Detailed financial statements for Woodward, Inc. (WWD): 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.
Woodward, Inc. (WWD) stands as a prominent global entity, specializing in the engineering, production, and maintenance of advanced control solutions for both the aerospace and industrial sectors. The company organizes its operations into two distinct divisions: Aerospace and Industrial. Within its Aerospace segment, Woodward delivers a comprehensive array of crucial components.
Analysis Summary
Woodward, Inc. reported revenue of $3.57B in the most recent fiscal year, growing at a 5-year CAGR of 7.4%. Net income reached $442.1M, with a 13.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 29.5%, operating margin 16.0%, net margin 13.2%. Free cash flow grew at 2.4% CAGR over 5 years.
At the current price of $332.96, WWD trades at a P/E of 36.00 and an ROE of 21.75%. Market capitalisation stands at $19.8B, placing it among large-cap names.
Balance sheet quality for WWD: current ratio of 2.1, net debt of $395.0M. 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 decent: free cash flow of $340.4M represents 77% 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 | $2.02B | $2.10B | $2.33B | $2.90B | $2.50B | $2.25B | $2.38B | $2.91B | $3.32B | $3.57B |
| Cost of Revenue | $1.48B | $1.53B | $1.72B | $2.19B | $1.86B | $1.69B | $1.86B | $2.24B | $2.45B | $2.61B |
| Gross Profit | $547.5M | $572.6M | $606.2M | $707.5M | $640.2M | $551.1M | $525.3M | $677.6M | $876.5M | $956.3M |
| Research & Development | $126.2M | $126.5M | $148.3M | $159.1M | $133.1M | $117.1M | $119.8M | $132.1M | $140.7M | $147.6M |
| Selling, General & Admin | $172.3M | $175.2M | $189.6M | $207.7M | $213.6M | $179.7M | $191.4M | $259.1M | $295.7M | $297.5M |
| Operating Expenses | $298.5M | $301.7M | $337.9M | $366.8M | $346.7M | $296.7M | $311.2M | $391.2M | $436.4M | $445.1M |
| Operating Income | $253.9M | $269.4M | $281.5M | $340.8M | $293.6M | $254.3M | $214.1M | $286.3M | $440.1M | $511.2M |
| EBITDA | $324.1M | $350.3M | $397.6M | $482.8M | $424.7M | $409.6M | $355.1M | $443.4M | $618.1M | $680.4M |
| Interest Expense | $26.8M | $35.6M | $40.5M | $44.0M | $35.8M | $34.3M | $34.5M | $47.9M | $48.0M | $45.7M |
| Pre-tax Income | $226.5M | $252.7M | $219.6M | $320.6M | $281.9M | $245.8M | $199.9M | $275.8M | $454.0M | $521.4M |
| Income Tax | $45.6M | $52.2M | $39.2M | $61.0M | $41.5M | $37.1M | $28.2M | $43.4M | $81.0M | $79.3M |
| Net Income | $180.8M | $200.5M | $180.4M | $259.6M | $240.4M | $208.6M | $171.7M | $232.4M | $373.0M | $442.1M |
| EPS | $2.92 | $3.27 | $2.93 | $4.19 | $3.86 | $3.30 | $2.79 | $3.88 | $6.21 | $7.42 |
| EPS (Diluted) | $2.85 | $3.16 | $2.82 | $4.03 | $3.74 | $3.18 | $2.71 | $3.78 | $6.01 | $7.19 |
| Shares Outstanding (Diluted) | $63.6M | $63.5M | $63.9M | $64.5M | $64.2M | $65.6M | $63.3M | $61.5M | $62.1M | $61.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $995.3M | $996.5M | $1.09B | $1.11B |
| Gross Profit | $277.4M | $292.2M | $315.9M | $349.9M |
| Operating Income | $150.8M | $159.4M | $167.5M | $194.1M |
| EBITDA | $199.2M | $208.5M | $209.4M | $240.4M |
| Net Income | $137.6M | $133.7M | $134.0M | $146.7M |
| EPS | $2.30 | $2.23 | $2.25 | $2.47 |
