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Woodward, Inc. (WWD) stock

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NASDAQ: WWD Nasdaq Aerospace & Defense Next results ~November 18, 2026

B Fundamentals grade

Woodward, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$230

Cash-flow model

Base case. Range ~$170–$310 across our lower- and higher-growth cases (13.5%–23.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 28% below it.

Price used: $319.57, November 2, 2026

Woodward, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 73 sales by directors and officers, last 12 monthsInsider trades
  • Funds375 adding, 340 cuttingOf 96 active managers that changed their stake, 48 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Woodward files

Where Woodward stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.19bn, up 22.3% on a year earlier, faster than 19.0% a quarter earlier. That growth ranks 155 of 931 among all the companies we cover. Free-cash-flow margin held at 9.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $240 a share, against a share price of $323. At that price, our model says the market is pricing in about 24.1% a year of cash-flow growth for five years, faster than the 13.3% a year revenue growth it has delivered.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 18, 2026 (estimated)

Woodward, Inc.'s trailing-twelve-month revenue grew 22.3% year on year, with a free-cash-flow margin of 9.0%. Where it stands out: net margin of 13.2% ranks 9 of 57 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$230 per share in the base case (~$170–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.3% (+3.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 22.3% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $319.57 is 28% above our value per share of $230.
  • Insiders selling. 8 insiders sold $32M of stock over the past 365 days and none bought (66% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 68% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed July 30, 2026
Earnings per share
$2.52 against an average estimate of $2.45: beat by 2.9%
Revenue
$1.11bn, up 21.2% on a year earlier
Share reaction
-13.2% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
sales growth growth 20% to 23% (fiscal year 2026); adjusted EPS $9.3 to $9.5 (fiscal year 2026)
Next report
November 18, 2026; average EPS estimate $2.52

Woodward's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.9%
  • 1 week+4.6%
  • 1 month-3.6%
  • This year+6.0%
  • 1 year+22.4%
  • 5 years+182.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.2B
Net margin
13.2%
EPS (TTM, diluted)
$8.98

Growth

Revenue growth
+22.3%
Change in growth rate
+3.3 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$377M
FCF margin
9.0%
Stock pay % of revenue
0.8%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Announcement
  4. Restructuring
  5. Dividend
  6. Announcement
  7. Agreement
  8. Results
  9. Guidance
  10. Announcement
  11. Announcement
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Woodward, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 23.0% a year of cash-flow growth for five years.That is faster than the 13.3% a year revenue growth Woodward has delivered.

  • Priced in23.0%
  • Last 12 months22.3%
  • 3 years a year14.7%
  • 5 years a year13.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($330.74, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$230
Price used
$330.74close November 3, 2026
Implied change
▼ 31%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Woodward, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($396M, FY2026 Q3 TTM), growing 12.4% and 15.2% in the next two years (forecasts, guidance and its record), then back to 18.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$310 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Woodward, Inc.'s free cash flow after stock-based pay ( $396M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Woodward, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$230 ~$170–$310 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$250 ~$210–$360 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$71 ~$51–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$71 ~$62–$83 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$71–$250 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Woodward, Inc. with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +11%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $78$112$156$215$291$390
8.5% $56$81$113$155$209$279
10% $43$62$87$119$160$213

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$58.71$73.46$77.09$103.47$77.39$109.84$78.41$122.35$169.96$251.78$319.57
Market value$3.7bn$4.7bn$4.9bn$6.7bn$5.0bn$7.2bn$5.0bn$7.5bn$10.6bn$15.5bn$19.6bn
+ Net debt (− = net cash)$646m$495m−$84m$986m$685m$287m$670m$584m$590m$375m$867m
Enterprise value$4.4bn$5.2bn$4.8bn$7.7bn$5.7bn$7.5bn$5.6bn$8.1bn$11.1bn$15.9bn$20.5bn
Multiples
Price / sales 1.8x2.2x2.1x2.3x2.0x3.2x2.1x2.6x3.2x4.3x4.7x
Price / earnings 20.6x23.3x27.3x25.7x20.7x34.5x28.9x32.4x28.3x35.0x35.6x
Price / free cash flow 14.4x21.7x28.6x22.9x16.4x16.9x35.2x32.4x30.8x45.5x52.1x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard Woodward's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.5% of total assets over 7 years.

