Woodward (WWD) Financials

$365.58 +8.56 (+2.40%)

Closing price 04:00 PM Eastern

Extended Trading

$365.86 +0.29 (+0.08%)

As of 04:43 PM Eastern

Annual Income Statements for Woodward

This table shows Woodward's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	181	181	201	180	260	240	209	172	232	373	442
Consolidated Net Income / (Loss)	181	181	201	180	260	240	209	172	232	373	442
Net Income / (Loss) Continuing Operations	181	181	201	180	260	240	209	172	232	373	442
Total Pre-Tax Income	241	226	253	220	321	282	246	200	276	454	521
Total Operating Income	264	239	267	244	337	260	242	206	271	428	479
Total Gross Profit	575	539	571	603	708	640	551	525	678	876	956
Total Revenue	2,038	2,023	2,099	2,326	2,900	2,496	2,246	2,383	2,915	3,324	3,567
Operating Revenue	2,038	2,023	2,099	2,326	2,900	2,496	2,246	2,383	2,915	3,324	3,567
Total Cost of Revenue	1,463	1,484	1,528	1,723	2,193	1,855	1,695	1,857	2,237	2,448	2,611
Operating Cost of Revenue	1,463	1,484	1,528	1,723	2,193	1,855	1,695	1,857	2,237	2,448	2,611
Total Operating Expenses	312	300	304	359	370	380	309	319	407	448	477
Selling, General & Admin Expense	177	174	177	194	211	218	187	203	270	307	330
Research & Development Expense	134	126	127	148	159	133	117	120	132	141	148
Restructuring Charge	-	-	-	17	0.00	22	5.01	-3.42	5.17	0.00	0.00
Total Other Income / (Expense), net	-23	-12	-15	-24	-17	22	3.71	-6.04	5.14	26	43
Interest Expense	25	27	36	40	44	36	34	35	48	48	46
Interest & Investment Income	0.79	2.03	1.73	1.67	1.41	1.76	1.50	1.81	2.75	6.46	4.19
Other Income / (Expense), net	1.16	12	19	14	26	56	36	27	50	67	84
Income Tax Expense	59	46	52	39	61	41	37	28	43	81	79
Basic Earnings per Share	$2.81	$2.92	$3.27	$2.93	$4.19	$3.86	$3.30	$2.79	$3.88	$6.21	$7.42
Weighted Average Basic Shares Outstanding	64.68M	61.89M	61.37M	61.49M	61.95M	62.27M	63.29M	61.52M	59.91M	60.08M	59.56M
Diluted Earnings per Share	$2.75	$2.85	$3.16	$2.82	$4.02	$3.74	$3.18	$2.71	$3.78	$6.01	$7.19
Weighted Average Diluted Shares Outstanding	66.06M	63.56M	63.51M	63.88M	64.50M	64.21M	65.56M	63.25M	61.48M	62.08M	61.46M
Weighted Average Basic & Diluted Shares Outstanding	64.60M	61.90M	61.30M	61.60M	61.97M	62.79M	63.07M	59.76M	60.03M	59.13M	59.87M
Cash Dividends to Common per Share	$0.38	$0.43	$0.49	$0.55	$0.63	$0.61	$0.57	$0.73	$0.85	$0.97	$1.09

This table shows Woodward's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	85	90	98	102	83	87	109	108	138	134	134
Consolidated Net Income / (Loss)	85	90	98	102	83	87	109	108	138	134	134
Net Income / (Loss) Continuing Operations	85	90	98	102	83	87	109	108	138	134	134
Total Pre-Tax Income	106	110	121	122	102	102	133	127	160	169	167
Total Operating Income	104	99	116	117	95	90	119	119	151	159	161
Total Gross Profit	204	204	234	230	208	190	240	249	277	292	316
Total Revenue	801	787	835	848	854	773	884	915	995	996	1,091
Operating Revenue	801	787	835	848	854	773	884	915	995	996	1,091
Total Cost of Revenue	596	582	601	618	647	583	644	666	718	704	775
Operating Cost of Revenue	596	582	601	618	647	583	644	666	718	704	775
Total Operating Expenses	100	105	118	113	112	100	121	130	127	133	155
Selling, General & Admin Expense	65	75	81	74	78	70	84	89	88	95	102
Research & Development Expense	35	31	36	39	35	30	37	41	39	38	46
Restructuring Charge	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	6.82
Total Other Income / (Expense), net	1.34	11	4.15	4.65	6.19	12	14	7.47	8.98	9.73	6.74
Interest Expense	12	11	12	12	13	12	12	11	10	10	12
Interest & Investment Income	0.52	1.47	1.29	1.73	1.96	1.38	1.02	0.84	0.95	0.70	0.72
Other Income / (Expense), net	13	21	14	14	18	23	25	18	18	19	18
Income Tax Expense	21	20	23	20	18	15	24	18	22	35	33
Basic Earnings per Share	$1.41	$1.50	$1.61	$1.69	$1.41	$1.47	$1.83	$1.82	$2.30	$2.23	$2.25
Weighted Average Basic Shares Outstanding	60.06M	60.02M	60.43M	60.43M	60.08M	59.22M	59.43M	59.68M	59.56M	59.84M	59.61M
Diluted Earnings per Share	$1.37	$1.46	$1.56	$1.63	$1.36	$1.42	$1.78	$1.76	$2.23	$2.17	$2.19
Weighted Average Diluted Shares Outstanding	61.59M	61.85M	62.37M	62.52M	62.08M	61.14M	61.34M	61.49M	61.46M	61.59M	61.28M
Weighted Average Basic & Diluted Shares Outstanding	60.42M	-	60.92M	59.66M	59.13M	59.36M	59.50M	59.97M	59.87M	59.62M	59.58M
Cash Dividends to Common per Share	$0.22	$0.22	$0.25	$0.25	-	$0.25	$0.28	$0.28	-	$0.28	$0.32

