Woodward, Inc. (WWD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$2.45	$2.52	+2.9%	—	$1.1B	—
Q2 26	$2.09	$2.27	+8.6%	—	$1.1B	—
Q1 26	$1.65	$2.17	+31.5%	—	$996.5M	—
Q4 25	$1.89	$2.09	+10.6%	—	$995.3M	—
Q3 25	$1.64	$1.76	+7.3%	—	—	—
Q2 25	$1.46	$1.69	+15.8%	—	—	—
Q1 25	$1.2	$1.35	+12.5%	—	—	—
Q4 24	$1.26	$1.41	+11.9%	—	—	—
Q3 24	$1.52	$1.63	+7.2%	—	—	—
Q2 24	$1.34	$1.62	+20.9%	—	—	—
Q1 24	$1.15	$1.45	+26.1%	—	—	—
Q4 23	$1.31	$1.33	+1.5%	—	—	—
Q3 23	$1	$1.37	+37.0%	—	$800.7M	—
Q2 23	$0.72	$1.01	+40.3%	—	$718.2M	—
Q1 23	$0.63	$0.49	-22.2%	—	$618.6M	—
Q4 22	$0.76	$0.84	+10.5%	—	$640M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.42	—	—	$3.6B	—
FY24	—	$6.21	—	—	$3.3B	—
FY23	—	$3.88	—	—	$2.9B	—
FY22	—	$2.79	—	—	$2.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.1B	$2.3B	$2.9B	$2.5B	$2.2B	$2.4B	$2.9B	$3.3B	$3.6B
YoY change	-0.75%	+3.74%	+10.8%	+24.7%	-13.9%	-10%	+6.1%	+22.3%	+14.1%	+7.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.1B	2.3B	2.9B	2.5B	2.2B	2.4B	2.9B	3.3B	3.6B
Cost of revenue	1.5B	1.5B	1.7B	2.2B	1.9B	1.7B	1.9B	2.2B	2.4B	2.6B
Gross profit	539.1M	571.1M	603.1M	707.5M	640.2M	551.1M	525.3M	677.6M	876.5M	956.3M
Gross margin	26.6%	27.2%	25.9%	24.4%	25.7%	24.5%	22%	23.2%	26.4%	26.8%
Research & development	126.2M	126.5M	148.3M	159.1M	133.1M	117.1M	119.8M	132.1M	140.7M	147.6M
Selling, general & administrative	174M	177.3M	193.7M	211.2M	217.7M	186.9M	203M	269.7M	307.5M	—
Operating expenses	300.2M	303.8M	342M	370.3M	350.8M	304M	322.8M	401.8M	448.2M	147.6M
Operating income	238.9M	267.3M	261.1M	337.2M	289.4M	247.1M	202.5M	275.8M	428.3M	478.9M
Operating margin	11.8%	12.7%	11.2%	11.6%	11.6%	11%	8.5%	9.46%	12.9%	13.4%
Non-operating income, net	12.3M	19.4M	-2.7M	26M	26.5M	31.5M	30.1M	45.1M	67.2M	84M
Pretax income	226.5M	252.7M	219.6M	320.6M	281.9M	245.8M	199.9M	275.8M	454M	521.4M
Income tax	45.6M	52.2M	39.2M	61M	41.5M	37.1M	28.2M	43.4M	81M	79.3M
Net income	180.8M	200.5M	180.4M	259.6M	240.4M	208.6M	171.7M	232.4M	373M	442.1M
Net margin	8.94%	9.55%	7.76%	8.95%	9.63%	9.29%	7.21%	7.97%	11.2%	12.4%
EBITDA	316.8M	363.9M	396M	507.6M	451.5M	405.2M	356.2M	446.8M	606.3M	657.5M
EPS	2.92	3.27	2.93	4.19	3.86	3.3	2.79	3.88	6.21	7.42
Diluted EPS	2.85	3.16	2.82	4.02	3.74	3.18	2.71	3.78	6.01	7.19

