NYSE : CW
Curtiss-Wright Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 476.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.58B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Curtiss-Wright Corporation (CW) reported revenue of 3.65B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.65B | 3.50B | 3.12B | 2.85B | 2.56B | 2.50B |
| Cost of Revenue | 2.28B | 2.20B | 1.97B | 1.78B | 1.60B | 1.57B |
| Gross Profit | 1.38B | 1.30B | 1.15B | 1.07B | 954.61M | 927.80M |
| Selling, General & Admin | 556.67M | 534.83M | 487.11M | 467.92M | 428.63M | 428.88M |
| Research & Development | 98.16M | 95.16M | 91.65M | 85.76M | 80.84M | 88.49M |
| Operating Expenses | 654.82M | 629.99M | 578.76M | 553.68M | 509.46M | 517.37M |
| Operating Income | 723.66M | 671.54M | 574.79M | 513.50M | 445.15M | 410.43M |
| Interest Expense | -42.35M | -43.15M | -44.87M | -51.39M | -46.98M | -40.24M |
| Other Non Operating Income (Expenses) | 14.43M | -2.29M | 7.37M | 966.00K | 179.00K | 1.22M |
| EBT Excluding Unusual Items | 695.74M | 626.10M | 537.29M | 463.07M | 398.35M | 371.41M |
| Merger & Restructuring Charges | -3.94M | -4.50M | -14.45M | |||
| Gain (Loss) on Sale of Assets | -4.65M | -19.09M | ||||
| Other Unusual Items | -1.59M | -1.59M | -787.00K | -4.50M | -3.36M | |
| Pretax Income | 690.21M | 620.01M | 522.06M | 463.07M | 389.19M | 348.96M |
| Income Tax Expense | 149.03M | 135.78M | 117.08M | 108.56M | 94.85M | 86.13M |
| Earnings From Continuing Operations | 541.18M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M |
| Net Income | 541.18M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M |
| Net Income to Common | 541.18M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M |
| Shares Outstanding (Basic) | 37.03M | 37.42M | 38.15M | 38.28M | 38.39M | 40.42M |
| Shares Outstanding (Diluted) | 37.24M | 37.63M | 38.37M | 38.53M | 38.65M | 40.60M |
| EPS (Basic) | 14.61 | 12.94 | 10.61 | 9.26 | 7.67 | 6.50 |
| EPS (Diluted) | 14.54 | 12.87 | 10.55 | 9.20 | 7.62 | 6.47 |
| Free Cash Flow | 625.29M | 553.71M | 483.30M | 403.42M | 256.56M | 346.56M |
| Free Cash Flow Per Share | 16.79 | 14.71 | 12.60 | 10.47 | 6.64 | 8.54 |
| Dividend Per Share | 0.98 | 0.93 | 0.83 | 0.79 | 0.75 | 0.71 |
| Gross Margin | 37.73% | 37.20% | 36.96% | 37.51% | 37.33% | 37.10% |
| Operating Margin | 19.80% | 19.20% | 18.42% | 18.05% | 17.41% | 16.41% |
| Profit Margin | 14.81% | 13.84% | 12.97% | 12.46% | 11.51% | 10.51% |
| Free Cash Flow Margin | 17.11% | 15.83% | 15.48% | 14.18% | 10.03% | 13.86% |
| EBITDA | 843.09M | 796.36M | 682.46M | 629.67M | 557.17M | 524.81M |
| EBITDA Margin | 23.07% | 22.76% | 21.87% | 22.13% | 21.79% | 20.99% |
| D&A For EBITDA | 119.42M | 124.82M | 107.67M | 116.17M | 112.03M | 114.38M |
| EBIT | 723.66M | 671.54M | 574.79M | 513.50M | 445.15M | 410.43M |
| EBIT Margin | 19.80% | 19.20% | 18.42% | 18.05% | 17.41% | 16.41% |
| Effective Tax Rate | 21.59% | 21.90% | 22.43% | 23.44% | 24.37% | 24.68% |
| Revenue as Reported | 3.65B | 3.50B | 3.12B | 2.85B | 2.56B | 2.50B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 477.15M | 371.35M | 385.04M | 406.87M | 256.97M | 171.00M |