  • Pricing power 9 / 20

    Gross margin has been a median 25.1%, moving by 2.1 percentage points (standard deviation) across 8 years.

  • Durability 12 / 20

    Net margin has been a median 9.5%; its worst year was 7.2%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.2% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 5.7% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 18, 2026, after the close. Analysts expect revenue of $1.1bn and EPS of $2.52 (range $2.44 to $2.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.48 +38% $4.3bn +22%
Next $10.75 +13% $4.7bn +9%

Next year's EPS estimate has moved 0.0% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 5 analysts raised Woodward, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Woodward, Inc., last 90 days
$9.00 $9.50 $10.00 $10.50 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.44 Current fiscal year, 60 days ago: $9.46 Current fiscal year, 30 days ago: $9.46 Current fiscal year, 7 days ago: $9.48 Current fiscal year, Now: $9.48 $9.48 Next fiscal year, 90 days ago: $10.75 Next fiscal year, 60 days ago: $10.73 Next fiscal year, 30 days ago: $10.74 Next fiscal year, 7 days ago: $10.73 Next fiscal year, Now: $10.75 $10.75

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.44$10.75
60 days ago $9.46$10.73
30 days ago $9.46$10.74
7 days ago $9.48$10.73
Now $9.48$10.75

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.45 $2.52 +2.9%
Mar 2026 $2.09 $2.27 +8.6%
Dec 2025 $1.65 $2.17 +31.2%
Sept 2025 $1.89 $2.09 +10.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Sales growth fiscal year 2026 20% growth to 23% growth Maintained
    “Sales growth up 20% - 23% no change” source
  • Adjusted EPS fiscal year 2026 $9.30 to $9.50 Non-GAAP Raised
    “Adjusted EPS 3 $9.15 - $9.45 $9.30 - $9.50” source
  • Segment earnings (% of sales) · Aerospace fiscal year 2026 about 23.5% Raised
    “Segment earnings (% of sales) 23% - 23.5% ~23.5%” source
  • Segment earnings (% of sales) · Industrial fiscal year 2026 about 19% Raised
    “Segment earnings (% of sales) 18% - 18.5% ~19%” source
  • Free cash flow fiscal year 2026 $300m to $350m Non-GAAP Maintained
    “Free cash flow 3 $300 - $350 million no change” source
  • Capital expenditures fiscal year 2026 about $290m Maintained
    “Capital expenditures ~$290 million no change” source
Show 4 more items
  • Shares fiscal year 2026 about 61.5m Maintained
    “Shares ~61.5 million no change” source
  • Adjusted effective tax rate fiscal year 2026 about 22.5% Non-GAAP Raised
    “Adjusted effective tax rate 3 ~22% ~22.5%” source
  • Sales growth · Aerospace fiscal year 2026 21% growth to 23% growth Lowered
    “Sales growth up 21% - 24% up 21% - 23%” source
  • Sales growth · Industrial fiscal year 2026 19% growth to 21% growth Raised
    “Sales growth up 18% - 20% up 19% - 21%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Woodward, Inc.'s revenue by +12.4% next year and +15.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.3%, weight 55%) , management guidance (+10.2%, weight 19%) and the company's own record (+18.5%, weight 26%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy1077%
Hold323%
Sell00%

Monthly trend

  1. Oct 202619313
  2. Sep 202619313
  3. Aug 202619212
  4. Jul 202619212

Counts of recommendations published by analysts covering Woodward, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
1.62
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
0.3%
of shares
Employees
10,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +22.4%

$261.15 on October 31, 2025 to $319.57

ThenNowEffect
Revenue (last 12 months) $3.4bn $4.2bn +22.3%
Net margin 11.3% 13.2% +16.4%
P/E multiple 41.3x 35.6x −14.0%
Share count 61m 61m −0.1%

Biggest factor: revenue.

Last 3 years +146.9%

$129.42 on November 3, 2023 to $319.57

ThenNowEffect
Revenue (last 12 months) $2.8bn $4.2bn +50.9%
Net margin 7.3% 13.2% +79.5%
P/E multiple 38.9x 35.6x −8.6%
Share count 61m 61m −0.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WWD−9%−11%+42%+23%+83%+6%
Industry peers (median)−4%−10%+13%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WWD42%58%67%67%83%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WWD−21%−37%−19%−19%−19%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 61% from January 13, 2020 to March 23, 2020. Getting back needed a 154% gain, reached on May 4, 2021, 407 days after the low.

