At a glance
Woodward Inc is worth $17.95B, about 42 times its fiscal 2025 earnings. Revenue grew 7.3% to $3.57B in fiscal 2025, with 12.4% kept as profit; over 5 years it has grown 7.4% a year. It pays a 0.41% dividend yield, raised every year for at least 4 years, and returned $1.46B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.2% over the past year with dividends reinvested and +22.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.5% in the 2020 crash (S&P 500: 33.7%) and 37.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 10 months after the lows.
The business in plain English
Woodward, founded in 1870 and based in Fort Collins, Colorado, designs, makes and services control systems for aircraft and industrial equipment. Its products manage fuel, air, combustion, motion and electricity so engines and turbines run more efficiently, reliably and cleanly. Its main customers are original equipment manufacturers (OEMs), the companies that build engines, aircraft and machinery. It also earns money from services: repair, overhaul and replacement parts for installed products.
Aerospace is the larger segment: $2.31 billion, or 64.8% of $3.57 billion in sales, for the fiscal year ended September 30, 2025. It makes fuel pumps and nozzles, valves, actuators (mechanisms that move parts) and thrust reverser systems for airliners such as the Airbus A320neo, Boeing 737 MAX and Boeing 787. It also supplies defense programs including the F-35 fighter, Blackhawk and Apache helicopters and guided weapons. RTX, GE Aerospace and Boeing each accounted for at least 10% of segment sales.
Industrial brought in $1.25 billion, or 35.2% of sales. It supplies valves, pumps, fuel injection, ignition and control systems for gas and steam turbines, compressors and piston engines. That equipment generates power, produces oil and gas, and drives ships and locomotives. Rolls-Royce, Caterpillar and GE Vernova each accounted for at least 10% of segment sales. By region, the US took 53.7% of sales, Europe outside Germany 15.9%, China 8% and Germany 7.7%.
Price history
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WWD +16.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Aerospace | $2.31B | 64.8% |
| Industrial | $1.25B | 35.2% |
By geography
| US | $1.91B | 53.7% |
| Europe Excluding Germany | $565.6M | 15.9% |
| CN | $285.9M | 8% |
| Other Countries | $276.7M | 7.8% |
| DE | $275.4M | 7.7% |
| Asia Excluding China | $249.2M | 7% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $1.11B, up 21.2% from a year earlier, and net income was $146.7M (+35.2%).
- For fiscal 2025, revenue was $3.57B (+7.3% year over year; +7.4% a year from FY2020 to FY2025) with a 12.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.4% good |
|---|---|
| Free cash flow margin | 9.5% watch |
| Return on equity (FY2025) | 17.2% good |
| Return on assets (FY2025) | 9.5% good |
| Net cash (cash minus debt) | $-867.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.50B | $240.4M | $302.4M |
| FY2021 | $2.25B | $208.6M | $427.0M |
| FY2022 | $2.38B | $171.7M | $140.8M |
| FY2023 | $2.91B | $232.4M | $232.0M |
| FY2024 | $3.32B | $373.0M | $342.8M |
| FY2025 | $3.57B | $442.1M | $340.4M |
Valuation snapshot
| Market value | $17.95B |
|---|---|
| P/E ratio | 42.3 |
| Dividend yield | 0.41% |
Rank among 1514 US companies
Market value at each year end
Woodward’s market value went from $4.26B at the end of 2016 to $17.95B on Oct 28, 2026, about 4.2 times as much; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $17.95B | -0.8% |
| 2025 | $18.10B | +83.9% |
| 2024 | $9.84B | +20.4% |
| 2023 | $8.17B | +41.5% |
| 2022 | $5.77B | -16.4% |
| 2021 | $6.90B | -9.5% |
| 2020 | $7.63B | +4.0% |
| 2019 | $7.34B | +59.9% |
| 2018 | $4.59B | -2.1% |
| 2017 | $4.69B | +10.2% |
| 2016 | $4.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WWD price data to Oct 28, 2026 | +0.8% | +16.2% | +37.2% | +22.8% | +18.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.8% |
| 2025 | +82.6% |
| 2024 | +23.0% |
| 2023 | +42.0% |
| 2022 | -11.1% |
| 2021 | -9.4% |
| 2020 | +3.2% |
| 2019 | +60.4% |
| 2018 | -2.2% |
| 2017 | +11.7% |
| 2016 | +40.1% |
| 2015 | +1.7% |
| 2014 | +8.7% |
| 2013 | +20.6% |
| 2012 | -6.0% |
| 2011 | +9.8% |
| 2010 | +47.0% |
| 2009 | +13.2% |
| 2008 | -31.8% |
| 2007 | +72.5% |
| 2006 | +39.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.3% over that stretch · deepest drop along the way 83.2%, back to its old high 57.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58% over that stretch · deepest drop along the way 58.5%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.1% over that stretch · deepest drop along the way 37.2%, back to its old high 10 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 62 sales ($17.5M), 58 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 4, 2026 | Daniel G. Korte Director | sell | $1.9M |
| Jun 4, 2026 | Daniel G. Korte Director | sell | $1.3M |
| Jun 4, 2026 | Daniel G. Korte Director | sell | $1.1M |
| Jun 4, 2026 | Daniel G. Korte Director | sell | $905K |
| Jul 31, 2026 | Shawn M McLevige EVP and President, Aerospace | sell (plan) | $767K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Eagle Capital Management, LLC | 4.13% | Mar 31, 2026 |
| Capital Research Global Investors | 2.8% | Dec 31, 2024 |
ETFs with the most weight in WWD
| XAR SPDR S&P Aerospace & Defense ETF | 3.79% |
| SCAP Infrastructure Capital Small Cap Income ETF | 3.54% |
| GCAD Gabelli Commercial Aerospace and Defense ETF | 3.15% |
| MISL First Trust Indxx Aerospace & Defense ETF | 2.73% |
| EAGL Eagle Capital Select Equity ETF | 2.67% |
| ITA iShares U.S. Aerospace & Defense ETF | 1.95% |
| FSCS First Trust SMID Capital Strength ETF | 1.01% |
| PPA Invesco Aerospace & Defense ETF | 0.95% |
What could go wrong
- A few customers drive much of sales. In fiscal 2025, Woodward's five largest customers made up about 36% of sales and 34% of money owed to it. If one switched suppliers, built parts in-house or struggled financially, sales could drop sharply.
