Detailed financial statements for Curtiss-Wright Corporation (CW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Curtiss-Wright Corporation (CW), along with its affiliated entities, delivers highly engineered products, comprehensive solutions, and a variety of services to a global client base across the aerospace, defense, general industrial, and power generation sectors. The company strategically organizes its operations into three primary divisions: Aerospace & Industrial, Defense Electronics, and Naval & Power.
Analysis Summary
Curtiss-Wright Corporation reported revenue of $3.50B in the most recent fiscal year, growing at a 5-year CAGR of 7.9%. Net income reached $484.2M, with a 19.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 37.7%, operating margin 18.9%, net margin 14.8%. Free cash flow grew at 21.0% CAGR over 5 years.
At $474.28 (closing price, October 28, 2026), CW trades at a P/E of 32.62 and an ROE of 20.69%. Market capitalisation stands at $17.5B, placing it among large-cap names.
Balance sheet quality for CW: current ratio of 1.4, net debt of $943.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $553.7M represents 114% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.27B | $2.41B | $2.49B | $2.39B | $2.50B | $2.56B | $2.85B | $3.12B | $3.50B |
| Cost of Revenue | $1.37B | $1.47B | $1.54B | $1.59B | $1.55B | $1.57B | $1.60B | $1.78B | $1.97B | $2.20B |
| Gross Profit | $750.5M | $818.6M | $871.3M | $898.7M | $841.2M | $927.8M | $954.6M | $1.07B | $1.15B | $1.30B |
| Research & Development | $58.6M | $60.3M | $64.5M | $72.5M | $74.8M | $88.5M | $80.8M | $85.8M | $91.6M | $95.2M |
| Selling, General & Admin | $383.8M | $418.5M | $433.1M | $422.3M | $412.8M | $443.1M | $445.7M | $496.8M | $518.9M | $568.3M |
| Operating Expenses | $438.2M | $475.7M | $497.6M | $494.8M | $552.4M | $550.7M | $531.2M | $582.6M | $625.0M | $663.5M |
| Operating Income | $296.5M | $325.1M | $373.6M | $404.0M | $288.8M | $377.1M | $423.4M | $484.6M | $528.6M | $638.0M |
| EBITDA | $405.2M | $441.1M | $493.2M | $530.2M | $414.5M | $503.6M | $548.2M | $630.6M | $674.6M | $788.0M |
| Interest Expense | $41.2M | $41.5M | $34.0M | $31.3M | $35.5M | $40.2M | $47.0M | $51.4M | $44.9M | $43.1M |
| Pre-tax Income | $268.0M | $299.6M | $356.2M | $396.5M | $263.1M | $349.0M | $389.2M | $463.1M | $522.1M | $620.0M |
| Income Tax | $78.6M | $84.7M | $80.5M | $88.9M | $61.7M | $86.1M | $94.8M | $108.6M | $117.1M | $135.8M |
| Net Income | $187.3M | $214.9M | $275.7M | $307.6M | $201.4M | $262.8M | $294.3M | $354.5M | $405.0M | $484.2M |
| EPS | $4.22 | $4.86 | $6.28 | $7.20 | $4.83 | $6.61 | $7.67 | $9.26 | $10.61 | $12.94 |
| EPS (Diluted) | $4.15 | $4.80 | $6.22 | $7.15 | $4.80 | $6.58 | $7.62 | $9.20 | $10.55 | $12.87 |
| Shares Outstanding (Diluted) | 45.0 M | 44.8 M | 44.3 M | 43.0 M | 42.0 M | 40.6 M | 38.6 M | 38.5 M | 38.4 M | 37.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $869.2M | $947.0M | $913.7M | $924.0M |
| Gross Profit | $327.5M | $355.4M | $331.5M | $364.1M |
| Operating Income | $166.3M | $183.5M | $160.4M | $178.7M |
| EBITDA | $202.8M | $220.5M | $196.1M | $232.6M |
| Net Income | $124.8M | $137.0M | $128.2M | $151.2M |
| EPS | $3.34 | $3.71 | $3.47 | $4.09 |
