Business Description
Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services to the aerospace, defense, general industrial, and power generation markets worldwide. worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Aerospace & Industrial segment offers industrial vehicle products, such as electronic throttle control devices, joysticks, and transmission shifters; sensors, controls and electro-mechanical actuation components used in commercial and military aircraft; and surface technology services, including shot peening, laser peening, and coatings. The Defense Electronics segment provides commercial off-the-shelf embedded computing board-level modules, data acquisition and flight test instrumentation equipment, integrated subsystems, instrumentation and control systems, turret aiming and stabilization products, and weapons handling systems; avionics and electronics; flight test equipment; and aircraft data management solutions. The Naval & Power segment offers hardware, pumps, pump seals, control rod drive mechanisms, valves, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products for nuclear power plants and nuclear equipment manufacturers; and naval propulsion and auxiliary equipment, including coolant pumps, power-dense compact motors, generators, steam turbines, valves, and secondary propulsion systems, as well as ship repair and maintenance services primarily to the U.S. navy. Curtiss-Wright Corporation was founded in 1929 and is headquartered in Davidson, North Carolina.
Business History
Generated: Jun 7, 2026 5:11pmPrice Overview
Last updated: Jun 7, 2026 5:09pm (19d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 12.94
Total Equity: $2.53B
Shares: 37,631,000
Total Debt: $1.14B
Cash: $371.35M
EBITDA: $638.03M
Total Debt: $1.14B
Cash: $371.35M
Revenue: $3.50B
Revenue: $3.50B
Revenue: $3.50B
Total Equity: $2.53B
Tax Rate: 21.9%
Equity: $2.53B
Total Debt: $1.14B
Cash: $371.35M
Current Liabilities: $1.41B
Long-Term Debt: $936.35M
Total Debt: $1.14B
Total Equity: $2.53B
Shares: 37,631,000
Shares: 37,631,000
CapEx: -$89.69M
Shares: 37,631,000
Stock Price: $733.14
Net Income: $484.23M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 5:14pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.8B | $3.1B | $3.5B |
| Cost of Revenue | $1.6B | $1.6B | $1.8B | $2.0B | $2.2B |
| Gross Profit | $927.8M | $954.6M | $1.1B | $1.2B | $1.3B |
| Operating Expenses | $550.7M | $531.2M | $582.6M | $625.0M | $663.5M |
| Operating Income | $377.1M | $423.4M | $484.6M | $528.6M | $638.0M |
| Net Income | $262.8M | $294.3M | $354.5M | $405.0M | $484.2M |
| EBITDA | $503.6M | $548.2M | $630.6M | $674.6M | $638.0M |
| EPS | $6.61 | $7.67 | $9.26 | $10.61 | $12.94 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:11pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $171.0M | $257.0M | $406.9M | $385.0M | $371.3M |
| Total Current Assets | $1.3B | $1.5B | $1.7B | $1.8B | $2.0B |
| Total Assets | $4.1B | $4.4B | $4.6B | $5.0B | $5.2B |
| Current Liabilities | $734.9M | $981.0M | $806.5M | $1.1B | $1.4B |
| Long-Term Debt | $1.0B | $1.0B | $1.0B | $958.9M | $936.4M |
| Total Liabilities | $2.3B | $2.5B | $2.3B | $2.5B | $2.7B |
| Total Equity | $1.8B | $2.0B | $2.3B | $2.4B | $2.5B |
| Retained Earnings | $2.9B | $3.2B | $3.5B | $3.9B | $4.3B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 5:14pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $387.7M | $294.8M | $448.1M | $544.3M | $643.4M |
| Capital Expenditure | -$41.1M | -$38.2M | -$44.7M | -$61.0M | -$89.7M |
| Free Cash Flow | $346.6M | $256.6M | $403.4M | $483.3M | $553.7M |
| Acquisitions (net) | -$5.3M | -$287.5M | $0 | -$225.5M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$343.1M | -$56.9M | -$50.1M | -$250.0M | -$465.0M |
| Net Change in Cash | -$27.2M | $86.0M | $149.9M | -$21.8M | -$13.7M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:09pm (19d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$4.1B $4.0B – $4.2B
|
$4.4B $4.4B – $4.4B
|
$4.7B $4.7B – $4.8B
|
$5.1B $5.0B – $5.1B
|
| EBITDA |
$846.0M $831.4M – $860.5M
|