This table details how cash moves in and out of Woodward's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	-33	-1.11	6.46	-3.96	15	52	295	-341	30	145	45
Net Cash From Operating Activities	296	435	308	299	391	349	465	194	309	439	471
Net Cash From Continuing Operating Activities	296	435	308	299	391	349	465	194	309	439	471
Net Income / (Loss) Continuing Operations	181	181	201	180	260	240	209	172	232	373	442
Consolidated Net Income / (Loss)	181	181	201	180	260	240	209	172	232	373	442
Depreciation Expense	75	69	81	116	142	131	130	121	120	116	113
Non-Cash Adjustments To Reconcile Net Income	14	261	14	17	-32	-43	-19	-43	-11	-22	-40
Changes in Operating Assets and Liabilities, net	26	-75	12	-14	21	21	146	-55	-33	-28	-44
Net Cash From Investing Activities	-284	-174	-92	-897	-103	-6.88	-35	-65	-74	-89	-120
Net Cash From Continuing Investing Activities	-284	-174	-92	-897	-103	-6.88	-35	-65	-74	-89	-120
Purchase of Property, Plant & Equipment	-287	-176	-92	-127	-99	-47	-38	-53	-77	-96	-131
Acquisitions	-	-	0.00	-771	-	0.00	0.00	-22	0.88	0.00	-42
Purchase of Investments	0.00	-4.92	-8.59	-9.32	-27	-13	-14	-9.63	-6.11	-6.77	0.00
Sale of Property, Plant & Equipment	2.53	6.66	3.74	1.92	1.01	30	0.15	0.04	0.49	2.29	0.04
Divestitures	-	-	-	0.00	0.00	10	0.00	6.00	0.00	1.80	50
Sale and/or Maturity of Investments	0.00	-	5.31	9.09	22	13	17	13	7.69	9.74	2.94
Net Cash From Financing Activities	-34	-261	-212	606	-266	-290	-136	-442	-196	-218	-314
Net Cash From Continuing Financing Activities	-34	-261	-212	606	-266	-290	-136	-442	-196	-218	-314
Repayment of Debt	-859	-999	-1,631	-1,692	-1,834	-1,512	-176	-886	-2,393	-2,822	-2,467
Repurchase of Common Equity	-159	-126	-72	0.00	-110	-13	-33	-485	-126	-391	-173
Payment of Dividends	-25	-27	-30	-34	-39	-38	-36	-45	-51	-58	-65
Issuance of Debt	1,000	874	1,506	2,330	1,684	1,248	74	952	2,324	2,963	2,286
Issuance of Common Equity	8.40	16	14	9.13	36	25	35	22	51	90	105
Effect of Exchange Rate Changes	-11	-1.55	2.60	-13	-7.00	-	2.14	-26	-8.92	13	7.35

This table details how cash moves in and out of Woodward's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	23	6.90	173	-8.60	-26	1.46	80	109	-146	127	47
Net Cash From Operating Activities	153	47	97	153	142	35	78	126	233	114	91
Net Cash From Continuing Operating Activities	153	47	97	153	142	35	78	126	233	114	91
Net Income / (Loss) Continuing Operations	83	90	98	102	83	87	109	108	138	134	134
Consolidated Net Income / (Loss)	83	90	98	102	83	87	109	108	138	134	134
Depreciation Expense	30	29	29	29	29	28	28	29	29	29	30
Non-Cash Adjustments To Reconcile Net Income	29	-24	-4.02	0.02	5.52	-22	-11	-12	4.38	-21	-1.23
Changes in Operating Assets and Liabilities, net	11	-48	-25	22	24	-58	-48	0.10	62	-27	-72
Net Cash From Investing Activities	-19	-42	-7.87	-19	-21	-32	28	-23	-92	-48	-51
Net Cash From Continuing Investing Activities	-19	-42	-7.87	-19	-21	-32	28	-23	-92	-48	-51
Purchase of Property, Plant & Equipment	-19	-42	-14	-16	-24	-34	-18	-27	-52	-44	-53
Acquisitions	-	-	-	-	-	0.00	-	-	-	-4.20	1.39
Sale and/or Maturity of Investments	-	0.04	9.70	0.01	0.00	0.00	2.89	0.01	0.01	0.00	0.07
Net Cash From Financing Activities	-113	-8.09	89	-140	-159	19	-37	-8.52	-288	60	14
Net Cash From Continuing Financing Activities	-113	-8.09	89	-140	-159	19	-37	-8.52	-288	60	14
Repayment of Debt	-808	-739	-735	-586	-762	-628	-679	-601	-559	-1,069	-516
Repurchase of Common Equity	-100	0.00	-	-305	-86	-35	-44	-45	-49	-129	-226
Payment of Dividends	-13	-13	-15	-15	-15	-15	-17	-17	-17	-17	-19
Issuance of Debt	785	729	811	720	704	668	682	608	328	1,255	755
Issuance of Common Equity	24	15	28	47	-0.27	29	21	46	8.51	21	20
Effect of Exchange Rate Changes	2.93	9.98	-5.56	-3.66	12	-20	12	15	0.79	0.55	-7.04

This table presents Woodward's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	2,512	2,642	2,757	3,791	3,957	3,903	4,091	3,806	4,010	4,369	4,630
Total Current Assets	917	944	1,021	1,115	1,271	1,211	1,465	1,312	1,469	1,744	1,884
Cash & Equivalents	82	81	88	84	99	153	448	108	137	282	327
Accounts Receivable	322	344	402	432	592	538	523	610	750	770	831
Inventories, net	448	462	474	550	517	438	420	514	518	609	655
Current Deferred & Refundable Income Taxes	22	20	19	6.40	8.10	29	12	5.18	14	22	1.55
Other Current Assets	44	38	39	43	56	53	61	75	50	60	70
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	756	876	922	1,060	1,059	997	951	910	913	941	987
Total Noncurrent Assets	839	822	814	1,616	1,627	1,695	1,676	1,584	1,628	1,685	1,759
Goodwill	557	556	557	813	798	808	805	773	791	807	832
Intangible Assets	225	198	172	701	612	607	559	461	452	440	428
Noncurrent Deferred & Refundable Income Taxes	13	20	20	17	18	15	14	23	59	84	119
Other Noncurrent Operating Assets	44	48	66	85	199	265	297	327	325	353	380
Total Liabilities & Shareholders' Equity	2,512	2,642	2,757	3,791	3,957	3,903	4,091	3,806	4,010	4,369	4,630
Total Liabilities	1,359	1,430	1,386	2,253	2,230	1,911	1,876	1,905	1,939	2,192	2,064
Total Current Liabilities	338	481	427	591	707	392	366	539	617	924	907
Short-Term Debt	2.43	150	33	154	220	102	0.73	68	76	303	245
Accounts Payable	173	169	233	226	240	134	171	231	234	287	289
Accrued Expenses	156	157	155	195	228	152	183	206	263	293	313
Current Deferred & Payable Income Tax Liabilities	6.56	4.55	6.77	17	19	4.66	11	35	44	41	60
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	1,021	949	958	1,661	1,522	1,518	1,510	1,366	1,322	1,269	1,156
Long-Term Debt	848	577	580	1,092	865	737	734	710	646	570	457
Noncurrent Deferred & Payable Income Tax Liabilities	56	3.78	33	171	151	164	158	127	133	122	108
Other Noncurrent Operating Liabilities	116	368	345	398	506	618	618	529	543	577	592
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,153	1,213	1,371	1,538	1,727	1,993	2,215	1,901	2,071	2,176	2,566
Total Preferred & Common Equity	1,153	1,213	1,371	1,538	1,727	1,993	2,215	1,901	2,071	2,176	2,566
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,153	1,213	1,371	1,538	1,727	1,993	2,215	1,901	2,071	2,176	2,566
Common Stock	131	142	164	186	207	232	262	294	328	397	482
Retained Earnings	1,495	1,650	1,820	1,967	2,225	2,428	2,601	2,727	2,909	3,223	3,600
Treasury Stock	-426	-518	-567	-548	-611	-587	-590	-1,034	-1,098	-1,413	-1,508
Accumulated Other Comprehensive Income / (Loss)	-51	-66	-53	-75	-103	-90	-66	-93	-71	-33	-10
Other Equity Adjustments	4.32	5.09	7.14	8.43	9.38	9.22	7.95	6.78	2.78	2.66	1.74

