NASDAQ : WWD
Woodward, Inc. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 304.65 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.99B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Woodward, Inc. (WWD) reported revenue of 4.19B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.19B | 3.57B | 3.32B | 2.91B | 2.38B | 2.25B |
| Cost of Revenue | 2.95B | 2.60B | 2.45B | 2.24B | 1.86B | 1.69B |
| Gross Profit | 1.24B | 962.83M | 876.48M | 677.58M | 525.30M | 551.06M |
| Selling, General & Admin | 386.54M | 319.71M | 294.50M | 270.48M | 198.90M | 179.66M |
| Research & Development | 172.23M | 147.57M | 140.68M | 132.09M | 119.78M | 117.09M |
| Operating Expenses | 558.77M | 467.28M | 435.18M | 402.58M | 318.69M | 296.75M |
| Operating Income | 683.14M | 495.55M | 441.30M | 275.00M | 206.62M | 254.31M |
| Interest Expense | -36.55M | -35.11M | -36.25M | -36.56M | -27.07M | -27.36M |
| Interest & Investment Income | 2.98M | 4.19M | 6.46M | 2.75M | 1.81M | 1.50M |
| Earnings From Equity Investments | 58.78M | 45.85M | 41.19M | 36.85M | 18.19M | 11.37M |
| Other Non Operating Income (Expenses) | 6.99M | 6.05M | 8.95M | 4.39M | -4.85M | 6.55M |
| EBT Excluding Unusual Items | 715.33M | 516.53M | 461.66M | 282.43M | 194.70M | 246.35M |
| Merger & Restructuring Charges | -18.43M | 20.52M | -4.38M | -5.17M | 3.42M | -5.01M |
| Gain (Loss) on Sale of Assets | -518.00K | -1.79M | 457.00K | -1.49M | 1.77M | 4.45M |
| Asset Writedown | -6.54M | -6.54M | ||||
| Other Unusual Items | -7.31M | -3.77M | ||||
| Pretax Income | 689.85M | 521.41M | 453.97M | 275.77M | 199.90M | 245.80M |
| Income Tax Expense | 137.82M | 79.30M | 81.00M | 43.40M | 28.20M | 37.15M |
| Net Income | 552.03M | 442.11M | 372.97M | 232.37M | 171.70M | 208.65M |
| Net Income to Common | 552.03M | 442.11M | 372.97M | 232.37M | 171.70M | 208.65M |
| Shares Outstanding (Basic) | 59.71M | 59.56M | 60.08M | 59.91M | 61.52M | 63.29M |
| Shares Outstanding (Diluted) | 61.42M | 61.46M | 62.08M | 61.48M | 63.25M | 65.56M |
| EPS (Basic) | 9.25 | 7.42 | 6.21 | 3.88 | 2.79 | 3.30 |
| EPS (Diluted) | 8.99 | 7.19 | 6.01 | 3.78 | 2.71 | 3.18 |
| Free Cash Flow | 376.53M | 340.37M | 342.81M | 232.04M | 140.77M | 426.98M |
| Free Cash Flow Per Share | 6.13 | 5.54 | 5.52 | 3.77 | 2.23 | 6.51 |
| Dividend Per Share | 0.98 | 1.09 | 0.97 | 0.85 | 0.73 | 0.57 |
| Gross Margin | 29.63% | 26.99% | 26.37% | 23.25% | 22.05% | 24.54% |
| Operating Margin | 16.30% | 13.89% | 13.28% | 9.44% | 8.67% | 11.32% |
| Profit Margin | 13.17% | 12.39% | 11.22% | 7.97% | 7.21% | 9.29% |
| Free Cash Flow Margin | 8.98% | 9.54% | 10.31% | 7.96% | 5.91% | 19.01% |
