Latest Ratios: P/E Ratio 58.9x · EV/EBITDA 41.1x · ROE 18.6%. (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 | $25.2B | $15.5B | $10.6B | $7.6B | $5.1B | $7.4B | $5.1B | $7.0B | $5.2B | $4.9B | $4.0B |
| Enterprise Value | $25.6B | $15.9B | $11.3B | $8.3B | $5.8B | $7.7B | $5.9B | $7.9B | $6.3B | $5.5B | $4.6B |
| P/E Ratio → | 58.90 | 35.15 | 28.54 | 32.87 | 29.62 | 35.60 | 21.43 | 26.76 | 28.67 | 24.56 | 21.92 |
| P/S Ratio | 7.08 | 4.35 | 3.20 | 2.62 | 2.13 | 3.30 | 2.06 | 2.40 | 2.22 | 2.35 | 1.96 |
| P/B Ratio | 10.14 | 6.05 | 4.89 | 3.69 | 2.67 | 3.35 | 2.58 | 4.03 | 3.36 | 3.59 | 3.27 |
| P/FCF | 74.17 | 45.63 | 31.06 | 33.24 | 36.06 | 17.38 | 17.02 | 24.04 | 30.00 | 22.90 | 15.29 |
| P/OCF | 53.57 | 32.96 | 24.25 | 24.94 | 26.22 | 15.97 | 14.73 | 17.91 | 17.26 | 16.03 | 9.12 |
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 | — | 4.47 | 3.39 | 2.83 | 2.42 | 3.44 | 2.34 | 2.74 | 2.72 | 2.60 | 2.28 |
| EV / EBITDA | 41.06 | 25.51 | 20.24 | 20.32 | 17.23 | 20.12 | 13.77 | 16.45 | 15.91 | 15.57 | 14.30 |
| EV / EBIT | 50.16 | 28.09 | 25.59 | 28.81 | 26.94 | 30.37 | 19.93 | 23.30 | 22.48 | 20.25 | 18.10 |
| EV / FCF | — | 46.80 | 32.85 | 35.90 | 40.97 | 18.09 | 19.35 | 27.45 | 36.76 | 25.35 | 17.78 |
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 | 26.8% | 26.8% | 26.4% | 23.2% | 22.0% | 24.5% | 25.7% | 24.4% | 26.1% | 27.3% | 27.1% |
| Operating Margin | 14.3% | 14.3% | 13.2% | 9.8% | 9.0% | 11.3% | 11.8% | 11.7% | 12.1% | 12.8% | 12.6% |
| Net Profit Margin | 12.4% | 12.4% | 11.2% | 8.0% | 7.2% | 9.3% | 9.6% | 9.0% | 7.8% | 9.6% | 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 | 18.6% | 18.6% | 17.6% | 11.7% | 8.3% | 9.9% | 12.9% | 15.9% | 12.4% | 15.5% | 15.3% |
| ROA | 9.8% | 9.8% | 8.9% | 5.9% | 4.3% | 5.2% | 6.1% | 6.7% | 5.5% | 7.4% | 7.0% |
| ROIC | 13.3% | 13.3% | 12.1% | 8.1% | 6.3% | 7.3% | 8.1% | 9.4% | 9.2% | 10.8% | 10.1% |
| ROCE | 14.3% | 14.3% | 12.9% | 8.6% | 6.1% | 7.0% | 8.7% | 10.6% | 10.2% | 12.0% | 11.6% |
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 | 0.28 | 0.28 | 0.41 | 0.36 | 0.42 | 0.34 | 0.43 | 0.63 | 0.81 | 0.45 | 0.60 |
| Debt / EBITDA | 1.16 | 1.16 | 1.61 | 1.84 | 2.39 | 1.95 | 2.01 | 2.25 | 3.13 | 1.75 | 2.25 |
| Net Debt / Equity | — | 0.15 | 0.28 | 0.30 | 0.36 | 0.14 | 0.35 | 0.57 | 0.76 | 0.38 | 0.53 |
| Net Debt / EBITDA | 0.63 | 0.63 | 1.10 | 1.51 | 2.06 | 0.79 | 1.66 | 2.04 | 2.92 | 1.50 | 2.00 |
| Debt / FCF | — | 1.16 | 1.79 | 2.66 | 4.91 | 0.71 | 2.33 | 3.41 | 6.75 | 2.44 | 2.49 |
| Interest Coverage | 12.41 | 12.41 | 9.18 | 5.98 | 6.20 | 7.42 | 8.20 | 7.74 | 6.96 | 7.56 | 9.52 |
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 | 2.08 | 2.08 | 1.89 | 2.38 | 2.43 | 4.00 | 3.09 | 1.80 | 1.89 | 2.39 | 1.97 |
| Quick Ratio | 1.36 | 1.36 | 1.23 | 1.54 | 1.48 | 2.85 | 1.97 | 1.07 | 0.96 | 1.28 | 1.00 |
| Cash Ratio | 0.36 | 0.36 | 0.31 | 0.22 | 0.20 | 1.22 | 0.39 | 0.14 | 0.14 | 0.20 | 0.17 |
| Asset Turnover | — | 0.77 | 0.76 | 0.73 | 0.63 | 0.55 | 0.64 | 0.73 | 0.61 | 0.76 | 0.77 |
| Inventory Turnover | 3.99 | 3.99 | 4.02 | 4.32 | 3.61 | 4.04 | 4.24 | 4.24 | 3.13 | 3.22 | 3.20 |
| Days Sales Outstanding | — | 85.04 | 86.97 | 95.68 | 94.23 | 86.97 | 82.91 | 75.47 | 67.77 | 73.32 | 65.69 |
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 | 0.2% | 0.4% | 0.5% | 0.7% | 0.9% | 0.5% | 0.7% | 0.6% | 0.7% | 0.6% | 0.7% |
| Payout Ratio | 14.7% | 14.7% | 15.6% | 22.0% | 26.2% | 17.3% | 15.7% | 15.0% | 18.9% | 14.8% | 14.7% |
| 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% | 2.8% | 3.5% | 3.0% | 3.4% | 2.8% | 4.7% | 3.7% | 3.5% | 4.1% | 4.6% |
| FCF Yield | 1.3% | 2.2% | 3.2% | 3.0% | 2.8% | 5.8% | 5.9% | 4.2% | 3.3% | 4.4% | 6.5% |
| Buyback Yield | 0.7% | 1.1% | 3.7% | 1.7% | 9.6% | 0.4% | 0.3% | 1.6% | 0.0% | 1.5% | 3.2% |
| Total Shareholder Yield | 0.9% | 1.5% | 4.2% | 2.3% | 10.4% | 0.9% | 1.0% | 2.1% | 0.7% | 2.1% | 3.8% |
| Shares Outstanding | — | $61M | $62M | $61M | $63M | $66M | $64M | $64M | $64M | $64M | $64M |
Working capital volatility
According to current market data, Woodward trades at a forward P/E of 46.19 and an EV/EBITDA of 41.84, suggesting that investors are pricing in significant long-term earnings expansion that appears aggressive relative to the company's historical valuation ranges and the broader aerospace peer group.
The elevated P/E ratio implies that the market is discounting a high growth rate, likely tied to the recovery of widebody flight hours and the long-term aftermarket tailwinds. However, given the volatility in free cash flow and the cyclical nature of the industrial segment, such a premium valuation warrants caution regarding the sustainability of these growth expectations.
Based on reported figures, Woodward's ROIC has hovered between 2.5% and 4.1% over the last ten quarters, which indicates that the company is currently struggling to generate returns on invested capital that meaningfully exceed its cost of capital in the current high-rate environment.
The modest ROIC trend suggests that the heavy R&D burden and capital-intensive nature of flight-critical manufacturing are weighing on overall efficiency. Investors should monitor whether management can improve these returns as production volumes scale, or if the current asset base remains structurally inefficient for the firm's growth profile.
As reported in financial statements, the cash conversion cycle has remained elevated, peaking at 147 days in 2025Q1 and settling at 124 days in 2026Q2, which highlights persistent inefficiencies in managing inventory and receivables within the company's complex aerospace supply chain operations.
The high DIO and DSO figures suggest that Woodward is carrying significant inventory to mitigate supply chain risks, which directly ties up capital that could otherwise be deployed for shareholder returns. This working capital intensity appears to be a structural drag on cash flow generation, necessitating closer scrutiny of inventory turnover improvements.
Comparing Woodward to peers like Curtiss-Wright, which maintains a significantly higher ROE of 19.6%, reveals that Woodward's current profitability metrics lag behind industry leaders, suggesting that the company's valuation premium may be driven more by market sentiment than by superior fundamental return generation.
While Woodward benefits from its 'sole-source' moat in engine components, the gap in ROE and ROIC compared to Curtiss-Wright suggests that Woodward may be less efficient at converting its technical advantages into bottom-line profitability. This discrepancy warrants further investigation into whether the industrial segment is acting as a drag on the company's overall performance.
The P/E ratio is frequently misapplied to Woodward because it fails to account for the significant non-cash charges and long-term contract accounting adjustments that often distort reported net income, making the metric a poor proxy for the company's true underlying economic earning power.
Investors should prioritize EV/EBITDA or free cash flow yield over P/E, as these metrics better capture the cash-generative potential of the aftermarket business model. Relying on P/E alone obscures the impact of capital-intensive R&D and the timing of revenue recognition, which are critical to understanding the firm's actual financial health.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WWD stock.
Woodward, Inc.'s current P/E ratio is 58.9x. The historical average is 25.0x. This places it at the 97th percentile of its historical range.
Woodward, Inc.'s current EV/EBITDA is 41.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
Woodward, Inc.'s return on equity (ROE) is 18.6%. The historical average is 13.7%.
Based on historical data, Woodward, Inc. is trading at a P/E of 58.9x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Woodward, Inc.'s current dividend yield is 0.25% with a payout ratio of 14.7%.
Woodward, Inc. has 26.8% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Woodward, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.