This table presents Woodward's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2022	Q3 2022	Q2 2023	Q3 2023	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	6/30/2022	3/31/2023	6/30/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	3,895	3,756	4,012	4,010	4,366	4,320	4,281	4,493	4,712	4,734	4,969
Total Current Assets	1,360	1,254	1,471	1,490	1,812	1,788	1,725	1,912	2,061	2,049	2,272
Cash & Equivalents	99	100	129	114	317	308	284	364	473	454	501
Accounts Receivable	597	588	663	733	832	760	693	832	830	797	931
Inventories, net	574	504	568	532	580	615	632	635	657	689	704
Current Deferred & Refundable Income Taxes	5.05	13	33	38	33	52	16	21	36	45	70
Other Current Assets	84	49	77	74	50	53	68	61	65	64	65
Other Current Nonoperating Assets	-	-	-	-	-	-	32	0.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	922	913	920	911	921	918	925	929	942	1,002	1,035
Total Noncurrent Assets	1,614	1,589	1,621	1,609	1,633	1,614	1,631	1,652	1,709	1,683	1,662
Goodwill	794	779	799	799	797	795	782	792	814	832	826
Intangible Assets	486	485	484	473	443	432	404	412	435	425	409
Noncurrent Deferred & Refundable Income Taxes	25	13	25	25	59	56	87	86	86	46	45
Other Noncurrent Operating Assets	309	311	313	312	334	331	357	362	374	380	383
Total Liabilities & Shareholders' Equity	3,895	3,756	4,012	4,010	4,366	4,320	4,281	4,493	4,712	4,734	4,969
Total Liabilities	1,955	1,846	1,999	1,924	2,037	2,161	2,073	2,156	2,243	2,146	2,444
Total Current Liabilities	633	424	667	587	692	913	915	980	1,010	999	1,312
Short-Term Debt	185	50	206	99	142	361	419	422	429	431	670
Accounts Payable	219	195	220	223	259	255	224	269	284	270	306
Accrued Expenses	191	161	206	221	237	248	229	242	261	246	281
Current Deferred & Payable Income Tax Liabilities	37	19	34	43	54	49	39	46	36	52	55
Other Current Nonoperating Liabilities	-	-	-	-	-	-	4.32	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	1,322	1,422	1,333	1,337	1,345	1,248	1,158	1,176	1,233	1,147	1,132
Long-Term Debt	649	717	652	651	649	563	483	490	504	457	453
Noncurrent Deferred & Payable Income Tax Liabilities	137	150	139	138	135	131	116	118	128	108	105
Other Noncurrent Operating Liabilities	536	554	542	547	561	554	559	568	601	583	573
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,939	1,910	2,012	2,086	2,329	2,159	2,208	2,338	2,469	2,587	2,525
Total Preferred & Common Equity	1,939	1,910	2,012	2,086	2,329	2,159	2,208	2,338	2,469	2,587	2,525
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,939	1,910	2,012	2,086	2,329	2,159	2,208	2,338	2,469	2,587	2,525
Common Stock	305	291	322	327	374	394	414	449	473	498	545
Retained Earnings	2,745	2,685	2,768	2,839	3,068	3,155	3,296	3,388	3,480	3,717	3,832
Treasury Stock	-1,059	-991	-1,036	-1,022	-1,054	-1,328	-1,429	-1,451	-1,467	-1,625	-1,834
Accumulated Other Comprehensive Income / (Loss)	-59	-82	-45	-61	-61	-65	-74	-50	-19	-4.67	-20
Other Equity Adjustments	5.98	6.76	3.32	2.82	3.03	3.03	1.75	1.76	1.76	1.95	1.92