Price behaviour

52-week range
$256.69 – $436.05
From 52-week high
−26.7%
vs 50-day average
−2.5%
vs 200-day average
−12.2%
Volatility (1 year)
39%
Beta vs S&P 500
1.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.8%
After a week
8 up, 4 down
typical move ±8.5%
After a month
6 up, 6 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −13.2% +0.1% −9.1% −15.6%
April 29, 2026 −0.3% +1.0% +5.1% −3.7%
February 2, 2026 +16.8% −0.4% +23.6% +21.2%
November 24, 2025 +11.8% +2.4% +13.5% +19.5%
July 28, 2025 +1.9% −0.3% +1.0% −1.8%
April 28, 2025 +1.6% +0.7% +7.8% +19.2%
February 3, 2025 −0.4% 0.0% +4.2% −1.1%
November 25, 2024 +6.4% +0.9% +2.9% −2.5%
July 29, 2024 −17.1% −0.4% −16.6% −9.1%
April 29, 2024 +7.8% −1.2% +15.0% +21.5%
January 29, 2024 +1.6% +0.7% −2.3% +1.1%
November 16, 2023 −2.7% +0.2% −1.1% +1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Woodward, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Woodward, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Woodward, Inc.
$2.5B $3B $3.5B $4B $4.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.9B Revenue (TTM), FY24 Q1: $3.1B Revenue (TTM), FY24 Q2: $3.2B Revenue (TTM), FY24 Q3: $3.2B Revenue (TTM), FY24 Q4: $3.3B Revenue (TTM), FY25 Q1: $3.3B Revenue (TTM), FY25 Q2: $3.4B Revenue (TTM), FY25 Q3: $3.4B Revenue (TTM), FY25 Q4: $3.6B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $4B Revenue (TTM), FY26 Q3: $4.2B $4.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.9B
FY24 Q1 $3.1B
FY24 Q2 $3.2B
FY24 Q3 $3.2B
FY24 Q4 $3.3B
FY25 Q1 $3.3B
FY25 Q2 $3.4B
FY25 Q3 $3.4B
FY25 Q4 $3.6B
FY26 Q1 $3.8B
FY26 Q2 $4B
FY26 Q3 $4.2B
Revenue growth, TTM YoY Woodward, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 22.3% Revenue growth, TTM YoY, FY24 Q1: 25.3% Revenue growth, TTM YoY, FY24 Q2: 23.5% Revenue growth, TTM YoY, FY24 Q3: 16.9% Revenue growth, TTM YoY, FY24 Q4: 14.1% Revenue growth, TTM YoY, FY25 Q1: 7.4% Revenue growth, TTM YoY, FY25 Q2: 5.0% Revenue growth, TTM YoY, FY25 Q3: 5.5% Revenue growth, TTM YoY, FY25 Q4: 7.3% Revenue growth, TTM YoY, FY26 Q1: 14.5% Revenue growth, TTM YoY, FY26 Q2: 19.0% Revenue growth, TTM YoY, FY26 Q3: 22.3% 22.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 22.3%
FY24 Q1 25.3%
FY24 Q2 23.5%
FY24 Q3 16.9%
FY24 Q4 14.1%
FY25 Q1 7.4%
FY25 Q2 5.0%
FY25 Q3 5.5%
FY25 Q4 7.3%
FY26 Q1 14.5%
FY26 Q2 19.0%
FY26 Q3 22.3%
FCF margin (TTM) Woodward, Inc.
