olivLaw · US equity research
CW CW
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
Curtiss-Wright (CW) is a global engineered-products group that supplies mainly Aerospace & Defense markets, plus critical technologies for commercial nuclear power and industry. In the second quarter of 2026 it reported sales of $924 million, up 5%, and raised its full-year 2026 outlook. The company relies on U.S. Government business, which represented 58% of net sales in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CW (CW) stock was 452.13 USD (−9.17% on the day), with market capitalisation 16.7 bn USD, P/E 31.1 on diluted EPS of 14.53 USD over the last 12 months, dividend yield 0.22%, beta 1.17, 52-week range 452.13–792.77 USD. Latest reported quarter (Q2 2026): revenue of 924.0 m USD (+5.4% YoY), net income of 151.2 m USD (+24.9% YoY), diluted EPS 4.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 458.72 – 520.67
- below the lower band · %B -0.11 · band width 12.6%
- SMA 50 / 200
- 532.01 / 666.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -18.59 / -20.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.4% | −1.1% | −15.3 pp | — |
| 3 months | −39.6% | −0.5% | −39.1 pp | — |
| 6 months | −39.1% | +4.4% | −43.5 pp | — |
| Year to date | −18.0% | +12.3% | −30.3 pp | — |
| 1 year | −22.8% | +13.5% | −36.4 pp | −49.2% |
| 3 years | +121.9% | +76.4% | +45.5 pp | −18.0% |
| 5 years | +232.5% | +63.7% | +168.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 798.9 m | 824.3 m | 805.6 m | 876.6 m | 869.2 m | 947.0 m | 913.7 m | 924.0 m |
| Cost of revenue | 500.7 m | 506.9 m | 513.2 m | 550.4 m | 541.7 m | 591.5 m | 582.2 m | 559.9 m |
| Gross profit | 298.3 m | 317.4 m | 292.5 m | 326.2 m | 327.5 m | 355.4 m | 331.5 m | 364.1 m |
| Research & development | 20.7 m | 25.8 m | 23.0 m | 23.3 m | 23.4 m | 25.4 m | 24.2 m | 25.1 m |
| Operating income | 144.9 m | 154.8 m | 129.2 m | 156.3 m | 166.3 m | 181.8 m | 159.5 m | 178.7 m |
| Depreciation & amortisation | 26.7 m | 26.8 m | 30.8 m | 31.3 m | 31.2 m | 31.5 m | 28.4 m | 28.4 m |
| Interest expense | 11.4 m | 11.7 m | 10.1 m | 10.5 m | 10.5 m | 12.0 m | 9.9 m | 9.9 m |
| Pre-tax income | 143.6 m | 153.2 m | 125.1 m | 156.8 m | 161.2 m | 177.0 m | 157.8 m | 194.3 m |
| Income tax | 32.5 m | 35.3 m | 23.8 m | 35.7 m | 36.3 m | 40.0 m | 29.6 m | 43.1 m |
| Net income | 111.2 m | 117.9 m | 101.3 m | 121.1 m | 124.8 m | 137.0 m | 128.2 m | 151.2 m |
| Diluted EPS | 2.89 | 3.09 ≈ | 2.68 | 3.19 | 3.31 | 3.69 ≈ | 3.46 | 4.07 |
| Operating cash flow | 177.3 m ≈ | 301.3 m | -38.8 m | 136.6 m ≈ | 192.8 m ≈ | 352.7 m | -5.7 m | 181.2 m ≈ |
| Capex | 14.6 m ≈ | 23.3 m | 15.8 m | 19.4 m ≈ | 16.9 m ≈ | 37.6 m | 11.8 m | 29.5 m ≈ |
| Dividends paid | 8.0 m ≈ | 15.9 m | — | — | 9.0 m ≈ | 17.8 m | — | — |
| Share repurchases | 112.8 m ≈ | 112.4 m | 14.3 m | 20.8 m ≈ | 290.0 m ≈ | 139.8 m | 14.5 m | 14.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 86 percentile of its own 43-quarter history (min 13.1, median 22.0, max 52.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.5 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.8 bn | 3.1 bn | 3.5 bn |
| Revenue YoY | +6.2% | +3.2% | −3.9% | +4.6% | +2.2% | +11.3% | +9.7% | +12.1% |
| Net income | 275.7 m | 307.6 m | 201.4 m | 262.8 m | 294.3 m | 354.5 m | 405.0 m | 484.2 m |
| Net income YoY | +28.3% | +11.5% | −34.5% | +30.5% | +12.0% | +20.4% | +14.2% | +19.6% |
| Diluted EPS | 6.22 | 7.15 | 4.80 | 6.47 | 7.62 | 9.20 | 10.55 | 12.87 |
| Diluted EPS YoY | +29.6% | +15.0% | −32.9% | +34.8% | +17.8% | +20.7% | +14.7% | +22.0% |
| net % | 11.4% | 12.4% | 8.4% | 10.5% | 11.5% | 12.5% | 13.0% | 13.8% |
| Free cash flow | 282.9 m | 351.7 m | 213.7 m | 346.6 m | 256.6 m | 403.4 m | 483.3 m | 553.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 371.3 m USD
- Financial debt
- 957.9 m USD
- Net debt
- 586.5 m USD
- Equity
- 2.5 bn USD
- Total assets
- 5.2 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.44x
- ROE
- 19.4%
- ROA
- 9.5%
- FCF margin
