Updated 4/25/25
Curtiss-Wright Corporation (CW) is a well-run, diversified engineering company operating across defense, aerospace, and energy markets. With a history dating back to 1929, the company has evolved into a consistent performer with strong margins, disciplined capital allocation, and a growing backlog now at $3.4 billion. Its leadership team, led by CEO Lynn Bamford, continues to emphasize innovation, operational efficiency, and shareholder returns.
Over the past year, CW’s stock has gained more than 30%, supported by solid free cash flow of $483 million and a low 7.87% payout ratio. While the dividend yield is modest at 0.25%, the strength of earnings, ongoing buybacks, and a clear growth strategy provide confidence in long-term value creation. With recent technical strength emerging on the chart and an average analyst price target of $377, CW is positioned to continue delivering stable performance through evolving market conditions.
Recent Events
Curtiss-Wright has been on a strong run lately, notching a 32.10% gain over the past year, well ahead of the broader S&P 500’s performance. The stock hit a high of $393.40 and found a floor around $250.97, showing healthy support levels. Right now, it’s trading near $336.65, comfortably above its 50-day moving average of $319.82 but slightly under the 200-day average at $331.11. Overall, the price action shows stability without the sharp spikes or drops that can sometimes signal trouble.
On the business side, CW delivered a 4.9% year-over-year increase in revenue, even as earnings per share dipped slightly by 1.7%. In today’s environment, where macroeconomic uncertainty is the norm, a small EPS drop isn’t something to panic about. The company’s operating margin of 20.66% and return on equity of nearly 17% suggest that it’s running a tight ship, staying profitable without cutting corners.
The balance sheet backs that up. Curtiss-Wright holds $385 million in cash and $1.23 billion in debt, giving it a manageable debt-to-equity ratio of about 50%. They’ve positioned themselves to be flexible, funding growth initiatives while still having room for shareholder returns. It’s a thoughtful, sustainable approach that’s tough to find in today’s market.
Key Dividend Metrics
For investors focused on dividend income, here’s a quick look at the essentials:
📈 Forward Dividend Yield: 0.25%
💰 Forward Annual Dividend Rate: $0.84
📅 Next Dividend Date: April 14, 2025
🔔 Ex-Dividend Date: March 27, 2025
🛡️ Payout Ratio: 7.87%
📊 5-Year Average Dividend Yield: 0.47%
Dividend Overview
At first glance, Curtiss-Wright’s 0.25% dividend yield might not seem like much. If you’re looking for high immediate income, you might think about moving on. But take a step back and consider the full picture.
That tiny payout is backed by an extremely conservative 7.87% payout ratio. In other words, CW is paying out less than 8 cents of every dollar it earns in dividends. That’s a sign of strength. It tells you the company could weather pretty much any economic storm without having to slash the dividend. More importantly, it leaves a lot of room for future growth, both in the payout and in the underlying business.
The company’s healthy operating cash flow of $544 million and levered free cash flow of $442 million also support the dividend easily. Even if earnings were to flatten or take a hit in a recession, Curtiss-Wright has plenty of internal resources to keep the dividend checks coming.
It’s worth noting that CW’s dividend strategy seems to prioritize consistency and sustainability over flash. That’s not as exciting for investors chasing big yields, but for those of us who prefer sleep-well-at-night investments, it’s a major plus.
Dividend Growth and Safety
Curtiss-Wright has a quiet but consistent track record when it comes to dividend growth. It’s not a company that rushes into big hikes or headline-grabbing moves, but it steadily raises its dividend in a way that builds real long-term value. Their last split, way back in 2006, reinforces this mindset of steady, measured management rather than flashy moves.
The company’s dividend safety profile is about as strong as it gets. A payout ratio under 10% is a rare find, and it would take something truly catastrophic to put pressure on CW’s ability to maintain or grow its dividend. When you add a return on assets of 7.48% and a return on equity of nearly 17% into the mix, you’re looking at a company that knows how to turn investment into real shareholder value.
CW’s beta of 1.03 tells you it tends to move pretty closely with the overall market, without a lot of unnecessary drama. That makes it a good fit for dividend investors who want exposure to market growth but don’t want to constantly be worrying about massive swings.
Cash Flow Statement
Curtiss-Wright generated $544 million in operating cash flow over the trailing 12 months, a strong improvement from the $448 million recorded the year before. This steady rise reflects the company’s continued focus on efficiency and profitability, especially as it navigates ongoing shifts in its core industries. After accounting for capital expenditures of roughly $61 million, free cash flow came in at $483 million—its highest in the last four years and a healthy sign for long-term sustainability.