- GE Aerospace venture may limit new business. Woodward has had a joint venture with GE Aerospace since 2016. With fewer engine makers, winning work from GE's rivals may be harder, and if GE misses new engine programs, Woodward may too.
- Exposure to U.S. government spending. Woodward contracts with every U.S. military branch, NASA and other agencies. Budget cuts or delays could reduce orders, and government contracts bring strict rules on cost, pricing and export of technology.
- Industrial sales tied to energy markets. Industrial products serve power plants, oil and gas, and mining. Long stretches of low oil and gas prices, a jump in fossil fuel costs, or weaker emission rules (which spur some sales) could cut demand.
- Parts shortages and single-source suppliers. Woodward has faced shortages of some parts and raw materials. For some items it relies on a single supplier, so a supplier's failure, tariffs or a disaster could delay deliveries and squeeze margins.
- Debt and loan restrictions. As of June 30, 2026, Woodward had about $1.34 billion of debt and $475 million of cash and investments. Covenants (conditions lenders set) could limit how it runs the business or pursues its plans.
Recent events
- Restructuring or exit costs; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Other company announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Woodward pays a small dividend. The yield was 0.41% as of October 28, 2026, so most of any return has to come from share price gains. Regular dividends per share rose from $0.605 in fiscal 2020 to $1.09 in fiscal 2025 (years ending September 30), about 12.5% a year. That includes four straight increases after a dip in fiscal 2021. The payout was modest: 14.7% of fiscal 2025 earnings and 19.1% of free cash flow (cash left after capital spending). Buybacks were far larger: about $1.21 billion from fiscal 2021 to 2025, versus $255 million in dividends. The share count fell 7.2% between July 2021 and July 2026.
The shares have fallen hard in downturns. They dropped 83.2% from August 2008 to March 2009 and took about 58 months to recover. They fell 58.5% in the 2020 COVID crash and recovered in about nine months. In the 2022 bear market they fell 37.2% and recovered in about ten. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Woodward make money?
Woodward makes money by designing, building and servicing control systems that manage fuel, air, combustion, motion and electricity in aircraft, turbines and large engines. In the fiscal year ended September 30, 2025, Aerospace brought in $2.31 billion, or 64.8% of $3.57 billion in sales, and Industrial brought in $1.25 billion, or 35.2%. Net income was $442 million, or 12.4% of sales. It sells mainly to equipment makers and also earns money from repairs, overhauls and spare parts for products already in service.
Does Woodward raise its dividend every year?
Not always. Regular dividends per share rose in each of the four fiscal years through 2025, from about $0.57 in fiscal 2021 to $1.09 in fiscal 2025. That came after a dip from $0.605 in fiscal 2020. From fiscal 2020 to 2025 the dividend grew about 12.5% a year. It is still small: the yield was 0.41% as of October 28, 2026, and the fiscal 2025 dividend used only 14.7% of earnings.
Who are Woodward's biggest customers?
Woodward's biggest customers are large engine, aircraft and equipment makers. In fiscal 2025, RTX, GE Aerospace and Boeing each made up at least 10% of Aerospace segment sales. Rolls-Royce, Caterpillar and GE Vernova each did so in the Industrial segment. No single customer reached 10% of total sales, but the five largest together accounted for about 36%. Some customers, including RTX, also compete with Woodward, and many OEMs can make similar parts themselves.
How has Woodward stock performed over the long term?
Strongly over long periods, but with big swings. As of October 28, 2026, the share price had risen an average of 22.8% a year over five years and 18.6% a year over ten. It gained 82.6% in calendar 2025 but was up only 0.8% for 2026 through October 28, which included a 25.9% fall in the three months to that date. The price-to-earnings ratio (share price divided by yearly profit per share) was 42.3, based on fiscal 2025 earnings.
How much debt does Woodward have?
About $1.34 billion of total debt as of June 30, 2026, against $475 million in cash and investments. That leaves net debt (debt minus cash) of roughly $867 million, compared with $2.47 billion of shareholders' equity. The company reported new debt or financial obligations in filings dated May 28 and August 21, 2026. Its annual report warns that loan covenants, the conditions lenders attach, could limit how it runs the business or pursues its strategy.