Executive Summary

This report provides an in-depth analysis of Curtiss-Wright Corporation (NYSE: CW), a highly engineered, mission-critical technology provider executing a successful “Pivot to Growth” strategy.¹ The analysis reveals a company strategically positioned at the nexus of several powerful secular growth trends, including sustained defense modernization, a robust commercial aerospace recovery, and the global imperative for carbon-free nuclear energy. Curtiss-Wright is not merely a diversified industrial manufacturer; it is a high-quality compounder with a defensible moat, top-quartile profitability, and exceptional cash flow generation.

The company’s performance during the 2022-2024 period has been exceptional, marked by record-breaking sales, operating income, new orders, and backlog.³ Management has demonstrated an adept ability to navigate significant macroeconomic headwinds, including persistent supply chain disruptions and inflationary pressures, while simultaneously expanding operating margins and investing aggressively in research and development to fuel future growth.¹ This resilience underscores the mission-critical nature of its products and its strong pricing power within its niche markets.

The core investment thesis rests on the durability of CW’s growth drivers, the high quality and visibility of its earnings, and a disciplined capital allocation framework that creates a self-reinforcing cycle of value creation. The company’s strong and growing backlog provides exceptional forward visibility, while its consistent free cash flow conversion, often exceeding 110%, fuels a balanced strategy of accretive acquisitions and significant shareholder returns through buybacks.³ While the company’s valuation multiples reflect its high-quality attributes and strong execution, the analysis suggests that the predictability of its cash flows and its alignment with multi-decade growth trends provide a solid foundation for continued long-term shareholder value creation.

I. A Diversified Portfolio Aligned with Critical End Markets

Curtiss-Wright’s business is structured around providing highly engineered, technologically advanced products and services into markets with high barriers to entry. The company’s “One Curtiss-Wright” initiative and its “Pivot to Growth” strategy are underpinned by a realigned three-segment structure that better reflects its integrated capabilities and allows it to capitalize on synergies across its portfolio.¹ This structure balances the long-cycle stability of its defense and nuclear businesses with the agility of its commercial operations, creating a resilient through-cycle performance profile.¹

A. Segment Deep Dive: The Three Pillars of Curtiss-Wright

Each of Curtiss-Wright’s three segments is a leader in its respective niche, providing mission-critical components and systems where failure is not an option.

1. Aerospace & Industrial (A&I)

The Aerospace & Industrial segment delivers a diverse offering of highly engineered products that require significant technical sophistication and regulatory approval. Key products include electronic throttle controls, transmission shifters, sensors, electro-mechanical actuation components, and specialized surface treatment services like laser peening, which strengthens critical airframe components without adding weight.⁶ This segment serves two primary end markets: the recovering commercial aerospace market and the broader general industrial market. In commercial aerospace, CW provides critical components for both narrowbody and widebody platforms from major OEMs like Boeing and Airbus, benefiting from the post-pandemic resurgence in air travel and new aircraft production.¹⁰ In the general industrial market, the company provides solutions for industrial vehicles and automation, leveraging its expertise in control systems and actuation.¹⁰

2. Defense Electronics

The Defense Electronics segment is a premier provider of rugged, Commercial Off-the-Shelf (COTS) based modular open systems architecture solutions for the defense and aerospace markets. Its portfolio includes embedded computing board level modules, integrated subsystems, flight test instrumentation, tactical battlefield communications equipment, and turret aiming and stabilization systems.⁹ These products are critical for processing the vast amounts of data required on modern military platforms. The segment serves a broad range of applications across aerospace defense (e.g., F-35 fighter jet, unmanned aerial vehicles), ground defense (e.g., U.S. ground vehicle modernization programs), and naval defense, providing the electronic backbone for advanced mission capabilities.¹⁰ The segment’s business model benefits significantly from the Department of Defense’s push towards a Modular Open Systems Approach (MOSA), which favors specialized COTS providers who can deliver cutting-edge technology quickly and cost-effectively.¹²

3. Naval & Power Solutions

The Naval & Power segment is a cornerstone of Curtiss-Wright’s portfolio, providing critical technologies for the most demanding environments. In naval defense, the company is a sole-source supplier of mission-critical systems for the U.S. Navy’s highest priority platforms, including reactor coolant pumps for nuclear-powered submarines and aircraft carriers, power-dense motors, generators, secondary propulsion systems, and advanced aircraft handling and arresting systems.⁴ Its content is deeply embedded in the Columbia-class and Virginia-class submarine programs, as well as the Ford-class aircraft carriers, providing multi-decade revenue visibility.⁸ In the commercial power and process market, the segment leverages its nuclear-grade engineering expertise to provide critical valves, pumps, and control systems for existing nuclear power plants and is a key technology partner for the development of next-generation advanced reactors, including Small Modular Reactors (SMRs).³