On the investing side, CW spent $283 million, significantly more than last year’s relatively light $36 million. This jump suggests renewed capital deployment, likely tied to acquisitions or strategic investments rather than routine maintenance. Financing activities drained another $271 million, largely due to $250 million in share buybacks, reinforcing the company’s commitment to returning value to shareholders. Despite these outflows, CW still ended the period with a solid $385 million in cash, maintaining a stable liquidity profile that leaves room for continued flexibility.
Analyst Ratings
📈 Curtiss-Wright Corporation (CW) has recently seen a mix of analyst activity, reflecting both confidence in its long-term prospects and caution amid evolving market conditions.
🛡️ On April 10, 2025, Citigroup reaffirmed its buy rating on CW but adjusted the price target from $450 to $424. This revision suggests that while the firm maintains a positive outlook on CW’s fundamentals, it is accounting for potential near-term challenges that could impact valuation.
⚙️ Shortly after, on April 14, 2025, Stifel Nicolaus maintained a hold rating and reduced its price target from $331 to $309. This adjustment indicates a more cautious stance, possibly due to concerns about market volatility or sector-specific headwinds that might affect CW’s performance.
🔍 Truist Securities also maintained a hold rating on April 17, 2025, lowering its price target from $357 to $338. This move reflects a tempered outlook, suggesting that while CW remains a stable entity, there may be limited catalysts for significant upside in the immediate future.
💬 Despite these adjustments, the consensus among analysts remains moderately positive. The average 12-month price target for CW stands at approximately $377.43, implying a potential upside from current levels. This consensus reflects a belief in CW’s solid operational foundation and its ability to navigate industry dynamics effectively.
Earning Report Summary
Curtiss-Wright Corporation closed out 2024 with a steady hand, delivering results that showed strength across key parts of its business. Revenue for the fourth quarter came in at $824 million, which was a nice 5% bump compared to the previous year. Adjusted earnings per share landed at $3.27, up 3%, and free cash flow for the quarter hit $278 million. One of the standout highlights was new orders, which jumped a striking 37% to reach $939 million, pushing the company’s total backlog to an all-time high of $3.4 billion.
Leadership’s Take on the Quarter
CEO Lynn Bamford was upbeat about the quarter’s performance. She pointed to strong demand across the defense and commercial aerospace sectors, particularly mentioning success with submarine programs and a noticeable increase in OEM sales. Bamford emphasized how these results were the outcome of Curtiss-Wright’s strategy of focusing on innovation and expanding capacity. She made it clear that the team’s execution in 2024 put them in a strong position to keep building on this momentum.
Looking Ahead
Curtiss-Wright isn’t planning to slow down. For 2025, the company expects sales to grow between 7% and 8%, supported by organic expansion in aerospace, defense, and commercial nuclear markets, along with contributions from recent acquisitions. Leadership is also targeting operating margin improvement of 40 to 60 basis points and aiming for double-digit earnings per share growth. Management sounded confident about not just hitting their near-term goals but also setting up the business for lasting value creation over the next few years.
Chart Analysis
Curtiss-Wright (CW) has shown a strong recovery in price action over the past year, bouncing off key levels that had previously acted as resistance. The overall shape of the chart reflects a stock that saw sustained upward movement through much of 2023, followed by a healthy correction and a recent attempt to break higher again.
Moving Averages
The 50-day moving average (red line) has been declining since February, reflecting recent short-term pressure, but the price just broke back above it with a strong move. That’s meaningful because the stock also pushed above the 200-day moving average (blue line) at the same time, a level that had acted as resistance since early March. This type of crossover could be signaling a shift in momentum, potentially setting up a longer-term trend reversal.
Volume Trends
Volume has been increasing on up-days recently, especially in late April, suggesting more conviction behind the buying. The spike in volume alongside the price breakout adds weight to the move, indicating that it’s not just a low-volume drift upward but rather a push backed by real participation.
RSI Behavior
The Relative Strength Index (RSI) has surged into overbought territory, touching above 70. That shows strong momentum but also hints at a possible near-term cooling period. Over the last year, each time RSI hit these levels, the stock either paused or pulled back slightly before regaining strength. The RSI trendline itself has been rising steadily since early April, confirming a shift in market sentiment.
Price Structure
There’s a clear pattern of higher lows forming since March, even as the stock faced resistance near the 330 to 340 range. With this recent breakout, CW has pushed through that ceiling, and if it can hold above the 200-day moving average, it may continue establishing a new range or begin a fresh upward leg. The October-to-December rally mirrors the kind of breakout that’s trying to form again now, with similar follow-through potential.
This setup suggests increasing confidence in the stock’s underlying trend, particularly as it works through a base formed over the past several months.
