Curtiss-Wright

CW · NYSE · Industrials · Financials, fiscal 2016 to 2025

CW · Last close · October 26, 2026

$476.54

Curtiss-Wright's revenue rose 12.1% to $3.5 billion in fiscal 2025. Its operating margin was 18.1%, up from 16.9% a year earlier. Free cash flow was $554 million, up 14.6%. It paid out $500 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 1.9%.

CURTISS-WRIGHT CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001628280-26-007587 Updated October 11, 2026

Revenue

$3.5B

12.1%

Operating margin

18.1%

1.2 pts

Net income

$484M

19.6%

Free cash flow

$554M

14.6%

Return on capital

15.9%

2.4 pts

Market cap

$17.7B

Oct 26 close

P/E

32.8x

On $14.52 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Curtiss-Wright does

Curtiss-Wright makes specialized engineered parts, electronics and services, mostly for aerospace and defense customers. It also serves commercial nuclear power, oil and gas, and industrial markets. Its customers include defense prime contractors, aircraft makers, the US Navy, nuclear plant operators and manufacturers. Many of its products go into safety-critical equipment.

It has three segments. Aerospace & Industrial makes sensors, actuators, surface treatment services (such as shot peening) and vehicle electronics. Defense Electronics makes rugged computer boards, data acquisition and flight test equipment, and communications products used on fighter jets, helicopters, drones, ground vehicles and ships. Naval & Power makes pumps, motors, valves and other equipment for US Navy submarines and carriers, aircraft arresting systems, and parts and services for nuclear power plants. Sales to the US and foreign governments were 58% of total net sales in 2025,.

The company says it competes mainly on technology and price. It had about 9,100 employees in more than 20 countries at the end of 2025. It makes acquisitions as part of its growth plan, and it is pursuing work on small modular nuclear reactors.

Its biggest risks, as it describes them

Depending on the US government and other defense customers continuing to buy its products.
A downturn in the commercial aircraft market.
Cancelled or reduced orders in its backlog of work.
A slowdown in commercial nuclear power, including delays in small modular reactors.
Strict procurement and compliance rules for US government contractors, with penalties for breaches.

From Curtiss-Wright's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 13.4% a year and net income 11.1% a year, as buybacks cut the share count by 16%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Curtiss-Wright yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Curtiss-Wright's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Curtiss-Wright's fiscal 2025 free cash flow of $554M, net cash of −$587M at December 31, 2025 and 38 million diluted shares, from its filings. The scenarios are fitted to Curtiss-Wright: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Aerospace & Defense); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Curtiss-Wright's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 16.5% then 10% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $476.54
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Curtiss-Wright's earnings per share of $14.52 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 32.2×, the middle of Curtiss-Wright's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Leonardo DRS, BWX Technologies, Moog, Axon Enterprise.

Earnings growth in the years ahead (% a year) Starts at Curtiss-Wright's revenue growth over the last 3 years, 11.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $476.54
Value at this multiple, against the last close: —
Curtiss-Wright's P/E at the last close: 32.8×

Company	Last close	Earnings per share	P/E today
Axon EnterpriseAXON	$424.77	$2.41	176.3×
BWX TechnologiesBWXT	$131.20	$3.86	34.0×
Curtiss-WrightCW	$476.54	$14.52	32.8×
MoogMOG-A	$358.27	$11.76	30.5×
Leonardo DRSDRS	$35.84	$1.19	30.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	171	257	407	385	371
Debt incl. finance leases	1,061	1,263	1,058	1,056	958
Net debt (negative means net cash)	890	1,006	651	671	587
Net debt to EBITDA	1.8x	1.9x	1.1x	1.1x	0.8x
Debt to equity	0.6x	0.6x	0.5x	0.4x	0.4x
Interest coverage	9.4x	9.0x	9.4x	11.8x	14.7x
Current ratio	1.8x	1.6x	2.1x	1.7x	1.4x
Quick ratio	1.2x	1.1x	1.5x	1.2x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $148,999 of Curtiss-Wright shares on the open market, and 8 insiders sold $30.1 million, $15.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Larry D WycheDirector	Sold	100	$596.74	$59,674	Form 4
Aug 27, 2026	John C WattsEVP & Chief Growth Officer	Sold	1,035	$619.46	$641,141	Form 4
Aug 10, 2026	Jeffrey J. LyashDirector	Bought	209	$711.62	$148,999	Form 4
Jun 15, 2026	John C WattsEVP & Chief Growth Officer	Sold plan	200	$770.56	$154,112	Form 4
Jun 12, 2026	Lynn M BamfordChair and CEO, Director	Sold plan	2,500	$758.20	$1.9 million	Form 4
Jun 9, 2026	Lynn M BamfordChair and CEO, Director	Sold plan	2,500	$721.72	$1.8 million	Form 4
Jun 9, 2026	Gary A OgilbySenior VP & Corp Controller	Sold plan	399	$721.95	$288,058	Form 4
May 27, 2026	John C WattsEVP & Chief Growth Officer	Sold plan	220	$752.91	$165,640	Form 4
Mar 18, 2026	Farkas K ChristopherExecutive VP and CFO	Sold plan	1,265	$689.69	$872,458	Form 4
Mar 18, 2026	Gary A OgilbySenior VP & Corp Controller	Sold plan	252	$689.14	$173,663	Form 4
Mar 17, 2026	Lynn M BamfordChair and CEO, Director	Sold	3,225	$676.70	$2.2 million	Form 4
Mar 17, 2026	Farkas K ChristopherExecutive VP and CFO	Sold	918	$677.46	$621,908	Form 4

