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Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 2.5B | 2.56B▲ | 2.85B▲ | 3.12B▲ | 3.5B▲ |
| Net Income | 262.83M | 294.35M▲ | 354.51M▲ | 404.98M▲ | 484.23M▲ |
| EPS | $6.47 | $7.62▲ | $9.20▲ | $10.55▲ | $12.87▲ |
| Free Cash Flow | 346.56M | 256.56M▼ | 403.42M▲ | 483.3M▲ | 553.71M▲ |
| Capex | 41.11M | 38.22M▼ | 44.67M▲ | 60.97M▲ | 89.69M▲ |
| Diluted Shares | 40.6M | 38.65M▼ | 38.53M▼ | 38.37M▼ | 37.63M▼ |
| Net Debt Issuance | 0 | 300M▲ | 0▼ | 0 | — |
| Net Equity Issuance | -343.13M | -56.87M▲ | -50.14M▲ | -250M▼ | -464.95M▼ |
| SBC | 13.45M | 15.38M▲ | 16.8M▲ | 18.89M▲ | 21.52M▲ |
Analyst Consensus
Estimate Revisions
Estimates stable
Earnings Track Record
Beat estimates 8 of last 8 quarters
Avg surprise: +6.5%
Growth
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
November 4, 2026
Last earnings
August 5, 2026
AI Summary
Curtiss-Wright Corporation operates in the defense sector, specifically focusing on advanced photonics applications and directed energy weapons. They integrate these advanced technologies into defense systems, enabling greater efficiency and effectiveness in military operations.
The bull case for Curtiss-Wright hinges on its entrenched position in the defense supply chain and its growing market reach. The company benefits from a sizable defense budget allocation as global geopolitical tensions push governments to invest more in advanced military technologies, including photonics and directed energy weapons. Revenue has shown a healthy uptick with a 22% growth from FY2023 to FY2025, indicating strong demand for their products. Additionally, its diverse application across defense systems gives it a competitive edge in securing long-term contracts with significant players within the military-industrial complex.
However, the bear case points to several red flags, including a high valuation that already prices in robust growth expectations. At a P/E of 54.0 and a P/FCF of 55.1, the current valuation seems stretched. Moreover, any cuts to defense budgets or delays in government contracts could significantly impact future revenue. The concentrated nature of their client base, primarily defense institutions, could expose the company to risk should any contracts fail to materialize.
Curtiss-Wright shows a solid trajectory with revenues climbing from $2.8 billion in FY2023 to nearly $3.5 billion in FY2025. The net income increased proportionally, improving EPS from $0.79 in FY2023 to $12.87 in FY2025. Free cash flow follows this upward pattern, reflecting a strong conversion of sales to cash. Gross margins, although stable, indicate that achieving higher efficiencies in the cost structure could further enhance profitability.
The company trades at lofty multiples, with a P/E of 54.0, signaling the market's high growth expectations for Curtiss-Wright. This premium valuation suggests that much of the future growth potential is already priced in. When compared to peers such as AeroVironment and Axon Enterprise, Curtiss-Wright carries one of the highest valuation multiples in the sector, raising concerns about overvaluation relative to its growth prospects.
Curtiss-Wright's exposure to defense budgets means any geopolitical slowdowns or shifts in defense spending could directly affect revenue streams. Additionally, technological advancements by competitors or breakthroughs in alternatives to photonics and directed energy could disrupt their current market stronghold. Lastly, potential supply chain disruptions or scarcity in critical raw materials could impact production timelines and costs.
In the near term, keep an eye on new defense contracts or expansions of existing ones as these are critical for revenue growth. Additionally, any announcements or discussions around increased defense budgets, particularly in cutting-edge technologies like directed energy, will be vital indicators of future business strength. Watch for financial reports that could shed light on the company's margin trajectory and operational efficiency improvements.
Last updated: April 4, 2026
Curtiss-Wright Corporation operates in the defense sector, specifically focusing on advanced photonics applications and directed energy weapons. They integrate these advanced technologies into defense systems, enabling greater efficiency and effectiveness in military operations.
