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Side-by-side financial comparison of BWX Technologies, Inc. (BWXT) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
BWX Technologies, Inc. is the larger business by last-quarter revenue ($885.8M vs $425.9M, roughly 2.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 10.5%, a 25.2% gap on every dollar of revenue. On growth, BWX Technologies, Inc. posted the faster year-over-year revenue change (18.7% vs 1.7%). Over the past eight quarters, BWX Technologies, Inc.'s revenue compounded faster (21.1% CAGR vs 12.1%).
BWX Technologies, Inc. is a company headquartered in Lynchburg, Virginia that supplies nuclear components and fuel internationally.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BWXT vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $885.8M | $425.9M |
| Net Profit | $93.0M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 10.4% | 81.5% |
| Net Margin | 10.5% | 35.7% |
| Revenue YoY | 18.7% | 1.7% |
| Net Profit YoY | 30.9% | — |
| EPS (diluted) | $1.02 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $885.8M | $637.9M | ||
| Q3 25 | $866.3M | $443.1M | ||
| Q2 25 | $764.0M | $527.4M | ||
| Q1 25 | $682.3M | $734.8M | ||
| Q4 24 | $746.3M | $513.8M | ||
| Q3 24 | $672.0M | $310.0M | ||
| Q2 24 | $681.5M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $93.0M | $181.6M | ||
| Q3 25 | $82.1M | $107.3M | ||
| Q2 25 | $78.4M | $149.8M | ||
| Q1 25 | $75.5M | $216.4M | ||
| Q4 24 | $71.0M | $45.0M | ||
| Q3 24 | $69.5M | $-167.6M | ||
| Q2 24 | $73.0M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | 21.8% | — | ||
| Q2 25 | 25.1% | 94.7% | ||
| Q1 25 | 24.2% | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | 24.4% | — | ||
| Q2 24 | 24.7% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 10.4% | 43.3% | ||
| Q3 25 | 13.1% | 40.6% | ||
| Q2 25 | 13.4% | 43.7% | ||
| Q1 25 | 14.2% | 43.2% | ||
| Q4 24 | 12.4% | 16.8% | ||
| Q3 24 | 14.4% | -63.4% | ||
| Q2 24 | 14.5% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 10.5% | 28.5% | ||
| Q3 25 | 9.5% | 24.2% | ||
| Q2 25 | 10.3% | 28.4% | ||
| Q1 25 | 11.1% | 29.4% | ||
| Q4 24 | 9.5% | 8.8% | ||
| Q3 24 | 10.3% | -54.1% | ||
| Q2 24 | 10.7% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $1.02 | $1.98 | ||
| Q3 25 | $0.89 | $1.18 | ||
| Q2 25 | $0.85 | $1.64 | ||
| Q1 25 | $0.82 | $2.37 | ||
| Q4 24 | $0.77 | $0.49 | ||
| Q3 24 | $0.76 | $-1.81 | ||
| Q2 24 | $0.79 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $499.8M | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $4.3B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $499.8M | $271.4M | ||
| Q3 25 | $79.6M | $43.2M | ||
| Q2 25 | $37.0M | $39.3M | ||
| Q1 25 | $55.4M | $40.0M | ||
| Q4 24 | $74.1M | $48.7M | ||
| Q3 24 | $35.5M | $38.2M | ||
| Q2 24 | $48.3M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.1B | $-76.2M | ||
| Q3 24 | $1.1B | $-15.5M | ||
| Q2 24 | $998.5M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $4.3B | $9.2B | ||
| Q3 25 | $3.8B | $8.7B | ||
| Q2 25 | $3.7B | $8.4B | ||
| Q1 25 | $3.1B | $8.5B | ||
| Q4 24 | $2.9B | $8.3B | ||
| Q3 24 | $2.9B | $8.3B | ||
| Q2 24 | $2.8B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $127.0M | $657.3M |
| Free Cash FlowOCF − Capex | $56.8M | — |
| FCF MarginFCF / Revenue | 6.4% | — |
| Capex IntensityCapex / Revenue | 7.9% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.37× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $295.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $127.0M | $274.9M | ||
| Q3 25 | $143.2M | $237.8M | ||
| Q2 25 | $159.0M | $388.4M | ||
| Q1 25 | $50.6M | $253.8M | ||
| Q4 24 | $276.9M | $220.1M | ||
| Q3 24 | $32.6M | $197.9M | ||
| Q2 24 | $65.9M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $56.8M | $-2.7M | ||
| Q3 25 | $94.9M | $-47.8M | ||
| Q2 25 | $126.3M | $195.3M | ||
| Q1 25 | $17.3M | $59.9M | ||
| Q4 24 | $224.4M | $-20.3M | ||
| Q3 24 | $-7.7M | $-49.1M | ||
| Q2 24 | $35.5M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | -0.4% | ||
| Q3 25 | 11.0% | -10.8% | ||
| Q2 25 | 16.5% | 37.0% | ||
| Q1 25 | 2.5% | 8.2% | ||
| Q4 24 | 30.1% | -4.0% | ||
| Q3 24 | -1.1% | -15.8% | ||
| Q2 24 | 5.2% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 7.9% | 43.5% | ||
| Q3 25 | 5.6% | 64.4% | ||
| Q2 25 | 4.3% | 36.6% | ||
| Q1 25 | 4.9% | 26.4% | ||
| Q4 24 | 7.0% | 46.8% | ||
| Q3 24 | 6.0% | 79.7% | ||
| Q2 24 | 4.5% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.37× | 1.51× | ||
| Q3 25 | 1.74× | 2.21× | ||
| Q2 25 | 2.03× | 2.59× | ||
| Q1 25 | 0.67× | 1.17× | ||
| Q4 24 | 3.90× | 4.89× | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BWXT
| Nuclear Component Program | $436.4M | 49% |
| Nuclear Manufacturing | $134.8M | 15% |
| Cost Plus Fee | $116.1M | 13% |
| Uranium And Nuclear Services | $103.8M | 12% |
| Commercial Operations | $49.0M | 6% |
| Commercial Operations Segment | $33.7M | 4% |
| Transferred At Point In Time | $1.3M | 0% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
