Woodward, Inc. WWD
We are an independent designer, manufacturer, and services provider of control solutions for the aerospace and industrial markets. Our innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. We have production and assembly facilities primarily in the United States, Europe, and Asia, and promote our products and services through our worldwide locations.
Our strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid, combustion, and electrical energy, is a growing requirement in the markets we serve. Our customers look to us to optimize the efficiency, emissions, and operation of power equipment in both commercial and defense operations. Our core technologies leverage well across our markets and customer applications, enabling us to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation, and electronic systems. We focus primarily on serving original equipment manufacturers ("OEMs") and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications.
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 | $3.57B | $3.32B | $2.91B | $2.38B | $2.25B | $2.50B | $2.90B | $2.33B | $2.10B | $2.02B |
| Cost of revenue | $2.61B | $2.45B | $2.24B | $1.86B | $1.69B | $1.86B | $2.19B | $1.72B | $1.53B | $1.48B |
| Gross profit | $956.3M | $876.5M | $677.6M | $525.3M | $551.1M | $640.2M | $707.5M | $603.1M | $571.1M | $539.1M |
| R&D | $147.6M | $140.7M | $132.1M | $119.8M | $117.1M | $133.1M | $159.1M | $148.3M | $126.5M | $126.2M |
| SG&A | $329.8M | $307.5M | $269.7M | $203.0M | $186.9M | $217.7M | $211.2M | $193.7M | $177.3M | $174.0M |
| Interest expense | $45.7M | $48.0M | $47.9M | $34.5M | $34.3M | $35.8M | $44.0M | $40.5M | $35.6M | $26.8M |
| Pre-tax income | $521.4M | $454.0M | $275.8M | $199.9M | $245.8M | $281.9M | $320.6M | $219.6M | $252.7M | $226.5M |
| Income tax | $79.3M | $81.0M | $43.4M | $28.2M | $37.1M | $41.5M | $61.0M | $39.2M | $52.2M | $45.6M |
| Net income | $442.1M | $373.0M | $232.4M | $171.7M | $208.6M | $240.4M | $259.6M | $180.4M | $200.5M | $180.8M |
| EPS, basic | 7.42 | 6.21 | 3.88 | 2.79 | 3.30 | 3.86 | 4.19 | 2.93 | 3.27 | 2.92 |
| EPS, diluted | 7.19 | 6.01 | 3.78 | 2.71 | 3.18 | 3.74 | 4.02 | 2.82 | 3.16 | 2.85 |
| Shares, diluted (wtd. avg.) | $61.5M | $62.1M | $61.5M | $63.3M | $65.6M | $64.2M | $64.5M | $63.9M | $63.5M | $63.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $327.4M | $282.3M | $137.4M | $107.8M | $448.5M | $153.3M | $99.1M | $83.6M | $87.6M | $81.1M |
| Receivables | $477.3M | $457.2M | $485.2M | $368.8M | $322.1M | $364.6M | $416.2M | $422.8M | — | — |
| Inventory | $654.6M | $609.1M | $517.8M | $514.3M | $420.0M | $437.9M | $516.8M | $549.6M | $473.5M | $461.7M |
| Total current assets | $1.88B | $1.74B | $1.47B | $1.31B | $1.46B | $1.21B | $1.27B | $1.11B | $1.02B | $944.4M |
| Property, plant and equipment | $986.6M | $940.7M | $913.1M | $910.5M | $950.6M | $997.4M | $1.06B | $1.06B | $922.0M | $876.4M |
| Goodwill | $832.3M | $806.6M | $791.5M | $772.6M | $805.3M | $808.3M | $797.9M | $813.2M | $556.5M | $555.7M |
| Other intangibles | $428.1M | $440.4M | $452.4M | $460.6M | $559.3M | $606.7M | $612.0M | $700.9M | $171.9M | $197.7M |
| Total assets | $4.63B | $4.37B | $4.01B | $3.81B | $4.09B | $3.90B | $3.96B | $3.79B | $2.76B | $2.64B |
| Accounts payable | $289.4M | $287.5M | $234.3M | $230.5M | $170.9M | $134.2M | $240.5M | $226.3M | $232.8M | $169.4M |
| Short-term debt | $122.9M | $85.7M | $75.8M | $856.0K | $728.0K | $101.6M | $220.0M | $153.6M | $0 | $150.0M |
| Total current liabilities | $907.4M | $923.5M | $617.2M | $539.1M | $366.3M | $392.3M | $707.4M | $591.2M | $427.2M | $480.6M |
| Long-term debt | $457.0M | $569.8M | $645.7M | $709.8M | $734.1M | $736.8M | $864.9M | $1.09B | $580.3M | $577.2M |
| Total liabilities | $2.06B | $2.19B | $1.94B | $1.91B | $1.88B | $1.91B | $2.23B | $2.25B | $1.39B | $1.43B |
| Retained earnings | $3.60B | $3.22B | $2.91B | $2.73B | $2.60B | $2.43B | $2.22B | $1.97B | $1.82B | $1.65B |
| Total equity | $2.57B | $2.18B | $2.07B | $1.90B | $2.21B | $1.99B | $1.73B | $1.54B | $1.37B | $1.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $471.3M | $439.1M | $308.5M | $193.6M | $464.7M | $349.5M | $390.6M | $299.3M | $307.5M | $435.4M |
| Depreciation and amortisation | $113.3M | $116.2M | $119.7M | $120.6M | $129.5M | $131.2M | $142.0M | $116.1M | $80.9M | $69.0M |
| Stock-based compensation | $31.7M | $33.1M | $23.4M | $20.1M | $21.5M | $22.9M | $18.1M | $18.2M | $17.3M | $15.1M |
| Capital expenditure | $130.9M | $96.3M | $76.5M | $52.9M | $37.7M | $47.1M | $99.1M | $127.1M | $92.3M | $175.7M |
| Investing cash flow | -$119.6M | -$89.2M | -$73.6M | -$65.4M | -$35.3M | -$6.9M | -$102.5M | -$896.6M | -$91.9M | -$173.9M |
| Financing cash flow | -$313.9M | -$218.0M | -$196.5M | -$442.4M | -$136.3M | -$290.2M | -$265.6M | $606.0M | -$211.8M | -$261.0M |
| Buybacks | $172.9M | $390.8M | $126.4M | $485.3M | $33.3M | $13.3M | $110.3M | $0 | $71.8M | $125.5M |
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 0001193125-25-296204.
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