Management Team
Curtiss-Wright’s leadership team has shown a steady hand over the past several years, guiding the company through market cycles, strategic acquisitions, and operational shifts with consistent execution. At the helm is Lynn Bamford, who took over as CEO in 2021. Her background in defense and mission-critical technologies fits well with the company’s core segments, and her leadership has been marked by a focus on both innovation and margin expansion.
Under her direction, Curtiss-Wright has stayed disciplined with its capital allocation, balancing reinvestment in growth areas with a clear commitment to returning capital to shareholders. The leadership team has also demonstrated an ability to integrate acquisitions smoothly while maintaining profitability. Their communication with the market has remained consistent, with forward-looking statements backed by data and supported by performance.
Executives are also aligned with shareholders in terms of long-term performance. Management’s focus on operational efficiency and free cash flow generation continues to support their dividend and share repurchase programs. Across the board, the leadership team has instilled a sense of reliability, and that predictability has helped CW weather both industry and macroeconomic volatility with confidence.
Valuation and Stock Performance
Curtiss-Wright’s share price has performed well over the last year, climbing over 30 percent and comfortably outperforming broader benchmarks. As of now, the stock trades around 336 dollars, having seen a strong rebound from lows near 251. The stock recently regained its position above both the 50-day and 200-day moving averages, signaling a positive shift in sentiment and renewed buying interest.
On a valuation basis, CW is currently trading at a trailing price-to-earnings ratio of 31.8, which is slightly elevated relative to its five-year average but arguably justified by its consistent earnings performance and strong market positioning in defense and aerospace. The forward price-to-earnings ratio suggests some compression is possible if earnings estimates play out as expected. Enterprise value to EBITDA sits at 20 times, which is on the higher end for industrials but in line with peers in specialized engineering and defense contracting.
Price-to-book has ticked up to 5.16, a premium to historical norms, but not unreasonable considering the company’s return on equity of nearly 17 percent. The balance sheet remains healthy with moderate leverage and strong free cash flow, helping to support the valuation. Investors seem to be assigning a premium not just for earnings consistency, but for the predictability of future cash flows and disciplined management.
Curtiss-Wright’s return profile also benefits from relatively low volatility. With a beta near 1.03, the stock tends to track the broader market but with a more stable rhythm, offering a smoother ride for investors looking to avoid extremes. Share repurchase activity has helped tighten the float, and institutional ownership sits high, reinforcing the notion that this is a name favored by professional money managers looking for high-quality exposure to the industrial and defense sectors.
Risks and Considerations
While Curtiss-Wright has demonstrated a solid track record, it’s not without its challenges. The company’s close ties to defense spending mean that government budget shifts can have a meaningful impact on revenue streams. Changes in political leadership, shifts in policy priorities, or delays in program funding could pose risks to the defense segment, which represents a sizable chunk of overall revenue.
The commercial aerospace and energy markets also come with their own cyclical risks. Fluctuations in demand for nuclear energy services or delays in large-scale projects could affect the company’s performance. Any downturn in global air travel or a broader slowdown in capital spending among industrial customers could also weigh on growth.
From a valuation standpoint, the stock is priced for continued execution. Any earnings miss, lowered guidance, or slowdown in order growth could trigger a pullback, particularly with the current premium embedded in the price. The recent RSI reading also suggests that the stock could be nearing short-term overbought territory, raising the chance of near-term consolidation.
Supply chain pressures, while easing in many sectors, remain a lingering issue for manufacturers dealing with specialized components. Curtiss-Wright has managed these challenges better than many peers, but prolonged disruptions or inflationary pressure on raw materials could squeeze margins, especially in fixed-price contracts.
Finally, the macroeconomic backdrop remains a wildcard. While CW isn’t as sensitive to consumer behavior or interest rate shifts as some other sectors, persistent inflation, tighter monetary policy, or broader economic slowdowns could still affect end-market demand.
Final Thoughts
Curtiss-Wright continues to operate from a position of strength. With a strong management team, solid free cash flow, and a reliable dividend policy, it offers an attractive balance between growth and income. The company has steadily executed on its strategy, positioning itself well in essential industries like defense, aerospace, and energy, all while maintaining financial discipline and returning capital to shareholders.
Its stock has delivered healthy gains over the last year and now sits in a technically constructive zone, with moving averages and volume suggesting renewed momentum. While valuation is on the higher side, it’s supported by consistent execution and strong returns on invested capital. For investors who value predictability, long-term growth potential, and a management team that has consistently delivered on its promises, CW presents a compelling case.
As always, risks exist. The company is not immune to policy shifts or broader market challenges. However, its balanced approach to growth and capital stewardship provides a measure of resilience. As it stands today, Curtiss-Wright is a name that continues to build quietly but confidently on its legacy.