# Curtiss-Wright (CW.US)

Canonical: https://gigainvestors.com/s/CW

Analysis as of: 2026-10-16T07:27:52.163Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $501.49 per share; close as of 2026-10-15.

Estimated value: low $167.42 per share, central $188.99 per share, high $217.71 per share. Buy at or below the central value $188.99 per share. Valuation as of 2026-10-16T07:27:52.163Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.15×

- FY2019: 0.16×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.17×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.18×

- LTM to Jun 2026: 0.19×

### moat: pass

- ROIC, median of available years: 26.3%

- ROIC, second-lowest year: 20.1%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 37.0%

- Recent gross margin (lower of latest and 3-year median): 37.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 13.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 30.3%

- FY2018: 31.1%

- FY2019: 27.3%

- FY2020: 16.5%

- FY2021: 20.5%

- FY2022: 20.1%

- FY2023: 23.8%

- FY2024: 25.4%

- FY2025: 27.9%

- LTM to Jun 2026: 30.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.1B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 35.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.28×

- FY2022: 1.25×

- FY2023: 1.20×

- FY2024: 1.12×

- FY2025: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.3% vs 25.4%

- Per-share earnings: 4.16 to 10.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: $16B

- Cumulative retained earnings: $2.6B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.3%

- Per-share value change: $6.40

- Per-share value, starting three-year median: $4.16

- Per-share value, ending three-year median: $10.55

- Buybacks concentrated in cheaper years (correlation): 0.25

- Average buyback yield: 2.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $3.0B

- ROIC, first three-year median: 30.3%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.16

- FY2017: $4.80

- FY2018: $6.22

- FY2019: $7.15

- FY2020: $4.80

- FY2021: $6.47

- FY2022: $7.62

- FY2023: $9.20

- FY2024: $10.55

- FY2025: $12.87

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.8%

- FY2017: -5.4%

- FY2018: -1.9%

- FY2019: -3.0%

- FY2020: -1.5%

- FY2021: -3.0%

- FY2022: -0.0%

- FY2023: -2.0%

- FY2024: -2.8%

- FY2025: -3.0%

## Holders

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 34% since Jun 2026 · sales +4.4%

Story as of 2026-10-16T09:58:36.106Z; price observation 2026-10-15.

Price needs cash profits to grow 13.7% a year for ten years

- 2025-05-09: Curtiss-Wright Q1 Earnings Outpace Estimates, '25 View Raised ([finance.yahoo.com](https://finance.yahoo.com/news/curtiss-wright-q1-earnings-outpace-140500931.html))

- 2025-06-11: CW Q1 Earnings Call: Curtiss-Wright Highlights Aerospace, Defense Growth and Raises Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/cw-q1-earnings-call-curtiss-134859611.html))

- 2025-09-30: Curtiss-Wright Corporation (CW) Rose on Better Results and Boosted Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/curtiss-wright-corporation-cw-rose-134659143.html))

- 2026-02-12: CW Q4 Deep Dive: Strong Aerospace and Nuclear Demand Drive Growth Amid Operational Investments ([finance.yahoo.com](https://finance.yahoo.com/news/cw-q4-deep-dive-strong-164610385.html))

- 2026-06-06: Curtiss Wright (CW) Valuation Check After Q1 2026 Beat And Upgraded Full Year Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/curtiss-wright-cw-valuation-check-120653992.html))

### Sales · FY2025–2026

sales +4.4%; source https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm; observed 2026-02-12.

- FY2017: $2.3B 

- FY2018: $2.4B 

- FY2019: $2.5B 

- FY2020: $2.4B 

- FY2021: $2.5B 

- FY2022: $2.6B 

- FY2023: $2.8B 

- FY2024: $3.1B 

- FY2025: $3.5B 

- FY2026: $3.7B 

### Gross margin · FY2026

gross margin 37.7%; source https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm; observed 2026-02-12.

- FY2017: 36.0% 

- FY2018: 36.1% 

- FY2019: 36.1% 

- FY2020: 35.2% 

- FY2021: 37.1% 

- FY2022: 37.3% 

- FY2023: 37.5% 

- FY2024: 37.0% 

- FY2025: 37.2% 

- FY2026: 37.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm (filed 2026-02-12); FY2025: revenue 3498372000; grossProfit 1301534000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CW.US: Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services mainly to aerospace and defense, commercial nuclear power, process, and industrial markets worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Aerospace & Industrial segment offers industrial and specialty vehicle products, such as power management electronics, traction inverters, transmission shifters, and control systems; sensors, controls, and electro-mechanical actuation components used on commercial and military aircraft; and surface technology services including shot peening, laser peening, and engineered coatings. The Defense Electronics segment provides commercial off-the-shelf embedded computing board-level modules and processing equipment, data acquisition and flight test instrumentation equipment, integrated subsystems, instrumentation and control systems, tactical communications solutions; and electronic stabilization products, and weapons handling systems; avionics and electronics; flight test equipment; and aircraft data management solutions. The Naval & Power segment offers main coolant pumps, power-dense compact motors, generators, steam turbines, valves, and secondary propulsion systems; energy absorbers, retractable hook cable systems, net-stanchion systems and mobile systems to support fixed land-based arresting systems; hardware, valves, fastening systems, specialized containment doors, airlock hatches, and spent fuel management products; reactor coolant pumps and control rod drive mechanisms for commercial nuclear power plants, as well as various nuclear reactor technologies. This segment furnishes severe-service valve technologies and services, heat exchanger repair, and piping test and isolation products, and offers ship repair and maintenance for the U.S. navy. Curtiss-Wright Corporation was incorporated in 1929 and is headquartered in Davidson, North Carolina.

### Why customers stay

Margins ranged from 37% to 37.5% during 2023–25; it earns 26.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 37.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 37%.

- Source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 37.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.3026394621551378],[2018,0.31123049594961144],[2019,0.2727079954296045],[2020,0.1646170004345524],[2021,0.20465299047732877],[2022,0.20139479554719497],[2023,0.23813374796787015],[2024,0.25375531427411957],[2025,0.27922799830805817],[2026,0.3077535934874002]]; median 0.26323165485186206. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 37% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.37100786520583134],[2022,0.3733279885804793],[2023,0.3750573299177296]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 464.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 46776000; owner earnings 236561000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 52705000; owner earnings 262181000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 54964000; owner earnings 323734000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 69752000; owner earnings 340243000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 47499000; owner earnings 269796000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 41108000; owner earnings 336105000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 38217000; owner earnings 368158000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 44666000; owner earnings 426015000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 60974000; owner earnings 451671000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 89692000; owner earnings 519353000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,23067000],[2017,24740000],[2018,26328000],[2019,28200000],[2020,28175000],[2021,28660000],[2022,28779000],[2023,30249000],[2024,31656000],[2025,34727000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 464950000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CW.US SharesStats.PercentInsiders = 0.366 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.7% yearly over ten years; actual growth was 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.18488971767989715. Price 501.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.426222278225806 → FY2025 13.801201137360156. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $89.62 per share