- 15.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.5 bn | 2.6 bn | 2.8 bn | 3.1 bn | 3.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 1.6 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 841.2 m | 927.8 m | 954.6 m | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 74.8 m | 88.5 m | 80.8 m | 85.8 m | 91.6 m | 95.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 288.8 m | 377.1 m | 423.4 m | 484.6 m | 528.6 m | 633.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 115.9 m | 114.4 m | 112.0 m | 116.2 m | 107.7 m | 124.8 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 404.8 m ≈ | 491.5 m ≈ | 535.5 m ≈ | 600.8 m ≈ | 636.3 m ≈ | 758.3 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 35.5 m | 40.2 m | 47.0 m | 51.4 m | 44.9 m | 43.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 263.1 m | 349.0 m | 389.2 m | 463.1 m | 522.1 m | 620.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 61.7 m | 86.1 m | 94.8 m | 108.6 m | 117.1 m | 135.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 201.4 m | 262.8 m | 294.3 m | 354.5 m | 405.0 m | 484.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 4.80 | 6.47 | 7.62 | 9.20 | 10.55 | 12.87 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 42.0 m | 40.6 m | 38.6 m | 38.5 m | 38.4 m | 37.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.68 | 0.71 | 0.75 | 0.79 | 0.83 | 0.93 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 198.2 m | 171.0 m | 257.0 m | 406.9 m | 385.0 m | 371.3 m | SEC (XBRL)· 07 May 2026verified |
| Inventories | 428.9 m | 411.6 m | 483.1 m | 510.0 m | 541.4 m | 615.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 1.3 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 378.2 m | 360.0 m | 342.7 m | 332.8 m | 339.1 m | 382.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 609.6 m | 538.1 m | 620.9 m | 557.6 m | 596.8 m | 532.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 4.0 bn | 4.1 bn | 4.4 bn | 4.6 bn | 5.0 bn | 5.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 201.2 m | 211.6 m | 266.5 m | 243.8 m | 247.2 m | 310.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 100.0 m | 0 | 202.5 m | 0 | 90.0 m | 200.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 958.3 m | 1.1 bn | 1.1 bn | 1.1 bn | 958.9 m | 757.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 810.4 m | 734.9 m | 981.0 m | 806.5 m | 1.1 bn | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 2.2 bn | 2.3 bn | 2.5 bn | 2.3 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.8 bn † | 1.8 bn † | 2.0 bn † | 2.3 bn † | 2.4 bn † | 2.5 bn † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 261.2 m | 387.7 m | 294.8 m | 448.1 m | 544.3 m | 643.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 47.5 m | 41.1 m | 38.2 m | 44.7 m | 61.0 m | 89.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 213.7 m ≈ | 346.6 m ≈ | 256.6 m ≈ | 403.4 m ≈ | 483.3 m ≈ | 553.7 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -532.5 m | -42.4 m | -325.9 m | -35.5 m | -283.3 m | -90.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 82.1 m | -369.1 m | 129.4 m | -273.4 m | -271.5 m | -578.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 28.2 m | 28.7 m | 28.8 m | 30.2 m | 31.7 m | 34.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 200.0 m | 343.1 m | 56.9 m | 50.1 m | 250.0 m | 465.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 16.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet92
- Valuation13
- Quality100
- Growth96
- Returns65
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 265.39 – 457.57 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)265.39 – 418.07 (Mid 324.36)WACC 9.1% · starting FCFF 658.5 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 26.5%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E379.49 – 457.57 (Mid 402.52)3 companies used · median multiple 27.7x · quartiles 26.1x – 31.5xEPAC, ETN, MOG-A
- Dividend discount (DDM)outside the aggregate12.22 – 16.44 (Mid 14.02)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.3% | 100 (on a fixed band) | 10% |
| Net margin · Quality | 14.8% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 115.5% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 11.0% | 92 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 19.1% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.6x | 97 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 16.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 31.1x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 21.3x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.7% | 47 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.0% | 42 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 5.7% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet92/100 · 3/3 factors with a value
- Growth96/100 · 2/2 factors with a value
- Quality100/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation13/100 · 3/3 factors with a value
Memo
CURTISS-WRIGHT CORPORATION (CW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth 12.1%; net margin 14.8%; ROE 19.7%; net debt/EBITDA 0.6x.
