CURTISS WRIGHT CORP CW
Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina. In this report, unless the context otherwise requires, "Curtiss-Wright", the "Company", "we", "us", and "our" refer to Curtiss-Wright Corporation and its consolidated subsidiaries.
Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense ("A&D") markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets.
Curtiss-Wright maintains a unique presence on high-performance platforms and critical applications that require our technical sophistication, and we benefit from decades of engineering expertise and knowledge transfer. Curtiss-Wright has been involved in numerous "firsts" in the industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were utilized in the first commercial nuclear power plant), and defense electronics (use of commercial off-the-shelf ("COTS") electronics in military applications). Today, we maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, precision manufacturing, and long-standing customer relationships where we are deeply embedded in our customers' workflows. We are committed to continuously driving innovation and investment in technologies, while also aligning our core competencies with new applications and evolving market trends. Our investments typically target the fastest growth vectors and secular trends that align with our strengths in attractive end markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.50B | $3.12B | $2.85B | $2.56B | $2.50B | $2.39B | $2.49B | $2.41B | $2.27B | $2.11B |
| Cost of revenue | $2.20B | $1.97B | $1.78B | $1.60B | $1.57B | $1.55B | $1.59B | $1.54B | $1.47B | $1.37B |
| Gross profit | $1.30B | $1.15B | $1.07B | $954.6M | $927.8M | $841.2M | $898.7M | $871.3M | $800.8M | $734.7M |
| R&D | $95.2M | $91.6M | $85.8M | $80.8M | $88.5M | $74.8M | $72.5M | $64.5M | $61.4M | $59.4M |
| SG&A | $399.6M | $373.5M | $359.7M | $324.1M | $326.1M | $303.3M | $301.4M | $306.5M | $292.4M | $265.6M |
| Operating income | $633.5M | $528.6M | $484.6M | $423.4M | $377.1M | $288.8M | $404.0M | $373.6M | $325.1M | $296.5M |
| Interest expense | $43.1M | $44.9M | $51.4M | $47.0M | $40.2M | $35.5M | $31.3M | $34.0M | $41.5M | $41.2M |
| Pre-tax income | $620.0M | $522.1M | $463.1M | $389.2M | $349.0M | $263.1M | $396.5M | $356.2M | $299.6M | $268.0M |
| Income tax | $135.8M | $117.1M | $108.6M | $94.8M | $86.1M | $61.7M | $88.9M | $80.5M | $84.7M | $78.6M |
| Net income | $484.2M | $405.0M | $354.5M | $294.3M | $262.8M | $201.4M | $307.6M | $275.7M | $214.9M | $187.3M |
| EPS, basic | 12.94 | 10.61 | 9.26 | 7.67 | 6.50 | 4.83 | 7.20 | 6.28 | 4.86 | 4.22 |
| EPS, diluted | 12.87 | 10.55 | 9.20 | 7.62 | 6.47 | 4.80 | 7.15 | 6.22 | 4.80 | 4.15 |
| Shares, diluted (wtd. avg.) | $37.6M | $38.4M | $38.5M | $38.6M | $40.6M | $42.0M | $43.0M | $44.3M | $44.8M | $45.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $371.3M | $385.0M | $406.9M | $257.0M | $171.0M | $198.2M | $391.0M | $276.1M | $475.1M | $553.8M |
| Receivables | $932.3M | $835.0M | $732.7M | $723.3M | $647.1M | $588.7M | $632.2M | $593.8M | $494.9M | $463.1M |