| Cash & Short-Term Investments | 477.15M | 371.35M | 385.04M | 406.87M | 256.97M | 171.00M |
| Receivables | 997.35M | 932.34M | 835.04M | 732.68M | 723.30M | 647.15M |
| Inventory | 668.73M | 615.10M | 541.44M | 510.03M | 483.11M | 411.57M |
| Other Current Assets | 93.79M | 99.69M | 88.07M | 67.50M | 52.62M | 78.09M |
| Total Current Assets | 2.24B | 2.02B | 1.85B | 1.72B | 1.52B | 1.31B |
| Property, Plant & Equipment | 598.94M | 580.80M | 508.47M | 474.23M | 496.56M | 503.64M |
| Goodwill | 1.69B | 1.69B | 1.68B | 1.56B | 1.54B | 1.46B |
| Other Intangible Assets | 501.03M | 532.38M | 596.83M | 557.61M | 620.90M | 538.08M |
| Other Long-Term Assets | 431.96M | 397.14M | 355.09M | 313.22M | 270.19M | 290.99M |
| Total Assets | 5.46B | 5.22B | 4.99B | 4.62B | 4.45B | 4.10B |
| Accounts Payable | 285.33M | 310.30M | 247.19M | 243.83M | 266.52M | 211.64M |
| Accrued Expenses | 216.54M | 237.00M | 219.44M | 182.67M | 144.36M | 152.52M |
| Current Portion of Long-Term Debt | 200.00M | 200.00M | 90.00M | 202.50M | ||
| Current Portion of Leases | 31.73M | 31.04M | 31.81M | 31.01M | 26.41M | |
| Current Income Taxes Payable | 12.44M | 5.01M | 10.35M | 35.09M | 3.23M | |
| Current Unearned Revenue | 593.85M | 561.45M | 459.42M | 303.87M | 254.80M | 260.16M |
| Other Current Liabilities | 100.89M | 52.64M | 43.85M | 34.01M | 46.76M | 80.91M |
| Total Current Liabilities | 1.40B | 1.41B | 1.10B | 806.54M | 981.04M | 734.87M |
| Long-Term Debt | 757.39M | 757.88M | 958.95M | 1.05B | 1.05B | 1.05B |
| Long-Term Leases | 191.59M | 178.47M | 153.65M | 125.35M | 140.20M | 136.17M |
| Pension & Post-Retirement Benefits | 69.19M | 71.42M | 67.41M | 66.88M | 58.35M | 91.33M |
| Long-Term Deferred Tax Liabilities | 161.40M | 154.00M | 140.66M | 132.32M | 123.00M | 147.35M |
| Other Long-Term Liabilities | 109.62M | 120.38M | 119.29M | 111.10M | 112.60M | 116.73M |
| Total Liabilities | 2.69B | 2.69B | 2.54B | 2.29B | 2.47B | 2.28B |
| Common Stock | 49.19M | 49.19M | 49.19M | 49.19M | 49.19M | 49.19M |
| Additional Paid-In Capital | 168.98M | 165.01M | 147.94M | 140.18M | 134.55M | 127.10M |
| Retained Earnings | 4.57B | 4.31B | 3.86B | 3.49B | 3.16B | 2.91B |
| Treasury Stock | -1.83B | -1.82B | -1.37B | -1.14B | -1.11B | -1.07B |
| Comprehensive Income & Other | -189.97M | -173.81M | -243.22M | -213.22M | -258.92M | -190.47M |
| Shareholders' Equity | 2.77B | 2.53B | 2.45B | 2.33B | 1.98B | 1.83B |
| Total Liabilities & Equity | 5.46B | 5.22B | 4.99B | 4.62B | 4.45B | 4.10B |
| Total Debt | 1.15B | 1.17B | 1.23B | 1.21B | 1.43B | 1.21B |
| Net Cash (Debt) | -671.83M | -796.74M | -848.60M | -800.66M | -1.17B | -1.04B |
| Net Cash Per Share | -18.04 | -21.17 | -22.11 | -20.78 | -30.24 | -25.67 |
| Filing Date Shares Outstanding | 36.93M | 36.87M | 37.66M | 38.21M | 38.27M | 38.44M |
| Total Common Shares Outstanding | 36.93M | 36.86M | 37.65M | 38.20M | 38.26M | 38.47M |
| Working Capital | 840.40M | 612.91M | 753.65M | 910.54M | 534.97M | 572.94M |