| EPS (Diluted) | $2.23 | $2.17 | $2.19 | $2.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $81.1M | $87.6M | $83.6M | $99.1M | $153.3M | $446.6M | $107.8M | $137.4M | $282.3M | $327.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $364.1M | $421.6M | $431.8M | $599.6M | $566.9M | $535.1M | $615.1M | $764.0M | $792.1M | $831.1M |
| Inventory | $461.7M | $473.5M | $549.6M | $516.8M | $437.9M | $420.0M | $514.3M | $517.8M | $609.1M | $654.6M |
| Total Current Assets | $944.4M | $1.02B | $1.11B | $1.27B | $1.21B | $1.46B | $1.31B | $1.47B | $1.74B | $1.88B |
| Property, Plant & Equipment | $876.4M | $922.0M | $1.06B | $1.06B | $997.4M | $950.6M | $910.5M | $937.8M | $940.7M | $986.6M |
| Goodwill | $555.7M | $556.5M | $813.2M | $797.9M | $808.3M | $805.3M | $772.6M | $791.5M | $806.6M | $832.3M |
| Intangible Assets | $197.7M | $171.9M | $700.9M | $612.0M | $606.7M | $559.3M | $460.6M | $452.4M | $440.4M | $428.1M |
| Total Assets | $2.64B | $2.76B | $3.79B | $3.96B | $3.90B | $4.09B | $3.81B | $4.01B | $4.37B | $4.63B |
| Accounts Payable | $169.4M | $232.8M | $226.3M | $240.5M | $134.2M | $170.9M | $230.5M | $234.3M | $287.5M | $289.4M |
| Short-term Debt | $150.0M | $32.6M | $153.6M | $220.0M | $100.0M | $728,000 | $67.7M | $80.4M | $302.7M | $245.2M |
| Total Current Liabilities | $480.6M | $427.2M | $591.2M | $707.4M | $392.3M | $366.3M | $539.1M | $617.2M | $923.5M | $907.4M |
| Long-term Debt | $577.2M | $580.3M | $1.09B | $864.9M | $736.8M | $734.1M | $705.4M | $643.0M | $569.8M | $457.0M |
| Total Liabilities | $1.43B | $1.39B | $2.25B | $2.23B | $1.91B | $1.88B | $1.91B | $1.94B | $2.19B | $2.06B |
| Retained Earnings | $1.65B | $1.82B | $1.97B | $2.22B | $2.43B | $2.60B | $2.73B | $2.91B | $3.22B | $3.60B |
| Total Equity | $1.21B | $1.37B | $1.54B | $1.73B | $1.99B | $2.21B | $1.90B | $2.07B | $2.18B | $2.57B |
| Total Debt | $727.2M | $612.9M | $1.25B | $1.08B | $853.1M | $749.6M | $798.9M | $748.7M | $895.1M | $722.4M |
| Net Debt | $646.1M | $525.3M | $1.16B | $985.8M | $699.8M | $301.2M | $691.0M | $611.2M | $612.9M | $395.0M |
| Working Capital | $463.8M | $594.0M | $523.6M | $563.8M | $818.5M | $1.10B | $772.9M | $852.3M | $820.1M | $977.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $327.4M | $454.2M | $501.2M | $474.9M |
| Total Assets | $4.63B | $4.73B | $4.97B | $5.20B |
| Total Liabilities | $2.06B | $2.15B | $2.44B | $2.72B |
| Total Equity | $2.57B | $2.59B | $2.53B | $2.47B |
| Total Debt | $722.4M | $907.1M | $1.15B | $1.36B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $180.8M | $200.5M | $180.4M | $259.6M | $240.4M | $208.6M | $171.7M | $232.4M | $373.0M | $442.1M |
| Depreciation & Amortization | $69.0M | $80.9M | $116.1M | $142.0M | $131.2M | $129.5M | $120.6M | $119.7M | $116.2M | $113.3M |
| Stock-based Compensation | $15.1M | 0 | $18.2M | 0 | $22.9M | $21.5M | $20.1M | 0 | $33.1M | $31.7M |
| Change in Working Capital | -$22.5M | -$10.3M | $16.2M | -$21.0M | -$30.1M | $121.4M | -$93.8M | -$28.3M | -$38.0M | -$44.7M |
| Operating Cash Flow | $435.4M | $307.5M | $299.3M | $388.4M | $349.5M | $464.7M | $193.6M | $306.3M | $439.1M | $471.3M |
| Capital Expenditure | -$175.7M | -$92.3M | -$127.1M | -$99.1M | -$47.1M | -$37.7M | -$52.9M | -$76.5M | -$96.3M | -$130.9M |
