# Curtiss-Wright Corporation (CW)

> Source: Nexqual · https://nexqual.com/CW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Curtiss-Wright Corporation (CW), nexqual.com/CW" · informational, not investment advice.

**Price:** USD 474.28 (-4.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 474.28 · day 469.15–486.89 · 52w 469.15–808.16 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.65B, net income $541M (14.8% margin), free cash flow $625M (SEC filings).
- 3 of 80 tracked superinvestors hold CW (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $5.0M; 2 not under a Rule 10b5-1 plan ($701K); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $149K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.22 on a 1–5 scale) (9 analysts), mean target USD 691.25 (range 518–870).
- Total return with dividends: 1Y -15.0% vs S&P 500 +14.9%; 5Y +264.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 3.76, revenue estimate $935M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.56B | $2.85B | $3.12B | $3.50B | $3.65B |
| Gross profit | $928M | $955M | $1.07B | $1.15B | $1.30B | — |
| Operating income | $377M | $423M | $485M | $529M | $634M | $686M |
| Net income | $263M | $294M | $355M | $405M | $484M | $541M |
| EPS (diluted) | $6.47 | $7.62 | $9.20 | $10.55 | $12.87 | — |
| Free cash flow | $347M | $257M | $403M | $483M | $554M | $625M |
| Gross margin | 37.1% | 37.3% | 37.5% | 37.0% | 37.2% | — |
| Operating margin | 15.1% | 16.6% | 17.0% | 16.9% | 18.1% | 18.8% |
| Net margin | 10.5% | 11.5% | 12.5% | 13.0% | 13.8% | 14.8% |
| Revenue growth | +4.6% | +2.2% | +11.3% | +9.7% | +12.1% | — |
| Cash + short-term investments | $171M | $257M | $407M | $385M | $371M | — |
| Total debt | $1.05B | $1.25B | $1.05B | $1.05B | $958M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 42.8x, Dec 2024 33.6x, Dec 2023 24.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.05% | $248K | Unchanged |
| Polen Capital | Polen Capital Management | 0.01% | $1.6M | Added +74.9% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $872K | Reduced -17.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Wyche Larry D | Director | 100 | $60K | 6.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Watts John C | EVP & Chief Growth Officer | 1,035 | $641K | 27.4% | No | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Watts John C | EVP & Chief Growth Officer | 200 | $154K | 5% | Yes (adopted February 25, 2026) | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-12 | Bamford Lynn M | Chair and CEO | 2,500 | $1.9M | 5.2% | Yes (adopted March 10, 2026) | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-09 | Ogilby Gary A | Senior VP & Corp Controller | 399 | $288K | 15.5% | Yes (adopted March 10, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-09 | Bamford Lynn M | Chair and CEO | 2,500 | $1.8M | 4.9% | Yes (adopted March 10, 2026) | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-27 | Watts John C | EVP & Chief Growth Officer | 220 | $166K | 5.3% | Yes (adopted February 25, 2026) | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $149K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-10 | Lyash Jeffrey J. | Director | 209 | $149K | 711.62 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.22 on a 1–5 scale), 9 analysts; mean target USD 691.25 (low 518, high 870).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Overweight | $860 → $625 |
| 2026-10-19 | Stifel | Target lowered | Hold | $700 → $518 |
| 2026-10-07 | Citigroup | Target lowered | Neutral | $793 → $622 |
| 2026-09-15 | Guggenheim | Initiated | Buy | $786 |
| 2026-09-02 | Piper Sandler | Initiated | Neutral | $665 |
| 2026-07-20 | Stifel | Target raised | Hold | $724 → $768 |
| 2026-07-01 | Citigroup | Target raised | Neutral | $775 → $793 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.0% | +264.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.1% | +29.4% |
| Volatility (annualized) | 35.7% | 26.7% |
| Max drawdown | -40.1% (Jul 2026→Oct 2026) | -38.5% (Jun 2026→Oct 2026) |

## Peers (Aerospace & Defense)
WWD (Woodward, Inc.) USD 304.85 -6.24% · FTAI (FTAI Aviation Ltd.) USD 157.5 -3.68% · ARXS (Arxis, Inc.) USD 49.68 -3.98% · TXT (Textron Inc.) USD 78.04 +0.98% · EMBJ (Embraer S.A.) USD 69.21 -5.06% · BWXT (BWX Technologies, Inc.) USD 127.3 -5.78%

## More
Full page: https://nexqual.com/CW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CW's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Boeing (BA) | "Despite our concerted effort to minimize risk to our production capabilities and corporate information systems and to reduce the effect of unforeseen interruptions through insurance or other risk transfer mechanisms, suc…" |
| Customer | Airbus | "Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and…" |

Other companies that name CW in their own reports (relationship from CW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | NUSCALE POWER Corp (SMR) | 10-K 2026-02-26 | "Other key suppliers include Framatome (fuel assemblies), Honeywell International Inc. (control systems), Paragon Energy Solutions (protection systems), Sensia LLC, Mirion Technologies, Weed Instrument…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Naval & Power | $410.4M | 44.4% | +6.7% | $71.0M | 17.3% |
| Aerospace & Industrial | $268.1M | 29.0% | +12.0% | $49.0M | 18.3% |
| Defense Electronics | $246.8M | 26.7% | -2.9% | $68.8M | 27.9% |
| Total revenue | $924.0M | 100% | — | $188.8M | 20.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $777.2M | 84.1% | +4.1% |
| Service | $146.8M | 15.9% | +13.0% |
| Total revenue | $924.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.55B | 72.8% | +11.4% |
| Other Foreign Countries | $752.6M | 21.5% | +7.6% |
| United Kingdom | $197.5M | 5.6% | +46.7% |
| Total revenue | $3.50B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Overall, we experienced strong order growth in both our A&D and Commercial markets, as total orders increased 8% year-over-year and resulted in an overall book-to-bill of 1.16x ." " Based on our strong first-half execution and our outlook for the remainder of the year, we are confidently raising our full-year outlook for sales, operating income, operating margin, diluted EPS and free cash flow."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.76 | $3.84 | -2.2% | $935.1M | 9 |
| Next quarter (ends 2026-12-31) | $4.40 | $4.31 | +2.1% | $1.03B | 9 |
| Current fiscal year (ends 2026-12-31) | $15.35 | $15.24 | +0.7% | $3.80B | 9 |
| Next fiscal year (ends 2027-12-31) | $17.23 | $17.11 | +0.7% | $4.11B | 9 |