Woodward, Inc. WWD

Industrials SIC 3620 - Electrical Industrial Apparatus NAICS Manufacturing › Electrical Equipment, Appliance, and Component Manufacturing derived Nasdaq

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.

Last close 303.55 2026-10-23
Market cap $17.92B 2026-06-30 share count
52-week range 253.52 - 450.92

Valuation FY2025 figures against the last close

P/S5.0x
P/E42.2x
P/FCF52.7x
EV/EBITDA—
Dividend yield—
Diluted EPS7.19

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe, excluding Germany
  • China
  • Other Countries
  • Germany
  • Asia, excluding China
Revenue by geography, 6 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.9B (53.7%) 54% United States Europe, excluding Germany, FY2025: 565.6M (15.9%) 16% China, FY2025: 285.9M (8.0%) 8% China Other Countries, FY2025: 276.7M (7.8%) 8% Germany, FY2025: 275.4M (7.7%) 8% Germany Asia, excluding China, FY2025: 249.2M (7.0%) 7% FY2024 United States, FY2024: 1.7B (51.1%) 51% Europe, excluding Germany, FY2024: 499.9M (15.0%) 15% China, FY2024: 390M (11.7%) 12% Other Countries, FY2024: 243.9M (7.3%) 7% Germany, FY2024: 269.4M (8.1%) 8% Asia, excluding China, FY2024: 222.7M (6.7%) 7% FY2023 United States, FY2023: 1.5B (52.8%) 53% Europe, excluding Germany, FY2023: 437M (15.0%) 15% China, FY2023: 243.5M (8.4%) 8% Other Countries, FY2023: 222.2M (7.6%) 8% Germany, FY2023: 273.8M (9.4%) 9% Asia, excluding China, FY2023: 200M (6.9%) 7%
Region FY2025FY2024FY2023
United States $1.91B $1.70B $1.54B
Europe, excluding Germany $565.6M $499.9M $437.0M
China $285.9M $390.0M $243.5M
Other Countries $276.7M $243.9M $222.2M
Germany $275.4M $269.4M $273.8M
Asia, excluding China $249.2M $222.7M $200.0M

As the company reported it, from the “Revenue (Schedule of Disaggregation of Revenue) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Aerospace
  • Industrial
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Aerospace, FY2025: 2.3B (64.8%) 65% Aerospace Industrial, FY2025: 1.3B (35.2%) 35% Industrial FY2024 Aerospace, FY2024: 2B (61.0%) 61% Industrial, FY2024: 1.3B (39.0%) 39% FY2023 Aerospace, FY2023: 1.8B (60.7%) 61% Industrial, FY2023: 1.1B (39.3%) 39%
Segment FY2025FY2024FY2023
Aerospace $2.31B $2.03B $1.77B
Industrial $1.25B $1.30B $1.15B

As the company reported it, from the “Segment Information (U.S. Government Related Sales by Segment) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 7.426.213.882.793.303.864.192.933.272.92
EPS, diluted 7.196.013.782.713.183.744.022.823.162.85
Shares, diluted (wtd. avg.) 61.5M62.1M61.5M63.3M65.6M64.2M64.5M63.9M63.5M63.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2016: 2B Gross profit, FY2016: 539.1M Net income, FY2016: 180.8M Revenue, FY2017: 2.1B Gross profit, FY2017: 571.1M Net income, FY2017: 200.5M Revenue, FY2018: 2.3B Gross profit, FY2018: 603.1M Net income, FY2018: 180.4M Revenue, FY2019: 2.9B Gross profit, FY2019: 707.5M Net income, FY2019: 259.6M Revenue, FY2020: 2.5B Gross profit, FY2020: 640.2M Net income, FY2020: 240.4M Revenue, FY2021: 2.2B Gross profit, FY2021: 551.1M Net income, FY2021: 208.6M Revenue, FY2022: 2.4B Gross profit, FY2022: 525.3M Net income, FY2022: 171.7M Revenue, FY2023: 2.9B Gross profit, FY2023: 677.6M Net income, FY2023: 232.4M Revenue, FY2024: 3.3B Gross profit, FY2024: 876.5M Net income, FY2024: 373M Revenue, FY2025: 3.6B Gross profit, FY2025: 956.3M Net income, FY2025: 442.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.02B $2.10B $2.33B $2.90B $2.50B $2.25B $2.38B $2.91B $3.32B $3.57B
Gross profit $539.1M $571.1M $603.1M $707.5M $640.2M $551.1M $525.3M $677.6M $876.5M $956.3M
Net income $180.8M $200.5M $180.4M $259.6M $240.4M $208.6M $171.7M $232.4M $373.0M $442.1M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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BLDP Ballard Power Systems Inc. — — —
FPS Forgent Power Solutions, Inc. — — —