7% 8% 9% 10% 11% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.0% FCF margin (TTM), FY24 Q1: 8.3% FCF margin (TTM), FY24 Q2: 10.1% FCF margin (TTM), FY24 Q3: 11.0% FCF margin (TTM), FY24 Q4: 10.3% FCF margin (TTM), FY25 Q1: 10.2% FCF margin (TTM), FY25 Q2: 9.4% FCF margin (TTM), FY25 Q3: 8.1% FCF margin (TTM), FY25 Q4: 9.5% FCF margin (TTM), FY26 Q1: 10.8% FCF margin (TTM), FY26 Q2: 9.7% FCF margin (TTM), FY26 Q3: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.0%
FY24 Q1 8.3%
FY24 Q2 10.1%
FY24 Q3 11.0%
FY24 Q4 10.3%
FY25 Q1 10.2%
FY25 Q2 9.4%
FY25 Q3 8.1%
FY25 Q4 9.5%
FY26 Q1 10.8%
FY26 Q2 9.7%
FY26 Q3 9.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 1,430 1,457 1,712 1,866 1,936 2,001 2,038 2,023 2,099 2,326 2,900 2,496 2,246 2,383 2,915 3,324 3,567 4,192
Gross profit — — — — — — — 539 571 603 708 640 551 525 678 876 956 1,235
Net income 94 111 132 142 146 166 181 181 201 180 260 240 209 172 232 373 442 552
Diluted EPS $1.37 $1.59 $1.89 $2.01 $2.10 $2.45 $2.75 $2.85 $3.16 $2.82 $4.02 $3.74 $3.18 $2.71 $3.78 $6.01 $7.19 $8.98
Growth (year on year)
Revenue +13.7% +1.9% +17.5% +9.0% +3.8% +3.4% +1.9% −0.7% +3.7% +10.8% +24.7% −13.9% −10.0% +6.1% +22.3% +14.1% +7.3% +22.3%
Net income −22.6% +17.5% +19.3% +7.1% +3.1% +13.6% +9.4% −0.3% +10.9% −10.0% +43.9% −7.4% −13.2% −17.7% +35.3% +60.5% +18.5% +42.4%
Diluted EPS −21.7% +16.1% +18.9% +6.3% +4.5% +16.7% +12.2% +3.6% +10.9% −10.8% +42.6% −7.0% −15.0% −14.8% +39.5% +59.0% +19.6% +42.2%
Margins
Gross margin — — — — — — — 26.6% 27.2% 25.9% 24.4% 25.7% 24.5% 22.0% 23.2% 26.4% 26.8% 29.5%
Net margin 6.6% 7.6% 7.7% 7.6% 7.5% 8.3% 8.9% 8.9% 9.6% 7.8% 9.0% 9.6% 9.3% 7.2% 8.0% 11.2% 12.4% 13.2%
Free-cash-flow margin 13.3% 10.7% 3.9% 4.2% 4.2% 3.3% 0.5% 12.8% 10.3% 7.4% 10.1% 12.1% 19.0% 5.9% 8.0% 10.3% 9.5% 9.0%
Cash flow
Cash from operations 219 185 115 144 223 274 296 435 308 299 391 349 465 194 309 439 471 585
Capital spending 29 28 48 65 142 207 287 176 92 127 99 47 38 53 77 96 131 209
Free cash flow 190 156 66 79 81 66 9 260 215 172 292 302 427 141 232 343 340 377
Stock-based pay 5 7 7 9 9 11 14 15 17 18 18 23 21 20 23 33 32 35
Free cash flow after stock pay 185 150 60 71 72 55 −5 245 198 154 273 280 406 121 209 310 309 342
Balance sheet
Cash 101 106 75 62 49 115 82 81 88 84 99 153 448 108 137 282 327 475
Total debt 0 466 425 392 550 710 852 727 582 — 1,085 838 736 777 722 872 702 1,342
Net debt (negative = net cash) −101 360 351 330 501 595 770 646 495 −84 986 685 287 670 584 590 375 867
Diluted shares 69m 70m 70m 70m 70m 68m 66m 64m 64m 64m 64m 64m 66m 63m 61m 62m 61m 61m
Returned to shareholders
Dividends 17 17 19 21 22 21 25 27 30 34 39 38 36 45 51 58 65 72
Buybacks 1 5 7 44 46 143 159 126 72 0 110 13 33 485 126 391 173 602
Total returned 18 22 25 65 68 164 183 152 101 34 149 51 69 530 177 449 238 674

