Overview Key strengths Key risks Sole manufacturer of nuclear reactors for the U.S. Navy. Significant customer and contract concentration. Robust defense spending. High capital spending requirements. Above-average profitability. Potential for increased acquisitions or shareholder returns. Naval capabilities remain a priority for the U.S., and the budget continues to support shipbuilding, with $32.4 billion requested for fiscal-year 2025. BWX's position on platforms including the Virginia- and Columbia-class submarines, in addition to the Gerald R. Ford-class aircraft carrier, will remain funded to support growth over time. The latest shipbuilding budget includes new construction on two Virginia-class submarines annually and one Columbia-class submarine in 2024, followed by one annually beginning in 2026 and a plan to build one aircraft carrier every four to