| EBITDA | 803.33M | 608.83M | 557.47M | 394.75M | 327.25M | 383.83M |
| EBITDA Margin | 19.16% | 17.07% | 16.77% | 13.54% | 13.73% | 17.09% |
| D&A For EBITDA | 120.19M | 113.28M | 116.17M | 119.74M | 120.63M | 129.52M |
| EBIT | 683.14M | 495.55M | 441.30M | 275.00M | 206.62M | 254.31M |
| EBIT Margin | 16.30% | 13.89% | 13.28% | 9.44% | 8.67% | 11.32% |
| Effective Tax Rate | 19.98% | 15.21% | 17.84% | 15.74% | 14.11% | 15.11% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 474.85M | 327.43M | 282.27M | 137.45M | 107.84M | 446.56M |
| Cash & Short-Term Investments | 474.85M | 327.43M | 282.27M | 137.45M | 107.84M | 446.56M |
| Accounts Receivable | 1.01B | 831.12M | 770.07M | 749.86M | 609.96M | 523.05M |
| Other Receivables | 43.88M | 1.55M | 22.02M | 14.12M | 5.18M | 12.07M |
| Receivables | 1.06B | 832.67M | 792.08M | 763.98M | 615.14M | 535.12M |
| Inventory | 724.80M | 654.61M | 609.09M | 517.84M | 514.29M | 419.97M |
| Restricted Cash | 1.91M | |||||
| Other Current Assets | 82.54M | 69.71M | 60.17M | 50.18M | 74.69M | 61.17M |
| Total Current Assets | 2.34B | 1.88B | 1.74B | 1.47B | 1.31B | 1.46B |
| Property, Plant & Equipment | 1.11B | 1.01B | 967.85M | 937.77M | 935.62M | 969.94M |
| Long-Term Investments | 25.67M | 23.07M | 19.22M | 16.03M | 8.18M | 6.99M |
| Goodwill | 893.96M | 832.29M | 806.64M | 791.47M | 772.56M | 805.33M |
| Other Intangible Assets | 447.26M | 428.08M | 440.42M | 452.36M | 460.58M | 559.29M |
| Long-Term Accounts Receivable | 15.82M | 10.96M | 11.24M | 7.33M | 6.65M | 9.42M |
| Long-Term Deferred Tax Assets | 39.50M | 118.71M | 84.39M | 58.55M | 23.45M | 14.07M |
| Long-Term Deferred Charges | 204.49M | 187.08M | 182.86M | 168.66M | 154.53M | |
| Other Long-Term Assets | 325.08M | 116.23M | 108.47M | 94.37M | 118.79M | 106.71M |
| Total Assets | 5.20B | 4.63B | 4.37B | 4.01B | 3.81B | 4.09B |
| Accounts Payable | 328.96M | 289.42M | 287.46M | 234.33M | 230.52M | 170.91M |
| Accrued Expenses | 213.91M | 232.88M | 211.98M | 206.11M | 129.91M | 113.86M |
| Short-Term Debt | 592.43M | 122.30M | 217.00M | 66.80M | ||
| Current Portion of Long-Term Debt | 134.61M | 121.90M | 85.00M | 75.00M | ||
| Current Portion of Leases | 6.50M | 6.50M | 5.75M | 5.41M | 5.44M | 5.99M |
| Current Income Taxes Payable | 65.20M | 59.66M | 40.69M | 44.44M | 34.66M | 11.48M |
| Current Unearned Revenue | 51.80M | 49.23M | 56.79M | 33.75M | 30.66M | 29.53M |
| Other Current Liabilities | 27.80M | 25.50M | 18.84M | 18.16M | 41.12M | 34.49M |
| Total Current Liabilities | 1.42B | 907.39M | 923.51M | 617.20M | 539.11M | 366.26M |