The bull case for Curtiss-Wright hinges on its entrenched position in the defense supply chain and its growing market reach. The company benefits from a sizable defense budget allocation as global geopolitical tensions push governments to invest more in advanced military technologies, including photonics and directed energy weapons. Revenue has shown a healthy uptick with a 22% growth from FY2023 to FY2025, indicating strong demand for their products. Additionally, its diverse application across defense systems gives it a competitive edge in securing long-term contracts with significant players within the military-industrial complex.
However, the bear case points to several red flags, including a high valuation that already prices in robust growth expectations. At a P/E of 54.0 and a P/FCF of 55.1, the current valuation seems stretched. Moreover, any cuts to defense budgets or delays in government contracts could significantly impact future revenue. The concentrated nature of their client base, primarily defense institutions, could expose the company to risk should any contracts fail to materialize.
Curtiss-Wright shows a solid trajectory with revenues climbing from $2.8 billion in FY2023 to nearly $3.5 billion in FY2025. The net income increased proportionally, improving EPS from $0.79 in FY2023 to $12.87 in FY2025. Free cash flow follows this upward pattern, reflecting a strong conversion of sales to cash. Gross margins, although stable, indicate that achieving higher efficiencies in the cost structure could further enhance profitability.
The company trades at lofty multiples, with a P/E of 54.0, signaling the market's high growth expectations for Curtiss-Wright. This premium valuation suggests that much of the future growth potential is already priced in. When compared to peers such as AeroVironment and Axon Enterprise, Curtiss-Wright carries one of the highest valuation multiples in the sector, raising concerns about overvaluation relative to its growth prospects.
Curtiss-Wright's exposure to defense budgets means any geopolitical slowdowns or shifts in defense spending could directly affect revenue streams. Additionally, technological advancements by competitors or breakthroughs in alternatives to photonics and directed energy could disrupt their current market stronghold. Lastly, potential supply chain disruptions or scarcity in critical raw materials could impact production timelines and costs.
In the near term, keep an eye on new defense contracts or expansions of existing ones as these are critical for revenue growth. Additionally, any announcements or discussions around increased defense budgets, particularly in cutting-edge technologies like directed energy, will be vital indicators of future business strength. Watch for financial reports that could shed light on the company's margin trajectory and operational efficiency improvements.
Curtiss-Wright Corporation operates in the defense sector, specifically focusing on advanced photonics applications and directed energy weapons. They integrate these advanced technologies into defense systems, enabling greater efficiency and effectiveness in military operations.
Curtiss-Wright Corporation is in the Defense layer of the photonics supply chain. Directed energy weapons and defense photonics applications
In FY2025, Curtiss-Wright Corporation reported net income of $484.23M.
Companies in the same supply chain layer as Curtiss-Wright Corporation include AeroVironment, Inc., AgEagle Aerial Systems, Inc., Astronics Corporation, BAE Systems plc, and CACI International Inc.
Curtiss-Wright Corporation is expected to report around November 4, 2026.
Analysis updated April 2026
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Moby summary of Curtiss-Wright Corporation's Q2 2026 earnings call
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DAVIDSON, N.C., August 05, 2026--Curtiss-Wright Reports Strong Q2 2026 Financial Results and Raises Full-Year 2026 Guidance; Positioned to Exceed 2024 - 2026 Financial Targets
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Lynn Bamford: Thank you, Jim, and good morning, everyone. As we continue to compound sustained profitable growth, I'm pleased with the team's steadfast focus on innovation where we are driving incremental investments in research and development to support a number of critical pursuits across our end markets. The momentum continues to build across Curtiss-Wright's portfolio.
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Moby summary of Curtiss-Wright Corporation's Q1 2026 earnings call
Although the revenue and EPS for Curtiss-Wright (CW) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Curtiss-Wright (CW) delivered earnings and revenue surprises of +4.70% and +5.37%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
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Curtiss-Wright (CW) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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