| Book Value Per Share | 75.00 | 68.74 | 65.07 | 60.95 | 51.78 | 47.48 |
| Tangible Book Value | 582.11M | 308.70M | 177.25M | 211.97M | -184.32M | -174.61M |
| Tangible Book Value Per Share | 15.76 | 8.38 | 4.71 | 5.55 | -4.82 | -4.54 |
| Land | 19.50M | 15.77M | 16.17M | 16.88M | 17.61M | |
| Buildings | 260.83M | 251.23M | 253.41M | 252.71M | 239.22M | |
| Machinery | 984.38M | 927.96M | 905.41M | 866.76M | 885.97M | |
| Order Backlog | 4.08B | 3.45B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 541.18M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M |
| Depreciation & Amortization | 119.42M | 124.82M | 107.67M | 116.17M | 112.03M | 114.38M |
| Loss (Gain) From Sale of Assets | 90.00K | 362.00K | -10.00K | -2.88M | -20.00K | 18.52M |
| Asset Writedown & Restructuring Costs | 468.00K | 4.27M | ||||
| Stock-Based Compensation | 25.34M | 21.52M | 18.89M | 16.80M | 15.38M | 13.45M |
| Other Operating Activities | 22.60M | 14.99M | -11.82M | 2.91M | -23.64M | -10.20M |
| Change in Accounts Receivable | -41.97M | -82.85M | -88.81M | -2.39M | -75.95M | -61.17M |
| Change in Inventory | -62.30M | -63.48M | -34.50M | -21.57M | -62.56M | 13.55M |
| Change in Accounts Payable | 76.62M | 73.93M | 16.02M | -15.78M | 98.34M | 17.71M |
| Change in Unearned Revenue | 95.67M | 97.68M | 144.27M | 47.91M | -17.65M | 14.65M |
| Change in Income Taxes | -14.21M | |||||
| Change in Other Net Operating Assets | -55.56M | -28.27M | -16.68M | -47.59M | -45.51M | 18.15M |
| Operating Cash Flow | 721.11M | 643.40M | 544.27M | 448.09M | 294.78M | 387.67M |
| Capital Expenditures | -95.82M | -89.69M | -60.97M | -44.67M | -38.22M | -41.11M |
| Sale of Property, Plant & Equipment | 1.37M | 1.27M | 3.21M | 9.15M | 9.84M | 4.04M |
| Cash Acquisitions | -9.62M | -225.54M | -287.49M | -5.34M | ||
| Investment in Securities | 7.92M | -10.00M | ||||
| Other Investing Activities | 8.53M | |||||
| Investing Cash Flow | -85.92M | -90.12M | -283.31M | -35.52M | -325.87M | -42.40M |
| Short-Term Debt Issued | 475.10M | 21.31M | 638.12M | |||
| Long-Term Debt Issued | 2.00B | 455.95M | ||||
| Total Debt Issued | 405.18M | 475.10M | 21.31M | 638.12M | 2.00B | 455.95M |
| Short-Term Debt Repaid | -475.10M | -21.31M | -638.12M | |||
| Long-Term Debt Repaid | -90.00M | -202.50M | -1.79B | -462.05M | ||
| Total Debt Repaid | -405.18M | -565.10M | -21.31M | -840.62M | -1.79B | -462.05M |
| Net Debt Issued (Repaid) | -90.00M | -202.50M | 206.10M | -6.10M | ||
| Issuance of Common Stock | 13.04M | 12.54M | 11.35M | 10.58M | 10.00M | 9.71M |
| Repurchase of Common Stock | -459.10M | -464.95M | -250.00M | -50.14M | -56.87M | -343.13M |
| Common Dividends Paid | -35.67M | -34.73M | -31.66M | -30.25M | -28.78M | -28.66M |
| Other Financing Activities | -537.00K | -1.16M | -1.18M | -1.10M | -1.02M | -945.00K |
| Financing Cash Flow | -482.27M | -578.30M | -271.49M | -273.40M | 129.43M | -369.13M |
| Foreign Exchange Rate Adjustments | -7.43M | 11.32M | -11.30M | 10.73M | -12.37M | -3.38M |
| Net Cash Flow | 145.49M | -13.70M | -21.82M | 149.89M | 85.97M | -27.24M |