The estimated value range is 322.44–437.82 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 363.44 USD, the price of 452.13 USD leaves a potential of -19.6% (value / price − 1) and a margin of safety of -24.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.3%
- Net margin: 14.8%
- FCF conversion: 115.5%
- Revenue CAGR 3Y: 11.0%
- EPS CAGR 3Y: 19.1%
- Net debt / EBITDA: 0.6x
- Interest coverage: 16.2x
- Payout ratio (FCF): 5.7%
What contradicts it
- P/E (TTM): 31.1x
- EV/EBITDA: 21.3x
- The price is above the estimated value range
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 137.2 bn | 35.3 | 19.6% | 12.2% | +10.3% | +2% / +55% |
| CWCurtiss-Wright Corporation | 16.7 bn | 31.1 | 19.7% | 14.8% | +12.1% | −23% / +122% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 24.5 | 20.2% | 13.8% | +5.7% | +11% / +55% |
| ZOOZZOOZ Strategy Ltd. | 972.0 m | — | -88.3% | -22,505.7% | −76.3% | −49% / unavailable |
| VHUBVenhub Global, Inc. | 21.4 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.4 m | — | -48.9% | -63.2% | +13.0% | −83% / −91% |
| SMXSMX (Security Matters) Public Limited Company | 2.1 m | — | -2,287.2% | — | unavailable | −100% / −100% |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −53% / −97% |
| MOG-AMOOG Inc. | — | 27.7 | 18.2% | 8.7% | +7.0% | +42% / +133% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −47% / unavailable |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −89% / unavailable |
1- and 3-year price returns: for CW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 287.23 Total return -36% · Per year -36% | 506.31 Total return 12% · Per year 12% | 760.61 Total return 69% · Per year 69% |
| 3 years | 316.46 Total return -29% · Per year -11% | 623.98 Total return 39% · Per year 12% | 1,023.72 Total return 127% · Per year 32% |
| 5 years | 348.66 Total return -22% · Per year -5% | 769.00 Total return 72% · Per year 11% | 1,377.84 Total return 207% · Per year 25% |
- Exit P/E± 156.00
- Net margin± 109.20
- Annual revenue growth± 84.37
- Annual dilution± 9.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
Curtiss-Wright (CW) is a global engineered-products group that supplies mainly Aerospace & Defense markets, plus critical technologies for commercial nuclear power and industry. In the second quarter of 2026 it reported sales of $924 million, up 5%, and raised its full-year 2026 outlook 2. The company relies on U.S. Government business, which represented 58% of net sales in 2025 1.
SWOT
Strengths
- Sole-source positions on long-term defense programs and presence on many military platforms give multi-year visibility 1.
- Strong 2026 results, with operating margins up in all three segments and record defense electronics demand 2.
- Diversification across defense, commercial aerospace, nuclear power and industry reduces dependence on a single cycle 1.
Weaknesses
- Heavy reliance on U.S. Government funding and fixed-price contracts, where the company absorbs most cost overruns 1.
- Exposure to sole-source suppliers and raw material prices, which can affect margins and delivery timing 1.
- Defense electronics sales declined in the second quarter of 2026 because of sales timing 2.
