CURTISS WRIGHT CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CURTISS WRIGHT CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,109	2,271	2,412	2,488	2,391	2,506	2,557	2,845	3,121	3,498
Cost of revenue	1,374	1,470	1,541	1,589	1,550	1,573	1,602	1,778	1,968	2,197
Gross profit	735	801	871	899	841	928	955	1,067	1,154	1,302
Research and development	59.4	61.4	64.5	72.5	74.8	88.5	80.8	85.8	91.6	95.2
General and administrative	266	292	306	301	303	326	324	360	373	400
Operating income	297	325	374	404	289	377	423	485	529	634
Interest expense	41.2	41.5	34	31.3	35.5	40.2	47	51.4	44.9	43.1
Other non-operating income	12.7	16	16.6	23.9	9.75	12.1	12.7	29.9	38.3	29.6
Pre-tax income	268	300	356	396	263	349	389	463	522	620
Income tax	78.6	84.7	80.5	88.9	61.7	86.1	94.8	109	117	136
Income from continuing operations	189	215	276
Net income	187	215	276	308	201	263	294	355	405	484
EBITDA	393	425	477	506	405	492	535	601	636	758
EPS, basic	4.22	4.86	6.28	7.20	4.83	6.50	7.67	9.26	10.61	12.94
EPS, diluted	4.15	4.80	6.22	7.15	4.80	6.47	7.62	9.20	10.55	12.87
Shares, basic (weighted)	44.4	44.2	43.9	42.7	41.7	40.4	38.4	38.3	38.2	37.4
Shares, diluted (weighted)	45	44.8	44.3	43	42	40.6	38.6	38.5	38.4	37.6
Dividend per share	0.52	0.56	0.60	0.66	0.68	0.71	0.75	0.79	0.83	0.93

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	554	475	276	391	198	171	257	407	385	371
Receivables	463	495	594	632	589	647	723	733	835	932
Inventory	367	379	423	425	429	412	483	510	541	615
Other current assets	30.9	53	50.7	81.7	57.4	67.1	52.6	67.5	88.1	99.7
Total current assets	1,415	1,402	1,344	1,530	1,301	1,308	1,516	1,717	1,850	2,018
Property, plant and equipment	389	390	375	386	378	360	343	333	339	382
Lease right-of-use assets			0	165	151	144	154	141	169	199
Goodwill	951	1,096	1,088	1,167	1,455	1,463	1,545	1,559	1,676	1,692
Intangible assets	271	330	430	480	610	538	621	558	597	532
Other non-current assets	11.5	18.2	19.2	36.8	34.1	34.6	47.6	51.4	56	63.6
Total assets	3,038	3,236	3,255	3,764	4,021	4,104	4,448	4,621	4,986	5,221
Accounts payable	178	185	233	222	201	212	267	244	247	310
Accrued liabilities	130	150	167	165	140	148	174	188	219	243
Deferred revenue	170	215	237	276	253	260	255	304	459	561
Short-term debt	151	0.15	0.24	0	100	0	203	0	90	200
Total current liabilities	675	591	687	745	810	735	981	807	1,096	1,406
Long-term debt	816	814	762	761	958	1,051	1,052	1,050	959	758
Lease liabilities			0	145	133	127	132	119	148	178
Other non-current liabilities	84.8	119	111	106	103	112	108	118	125	120
Total liabilities	1,747	1,709	1,725	1,990	2,234	2,277	2,467	2,293	2,536	2,688
Total debt	966	814	763	761	1,058	1,051	1,254	1,050	1,049	958
Paid-in capital	129	121	118	116	123	127	135	140	148	165
Retained earnings	1,755	1,944	2,191	2,497	2,670	2,909	3,163	3,488	3,861	4,311
Treasury stock	-351	-369	-540	-563	-744	-1,068	-1,107	-1,135	-1,365	-1,817
Other comprehensive income	-292	-217	-288	-325	-311	-190	-259	-213	-243	-174
Shareholders' equity	1,291	1,528	1,531	1,774	1,788	1,826	1,981	2,328	2,450	2,534
Total equity	1,291	1,528	1,531	1,774	1,788	1,826	1,981	2,328	2,450	2,534
Total liabilities and equity	3,038	3,236	3,255	3,764	4,021	4,104	4,448	4,621	4,986	5,221
Shares outstanding	44.2	44.1	42.8	42.7	40.9	38.5	38.3	38.2	37.7	36.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	187	215	276	308	201	263	294	355	405	484
Depreciation and amortization	96	100	103	102	116	114	112	116	108	125
Stock-based compensation	9.48	11.6	14.1	13.7	14.4	13.5	15.4	16.8	18.9	21.5
Deferred income tax	4.19	3.96	8.33	46.1	-8.86	-8.07	-17.4	0.04	-6.56	9.86
Change in receivables	91.7	-16.4	-57.5	-12.6	71.1	-61.2	-76	-2.39	-88.8	-82.9
Change in inventory	4.39	19.7	-41.2	-3.49	15.5	13.6	-62.6	-21.6	-34.5	-63.5
Change in payables	4.13	4.32	48.9	-18.6	-55.5	17.7	98.3	-15.8	16	73.9
Cash from operations	423	389	336	421	261	388	295	448	544	643
Capital expenditures	-46.8	-52.7	-53.4	-69.8	-47.5	-41.1	-38.2	-44.7	-61	-89.7
Acquisitions	-0.3	-233	-210	-185	-488	0	-282	0	-226	0
Purchases of investments					0	0	-10	0	0
Cash from investing	-42.9	-272	-256	-240	-533	-42.4	-326	-35.5	-283	-90.1
Debt issued			0	0	300	0	300	0	0
Debt repaid	0	-150	-50	0	0	-100	0	-203	0	-90
Stock issued	22.3	14.2	11.9	11.8	11.1	9.71	10	10.6
Share buybacks	-105	-52.1	-199	-50.7	-200	-343	-56.9	-50.1	-250	-465
Dividends paid	-23.1	-24.7	-26.3	-28.2	-28.2	-28.7	-28.8	-30.2	-31.7	-34.7
Cash from financing	-96.1	-214	-264	-68.1	82.1	-369	129	-273	-271	-578
Exchange rate effect	-19	18.8	-16.2	1.75	-3.52	-3.38	-12.4	10.7	-11.3	11.3
Net change in cash	265	-78.7	-199	115	-193	-27.2	86	150	-21.8	-13.7
Free cash flow	376	336	283	352	214	347	257	403	483	554
Interest paid	38	39	32	30	31	40	42	52	42	42
Income taxes paid	54.5	92.1	79.1	63.9	54	107	61.1	136	136	134

