Latest Ratios: P/E Ratio 59.6x · EV/EBITDA 45.8x · ROE 19.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.3B | $20.7B | $13.6B | $8.6B | $6.5B | $5.6B | $4.9B | $6.1B | $4.5B | $5.5B | $4.4B |
| Enterprise Value | $29.2B | $21.7B | $14.5B | $9.4B | $7.6B | $6.7B | $5.9B | $6.6B | $5.0B | $5.8B | $4.8B |
| P/E Ratio → | 59.56 | 42.83 | 33.64 | 24.22 | 21.91 | 21.07 | 24.24 | 19.70 | 16.42 | 25.39 | 23.70 |
| P/S Ratio | 8.09 | 5.93 | 4.36 | 3.02 | 2.52 | 2.25 | 2.04 | 2.44 | 1.88 | 2.40 | 2.10 |
| P/B Ratio | 11.39 | 8.19 | 5.56 | 3.69 | 3.26 | 3.08 | 2.73 | 3.42 | 2.96 | 3.57 | 3.43 |
| P/FCF | 51.09 | 37.47 | 28.18 | 21.28 | 25.16 | 16.25 | 22.87 | 17.23 | 16.09 | 16.23 | 11.77 |
| P/OCF | 43.97 | 32.24 | 25.02 | 19.16 | 21.89 | 14.52 | 18.71 | 14.38 | 13.46 | 14.03 | 10.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.20 | 4.63 | 3.29 | 2.98 | 2.66 | 2.47 | 2.65 | 2.08 | 2.55 | 2.30 |
| EV / EBITDA | 45.82 | 33.99 | 22.73 | 15.60 | 14.21 | 13.54 | 14.57 | 13.04 | 10.52 | 13.63 | 12.34 |
| EV / EBIT | 45.82 | 33.99 | 25.50 | 18.22 | 17.44 | 17.10 | 19.75 | 15.43 | 12.84 | 16.98 | 15.66 |
| EV / FCF | — | 39.17 | 29.92 | 23.23 | 29.65 | 19.20 | 27.60 | 18.77 | 17.82 | 17.24 | 12.87 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.2% | 37.2% | 37.0% | 37.5% | 37.3% | 37.1% | 35.2% | 36.1% | 36.1% | 36.0% | 35.6% |
| Operating Margin | 18.2% | 18.2% | 16.9% | 17.0% | 16.6% | 15.1% | 12.1% | 16.2% | 15.5% | 14.3% | 14.1% |
| Net Profit Margin | 13.8% | 13.8% | 13.0% | 12.5% | 11.5% | 10.5% | 8.4% | 12.4% | 11.4% | 9.5% | 8.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 17.0% | 16.5% | 15.5% | 14.5% | 11.3% | 18.6% | 18.0% | 15.2% | 14.7% |
| ROA | 9.5% | 9.5% | 8.4% | 7.8% | 6.9% | 6.5% | 5.2% | 8.8% | 8.5% | 6.9% | 6.2% |
| ROIC | 14.1% | 14.1% | 12.4% | 11.6% | 10.6% | 10.0% | 8.5% | 14.0% | 14.4% | 13.7% | 12.3% |
| ROCE | 16.6% | 16.6% | 13.7% | 13.3% | 12.4% | 11.5% | 9.3% | 14.5% | 14.3% | 13.0% | 12.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.50 | 0.51 | 0.71 | 0.65 | 0.68 | 0.53 | 0.50 | 0.53 | 0.75 |
| Debt / EBITDA | 2.06 | 2.06 | 1.93 | 1.99 | 2.63 | 2.43 | 2.99 | 1.84 | 1.60 | 1.92 | 2.46 |
| Net Debt / Equity | — | 0.37 | 0.34 | 0.34 | 0.58 | 0.56 | 0.57 | 0.31 | 0.32 | 0.22 | 0.32 |
| Net Debt / EBITDA | 1.48 | 1.48 | 1.32 | 1.31 | 2.15 | 2.08 | 2.50 | 1.07 | 1.02 | 0.80 | 1.05 |
| Debt / FCF | — | 1.70 | 1.74 | 1.95 | 4.50 | 2.96 | 4.73 | 1.54 | 1.73 | 1.01 | 1.10 |
| Interest Coverage | 14.79 | 14.79 | 12.64 | 10.01 | 9.28 | 9.67 | 8.40 | 13.65 | 11.48 | 8.22 | 7.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.69 | 2.13 | 1.55 | 1.78 | 1.61 | 2.05 | 1.96 | 2.37 | 2.10 |
| Quick Ratio | 1.00 | 1.00 | 1.19 | 1.50 | 1.05 | 1.22 | 1.08 | 1.48 | 1.34 | 1.73 | 1.55 |
| Cash Ratio | 0.26 | 0.26 | 0.35 | 0.50 | 0.26 | 0.23 | 0.24 | 0.53 | 0.40 | 0.80 | 0.82 |
| Asset Turnover | — | 0.67 | 0.63 | 0.62 | 0.57 | 0.61 | 0.59 | 0.66 | 0.74 | 0.70 | 0.69 |
| Inventory Turnover | 3.57 | 3.57 | 3.63 | 3.49 | 3.32 | 3.82 | 3.61 | 3.74 | 3.64 | 3.88 | 3.74 |
| Days Sales Outstanding | — | 97.28 | 97.65 | 93.99 | 103.25 | 94.45 | 89.86 | 92.75 | 89.86 | 79.54 | 80.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | 0.2% | 0.4% | 0.4% | 0.5% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% |
| Payout Ratio | 7.2% | 7.2% | 7.8% | 8.5% | 9.8% | 10.9% | 14.0% | 9.2% | 9.5% | 11.5% | 12.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 2.3% | 3.0% | 4.1% | 4.6% | 4.7% | 4.1% | 5.1% | 6.1% | 3.9% | 4.2% |
| FCF Yield | 2.0% | 2.7% | 3.5% | 4.7% | 4.0% | 6.2% | 4.4% | 5.8% | 6.2% | 6.2% | 8.5% |
| Buyback Yield | 1.6% | 2.2% | 1.8% | 0.6% | 0.9% | 6.1% | 4.1% | 0.8% | 4.4% | 1.0% | 2.4% |
| Total Shareholder Yield | 1.8% | 2.4% | 2.1% | 0.9% | 1.3% | 6.6% | 4.7% | 1.3% | 5.0% | 1.4% | 2.9% |
| Shares Outstanding | — | $38M | $38M | $39M | $39M | $41M | $42M | $43M | $44M | $45M | $45M |
Defense contract margin compression
According to current market data, Curtiss-Wright trades at a P/E of 58.06, a multiple that appears to price in significant long-term growth expectations relative to its historical averages and broader industrial peers, suggesting investors are paying a premium for its specialized role in the naval nuclear supply chain.
