### @BWXT — Confirmed — from the 10-K and earnings calls
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.
- tier: Confirmed (✓)
- source: BWXT / The naval franchise, and the concentration under it
- receipt: https://ticker.thevixguy.com/p/p-day-20260808-bwxt-src-bwxt-naval-sole-source-franchise-rotation
- posted: 2026-08-08T04:46:07.692Z