Opportunities
Risks
- Cybersecurityhigh
The company stores sensitive data, and an intrusion could compromise information, disrupt operations and lead to legal claims 1.
- Product liability and warrantymedium
A product failure could lead to claims or recalls, and insurance may not fully cover the obligations 1.
- Sole-source suppliers and costshigh
If a sole-source supplier fails to deliver, production could be delayed, and higher material prices may not be fully passed on to customers 1.
- Acquisition integrationmedium
Acquisitions could fail to deliver expected benefits or bring unexpected liabilities, and financing may not be available on acceptable terms 1.
- Technology developmentmedium
Markets change quickly, and research spending might not produce competitive products on time 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Dependence on U.S. Government budgets and fixed-price contracts could weigh on margins if costs rise 1.
- A sales decline in one segment, such as defense electronics in the second quarter, could show timing volatility 2.
- Higher research and capital spending could reduce cash flow if revenues do not grow enough 2.
What to watch
- Delivery of the raised 2026 sales and margin guidanceQ3 2026
- Trend in new orders and the book-to-bill ratioQ3 2026
- U.S. defense budget funding for 20272027
- Timing of defense electronics deliveriesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
Curtiss-Wright Corporation is a Delaware corporation headquartered in Davidson, North Carolina, that provides highly engineered products, solutions and services mainly to Aerospace & Defense (A&D) markets, and critical technologies for commercial nuclear power, process and industrial markets 1. Its Pivot to Growth strategy targets revenue, operating income and free cash flow growth through organic and acquisition-led expansion, plus shareholder returns through buybacks and dividends 1. In 2025, sales to the U.S. Government and foreign government end use were 58% of net sales, and about 47% came from contracts with U.S. Government agencies and prime contractors 1.
Market context
The company's defense business is tied to U.S. defense budgets and foreign spending, and it notes support for over 400 platforms and 3,000 programs worldwide 1. The U.S. budget outlook includes additional funding that could push defense spending close to a trillion dollars if it is fully realised 1. In commercial aerospace, about 90% of sales in that market come from commercial jets, tied to Boeing and Airbus production rates 1.
In nuclear power, U.S. executive orders aim to expand capacity, and the company has content on every operating reactor in the U.S., Canada and the U.K. 1. Global GDP growth is expected to remain below 3% for the foreseeable future, which could weigh on industrial demand 1. If aircraft output and defense spending hold up, demand could continue to support margin gains 2.
Trends
- Rising defense budgetstailwind
Additional funding and NATO spending targets could lift demand for the company's naval and defense electronics products 1. Delays in appropriations or unclear multi-year plans could postpone orders 1.
- Commercial aircraft production ratestailwind
Higher Boeing and Airbus production could expand sales of actuation and sensor products, since the company has content on most commercial programs 1. A slowdown in output would have the opposite effect 1.
- Nuclear power revivalmixed
Bipartisan support for nuclear energy and data-centre power demand could expand orders for new reactors and upgrades 1. Licensing or construction delays could slow this effect 1.
- Macro uncertainty and tradeheadwind
Tariffs and geopolitical uncertainty could raise input costs and weigh on industrial demand, pressuring margins 1. Higher labour and energy costs add to this risk 1.
Competitive position
The company says it competes globally, primarily on technology and pricing, and holds competitive positions through sole-source defense content and long-standing customer relationships 1. Competition could intensify as industry consolidation reduces acquisition targets and pressures prices 1.
In nuclear and industrial markets it competes with specialised suppliers of pumps, valves and reactor equipment; the sources do not name listed competitors with comparable scale 1. The company points to customer relationships and engineering capability as its advantages 1.
- Defense and aerospace electronics suppliers
Companies in this group compete for defense electronics and systems contracts, but the sources do not name them, so no verified ticker is given.
- Commercial aircraft actuation and sensor makers
Competition in actuation and sensors for commercial OEMs is mentioned in general terms without named companies in the sources.
- Nuclear power equipment suppliers
The company operates in a segment served by specialised suppliers; the sources do not name individual competitors.
- Industrial process equipment providers
Competition in severe-service valves and industrial equipment is referenced without naming listed companies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Sept 2026Other events · Financial statements and exhibits
- Current report19 Aug 2026Other events · Financial statements and exhibits
- Current report11 Aug 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report08 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CW · 12 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / CW · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.