Woodward, Inc.
Description
Woodward, Inc. designs, manufactures, and services control solutions for the aerospace and industrial markets worldwide. The company operates in two segments, Aerospace and Industrial. The Aerospace segment provides fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, and flight deck controls, actuators, servocontrols, motors, and sensors for aircraft. These products are used on commercial and private aircraft and rotorcraft, as well as on military fixed-wing aircraft and rotorcraft, guided weapons, and other defense systems. It also provides aftermarket maintenance, repair and overhaul, and other services to commercial airlines, repair facilities, military depots, third party repair shops, and other end users. This segment sells its products to original equipment manufacturers (OEMs), tier-one suppliers, and contractors, as well as through aftermarket sales of components, such as provisioning spares and replacements. The Industrial segment offers actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, speed controls, electronics and software, and sensors. These products are used on industrial gas turbines, steam turbines, compressors, and reciprocating engines. This segment sells its aftermarket products, and other related services to OEMs through an independent network of distributors, as well as directly to end users. The company was founded in 1870 and is headquartered in Fort Collins, Colorado.
About
CEO
Mr. Charles P. Blankenship Jr.
Employees
8,800
Instrument type
Common Stock
Sector
Industrials
Industry
Aerospace & Defense
MIC code
XNGS
Address
1081 Woodward Way, Fort Collins, CO 80524, United States
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Oscillators
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Summary
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 25, 2025 | — | — | — | — |
| Jul 28, 2025 | — | — | — | — |
| Apr 28, 2025 | — | — | — | — |
| Feb 4, 2025 | — | — | — | — |
| Nov 26, 2024 | 1.26 | 1.41 | 0.15 | 11.90% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Current Year
(Sep 2025)
|
Next Year
(Sep 2026)
|
||
|---|---|---|---|---|
| Number of analysts | — | 10 | 11 | 10 |
| Average estimate | — | 1.46 | 6.06 | 7.27 |
| Low estimate | — | 1.38 | 5.84 | 6.68 |
| High estimate | — | 1.53 | 6.34 | 8.14 |
| Last year EPS | — | 1.62 | 6.11 | 6.06 |
[stock_revenue_estimate]
Growth estimates
Current qtr
-18.290%
Next qtr. (Mar 2025)
-9.800%
Current year (Sep 2025)
-0.760%
Next year (Sep 2026)
19.950%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Fiscal date | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 |
| Total reported revenue | 3.32B | 2.91B | 2.38B | 2.25B | 2.50B |
| Cost of revenue | 2.45B | 2.24B | 1.86B | 1.69B | 1.86B |
| Gross profit | 876.48M | 677.58M | 525.31M | 551.06M | 640.24M |
| Operating expense | |||||
| Research & development | 140.68M | 132.10M | 119.78M | 117.09M | 133.13M |
| Selling general and admin | 307.50M | 269.69M | 203.01M | 186.87M | 217.71M |
| Other operating expenses | — | — | — | — | — |
| Operating income | 428.30M | 275.80M | 202.52M | 247.10M | 289.40M |
| Non operating interest income | |||||
| Income | 6.46M | 2.75M | 1.81M | 1.50M | 1.76M |
| Expense | 47.96M | 47.90M | 34.55M | 34.28M | 35.81M |
| Other income expense | 67.17M | 45.12M | 30.11M | 31.49M | 26.53M |
| Pretax income | 453.97M | 275.77M | 199.90M | 245.80M | 281.88M |
| Tax provision | 81.00M | 43.40M | 28.20M | 37.15M | 41.49M |
| Net income | 372.97M | 232.37M | 171.70M | 208.65M | 240.40M |