| EPS (Diluted) | $3.32 | $3.69 | $3.46 | $4.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $553.8M | $475.1M | $276.1M | $391.0M | $198.2M | $171.0M | $257.0M | $406.9M | $385.0M | $371.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $463.1M | $494.9M | $593.8M | $632.2M | $588.7M | $647.1M | $723.3M | $732.7M | $835.0M | $932.3M |
| Inventory | $367.0M | $378.9M | $423.4M | $424.8M | $428.9M | $411.6M | $483.1M | $510.0M | $541.4M | $615.1M |
| Total Current Assets | $1.41B | $1.40B | $1.34B | $1.53B | $1.30B | $1.31B | $1.52B | $1.72B | $1.85B | $2.02B |
| Property, Plant & Equipment | $388.9M | $390.2M | $374.7M | $551.1M | $529.1M | $503.6M | $496.6M | $474.2M | $508.5M | $580.8M |
| Goodwill | $951.1M | $1.10B | $1.09B | $1.17B | $1.46B | $1.46B | $1.54B | $1.56B | $1.68B | $1.69B |
| Intangible Assets | $271.5M | $329.7M | $429.6M | $479.9M | $609.6M | $538.1M | $620.9M | $557.6M | $596.8M | $532.4M |
| Total Assets | $3.04B | $3.24B | $3.26B | $3.76B | $4.02B | $4.10B | $4.45B | $4.62B | $4.99B | $5.22B |
| Accounts Payable | $177.9M | $185.2M | $233.0M | $222.0M | $201.2M | $211.6M | $266.5M | $243.8M | $247.2M | $310.3M |
| Short-term Debt | $150.7M | $150,000 | $243,000 | 0 | $100.0M | 0 | $202.5M | 0 | $90.0M | $200.0M |
| Total Current Liabilities | $675.3M | $591.0M | $687.3M | $744.7M | $810.4M | $734.9M | $981.0M | $806.5M | $1.10B | $1.41B |
| Long-term Debt | $815.6M | $814.0M | $762.3M | $760.6M | $948.9M | $1.04B | $1.05B | $1.05B | $958.9M | $936.4M |
| Total Liabilities | $1.75B | $1.71B | $1.72B | $1.99B | $2.23B | $2.28B | $2.47B | $2.29B | $2.54B | $2.69B |
| Retained Earnings | $1.75B | $1.94B | $2.19B | $2.50B | $2.67B | $2.91B | $3.16B | $3.49B | $3.86B | $4.31B |
| Total Equity | $1.29B | $1.53B | $1.53B | $1.77B | $1.79B | $1.83B | $1.98B | $2.33B | $2.45B | $2.53B |
| Total Debt | $966.3M | $814.1M | $762.6M | $932.5M | $1.21B | $1.20B | $1.41B | $1.20B | $1.23B | $1.31B |
| Net Debt | $412.4M | $339.0M | $486.5M | $541.5M | $1.01B | $1.02B | $1.15B | $788.3M | $841.9M | $943.5M |
| Working Capital | $739.5M | $810.9M | $656.6M | $785.1M | $490.4M | $572.9M | $535.0M | $910.5M | $753.6M | $612.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $225.4M | $371.3M | $343.4M | $477.1M |
| Total Assets | $5.10B | $5.22B | $5.27B | $5.46B |
| Total Liabilities | $2.57B | $2.69B | $2.64B | $2.69B |
| Total Equity | $2.53B | $2.53B | $2.63B | $2.77B |
| Total Debt | $1.13B | $1.31B | $1.15B | $1.15B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $187.3M | $214.9M | $275.7M | $307.6M | $201.4M | $267.2M | $294.3M | $354.5M | $405.0M | $484.2M |
| Depreciation & Amortization | $96.0M | $100.0M | $102.9M | $102.4M | $115.9M | $114.4M | $112.0M | $116.2M | $107.7M | $124.8M |
| Stock-based Compensation | $9.5M | $11.6M | $14.1M | $13.7M | $14.4M | $13.4M | $15.4M | $16.8M | $18.9M | $21.5M |
| Change in Working Capital | $129.5M | $69.7M | -$51.1M | -$27.2M | -$113.8M | -$12.0M | -$100.2M | -$39.4M | $20.3M | -$3.0M |
| Operating Cash Flow | $423.2M | $388.7M | $336.3M | $421.4M | $261.2M | $387.7M | $294.8M | $448.1M | $544.3M | $643.4M |
| Capital Expenditure | -$46.8M | -$52.7M | -$55.0M | -$69.8M | -$47.5M | -$41.1M | -$38.2M | -$44.7M | -$61.0M | -$89.7M |
| Acquisitions | $168,000 | -$226.4M | -$209.7M | -$185.2M | -$487.9M | -$5.3M | -$287.5M | 0 | -$225.5M | -$9.6M |
