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Curtiss-Wright

CW NYSE Aerospace & Defense Financials FY2016–FY2025

Curtiss-Wright's revenue rose 12.1% to $3.5 billion in fiscal 2025. Its operating margin was 18.1%, up from 16.9% a year earlier. Free cash flow was $554 million, up 14.6%. It paid out $500 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$464.94

2.0%
Value it Compare
Revenue Total sales reported in the income statement.
$3.5B
12.1% vs prior year
Operating margin Operating income as a share of revenue.
18.1%
1.2 pts
Net income Profit after all expenses, interest and tax.
$484M
19.6%
Free cash flow Cash from operations minus capital spending.
$554M
14.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.9%
2.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
32.0x
On $14.52 EPS (TTM)

What Curtiss-Wright does

Curtiss-Wright makes specialized engineered parts, electronics and services, mostly for aerospace and defense customers. It also serves commercial nuclear power, oil and gas, and industrial markets. Its customers include defense prime contractors, aircraft makers, the US Navy, nuclear plant operators and manufacturers. Many of its products go into safety-critical equipment.

It has three segments. Aerospace & Industrial makes sensors, actuators, surface treatment services (such as shot peening) and vehicle electronics. Defense Electronics makes rugged computer boards, data acquisition and flight test equipment, and communications products used on fighter jets, helicopters, drones, ground vehicles and ships. Naval & Power makes pumps, motors, valves and other equipment for US Navy submarines and carriers, aircraft arresting systems, and parts and services for nuclear power plants. Sales to the US and foreign governments were 58% of total net sales in 2025,.

The company says it competes mainly on technology and price. It had about 9,100 employees in more than 20 countries at the end of 2025. It makes acquisitions as part of its growth plan, and it is pursuing work on small modular nuclear reactors.

Legal name
CURTISS-WRIGHT CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0001628280-26-007587
0000026324

Revenue and margins

Curtiss-Wright had $3.5B of revenue in fiscal 2025, up 12.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $554M in fiscal 2025, 15.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Curtiss-Wright returned $500M to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Curtiss-Wright yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$587M and divides by 37.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.0x · peers 39.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Curtiss-Wright can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $171M$257M$407M$385M$371M
Debt incl. finance leases $1.1B$1.3B$1.1B$1.1B$958M
Net debt / EBITDA 1.8x1.9x1.1x1.1x0.8x
Debt / equity 0.6x0.6x0.5x0.4x0.4x
Interest coverage 9.4x9.0x9.4x11.8x14.7x
Current ratio 1.8x1.6x2.1x1.7x1.4x
Quick ratio 1.2x1.1x1.5x1.2x1.0x
Total assets $4.1B$4.4B$4.6B$5.0B$5.2B
Total liabilities $2.3B$2.5B$2.3B$2.5B$2.7B
Shareholders' equity $1.8B$2.0B$2.3B$2.4B$2.5B
Net debt (− = net cash) $890M$1.0B$651M$671M$587M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$8.9M

5 insiders

Of sales under plans

60%

$5.4M

DateInsiderTradeSharesPriceValueFiling
Aug 28, 2026 Larry D WycheDirector Sold 100 $596.74 $0.1M Form 4
Aug 27, 2026 John C WattsEVP & Chief Growth Officer Sold 1,035 $619.46 $0.6M Form 4
Aug 10, 2026 Jeffrey J. LyashDirector Bought 209 $711.62 $0.1M Form 4
Jun 15, 2026 John C WattsEVP & Chief Growth Officer Sold plan 200 $770.56 $0.2M Form 4
Jun 12, 2026 Lynn M BamfordChair and CEO, Director Sold plan 2,500 $758.20 $1.9M Form 4
Jun 9, 2026 Gary A OgilbySenior VP & Corp Controller Sold plan 399 $721.95 $0.3M Form 4
Jun 9, 2026 Lynn M BamfordChair and CEO, Director Sold plan 2,500 $721.72 $1.8M Form 4
May 27, 2026 John C WattsEVP & Chief Growth Officer Sold plan 220 $752.91 $0.2M Form 4
Mar 18, 2026 Farkas K ChristopherExecutive VP and CFO Sold plan 1,265 $689.69 $0.9M Form 4
Mar 18, 2026 Gary A OgilbySenior VP & Corp Controller Sold plan 252 $689.14 $0.2M Form 4
Mar 17, 2026 Farkas K ChristopherExecutive VP and CFO Sold 918 $677.46 $0.6M Form 4
Mar 17, 2026 Lynn M BamfordChair and CEO, Director Sold 3,225 $676.70 $2.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 9 / 97 / 98 / 9
Accruals ratio −2.1%−2.9%−3.1%
Altman Z'' 5.525.245.27