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	—	—	—	—	—	—	—	—	995.3M	996.5M	1.1B	1.1B
Cost of revenue	—	—	—	—	—	—	—	—	717.9M	704.3M	774.7M	759.8M
Gross profit	189.6M	204.3M	234.4M	230M	207.8M	189.6M	240.1M	249.2M	277.4M	292.2M	315.9M	349.9M
Gross margin	—	—	—	—	—	—	—	—	27.9%	29.3%	29%	31.5%
Research & development	—	—	—	—	—	—	—	—	39M	37.8M	46.1M	49.3M
Selling, general & administrative	—	—	—	—	—	—	—	—	87.6M	95M	102.3M	106.5M
Operating expenses	—	—	—	—	—	—	—	—	126.6M	132.7M	148.4M	155.8M
Operating income	—	—	—	—	—	—	—	—	150.8M	159.4M	167.5M	194.1M
Operating margin	—	—	—	—	—	—	—	—	15.1%	16%	15.4%	17.5%
Non-operating income, net	—	—	—	—	—	—	—	—	18.3M	19.4M	11.2M	13.6M
Pretax income	—	—	—	—	—	—	—	—	159.8M	169.2M	167.4M	193.5M
Income tax	—	—	—	—	—	—	—	—	22.1M	35.4M	33.4M	46.8M
Net income	—	—	—	—	—	—	—	—	137.6M	133.7M	134M	146.7M
Net margin	—	—	—	—	—	—	—	—	13.8%	13.4%	12.3%	13.2%
EBITDA	—	—	—	—	—	—	—	—	197.9M	207.9M	217.6M	245.2M
EPS	1.38	1.5	1.61	1.69	1.4	1.47	1.83	1.82	2.3	2.23	2.25	2.47
Diluted EPS	1.33	1.46	1.56	1.63	1.36	1.42	1.78	1.76	2.23	2.17	2.19	2.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.9B	4.8B	5B	6.7B	5B	7.2B	4.9B	7.4B	10.3B	15.1B	19.2B
Enterprise value	4.5B	5.3B	6.1B	7.7B	5.7B	7.5B	5.6B	8B	10.9B	15.4B	20.4B
Shares outstanding	61.9M	61.4M	61.5M	62M	62.3M	63.3M	61.5M	59.9M	60.1M	59.6M	59.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.4	23.8	27.6	25.7	20.8	34.3	28.8	32	27.6	34	36.8
P/S	1.91	2.27	2.14	2.3	2	3.19	2.07	2.55	3.1	4.22	4.65
P/B	3.19	3.47	3.23	3.87	2.5	3.23	2.6	3.59	4.73	5.87	7.79
EV/EBITDA	14.2	14.5	15.5	15.1	12.6	18.4	15.8	18	18	23.5	25.4
EV/Sales	2.23	2.52	2.64	2.64	2.28	3.32	2.36	2.76	3.28	4.33	4.87
Earnings yield	4.68%	4.21%	3.63%	3.89%	4.82%	2.91%	3.48%	3.12%	3.62%	2.94%	2.72%
FCF yield	6.72%	4.52%	3.46%	4.36%	6.06%	5.96%	2.85%	3.12%	3.33%	2.26%	0.97%
PEG	—	—	—	—	—	—	—	—	—	—	1.03

