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Monday, November 9, 2026

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The Navy plans to buy more ships, and BWX Technologies $BWXT doesn’t charge a set price per reactor. $BWXT makes the fuel, reactor cores, steam generators, and other reactor components for the Navy’s Virginia- and Columbia-class submarines and Ford-class carriers. $BWXT now produces two to three of these reactors/year, Joe Miller, president of Government Operations, said at its Investor Day on September 29, 2026. The Navy buys under multi-year pricing agreements, so orders arrive in large blocks: → February 2025: $2.1B of naval reactor component contracts. → July 2025: $2.6B, including options. → May 2026: $1.45B, mostly long-lead material (parts ordered years before a ship is built) under the first of five annual task orders through 2030. → October 2026: $189M of naval fuel, to be completed by August 2027. $BWXT’s plants carry large fixed costs, so final pricing depends on how many ship sets (all the reactor components for one ship) the Navy orders, CFO Mike Fitzgerald said at Investor Day. The Navy’s 30-year shipbuilding plan, released in May, calls for (1) “buying two attack boats per year for the next 30 years,” meaning Virginia-class submarines, (2) a new carrier every four years instead of every five, and (3) 15 nuclear-powered Trump-class battleships, per USNI News, the U.S. Naval Institute’s news service. $BWXT’s own read of the plan is naval growth of 4-6%/year from the existing ship classes. Each Ford-class ship set takes ~8 years to deliver, so ordering a carrier every five years left gap years with one ship set in $BWXT’s plants instead of two. CEO Rex Geveden said on the Q2 call that the four-year cadence takes out “that revenue bathtub that we’ve been going through” and has “a bigger volume impact than even adding a battleship.” The next carrier’s long-lead orders come in 2028, but Fitzgerald said at Investor Day the faster cadence won’t really show up in $BWXT’s numbers until around 2030. A Trump-class battleship would use one Ford-class reactor (a carrier uses two), so $BWXT could build the reactor on its existing lines, but Congress still has to fund the program. Fitzgerald said $BWXT’s 2030 targets exclude the battleship program, so congressional funding would be extra growth.
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KEDM.com on X

Qiagen $QGEN has had a new CEO (Jonathan Pratt) since Sept. 1. Let's see if he can bring some action. The company also recently confirmed it continues to evaluate strategic alternatives, with Goldman Sachs involved. There have been reports of takeover interest for a long time, with past reports linking Qiagen to Thermo Fisher, bioMérieux, and Bio-Rad. Qiagen is an interesting target given its leadership in nucleic acid prep, strong consumables-driven revenue, and growth areas like TB testing and digital PCR. The portfolio would fit well with major industry consolidators.

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