This table displays calculated financial ratios and metrics derived from Woodward's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.85%	-0.75%	3.74%	10.83%	24.69%	-13.95%	-10.01%	6.10%	22.32%	14.06%	7.30%
EBITDA Growth	4.01%	-5.90%	14.76%	1.88%	34.90%	-11.50%	-8.72%	-13.44%	24.74%	38.80%	10.55%
EBIT Growth	6.11%	-5.20%	14.10%	-9.87%	40.57%	-13.02%	-11.82%	-16.50%	37.95%	54.39%	13.61%
NOPAT Growth	9.58%	-3.99%	11.14%	-5.45%	36.21%	-18.87%	-7.24%	-13.93%	28.92%	54.31%	15.40%
Net Income Growth	9.41%	-0.34%	10.88%	-10.04%	43.92%	-7.40%	-13.21%	-17.71%	35.34%	60.51%	18.54%
EPS Growth	12.24%	3.64%	10.88%	-10.76%	42.55%	-6.97%	-14.97%	-14.78%	39.48%	58.99%	19.63%
Operating Cash Flow Growth	2.61%	47.09%	-29.36%	-2.68%	30.51%	-10.53%	32.96%	-58.33%	59.34%	42.31%	7.33%
Free Cash Flow Firm Growth	-53.29%	680.25%	-31.49%	-446.80%	143.26%	-1.85%	49.18%	-71.91%	33.81%	67.30%	-3.67%
Invested Capital Growth	9.46%	-3.29%	2.05%	42.38%	0.45%	-1.28%	-6.60%	2.78%	3.28%	4.20%	6.31%
Revenue Q/Q Growth	-0.14%	1.42%	0.76%	5.09%	0.60%	-7.60%	1.77%	3.02%	0.00%	0.00%	4.11%
EBITDA Q/Q Growth	-1.09%	3.53%	4.69%	39.40%	37.14%	-1.98%	-2.28%	-1.33%	0.00%	0.00%	9.00%
EBIT Q/Q Growth	-1.33%	4.72%	5.20%	-3.82%	-1.41%	-2.79%	-2.67%	-1.02%	0.00%	0.00%	11.04%
NOPAT Q/Q Growth	0.58%	5.88%	-1.57%	9.75%	-4.22%	1.05%	-8.42%	2.36%	0.00%	0.00%	14.54%
Net Income Q/Q Growth	-0.88%	7.80%	-0.46%	7.31%	-2.89%	-3.82%	-3.40%	2.47%	0.00%	0.00%	14.01%
EPS Q/Q Growth	0.37%	8.37%	-0.32%	6.82%	-3.13%	-3.61%	-3.93%	3.83%	0.00%	0.00%	13.77%
Operating Cash Flow Q/Q Growth	7.22%	-10.60%	19.81%	4.71%	9.59%	-8.94%	2.13%	-16.81%	17.20%	-2.48%	24.11%
Free Cash Flow Firm Q/Q Growth	287.57%	-6.93%	33.09%	1.78%	63.17%	-18.28%	-0.06%	-39.10%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.20%	1.82%	-0.70%	-0.24%	-4.22%	-2.19%	-3.05%	-0.22%	0.00%	0.00%	0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.23%	26.65%	27.21%	25.93%	24.40%	25.65%	24.54%	22.05%	23.25%	26.37%	26.81%
EBITDA Margin	16.70%	15.83%	17.51%	16.10%	17.42%	17.91%	18.17%	14.83%	15.12%	18.40%	18.96%
Operating Margin	12.95%	11.81%	12.74%	10.49%	11.63%	10.41%	10.78%	8.64%	9.29%	12.88%	13.43%
EBIT Margin	13.00%	12.42%	13.66%	11.11%	12.52%	12.66%	12.40%	9.76%	11.01%	14.90%	15.78%
Profit (Net Income) Margin	8.90%	8.94%	9.55%	7.76%	8.95%	9.63%	9.29%	7.21%	7.97%	11.22%	12.39%
Tax Burden Percent	75.31%	79.85%	79.33%	82.15%	80.97%	85.28%	84.89%	85.89%	84.26%	82.16%	84.79%
Interest Burden Percent	90.92%	90.15%	88.17%	84.99%	88.27%	89.22%	88.23%	85.93%	85.93%	91.62%	92.63%
Effective Tax Rate	24.69%	20.15%	20.67%	17.85%	19.03%	14.72%	15.11%	14.11%	15.74%	17.84%	15.21%
Return on Invested Capital (ROIC)	10.81%	10.09%	11.29%	8.72%	10.09%	8.22%	7.94%	6.98%	8.73%	12.98%	14.23%
ROIC Less NNEP Spread (ROIC-NNEP)	8.28%	8.69%	9.32%	6.34%	8.84%	10.48%	8.58%	5.89%	9.42%	16.57%	21.70%
Return on Net Nonoperating Assets (RNNOA)	4.88%	5.20%	4.23%	3.68%	5.81%	4.71%	1.98%	1.37%	2.97%	4.58%	4.41%
Return on Equity (ROE)	15.68%	15.29%	15.52%	12.40%	15.90%	12.93%	9.92%	8.34%	11.70%	17.56%	18.64%
Cash Return on Invested Capital (CROIC)	1.77%	13.43%	9.27%	-26.25%	9.64%	9.51%	14.76%	4.23%	5.50%	8.87%	8.11%
Operating Return on Assets (OROA)	10.80%	9.75%	10.62%	7.89%	9.38%	8.04%	6.97%	5.89%	8.21%	11.83%	12.51%
Return on Assets (ROA)	7.39%	7.02%	7.43%	5.51%	6.70%	6.12%	5.22%	4.35%	5.95%	8.90%	9.83%
Return on Common Equity (ROCE)	15.68%	15.29%	15.52%	12.40%	15.90%	12.93%	9.92%	8.34%	11.70%	17.56%	18.64%
Return on Equity Simple (ROE_SIMPLE)	15.74%	14.91%	14.62%	11.73%	15.03%	12.06%	9.42%	9.03%	11.22%	17.14%	0.00%
Net Operating Profit after Tax (NOPAT)	199	191	212	200	273	222	206	177	228	352	406
NOPAT Margin	9.75%	9.43%	10.10%	8.62%	9.42%	8.88%	9.15%	7.42%	7.82%	10.59%	11.38%
Net Nonoperating Expense Percent (NNEP)	2.53%	1.40%	1.97%	2.38%	1.25%	-2.26%	-0.65%	1.09%	-0.69%	-3.59%	-7.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	12.42%
Cost of Revenue to Revenue	71.77%	73.35%	72.79%	74.07%	75.60%	74.35%	75.46%	77.95%	76.75%	73.63%	73.19%
SG&A Expenses to Revenue	8.69%	8.60%	8.45%	8.33%	7.28%	8.72%	8.32%	8.52%	9.25%	9.25%	9.25%
R&D to Revenue	6.60%	6.24%	6.03%	6.38%	5.49%	5.33%	5.21%	5.03%	4.53%	4.23%	4.14%
Operating Expenses to Revenue	15.29%	14.84%	14.48%	15.44%	12.77%	15.25%	13.76%	13.40%	13.96%	13.48%	13.38%
Earnings before Interest and Taxes (EBIT)	265	251	287	258	363	316	279	233	321	495	563
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	340	320	368	375	505	447	408	353	441	612	676
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	3.73	2,440.45	3.18	2.50	3.60	4.69	5.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	20.34	8,417.72	8.28	7.10	9.01	10.99	11.59
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	2.22	1,948.59	3.13	1.99	2.56	3.07	4.24
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	24.83	20,229.35	33.72	27.63	32.06	27.39	34.24
Dividend Yield	0.99%	0.73%	0.66%	0.71%	0.60%	0.78%	0.51%	0.93%	0.84%	0.57%	0.43%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.03%	0.00%	2.97%	3.62%	3.12%	3.65%	2.92%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	2.74	1,816.25	2.93	2.11	3.03	3.91	5.27
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	2.56	1,948.87	3.26	2.27	2.76	3.25	4.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	14.71	10,878.71	17.94	15.33	18.23	17.67	22.94
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	20.46	15,395.02	26.29	23.27	25.03	21.81	27.56
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	27.21	21,954.99	35.63	30.61	35.23	30.71	38.20
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	19.02	13,916.58	15.76	27.96	26.03	24.61	32.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	28.47	18,983.45	19.16	50.43	55.92	44.97	67.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.74	0.60	0.45	0.81	0.63	0.42	0.33	0.41	0.35	0.40	0.27
Long-Term Debt to Equity	0.74	0.48	0.42	0.71	0.50	0.37	0.33	0.37	0.31	0.26	0.18
Financial Leverage	0.59	0.60	0.45	0.58	0.66	0.45	0.23	0.23	0.32	0.28	0.20