$916.5M $915.4M – $917.6M
|
$978.3M $967.2M – $987.3M
|
$1.0B $1.0B – $1.1B
|
| Net Income |
$632.6M $618.9M – $667.1M
|
$727.8M $718.2M – $737.3M
|
$793.6M $781.9M – $803.2M
|
$848.6M $836.1M – $858.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 5:14pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +2.2% | +11.3% | +9.7% | +12.1% |
| Gross Profit Growth | +2.9% | +11.8% | +8.1% | +12.8% |
| Operating Income Growth | +12.3% | +14.4% | +9.1% | +20.7% |
| Net Income Growth | +12.0% | +20.4% | +14.2% | +19.6% |
| EBITDA Growth | +8.9% | +15.0% | +7.0% | -5.4% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 5:14pm (19d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-15 | Watts John C | S-Sale | 200.00 | $770.56 | $154,112 |
| 2026-06-12 | Bamford Lynn M | S-Sale | 2,500.00 | $758.20 | $1.9M |
| 2026-06-09 | Ogilby Gary A | S-Sale | 399.00 | $721.95 | $288,058 |
| 2026-06-09 | Bamford Lynn M | S-Sale | 2,500.00 | $721.72 | $1.8M |
| 2026-05-29 | MINOR GLENDA J | A-Award | 20.00 | $747.61 | $14,952 |
| 2026-06-01 | Wallace Peter C | A-Award | 221.00 | $719.99 | $159,118 |
| 2026-05-27 | Watts John C | S-Sale | 220.00 | $752.91 | $165,640 |
| 2026-05-12 | MINOR GLENDA J | A-Award | 221.00 | $735.34 | $162,510 |
| 2026-05-07 | Lyash Jeffrey J. | A-Award | 48.00 | $0.00 | $0 |
| 2026-05-07 | Lyash Jeffrey J. | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Ogilby Gary A | S-Sale | 252.00 | $689.14 | $173,663 |
| 2026-03-18 | Farkas K Christopher | S-Sale | 1,265.00 | $689.69 | $872,458 |
| 2026-03-16 | Watts John C | M-Exempt | 512.00 | $0.00 | $0 |
| 2026-03-17 | Watts John C | S-Sale | 220.00 | $678.11 | $149,184 |
| 2026-03-16 | Watts John C | M-Exempt | 512.00 | $0.00 | $0 |
| 2026-03-16 | Freda Robert F | M-Exempt | 296.00 | $0.00 | $0 |
| 2026-03-17 | Freda Robert F | S-Sale | 140.00 | $678.61 | $95,005 |
| 2026-03-16 | Freda Robert F | M-Exempt | 296.00 | $0.00 | $0 |
| 2026-03-16 | Ogilby Gary A | M-Exempt | 400.00 | $0.00 | $0 |
| 2026-03-16 | Ogilby Gary A | M-Exempt | 400.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 5:09pm (19d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-15 | $0.26 | 2026-05-13 | 2026-06-15 | 2026-07-06 |
| 2026-03-26 | $0.24 | 2026-02-04 | 2026-03-26 | 2026-04-13 |
| 2025-11-28 | $0.24 | 2025-11-20 | 2025-11-28 | 2025-12-12 |
| 2025-09-26 | $0.24 | 2025-09-10 | 2025-09-26 | 2025-10-10 |
| 2025-06-16 | $0.24 | 2025-05-14 | 2025-06-16 | 2025-07-07 |
| 2025-03-27 | $0.21 | 2025-02-05 | 2025-03-27 | 2025-04-14 |
| 2024-11-22 | $0.21 | 2024-11-13 | 2024-11-22 | 2024-12-03 |
| 2024-09-27 | $0.21 | 2024-09-11 | 2024-09-27 | 2024-10-11 |
| 2024-06-17 | $0.21 | 2024-05-10 | 2024-06-17 | 2024-07-05 |
| 2024-03-27 | $0.20 | 2024-02-08 | 2024-03-28 | 2024-04-15 |
| 2023-11-21 | $0.20 | 2023-11-16 | 2023-11-22 | 2023-12-01 |
| 2023-09-28 | $0.20 | 2023-09-13 | 2023-09-29 | 2023-10-12 |
| 2023-06-15 | $0.20 | 2023-05-10 | 2023-06-16 | 2023-07-05 |
| 2023-03-30 | $0.19 | 2023-02-15 | 2023-03-31 | 2023-04-14 |
| 2022-11-22 | $0.19 | 2022-11-17 | 2022-11-23 | 2022-12-01 |
| 2022-09-29 | $0.19 | 2022-09-14 | 2022-09-30 | 2022-10-13 |
| 2022-06-16 | $0.19 | 2022-05-11 | 2022-06-17 | 2022-07-01 |
| 2022-03-30 | $0.18 | 2022-02-16 | 2022-03-31 | 2022-04-14 |
| 2021-11-23 | $0.18 | 2021-11-18 | 2021-11-24 | 2021-12-02 |
| 2021-09-29 | $0.18 | 2021-09-16 | 2021-09-30 | 2021-10-14 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw trajectory first: revenue went from $2.50B (2021) → $3.50B (2025), a 40% cumulative gain or ~8.8% CAGR (the "10.9%" cited looks like it uses a different window). Net income compounded harder: $263M → $484M, an 84% gain. Operating margin expanded from 15.1% to 18.2% — that's the real story, not top-line. Quarterly cadence shows Q1 2026 at $913.7M vs Q1 2025 at $805.6M, ~13.4% YoY, with margins holding at 14% net. This is a genuinely accelerating mature industrial, not a decelerating one — the "decelerating quarterly trend" tag is wrong; sequential Q4→Q1 dips are seasonal for defense. FCF of $554M on a $27B cap is a 2.0% FCF yield. That's the number that matters.
