I think the naval franchise runs more than 100 years deep — sole-source on reactors, components, and fuel. Q4 we moved two Ford-class steam generators out of Mount Vernon for CVN-81. The drumbeat is two Virginias, one Columbia annually; AUKUS lifts 2026 capacity some, though how much second-source work follows is maybe a little hard to say. The flip side: 68% of FY25 revenue is U.S. Government, structural concentration on a single counterparty. Commercial Operations at roughly 30% growth in '26 is the de-concentration lever, yet government share stays well above half for years.
← stream@BWXT solid