The elevated P/E and EV/EBITDA multiples indicate that the market views the company as a high-quality compounder rather than a cyclical industrial player. While this valuation may be justified by the company's sole-source status, it leaves little room for error regarding execution on multi-year defense programs or the successful scaling of new nuclear technologies.
Based on reported figures, Curtiss-Wright's ROIC has remained relatively modest, fluctuating between 2.4% and 4.0% over the last ten quarters, which suggests that despite strong operating margins, the company's capital-intensive manufacturing footprint and historical acquisition activity may be diluting the overall efficiency of invested capital.
The discrepancy between high operating margins and low ROIC warrants further investigation into the company's asset base, particularly the impact of goodwill and heavy investment in specialized facilities. Investors should monitor whether management can improve capital turnover as the current backlog converts into revenue over the coming fiscal periods.
As reported in financial statements, the company's cash conversion cycle has remained elevated, averaging approximately 150 days over the last ten quarters, which reflects the inherent friction of managing long-cycle defense contracts and the significant inventory requirements associated with specialized nuclear-grade hardware production.
The persistent length of the CCC suggests that Curtiss-Wright faces structural challenges in optimizing its working capital, likely due to the nature of government procurement and the need to maintain safety-critical inventory levels. This inefficiency appears to be a permanent feature of the business model rather than a temporary operational hurdle.
Based on the provided balance sheet data, Curtiss-Wright maintains a debt-to-equity ratio of 0.52 as of 2025Q4, a level that appears exceptionally conservative compared to the broader industrial sector and provides the firm with significant financial flexibility to navigate potential macroeconomic volatility or future capital allocation opportunities.
The company's low leverage profile suggests a management preference for financial stability over aggressive debt-funded growth. While this fortress-like balance sheet mitigates refinancing risk, it may also imply that the company is under-utilizing its capacity to generate higher returns for shareholders through more efficient capital structure management.
The P/E ratio is frequently misapplied to Curtiss-Wright because it fails to account for the significant non-cash charges and lumpy revenue recognition inherent in long-cycle defense contracts, which can distort short-term earnings and obscure the underlying cash-generating capacity of the company's core industrial and electronics segments.
Analysts should prioritize free cash flow yield or EV/EBITDA over P/E to better assess the company's true earning power. Relying solely on P/E risks misinterpreting the company's valuation by ignoring the timing differences between contract milestones and actual cash inflows, which are critical to understanding the business's long-term health.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CW stock.
Curtiss-Wright Corporation's current P/E ratio is 59.6x. The historical average is 19.3x. This places it at the 100th percentile of its historical range.
Curtiss-Wright Corporation's current EV/EBITDA is 45.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Curtiss-Wright Corporation's return on equity (ROE) is 19.4%. The historical average is 13.3%.
Based on historical data, Curtiss-Wright Corporation is trading at a P/E of 59.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Curtiss-Wright Corporation's current dividend yield is 0.12% with a payout ratio of 7.2%.
Curtiss-Wright Corporation has 37.2% gross margin and 18.2% operating margin. Operating margin between 10-20% is typical for established companies.
Curtiss-Wright Corporation's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.