| Free Cash Flow | 625.29M | 553.71M | 483.30M | 403.42M | 256.56M | 346.56M |
| Free Cash Flow Margin | 17.11% | 15.83% | 15.48% | 14.18% | 10.03% | 13.86% |
| Free Cash Flow Per Share | 16.79 | 14.71 | 12.60 | 10.47 | 6.64 | 8.54 |
| Levered Free Cash Flow | 553.04M | 465.74M | 442.62M | 353.15M | 254.89M | 310.16M |
| Unlevered Free Cash Flow | 579.51M | 492.71M | 470.66M | 385.27M | 284.25M | 335.31M |
| Cash Interest Paid | 42.00M | 42.00M | 42.00M | 52.00M | 42.00M | 40.00M |
| Cash Income Tax Paid | 134.30M | 134.30M | 135.70M | 136.40M | 61.10M | 107.10M |
| Change in Working Capital | 12.47M | -2.99M | 20.30M | -39.42M | -103.33M | -11.31M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.88B | 20.33B | 13.47B | 8.52B | 6.40B | 5.44B |
| Enterprise Value | 18.55B | 21.24B | 14.21B | 9.54B | 7.75B | 6.39B |
| Last Close Price | 476.01 | 550.63 | 353.74 | 221.46 | 165.30 | 136.57 |
| PE Ratio | 33.30 | 41.98 | 33.25 | 24.03 | 21.73 | 20.70 |
| Forward PE | 30.00 | 39.31 | 30.67 | 23.04 | 19.19 | 17.28 |
| PS Ratio | 4.92 | 5.81 | 4.32 | 2.99 | 2.50 | 2.18 |
| PB Ratio | 6.35 | 8.02 | 5.50 | 3.66 | 3.23 | 2.98 |
| P/TBV Ratio | 30.90 | 65.85 | 75.98 | 40.19 | ||
| P/FCF Ratio | 28.77 | 36.71 | 27.86 | 21.12 | 24.93 | 15.70 |
| P/OCF Ratio | 24.94 | 31.59 | 24.74 | 19.01 | 21.70 | 14.04 |
| PEG Ratio | 1.89 | 2.70 | 2.62 | 3.81 | 1.12 | 1.25 |
| EV/Sales Ratio | 5.11 | 6.07 | 4.55 | 3.35 | 3.03 | 2.56 |
| EV/EBITDA Ratio | 22.13 | 26.67 | 20.82 | 15.15 | 13.91 | 12.17 |
| EV/EBIT Ratio | 25.79 | 31.62 | 24.72 | 18.58 | 17.42 | 15.56 |
| EV/FCF Ratio | 29.84 | 38.35 | 29.40 | 23.64 | 30.22 | 18.43 |
| Debt / Equity Ratio | 0.41 | 0.46 | 0.50 | 0.52 | 0.72 | 0.66 |
| Debt / EBITDA Ratio | 1.28 | 1.38 | 1.69 | 1.79 | 2.38 | 2.14 |
| Debt / FCF Ratio | 1.84 | 2.11 | 2.55 | 2.99 | 5.56 | 3.50 |
| Net Debt / Equity Ratio | 0.24 | 0.31 | 0.35 | 0.34 | 0.59 | 0.57 |
| Net Debt / EBITDA Ratio | 0.80 | 1.00 | 1.24 | 1.27 | 2.10 | 1.99 |
| Net Debt / FCF Ratio | 1.07 | 1.44 | 1.76 | 1.99 | 4.55 | 3.01 |
| Asset Turnover | 0.69 | 0.69 | 0.65 | 0.63 | 0.60 | 0.62 |
| Inventory Turnover | 3.56 | 3.80 | 3.74 | 3.58 | 3.58 | 3.74 |
| Quick Ratio | 1.06 | 0.93 | 1.11 | 1.41 | 1.00 | 1.11 |
| Current Ratio | 1.60 | 1.44 | 1.69 | 2.13 | 1.54 | 1.78 |
| Return on Equity (ROE) | 19.75% | 19.43% | 16.95% | 16.45% | 15.46% | 14.54% |
| Return on Assets (ROA) | 8.49% | 8.22% | 7.48% | 7.08% | 6.51% | 6.31% |
| Return on Invested Capital (ROIC) | 16.50% | 15.82% | 13.87% | 12.52% | 11.19% | 10.87% |
| Return on Capital Employed (ROCE) | 17.80% | 17.60% | 14.80% | 13.50% | 12.80% | 12.20% |
| Earnings Yield | 3.00% | 2.38% | 3.01% | 4.16% | 4.60% | 4.83% |
| FCF Yield | 3.48% | 2.72% | 3.59% | 4.74% | 4.01% | 6.37% |
| Dividend Yield | 0.21% | 0.17% | 0.23% | 0.35% | 0.45% | 0.50% |
| Payout Ratio | 7.16% | 7.17% | 7.82% | 8.53% | 9.78% | 10.90% |
| Buyback Yield / Dilution | 2.21% | 1.93% | 0.40% | 0.31% | 4.81% | 3.33% |
| Total Shareholder Return | 2.42% | 2.10% | 0.64% | 0.66% | 5.26% | 3.83% |