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Woodward, Inc.

WWD Industrials Aerospace & Defense

Woodward, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $3.6 billion, up 7.30% from fiscal 2024.

Revenue
+21.2%
EPS
+35.7%
Free cash flow
−12.2%
Total debt
+43.9%

Quarter to June 2026, against a year earlier

307.27 19.10 −5.85%
Market cap
$18.1B
P/E
33.2×
Fwd P/E
32.8×
Dividend yield
0.40%
F-score
8/9
Altman Z
6.83
Beneish M
−2.42
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Aerospace
  • Industrial

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 28.38
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 — 2 4 — 3 1 1 — — — —
Insider Ownership 1.30%

Capital & Financial Ratios $m

Size
Market Cap 18,120.00
Revenue ttm 4,191.99
Net income ttm 552.03
Free cash flow ttm 376.53
Net debt Q 867.08
Valuation
P/E 33.22
Forward P/E 32.80
Price / sales 4.36
Forward P/S Powerpack
Price / FCF 48.51
Price / book 7.38 (above 6: high)
Financial health
Current ratio Q 1.65 (at or above 1.5: strong)
Debt / equity Q 0.54
Interest coverage Q 12.47
Growth
Revenue growth Q +21.22% (above 0%: growing)
Operating income growth Q +54.87% (above 0%: growing)
EPS, this year +37.60% (at or above 15%: strong)
EPS, next year A +13.28%
Revenue, next year A +21.64% (at or above 10%: strong)
EPS, past 5 yrs +13.96%
EPS, next 5 yrs A +22.62% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.6×, against a ten-year median of 2.8×; over the ten years it ranged from 1.6× in 2020 to 6.2× in 2026.
P/E against its own 10 years 64.76%
10-year low 10-year high
P/S against its own 10 years 89.99%
10-year low 10-year high
P/B against its own 10 years 92.56%
10-year low 10-year high
EV/Sales against its own 10 years 90.98%
10-year low 10-year high
EV/FCF against its own 10 years 81.08%
10-year low 10-year high

Dividends raised 3 years running

Yield
0.40%
Annual rate
1.24
Payout ratio
13.8%
Growth, 2018–26
+10.6%/yr
  1. 0.57 ’18
  2. 0.65 ’19 +14
  3. 0.52 ’20 −19
  4. 0.65 ’21 +24
  5. 0.95 ’22 +46
  6. 0.88 ’23 −7
  7. 1.00 ’24 +14
  8. 1.12 ’25 +12
  9. 1.28 ’26 +14
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 137 282 327 475
Receivables 764 792 833 1,056
Inventory 518 609 655 725
Other 50 60 70 83
1,469 1,744 1,884 2,339
2023 2024 2025 Q'26
Payables 234 287 289 329
ST’ Debt 76 303 245 724
Other — — — 4
617 924 907 1,421

Compound Annual Growth %

10y 5y 3y
Sales 5.76% 7.41% 14.40%
Cash Flow 4.76% 6.16% 34.51%
Earnings 9.31% 12.96% 37.06%
Book Value 8.33% 5.19% 10.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.39 Actual 2.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.83 2.09 Beat by 0.26
Q1 FY26 1.65 2.17 Beat by 0.52
Q2 FY26 2.00 2.27 Beat by 0.27
Q3 FY26 2.39 2.52 Beat by 0.13
Q4 FY26 2.50 — Reports 18 November 2026

EPS $

Dec Mar Jun Sep Year
’26 2.17 2.19 2.40 — —
’25 1.42 1.78 1.76 2.23 7.19
’24 1.46 1.56 1.63 1.36 6.01
’23 0.49 0.58 1.37 1.33 3.78
’22 0.47 0.74 0.64 0.88 2.71
’21 0.64 1.04 0.74 0.76 3.18
’20 0.83 1.41 0.61 0.89 3.74
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 996 1,091 1,110 — —
’25 773 884 915 995 3,567
’24 787 835 848 854 3,324
’23 619 718 801 777 2,915
’22 542 587 614 640 2,383
’21 538 581 557 570 2,246
’20 720 720 524 531 2,496
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 114 91 147 — —
’25 35 78 126 233 471
’24 47 97 153 142 439
’23 5 35 115 153 309
’22 39 11 36 108 194
’21 147 72 99 147 465
’20 27 25 160 137 349
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 70 38 87 — —
’25 1 59 99 181 340
’24 5 83 137 120 345
’23 (19) 15 103 134 233
’22 26 0 23 92 141
’21 140 66 91 130 427
’20 29 13 151 140 333
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 19.7% a year for ten years. It grew 10.7% a year over the last ten.