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.6%	27.2%	25.9%	24.4%	25.7%	24.5%	22%	23.2%	26.4%	26.8%	31.5%
Operating margin	11.8%	12.7%	11.2%	11.6%	11.6%	11%	8.5%	9.46%	12.9%	13.4%	17.8%
Net margin	8.94%	9.55%	7.76%	8.95%	9.63%	9.29%	7.21%	7.97%	11.2%	12.4%	13.2%
ROE	14.9%	14.6%	11.7%	15%	12.1%	9.42%	9.03%	11.2%	17.1%	17.2%	22.3%
ROA	6.84%	7.27%	4.76%	6.56%	6.16%	5.1%	4.51%	5.79%	8.54%	9.55%	8.62%
ROIC	10.3%	11.2%	7.93%	10.1%	9.15%	8.33%	6.71%	8.69%	12.6%	13.7%	16%
Return on tangible assets	15.9%	15.4%	23.7%	22.8%	22.4%	15.3%	12.8%	15.3%	19.9%	21%	22%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.97	2.39	1.89	1.8	3.09	4	2.43	2.38	1.89	2.08	1.65
Quick ratio	1	1.28	0.96	1.07	1.97	2.85	1.48	1.54	1.23	1.36	1.14
Debt / equity	0.6	0.45	0.81	0.63	0.43	0.34	0.42	0.36	0.41	0.28	0.56
Debt / assets	0.28	0.22	0.33	0.27	0.22	0.18	0.21	0.19	0.2	0.16	0.26
Net debt / EBITDA	2.04	1.44	2.94	1.95	1.56	0.75	1.94	1.35	1.01	0.6	1.02
Interest coverage	9.46	8.09	6.43	8.29	8.87	8.17	6.79	6.76	10.5	12.4	15.5
Effective tax rate	20.2%	20.7%	17.9%	19%	14.7%	15.1%	14.1%	15.7%	17.8%	15.2%	20%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	32.7	34.2	37.8	46.8	40.1	35.5	38.7	48.7	55.3	59.9	70.2
EPS (basic)	2.92	3.27	2.93	4.19	3.86	3.3	2.79	3.88	6.21	7.42	7.42
EPS (diluted)	2.85	3.16	2.82	4.02	3.74	3.18	2.71	3.78	6.01	7.19	8.98
Book value per share	19.6	22.3	25	27.9	32	35	30.9	34.6	36.2	43.1	42.4
FCF per share	4.2	3.51	2.8	4.71	4.86	6.75	2.29	3.87	5.71	5.71	6.17
Cash per share	1.31	1.43	1.3	1.58	2.41	7.06	1.75	2.29	4.7	5.5	8.04
Capex per share	2.84	1.5	2.07	1.6	0.76	0.6	0.86	1.28	1.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.68%	4.4%	5.47%	3.42%	1.89%	1.68%	2.22%	2.62%	2.9%	—	—
Capex / operating cash flow	92.6%	29.7%	42.3%	25.5%	9.07%	9.25%	73%	31.9%	25.6%	—	—
Payout ratio	14.7%	14.8%	18.9%	15%	15.7%	17.3%	26.2%	22%	15.6%	14.7%	13.4%
Dividend yield	0.69%	0.62%	0.68%	0.58%	0.75%	0.5%	0.91%	0.69%	0.57%	0.43%	0.39%

Yield

0.39%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Nov 19, 2026

Payout ratio

13%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 19, 2026upcoming	$0.32
Aug 20, 2026	$0.32
May 21, 2026	$0.32