| Long-Term Debt | 631.08M | 482.47M | 578.30M | 642.98M | 705.36M | 783.83M |
| Long-Term Leases | 19.24M | 22.10M | 24.69M | 23.42M | 25.85M | 15.24M |
| Long-Term Unearned Revenue | 419.41M | 437.62M | 431.67M | 420.45M | 403.37M | 394.50M |
| Pension & Post-Retirement Benefits | 92.67M | 88.11M | 83.09M | 72.57M | 70.17M | 107.07M |
| Long-Term Deferred Tax Liabilities | 109.02M | 107.67M | 121.86M | 132.82M | 127.19M | 157.94M |
| Other Long-Term Liabilities | 29.98M | 18.39M | 29.38M | 29.78M | 34.27M | 51.38M |
| Total Liabilities | 2.72B | 2.06B | 2.19B | 1.94B | 1.91B | 1.88B |
| Common Stock | 106.00K | 106.00K | 106.00K | 106.00K | 106.00K | 106.00K |
| Additional Paid-In Capital | 559.85M | 482.26M | 396.55M | 327.94M | 293.54M | 261.74M |
| Retained Earnings | 3.96B | 3.60B | 3.22B | 2.91B | 2.73B | 2.60B |
| Treasury Stock | -2.03B | -1.51B | -1.41B | -1.10B | -1.03B | -589.90M |
| Comprehensive Income & Other | -21.05M | -8.67M | -30.04M | -67.89M | -85.78M | -57.67M |
| Shareholders' Equity | 2.47B | 2.57B | 2.18B | 2.07B | 1.90B | 2.21B |
| Total Liabilities & Equity | 5.20B | 4.63B | 4.37B | 4.01B | 3.81B | 4.09B |
| Total Debt | 1.38B | 755.27M | 910.73M | 746.80M | 803.45M | 805.07M |
| Net Cash (Debt) | -909.00M | -427.84M | -628.46M | -609.36M | -695.60M | -358.51M |
| Net Cash Per Share | -14.80 | -6.96 | -10.12 | -9.91 | -11.00 | -5.47 |
| Filing Date Shares Outstanding | 59.05M | 59.87M | 59.13M | 60.03M | 59.76M | 63.07M |
| Total Common Shares Outstanding | 59.23M | 59.90M | 59.17M | 59.84M | 59.61M | 63.09M |
| Working Capital | 917.36M | 977.02M | 820.10M | 852.26M | 772.86M | 1.10B |
| Book Value Per Share | 41.77 | 42.84 | 36.78 | 34.61 | 31.89 | 35.10 |
| Tangible Book Value | 1.13B | 1.31B | 929.35M | 827.16M | 667.98M | 850.16M |
| Tangible Book Value Per Share | 19.12 | 21.80 | 15.71 | 13.82 | 11.21 | 13.48 |
| Land | 109.23M | 95.17M | 91.11M | 89.35M | 84.06M | 86.05M |
| Buildings | 645.59M | 626.14M | 599.90M | 589.74M | 555.39M | 553.69M |
| Machinery | 1.08B | 1.05B | 1.01B | 969.48M | 941.93M | 959.56M |
| Construction In Progress | 192.62M | 111.58M | 71.89M | 55.49M | 58.79M | 38.32M |
| Leasehold Improvements | 15.45M | 15.90M | 22.02M | 21.08M | 19.39M | 19.16M |
| Order Backlog | 3.42B | 2.90B |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 552.03M | 442.11M | 372.97M | 232.37M | 171.70M | 208.65M |
| Depreciation & Amortization | 120.19M | 113.28M | 116.17M | 119.74M | 120.63M | 129.52M |
| Loss (Gain) From Sale of Assets | -12.46M | -18.73M | -457.00K | 1.49M | -1.77M | -4.45M |
| Stock-Based Compensation | 34.84M | 31.67M | 33.05M | 23.38M | 20.11M | 21.48M |
