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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. 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.

328.55 4.72 −1.42%
Market cap
$19.7B
P/E
35.5×
Fwd P/E
38.5×
Dividend yield
0.38%
F-score
8/9
Altman Z
6.83
Beneish M
−2.42
Dividend safety
88/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 32.24
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 4 — 2 4 — 3 1 1 — — —
Insider Ownership 1.30%

Capital & Financial Ratios $m

Market Cap 19,680.00
Revenue 4,191.99
Net Income 552.03
Free Cash Flow 376.53
Net Debt 867.08
Current Ratio 1.65 (at or above 1.5: strong)
Debt/Equity 0.54
P/E ratio 35.52 (above 35: high)
Fwd P/E 38.50 (above 35: high)
P/S ratio 4.66
P/B ratio 7.90 (above 6: high)
Past 5Y EPS Growth 13.96%
This Y EPS Growth 37.55% (at or above 15%: strong)
Next Y EPS Growth 13.08%
Next Y revenue growth 21.61% (at or above 10%: strong)
Next 5Y EPS Growth 22.49% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.9×, 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 76.34%
10-year low 10-year high
P/S against its own 10 years 92.26%
10-year low 10-year high
P/B against its own 10 years 93.96%
10-year low 10-year high
EV/Sales against its own 10 years 92.26%
10-year low 10-year high
EV/FCF against its own 10 years 85.74%
10-year low 10-year high

Dividends

Payout Ratio 0.14
Annual Dividend Rate 1.24
Annual Dividend Yield 0.38%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.24
0.32
0.32
0.32
2025 1.12
0.28
0.28
0.28
0.28
2024 1.00
0.25
0.25
0.25
0.25
2023 0.88
0.22
0.22
0.22
0.22
2022 0.95
0.19
0.19
0.19
0.19
0.19
2021 0.65
0.16
0.16
0.16
0.16
2020 0.52
0.28
0.08
0.08
0.08
2019 0.65
0.16
0.16
0.16
0.16
2018 0.57
0.14
0.14
0.14
0.14
2017 0.50
0.13
0.13
0.13
0.13
2016 0.44
0.11
0.11
0.11
0.11
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 41.24 65.22 68.40 70.64 46.51 101.28 79.26 88.30 131.12 146.82