Leverage Ratio	2.12	2.18	2.09	2.25	2.37	2.11	1.90	1.92	1.97	1.97	1.90
Compound Leverage Factor	1.93	1.96	1.84	1.91	2.09	1.89	1.68	1.65	1.69	1.81	1.76
Debt to Total Capital	42.46%	37.49%	30.89%	44.75%	38.59%	29.62%	24.91%	29.02%	25.84%	28.62%	21.48%
Short-Term Debt to Total Capital	0.12%	7.73%	1.64%	5.52%	7.82%	3.59%	0.02%	2.53%	2.72%	9.93%	7.50%
Long-Term Debt to Total Capital	42.34%	29.75%	29.24%	39.24%	30.76%	26.03%	24.89%	26.50%	23.12%	18.69%	13.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.54%	62.51%	69.11%	55.25%	61.41%	70.38%	75.09%	70.98%	74.16%	71.38%	78.52%
Debt to EBITDA	2.50	2.27	1.67	3.33	2.15	1.88	1.80	2.20	1.64	1.43	1.04
Net Debt to EBITDA	2.26	2.02	1.43	3.10	1.95	1.53	0.70	1.90	1.33	0.96	0.55
Long-Term Debt to EBITDA	2.49	1.80	1.58	2.92	1.71	1.65	1.80	2.01	1.47	0.93	0.68
Debt to NOPAT	4.28	3.81	2.89	6.22	3.97	3.78	3.58	4.40	3.16	2.48	1.73
Net Debt to NOPAT	3.87	3.39	2.48	5.80	3.61	3.09	1.39	3.79	2.56	1.68	0.92
Long-Term Debt to NOPAT	4.27	3.03	2.74	5.45	3.17	3.33	3.57	4.01	2.83	1.62	1.13
Altman Z-Score	0.00	0.00	0.00	0.00	3.73	1,529.16	4.24	3.57	4.57	5.19	6.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.71	1.97	2.39	1.89	1.80	3.09	4.00	2.43	2.38	1.89	2.08
Quick Ratio	1.20	0.88	1.15	0.87	0.98	1.76	2.65	1.33	1.44	1.14	1.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	33	254	174	-603	261	256	382	107	144	240	232
Operating Cash Flow to CapEx	104.19%	257.58%	347.13%	239.02%	398.35%	2,066.28%	1,237.96%	366.57%	405.91%	467.18%	360.08%
Free Cash Flow to Firm to Interest Expense	1.31	9.48	4.88	-14.91	5.93	7.15	11.15	3.11	3.00	5.01	5.07
Operating Cash Flow to Interest Expense	11.90	16.26	8.63	7.40	8.88	9.76	13.55	5.61	6.44	9.16	10.32
Operating Cash Flow Less CapEx to Interest Expense	0.48	9.95	6.14	4.30	6.65	9.29	12.46	4.08	4.85	7.20	7.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.78	0.78	0.71	0.75	0.64	0.56	0.60	0.75	0.79	0.79
Accounts Receivable Turnover	6.09	6.08	5.63	5.58	5.67	4.42	4.23	4.21	4.29	4.37	4.46
Inventory Turnover	3.25	3.26	3.27	3.37	4.11	3.89	3.95	3.98	4.33	4.34	4.13
Fixed Asset Turnover	3.21	2.48	2.33	2.35	2.74	2.43	2.31	2.56	3.20	3.59	3.70
Accounts Payable Turnover	8.76	8.66	7.60	7.51	9.40	9.90	11.11	9.25	9.62	9.38	9.05
Days Sales Outstanding (DSO)	59.91	60.08	64.87	65.45	64.41	82.60	86.22	86.78	85.15	83.44	81.92
Days Inventory Outstanding (DIO)	112.23	111.83	111.73	108.38	88.76	93.91	92.38	91.79	84.20	84.02	88.34
Days Payable Outstanding (DPO)	41.67	42.15	48.05	48.63	38.85	36.86	32.86	39.44	37.92	38.90	40.33
Cash Conversion Cycle (CCC)	130.47	129.76	128.54	125.20	114.32	139.65	145.75	139.13	131.43	128.56	129.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,922	1,859	1,897	2,701	2,713	2,678	2,501	2,571	2,655	2,767	2,941
Invested Capital Turnover	1.11	1.07	1.12	1.01	1.07	0.93	0.87	0.94	1.12	1.23	1.25
Increase / (Decrease) in Invested Capital	166	-63	38	804	12	-35	-177	70	84	112	175
Enterprise Value (EV)	0.00	0.00	0.00	0.00	7,431	4,863,719	7,323	5,414	8,033	10,807	15,512
Market Capitalization	0.00	0.00	0.00	0.00	6,445	4,863,034	7,037	4,744	7,449	10,217	15,138
Book Value per Share	$17.83	$19.59	$22.35	$25.01	$27.92	$0.03	$34.82	$31.60	$34.28	$36.48	$42.80
Tangible Book Value per Share	$5.74	$7.42	$10.48	$0.39	$5.12	$0.01	$13.37	$11.10	$13.69	$15.58	$21.78
Total Capital	2,004	1,940	1,984	2,784	2,812	2,831	2,950	2,679	2,793	3,049	3,269
Total Debt	851	727	613	1,246	1,085	838	735	777	722	872	702
Total Long-Term Debt	848	577	580	1,092	865	737	734	710	646	570	457
Net Debt	769	646	525	1,162	986	685	286	670	584	590	375
Capital Expenditures (CapEx)	284	169	89	125	98	17	38	53	76	94	131
Debt-free, Cash-free Net Working Capital (DFCFNWC)	499	533	539	594	685	767	651	733	791	841	895
Debt-free Net Working Capital (DFNWC)	582	614	627	677	784	920	1,099	841	928	1,123	1,222
Net Working Capital (NWC)	579	464	594	524	564	819	1,098	773	852	820	977
Net Nonoperating Expense (NNE)	17	9.94	12	20	13	-19	-3.15	5.19	-4.33	-21	-36
Net Nonoperating Obligations (NNO)	769	646	525	1,162	986	685	286	670	584	590	375
Total Depreciation and Amortization (D&A)	75	69	81	116	142	131	130	121	120	116	113
Debt-free, Cash-free Net Working Capital to Revenue	24.50%	26.33%	25.68%	25.52%	23.61%	30.73%	28.98%	30.75%	27.13%	25.29%	25.09%
Debt-free Net Working Capital to Revenue	28.54%	30.34%	29.85%	29.12%	27.03%	36.87%	48.94%	35.27%	31.84%	33.78%	34.27%
Net Working Capital to Revenue	28.42%	22.93%	28.30%	22.51%	19.44%	32.80%	48.91%	32.43%	29.24%	24.67%	27.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.81	$2.92	$3.27	$2.93	$4.19	$3.86	$3.30	$2.79	$3.88	$6.21	$7.42
Adjusted Weighted Average Basic Shares Outstanding	64.68M	61.89M	61.37M	61.49M	61.95M	62.27M	63.29M	61.52M	59.91M	60.08M	59.56M
Adjusted Diluted Earnings per Share	$2.75	$2.85	$3.16	$2.82	$4.02	$3.74	$3.18	$2.71	$3.78	$6.01	$7.19
Adjusted Weighted Average Diluted Shares Outstanding	66.06M	63.56M	63.51M	63.88M	64.50M	64.21M	65.56M	63.25M	61.48M	62.08M	61.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.21M	61.63M	61.24M	61.78M	61.97M	62.79M	63.07M	59.76M	60.03M	59.13M	59.87M
Normalized Net Operating Profit after Tax (NOPAT)	199	191	212	214	273	273	210	174	232	352	406
Normalized NOPAT Margin	9.75%	9.43%	10.10%	9.22%	9.42%	10.93%	9.34%	7.30%	7.97%	10.59%	11.38%
Pre Tax Income Margin	11.82%	11.20%	12.04%	9.44%	11.05%	11.29%	10.94%	8.39%	9.46%	13.66%	14.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.66	9.38	8.04	6.39	8.25	8.82	8.13	6.73	6.70	10.33	12.32
NOPAT to Interest Expense	7.99	7.12	5.95	4.95	6.21	6.19	5.99	5.12	4.76	7.34	8.89
EBIT Less CapEx to Interest Expense	-0.77	3.07	5.56	3.29	6.03	8.35	7.03	5.20	5.11	8.37	9.46
NOPAT Less CapEx to Interest Expense	-3.43	0.81	3.46	1.86	3.98	5.71	4.90	3.59	3.17	5.38	6.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.58%	14.71%	14.83%	18.85%	15.05%	15.67%	17.27%	26.20%	21.96%	15.63%	14.70%
Augmented Payout Ratio	101.08%	84.13%	50.62%	18.85%	57.54%	21.22%	33.25%	308.84%	76.35%	120.41%	53.79%