| Basic EPS | 6.21 | 3.88 | 2.79 | 3.30 | 3.86 |
| Diluted EPS | 6.01 | 3.78 | 2.71 | 3.18 | 3.74 |
| Basic average shares | 60.08M | 59.91M | 61.52M | 63.29M | 62.27M |
| Diluted average shares | 60.08M | 59.91M | 61.52M | 63.29M | 62.27M |
| EBITDA | 606.27M | 446.81M | 356.17M | 405.23M | 451.51M |
| Net income from continuing op. | 372.97M | 232.37M | 171.70M | 208.65M | 240.40M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Fiscal date | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 |
| Total assets | 4.37B | 4.01B | 3.81B | 4.09B | 3.90B |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 282.27M | 137.45M | 107.84M | 446.56M | 149.77M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | 457.23M | 485.23M | 368.77M | 322.12M | 356.20M |
| Other receivables | 320.57M | 270.48M | 245.12M | 204.60M | 181.79M |
| Inventory | 609.09M | 517.84M | 514.29M | 419.97M | 437.94M |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | 1.91M | 3.50M |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | 60.17M | 50.18M | 74.70M | 61.17M | 52.79M |
| Non current assets | |||||
| Properties | 33.39M | 20.07M | 20.16M | 20.01M | 19.81M |
| Land and improvements | 91.11M | 89.35M | 84.06M | 86.05M | 83.10M |
| Machinery furniture equipment | 1.01B | 969.48M | 941.93M | 959.56M | 941.96M |
| Construction in progress | 71.89M | 55.49M | 58.79M | 38.32M | 36.37M |
| Leases | 22.02M | 21.08M | 19.39M | 19.16M | 18.61M |
| Accumulated depreciation | -890.24M | -832.11M | -769.25M | -726.22M | -653.98M |
| Goodwill | 2.05B | 2.04B | 2.01B | 2.17B | 2.22B |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 440.42M | 452.36M | 460.58M | 559.29M | 606.71M |
| Investments and advances | — | — | — | — | — |
| Other non current assets | 437.53M | 383.83M | 350.87M | 311.09M | 280.09M |
| Total liabilities | 2.19B | 1.94B | 1.91B | 1.88B | 1.91B |
| Current liabilities | |||||
| Accounts payable | 287.46M | 234.33M | 230.52M | 170.91M | 134.24M |
| Accrued expenses | 217.08M | 212.61M | 151.68M | 131.33M | 110.20M |
| Short term debt | 302.72M | 75.82M | 67.66M | 728,000 | 101.63M |
| Deferred revenue | 56.79M | 33.75M | 30.66M | 29.53M | 24.62M |
| Tax payable | 56.58M | 57.87M | 55.81M | 30.93M | 18.59M |
| Pensions | 2.89M | 2.82M | 2.78M | 2.83M | 3.05M |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 592.42M | 666.39M | 731.20M | 748.89M | 751.42M |
| Provision for risks and charges | 5.89M | 10.71M | 14.33M | 16.26M | 18.32M |
| Deferred liabilities | 121.86M | 132.82M | 127.20M | 157.94M | 163.57M |
| Derivative product liabilities | 10.56M | — | — | 50.19M | 51.39M |
| Other non current liabilities | 23.49M | 19.07M | 19.94M | 35.13M | 43.87M |
| Shareholders equity | |||||
| Common stock | 106,000 | 106,000 | 106,000 | 106,000 | 106,000 |
| Retained earnings | 3.22B | 2.91B | 2.73B | 2.60B | 2.43B |
| Other shareholders equity | -32.70M | -70.67M | -92.56M | -65.62M | -89.79M |
| Total shareholders equity | 2.18B | 2.07B | 1.90B | 2.21B | 1.99B |
| Additional paid in capital | 396.55M | 327.94M | 293.54M | 261.74M | 231.94M |
| Treasury stock | 1.41B | 1.10B | 1.03B | 589.90M | 586.70M |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||||||||||||||||
| Net Income | 372.97M | 232.37M | 171.70M | 208.65M | 240.40M | 259.60M | 180.38M | 200.51M | 180.84M | 181.45M | 165.84M | 145.94M | 141.59M | 132.24M | 111.16M | 94.42M | 121.88M | 98.16M | 69.90M | 55.97M | 31.38M | 12.35M | 42.68M | 53.07M | 46.98M | 30.80M | 21.60M | 18.10M | 22.10M | 11.94M | -3.27M |