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Curtiss-Wright CW $17.2B 12.1% 18.1% 15.8% 15.9% 32.0x 8
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Axon Enterprise AXON $34.7B 33.5% −2.2% 2.7% −2.2% 174.4x 6 Compare →
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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.1B $2.3B $2.4B $2.5B $2.4B $2.5B $2.6B $2.8B $3.1B $3.5B
Gross profit $735M $801M $871M $899M $841M $928M $955M $1.1B $1.2B $1.3B
Research and development $59.4M $61.4M $64.5M $72.5M $74.8M $88.5M $80.8M $85.8M $91.6M $95.2M
Operating income $297M $325M $374M $404M $289M $377M $423M $485M $529M $634M
Interest expense $41.2M $41.5M $34.0M $31.3M $35.5M $40.2M $47.0M $51.4M $44.9M $43.1M
Pretax income $268M $300M $356M $397M $263M $349M $389M $463M $522M $620M
Income tax $78.6M $84.7M $80.5M $88.9M $61.7M $86.1M $94.8M $109M $117M $136M
Net income $187M $215M $276M $308M $201M $263M $294M $355M $405M $484M
Diluted EPS $4.15 $4.80 $6.22 $7.15 $4.80 $6.47 $7.62 $9.20 $10.55 $12.87
Diluted shares 0.05B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $423M $389M $336M $421M $261M $388M $295M $448M $544M $643M
Capital expenditure $46.8M $52.7M $53.4M $69.8M $47.5M $41.1M $38.2M $44.7M $61.0M $89.7M
Free cash flow $376M $336M $283M $352M $214M $347M $257M $403M $483M $554M
Depreciation and amortization $96.0M $100M $103M $102M $116M $114M $112M $116M $108M $125M
Stock-based compensation $9.5M $11.6M $14.1M $13.7M $14.4M $13.4M $15.4M $16.8M $18.9M $21.5M
Acquisitions $0.3M $233M $210M $185M $488M $0.0M $282M $0.0M $226M $0.0M
Share buybacks $105M $52.1M $199M $50.7M $200M $343M $56.9M $50.1M $250M $465M
Dividends paid $23.1M $24.7M $26.3M $28.2M $28.2M $28.7M $28.8M $30.2M $31.7M $34.7M
Dividends and buybacks $128M $76.9M $225M $78.9M $228M $372M $85.7M $80.4M $282M $500M
Balance sheet
Cash and short-term investments $554M $475M $276M $391M $198M $171M $257M $407M $385M $371M
Total debt $966M $814M $763M $761M $1.1B $1.1B $1.3B $1.1B $1.0B $958M
Finance lease liabilities $0.0M $0.0M $0.0M $11.8M $11.0M $10.0M $9.0M $7.9M $6.7M $0.0M
Current assets $1.4B $1.4B $1.3B $1.5B $1.3B $1.3B $1.5B $1.7B $1.8B $2.0B
Current liabilities $675M $591M $687M $745M $810M $735M $981M $807M $1.1B $1.4B
Inventory $367M $379M $423M $425M $429M $412M $483M $510M $541M $615M
