When investors search for nuclear energy stocks, it’s easy to start researching Oklo and NuScale Power. Those two companies are working to deliver disruptive technology to an older industry with their small modular reactors (SMRs).
A company that sometimes gets missed, however, is BWX Technologies (NYSE: BWXT). It’s not a pure-play nuclear energy company, and it hasn’t quite captured the investing world’s imagination. But that’s OK because it creates an opportunity for those who value owning shares in a profitable, growing company that also pays a dividend.
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A nuclear company that knows how to make money
BWX may not be a pure-play nuclear stock, but it still has extensive operations relating to nuclear energy. It does a little bit of everything in the market, ranging from manufacturing nuclear reactors to providing field and engineering services to nuclear medicine. It’s also the contractor-manufacturer of the reactor pressure vessel for an SMR being developed by a partnership between GE Vernova and Hitachi.
The bulk of BWX’s revenue comes from its government operations, with $2.3 billion of its total $3.2 billion in 2025 revenue coming from that segment. Also, $5.5 billion of its $7.3 billion backlog is for government operations. While there are risks involved in relying on government contracts, BWX also has a moat that provides steady revenue through its highly specialized operations, as evidenced by its backlog.
That said, the company is also seeing growth with its commercial operations, which include nuclear components, fuel handling, and medical sales. Revenue for that segment grew 63% from $524 million in 2024 to $853 million in 2025. That growth trend appears to be continuing for commercial operations into this year, with 2026 first-quarter revenue of $284 million, up 121%.
It also has another catalyst for revenue growth on the horizon with the potential acquisition of Precision Components Group. If the acquisition clears regulatory hurdles, BWX says it will “establish additional U.S. commercial nuclear production capacity to serve growing domestic demand.” In 2025, Precision Components generated $125 million in revenue.
BWX Technologies investment considerations
Reporting net income of around $329 million in 2025, this isn’t the biggest moneymaking operation in the world. Still, it’s a steady, profitable business with reliable demand from government contracts and is growing its other revenue streams.