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	—	—	—	—	—	—	—	—	$995.3M	$996.5M	$1.1B	$1.1B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	81.1M	87.6M	80M	97.6M	149.8M	446.6M	107.8M	137.4M	282.3M	327.4M
Receivables	341.2M	367.7M	422.8M	381.9M	356.2M	322.1M	368.8M	485.2M	457.2M	477.3M
Inventory	461.7M	473.5M	549.6M	516.8M	437.9M	420M	514.3M	517.8M	609.1M	654.6M
Total current assets	944.4M	1B	1.1B	1.3B	1.2B	1.5B	1.3B	1.5B	1.7B	1.9B
Property, plant & equipment	348.6M	407.6M	494.9M	471.2M	445.9M	396.9M	355.1M	323.4M	340.8M	360.5M
Goodwill & intangibles	1.5B	1.5B	3B	2.8B	2.8B	2.7B	2.5B	2.5B	2.5B	2.5B
Total assets	2.6B	2.8B	3.8B	4B	3.9B	4.1B	3.8B	4B	4.4B	4.6B
Accounts payable	169.4M	232.8M	226.3M	240.5M	134.2M	170.9M	230.5M	234.3M	287.5M	289.4M
Short-term debt	150M	32.6M	153.6M	220M	101.6M	728K	67.7M	75.8M	302.7M	245.2M
Total current liabilities	480.6M	427.2M	591.2M	707.4M	392.3M	366.3M	539.1M	617.2M	923.5M	907.4M
Long-term debt	577.2M	580.3M	1.1B	864.9M	751.4M	748.9M	731.2M	666.4M	592.4M	477.2M
Total liabilities	1.4B	1.4B	2.3B	2.2B	1.9B	1.9B	1.9B	1.9B	2.2B	2.1B
Shareholders' equity	1.2B	1.4B	1.5B	1.7B	2B	2.2B	1.9B	2.1B	2.2B	2.6B
Total debt	727.2M	612.9M	1.2B	1.1B	853.1M	749.6M	798.9M	742.2M	895.1M	722.4M
Net debt	646.1M	525.3M	1.2B	987.3M	703.3M	303.1M	691M	604.8M	612.9M	395M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	137.4M	144.3M	316.9M	308.3M	282.3M	283.7M	364.1M	473.2M	327.4M	454.2M	501.2M	474.9M
Receivables	485.2M	483.7M	530.1M	442M	457.2M	367.1M	495.7M	475.3M	477.3M	413.8M	536.5M	617.9M
Inventory	517.8M	559.7M	580.4M	615M	609.1M	632M	634.5M	657.1M	654.6M	689.2M	704.5M	724.8M
Total current assets	1.5B	1.5B	1.8B	1.8B	1.7B	1.7B	1.9B	2.1B	1.9B	2B	2.3B	2.3B
Property, plant & equipment	323.4M	339.5M	330.1M	326.3M	340.8M	325.8M	322.1M	324.8M	360.5M	371.6M	395.6M	442.2M
Goodwill & intangibles	2.5B	2.5B	2.5B	2.5B	2.5B	2.4B	2.4B	2.5B	2.5B	2.5B	2.5B	2.7B
Total assets	4B	4.1B	4.4B	4.3B	4.4B	4.3B	4.5B	4.7B	4.6B	4.7B	5B	5.2B
Accounts payable	234.3M	253.4M	258.7M	255.4M	287.5M	224M	269.3M	284M	289.4M	270M	305.9M	329M
Short-term debt	75.8M	65.8M	142M	360.5M	302.7M	419M	422.1M	429M	245.2M	431M	669.9M	724.2M
Total current liabilities	617.2M	582.8M	691.9M	913.1M	923.5M	914.8M	979.7M	1B	907.4M	999.1M	1.3B	1.4B
Long-term debt	666.4M	673.3M	668.2M	585M	592.4M	502.3M	510.1M	524M	477.2M	476.1M	472.4M	635.8M
Total liabilities	1.9B	1.9B	2B	2.2B	2.2B	2.1B	2.2B	2.2B	2.1B	2.1B	2.4B	2.7B
Shareholders' equity	2.1B	2.2B	2.3B	2.2B	2.2B	2.2B	2.3B	2.5B	2.6B	2.6B	2.5B	2.5B