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $5.2bn
Short-term assets $2.3bnLonger-term assets $2.9bn
What it owes, and who funded it · $5.2bn
Short-term liabilities $1.4bnLonger-term liabilities $1.3bnShareholders' equity $2.5bn
  • Short-term assets cover short-term liabilities $2.3bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.3bn short-term assets against $1.3bn of longer-dated liabilities.
  • More cash than debt $475m of cash against $750m of debt.
  • Debt below 40% of shareholders' equity Debt is 30% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 33% to 30% over five years.
  • A year's operating cash flow covers at least 20% of debt $585m of operating cash flow against $750m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Woodward, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$602M
Dividends (TTM)
$71.7M
Returned to shareholders
179%
of free cash flow
Buybacks, last 3 fiscal years
$690M
Diluted share count
+0.1%
year over year
Total shareholder yield
3.5%
dividends 0.4% + buybacks 3.1% of market value
Dividend payout ratio
13%
of net income paid out
R&D spending
4.1%
of revenue
Sales & admin spending
9.3%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated WWD MOG.A DRS CW BWXT CAE Median
Revenue, last 12 months $4.2bn $4.3bn $3.9bn $3.7bn $3.6bn $3.6bn $769m
Revenue growth, last 12 months 22.3% 15.7% 8.9% 10.5% 17.7% 5.0% 15.5%
Revenue growth, 3-year average 14.7% 10.3% 12.6% 10.3% 14.6% — 12.6%
Revenue growth, latest quarter 21.2% 15.2% 11.0% 5.4% 10.0% — 15.8%
Gross margin 29.5% 28.2% 25.3% 37.7% 22.6% 28.3% 27.8%
Operating margin — 13.3% 10.8% 18.8% 12.4% 12.5% 9.0%
Operating margin, 3-year average — 11.9% 9.7% 17.9% 13.6% 12.4% 6.0%
Net margin 13.2% 8.7% 9.4% 14.8% 10.4% 6.4% 5.5%
Cash from operations / revenue 14.0% 11.2% 12.6% 19.7% 16.1% 16.1% 5.5%
Free-cash-flow margin 9.0% 8.1% 8.9% 17.1% 10.3% 10.3% 3.4%
Free-cash-flow margin, 3-year average 9.4% 3.4% 8.2% 15.8% 11.0% 7.6% 3.0%
Stock pay / revenue 0.8% 0.5% 0.2% 0.7% 1.0% 0.7% 1.2%
Change in share count 0.1% −0.3% −0.0% −2.2% 0.2% 0.8% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 22.3% 15.5% 14 of 57
Change in growth rate Growth +3.3pp +2.2pp 24 of 57
Gross margin Profitability 29.5% 28.3% 22 of 46
Net margin Profitability 13.2% 5.5% 9 of 57
Free-cash-flow margin Cash generation 9.0% 3.4% 18 of 57
Stock pay as % of revenue Cash generation 0.8% 1.5% 22 of 53
Long-term debt as % of assets Balance sheet 11.9% 22.1% 13 of 47
Change in share count Balance sheet 0.1% 2.4% 16 of 51
Days sales outstanding Balance sheet 54 days 53 days 25 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Aerospace $2.3B 64.8% ▲ 14.0%
Industrial $1.3B 35.2% ▼ 3.2%
Geography
Region Revenue Share YoY
United States $1.9B 53.7% ▲ 12.7%
Europe Excluding Germany $566M 15.9% ▲ 13.1%
China $286M 8.0% ▼ 26.7%
Other Countries $277M 7.8% ▲ 13.4%
Germany $275M 7.7% ▲ 2.3%
Asia Excluding China $249M 7.0% ▲ 11.9%