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $539.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.7%	Gross profit / revenue.
Operating margin	18.8%	Operating income / revenue.
EBITDA margin	22.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.9%	Pre-tax income / revenue.
Net margin	14.8%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.7%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.9%	Net income / average total assets.
Return on invested capital (ROIC)	16.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	19.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.60x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.34x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.5%	Total debt / total assets.
Liabilities / assets	49.2%	Total liabilities / total assets.
Net debt	$480.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.2x	Operating income / interest expense.
Working capital	$840.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	40.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$582.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	9.45x	Revenue / average property, plant and equipment.
Receivables turnover	3.66x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
FCF conversion	115.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$14.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.43	Revenue / diluted weighted shares.
FCF per share	$16.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.43	Cash from operations / diluted weighted shares.
Book value per share	$75.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.76	Tangible book value / shares outstanding.
Cash per share	$12.92	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	73.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.93B	Share price x shares outstanding.
Enterprise value	$20.41B	Market cap + total debt - cash - short-term investments.
P/E	36.8x	Market cap / net income. Only when net income is positive.
P/S	5.46x	Market cap / revenue.
P/B	7.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	34.2x	Market cap / tangible book value, when positive.
P/FCF	31.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.6x	Market cap / cash from operations, when positive.
EV/Sales	5.59x	Enterprise value / revenue.
EV/EBIT	29.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.93x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CURTISS WRIGHT CORP's revenue in fiscal 2025?

CURTISS WRIGHT CORP reported revenue of $3.50B for fiscal 2025, 12.1% higher than the year before.

Was CURTISS WRIGHT CORP profitable in fiscal 2025?

Yes. Net income was $484.2M, a net margin of 13.8%.

How much free cash flow did CURTISS WRIGHT CORP generate in fiscal 2025?

Cash from operations of $643.4M minus capital expenditures of $89.7M left free cash flow of $553.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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