# Woodward, Inc. (WWD)

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

**Price:** USD 304.85 (-6.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 325.15 · day 298.95–319.1 · 52w 247.93–450.92 · market cap $18.0B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.19B, net income $552M (13.2% margin), free cash flow $377M (SEC filings).
- Valuation: P/E 32.6x (avg 32.2x at the last 3 fiscal year-ends), net debt $275M.
- 1 of 80 tracked superinvestors hold WWD (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $6.3M; 1 not under a Rule 10b5-1 plan ($5.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.15 on a 1–5 scale) (13 analysts), mean target USD 424.67 (range 380–478).
- Total return with dividends: 1Y +16.0% vs S&P 500 +14.9%; 5Y +174.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-23, EPS estimate USD 2.52, revenue estimate $1.14B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.38B | $2.91B | $3.32B | $3.57B | $4.19B |
| Gross profit | $551M | $525M | $678M | $876M | $956M | — |
| Net income | $209M | $172M | $232M | $373M | $442M | $552M |
| EPS (diluted) | $3.18 | $2.71 | $3.78 | $6.01 | $7.19 | — |
| Free cash flow | $427M | $141M | $232M | $343M | $340M | $377M |
| Gross margin | 24.5% | 22.0% | 23.2% | 26.4% | 26.8% | — |
| Net margin | 9.3% | 7.2% | 8.0% | 11.2% | 12.4% | 13.2% |
| Revenue growth | -10.0% | +6.1% | +22.3% | +14.1% | +7.3% | — |
| Cash + short-term investments | $448M | $108M | $137M | $282M | $327M | — |
| Total debt | $735M | $711M | $722M | $655M | $580M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.6x · P/S 4.3x · EV/Sales 4.4x · P/FCF 47.8x · P/B 7.3x · FCF yield 2.09% · Earnings yield 3.07% · Buyback yield (TTM) 3.34% · Net debt $275M · EV $18.3B
P/E at fiscal year-ends: Sep 2025 35.1x, Sep 2024 28.5x, Sep 2023 32.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WWD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.05% | $6.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 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 |
|---|---|---|---|---|---|---|---|
| 2026-07-31 | McLevige Shawn M | EVP and President, Aerospace | 2,150 | $767K | 35% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Korte Daniel G. | Director | 14,700 | $5.2M | 76.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Bem Karrie M. | EVP, Gen Counsel & Corp Sec | 185 | $66K | 4.7% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Bem Karrie M. | EVP, Gen Counsel & Corp Sec | 185 | $65K | 4.5% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14…2026-05-15 | Bem Karrie M. | EVP, Gen Counsel & Corp Sec | 559 | $205K | 12% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023–2025) |
% 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.

## Analysts
Consensus Buy (mean 2.15 on a 1–5 scale), 13 analysts; mean target USD 424.67 (low 380, high 478).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | TD Cowen | Target lowered | Hold | $420 → $380 |
| 2026-10-02 | Jefferies | Target lowered | Buy | $450 → $420 |
| 2026-09-30 | Wells Fargo | Target lowered | Overweight | $440 → $430 |
| 2026-09-15 | Guggenheim | Initiated | Buy | $404 |
| 2026-08-04 | Truist Securities | Target raised | Buy | $415 → $420 |
| 2026-07-30 | RBC Capital | Target lowered | Outperform | $450 → $430 |
| 2026-07-27 | RBC Capital | Reiterated | Outperform | $450 |
| 2026-07-13 | TD Cowen | Target raised | Hold | $390 → $420 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.0% | +174.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.1% | +22.4% |
| Volatility (annualized) | 38.3% | 32.2% |
| Max drawdown | -30.1% (Jun 2026→Oct 2026) | -36.0% (Mar 2022→Sep 2022) |

## Peers (Aerospace & Defense)
CW (Curtiss-Wright Corporation) USD 474.28 -4.03% · 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/WWD · 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

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Aerospace | $708.7M | 63.9% | +18.9% | $170.0M | 24.0% |
| Industrial | $401.0M | 36.1% | +25.5% | $88.5M | 22.1% |
| Total revenue | $1.11B | 100% | — | $258.5M | 23.3% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial Aftermarket | $267.8M | 24.1% | +24.3% |
| Commercial OEM | $234.4M | 21.1% | +33.8% |
| Transportation | $180.2M | 16.2% | +39.7% |
| Power Generation | $144.7M | 13.0% | +18.5% |
| Defense OEM | $140.7M | 12.7% | -6.4% |
| Oil & Gas | $76.2M | 6.9% | +11.3% |
| Defense Aftermarket | $65.7M | 5.9% | +19.6% |
| Total revenue | $1.11B | 100% | — |

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.91B | 53.7% | +12.7% |
| Europe Excluding Germany | $565.6M | 15.9% | +13.1% |
| China | $285.9M | 8.0% | -26.7% |
| Other Countries | $276.7M | 7.8% | +13.4% |
| Germany | $275.4M | 7.7% | +2.3% |
| Asia Excluding China | $249.2M | 7.0% | +11.9% |
| Total revenue | $3.57B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.52 | $2.53 | -0.4% | $1.14B | 12 |
| Next quarter (ends 2026-12-31) | $2.35 | $2.37 | -0.9% | $1.08B | 8 |
| Current fiscal year (ends 2026-09-30) | $9.48 | $9.40 | +0.8% | $4.34B | 12 |
| Next fiscal year (ends 2027-09-30) | $10.73 | $10.81 | -0.7% | $4.72B | 11 |