One-glance verdict
Within fair range
$451.38 our estimate vs market $476.01
Wall Street consensus: $681.38 (51.0% higher than our fair-value estimate)
5% above our estimate
Fundamentals snapshot
Curtiss-Wright Corporation
CW · NYQ · Industrials · Aerospace & Defense
Current price
$476.01
52-week range
$453.43 - $808.16
Market cap
$17.58B
Balance sheet
Healthy
14.79x Strong cushion
Net debt $671.83M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 4.4% last year.
- Reward Returns 19.7% on equity, ahead of 40% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 0.4% (peer median: 7.4%).
What this company does
Curtiss-Wright Corporation
Curtiss-Wright designs and makes specialized parts and systems for industries like airplanes, defense, and nuclear power. A big chunk of their money comes from selling these engineered products, which is important because it shows they have a steady customer base for their unique offerings. Their business is built on providing essential components that keep these critical industries running.
How the company got here
Curtiss-Wright Corporation has a long history, tracing its roots back to the early days of aviation. It was formed in 1929 through the merger of several pioneering aviation companies, including those founded by Glenn Curtiss and the Wright brothers. For decades, the company was a major player in aircraft manufacturing. However, over time, Curtiss-Wright evolved, shifting its focus from building entire planes to providing critical engineered components and services for various demanding industries. This strategic pivot allowed it to adapt to changing market needs and leverage its deep engineering expertise.
What it actually does
Curtiss-Wright designs and manufactures highly engineered products and provides specialized services. Think of them as a behind-the-scenes provider of essential, often complex, parts and solutions that make big machines and systems work reliably. Their products are found in places where failure is not an option, such as in airplanes, defense systems, nuclear power plants, and heavy industrial equipment. They are not a company that makes everyday consumer goods; instead, they supply critical components that enable other companies to operate safely and efficiently.
Aerospace & Industrial
This segment is like the company's original playground, focusing on parts for both aircraft and tough industrial machinery. For aerospace, they create components like sensors and control systems that help planes fly safely, and also provide services like shot peening, which is a way to strengthen metal parts. In the industrial side, they make electronic control systems for specialized vehicles and other equipment used in harsh environments. This part of the business contributes a significant portion of Curtiss-Wright's overall revenue, serving a diverse set of customers who need reliable, high-performance engineered solutions.
Defense Electronics
This division is all about providing advanced electronic systems for defense applications. They create rugged computing equipment that can withstand extreme conditions, data recording devices for flight testing, and sophisticated control systems for weapons. Essentially, they equip military aircraft, ships, and ground vehicles with the electronic brains and communication tools they need to operate effectively. This segment is a key growth area, driven by ongoing investments in national security and advanced military technology, and represents a substantial part of the company's income.
Naval & Power
This segment is crucial for both the navy and the nuclear power industry. They manufacture vital components for naval vessels, such as pumps for coolant systems and specialized propulsion equipment, as well as systems for arresting aircraft on carriers. For commercial nuclear power, they supply critical parts like reactor coolant pumps and control rod drive mechanisms, ensuring the safe operation of these facilities. They also offer services like ship repair and maintenance, making this a vital contributor to the company's earnings, particularly due to the long-term nature of these infrastructure projects.
What management is betting on now
Curtiss-Wright's leadership is focused on leveraging its strong engineering capabilities to capitalize on long-term trends in its key markets. They are prioritizing growth in defense and naval sectors, anticipating increased spending on advanced military technology and shipbuilding. Additionally, they aim to expand their offerings in the commercial nuclear power market, where safety and reliability are paramount. Management is also looking to drive efficiency and innovation across all segments, ensuring they continue to provide high-value, specialized solutions to their demanding customer base.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$162.69M
FY2024 Q4
$278.03M
FY2025 Q1
$-54.54M
FY2025 Q2
$117.20M
FY2025 Q3
$175.94M
FY2025 Q4
$315.11M
FY2026 Q1
$-17.49M
FY2026 Q2
$151.73M
Revenue
$924.01M
Net income
$151.17M
Diluted EPS
4.07
Operating cash flow
$181.18M
Free cash flow
$151.73M
Fetching…
Sources
Revenue
$913.69M
Net income
$128.19M
Diluted EPS
3.46
Operating cash flow
$-5.66M
Free cash flow
$-17.49M
Fetching…
Sources
Revenue
$946.98M
Net income
$137.00M
Diluted EPS
3.69
Operating cash flow
$352.74M
Free cash flow
$315.11M
Fetching…
Sources
Revenue
$869.17M
Net income
$124.83M
Diluted EPS
3.31
Operating cash flow
$192.84M
Free cash flow
$175.94M
Fetching…
Sources
Revenue
$876.58M
Net income
$121.06M
Diluted EPS
3.19
Operating cash flow
$136.59M
Free cash flow
$117.20M
Fetching…
Sources
Revenue
$805.64M
Net income
$101.34M
Diluted EPS
2.68
Operating cash flow
$-38.77M
Free cash flow
$-54.54M
Fetching…
Sources
Revenue
$824.31M
Net income
$117.85M
Diluted EPS
3.09
Operating cash flow
$301.30M
Free cash flow
$278.03M
Fetching…
Sources
Revenue
$798.92M
Net income
$111.16M
Diluted EPS
2.89
Operating cash flow
$177.27M
Free cash flow
$162.69M
Fetching…
Sources
Is it cheap or expensive?
Fair value $451.38 vs current price $476.01
Wall Street consensus is the average analyst price target: $681.38 (51.0% higher than our fair-value estimate).
Our most-likely fair value is $451.38 a share — about 5.2% away from today's price of $476.01, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $671.8M. Interest coverage 14.8x.
Net debt
$671.83M
Interest coverage
14.79x
Curtiss-Wright Corporation's profit covers its interest bill about 14.8 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
CW
BASELINE
Curtiss-Wright Corporation
Total debt $1.15B Interest coverage 14.79x This is the baseline the peer rows are being compared against.
Total debt $1.38B Interest coverage 10.48x -29% vs CW Carries about 1.4x less debt cushion than CW.
Total debt $928.50M Interest coverage 37.54x +154% vs CW Carries about 2.5x more debt cushion than CW.
Total debt $2.02B Interest coverage 7.34x -50% vs CW Carries about 2.0x less debt cushion than CW.
Total debt $2.54B Interest coverage 7.85x -47% vs CW Carries about 1.9x less debt cushion than CW.
What you should know
The case for and against CW
3 Rewards
1 Risk
Rewards
-
Revenue grew 4.4% last year.
-
Returns 19.7% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 0.4% (peer median: 7.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
34.22x
Forward P/E
27.62x
P/B
6.35x
P/S
4.81x
EV/EBITDA
21.65x
PEG ratio
2.00x
Profitability
How much profit each dollar creates
Gross margin
37.7%
Operating margin
19.4%
Net margin
14.8%
ROE
19.7%
ROA
8.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.41x
Current ratio
1.60x
Quick ratio
1.06x
Total debt
$1.15B
Total cash
$477.15M
Growth
How the business has been compounding
Revenue TTM
$3.65B
Revenue 5Y CAGR
8.8%
EPS TTM
13.91
EPS 5Y CAGR
19.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$721.11M
Free CF TTM
$553.71M
FCF margin
15.2%
Dividend
Shareholder payout
Yield
0.2%
Payout ratio
6.8%
Last ex-div date
2026-09-25