Property and equipment, net $389M $390M $375M $386M $378M $360M $343M $333M $339M $382M
Total assets $3.0B $3.2B $3.3B $3.8B $4.0B $4.1B $4.4B $4.6B $5.0B $5.2B
Total liabilities $1.7B $1.7B $1.7B $2.0B $2.2B $2.3B $2.5B $2.3B $2.5B $2.7B
Shareholders' equity $1.3B $1.5B $1.5B $1.8B $1.8B $1.8B $2.0B $2.3B $2.4B $2.5B
Margins
Gross margin 34.8% 35.3% 36.1% 36.1% 35.2% 37.1% 37.3% 37.5% 37.0% 37.2%
Operating margin 14.1% 14.3% 15.5% 16.2% 12.1% 15.1% 16.6% 17.0% 16.9% 18.1%
EBITDA margin 18.6% 18.7% 19.8% 20.4% 16.9% 19.7% 20.9% 21.1% 20.4% 21.7%
Net margin 8.9% 9.5% 11.4% 12.4% 8.4% 10.5% 11.5% 12.5% 13.0% 13.8%
FCF margin 17.9% 14.8% 11.7% 14.1% 8.9% 13.9% 10.0% 14.2% 15.5% 15.8%
Returns
Return on capital 11.6% 13.1% 14.9% 15.0% 9.2% 10.6% 11.2% 12.4% 13.4% 15.9%
Return on capital employed 12.3% 13.0% 14.3% 14.5% 9.3% 11.5% 12.4% 13.3% 13.7% 16.4%
Return on equity 14.7% 15.3% 18.0% 18.6% 11.3% 14.5% 15.5% 16.5% 17.0% 19.4%
Return on assets 6.2% 6.9% 8.5% 8.8% 5.2% 6.5% 6.9% 7.8% 8.4% 9.5%
Growth
Revenue growth −4.4% 7.7% 6.2% 3.2% −3.9% 4.6% 2.3% 11.3% 9.7% 12.1%
Net income growth 28.8% 14.7% 28.3% 11.5% −34.5% 30.5% 12.0% 20.4% 14.2% 19.6%
EPS growth 36.1% 15.7% 29.6% 15.0% −32.9% 34.8% 17.8% 20.7% 14.7% 22.0%
FCF growth 196.5% −10.7% −15.8% 24.3% −39.2% 62.2% −26.0% 57.2% 19.8% 14.6%
Share count change −5.4% −0.6% −1.0% −2.9% −2.4% −3.3% −4.8% −0.3% −0.4% −1.9%
Financial health
Net debt / EBITDA 1.1x 0.8x 1.0x 0.8x 2.2x 1.8x 1.9x 1.1x 1.1x 0.8x
Debt / equity 0.8x 0.5x 0.5x 0.4x 0.6x 0.6x 0.6x 0.5x 0.4x 0.4x
Interest coverage 7.2x 7.8x 11.0x 12.9x 8.1x 9.4x 9.0x 9.4x 11.8x 14.7x
Current ratio 2.1x 2.4x 2.0x 2.1x 1.6x 1.8x 1.6x 2.1x 1.7x 1.4x
Quick ratio 1.6x 1.7x 1.3x 1.5x 1.1x 1.2x 1.1x 1.5x 1.2x 1.0x
Capital allocation
Capex / revenue 2.2% 2.3% 2.2% 2.8% 2.0% 1.6% 1.5% 1.6% 2.0% 2.6%
Stock comp / revenue 0.5% 0.5% 0.6% 0.6% 0.6% 0.5% 0.6% 0.6% 0.6% 0.6%
Payouts / FCF 34.1% 22.9% 79.5% 22.4% 106.8% 107.3% 33.4% 19.9% 58.3% 90.2%
Quality scores
Piotroski F-score 6.0 9.0 7.0 8.0 4.0 8.0 7.0 9.0 7.0 8.0
Altman Z'' 4.9 5.2 5.2 5.2 4.3 4.7 4.6 5.5 5.2 5.3
Accruals ratio −7.8% −5.5% −1.9% −3.2% −1.5% −3.1% −0.0% −2.1% −2.9% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000026324). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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