BWX Technologies, Inc. — Form 10-Q
Filed August 3, 2026 · analyzed by the Periodic Agent
10-Q
▲ Likely positive
significance 58/100
What the filing says
BWX Technologies reported H1 2026 revenues of $1.76B (+21.8% YoY) and operating income of $221M (+10.9% YoY). Commercial Operations revenues surged 92.5% to $586M, driven by the May 2025 Kinectrics acquisition ($441M CAD consideration, $440.6M USD equivalent), which contributed $173.5M of incremental revenue. On July 31, 2026, BWXT agreed to sell its medical business (BWXT Medical and Kinectrics' stable isotope business) to Nordic Capital for up to $800M, completing a medical business pivot. PCG acquisition closed July 1, 2026 (agreement signed April 20, 2026). Company issued $1.25B zero-coupon convertible notes due 2030 in November 2025 with 3.8094 shares/1000 principal conversion rate (~$262.51/share cap); paid $131.9M for capped call hedges.
Why this rating
Major M&A activity (Kinectrics $441M, PCG, $800M medical sale) reshapes portfolio; material relative to $13.2B market cap. Strong revenue growth and margin expansion. Convertibles and refinancing executed. Not transformational but strategically significant.
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