| Depreciation | 116.17M | 119.74M | 120.63M | 129.52M | 131.16M | 142.00M | 116.13M | 80.92M | 69.04M | 75.24M | 77.35M | 74.23M | 68.62M | 75.39M | 75.62M | 63.95M | 35.45M | 32.92M | 29.02M | 31.54M | 32.76M | 32.42M | 32.09M | 32.73M | 30.42M | 32.00M | 26.60M | 22.80M | 23.40M | 23.79M | 26.11M |
| Deferred Taxes | -44.61M | -40.16M | -23.23M | -11.96M | 1.31M | -10.07M | -30.18M | 22.77M | -52.74M | 15.50M | -6.70M | 8.35M | -3.73M | -10.32M | 16.36M | 17.23M | 10.96M | 12.47M | -13.48M | 2.63M | -1.99M | 8.54M | 1.24M | 1.30M | -9,000 | 4.30M | -1.00M | — | -800,000 | -3.41M | -10.42M |
| Stock-Based Compensation | 33.05M | 23.38M | 20.11M | 21.48M | 22.90M | 18.15M | 18.23M | 17.28M | 15.12M | 14.26M | 11.24M | 9.41M | 8.63M | 6.59M | 6.69M | 5.50M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | — | — | — | — | — | — | -330,000 | — | 47,000 | — | -7.54M | 37,000 | 56,000 | — | 282,000 | — | -10.56M | -5.69M | 263,000 | — | — | 2.92M | 4.39M | -2.35M | 451,000 | 4.40M | 6.40M | — | -1.20M | 21.99M | 25.86M |
| Accounts Receivable | -15.37M | -137.00M | -98.83M | 24.75M | 30.07M | -30.51M | -6.49M | -53.15M | -9.19M | 14.85M | 30.88M | -9.77M | -59.06M | -49.39M | -40.69M | 37.76M | -26.47M | -17.81M | 1.06M | -9.21M | -9.64M | -1.76M | 29.29M | 3.10M | -4.00M | -8.00M | -5.50M | -13.10M | -400,000 | -11.16M | -788,000 |
| Accounts Payable | — | — | — | — | — | 48.00M | -2.28M | 64.66M | 17.46M | 3.03M | 25.80M | 16.06M | 11.69M | 27.68M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Assets & Liabilities | -86.33M | 41.26M | -117.93M | 34.89M | 93.15M | -38.50M | 24.95M | -21.85M | -30.78M | -7.80M | -26.71M | -16.59M | -19.87M | -64.88M | -14.02M | 51.89M | -13.21M | -18.94M | -3.79M | -10.34M | 3.53M | 11.95M | -5.54M | -2.94M | 4.05M | -5.10M | -12.20M | 17.50M | 9.40M | -11.83M | -1.69M |
| Operating Cash Flow | 375.89M | 239.61M | 72.45M | 407.33M | 518.99M | 388.68M | 300.40M | 311.14M | 189.79M | 296.52M | 270.17M | 227.68M | 147.91M | 117.31M | 155.39M | 270.74M | 118.05M | 101.11M | 82.97M | 70.58M | 56.05M | 66.42M | 104.15M | 84.91M | 77.89M | 58.40M | 35.90M | 45.30M | 52.50M | 31.32M | 35.81M |
| Investing Activities | |||||||||||||||||||||||||||||||
| Capital Expenditures | -96.28M | -76.50M | -52.87M | -37.69M | -47.09M | -99.07M | -127.14M | -92.34M | -175.69M | -286.61M | -207.11M | -141.60M | -64.90M | -48.26M | -28.10M | 19.05M | -35.91M | -31.76M | -31.02M | -22.91M | -18.33M | -18.03M | -22.46M | -30.48M | -25.72M | -16.60M | -202.70M | -21.20M | -21.20M | -18.99M | -16.52M |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | 1.80M | 878,000 | -15.55M | — | 10.44M | — | -771.12M | — | — | — | — | -198.86M | — | -47.16M | -24.34M | -749.82M | — | -35.29M | — | — | -1.94M | -57.67M | -25.75M | -31.22M | — | — | — | — | — | — | -8.01M |
| Purchase of Investments | -6.77M | -6.11M | -9.63M | -14.34M | -13.11M | -26.72M | -9.32M | -8.59M | -4.92M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Sale of Investments | 9.74M | 7.69M | 12.56M | 16.58M | 12.70M | 22.25M | 9.09M | 5.31M | — | — | — | — | — | 8.22M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Investing Cash Flow | -89.22M | -73.55M | -65.45M | -35.30M | -6.88M | -102.53M | -896.57M | -91.87M | -173.95M | -284.08M | -205.83M | -340.04M | -64.62M | -87.14M | -52.13M | -714.13M | -35.91M | -67.05M | -31.02M | -22.91M | -20.27M | -75.70M | -48.21M | -61.70M | 15.74M | -18.00M | -207.90M | -28.60M | -20.10M | -18.43M | -23.90M |
| Financing Activities | |||||||||||||||||||||||||||||||