Implied
19.7%
10 years, reported
10.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,023 2,099 2,326 2,900 2,496 2,246 2,383 2,915 3,324 3,567 4,192 +6.5% 4,339 4,720 5,190 +13.3%
Gross margin, % 26.65 27.21 25.93 24.40 25.65 24.54 22.05 23.25 26.37 26.81 29.47 +0.2 pt
EBT 226 253 220 321 282 246 200 276 454 521 690 +9.7%
EBT margin, % 11.20 12.04 9.44 11.05 11.29 10.94 8.39 9.46 13.66 14.62 16.46 +3.4 pt
Net income 181 201 180 260 240 209 172 232 373 442 552 +10.4%
Per share, $
Per share, $ Revenue 32.69 34.20 37.82 46.82 40.08 35.49 38.73 48.65 55.33 59.89 70.52 +7.0%
Earnings 2.92 3.27 2.93 4.19 3.86 3.30 2.79 3.88 6.21 7.42 9.25 +10.9%
Cash flow 7.03 5.01 4.87 6.31 5.61 7.34 3.15 5.15 7.31 7.91 9.85 +1.3%
Capex (2.73) (1.44) (2.04) (1.58) (0.27) (0.59) (0.86) (1.27) (1.56) (2.20) (3.51) (2.4%)
Free cash flow 4.30 3.57 2.83 4.72 5.34 6.75 2.29 3.88 5.74 5.72 6.33 +3.2%
Book value 19.59 22.35 25.01 27.87 32.00 35.00 30.90 34.57 36.23 43.09 41.61 +9.2%
Shares, m 62 61 61 62 62 63 62 60 60 60 60 (0.4%)
Valuation, ×
Valuation, × P/E 21.32 24.15 27.15 25.74 20.71 34.30 28.66 31.84 27.66 34.06 33.22 27.6
P/S 1.91 2.31 2.11 2.30 2.00 3.19 2.07 2.54 3.10 4.22 4.36 2.6
P/B 3.19 3.53 3.19 3.87 2.50 3.23 2.60 3.57 4.73 5.87 7.38 3.6
EV/Sales 2.23 2.56 2.61 2.64 2.27 3.32 2.35 2.74 3.28 4.32 4.56 2.8
EV/FCF 16.94 24.53 34.87 26.20 17.07 17.44 39.82 34.34 31.57 45.32 50.81 28.8
Cash, $m
Cash, $m Operating cash flow 435 308 299 391 349 465 194 309 439 471 585 +0.9%
Capex (169) (89) (125) (98) (17) (38) (53) (76) (94) (131) (209) (2.8%)
Free cash flow 266 219 174 293 333 427 141 233 345 340 377 +2.8%
Balance, $m
Balance, $m Working capital 464 594 524 564 819 1,098 773 852 820 977 917 +8.6%
Net debt 646 525 1,162 986 685 286 670 584 590 375 867 (5.9%)
Shareholders’ equity 1,213 1,371 1,538 1,727 1,993 2,215 1,901 2,071 2,176 2,566 2,474 +8.7%
Returns, %
Returns, % ROA 7.02 7.43 5.51 6.70 6.12 5.22 4.35 5.95 8.90 9.83 11.14 +2.8 pt
ROIC 8.03 8.81 5.65 7.77 6.95 6.05 5.01 6.37 9.68 10.18 12.27 +2.2 pt
ROE 15.29 15.52 12.40 15.90 12.93 9.92 8.34 11.70 17.56 18.64 22.34 +3.4 pt
People
People Employees 6,800 6,900 8,300 9,000 7,100 7,200 8,300 8,800 9,300 10,200 — +4.6%
Revenue/emp, $m 0.30 0.30 0.28 0.32 0.35 0.31 0.29 0.33 0.36 0.35 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

Woodward designs, makes and services control systems for aerospace and industrial equipment. Its products regulate fuel, air, fluids, combustion, electricity and motion. Customers use them in aircraft engines and flight controls, power-generating turbines, marine engines and other machines where precise control matters.

