Curtiss Wright Corp
CW
Misc Industrial & Commercial Machinery & Equipment
Mkt Cap
$10.62BPE
28.38Debt
$1.14BCash
$338MEV
$11.42BFCF
$448MP/E Ratio
28.38Debt
$1.14BCash
$338MEV
$11.42BFCF
$448MCharts data: {"Earnings":[{"time":"2014-12-30","value":113338000},{"time":"2015-12-30","value":145461000},{"time":"2016-12-30","value":187329000},{"time":"2017-12-30","value":214891000},{"time":"2018-12-30","value":275749000},{"time":"2019-12-30","value":307583000},{"time":"2020-12-30","value":201392000},{"time":"2021-12-30","value":267159000},{"time":"2022-12-30","value":294348000},{"time":"2023-12-30","value":354509000}],"Sales":[{"time":"2014-12-30","value":2243126000},{"time":"2015-12-30","value":2205683000},{"time":"2016-12-30","value":2108931000},{"time":"2017-12-30","value":2271026000},{"time":"2018-12-30","value":2411835000},{"time":"2019-12-30","value":2487961000},{"time":"2020-12-30","value":2391336000},{"time":"2021-12-30","value":2505931000},{"time":"2022-12-30","value":2557025000},{"time":"2023-12-30","value":2845373000}],"Net Margins":[{"time":"2014-12-30","value":0.05052680946143908},{"time":"2015-12-30","value":0.06594827996588812},{"time":"2016-12-30","value":0.08882651921755619},{"time":"2017-12-30","value":0.09462287089623808},{"time":"2018-12-30","value":0.11433161887110851},{"time":"2019-12-30","value":0.12362854562430842},{"time":"2020-12-30","value":0.08421735799569781},{"time":"2021-12-30","value":0.10661067683028783},{"time":"2022-12-30","value":0.1151134619333014},{"time":"2023-12-30","value":0.12459139803463377}],"Assets":[{"time":"2014-12-30","value":3399511000},{"time":"2015-12-30","value":3029378000},{"time":"2016-12-30","value":3037781000},{"time":"2017-12-30","value":3236321000},{"time":"2018-12-30","value":3255385000},{"time":"2019-12-30","value":3764261000},{"time":"2020-12-30","value":4021334000},{"time":"2021-12-30","value":4103545000},{"time":"2022-12-30","value":4449602000},{"time":"2023-12-30","value":4620969000}],"Stockholders Equity":[{"time":"2014-12-30","value":1478433000},{"time":"2015-12-30","value":1255423000},{"time":"2016-12-30","value":1291191000},{"time":"2017-12-30","value":1527800000},{"time":"2018-12-30","value":1530781000},{"time":"2019-12-30","value":1774372000},{"time":"2020-12-30","value":1787574000},{"time":"2021-12-30","value":1826490000},{"time":"2022-12-30","value":1992119000},{"time":"2023-12-30","value":2328413000}],"ROE":[{"time":"2014-12-30","value":0.07666089704437062},{"time":"2015-12-30","value":0.11586612639723823},{"time":"2016-12-30","value":0.1450823309642028},{"time":"2017-12-30","value":0.14065388139808876},{"time":"2018-12-30","value":0.1801361527220419},{"time":"2019-12-30","value":0.17334752802681738},{"time":"2020-12-30","value":0.11266218908979432},{"time":"2021-12-30","value":0.1462690734687844},{"time":"2022-12-30","value":0.1477562334378619},{"time":"2023-12-30","value":0.15225348767594066}],"ROA":[{"time":"2014-12-30","value":0.0831701971254101},{"time":"2015-12-30","value":0.10273792177800195},{"time":"2016-12-30","value":0.10178778522875744},{"time":"2017-12-30","value":0.10539436601004659},{"time":"2018-12-30","value":0.11986969283203062},{"time":"2019-12-30","value":0.11365019588174147},{"time":"2020-12-30","value":0.07425297177503784},{"time":"2021-12-30","value":0.0932566841596717},{"time":"2022-12-30","value":0.09516424165577056},{"time":"2023-12-30","value":0.10487021228664377}]}
Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services to the aerospace, defense, general industrial, and power generation markets worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Aerospace & Industrial segment offers industrial and specialty vehicle products, such as electronic throttle control devices, joysticks, and transmission shifters; sensors, controls and electro-mechanical actuation components used in commercial and military aircraft; and surface technology services, including shot peening, laser peening, and coatings. The Defense Electronics segment provides commercial off-the-shelf embedded computing board-level modules, data acquisition and flight test instrumentation equipment, integrated subsystems, instrumentation and control systems, and tactical communications solutions; turret aiming and stabilization products, and weapons handling systems; avionics and electronics; flight test equipment; and aircraft data management solutions. The Naval & Power segment offers hardware, pumps, pump seals, control rod drive mechanisms, valves, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products for nuclear power plants and nuclear equipment manufacturers; and naval propulsion and auxiliary equipment, including coolant pumps, power-dense compact motors, generators, steam turbines, valves, and secondary propulsion systems, as well as ship repair and maintenance services primarily to the U.S. navy. Curtiss-Wright Corporation was founded in 1929 and is headquartered in Davidson, North Carolina.
DCF
Discounted Cash Flow Valuation of Curtiss Wright Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $448M | $469.2M | $491.4M | $514.7M | $539.1M | $564.7M | $591.4M | $619.4M | $648.8M | $679.5M | $711.7M | $7.117B |
| DCF | $408M | $371.6M | $338.4M | $308.2M | $280.7M | $255.7M | $232.9M | $212.1M | $193.2M | $175.9M | $1.759B | |
| Value | $4.536B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 10%
Earnings Stability 61%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 6.6% | 8.9% | 9.5% | 11% | 12% | 8.4% | 11% | 12% | 12% | 13% |
| ROA | 10% | 10% | 11% | 12% | 11% | 7.4% | 9.3% | 9.5% | 10% | 11% |
| ROE | 12% | 15% | 14% | 18% | 17% | 11% | 15% | 15% | 15% | 16% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +11.14%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.14%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +10.02%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -0.32%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +15.21%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -0.52%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 7.53 | 2.97 | 2.42 | 2.70 | 2.16 | 5.42 | 3.03 | 5.68 | 2.60 | 2.54 |
| Debt Equity | 0.76 | 0.87 | 0.53 | 0.50 | 0.43 | 0.65 | 0.58 | 0.73 | 0.45 | 0.48 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 76% | 100% | 100% | 100% | 76% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 2.54.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 0.22.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.76.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 4.4% | 3.4% | 6% | 11% | 0.92% |
| Net Income | 9.5% | 5.2% | 21% | 20% | -1.9% |
| Stockholders Equity | 8.8% | 8.8% | 9.2% | 17% | 1.9% |
| FCF | 0.99% | 7.4% | 24% | 57% | -1.8% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +3.36%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.92%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +5.15%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -1.91%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +8.75%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +1.91%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +7.36%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -1.8%.