| Other Operating Activities | 24.73M | -52.36M | -44.61M | -40.16M | -23.23M | -11.96M |
| Change in Accounts Receivable | -199.16M | -49.95M | -15.37M | -137.00M | -98.83M | 24.75M |
| Change in Inventory | -56.01M | -49.62M | -84.94M | 3.23M | -110.20M | 18.87M |
| Change in Accounts Payable | 93.93M | 56.82M | 63.66M | 67.45M | 122.96M | 61.79M |
| Change in Unearned Revenue | -12.82M | -3.04M | 31.54M | 20.11M | 12.47M | 24.85M |
| Change in Income Taxes | 22.52M | 31.99M | -18.07M | -3.65M | 29.64M | 21.51M |
| Change in Other Net Operating Assets | -3.06M | -30.87M | -14.85M | 21.57M | -49.84M | -30.33M |
| Operating Cash Flow | 585.25M | 471.29M | 439.09M | 308.54M | 193.64M | 464.67M |
| Capital Expenditures | -208.73M | -130.93M | -96.28M | -76.50M | -52.87M | -37.69M |
| Sale of Property, Plant & Equipment | 1.00K | 42.00K | 2.29M | 488.00K | 43.00K | 154.00K |
| Cash Acquisitions | -176.39M | -41.68M | 878.00K | -21.55M | ||
| Divestitures | 3.26M | 50.07M | 1.80M | 6.00M | ||
| Investment in Securities | 3.02M | 2.94M | 2.97M | 1.58M | 2.92M | 2.24M |
| Investing Cash Flow | -378.83M | -119.55M | -89.22M | -73.55M | -65.45M | -35.30M |
| Short-Term Debt Issued | 2.29B | 2.96B | 2.32B | 952.00M | 74.40M | |
| Total Debt Issued | 3.58B | 2.29B | 2.96B | 2.32B | 952.00M | 74.40M |
| Short-Term Debt Repaid | -2.38B | -2.75B | -2.39B | -885.20M | -74.40M | |
| Long-Term Debt Repaid | -85.97M | -75.82M | -779.00K | -797.00K | -101.64M | |
| Total Debt Repaid | -3.17B | -2.47B | -2.82B | -2.39B | -886.00M | -176.04M |
| Net Debt Issued (Repaid) | 413.67M | -180.67M | 141.18M | -67.58M | 66.00M | -101.64M |
| Issuance of Common Stock | 63.58M | 104.58M | 89.88M | 50.75M | 21.90M | 34.71M |
| Repurchase of Common Stock | -602.02M | -172.86M | -390.82M | -126.38M | -485.30M | -33.34M |
| Common Dividends Paid | -71.68M | -64.97M | -58.29M | -51.03M | -44.98M | -36.04M |
| Other Financing Activities | -2.58M | -2.24M | ||||
| Financing Cash Flow | -199.03M | -313.93M | -218.05M | -196.47M | -442.38M | -136.32M |
| Foreign Exchange Rate Adjustments | -5.70M | 7.35M | 13.00M | -8.92M | -26.43M | 2.14M |
| Net Cash Flow | 1.69M | 45.16M | 144.82M | 29.60M | -340.62M | 295.19M |
| Free Cash Flow | 376.53M | 340.37M | 342.81M | 232.04M | 140.77M | 426.98M |
| Free Cash Flow Margin | 8.98% | 9.54% | 10.31% | 7.96% | 5.91% | 19.01% |
| Free Cash Flow Per Share | 6.13 | 5.54 | 5.52 | 3.77 | 2.23 | 6.51 |
| Levered Free Cash Flow | 187.23M | 247.08M | 255.74M | 158.26M | 120.73M | 372.57M |
| Unlevered Free Cash Flow | 210.07M | 269.03M | 278.40M | 181.11M | 137.65M | 389.67M |