| Acquisitions | $6.7M | $3.7M | -$769.2M | $1.0M | $40.6M | $154,000 | -$15.5M | $1.4M | $4.1M | $8.4M |
| Stock Repurchased | -$125.5M | -$71.8M | 0 | -$110.3M | -$13.3M | -$33.3M | -$485.3M | -$126.4M | -$390.8M | -$172.9M |
| Dividends Paid | -$26.6M | -$29.7M | -$34.0M | -$39.1M | -$37.7M | -$36.0M | -$45.0M | -$51.0M | -$58.3M | -$65.0M |
| Free Cash Flow | $259.7M | $215.2M | $172.2M | $289.3M | $302.4M | $427.0M | $140.8M | $229.8M | $342.8M | $340.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $233.3M | $114.4M | $90.8M | $146.7M |
| Capital Expenditure | -$52.4M | -$44.1M | -$52.6M | -$59.6M |
| Free Cash Flow | $180.9M | $70.3M | $38.2M | $87.1M |
| Dividends Paid | -$16.8M | -$16.8M | -$19.1M | -$19.0M |
| Stock-based Compensation | $6.2M | $7.0M | $14.1M | $7.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.7% | +10.8% | +24.7% | -13.9% | -10.0% | +6.1% | +22.3% | +14.1% | +7.3% | |
| Net Income Growth (YoY) | +10.9% | -10.0% | +43.9% | -7.4% | -13.2% | -17.7% | +35.3% | +60.5% | +18.5% | |
| EPS Growth (YoY) | +12.0% | -10.4% | +43.0% | -7.9% | -14.5% | -15.5% | +39.1% | +60.1% | +19.5% | |
| Shares Change (YoY) | -0.1% | +0.6% | +1.0% | -0.4% | +2.1% | -3.5% | -2.8% | +1.0% | -1.0% | |
| FCF Growth (YoY) | -17.1% | -20.0% | +68.1% | +4.5% | +41.2% | -67.0% | +63.2% | +49.2% | -0.7% | |
| Gross Margin | 27.1% | 27.3% | 26.1% | 24.4% | 25.7% | 24.5% | 22.0% | 23.2% | 26.4% | 26.8% |
| Operating Margin | 12.6% | 12.8% | 12.1% | 11.7% | 11.8% | 11.3% | 9.0% | 9.8% | 13.2% | 14.3% |
| EBITDA Margin | 16.0% | 16.7% | 17.1% | 16.6% | 17.0% | 18.2% | 14.9% | 15.2% | 18.6% | 19.1% |
| Net Margin | 8.9% | 9.6% | 7.8% | 9.0% | 9.6% | 9.3% | 7.2% | 8.0% | 11.2% | 12.4% |
| FCF Margin | 12.8% | 10.3% | 7.4% | 10.0% | 12.1% | 19.0% | 5.9% | 7.9% | 10.3% | 9.5% |
| Effective Tax Rate | 20.2% | 20.7% | 17.9% | 19.0% | 14.7% | 15.1% | 14.1% | 15.7% | 17.8% | 15.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.09 | $3.39 | $2.70 | $4.49 | $4.71 | $6.51 | $2.23 | $3.74 | $5.52 | $5.54 |
| Dividends Per Share | $0.42 | $0.47 | $0.53 | $0.61 | $0.59 | $0.55 | $0.71 | $0.83 | $0.94 | $1.06 |
| Shares Outstanding (Basic) | $61.9M | $61.4M | $61.5M | $62.0M | $62.3M | $63.3M | $61.5M | $59.9M | $60.1M | $59.6M |
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 | 21.75% |
| Return on Invested Capital | 11.95% |
| Return on Assets | 10.62% |
| Gross Margin | 29.47% |
| Operating Margin | 16.03% |
| Net Margin | 13.17% |
Financial Health
| Debt / Equity | 0.55 |
| Current Ratio | 1.65 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 6.85 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.40 | 23.73 | 27.24 | 25.74 | 20.77 | 34.30 | 28.77 | 32.03 | 27.62 | 34.06 |
| P/B | 3.19 | 3.47 | 3.19 | 3.87 | 2.50 | 3.23 | 2.60 | 3.59 | 4.73 | 5.87 |
| P/S | 1.91 | 2.27 | 2.11 | 2.30 | 2.00 | 3.19 | 2.07 | 2.55 | 3.10 | 4.22 |
| Gross Margin | 27.1% | 27.3% | 26.1% | 24.4% | 25.7% | 24.5% | 22.0% | 23.2% | 26.4% | 26.8% |
| Operating Margin | 12.6% | 12.8% | 12.1% | 11.7% | 11.8% | 11.3% | 9.0% | 9.8% | 13.2% | 14.3% |
| Net Margin | 8.9% | 9.6% | 7.8% | 9.0% | 9.6% | 9.3% | 7.2% | 8.0% | 11.2% | 12.4% |
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Explore sector: Industrials · Aerospace & Defense
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