This table displays calculated financial ratios and metrics derived from Woodward's official financial filings.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,615,869.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,615,869.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	30.33%	0.00%	16.31%	5.87%	0.00%	-1.78%	5.78%	7.99%	16.47%	28.95%	23.42%
EBITDA Growth	66.80%	0.00%	148.89%	8.98%	0.00%	-5.26%	7.07%	3.24%	39.22%	47.72%	21.74%
EBIT Growth	100.79%	0.00%	148.89%	12.34%	0.00%	-5.74%	9.91%	4.06%	49.53%	58.48%	24.28%
NOPAT Growth	92.85%	0.00%	163.33%	17.55%	0.00%	-5.61%	3.53%	3.95%	66.06%	64.26%	31.88%
Net Income Growth	114.47%	0.00%	174.72%	20.66%	0.00%	-3.28%	11.68%	6.24%	65.22%	53.54%	23.01%
EPS Growth	114.06%	0.00%	168.97%	18.98%	0.00%	-2.74%	14.10%	7.98%	63.97%	52.82%	23.03%
Operating Cash Flow Growth	221.60%	0.00%	0.00%	32.67%	-7.29%	-26.23%	-20.04%	-18.00%	64.59%	231.55%	16.71%
Free Cash Flow Firm Growth	-234.01%	0.00%	123.95%	174.52%	0.00%	0.00%	-50.57%	-211.75%	0.00%	96.47%	-947.49%
Invested Capital Growth	5.68%	0.00%	2.27%	1.89%	0.00%	0.00%	2.92%	5.56%	6.31%	7.94%	9.09%
Revenue Q/Q Growth	11.48%	0.00%	0.00%	1.48%	0.80%	0.00%	14.35%	3.60%	8.72%	0.12%	9.44%
EBITDA Q/Q Growth	180.42%	0.00%	0.00%	22.78%	-11.39%	0.00%	21.82%	-3.22%	19.49%	4.85%	0.40%
EBIT Q/Q Growth	123.28%	0.00%	0.00%	0.78%	-14.29%	0.00%	27.49%	-4.59%	23.17%	5.78%	-0.03%
NOPAT Q/Q Growth	133.49%	0.00%	0.00%	4.23%	-20.34%	0.00%	27.12%	4.65%	27.26%	-2.97%	2.06%
Net Income Q/Q Growth	138.23%	0.00%	0.00%	4.63%	-18.40%	0.00%	25.10%	-0.46%	26.90%	-2.84%	0.22%
EPS Q/Q Growth	136.21%	0.00%	0.00%	4.49%	-16.56%	0.00%	25.35%	-1.12%	26.70%	-2.69%	0.92%
Operating Cash Flow Q/Q Growth	0.00%	-69.40%	0.00%	0.00%	-7.47%	-75.65%	125.48%	61.43%	85.71%	-50.95%	-20.63%
Free Cash Flow Firm Q/Q Growth	52.93%	0.00%	0.00%	46.43%	-100.00%	0.00%	100.58%	-431.01%	14.46%	-115.20%	-39.08%
Invested Capital Q/Q Growth	-0.68%	0.00%	0.00%	-1.05%	-0.27%	0.00%	3.08%	1.49%	0.44%	2.72%	4.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.53%	25.97%	28.06%	27.13%	24.31%	24.54%	27.17%	27.22%	27.87%	29.32%	28.97%
EBITDA Margin	18.41%	18.88%	15.67%	18.95%	16.66%	18.21%	19.40%	18.12%	19.92%	20.86%	19.13%
Operating Margin	13.04%	12.59%	13.94%	13.85%	11.16%	11.61%	13.47%	13.04%	15.15%	16.00%	14.73%
EBIT Margin	14.66%	15.21%	15.67%	15.56%	13.23%	14.60%	16.28%	14.99%	16.98%	17.94%	16.39%
Profit (Net Income) Margin	10.57%	11.45%	11.68%	12.04%	9.75%	11.27%	12.33%	11.85%	13.83%	13.42%	12.29%
Tax Burden Percent	80.01%	82.07%	80.88%	83.60%	82.04%	85.51%	81.94%	85.50%	86.14%	79.05%	80.04%
Interest Burden Percent	90.07%	91.68%	92.18%	92.58%	89.82%	90.28%	92.44%	92.42%	94.51%	94.61%	93.67%
Effective Tax Rate	19.99%	17.93%	19.12%	16.40%	17.96%	14.49%	18.06%	14.50%	13.86%	20.95%	19.96%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	11.00%	23.48%	13.03%	13.40%	16.31%	16.47%	15.63%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	11.86%	26.99%	15.27%	14.59%	17.92%	17.98%	16.55%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	3.22%	7.22%	3.34%	3.39%	3.65%	3.84%	3.98%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	14.21%	30.70%	16.38%	16.78%	19.96%	20.31%	19.61%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	8.69%	0.00%	0.00%	0.00%	8.11%	8.02%	7.44%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	10.50%	11.29%	12.34%	11.37%	13.46%	15.09%	13.85%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	7.73%	8.71%	9.35%	8.99%	10.96%	11.29%	10.38%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	14.21%	30.70%	16.38%	16.78%	19.96%	20.31%	19.61%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	16.75%	16.32%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	84	81	94	98	78	77	98	102	130	126	129
NOPAT Margin	10.43%	10.33%	11.28%	11.58%	9.15%	9.93%	11.04%	11.15%	13.05%	12.65%	11.79%
Net Nonoperating Expense Percent (NNEP)	-0.16%	0.00%	-0.56%	-0.62%	-0.86%	-3.51%	-2.23%	-1.19%	-1.60%	-1.50%	-0.92%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	2.57%	2.47%	3.00%	3.00%	3.97%	3.63%	3.53%
Cost of Revenue to Revenue	74.47%	74.03%	71.94%	72.87%	75.69%	75.46%	72.83%	72.78%	72.13%	70.68%	71.03%
SG&A Expenses to Revenue	8.12%	9.47%	9.75%	8.71%	9.10%	9.02%	9.49%	9.69%	8.80%	9.53%	9.38%
R&D to Revenue	4.38%	3.91%	4.37%	4.57%	4.06%	3.91%	4.21%	4.49%	3.92%	3.79%	4.23%
Operating Expenses to Revenue	12.49%	13.39%	14.12%	13.28%	13.16%	12.93%	13.70%	14.18%	12.72%	13.32%	14.23%
Earnings before Interest and Taxes (EBIT)	117	120	131	132	113	113	144	137	169	179	179
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	149	131	161	142	141	171	166	198	208	209
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.39	0.00	0.00	4.91	4.67	4.46	4.63	5.91	5.90	7.00	8.45
Price to Tangible Book Value (P/TBV)	8.70	0.00	0.00	11.38	10.94	9.63	9.56	11.96	11.59	13.61	16.53
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	3.06	2.97	3.23	4.26	4.24	4.77	5.34
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	27.26	26.59	28.40	37.61	34.24	37.03	41.53
Dividend Yield	0.86%	0.65%	0.59%	0.54%	0.57%	0.60%	0.56%	0.43%	0.43%	0.37%	0.32%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	3.67%	3.76%	3.52%	2.66%	2.92%	2.70%	2.41%
Enterprise Value to Invested Capital (EV/IC)	2.83	0.00	0.00	4.05	3.89	3.74	3.94	5.14	5.27	6.13	6.98
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	3.24	3.16	3.39	4.39	4.35	4.89	5.49
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	17.59	17.32	18.50	24.25	22.94	24.93	28.13
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	21.71	21.41	22.69	29.67	27.56	29.47	33.08
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	30.57	30.10	32.45	42.43	38.20	40.69	45.12
Enterprise Value to Operating Cash Flow (EV/OCF)	29.32	0.00	0.00	24.92	24.50	24.50	27.94	39.61	32.91	33.62	38.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	67.00	79.44	97.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.00	0.34	0.43	0.40	0.41	0.39	0.38	0.27	0.34	0.44
Long-Term Debt to Equity	0.31	0.00	0.28	0.26	0.26	0.22	0.21	0.20	0.18	0.18	0.18