Analyst estimates 2026–2028

Powerpack
High 71.46 82.94 89.30 124.78 129.06 130.75 129.12 140.73 201.64 317.56
People
People Employees 6,800 6,900 8,300 9,000 7,100 7,200 8,300 8,800 9,300 10,200
Revenue/emp, $m 0.30 0.30 0.28 0.32 0.35 0.31 0.29 0.33 0.36 0.35
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
Gross margin, % 26.65 27.21 25.93 24.40 25.65 24.54 22.05 23.25 26.37 26.81
EBT 226 253 220 321 282 246 200 276 454 521
EBT margin, % 11.20 12.04 9.44 11.05 11.29 10.94 8.39 9.46 13.66 14.62
Net income 181 201 180 260 240 209 172 232 373 442
Depreciation 69 81 116 142 131 130 121 120 116 113
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
Earnings 2.92 3.27 2.93 4.19 3.86 3.30 2.79 3.88 6.21 7.42
Cash flow 7.03 5.01 4.87 6.31 5.61 7.34 3.15 5.15 7.31 7.91
Capex (2.73) (1.44) (2.04) (1.58) (0.27) (0.59) (0.86) (1.27) (1.56) (2.20)
Free cash flow 4.30 3.57 2.83 4.72 5.34 6.75 2.29 3.88 5.74 5.72
Book value 19.59 22.35 25.01 27.87 32.00 35.00 30.90 34.57 36.23 43.09
Shares, m 62 61 61 62 62 63 62 60 60 60
Valuation, ×
Valuation, × P/E 21.32 24.15 27.15 25.74 20.71 34.30 28.66 31.84 27.66 34.06
P/S 1.91 2.31 2.11 2.30 2.00 3.19 2.07 2.54 3.10 4.22
P/B 3.19 3.53 3.19 3.87 2.50 3.23 2.60 3.57 4.73 5.87
EV/Sales 2.23 2.56 2.61 2.64 2.27 3.32 2.35 2.74 3.28 4.32
EV/FCF 16.94 24.53 34.87 26.20 17.07 17.44 39.82 34.34 31.57 45.32
Cash, $m
Cash, $m Operating cash flow 435 308 299 391 349 465 194 309 439 471
Capex (169) (89) (125) (98) (17) (38) (53) (76) (94) (131)
Free cash flow 266 219 174 293 333 427 141 233 345 340
Balance, $m
Balance, $m Working capital 464 594 524 564 819 1,098 773 852 820 977
Total debt 727 613 1,246 1,085 838 735 777 722 872 702
Net debt 646 525 1,162 986 685 286 670 584 590 375
Shareholders’ equity 1,213 1,371 1,538 1,727 1,993 2,215 1,901 2,071 2,176 2,566
Returns, %
Returns, % ROA 7.02 7.43 5.51 6.70 6.12 5.22 4.35 5.95 8.90 9.83
ROIC 8.03 8.81 5.65 7.77 6.95 6.05 5.01 6.37 9.68 10.18
ROE 15.29 15.52 12.40 15.90 12.93 9.92 8.34 11.70 17.56 18.64
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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
AXON Axon Enterprise, Inc $33.9B 157× 136× +35.28% (above 0%: growing) −19.57% (below 0%: shrinking) +99.15% (above 0%: growing) 60.42% 5.17% Compare
RKLB Rocket Lab Corporation $33.1B — (loss-making) — (loss-making) +61.99% (above 0%: growing) n/m −99.66% (below 0%: shrinking) 36.13% (24.57%) Compare
WWD Woodward, Inc. $19.7B 35.5× 38.5× +21.22% (above 0%: growing) +35.71% (above 0%: growing) −12.15% (below 0%: shrinking) 31.53% 16.66%
CW Curtiss-Wright Corporation $18.5B 34.4× 48.5× +5.41% (above 0%: growing) +27.41% (above 0%: growing) +37.04% (above 0%: growing) 39.40% 19.34% Compare
FTAI FTAI Aviation Ltd. $17.3B 35.3× 33.8× +40.94% (above 0%: growing) −27.22% (below 0%: shrinking) −349.55% (below 0%: shrinking) 33.29% 20.44% Compare
TXT Textron Inc. $12.9B 14.3× 16.3× +2.99% (above 0%: growing) +5.19% (above 0%: growing) −40.57% (below 0%: shrinking) 18.13% 6.98% Compare
EMBJ Embraer-Empresa Brasileira de Aeronautica $12.8B 29.3× — +22.87% (above 0%: growing) +176.74% (above 0%: growing) +287.11% (above 0%: growing) 19.90% 12.79% Compare
BWXT BWX Technologies, Inc. $12.6B 35.3× 42.0× +18.01% (above 0%: growing) +12.79% (above 0%: growing) −8.98% (below 0%: shrinking) 22.44% 15.37% Compare
MOG.A Moog Inc. $11.6B 31.0× 36.7× +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
Median of peers $15.1B 34.4× 39.4× +20.44% +12.79% +14.03% 32.19% 13.60%

All 82 Aerospace & Defense stocks →

Woodward, Inc. (WWD) key facts

  • Strength: Woodward, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $3.6 billion, up 7.30% from fiscal 2024.
  • Strength: Net income was $442.1 million, or $7.42 per share (basic), a net margin of 12.4%.
  • Woodward, Inc. (WWD) is an Aerospace & Defense company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, WWD traded at $328.55, a market capitalization of $19.7 billion.
  • At that price the stock trades at 35.5× trailing-twelve-month earnings and 4.7× sales; its P/E is higher than 76% of its own readings over the past ten years.
  • Woodward, Inc. pays an annual dividend of $1.24 per share, a yield of 0.38%, with a payout ratio of 13.8%.
  • Return on equity was 18.6% and debt-to-equity 0.54.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 6.83 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Woodward, Inc. (WWD) Latest News

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