WWD · Woodward, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.57B | $3.32B | $2.91B | $2.38B | $2.25B | $2.50B |
| Cost of Revenue | $2.61B | $2.45B | $2.24B | $1.86B | $1.69B | $1.86B |
| Gross Profit | $956.29M | $876.48M | $677.58M | $525.30M | $551.06M | $640.24M |
| R&D | $147.57M | $140.68M | $132.09M | $119.78M | $117.09M | $133.13M |
| SG&A | $329.82M | $307.50M | $269.69M | $203.00M | $186.87M | $217.71M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $113.28M | $116.17M | $119.74M | $120.63M | $129.52M | $131.16M |
| Operating Income | $521.41M | $453.97M | $275.77M | $199.90M | $245.80M | $281.88M |
| Interest Expense | $45.69M | $47.96M | $47.90M | $34.55M | $34.28M | $35.81M |
| Income Tax | $79.30M | $81.00M | $43.40M | $28.20M | $37.15M | $41.49M |
| Net Income | $442.11M | $372.97M | $232.37M | $171.70M | $208.65M | $240.40M |
| EPS - Basic | $7.42 | $6.21 | $3.88 | $2.79 | $3.30 | $3.86 |
| EPS - Diluted | $7.19 | $6.01 | $3.78 | $2.71 | $3.18 | $3.74 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $327.43M | $282.27M | $137.45M | $107.84M | $448.46M | $153.27M |
| Accounts Receivable | $477.32M | $457.23M | $485.23M | $368.77M | $322.12M | $357.67M |
| Inventory | $654.61M | $609.09M | $517.84M | $514.29M | $419.97M | $437.94M |
| Accounts Payable | $289.42M | $287.46M | $234.33M | $230.52M | $170.91M | $134.24M |
| Current Assets | $1.88B | $1.74B | $1.47B | $1.31B | $1.46B | $1.21B |
| Total Assets | $4.63B | $4.37B | $4.01B | $3.81B | $4.09B | $3.90B |
| Current Liabilities | $907.39M | $923.51M | $617.20M | $539.11M | $366.26M | $392.33M |
| Long-term Debt | $456.97M | $569.75M | $645.71M | $709.76M | $734.12M | $736.85M |
| Total Liabilities | $2.06B | $2.19B | $1.94B | $1.91B | $1.88B | $1.91B |
| Stockholders' Equity | $2.57B | $2.18B | $2.07B | $1.90B | $2.21B | $1.99B |
| Retained Earnings | $3.60B | $3.22B | $2.91B | $2.73B | $2.60B | $2.43B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $471.29M | $439.09M | $308.54M | $193.64M | $464.67M | $349.49M |
| Investing Cash Flow | ($119.55M) | ($89.22M) | ($73.55M) | ($65.45M) | ($35.30M) | ($6.88M) |
| Financing Cash Flow | ($313.93M) | ($218.05M) | ($196.47M) | ($442.38M) | ($136.32M) | ($290.24M) |
| CapEx | $130.93M | $96.28M | $76.50M | $52.87M | $37.69M | $47.09M |
| Free Cash Flow | $340.37M | $342.81M | $232.04M | $140.77M | $426.98M | $302.40M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 26.8% | 26.4% | 23.2% | 22.0% | 24.5% | 25.7% |
| Operating margin | 14.6% | 13.7% | 9.5% | 8.4% | 10.9% | 11.3% |
| EBITDA margin | 17.8% | 17.2% | 13.6% | 13.5% | 16.7% | 16.6% |
| Net margin | 12.4% | 11.2% | 8.0% | 7.2% | 9.3% | 9.6% |
| Free cash flow margin | 9.5% | 10.3% | 8.0% | 5.9% | 19.0% | 12.1% |
| FCF / Net income | 0.77 | 0.92 | 1.00 | 0.82 | 2.05 | 1.26 |
| R&D / Revenue | 4.1% | 4.2% | 4.5% | 5.0% | 5.2% | 5.3% |
| SG&A / Revenue | 9.2% | 9.3% | 9.3% | 8.5% | 8.3% | 8.7% |
| Effective tax rate | 15.2% | 17.8% | 15.7% | 14.1% | 15.1% | 14.7% |
| Return on assets | 9.5% | 8.5% | 5.8% | 4.5% | 5.1% | 6.2% |
| Return on equity | 17.2% | 17.1% | 11.2% | 9.0% | 9.4% | 12.1% |
| Return on invested capital | 14.6% | 13.6% | 8.6% | 6.6% | 7.1% | 8.8% |
| Liquidity | ||||||
| Current ratio | 2.08 | 1.89 | 2.38 | 2.43 | 4.00 | 3.09 |
| Quick ratio | 1.36 | 1.23 | 1.54 | 1.48 | 2.85 | 1.97 |
| Cash ratio | 0.36 | 0.31 | 0.22 | 0.20 | 1.22 | 0.39 |
| Leverage | ||||||