Financial Leverage	0.33	0.00	0.28	0.29	0.27	0.27	0.22	0.23	0.20	0.21	0.24
Leverage Ratio	1.94	0.00	1.93	1.96	1.97	1.94	1.90	1.95	1.90	1.88	1.95
Compound Leverage Factor	1.75	0.00	1.78	1.82	1.77	1.75	1.76	1.80	1.79	1.78	1.82
Debt to Total Capital	26.47%	0.00%	25.35%	29.95%	28.62%	29.00%	28.06%	27.43%	21.48%	25.55%	30.79%
Short-Term Debt to Total Capital	3.50%	0.00%	4.55%	11.70%	9.93%	13.47%	12.99%	12.61%	7.50%	12.40%	18.36%
Long-Term Debt to Total Capital	22.97%	0.00%	20.80%	18.25%	18.69%	15.53%	15.07%	14.81%	13.98%	13.15%	12.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	73.53%	0.00%	74.65%	70.05%	71.38%	71.00%	71.94%	72.57%	78.52%	74.45%	69.21%
Debt to EBITDA	0.00	0.00	0.00	0.00	1.43	1.49	1.48	1.50	1.04	1.19	1.44
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.96	1.02	0.89	0.74	0.55	0.58	0.80
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.93	0.80	0.80	0.81	0.68	0.61	0.58
Debt to NOPAT	0.00	0.00	0.00	0.00	2.48	2.60	2.60	2.63	1.73	1.95	2.31
Net Debt to NOPAT	0.00	0.00	0.00	0.00	1.68	1.78	1.56	1.30	0.92	0.95	1.28
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	1.62	1.39	1.40	1.42	1.13	1.00	0.93
Altman Z-Score	0.00	0.00	0.00	0.00	4.89	5.01	5.17	6.03	6.63	7.35	7.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.54	0.00	2.62	1.96	1.89	1.89	1.95	2.04	2.08	2.05	1.73
Quick Ratio	1.44	0.00	1.66	1.17	1.14	1.07	1.22	1.29	1.28	1.25	1.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-63	0.00	32	47	0.00	-2,722	16	-52	-45	-96	-134
Operating Cash Flow to CapEx	900.92%	111.90%	0.00%	966.08%	647.93%	102.81%	422.59%	473.40%	445.35%	259.32%	172.70%
Free Cash Flow to Firm to Interest Expense	-5.15	0.00	2.77	4.06	0.00	-220.60	1.33	-4.65	-4.37	-9.29	-11.11
Operating Cash Flow to Interest Expense	9.49	4.09	0.00	13.30	10.52	2.80	6.55	11.18	22.82	11.06	7.55
Operating Cash Flow Less CapEx to Interest Expense	8.43	0.44	0.00	11.93	8.90	0.08	5.00	8.82	17.69	6.80	3.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.79	0.77	0.76	0.76	0.79	0.84	0.85
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	4.37	4.78	4.04	4.31	4.46	5.09	4.54
Inventory Turnover	0.00	0.00	0.00	0.00	4.34	3.87	4.10	3.99	4.13	4.14	4.28
Fixed Asset Turnover	0.00	0.00	0.00	0.00	3.59	3.58	3.63	3.68	3.70	3.93	4.07
Accounts Payable Turnover	0.00	0.00	0.00	0.00	9.38	10.93	9.44	9.42	9.05	11.06	9.96
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	83.44	76.37	90.38	84.67	81.92	71.70	80.47
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	84.02	94.21	89.01	91.41	88.34	88.26	85.35
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	38.90	33.40	38.68	38.76	40.33	33.00	36.66
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	128.56	137.19	140.70	137.32	129.93	126.96	129.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,723	0.00	2,804	2,774	2,767	2,799	2,885	2,928	2,941	3,021	3,148
Invested Capital Turnover	0.00	0.00	0.00	0.00	1.20	2.37	1.18	1.20	1.25	1.30	1.33
Increase / (Decrease) in Invested Capital	146	0.00	62	51	0.00	2,799	82	154	175	222	262
Enterprise Value (EV)	7,718	0.00	0.00	11,221	10,756	10,459	11,380	15,043	15,512	18,533	21,960
Market Capitalization	7,081	8,174	0.00	10,606	10,166	9,841	10,833	14,583	15,138	18,100	21,338
Book Value per Share	$34.74	$0.00	$38.55	$35.44	$36.48	$37.35	$39.38	$41.49	$42.80	$43.22	$42.36
Tangible Book Value per Share	$13.56	$0.00	$18.03	$15.30	$15.58	$17.29	$19.09	$20.50	$21.78	$22.22	$21.66
Total Capital	2,837	0.00	3,120	3,082	3,049	3,111	3,249	3,401	3,269	3,476	3,649
Total Debt	751	0.00	791	923	872	902	912	933	702	888	1,123
Total Long-Term Debt	651	0.00	649	563	570	483	490	504	457	457	453
Net Debt	637	0.00	474	615	590	618	548	460	375	434	622
Capital Expenditures (CapEx)	13	42	0.00	16	22	34	18	27	52	44	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	889	0.00	945	927	841	945	990	1,007	895	1,027	1,129
Debt-free Net Working Capital (DFNWC)	1,003	0.00	1,262	1,236	1,123	1,229	1,354	1,480	1,222	1,481	1,630
Net Working Capital (NWC)	904	0.00	1,120	875	820	810	932	1,051	977	1,050	960
Net Nonoperating Expense (NNE)	-1.07	-8.76	-3.35	-3.89	-5.08	-10	-11	-6.39	-7.74	-7.69	-5.39
Net Nonoperating Obligations (NNO)	637	0.00	474	615	590	591	548	460	375	434	622
Total Depreciation and Amortization (D&A)	30	29	0.00	29	29	28	28	29	29	29	30
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	25.29%	28.55%	29.48%	29.39%	25.09%	27.09%	28.24%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	33.78%	37.12%	40.32%	43.19%	34.27%	39.07%	40.77%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	24.67%	24.46%	27.76%	30.67%	27.39%	27.70%	24.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$0.00	$1.61	$1.69	$1.41	$1.47	$1.83	$1.82	$2.30	$2.23	$2.25
Adjusted Weighted Average Basic Shares Outstanding	60.06M	0.00	60.43M	60.43M	60.08M	59.22M	59.43M	59.68M	59.56M	59.84M	59.61M
Adjusted Diluted Earnings per Share	$1.37	$0.00	$1.56	$1.63	$1.36	$1.42	$1.78	$1.76	$2.23	$2.17	$2.19
Adjusted Weighted Average Diluted Shares Outstanding	61.59M	0.00	62.37M	62.52M	62.08M	61.14M	61.34M	61.49M	61.46M	61.59M	61.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.42M	0.00	60.92M	59.66M	59.13M	59.36M	59.50M	59.97M	59.87M	59.62M	59.58M
Normalized Net Operating Profit after Tax (NOPAT)	84	81	94	98	78	77	98	102	130	126	134
Normalized NOPAT Margin	10.43%	10.33%	11.28%	11.58%	9.15%	9.93%	11.04%	11.15%	13.05%	12.65%	12.29%
Pre Tax Income Margin	13.21%	13.95%	14.44%	14.40%	11.88%	13.18%	15.05%	13.86%	16.05%	16.98%	15.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.64	10.47	11.35	11.45	8.39	9.14	12.10	12.22	16.53	17.28	14.85
NOPAT to Interest Expense	6.86	7.11	8.17	8.53	5.80	6.22	8.20	9.09	12.70	12.18	10.69
EBIT Less CapEx to Interest Expense	8.59	6.81	0.00	10.08	6.76	6.42	10.55	9.85	11.41	13.02	10.48
NOPAT Less CapEx to Interest Expense	5.81	3.45	0.00	7.15	4.18	3.50	6.65	6.72	7.58	7.92	6.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	15.63%	16.18%	16.10%	16.25%	14.70%	13.70%	13.50%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	120.41%	131.39%	139.41%	70.48%	53.79%	68.28%	100.82%