The strategic logic of grouping naval and power applications together is compelling. It aligns businesses with a shared core competency in designing and manufacturing highly reliable, long-lifecycle systems for harsh, zero-failure environments. This structure fosters collaboration and allows for the transfer of technology and expertise between the commercial nuclear and naval nuclear domains, a key synergy that strengthens the company’s competitive moat. This realignment was a deliberate part of the “Pivot to Growth” strategy, simplifying the company’s narrative and better positioning it to unlock value from these “crossover technologies”.¹

B. Financial Contribution and Profitability Analysis

The financial profiles of the three segments reflect their distinct market dynamics and strategic roles within the portfolio. The Naval & Power segment is the largest revenue contributor, while the Defense Electronics segment is the most profitable, showcasing the high value of its intellectual property. The following table, based on recent financial disclosures, provides a snapshot of each segment’s contribution to the company’s overall performance.

Segment Financial Summary (2022-2024)	2022	2023	2024
Aerospace & Industrial
Revenue ($M)	$836.0	$887.2	$931.5
Revenue Growth (%)	6.0%	6.1%	5.0%
Operating Income ($M)	$137.0	$145.3	$163.5
Operating Margin (%)	16.4%	16.4%	17.6%
Defense Electronics
Revenue ($M)	$690.3	$815.9	$907.2
Revenue Growth (%)	-4.7%	18.2%	11.2%
Operating Income ($M)	$154.6	$191.8	$210.1
Operating Margin (%)	22.4%	23.5%	23.2%
Naval & Power
Revenue ($M)	$1,030.7	$1,142.2	$1,282.2
Revenue Growth (%)	3.6%	10.8%	12.3%
Operating Income ($M)	$177.6	$189.2	$207.2
Operating Margin (%)	17.2%	16.6%	16.2%
Total Sales ($M)	$2,557.0	$2,845.4	$3,120.9

Note: 2024 Segment Operating Income is based on quarterly adjusted figures where available and may not sum to consolidated totals due to corporate expenses. Sources: ²

The data clearly illustrates the accelerating growth in the Naval & Power segment, driven by the ramp-up in submarine production, and the robust, high-margin performance of the Defense Electronics segment. The exceptionally high and stable margin in Defense Electronics is not merely a product-level attribute but a reflection of a favorable structural shift in the defense industry. The DoD’s emphasis on MOSA effectively carves out specialized, high-value sub-markets for components like embedded computing.¹² This allows CW to act as a technology specialist, supplying its high-IP COTS modules to multiple prime contractors across numerous platforms. This diversification within the defense ecosystem insulates the segment from single-program risk and provides significant pricing power for its niche, mission-critical technologies, thereby sustaining its superior profitability.

C. Business Model Resilience: Backlog, Contracts, and Cycles

Curtiss-Wright’s business model is engineered for resilience, providing a high degree of revenue and earnings visibility. This stability is built on three key pillars: a high-quality backlog, long-term contracts with high switching costs, and a strategically diversified portfolio.

The company’s backlog has grown consistently, reaching a record $3.9 billion as of the second quarter of 2024 (based on Q2 2025 press release data for the prior year period), an increase of 12% from the end of 2023.² This growth is supported by a strong demand environment, with the book-to-bill ratio consistently remaining above 1.0x, indicating that new orders are outpacing recognized revenues.⁵ This backlog is of particularly high quality, as it is heavily weighted towards long-cycle, high-priority government programs, such as the multi-decade production runs for the Columbia and Virginia-class submarines, which provides exceptional forward revenue visibility.

Furthermore, a significant portion of the company’s business is derived from sole-source positions on these critical platforms.⁸ Once a Curtiss-Wright component is designed into a platform—a process that can take years and involves rigorous qualification and certification—it becomes extremely difficult and costly for the customer to switch to another supplier. This “stickiness” creates a powerful competitive moat and ensures a long tail of recurring revenue from production, aftermarket services, and technology refreshes.

Finally, the portfolio is deliberately balanced to mitigate the impact of business cycles.¹ The long-term, stable, and often counter-cyclical nature of the defense and nuclear power markets, which are driven by government budgets and long-term energy policy, provides a crucial buffer against the more economically sensitive commercial aerospace and general industrial markets. This diversification, which places approximately two-thirds of the business in A&D markets and one-third in commercial markets, allows the company to generate consistent performance through various macroeconomic environments.¹

II. Favorable Industry Dynamics and Defensible Market Positioning

Curtiss-Wright operates at the intersection of several industries with powerful and durable secular tailwinds. The company’s strategic focus on modernization, electrification, and decarbonization aligns it with the primary long-term investment priorities of its government and commercial customers.

A. Aerospace & Defense Market Analysis

The macro environment for the aerospace and defense industry is exceptionally strong, characterized by robust demand in both of its primary sub-sectors.

The commercial aerospace market has demonstrated a full recovery from the pandemic-induced downturn. Global air passenger traffic, measured in Revenue Passenger Kilometers (RPKs), is projected to grow by 11.6% in 2024 and is forecast to more than double over the next two decades, outpacing global economic growth.¹⁷ This fundamental demand drives a multi-year supercycle for new, more fuel-efficient aircraft from OEMs and a corresponding need for aftermarket Maintenance, Repair, and Overhaul (MRO) services.²⁰ Persistent supply chain challenges across the industry have constrained the ability of major airframers to ramp up production of new aircraft.²³ This dynamic creates a uniquely favorable environment for suppliers like Curtiss-Wright. The visible, long-term order backlogs at Boeing and Airbus provide a clear demand signal for CW’s OEM components. Simultaneously, the delay in new aircraft deliveries forces airlines to extend the operational life of their existing fleets, which directly increases demand for higher-margin MRO services, such as CW’s surface treatments.¹⁷ This dual tailwind provides a powerful and sustained growth driver for the company’s commercial aerospace-exposed businesses.

Concurrently, the global defense spending environment remains highly favorable. Geopolitical tensions, particularly the strategic competition with near-peer adversaries, continue to drive elevated defense budgets in the United States and among its allies.²⁰ The U.S. Department of Defense’s budget request for fiscal year 2025 stands at a robust $850 billion.²⁷ More importantly, spending is being strategically allocated towards modernization and technological superiority rather than just force size. Key investment priorities include shipbuilding (especially submarines), advanced munitions, R&D for next-generation capabilities like unmanned systems and hypersonics, and upgrading existing platforms with advanced electronics—all areas where Curtiss-Wright’s portfolio is directly aligned.³⁰

B. Commercial Power & Industrial Markets

Beyond A&D, Curtiss-Wright is leveraged to two other significant secular trends: the resurgence of nuclear power and the drive towards industrial automation.

There is a clear global renaissance in nuclear power, driven by the dual needs for carbon-free energy to combat climate change and energy independence to ensure national security.³³ This has created a multi-faceted growth market for nuclear power plant equipment, which is projected to grow at a compound annual rate of 3.4% to reach $26.35 billion by 2030.³³ Growth is coming from two main sources: the life extension and modernization of the existing global fleet of reactors, and significant investment in new builds, including both large-scale Gen III+/IV reactors and next-generation Small Modular Reactors (SMRs).³³ Curtiss-Wright is a critical technology supplier to all facets of this market. The company’s strategic positioning in the nascent SMR market represents a substantial long-term growth opportunity. While traditional nuclear projects are massive and slow, SMRs promise a more scalable, faster, and cost-effective path to deploying new nuclear capacity.³³ By securing strategic partnerships with leading SMR developers such as Rolls-Royce SMR, TerraPower, and Westinghouse, Curtiss-Wright has embedded its critical technologies, like control systems and pumps, into the foundational designs of these next-generation reactors.³⁷ This creates a powerful, embedded call option on the future of nuclear energy; as SMRs transition from development to global deployment over the coming decades, CW is positioned to be a sole-source supplier on numerous platforms, creating a new growth vector that could rival the scale of its naval defense business.

In the general industrial space, the global market for industrial automation and control systems is projected to grow at a strong CAGR of approximately 10.8%, reaching over $378 billion by 2030.³⁹ This growth is fueled by the adoption of Industry 4.0 principles, persistent labor shortages, and an unrelenting corporate focus on improving productivity and efficiency, providing a steady tailwind for CW’s industrial vehicle and automation products.⁴⁰

C. Competitive Moat and Market Position

Curtiss-Wright’s strategy is not to be the largest player, but to be the indispensable leader in its chosen niche markets. Management’s stated goal is to achieve and maintain a #1 or #2 market share position in all of its key end markets, a strategy it executes by providing highly engineered, high-IP solutions for critical applications where performance and reliability are non-negotiable.¹²

The company’s competitive moat is protected by formidable barriers to entry. In its defense, aerospace, and nuclear markets, products are subject to stringent regulatory approvals and lengthy, expensive qualification cycles. Once a CW component is designed into a long-life platform like a submarine or a commercial airliner, it is deeply embedded for the life of that platform, creating extremely high switching costs for the customer.¹² This is reinforced by decades-long customer relationships with entities like the U.S. Navy and major aerospace OEMs, where trust and a proven track record are paramount.

While Curtiss-Wright competes with a range of companies, from large diversified players like Parker-Hannifin (PH) and RTX to specialized component suppliers like Moog (MOG.A) and naval primes like Huntington Ingalls Industries (HII), its competitive advantage lies in its focused approach.¹³ Rather than competing for large, lower-margin platform integration contracts, CW dominates the supply of niche, sole-source subsystems where it can command significant pricing power due to its technological superiority and intellectual property.¹² This focus, combined with its balanced portfolio, provides a unique through-cycle resilience that many of its more specialized or cyclical peers lack.

III. Financial Performance: A Story of Margin Expansion and Strong Cash Generation

Curtiss-Wright’s financial performance from 2022 through mid-2024 demonstrates a clear and successful execution of its strategy, characterized by accelerating revenue growth, consistent margin expansion, and exceptionally strong cash flow generation. This track record of financial discipline and profitable growth is a cornerstone of the investment thesis.

A. Revenue and Profitability Analysis (2022-2024)

The company has delivered a strong and accelerating top-line performance. After modest growth of 2.3% in 2022 as the world emerged from the pandemic, sales growth accelerated to 11.3% in 2023 and a further 9.7% in 2024, reaching a record $3.12 billion.³ This momentum has continued into the current fiscal year, with sales growth of 13% in the first quarter and 12% in the second quarter, reflecting robust demand across its key A&D and commercial nuclear markets.²

Even more impressive than its revenue growth has been the company’s ability to consistently expand profitability. During a period of significant global inflation and supply chain stress, Curtiss-Wright has steadily improved its adjusted operating margin, from 17.3% in 2022 to 17.5% in 2024.⁵ Management has guided for a significant step-up in profitability for the current fiscal year, with a targeted margin expansion of 100 to 120 basis points, which would push the adjusted operating margin to a record level above 18.5%.² This performance is a powerful testament to the company’s pricing power, the mission-critical nature of its products, and the tangible benefits of its ongoing operational excellence initiatives.¹ This ability to defend and expand margins in a difficult cost environment demonstrates that customers are willing to accept price adjustments to ensure the supply of CW’s critical components, a hallmark of a wide-moat business.

This operational leverage has translated directly to the bottom line. Adjusted diluted EPS grew an impressive 16% in 2024 to $10.90, and guidance for the current fiscal year points to another 16% to 19% increase.² This strong earnings growth is a function of both rising operating income and the accretive effect of the company’s significant share repurchase program.

B. Return and Cash Flow Profile

Curtiss-Wright’s financial strategy emphasizes not just growth, but profitable growth that generates high returns on capital and robust cash flow. The company’s Return on Invested Capital (ROIC) has shown steady improvement, rising from 11.3% in 2022 to 12.5% in 2023, indicating that management is deploying capital efficiently to create shareholder value.³

The hallmark of Curtiss-Wright’s financial profile is its exceptional ability to convert earnings into cash. The company has a long and consistent track record of achieving free cash flow (FCF) conversion well above 100% of net income.³ This trend was evident throughout the 2022-2024 period, with adjusted FCF conversion of 94% in 2022, 114% in 2023, and 116% in 2024.³ For the current fiscal year, the company is guiding for FCF of $520 million to $535 million, which would again represent a conversion rate of over 105%.² This elite level of cash generation is not just a financial metric; it is a strategic weapon. The high quality and predictability of these cash flows, anchored by the long-cycle backlog, provide management with the confidence and flexibility to consistently execute its capital allocation strategy—reinvesting in the business, pursuing strategic M&A, and returning significant capital to shareholders—without stressing the balance sheet. While competitors might need to retrench during periods of uncertainty, CW’s FCF engine allows it to continue investing through the cycle, thereby strengthening its long-term competitive position.

The following table summarizes the company’s consolidated financial performance and key metrics over the last three fiscal years.

Consolidated Financial & Ratio Analysis (2022-2024)	2022	2023	2024
Revenue ($M)	$2,557.0	$2,845.4	$3,120.9
Adj. Operating Income ($M)	$443.0	$494.0	$546.0
Adj. Net Income ($M)	$315.2	$371.3	$417.2
Adj. Diluted EPS ($)	$8.13	$9.38	$10.90
Operating Cash Flow ($M)	$294.8	$448.1	$527.7
Capital Expenditures ($M)	$38.2	$44.7	$44.7
Free Cash Flow ($M)	$256.6	$403.4	$483.0
Adj. Operating Margin (%)	17.3%	17.4%	17.5%
Adj. FCF Conversion (%)	94%	114%	116%
Return on Invested Capital (ROIC) (%)	11.3%	12.5%	N/A
Total Debt / EBITDA	2.34x	1.75x	1.65x

Note: Some figures are adjusted for non-recurring items as reported by the company. 2024 OCF is estimated based on reported FCF and Capex. Sources: ³

C. Balance Sheet Fortitude

Curtiss-Wright maintains a strong and flexible balance sheet, which is a key enabler of its growth strategy. The company has actively managed its leverage, with the Total Debt to EBITDA ratio declining from 2.34x in 2022 to a conservative 1.65x at the end of 2024. This deleveraging occurred even as the company was actively pursuing acquisitions. At the end of 2024, management reported approximately $2.5 billion of borrowing capacity, providing substantial financial flexibility and “dry powder” to fund future strategic initiatives, including value-enhancing M&A.⁵ The company has also demonstrated effective working capital management, with working capital as a percentage of sales declining by 300 basis points in 2024, a key contributor to its strong free cash flow performance.⁵

IV. The “Pivot to Growth” Strategy: Drivers and Opportunities

Under the leadership of CEO Lynn M. Bamford, Curtiss-Wright has implemented its “Pivot to Growth” strategy, a significant evolution from a primary focus on operational excellence to a more balanced approach that also prioritizes accelerating top-line growth.⁵² This strategic shift, introduced after Bamford took the helm in 2021, is not merely a slogan but a fundamental change in the company’s approach to growth and capital deployment.¹ It is visible in the company’s explicit long-term financial targets, its increased pace of M&A, and its commitment to accelerate R&D spending.⁵ The strategy is designed to leverage the company’s strong foundation of operational and financial discipline to capitalize on powerful secular growth trends.

A. Organic Growth Levers and Secular Trends

Management has clearly identified four key secular growth vectors that are expected to drive sustained organic growth for years to come. These vectors are directly aligned with the company’s core competencies and market leadership positions.⁸

1. Naval Shipbuilding: The company is poised to benefit from a multi-decade acceleration in naval shipbuilding, driven by the need to recapitalize the fleet and counter strategic adversaries. CW’s sole-source positions on the U.S. Navy’s highest-priority platforms, particularly the ramping production of the Columbia-class submarine, provide a long and highly visible runway for growth.⁸
2. Battlefield Technology: The increasing complexity of the modern battlefield drives demand for the advanced electronics, embedded computing, and secure communications systems that are the core of the Defense Electronics segment. Modernization of existing platforms and the development of next-generation systems will require ever-increasing levels of data processing and networking capabilities.⁸
3. Carbon-Free Energy & Energy Independence: As detailed previously, the global push for decarbonization and energy security has reignited the nuclear power industry. CW is a critical supplier for the life extension of the existing reactor fleet and is a key enabling technology partner for the development of next-generation SMRs, representing a massive long-term growth opportunity.⁸
4. Electrification: The trend towards electrification extends across air, land, and sea platforms. Curtiss-Wright is leveraging its deep expertise in power-dense motors, controls, and electro-mechanical actuation to provide critical solutions for a wide range of applications, from electric industrial vehicles to the emerging advanced air mobility market.⁸

B. Acquisition as a Growth Catalyst

Mergers and acquisitions are a core pillar of the “Pivot to Growth” strategy, designed to supplement organic growth by adding critical, adjacent technologies that enhance the company’s portfolio and market position.¹ The company adheres to a highly disciplined M&A framework, targeting businesses with unique intellectual property, high barriers to entry, and clear strategic and financial synergies. A key financial guardrail is a target purchase price at or below 12 times next-twelve-months (NTM) EBITDA, ensuring that acquisitions are value-accretive.⁸

The acquisition of Ultra Energy in late 2024 for approximately $200 million in cash serves as a prime example of this strategy in action.³⁷ Ultra Energy is a leading provider of reactor protection systems and neutron monitoring for the commercial nuclear industry. The acquisition was a perfect strategic fit, directly bolstering CW’s position in the carbon-free energy growth vector and expanding its portfolio of advanced technologies for both modernizing existing power plants and enabling new SMR designs.⁸

C. Innovation and R&D Investment

To maintain its technological leadership and fuel future organic growth, Curtiss-Wright is committed to growing its investment in research and development at a rate faster than its sales growth.³ This investment is strategically focused on the company’s highest-growth opportunities and is managed through a collaborative innovation platform designed to leverage expertise from across the entire enterprise.⁸ This focus on innovation is critical to developing the next generation of solutions that will meet the evolving needs of customers in its demanding end markets.