| Cash Interest Paid | 35.14M | 34.73M | 36.70M | 35.31M | 27.43M | 27.57M |
| Cash Income Tax Paid | 84.58M | 100.75M | 145.53M | 88.85M | 22.08M | 24.91M |
| Change in Working Capital | -154.59M | -44.68M | -38.04M | -28.29M | -93.80M | 121.44M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.99B | 15.15B | 10.23B | 7.51B | 4.83B | 7.20B |
| Enterprise Value | 18.90B | 15.67B | 10.87B | 8.17B | 5.52B | 7.66B |
| Last Close Price | 304.65 | 251.78 | 169.96 | 122.35 | 78.41 | 109.84 |
| PE Ratio | 33.90 | 34.28 | 27.43 | 32.31 | 28.12 | 34.51 |
| Forward PE | 29.66 | 33.63 | 30.14 | 26.04 | 24.15 | 29.53 |
| PS Ratio | 4.29 | 4.25 | 3.08 | 2.58 | 2.03 | 3.21 |
| PB Ratio | 7.29 | 5.91 | 4.70 | 3.62 | 2.54 | 3.25 |
| P/TBV Ratio | 15.88 | 11.60 | 11.01 | 9.08 | 7.23 | 8.47 |
| P/FCF Ratio | 47.77 | 44.52 | 29.85 | 32.35 | 34.30 | 16.86 |
| P/OCF Ratio | 30.74 | 32.15 | 23.30 | 24.33 | 24.94 | 15.49 |
| PEG Ratio | 1.31 | 2.07 | 2.13 | 2.07 | 4.53 | 2.46 |
| EV/Sales Ratio | 4.51 | 4.39 | 3.27 | 2.80 | 2.32 | 3.41 |
| EV/EBITDA Ratio | 23.52 | 25.74 | 19.51 | 20.70 | 16.87 | 19.97 |
| EV/EBIT Ratio | 27.66 | 31.62 | 24.64 | 29.71 | 26.72 | 30.14 |
| EV/FCF Ratio | 50.19 | 46.04 | 31.72 | 35.21 | 39.22 | 17.95 |
| Debt / Equity Ratio | 0.56 | 0.29 | 0.42 | 0.36 | 0.42 | 0.36 |
| Debt / EBITDA Ratio | 1.70 | 1.22 | 1.61 | 1.86 | 2.40 | 2.06 |
| Debt / FCF Ratio | 3.67 | 2.22 | 2.66 | 3.22 | 5.71 | 1.89 |
| Net Debt / Equity Ratio | 0.37 | 0.17 | 0.29 | 0.29 | 0.37 | 0.16 |
| Net Debt / EBITDA Ratio | 1.13 | 0.70 | 1.13 | 1.54 | 2.13 | 0.93 |
| Net Debt / FCF Ratio | 2.41 | 1.26 | 1.83 | 2.63 | 4.94 | 0.84 |
| Asset Turnover | 0.85 | 0.79 | 0.79 | 0.75 | 0.60 | 0.56 |
| Inventory Turnover | 4.27 | 4.12 | 4.34 | 4.33 | 3.98 | 3.95 |
| Quick Ratio | 1.08 | 1.28 | 1.16 | 1.46 | 1.34 | 2.68 |
| Current Ratio | 1.65 | 2.08 | 1.89 | 2.38 | 2.43 | 4.00 |
| Return on Equity (ROE) | 22.34% | 18.64% | 17.56% | 11.70% | 8.34% | 9.92% |
| Return on Assets (ROA) | 8.62% | 6.88% | 6.58% | 4.40% | 3.27% | 3.98% |
| Return on Invested Capital (ROIC) | 16.62% | 14.49% | 13.22% | 8.78% | 6.87% | 8.11% |
| Return on Capital Employed (ROCE) | 18.10% | 13.30% | 12.80% | 8.10% | 6.30% | 6.80% |
| Earnings Yield | 2.95% | 2.92% | 3.65% | 3.09% | 3.56% | 2.90% |
| FCF Yield | 2.09% | 2.25% | 3.35% | 3.09% | 2.92% | 5.93% |
| Dividend Yield | 0.42% | 0.43% | 0.56% | 0.68% | 0.90% | 0.50% |
| Payout Ratio | 14.24% | 14.70% | 15.63% | 21.96% | 26.20% | 17.27% |
| Buyback Yield / Dilution | -0.05% | 1.00% | -0.98% | 2.80% | 3.51% | -2.10% |
| Total Shareholder Return | 0.37% | 1.43% | -0.42% | 3.48% | 4.41% | -1.60% |