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. In the quarter to June 2026, revenue grew 21.2%, EPS grew 35.7%, free cash flow fell 12.2% and total debt rose 43.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for three.
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Woodward, Inc. (WWD) Altman Z-score
Woodward, Inc.'s Altman Z-score for fiscal 2025 is 6.83, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.83 | 1.67 |
| FY2024 | 5.16 | 0.64 |
| FY2023 | 4.52 | 0.92 |
| FY2022 | 3.61 | (0.64) |
| FY2021 | 4.25 | 0.67 |
| FY2020 | 3.58 | (0.19) |
| FY2019 | 3.77 | 0.73 |
| FY2018 | 3.04 | (1.28) |
| FY2017 | 4.33 | 0.55 |
| FY2016 | 3.77 | 0.34 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.25 | |
| Retained earnings / total assets | 0.78 | — | 1.09 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 7.29 | — | 4.38 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Safe zone | 6.83 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.92 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RKLB Rocket Lab Corporation compare | 36.7× |
| AXON Axon Enterprise, Inc compare | 8.0× |
| CW Curtiss-Wright Corporation compare | 7.0× |
| WWD Woodward, Inc. | 6.8× |
| BWXT BWX Technologies, Inc. compare | 5.3× |
| FTAI FTAI Aviation Ltd. compare | 4.7× |
| MOG.A Moog Inc. compare | 4.0× |
| TXT Textron Inc. compare | 2.6× |
| EMBJ Embraer-Empresa Brasileira de Aeronautica compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets