Woodward
WWD · NasdaqElectrical Industrial Apparatus · Fiscal year ends Sep 30
Woodward reported revenue of $3.6B in the fiscal year ended Sep 2025, up 7.3% from the year before. Net income was $442M. Operating cash flow of $471M less capital expenditure of $131M left free cash flow of $340M. Net debt was $252M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $2.4B | $2.9B | $3.3B | $3.6B |
| Cost of revenue | $1.7B | $1.9B | $2.2B | $2.4B | $2.6B |
| Gross profit | $551M | $525M | $678M | $876M | $956M |
| Research & development | $117M | $120M | $132M | $141M | $148M |
| Selling, general & admin | $187M | $203M | $270M | $307M | $330M |
| Interest expense | $34M | $35M | $48M | $48M | $46M |
| Pre-tax income | $246M | $200M | $276M | $454M | $521M |
| Income tax | $37M | $28M | $43M | $81M | $79M |
| Net income | $209M | $172M | $232M | $373M | $442M |
| Diluted EPS | 3.18 | 2.71 | 3.78 | 6.01 | 7.19 |
| Diluted shares | 66M | 63M | 61M | 62M | 61M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $448M | $108M | $137M | $282M | $327M |
| Receivables | $322M | $369M | $485M | $457M | $477M |
| Inventory | $420M | $514M | $518M | $609M | $655M |
| Current assets | $1.5B | $1.3B | $1.5B | $1.7B | $1.9B |
| Net PP&E | $951M | $910M | $913M | $941M | $987M |
| Goodwill | $805M | $773M | $791M | $807M | $832M |
| Total assets | $4.1B | $3.8B | $4B | $4.4B | $4.6B |
| Payables | $171M | $231M | $234M | $287M | $289M |
| Deferred revenue | $30M | $31M | $34M | $57M | $49M |
| Current liabilities | $366M | $539M | $617M | $924M | $907M |
| Short-term debt | $728,000 | $856,000 | $76M | $86M | $123M |
| Long-term debt | $734M | $710M | $646M | $570M | $457M |
| Total liabilities | $1.9B | $1.9B | $1.9B | $2.2B | $2.1B |
| Shareholders' equity | $2.2B | $1.9B | $2.1B | $2.2B | $2.6B |
| Backlog (remaining obligations) | $1.3B | $1.6B | $2.3B | $2.9B | $3.2B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $465M | $194M | $309M | $439M | $471M |
| Capital expenditure | $38M | $53M | $77M | $96M | $131M |
| Free cash flow | $427M | $141M | $232M | $343M | $340M |
| Depreciation & amortisation | $130M | $121M | $120M | $116M | $113M |
| Stock-based compensation | $21M | $20M | $23M | $33M | $32M |
| Acquisitions | – | $22M | −$878,000 | – | $42M |
| Share buybacks | $33M | $485M | $126M | $391M | $173M |
| Dividend per share | 0.57 | 0.73 | 0.85 | 0.97 | 1.09 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.1% | 22.3% | 14.1% | 7.3% |
| EPS growth (YoY) | – | −14.8% | 39.5% | 59.0% | 19.6% |
| Gross margin | 24.5% | 22.0% | 23.2% | 26.4% | 26.8% |
| Net margin | 9.3% | 7.2% | 8.0% | 11.2% | 12.4% |
| Return on equityBlank when equity is negative | 9.4% | 9.0% | 11.2% | 17.1% | 17.2% |
| Free cash flow margin | 19.0% | 5.9% | 8.0% | 10.3% | 9.5% |
| Cash conversion (CFO ÷ net income) | 2.23x | 1.13x | 1.33x | 1.18x | 1.07x |
| Receivable days | 52 | 56 | 61 | 50 | 49 |
| Inventory days | 90 | 101 | 84 | 91 | 92 |
| Payable days | 37 | 45 | 38 | 43 | 40 |
| Debt ÷ equity | 0.33x | 0.37x | 0.35x | 0.30x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $286M | $603M | $584M | $373M | $252M |
| Current ratio | 4.00x | 2.43x | 2.38x | 1.89x | 2.08x |
Recent filings
More in Electrical Industrial Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.