Now, the synthesis verdict — $293 fair value, ~60% downside — strikes me as dramatically too punitive, and the market-forces "cyclical peak earnings" framing is the kind of phrase analysts use when they can't justify a multiple but want to sound prudent. CW's margin expansion is structural (mix shift toward naval nuclear and Columbia/Virginia-class content, plus AP1000 small modular reactor optionality), not cyclical. The bear case requires defense budget contraction, which is inconsistent with every forward-looking budget marker through FY27. That said, the synthesis is directionally right that the multiple is rich: 52.9x TTM PE is absurd for a 10-12% grower even after you discount it as a TTM artifact — on FY25 earnings of $484M, you get 56x; on consensus-ish FY26 of ~$550M you're still at 49x. Even GE Aerospace and HEICO, the premium A&D comps, trade at 38-45x. CW historically traded 22-28x. Something is off in the canonical PE — but even haircut to a "normal" 35x earnings, fair value is closer to $500-540, not $293 and not $733.
The contrarian read that nobody articulated: the EV/EBITDA of 37x at a ~$27B EV implies ~$725M EBITDA, but operating income was $638M in 2025 with maybe $130-150M D&A, suggesting EBITDA closer to $780M and EV/EBITDA closer to 35x — still rich but the metric itself looks roughly correct. The bigger issue is that the narrative engine's "platform-monopoly" archetype is overstated; CW is a quality subsystems supplier but it is not Heico-class irreplaceable, and the AP1000/SMR nuclear story (a real driver of recent multiple expansion) is binary — if Westinghouse SMR deployment slips past 2030, the growth premium collapses. Insider activity shows consistent sales (no buys), which the "neutral" tag underweights; this is a stock where insiders are taking gains, not accumulating. Balance sheet data is incomplete (no debt figure shown) — CW carries ~$1.1B net debt historically, which I'd want confirmed before sizing.
Net: I dissent from the synthesis's $293 fair value as mechanically too harsh — it's a DCF using normalized growth that doesn't credit the nuclear optionality or the demonstrated margin expansion — but I agree directionally with the "overvalued" call. The market-forces and synthesis are both pointing the right direction with the wrong magnitudes. Fair value is roughly $520-580 on 30-35x FY26 EPS of ~$16-17, giving 20-30% downside, not 60%. At $733 you're paying for AP1000 to work, naval cycle to extend through 2030, and zero execution misses. The insider selling pattern and the gap between FCF yield (2%) and 10-year (~4.3%) reinforce that the cushion is gone. I'd wait for either a ~$580 re-entry or a concrete SMR contract catalyst before committing capital; a quality compounder bought at peak multiple is still a bad trade.
GPT Critique
Curtiss-Wright's performance over the past few years paints a picture of a reliable, albeit expensive, player in the aerospace and defense industry. The company's revenue growth from $2.50 billion in 2021 to $3.50 billion in 2025 represents a significant growth trajectory, with an annual growth rate of approximately 8.8%. Net income has also seen robust growth, increasing from $262.8 million to $484.2 million in the same period, indicating strong operational improvements and efficiency gains. The steady improvement in operating margins from 15.1% to 18.2% underscores this trend. The free cash flow generation of $553.7 million against a market cap of $27.08 billion, however, suggests a modest yield of around 2%, which seems low for a company trading at a substantial premium.
Opus's analysis suggests that the current valuation of Curtiss-Wright is overblown, arguing a fair value range of $520-580 compared to the current price of $733.14. I concur with Opus's assessment that the stock is overvalued, but I find the suggested fair value range to still be somewhat optimistic. Curtiss-Wright's P/E ratio of 52.9x, even when adjusted for forward earnings, remains significantly higher than industry norms, especially given the mid-tier contractor status of the company and its heavy reliance on continued defense spending. The market's valuation appears to be pricing in flawless execution and significant growth driven by strategic initiatives like the AP1000 SMR nuclear projects. However, these assumptions entail considerable risks, including geopolitical and budgetary uncertainties.
Where I diverge from Opus is in the interpretation of insider activity and the narrative intensity. Opus downplays the insider selling, which I believe could be a red flag indicating a lack of confidence in the current valuation from those with intimate knowledge of the company's prospects. Additionally, while Opus critiques the narrative positioning of Curtiss-Wright as a 'platform-monopoly,' I agree with this sentiment, noting that despite its strong positions in defense subsystems, it lacks the irreplaceable nature and extensive diversification of true industry giants. The reliance on a few key programs like the F-35 and potential nuclear projects could indeed be overstated in terms of their long-term durability and impact.
A skeptic might argue that both Opus and I are underestimating the company's strategic positioning and potential for long-term growth driven by its unique market position and product offerings. They could point to Curtiss-Wright's historical ability to expand margins and its strategic investments in growth areas like naval nuclear capabilities, suggesting these could provide exponential returns if global defense budgets continue expanding.