In this paper, a comprehensive theoretical treatment is developed for backward wave oscillators composed of a relativistic electron beam guided by a strong magnetic field through a slow wave structure consisting of a cylindrical waveguide with a sinusoidally varying wall radius. This analysis, equally applicable to traveling wave tube operation, includes both a linearized theory of small‐amplitude perturbations and numerical simulations of the saturated, large‐amplitude operating regime. The variation of device operating characteristics with system parameters is examined in detail. Comparisons of the analytic and numerical results with experiments and additional calculations show excellent agreement and justify a high degree of confidence in the validity of the theory.