| Inventory | $615.1M | $541.4M | $510.0M | $483.1M | $411.6M | $428.9M | $424.8M | $423.4M | $378.9M | $367.0M |
| Total current assets | $2.02B | $1.85B | $1.72B | $1.52B | $1.31B | $1.30B | $1.53B | $1.34B | $1.40B | $1.41B |
| Property, plant and equipment | $382.2M | $339.1M | $332.8M | $342.7M | $360.0M | $378.2M | $385.6M | $374.7M | $390.2M | $388.9M |
| Goodwill | $1.69B | $1.68B | $1.56B | $1.54B | $1.46B | $1.46B | $1.17B | $1.09B | $1.10B | $951.1M |
| Other intangibles | $532.4M | $596.8M | $557.6M | $620.9M | $538.1M | $609.6M | $479.9M | $429.6M | $329.7M | $271.5M |
| Total assets | $5.22B | $4.99B | $4.62B | $4.45B | $4.10B | $4.02B | $3.76B | $3.26B | $3.24B | $3.04B |
| Accounts payable | $310.3M | $247.2M | $243.8M | $266.5M | $211.6M | $201.2M | $222.0M | $233.0M | $185.2M | $177.9M |
| Short-term debt | $200.0M | $90.0M | $0 | $202.5M | $0 | $100.0M | $0 | $243.0K | $150.0K | $150.7M |
| Total current liabilities | $1.41B | $1.10B | $806.5M | $981.0M | $734.9M | $810.4M | $744.7M | $687.3M | $591.0M | $675.3M |
| Long-term debt | $757.9M | $958.9M | $1.05B | $1.05B | $1.05B | $958.3M | $760.6M | $762.3M | $814.0M | $815.6M |
| Total liabilities | $2.69B | $2.54B | $2.29B | $2.47B | $2.28B | $2.23B | $1.99B | $1.72B | $1.71B | $1.75B |
| Retained earnings | $4.31B | $3.86B | $3.49B | $3.16B | $2.91B | $2.67B | $2.50B | $2.19B | $1.94B | $1.75B |
| Total equity | $2.53B | $2.45B | $2.33B | $1.98B | $1.83B | $1.79B | $1.77B | $1.53B | $1.53B | $1.29B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $643.4M | $544.3M | $448.1M | $294.8M | $387.7M | $261.2M | $421.4M | $336.3M | $388.7M | $423.2M |
| Depreciation and amortisation | $53.0M | $50.0M | $51.0M | $51.0M | $55.0M | $55.0M | $57.4M | $59.4M | $61.6M | $62.6M |
| Stock-based compensation | $21.5M | $18.9M | $16.8M | $15.4M | $13.4M | $14.4M | $13.7M | $14.1M | $11.6M | $9.5M |
| Capital expenditure | $89.7M | $61.0M | $44.7M | $38.2M | $41.1M | $47.5M | $69.8M | $53.4M | $52.7M | $46.8M |
| Investing cash flow | -$90.1M | -$283.3M | -$35.5M | -$325.9M | -$42.4M | -$532.5M | -$240.0M | -$255.5M | -$272.3M | -$42.9M |
| Financing cash flow | -$578.3M | -$271.5M | -$273.4M | $129.4M | -$369.1M | $82.1M | -$68.1M | -$263.6M | -$213.9M | -$96.1M |
| Dividends paid | $34.7M | $31.7M | $30.2M | $28.8M | $28.7M | $28.2M | $28.2M | $26.3M | $24.7M | $23.1M |
| Buybacks | $464.9M | $250.0M | $50.1M | $56.9M | $343.1M | $200.0M | $50.7M | $198.6M | $52.1M | $105.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007587.
Others in SIC 3590
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ETN | Eaton Corp plc | $159.57B | 39.3x | 10.3% |
| MOG-A | MOOG INC. | $11.77B | 50.7x | 7.0% |
| EPAC | ENERPAC TOOL GROUP CORP | $1.91B | 22.0x | 4.6% |
| VHUB | VenHub Global, Inc. | $75.7M | — | — |
| LIQT | LIQTECH INTERNATIONAL INC | $18.6M | — | 13.0% |
| RAIN | Rain Enhancement Technologies Holdco, Inc. | — | — | — |
| HTOO | Fusion Fuel Green PLC | — | — | — |
| SMX | SMX (Security Matters) Public Ltd Co | — | — | — |