V. A Disciplined and Shareholder-Friendly Capital Allocation Framework

Curtiss-Wright’s robust and predictable cash flow generation enables a disciplined and balanced capital allocation strategy aimed at maximizing long-term shareholder value. This framework creates a powerful, self-reinforcing cycle: strong FCF from core operations funds strategic acquisitions that accelerate growth, which in turn generates more FCF that can be returned to shareholders via buybacks, driving EPS growth and enhancing shareholder returns.

A. Stated Priorities and Long-Term Targets

Management has articulated a clear and consistent set of capital allocation priorities.³ The first priority is to reinvest in the business to support organic growth through capital expenditures and R&D. The second is to deploy capital towards strategic, value-creating M&A that aligns with the company’s growth vectors. The third priority is to return the remaining excess capital to shareholders, primarily through share repurchases and a steadily growing dividend.

This framework is guided by a set of ambitious long-term financial targets for the period ending in 2026, which include achieving an organic revenue CAGR of over 5%, ensuring operating income grows faster than revenue (implying continued margin expansion), maintaining top-quartile margin performance relative to peers, delivering an adjusted EPS CAGR of over 10%, and sustaining an average free cash flow conversion of over 105%.⁵

B. Shareholder Returns: Dividends and Buybacks

Curtiss-Wright has a strong track record of returning capital to its shareholders.

The company has a consistent history of increasing its dividend, with eight consecutive years of growth as of 2024.⁵ In mid-2024, the company announced a significant 14% increase in its quarterly dividend to $0.24 per share.³⁷ While the dividend growth is strong, the payout ratio remains low, and the dividend yield is modest, indicating that the primary vehicle for capital return is the share repurchase program.

The company is an active and substantial repurchaser of its own stock. Following a record $350 million in buybacks in 2022, the company repurchased another $250 million worth of shares in 2024.⁴ Management has demonstrated a continued commitment to this program, with the Board of Directors authorizing increases and expansions to the repurchase program in 2024, signaling that buybacks will remain a key component of the capital allocation strategy going forward.³⁷ These repurchases are a tax-efficient way to return capital and are a significant contributor to the company’s double-digit EPS growth.

VI. Management Assessment and Operational Excellence

The successful execution of Curtiss-Wright’s strategy is a direct result of a highly experienced and disciplined management team and a deeply ingrained culture of operational excellence.

A. Leadership and Track Record

The leadership team is spearheaded by Chair and Chief Executive Officer Lynn M. Bamford, who assumed the CEO role in January 2021.⁵³ A company veteran since 2004, Ms. Bamford has a deep understanding of the business, having previously led the Defense and Power Segments and played a key role in building the Defense Solutions division through a series of successful acquisitions. Her tenure as CEO has been defined by the successful rollout and execution of the “Pivot to Growth” strategy, which has delivered record financial results and significant shareholder value.³ The broader executive management team is composed of long-tenured industry experts with extensive experience both within Curtiss-Wright and at other major defense and industrial companies, providing a stable and knowledgeable leadership foundation.⁵⁵

The management team has demonstrated a rare and valuable ability to simultaneously execute on two fronts that are often seen as mutually exclusive: driving near-term operational efficiency and making long-term strategic growth investments. While many companies excel at one or the other, CW’s leadership has successfully delivered both. They have driven consistent adjusted operating margin expansion during a challenging inflationary period, while at the same time accelerating R&D spending and executing a disciplined M&A strategy.⁵ This dual focus is a key attribute of a high-quality “compounder” and is a testament to the team’s skill in balancing short-term execution with long-term value creation.

B. Driving Efficiency and Quality of Earnings

Operational excellence is a core tenet of the Curtiss-Wright culture and a key driver of its financial performance.¹ Management consistently points to the benefits of ongoing restructuring and efficiency initiatives as primary contributors to the company’s ability to expand margins.² These programs have enabled the company to more than offset inflationary cost pressures and fund increased investments in R&D while still improving overall profitability. Initiatives range from lean manufacturing and supply chain rationalization to innovative programs like the “Innovation Cooperative” in the nuclear business, which uses lean methodology to develop new efficiency-enhancing products and services for customers.⁵⁰

The quality of Curtiss-Wright’s earnings is exceptionally high. As previously noted, the company’s consistent ability to generate free cash flow at a rate greater than 100% of its net income is a clear indicator that its reported earnings are not the result of aggressive accounting assumptions but are backed by real, tangible cash generation. This high-quality earnings stream provides a solid and reliable foundation for the company’s capital allocation strategy and for shareholder returns.

VII. Valuation Analysis: Pricing a High-Quality Industrial

Synthesizing the company’s strong strategic positioning, favorable industry dynamics, and exceptional financial performance, this section assesses the attractiveness of Curtiss-Wright’s equity valuation. The analysis indicates that while the company trades at a premium, this valuation is largely justified by its superior quality and clear growth prospects.

A. Current and Historical Valuation

Following a period of strong operational performance and a more than 55% appreciation in its stock price over the past year, Curtiss-Wright’s valuation multiples have expanded and currently trade at a premium to their historical averages.⁴⁴ As of mid-2024, the stock was trading at a Price/Earnings (P/E) ratio of approximately 41x, well above its historical norms.⁴⁴ This premium reflects the market’s recognition of the company’s successful execution, its improved growth profile under the “Pivot to Growth” strategy, and the high visibility of its future earnings stream.

B. Peer Group Benchmarking

A simple comparison of headline valuation multiples can be misleading without considering the underlying differences in business quality and financial performance. When benchmarked against a peer group of high-quality aerospace, defense, and industrial companies, Curtiss-Wright’s premium valuation appears more rational. The company’s top-quartile operating margins, strong return on invested capital, and elite free cash flow generation justify a higher multiple than many of its less profitable or more cyclical peers.

A quality-adjusted valuation perspective is crucial. While a company like Textron may trade at a lower P/E ratio, it also exhibits lower margins and returns.⁵⁸ Conversely, a high-growth, high-margin peer like Heico often trades at an even richer valuation.⁴⁴ Curtiss-Wright occupies a compelling middle ground, offering a blend of strong, visible growth and top-tier profitability that warrants a premium valuation. The following table provides a comparative analysis of valuation and key performance metrics for CW and its peer group.

Peer Group Valuation and Performance Analysis	Market Cap ($B)	EV/EBITDA (LTM)	P/E (NTM)	Operating Margin (LTM)	Return on Equity (LTM)
Curtiss-Wright (CW)	$18.1	26.8x	37.2x	17.5%	18.3%
Howmet Aerospace (HWM)	$68.9	33.9x	44.0x	23.8%	28.2%
Moog (MOG.A)	$6.3	15.6x	28.2x (est)	~7-8%	~10-12%
Parker-Hannifin (PH)	$96.1	20.9x	25.8x	19.5%	25.4%
RTX Corp (RTX)	$209.1	19.5x	~25x	13.0%	~8-9%
Teledyne Tech (TDY)	$25.8	19.4x	28.8x	18.8%	8.7%
Textron (TXT)	$14.5	11.0x	13.3x	~9-10%	~11-12%
Huntington Ingalls (HII)	$10.6	13.3x	20.2x	~8-9%	~15-16%
BWX Technologies (BWXT)	$14.9	~20x	43.5x	~15-16%	~25-26%

Note: Data is compiled from multiple sources as of mid-to-late 2024/early 2025 and is intended to be representative. Some performance metrics are estimated based on available data. Sources: ⁴⁴

C. Intrinsic Value and Scenario Considerations

A discounted cash flow (DCF) analysis would be well-suited for valuing Curtiss-Wright, given the high degree of visibility into its future cash flows. The company’s substantial and growing backlog provides a strong foundation for near-term revenue and earnings projections. Key assumptions in such a model would revolve around the long-term sustainability of its top-quartile operating margins and the terminal growth rate, which could be reasonably pegged to long-term global GDP growth or defense spending trends.

A sum-of-the-parts (SOTP) analysis could also reveal additional value. The high-margin, high-growth Defense Electronics segment could justifiably be valued at a multiple comparable to other high-end technology and software companies. The Naval & Power segment, with its extremely long-cycle, utility-like cash flows from sole-source government programs, could be valued on a lower multiple but with a lower discount rate, reflecting its lower risk profile. This granular approach could demonstrate that the sum of the individual parts is worth more than the valuation implied by the consolidated company multiples.

D. Valuation Synthesis

Curtiss-Wright is a best-in-class operator that has earned its premium valuation through superior execution, a resilient business model, and clear alignment with durable, secular growth trends. The central investment question is not whether the stock is “cheap” on a standalone basis, but whether its high-quality attributes and consistent performance can allow it to “grow into” its current valuation and continue compounding shareholder value. The evidence presented in this report—from the quality of its backlog and the strength of its end markets to its exceptional cash generation and disciplined capital allocation—strongly suggests that it can. The company represents a compelling opportunity for long-term investors seeking exposure to a high-quality industrial growth compounder.