The Aerospace segment supplies components and systems for commercial aircraft, business jets, helicopters and defense applications. Examples include fuel pumps and valves for turbine engines, as well as actuators and controls that move aircraft surfaces. Woodward also maintains, repairs and replaces equipment after it enters service.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Aerospace 2,313 64.84%
Industrial 1,254 35.16%
Gross margin 26.81%
Operating margin 13.43%
Pre-tax margin 14.62%

Revenue by segment since 2009

Woodward, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ESLT Elbit Systems Ltd. $30.5B 47.9× 53.7× +15.94% (above 0%: growing) +34.42% (above 0%: growing) +113.91% (above 0%: growing) 25.32% 9.57% Compare
RKLB Rocket Lab Corporation $27.5B — (loss-making) — (loss-making) +61.99% (above 0%: growing) n/m −99.66% (below 0%: shrinking) 36.13% (24.57%) Compare
ARXS Arxis, Inc. $20.9B — — +35.96% (above 0%: growing) — +117.42% (above 0%: growing) 54.27% 23.66% Compare
WWD Woodward, Inc. $18.1B 33.2× 32.8× +21.22% (above 0%: growing) +35.71% (above 0%: growing) −12.15% (below 0%: shrinking) 31.53% 16.66%
FTAI FTAI Aviation Ltd. $16.6B 32.5× 33.5× +46.56% (above 0%: growing) +32.16% (above 0%: growing) −17.34% (below 0%: shrinking) 36.19% 22.39% Compare
CW Curtiss-Wright Corporation $16.0B 29.0× 30.6× +9.60% (above 0%: growing) +13.47% (above 0%: growing) +2.47% (above 0%: growing) 39.01% 19.73% Compare
TXT Textron Inc. $14.4B 15.4× 15.3× +4.14% (above 0%: growing) +20.34% (above 0%: growing) +18.32% (above 0%: growing) 17.73% 7.57% Compare
EMBJ Embraer-Empresa Brasileira de Aeronautica $13.2B 30.1× — +22.87% (above 0%: growing) +176.74% (above 0%: growing) +287.11% (above 0%: growing) 19.90% 12.79% Compare
HII Huntington Ingalls Industries, Inc. $11.4B 15.6× 16.6× +10.81% (above 0%: growing) +48.88% (above 0%: growing) +3,169.23% (above 0%: growing) 13.57% 7.69% Compare
Median of peers $16.3B 29.5× 30.6× +19.41% +33.29% +66.12% 30.73% 11.18%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • CEO Chip Blankenship said pricing drove margin expansion, while productivity gains from Woodward’s lean transformation were beginning to flow through its factories.
  • CFO Bill Lacey said Woodward raised its fiscal 2026 earnings guidance and expected higher capital spending in the fourth quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.66%
Held by the ten largest 45.40%
Holder Shares Stake Change
BlackRock 7.02m 11.88% +700.94k
Vanguard 5.85m 9.91% +167.11k
Fidelity (FMR) 2.81m 4.76% +602.11k
State Street 2.34m 3.97% +18.35k
Newport Trust Company, LLC 1.90m 3.23% −102.88k
T. Rowe Price 1.68m 2.84% +1.48m
Invesco 1.44m 2.45% +278.67k
Artisan Partners Limited Partnership 1.37m 2.32% −40.89k
Geode Capital Management 1.26m 2.14% −387.59k
EARNEST PARTNERS LLC 1.13m 1.92% −160.09k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 12 December 2025

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 10.20%
The Vanguard Group 9.60%
Eagle Capital Management, LLC 7.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Woodward, Inc. (WWD) Latest News

27 Oct

Impact 3 · · StockStory

26 Oct

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16 Oct

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Impact 3 · · GlobeNewswire
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7 Oct

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25 Sep

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22 Sep

Impact 4 · · Simply Wall St.
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21 Sep

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14 Sep

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20 Aug

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7 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

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2 Aug

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30 Jul

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29 Jul

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28 Jul

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27 Jul

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21 Jul

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16 Jul

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WWD metrics, ten years each

stockrow.com/WWD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com