BWX Technologies (BWXT) is a specialty nuclear manufacturer and services company. Its core business is designing, engineering, and manufacturing nuclear reactor components and fuel for the U.S. Navy's nuclear-powered submarine and aircraft carrier fleet. BWXT has been the sole-source supplier to the Naval Nuclear Propulsion Program since the 1950s, making it the only company that produces reactor components and fuel for U.S. nuclear warships. BWXT also manufactures heavy nuclear components — steam generators, reactor pressure vessels, and heat exchangers — for commercial nuclear power plants, primarily for the CANDU reactor fleet in Canada. A third and growing business is nuclear medicine, where BWXT manufactures medical radioisotopes and radiopharmaceuticals used in diagnostic imaging and cancer treatment. BWXT operates through two segments: Government Operations (naval propulsion, uranium processing, facility management, and advanced reactors) and Commercial Operations (commercial nuclear components and medical isotopes). Revenue is driven primarily by long-term, sole-source or limited-competition government contracts and multi-year commercial contracts. Government contracts are largely fixed-price incentive fee structures, where BWXT bears cost risk but earns incentive fees for cost outperformance. Key growth drivers include Columbia-class submarine production, the AUKUS program, two large new NNSA uranium contracts, CANDU life extension projects in Canada, and growing radiopharmaceutical demand.