The latest 12 of 32 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	9 of 9	7 of 9	8 of 9
Accruals ratio	−2.1%	−2.9%	−3.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Curtiss-Wright side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Curtiss-Wright	FY25	12.1%	18.1%	15.8%	15.9%	0.8x	8
Leonardo DRS	FY25	12.8%	9.5%	6.2%	11.6%	−0.4x	7	Compare
BWX Technologies	FY25	18.3%	12.7%	9.2%	13.9%	3.0x	7	Compare
Moog	FY25	7.0%	11.7%	3.3%	11.7%	1.8x	7	Compare
Axon Enterprise	FY25	33.5%	−2.2%	2.7%	−2.2%	4.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,109	2,271	2,412	2,488	2,391	2,501	2,557	2,845	3,121	3,498
Revenue growth	−4.4%	7.7%	6.2%	3.2%	−3.9%	4.6%	2.2%	11.3%	9.7%	12.1%
Gross profit	735	801	871	899	841	928	955	1,067	1,154	1,302
Research and development	59	61	64	72	75	88	81	86	92	95
Operating income	296	325	374	404	289	377	423	485	529	634
Net income	187	215	276	308	201	263	294	354	405	484
Diluted EPS (US$)	4.15	4.80	6.22	7.15	4.80	6.47	7.62	9.20	10.55	12.87
Diluted shares (millions)	45	45	44	43	42	41	39	38	38	38
Cash flow
Cash from operations	423	389	336	421	261	388	295	448	544	643
Capital expenditure	47	53	53	70	48	41	38	45	61	90
Free cash flow	376	336	283	352	214	347	257	403	483	554
Dividends paid	23	25	26	28	28	29	29	30	32	35
Share buybacks	105	52	199	51	200	343	57	50	250	465
Acquisitions	0	233	210	185	488	0	282	0	226	0
Stock-based compensation	10	12	14	14	14	13	15	17	19	22
Balance sheet at fiscal year end
Cash and short-term investments	554	475	276	391	198	171	257	407	385	371
Debt incl. finance leases	966	814	763	772	1,069	1,061	1,263	1,058	1,056	958
Total assets	3,038	3,236	3,255	3,764	4,021	4,104	4,448	4,621	4,986	5,221
Total liabilities	1,747	1,708	1,725	1,990	2,234	2,277	2,467	2,293	2,536	2,688
Shareholders' equity	1,291	1,528	1,531	1,774	1,788	1,826	1,981	2,328	2,450	2,534
Margins and ratios
Gross margin	34.8%	35.3%	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%	18.1%
Net margin	8.9%	9.5%	11.4%	12.4%	8.4%	10.5%	11.5%	12.5%	13.0%	13.8%
Free cash flow margin	17.9%	14.8%	11.7%	14.1%	8.9%	13.9%	10.0%	14.2%	15.5%	15.8%
Return on capital	11.6%	13.1%	14.9%	15.0%	9.2%	10.6%	11.2%	12.4%	13.4%	15.9%
Return on equity	14.7%	15.2%	18.0%	18.6%	11.3%	14.5%	15.5%	16.4%	16.9%	19.4%
Return on assets	6.2%	6.8%	8.5%	8.8%	5.2%	6.5%	6.9%	7.8%	8.4%	9.5%
Net debt to EBITDA	1.1x	0.8x	1.0x	0.8x	2.1x	1.8x	1.9x	1.1x	1.1x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Curtiss-Wright's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Curtiss-Wright.