Financials Breakdown Chart

Key Financial Trends

Woodward, Inc. (WWD) has shown a pattern of steady top-line revenue around the $1 billion mark in the latest year, with improving net income and solid cash flow generation. Over the last four years, quarterly results display a mix of steady profitability and prudent capital deployment (capex, buybacks, and debt activity) that has supported liquidity while funding ongoing operations and investments.

Solid near‑$1B quarterly revenue: Q1 2026 operating revenue was $996.5M, indicating the business continues to generate substantial top line in line with recent quarters (Q4 2025: $995.3M).
Rising net income trend: Q1 2026 consolidated net income stood at $133.7M, continuing a multi‑quarter improvement from earlier periods.
Consistent positive cash from operations: Net cash from continuing operating activities was $114.4M in Q1 2026, with prior quarters like Q4 2025 topping at roughly $233.3M, showing strong cash generation from core business.
Healthy free cash flow in latest quarter: In Q1 2026, free cash flow was about $70M (CFO around $114.4M minus roughly $44.1M in capital expenditures), suggesting cash could support dividends and buybacks.
Liquidity improved on the balance sheet: Cash & equivalents rose to $454.2M at 2026‑Q1 end, up from about $283.7M at 2025‑Q1, signaling stronger near‑term liquidity.
Dividend support remains intact: Cash dividends per share are $0.28, reflecting ongoing shareholder returns alongside cash generation.
Stable gross profitability: Gross margin hovered around the high‑20s to ~30% range in recent quarters (e.g., ~29% in Q1 2026), indicating resilient profitability.
Ongoing capex with moderate cash outlays: Quarterly PPE purchases around the low tens of millions (e.g., $44.1M in Q1 2026) while revenue remains near $1B, suggesting ongoing investment without excessive cash drag.
Debt financing activity underway: Q1 2026 included substantial debt issuance (about $1.25B) and modest equity issuance, indicating liquidity support for growth or capital needs in the period.
Earnings per share strength: Q1 2026 diluted EPS of $2.17 and basic EPS of $2.23, reflecting solid profitability on a per‑share basis.
Financing activityable quarter with large outflows in some periods: Q4 2025 saw net cash from financing activities of about -$287.8M, highlighting meaningful buybacks and debt activity that reduced cash despite positive earnings.
Cash outflow tied to investing in some quarters: Recent periods show investing cash outflows (e.g., Q4 2025 investing outflow around $92.0M and Q1 2026 around $48.3M), which reduce cash on hand despite healthy CFO.
Periodic working‑capital cash flow pressure: In some quarters, cash flow from operations lagged net income due to changes in operating assets and liabilities, indicating working capital dynamics can temporarily erode cash generation.

05/05/26 05:25 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Woodward's Financials

When does Woodward's financial year end?

According to the most recent income statement we have on file, Woodward's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

How has Woodward's net income changed over the last 10 years?

Woodward's net income appears to be on an upward trend, with a most recent value of $442.11 million in 2025, rising from $181.45 million in 2015. The previous period was $372.97 million in 2024. See where experts think Woodward is headed by visiting Woodward's forecast page.

What is Woodward's operating income?

Woodward's total operating income in 2025 was $478.90 million, based on the following breakdown:

Total Gross Profit: $956.29 million
Total Operating Expenses: $477.39 million

How has Woodward's revenue changed over the last 10 years?

Over the last 10 years, Woodward's total revenue changed from $2.04 billion in 2015 to $3.57 billion in 2025, a change of 75.0%.

How much debt does Woodward have?

Woodward's total liabilities were at $2.06 billion at the end of 2025, a 5.9% decrease from 2024, and a 51.8% increase since 2015.

How much cash does Woodward have?

In the past 10 years, Woodward's cash and equivalents has ranged from $81.09 million in 2016 to $448.46 million in 2021, and is currently $327.43 million as of their latest financial filing in 2025.

How has Woodward's book value per share changed over the last 10 years?

Over the last 10 years, Woodward's book value per share changed from 17.83 in 2015 to 42.80 in 2025, a change of 140.1%.

Related Companies

Financial statements for NASDAQ:WWD last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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