA on nuclear thermal propulsion systems for space exploration, building on eight years of NASA collaboration.
• mPower Small Modular Reactor (SMR) Design Patented 195 MWe / 575 MWth small modular reactor design. Licensed to Applied Atomics for exclusive land-based deployment in the U.S. and Canada, with BWXT retaining design ownership and exclusive component manufacturing rights plus royalties on components manufactured by Applied Atomics or third parties.

Quantifiable outcome

• 420+ nuclear reactor cores delivered to U.S. Navy with millions of miles steamed safely
• +3 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• Core PowerminorStrategic or Co-development Partner · 19 June 2026UK-based Core Power initiated a feasibility study with BWXT to assess deploying floating nuclear power plants built in shipyards using BWXT's mPower small modular reactor technology (195 MW electricity, 575 MW thermal output per unit). Study maps legal compliance, engineering adaptations, and financial structures for mobile nuclear energy units.
• Applied AtomicscoreOEM/ Whitelabel/ Licensing Partner · 17 June 2026BWXT licensed its mPower small modular reactor design to Applied Atomics, granting exclusive rights to commercialize the technology in land-based facilities in the U.S. and Canada. BWXT retains design ownership and exclusive manufacturing rights for components, while holding royalty rights for components manufactured by Applied Atomics or third parties.
• ATI Inc.coreStrategic or Co-development Partner · 11 June 2026Five-year strategic material supply agreement through fiscal year 2030 for advanced specialty materials including nickel-based alloys and titanium for nuclear applications used in naval systems. Partnership spans more than 40 years.
• Antares NuclearcoreStrategic or Co-development Partner · 4 June 2026BWXT manufactured TRISO nuclear fuel that powered Antares Nuclear's Mark-0 microreactor through first criticality under DOE Reactor Pilot Program. Fuel specification based on technology from Project Pele. Partnership continues with ongoing TRISO fuel manufacturing support.
• GE Vernova HitachicoreStrategic or Co-development Partner · 1 January 2026BWXT signed contract to manufacture a reactor pressure vessel for GE Vernova Hitachi's BWRX-300 reactor, a 300 MW small modular reactor. Also supports Ontario Power Generation's Darlington New Nuclear Project consortium.
• Rolls-Royce LibertyWorkscoreStrategic or Co-development PartnerRolls-Royce LibertyWorks designing and building thermal and power conversion modules, control systems, plant instrument and control systems, and semi-autonomous controls for Project Pele microreactor.
• Northrop GrummancoreStrategic or Co-development PartnerModule transportation and logistics partner for Project Pele, handling delivery of microreactor components to demonstration sites.
• Torch TechnologiesminorStrategic or Co-development PartnerTechnical collaboration partner for Project Pele program supporting microreactor development and testing.
• Precision Components GroupcoreStrategic or Co-development PartnerAcquisition adds over 500,000 square feet of U.S. heavy-manufacturing capacity and approximately 400 skilled employees. Expands commercial nuclear production capacity with facilities in the U.S.
• KinectricscoreStrategic or Co-development PartnerAcquisition closed in May 2025, contributing approximately $240 million to backlog and enabling expansion in nuclear life-of-plant services.
• National Nuclear Security Administration (NNSA)coreStrategic or Co-development PartnerNNSA supplies high assay low-enriched uranium (HALEU) feedstock from scrap materials for TRISO fuel production supporting advanced reactor demonstrations.
• Ontario Power Generation / Darlington ConsortiumminorStrategic or Co-development PartnerPart of industrial consortium with GE Vernova, Samsung C&T, Doosan Enerbility, and Hitachi for Darlington New Nuclear Project - first commercial grid-scale SMR in the G7.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• NuScale Power: NuScale designs the small modular light-water reactor and is the only SMR vendor with NRC design certification. It competes with BWXT in SMR commercialization for utility and data center customers, though NuScale's technology stack differs from BWXT's gas-cooled designs.
• X-energy: X-energy is developing the Xe-100 high-temperature gas-cooled SMR with TRISO fuel, supported by DOE Advanced Reactor Demonstration Program funding. It competes with BWXT's BANR and mPower SMR programs in the advanced reactor commercial market.
• TerraPower: TerraPower, backed by Bill Gates, is developing the Natrium sodium-cooled fast reactor and traveling wave reactor designs. It competes with BWXT in advanced reactor development and was the first developer to bring a non-LWR to construction in decades in the U.S.
• Holtec International: Holtec is developing the SMR-160 small modular reactor and operates nuclear equipment manufacturing and used fuel storage businesses. It is an emerging peer competing in advanced reactor design and nuclear component manufacturing, with overlap on SMR technology and government site services.

Direct peers

• GE Vernova: GE Vernova's nuclear business (formerly GE Hitachi) designs the BWRX-300 SMR for which BWXT manufactures the reactor pressure vessel. As a reactor designer and major nuclear steam turbine supplier, GE Vernova is a partner and adjacent peer in the commercial nuclear and SMR ecosystem.
• Westinghouse Electric Company: Westinghouse is a major nuclear reactor vendor (AP1000, eVinci microreactor) supplying fuel, services, and components to commercial utilities and government customers. It is the closest large-scale direct peer to BWXT in commercial nuclear fuel and components, and competes for similar utility and government programs.
• Framatome: French nuclear reactor vendor with significant U.S. operations providing fuel, components, and services to commercial nuclear utilities and government customers. Framatome competes directly with BWXT in fuel fabrication, reactor components, and outage services for the U.S. commercial fleet.
• Curtiss-Wright Corporation: Curtiss-Wright supplies nuclear reactor components, naval nuclear instrumentation, and defense-related engineered products to government and commercial customers. It is a direct peer in naval and commercial nuclear components, with overlapping customer base in the U.S. Navy and commercial utilities.

Broad incumbents

• Centrus Energy: Centrus operates the only NRC-licensed HALEU enrichment facility in the U.S. and supplies enriched uranium for advanced reactors and naval fuel. It is a peer in uranium enrichment and a potential supply chain partner or competitor for BWXT's planned new enrichment facility in Erwin, TN.
• Cameco: Cameco is a major uranium producer and fuel manufacturer that supplies UO2 to BWXT's Toronto CANDU fuel pellet facility. It is a broader nuclear fuel incumbent and upstream supply chain partner, with potential downstream competition if Cameco expands further into fuel fabrication.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bwxtech
• YouTubeyoutube.com/channel/UCSgCJ1E5p9alNfmbF_bGFWg
• Facebookfacebook.com/BWXTech
• LinkedInlinkedin.com/company/bwx-technologies
• Instagraminstagram.com/bwxtechnologies

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BWX Technologies