| Stock Repurchased | -$105.2M | -$52.1M | -$198.6M | -$50.7M | -$200.0M | -$343.1M | -$56.9M | -$50.1M | -$250.0M | -$464.9M |
| Dividends Paid | -$23.1M | -$24.7M | -$26.3M | -$28.2M | -$28.2M | -$28.7M | -$28.8M | -$30.2M | -$31.7M | -$34.7M |
| Free Cash Flow | $376.4M | $336.0M | $281.3M | $351.7M | $213.7M | $346.6M | $256.6M | $403.4M | $483.3M | $553.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $192.8M | $352.7M | -$5.7M | $181.2M |
| Capital Expenditure | -$16.9M | -$37.6M | -$11.8M | -$29.5M |
| Free Cash Flow | $175.9M | $315.1M | -$17.5M | $151.7M |
| Dividends Paid | -$9.0M | -$17.8M | 0 | -$8.9M |
| Stock-based Compensation | $6.1M | $4.9M | 0 | $14.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.7% | +6.2% | +3.2% | -3.9% | +4.6% | +2.2% | +11.3% | +9.7% | +12.1% | |
| Net Income Growth (YoY) | +14.7% | +28.3% | +11.5% | -34.5% | +30.5% | +12.0% | +20.4% | +14.2% | +19.6% | |
| EPS Growth (YoY) | +15.2% | +29.2% | +14.6% | -32.9% | +36.9% | +16.0% | +20.7% | +14.6% | +22.0% | |
| Shares Change (YoY) | -0.6% | -1.0% | -2.9% | -2.4% | -3.3% | -4.8% | -0.3% | -0.4% | -1.9% | |
| FCF Growth (YoY) | -10.7% | -16.3% | +25.0% | -39.2% | +62.2% | -26.0% | +57.2% | +19.8% | +14.6% | |
| Gross Margin | 35.6% | 36.0% | 36.1% | 36.1% | 35.2% | 37.1% | 37.3% | 37.5% | 37.0% | 37.2% |
| Operating Margin | 14.1% | 14.3% | 15.5% | 16.2% | 12.1% | 15.1% | 16.6% | 17.0% | 16.9% | 18.2% |
| EBITDA Margin | 19.2% | 19.4% | 20.4% | 21.3% | 17.3% | 20.1% | 21.4% | 22.2% | 21.6% | 22.5% |
| Net Margin | 8.9% | 9.5% | 11.4% | 12.4% | 8.4% | 10.5% | 11.5% | 12.5% | 13.0% | 13.8% |
| FCF Margin | 17.8% | 14.8% | 11.7% | 14.1% | 8.9% | 13.9% | 10.0% | 14.2% | 15.5% | 15.8% |
| Effective Tax Rate | 29.3% | 28.3% | 22.6% | 22.4% | 23.4% | 24.7% | 24.4% | 23.4% | 22.4% | 21.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.36 | $7.51 | $6.35 | $8.17 | $5.09 | $8.54 | $6.64 | $10.47 | $12.59 | $14.71 |
| Dividends Per Share | $0.51 | $0.55 | $0.59 | $0.66 | $0.67 | $0.71 | $0.74 | $0.79 | $0.82 | $0.92 |
| Shares Outstanding (Basic) | 44.4 M | 44.2 M | 43.9 M | 42.7 M | 41.7 M | 40.4 M | 38.4 M | 38.3 M | 38.2 M | 37.4 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 20.69% |
| Return on Invested Capital | 12.68% |
| Return on Assets | 9.92% |
| Gross Margin | 37.73% |
| Operating Margin | 18.85% |
| Net Margin | 14.81% |
Financial Health
| Debt / Equity | 0.41 |
| Current Ratio | 1.60 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.97 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.31 | 25.07 | 16.26 | 19.57 | 24.09 | 20.98 | 21.77 | 24.06 | 33.45 | 42.60 |
| P/B | 3.38 | 3.52 | 2.93 | 3.39 | 2.72 | 3.07 | 3.24 | 3.66 | 5.53 | 8.14 |
| P/S | 2.07 | 2.37 | 1.86 | 2.42 | 2.03 | 2.24 | 2.51 | 3.00 | 4.34 | 5.90 |
| Gross Margin | 35.6% | 36.0% | 36.1% | 36.1% | 35.2% | 37.1% | 37.3% | 37.5% | 37.0% | 37.2% |
| Operating Margin | 14.1% | 14.3% | 15.5% | 16.2% | 12.1% | 15.1% | 16.6% | 17.0% | 16.9% | 18.2% |
| Net Margin | 8.9% | 9.5% | 11.4% | 12.4% | 8.4% | 10.5% | 11.5% | 12.5% | 13.0% | 13.8% |
Related companies: WWD · DRS · MRCY · PH · HEI · TDY · CR · MOG-A
Explore sector: Industrials · Aerospace & Defense
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