Total debt	742.2M	739.1M	810.2M	945.5M	895.1M	921.3M	932.1M	953M	722.4M	907.1M	1.1B	1.4B
Net debt	604.8M	594.8M	493.3M	637.2M	612.9M	637.6M	568M	479.9M	395M	452.9M	641.1M	885.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	180.8M	200.5M	180.4M	259.6M	240.4M	208.6M	171.7M	232.4M	373M	442.1M
Depreciation & amortization	69M	80.9M	116.1M	142M	131.2M	129.5M	120.6M	119.7M	116.2M	113.3M
Stock-based compensation	15.1M	17.3M	18.2M	18.1M	22.9M	21.5M	20.1M	23.4M	33.1M	31.7M
Change in working capital	-22.5M	-10.3M	16.2M	-21M	123.2M	59.6M	-216.8M	-95.7M	-101.7M	-101.5M
Operating cash flow	189.8M	311.1M	300.4M	388.7M	519M	407.3M	72.5M	239.6M	375.9M	471.3M
Capital expenditure	-175.7M	-92.3M	-127.1M	-99.1M	-47.1M	-37.7M	-52.9M	-76.5M	-96.3M	—
Investing cash flow	-173.9M	-91.9M	-896.6M	-102.5M	-6.9M	-35.3M	-65.4M	-73.6M	-89.2M	11.4M
Dividends paid	-26.6M	-29.7M	-34M	-39.1M	-37.7M	-36M	-45M	-51M	-58.3M	-65M
Share repurchases	-125.5M	-71.8M	0	-110.3M	-13.3M	-33.3M	-485.3M	-126.4M	-390.8M	-172.9M
Financing cash flow	-1.2B	-1.8B	-1.1B	-2B	-1.8B	-210.7M	-375.6M	-263.3M	-218M	-313.9M
Net change in cash	-1.1B	-1.6B	-1.7B	-1.7B	-1.3B	161.3M	-368.6M	-97.2M	68.6M	168.7M
Free cash flow	259.7M	215.2M	172.2M	291.5M	302.4M	427M	140.8M	232M	342.8M	340.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	82.7M	90M	97.6M	102.1M	83.3M	87.1M	108.9M	108.4M	137.6M	133.7M	134M	146.7M
Depreciation & amortization	30.4M	28.8M	29.2M	28.8M	29.3M	27.9M	27.6M	28.7M	29.2M	29M	29.9M	32.1M
Stock-based compensation	4M	4.9M	15M	8M	5.1M	6.7M	12.7M	6.1M	6.2M	7M	14.1M	7.5M
Change in working capital	31.5M	-45.4M	-87.3M	6.6M	24.4M	18.3M	-141.2M	-44.6M	66M	-53.2M	-174.8M	-86.5M
Operating cash flow	108M	78.5M	54.4M	145.5M	97.5M	138.4M	8M	98.6M	233.3M	114.4M	90.8M	146.7M
Capital expenditure	-19.4M	-41.8M	-14.5M	-15.9M	-24.1M	-33.6M	-18.4M	-26.5M	—	—	—	—
Investing cash flow	-19.3M	-41.8M	-13.9M	-18.6M	-21M	-32.1M	25M	-23.4M	-39.6M	-4.2M	1.4M	4.1M
Dividends paid	-13.3M	-13.2M	-15.1M	-15.1M	-14.8M	-14.8M	-16.7M	-16.7M	-16.8M	-16.8M	-19.1M	-19M
Share repurchases	-100M	0	0	-304.8M	-86M	-35.5M	-44M	-44.8M	-48.6M	-129.4M	-225.9M	-198.1M
Financing cash flow	-921.3M	-671.6M	-645.6M	-725.6M	-863.3M	-607.9M	-715.8M	-524.3M	-615.8M	-933.8M	-501.1M	-1.3B
Net change in cash	-832.7M	-634.9M	-605.1M	-598.6M	-786.8M	-501.6M	-682.7M	-449.1M	-422.1M	-823.6M	-408.9M	-1.1B
Free cash flow	133.6M	5M	82.8M	137.3M	117.7M	942K	59.4M	99.1M	180.9M	70.3M	38.2M	87.1M

Date	Ratio
Feb 15, 2008	2:1
Feb 15, 2006	3:1
Feb 10, 1997	4:1

Woodward, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history