| Long-Term Debt Issuance | 2.96B | 2.32B | 952.00M | — | — | — | 400.00M | — | 179.31M | — | 250.00M | 200.00M | — | — | — | 620.00M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Long-Term Debt Payments | -2.82B | -2.39B | -886.00M | -176.04M | -1.51B | -1.83B | -1.69B | -1.63B | -998.18M | -856.61M | -521.07M | -221.36M | -220.96M | -201.16M | -212.40M | -266.63M | — | — | — | — | — | — | — | — | — | — | — | — | — | -4.25M | -4.01M |
| Other Financing Charges | — | -2.24M | — | — | — | -2.24M | -7.04M | — | -863,000 | -2.36M | -1.30M | 4.01M | 1.81M | 3.56M | -3.01M | 1.39M | 15.05M | 9.79M | 2.99M | — | — | — | — | 303,000 | 507,000 | 300,000 | 400,000 | 400,000 | 400,000 | 385,000 | 393,000 |
| Financing Cash Flow | -218.05M | -263.27M | -375.58M | -210.72M | -1.80B | -1.96B | -1.09B | -1.84B | -1.15B | -890.62M | -217.08M | -77.01M | -278.05M | -238.71M | -212.97M | 337.63M | -31.18M | -48.06M | -28.90M | -12.48M | -9.50M | -19.17M | -10.63M | -9.84M | -9.32M | -10.90M | -15.10M | -13.90M | -11.70M | -11.52M | -11.83M |
| Other Cash Details | |||||||||||||||||||||||||||||||
| End Cash Position | 282.27M | 137.45M | 107.84M | 448.46M | 153.27M | 99.07M | 83.59M | 87.55M | 81.09M | 82.20M | 115.29M | 48.56M | 61.83M | 74.54M | 105.58M | 100.86M | 109.83M | 71.64M | 83.72M | 84.60M | 48.90M | 24.06M | 29.83M | 10.54M | 9.32M | 10.40M | 12.40M | 15.00M | — | 12.45M | 10.27M |
| Income Tax Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | 342.81M | 232.04M | 140.77M | 426.98M | 302.40M | 291.54M | 172.15M | 215.20M | 259.69M | 9.38M | 66.46M | 80.99M | 79.21M | 66.37M | 156.47M | 190.28M | 87.84M | 85.73M | 48.82M | 42.82M | 66.52M | 41.97M | 68.50M | 56.10M | 27.79M | 37.00M | -159.60M | 34.90M | 31.30M | 12.33M | 19.29M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| iShares Core S&P Midcap ETF | Nov 30, 2024 | 1,916,084 | 353.52M | 3.24% |
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 1,889,295 | 348.57M | 3.20% |
| Vanguard Small-Cap Index Fund | Sep 30, 2024 | 1,493,373 | 275.53M | 2.53% |
| American Funds Insurance Ser-Growth/Income Fund | Dec 31, 2024 | 1,484,210 | 273.84M | 2.51% |
| Vanguard Extended Market Index Fund | Sep 30, 2024 | 894,242 | 164.99M | 1.51% |
| Vanguard Small-Cap Growth Index Fund | Sep 30, 2024 | 824,545 | 152.13M | 1.39% |
| iShares U.S. Aerospace & Defense ETF | Nov 30, 2024 | 717,680 | 132.41M | 1.21% |
| SPDR (R) Ser Tr-SPDR S&P Aerospace & Defense ETF | Nov 30, 2024 | 679,830 | 125.43M | 1.15% |
| SPDR S&P Mid Cap 400 ETF Trust | Nov 30, 2024 | 483,717 | 89.25M | 0.82% |
| Vanguard Selected Value Fund | Oct 31, 2024 | 414,025 | 76.39M | 0.70% |
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Woodward, Inc. (WWD) Q1 2025 Earnings Call Transcript
Woodward, Inc. (NASDAQ:WWD ) Q1 2025 Earnings Conference Call February 3, 2025 5:00 PM ET Company Participants Dan Provaznik - Director, IR Chip Blankenship - Chairman & CEO Bill Lacey - CFO Conference Call Participants Scott Mikus - Melius Research Scott Deuschle - Deutsche Bank Sheila Kahyaoglu - Jefferies Matthew Akers - Wells Fargo Peter Skibitski - Alembic Global Partner Advisors Christopher Glynn - Oppenheimer David Strauss - Barclays Gavin Parsons - UBS Noah Poponak - Goldman Sachs Michael Ciarmoli - Truist Securities Louis Raffetto - Wolfe Research Gautam Khanna - TD Cowen Tony Bancroft - Gabelli Funds Operator Ladies and gentlemen, thank you for standing by. Welcome to the Woodward Incorporated First Quarter Fiscal Year 2025 Earnings Call.
Feb 4, 2025