- 2016-11: $100.52 per share

- 2016-12: $98.36 per share

- 2017-01: $98.06 per share

- 2017-02: $97.83 per share

- 2017-03: $91.26 per share

- 2017-04: $93.46 per share

- 2017-05: $90.03 per share

- 2017-06: $91.78 per share

- 2017-07: $96.42 per share

- 2017-08: $96.82 per share

- 2017-09: $104.54 per share

- 2017-10: $118.25 per share

- 2017-11: $124.20 per share

- 2017-12: $121.85 per share

- 2018-01: $130.66 per share

- 2018-02: $134.98 per share

- 2018-03: $135.07 per share

- 2018-04: $128.04 per share

- 2018-05: $127.25 per share

- 2018-06: $119.02 per share

- 2018-07: $133.03 per share

- 2018-08: $133.95 per share

- 2018-09: $137.42 per share

- 2018-10: $109.46 per share

- 2018-11: $110.40 per share

- 2018-12: $102.12 per share

- 2019-01: $113.52 per share

- 2019-02: $123.29 per share

- 2019-03: $113.34 per share

- 2019-04: $113.94 per share

- 2019-05: $111.49 per share

- 2019-06: $127.13 per share

- 2019-07: $126.91 per share

- 2019-08: $122.64 per share

- 2019-09: $129.37 per share

- 2019-10: $135.25 per share

- 2019-11: $137.31 per share

- 2019-12: $140.89 per share

- 2020-01: $145.43 per share

- 2020-02: $119.94 per share

- 2020-03: $92.41 per share

- 2020-04: $103.65 per share

- 2020-05: $100.30 per share

- 2020-06: $89.28 per share

- 2020-07: $89.12 per share

- 2020-08: $102.32 per share

- 2020-09: $93.26 per share

- 2020-10: $84.36 per share

- 2020-11: $115.26 per share

- 2020-12: $116.35 per share

- 2021-01: $103.79 per share

- 2021-02: $110.49 per share

- 2021-03: $118.60 per share

- 2021-04: $127.90 per share

- 2021-05: $125.32 per share

- 2021-06: $118.76 per share

- 2021-07: $118.30 per share

- 2021-08: $121.78 per share

- 2021-09: $126.18 per share

- 2021-10: $127.68 per share

- 2021-11: $125.82 per share

- 2021-12: $138.67 per share

- 2022-01: $132.79 per share

- 2022-02: $147.52 per share

- 2022-03: $150.16 per share

- 2022-04: $142.91 per share

- 2022-05: $141.98 per share

- 2022-06: $132.06 per share

- 2022-07: $143.44 per share

- 2022-08: $147.19 per share

- 2022-09: $139.16 per share

- 2022-10: $167.83 per share

- 2022-11: $176.65 per share

- 2022-12: $166.99 per share

- 2023-01: $165.80 per share

- 2023-02: $174.79 per share

- 2023-03: $176.26 per share

- 2023-04: $169.83 per share

- 2023-05: $158.06 per share

- 2023-06: $183.66 per share

- 2023-07: $191.36 per share

- 2023-08: $207.99 per share

- 2023-09: $195.63 per share

- 2023-10: $198.81 per share

- 2023-11: $213.90 per share

- 2023-12: $222.79 per share

- 2024-01: $222.57 per share

- 2024-02: $236.27 per share

- 2024-03: $255.94 per share

- 2024-04: $253.42 per share

- 2024-05: $282.82 per share

- 2024-06: $270.98 per share

- 2024-07: $294.70 per share

- 2024-08: $315.86 per share

- 2024-09: $328.69 per share

- 2024-10: $344.96 per share

- 2024-11: $373.63 per share

- 2024-12: $354.87 per share

- 2025-01: $346.94 per share

- 2025-02: $321.66 per share

- 2025-03: $317.27 per share

- 2025-04: $344.89 per share

- 2025-05: $440.11 per share

- 2025-06: $488.55 per share

- 2025-07: $490.22 per share

- 2025-08: $478.15 per share

- 2025-09: $542.94 per share

- 2025-10: $595.73 per share

- 2025-11: $564.29 per share

- 2025-12: $551.27 per share

- 2026-01: $656.69 per share

- 2026-02: $700.33 per share

- 2026-03: $681.12 per share

- 2026-04: $720.20 per share

- 2026-05: $747.61 per share

- 2026-06: $757.76 per share

- 2026-07: $724.00 per share

- 2026-08: $582.53 per share

- 2026-09: $543.82 per share

- 2026-10: $501.49 per share

## Annual estimated value (USD per share)

- FY2016: low $56.60 per share, central $62.83 per share, high $71.14 per share

- FY2017: low $62.59 per share, central $69.90 per share, high $79.62 per share

- FY2018: low $71.87 per share, central $81.07 per share, high $93.31 per share

- FY2019: low $80.92 per share, central $90.98 per share, high $104.38 per share

- FY2020: low $75.43 per share, central $85.34 per share, high $98.52 per share

- FY2021: low $93.34 per share, central $105.80 per share, high $122.39 per share

- FY2022: low $102.52 per share, central $115.92 per share, high $133.76 per share

- FY2023: low $119.47 per share, central $134.69 per share, high $154.95 per share

- FY2024: low $136.41 per share, central $154.06 per share, high $177.55 per share

- FY2025: low $155.05 per share, central $175.33 per share, high $202.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.