From Woodward, Inc.'s 10-K filed November 25, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$22.9B
Institutions reporting
756
Shares held vs prior quarter
▲ 3.5%
Positions opened / closed
104 / 80

Top buyers and sellers, Q2 2026: 375 institutions bought and 340 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+1.2M shares) and the biggest seller Eagle Capital Management LLC (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3B 7.0M 13.0% ▲ 11.1%
FMR LLC $1.2B 2.8M 5.2% ▲ 27.3%
Vanguard Capital Management LLC $1.1B 2.7M 5.0% ▲ 0.7%
Vanguard Portfolio Management LLC $1.1B 2.7M 5.0% ▲ 5.2%
State Street Corp $997M 2.3M 4.3% ▲ 0.8%
Newport Trust Company, LLC $810M 1.9M 3.5% ▼ 5.1%
Invesco Ltd. $615M 1.4M 2.7% ▲ 23.9%
Artisan Partners Limited Partnership $582M 1.4M 2.5% ▼ 2.9%
Geode Capital Management, LLC $538M 1.3M 2.3% ▼ 23.5%
T. Rowe Price Investment Management, Inc. $520M 1.2M 2.3% New
Earnest Partners LLC $481M 1.1M 2.1% ▼ 12.4%
Sei Investments Co $418M 981K 1.8% ▲ 8.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Woodward, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $32.2M 73 trades by 8 insiders · 66% under pre-set plans
Net ▼ $32.2M net selling
Insider Date Trade Shares Price Value
Mclevige Shawn M EVP and President, Aerospace July 31, 2026 Sell pre-set plan 2,150 $356.82 $767,163
Korte Daniel G. Director June 4, 2026 Sell 3,086 $354.77 $1.1M
Korte Daniel G. Director June 4, 2026 Sell 3,662 $355.56 $1.3M
Korte Daniel G. Director June 4, 2026 Sell 5,419 $356.61 $1.9M
Korte Daniel G. Director June 4, 2026 Sell 2,533 $357.11 $904,560
Bem Karrie M. EVP, Gen Counsel & Corp Sec May 20, 2026 Sell pre-set plan 185 $355.00 $65,675
Bem Karrie M. EVP, Gen Counsel & Corp Sec May 18, 2026 Sell pre-set plan 185 $352.48 $65,209
Bem Karrie M. EVP, Gen Counsel & Corp Sec May 15, 2026 Sell pre-set plan 279 $361.44 $100,842
Bem Karrie M. EVP, Gen Counsel & Corp Sec May 14, 2026 Sell pre-set plan 280 $372.66 $104,345
Blankenship Charles P Chairman of the Board and CEO March 10, 2026 Sell pre-set plan 180 $386.75 $69,615
Blankenship Charles P Chairman of the Board and CEO March 10, 2026 Sell pre-set plan 1,550 $386.07 $598,408
Blankenship Charles P Chairman of the Board and CEO March 10, 2026 Sell pre-set plan 262 $384.25 $100,674

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Woodward, Inc. disclosed in the last 12 months; 6 earlier trades on record.

  • Lois Frankel(D-FL 21):Sale (full), $1,001 - $15,000, traded September 23, 2021, filed November 1, 2021
  • Lois Frankel(D-FL 21):Sale (partial), $1,001 - $15,000, traded September 22, 2021, filed November 1, 2021
  • Lois Frankel(D-FL 21):Sale (partial), $1,001 - $15,000, traded March 5, 2020, filed March 23, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 25, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • April 29, 2026
  • February 2, 2026
  • November 24, 2025
  • July 28, 2025
  • April 28, 2025

Recent SEC filings

Data status

When each part of this page on Woodward, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Woodward, Inc. in brief

What does Woodward, Inc. do?
Woodward, Inc. is a US-listed company in the aerospace & defense industry. Its financial year ends in September.
What is Woodward, Inc.'s stock ticker?
Woodward, Inc. trades under the ticker WWD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Woodward, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Woodward, Inc. reported revenue of $4.2B, 22.3% higher than a year earlier, according to its SEC filings.
What is Woodward, Inc.'s free cash flow?
Woodward, Inc.'s free-cash-flow margin is 9.0% of revenue over the trailing twelve months, ranking 18 of the 57 aerospace & defense companies we cover.
What is Woodward, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Woodward, Inc.'s free cash flow after stock-based pay gives ~$230 per share in the base case, and ~$170–$310 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Woodward, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Woodward, Inc. buying back stock, and does it pay a dividend?
Woodward, Inc. spent $602M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Woodward, Inc.'s market cap?
On November 2, 2026, Woodward, Inc.'s market capitalisation was about $19.6B, with a price-to-earnings ratio of 35.6 and net debt of $867M. Market figures come from third-party market data and may be delayed.
Does Woodward, Inc. pay a dividend?
Yes: Woodward, Inc. paid $71.7M in dividends over the trailing twelve months, a dividend yield of 0.37% and a payout ratio of 13.0%.
How much debt does Woodward, Inc. have?
Woodward, Inc.'s debt-to-equity ratio is 30.3%, from its latest balance sheet (32.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Woodward, Inc.'s competitors?
In our Aerospace & Defense peer group, the companies closest to Woodward, Inc. are Moog Inc., Leonardo DRS, Inc., Curtiss Wright Corp, BWX Technologies, Inc. and CAE Inc. The side-by-side comparison below sets their revenue, margins and growth against Woodward, Inc.'s.
Are insiders buying or selling Woodward, Inc. stock?
Over the last 12 months, Woodward, Inc.'s directors and officers reported 0 open-market purchases and 73 sales on Form 4. The insider trading page charts every trade.
When is Woodward, Inc.'s next earnings date?
Around November 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Woodward, Inc. announces its own schedule.