Financials Curtiss-Wright Corporation

Equities

CW

US2315611010

Aerospace & Defense

Real-time Estimate Cboe BZX Other stock markets 02:50:08 2024-05-09 pm EDT			5-day change	1st Jan Change
276.2 ^USD	+0.72%		+4.88%	+23.78%

May. 03	Truist Raises Curtiss-Wright's PT to $252 From $240 After Q1 Beat Driven by 'Strong' Defense Electronics Sales, Bookings; Keeps Hold Rating	MT
May. 03	Morgan Stanley Raises Price Target on Curtiss-Wright to $284 From $260, Keeps Overweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,014	4,829	5,441	6,397	8,520	10,503	-	-
Enterprise Value (EV) ¹	6,384	5,689	6,321	7,394	9,163	10,806	10,605	10,336
P/E ratio	19.7 x	24.2 x	21.1 x	21.9 x	24.2 x	26.5 x	24.6 x	21.9 x
Yield	0.47%	0.58%	0.51%	0.45%	0.35%	0.29%	0.31%	0.32%
Capitalization / Revenue	2.42 x	2.02 x	2.17 x	2.5 x	2.99 x	3.47 x	3.31 x	3.12 x
EV / Revenue	2.57 x	2.38 x	2.52 x	2.89 x	3.22 x	3.57 x	3.34 x	3.07 x
EV / EBITDA	12.4 x	11.2 x	11.8 x	13.3 x	15 x	16.9 x	15.3 x	14.1 x
EV / FCF	18.2 x	26.6 x	18.2 x	28.8 x	22.7 x	25 x	23.4 x	21.2 x
FCF Yield	5.51%	3.76%	5.48%	3.47%	4.4%	4%	4.28%	4.73%
Price to Book	3.42 x	2.7 x	2.92 x	3.21 x	3.66 x	3.96 x	3.58 x	3.23 x
Nbr of stocks (in thousands)	42,689	41,502	39,240	38,308	38,241	38,299	-	-
Reference price ²	140.9	116.4	138.7	167.0	222.8	274.2	274.2	274.2
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,488	2,391	2,506	2,557	2,845	3,025	3,172	3,369
EBITDA ¹	513.4	506.9	534.8	555.1	610	641.2	692.4	733.1
EBIT ¹	411	391	420.4	443.1	493.8	527	574.6	616.1
Operating Margin	16.52%	16.35%	16.78%	17.33%	17.35%	17.42%	18.12%	18.29%
Earnings before Tax (EBT) ¹	396.5	-	354.5	389.2	463.1	518.2	559.1	616.5
Net income ¹	307.6	201.4	267.2	294.3	354.5	387	416.7	443.1
Net margin	12.36%	8.42%	10.66%	11.51%	12.46%	12.79%	13.14%	13.15%
EPS ²	7.150	4.800	6.580	7.620	9.200	10.34	11.14	12.52
Free Cash Flow ¹	351.7	213.7	346.6	256.6	403.4	432.7	453.6	488.6
FCF margin	14.13%	8.94%	13.83%	10.03%	14.18%	14.3%	14.3%	14.5%
FCF Conversion (EBITDA)	68.49%	42.15%	64.8%	46.22%	66.14%	67.48%	65.51%	66.66%
FCF Conversion (Net income)	114.33%	106.1%	129.72%	87.16%	113.8%	111.81%	108.87%	110.28%
Dividend per Share ²	0.6600	0.6800	0.7100	0.7500	0.7900	0.7967	0.8367	0.8767
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	666.8	559.5	609.4	630.5	757.7	630.9	704.4	724.3	785.8	713.2	735.4	756	819.3	-	-
EBITDA ¹	157.2	98.18	124.4	144.4	188.2	110.2	144.5	162.7	192.6	126.9	144	172	197.7	-	-
EBIT ¹	129.1	70.81	98.1	114.5	159.7	81.29	115.4	133.9	163.2	99.96	116.5	141.5	168.3	-	-
Operating Margin	19.36%	12.66%	16.1%	18.16%	21.07%	12.89%	16.39%	18.48%	20.77%	14.02%	15.85%	18.72%	20.54%	-	-
Earnings before Tax (EBT) ¹	98.38	-	92.87	97.33	145	73.44	105.7	127	156.8	99	112.4	140.4	164.9	-	-
Net income ¹	76.58	40.68	70.87	73.77	109	56.85	81	96.78	119.9	76.5	82.18	103.8	122.3	-	-
Net margin	11.49%	7.27%	11.63%	11.7%	14.39%	9.01%	11.5%	13.36%	15.26%	10.73%	11.17%	13.74%	14.92%	-	-
EPS ²	1.940	1.050	1.830	1.910	2.820	1.480	2.100	2.510	3.110	1.990	2.233	2.793	3.280	2.520	2.570
Dividend per Share ²	0.1800	0.1800	0.1900	0.1900	0.1900	0.1900	0.2000	0.2000	0.2000	0.2000	0.1950	0.1950	0.1950	-	-
Announcement Date	2/23/22	5/4/22	8/3/22	11/2/22	2/21/23	5/3/23	8/2/23	11/1/23	2/14/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	370	860	880	997	643	303	102	-
Net Cash position ¹	-	-	-	-	-	-	-	167
Leverage (Debt/EBITDA)	0.7199 x	1.697 x	1.645 x	1.797 x	1.055 x	0.4727 x	0.1475 x	-
Free Cash Flow ¹	352	214	347	257	403	433	454	489
ROE (net income / shareholders' equity)	18.6%	11.3%	14.8%	16.5%	16.5%	16%	16%	16.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	41.20	43.10	47.50	52.10	60.90	69.30	76.50	84.90
Cash Flow per Share ²	9.800	6.220	9.550	7.630	11.60	12.50	13.90	-
Capex ¹	69.8	47.5	41.1	38.2	44.7	52.7	62.4	65.5
Capex / Sales	2.8%	1.99%	1.64%	1.49%	1.57%	1.74%	1.97%	1.95%
Announcement Date	2/26/20	2/24/21	2/23/22	2/21/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Curtiss-Wright Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

274.2 USD

Average target price

278.5 USD

Spread / Average Target

+1.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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