| Debt / Equity | 0.18 | 0.26 | 0.31 | 0.37 | 0.33 | 0.37 |
| Debt / Assets | 0.10 | 0.13 | 0.16 | 0.19 | 0.18 | 0.19 |
| Debt / EBITDA | 0.72 | 1.00 | 1.63 | 2.21 | 1.96 | 1.78 |
| Interest coverage | 11.4x | 9.5x | 5.8x | 5.8x | 7.2x | 7.9x |
| Equity multiplier | 1.80 | 2.01 | 1.94 | 2.00 | 1.85 | 1.96 |
| Liabilities / Assets | 0.45 | 0.50 | 0.48 | 0.50 | 0.46 | 0.49 |
| Efficiency | ||||||
| Asset turnover | 0.77 | 0.76 | 0.73 | 0.63 | 0.55 | 0.64 |
| Inventory turnover | 3.99 | 4.02 | 4.32 | 3.61 | 4.04 | 4.24 |
| Days sales outstanding | 49d | 50d | 61d | 56d | 52d | 52d |
| Days inventory outstanding | 92d | 91d | 84d | 101d | 90d | 86d |
| Days payable outstanding | 40d | 43d | 38d | 45d | 37d | 26d |
| Cash conversion cycle | 100d | 98d | 107d | 112d | 106d | 112d |
| Valuation | ||||||
| P / E | 35.1x | 28.5x | 32.9x | 29.6x | 35.6x | 21.4x |
| P / B | 6.1x | 4.9x | 3.7x | 2.7x | 3.4x | 2.6x |
| P / S | 4.4x | 3.2x | 2.6x | 2.1x | 3.3x | 2.1x |
| EV / EBITDA | 24.7x | 19.2x | 20.6x | 17.7x | 20.5x | 13.9x |
| Growth | ||||||
| Revenue growth (YoY) | 7.3% | 14.1% | 22.3% | 6.1% | -10.0% | -13.9% |
| Revenue CAGR (3y) | 14.4% | 14.0% | 5.3% | -6.3% | 3.5% | 5.9% |
| Revenue CAGR (5y) | 7.4% | 2.8% | 7.6% | 2.6% | 2.1% | 4.1% |
| Gross profit growth (YoY) | 9.1% | 29.4% | 29.0% | -4.7% | -13.9% | -9.5% |
| Operating income growth (YoY) | 14.9% | 64.6% | 38.0% | -18.7% | -12.8% | -12.1% |
| Net income growth (YoY) | 18.5% | 60.5% | 35.3% | -17.7% | -13.2% | -7.4% |
| EPS growth (YoY) | 19.6% | 59.0% | 39.5% | -14.8% | -15.0% | -7.0% |
| EPS CAGR (3y) | 38.4% | 23.6% | 0.4% | -12.3% | 4.1% | 5.8% |
| EPS CAGR (5y) | 14.0% | 8.4% | 6.0% | -3.0% | 2.2% | 6.3% |
| FCF growth (YoY) | -0.7% | 47.7% | 64.8% | -67.0% | 41.2% | 45.1% |
| FCF CAGR (5y) | 2.4% | 10.5% | 6.2% | -8.1% | 10.5% | 226.3% |
| Book value growth (YoY) | 17.9% | 5.1% | 8.9% | -14.2% | 11.1% | 15.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Business segments
$1.63B totalAerospace$916.67M · 56.3%
Industrial$712.63M · 43.7%
Product / service
$3.57B totalCommercial Services$823.55M · 23.1%
Commercial OEM$690.96M · 19.4%
Defense OEM$561.29M · 15.7%
Transportation$507.38M · 14.2%
Power Generation$488.94M · 13.7%
Oil And Gas$257.94M · 7.2%
Defense Services$237.01M · 6.6%
Geographic
$2.31B totalUS$1.59B · 68.5%
Europe Excluding Germany$224.30M · 9.7%
Other Countries$220.29M · 9.5%
CN$148.19M · 6.4%
DE$72.88M · 3.2%
Asia Excluding China$61.97M · 2.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.45
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
9/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electrical Industrial Apparatus
Comparing Woodward against the 5 most active filers in the same SIC group.
Dividends
$1.20/share trailing 12 months · +13.2% YoY
| Ex-date | Per share |
|---|---|
| May 21, 2026 | $0.3200 |
| Feb 19, 2026 | $0.3200 |
| Nov 20, 2025 | $0.2800 |
| Aug 21, 2025 | $0.2800 |
| May 22, 2025 | $0.2800 |
| Feb 20, 2025 | $0.2800 |
| Nov 21, 2024 | $0.2500 |
| Aug 22, 2024 | $0.2500 |
| May 21, 2024 | $0.2500 |
| Feb 16, 2024 | $0.2500 |
| Nov 17, 2023 | $0.2200 |
| Aug 11, 2023 | $0.2200 |
| May 19, 2023 | $0.2200 |
| Feb 17, 2023 | $0.2200 |
| Nov 10, 2022 | $0.1900 |
| Aug 12, 2022 | $0.1900 |
| May 16, 2022 | $0.1900 |
| Feb 17, 2022 | $0.1900 |
| Nov 12, 2021 | $0.1630 |
| Aug 13, 2021 | $0.1630 |
| May 17, 2021 | $0.1630 |
| Feb 19, 2021 | $0.1630 |
| Nov 13, 2020 | $0.0810 |
| Aug 14, 2020 | $0.0810 |