VIII. Risk Assessment

While the investment thesis for Curtiss-Wright is compelling, it is essential to consider the potential risks that could impact the company’s performance. These risks, detailed in the company’s public filings, span market, operational, and regulatory categories.⁷

A. Cyclical and Market Risks

• Dependence on Government Spending: A substantial portion of revenue (approximately 48% in 2024) is tied to U.S. defense programs.⁷ A significant shift in congressional spending priorities, a reduction in the overall defense budget, or the cancellation of key programs could materially impact the company’s financial results.
• Economic Cyclicality: The company’s commercial aerospace and general industrial businesses are exposed to the broader economic cycle. A global recession could lead to reduced air travel, lower demand for new aircraft, and a downturn in industrial activity, negatively affecting these segments.⁷
• Backlog Risk: While the backlog is strong, government contracts can be modified or terminated for convenience, and commercial customers can cancel or defer orders, which could negatively impact future revenues if not replaced.⁷

B. Operational and Execution Risks

• Supply Chain and Input Costs: The company relies on a global network of suppliers and is exposed to risks of performance issues, component shortages (particularly for sole-sourced parts), and price volatility for raw materials. Inflationary pressures on labor and materials could compress margins if not fully offset by pricing actions and efficiency gains.⁷
• Acquisition Integration: The M&A strategy, while a key growth driver, carries execution risk. Failure to successfully integrate acquired businesses, achieve expected synergies, or retain key personnel could result in underperformance and impairment charges.⁷
• Technology and Competition: The company operates in technologically dynamic and highly competitive markets. Failure to innovate, develop new products, or protect its intellectual property could erode its competitive advantages.⁷

C. Regulatory and Compliance Risks

• Government Contracting: As a U.S. government contractor, CW is subject to a complex and evolving set of procurement rules and regulations. Non-compliance could result in fines, penalties, or even debarment from future contracts.⁷
• International Operations: With approximately 27% of sales outside the U.S., the company is exposed to geopolitical risks, changes in international trade agreements, tariffs, and foreign currency fluctuations.⁷
• Environmental and Nuclear Regulation: The company’s operations, particularly in the nuclear sector, are subject to stringent environmental, health, and safety regulations. Changes in these regulations or a major incident could lead to significant liabilities and increased operating costs.⁷

IX. Investment Summary & Key Questions Answered

This analysis concludes that Curtiss-Wright Corporation is a high-quality industrial technology company with a resilient, diversified business model, a strong track record of financial performance, and a clear strategy for sustained, profitable growth.

• How sustainable is CW’s margin profile?
  The company’s margin profile is highly sustainable. It is underpinned by structural advantages, including sole-source positions in niche markets, high intellectual property content, and significant barriers to entry. A relentless focus on operational excellence has proven effective at offsetting inflationary pressures and funding growth investments, suggesting that top-quartile margins are a durable feature of the business model.
• What is the quality and visibility of the company’s backlog?
  The quality and visibility are excellent. The record $3.9 billion backlog is concentrated in long-cycle, high-priority, and well-funded programs, particularly in naval defense and commercial nuclear. This provides a stable and predictable foundation for revenue and cash flow for several years into the future.
• How effectively has management navigated recent industry challenges?
  Management’s performance has been exceptional. The team has successfully navigated the challenges of the 2022-2024 period, including supply chain disruptions and significant inflation, to deliver record financial results and consistent margin expansion, demonstrating superior operational capabilities and strategic foresight.
• What is the long-term growth potential for each business segment?
  The long-term growth potential is strong across all three segments. Each is aligned with powerful, multi-decade secular tailwinds: Aerospace & Industrial with the continued growth in global air travel; Defense Electronics with the imperative for military modernization and technological superiority; and Naval & Power with the generational recapitalization of the naval fleet and the global renaissance in nuclear energy.
• How does CW’s valuation compare to intrinsic value estimates?
  Curtiss-Wright trades at a premium to its historical multiples and some of its peers. This premium is justified by its superior financial performance, including higher margins, strong returns on capital, and exceptional free cash flow generation. The valuation appears fair for a best-in-class compounder. Intrinsic value is expected to grow consistently, driven by disciplined execution of the “Pivot to Growth” strategy, which should deliver double-digit annual EPS growth.
• What are the key catalysts that could drive outperformance or underperformance?

• Potential Catalysts for Outperformance: Continued strong execution and margin expansion on major defense programs like the Columbia-class submarine; a faster-than-anticipated recovery in high-margin widebody aircraft production; major contract awards related to the deployment of Small Modular Reactors; and further value-accretive M&A.
• Potential Catalysts for Underperformance: A significant and unexpected reduction in the U.S. defense budget that impacts key platforms; a sharp global economic downturn that severely curtails commercial air travel and industrial demand; or a major execution misstep on a key program or a large acquisition.

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