Cash generation remains highly seasonal and sensitive to working capital, with free cash flow margins peaking at 34.3% in 2023Q4 before experiencing periodic contractions.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 676.51M | 643.4M | 544.27M | 448.09M | 294.78M | 387.67M | 261.18M | 421.4M | 336.27M | 388.71M | 423.2M | 162.48M | 331.77M | 237.83M | 152.47M | 202.36M | 171.71M | 196.58M | 179.82M | 139.14M | 143.87M | 105.18M | 105.35M | 83.52M | 88.96M | 61.26M | 24.13M | 81.1M | 25.9M | 13.5M | 33.2M |
| Operating CF Margin % | - | 18.39% | 17.44% | 15.75% | 11.53% | 15.5% | 10.92% | 16.94% | 13.94% | 17.12% | 20.07% | 7.37% | 14.79% | 11.23% | 8.36% | 10.03% | 9.26% | 10.86% | 9.83% | 8.74% | 11.22% | 9.3% | 11.03% | 11.2% | 17.33% | 17.85% | 7.32% | 27.65% | 10.38% | 6.15% | 19.47% |
| Operating CF Growth % | 133.95% | 18.21% | 21.47% | 52.01% | -23.96% | 48.43% | -38.02% | 25.32% | -13.49% | -8.15% | 160.46% | -51.03% | 39.5% | 55.98% | -24.65% | 17.85% | -12.65% | 9.32% | 29.24% | -3.29% | 36.79% | -0.16% | 26.13% | -6.11% | 45.22% | 153.89% | -70.25% | 213.13% | 91.85% | -59.34% | 90.8% |
| Net Income | 511.08M | 484.23M | 404.98M | 354.51M | 294.35M | 267.16M | 201.39M | 307.58M | 275.75M | 214.89M | 187.33M | 145.46M | 113.34M | 137.98M | 113.84M | 130.42M | 106.6M | 95.22M | 109.39M | 104.33M | 80.57M | 75.28M | 65.07M | 52.27M | 45.14M | 62.88M | 41.07M | 39M | 29.1M | 27.9M | 16.1M |
| Depreciation & Amortization | 122.36M | 124.82M | 107.67M | 116.17M | 112.03M | 114.38M | 115.9M | 102.41M | 102.95M | 100M | 96.01M | 100.81M | 118.93M | 121.5M | 93.9M | 88.3M | 79.95M | 76.48M | 74.25M | 62.7M | 50.79M | 47.85M | 40.74M | 31.33M | 18.69M | 14.73M | 14.35M | 12.9M | 9.7M | 9.1M | 8.9M |
| Stock-Based Compensation | 16.25M | 21.52M | 18.89M | 16.8M | 15.38M | 13.45M | 14.44M | 13.67M | 14.09M | 11.57M | 9.48M | 9.47M | 8.5M | 7.35M | 9.43M | 9.62M | 13.38M | 15.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 19.81M | 14.99M | -11.82M | 2.91M | -23.64M | -10.2M | -7.05M | 40.79M | 8.56M | -5.78M | 1.22M | 63.53M | -27.24M | 5.93M | -3.87M | 3.35M | 2.83M | -6.47M | -6.37M | -8.14M | -11.42M | 141K | -3.5M | 6.04M | 4.01M | 4.17M | 6.89M | 2.3M | 1.5M | 100K | -200K |
| Other Non-Cash Items | -165.35M | 830K | 4.26M | -2.88M | -3.12M | 14.85M | 50.33M | -15.89M | -13.98M | -1.62M | -331K | 60.54M | 67.42M | -5.17M | -34.17M | -1.97M | 1.45M | -20K | 13.66M | 10.91M | 6.62M | -2.64M | 1.63M | -1.25M | -7.75M | -50.1M | 838K | -1.9M | 700K | -800K | 200K |
| Working Capital Changes | 172.36M | -2.99M | 20.3M | -39.42M | -100.23M | -11.97M | -113.84M | -27.16M | -51.1M | 69.66M | 129.49M | -217.34M | 50.82M | -29.76M | -26.65M | -27.36M | -32.49M | 16.1M | -11.92M | -31.05M | 16.82M | -15.46M | 1.41M | -4.85M | 28.88M | 29.58M | -29.61M | 34.9M | -14.9M | -19.1M | 8.7M |
| Change in Receivables | 51.23M | -82.85M | -88.81M | -2.39M | -74.8M | -17.71M | 71.15M | -12.61M | -57.49M | -16.39M | 91.69M | -77.11M | 12.85M | 6.6M | 26.52M | -86M | -82.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -58.34M | -63.48M | -34.5M | -21.57M | -60.62M | 15.32M | 15.54M | -3.48M | -41.2M | 19.71M | 4.39M | -4.04M | -19.38M | -25.5M | -30.1M | -23.43M | 10.64M | 17.82M | -46.56M | -50.29M | -11.24M | -26.91M | 7.58M | 1.89M | 197K | -3.23M | 11.53M | 2.8M | 700K | -3.6M | -12.1M |
| Change in Payables | 3.59M | 73.93M | 16.02M | 11.57M | 42.49M | 17.71M | -55.51M | -18.63M | 48.93M | 4.32M | 4.13M | -447K | 16.15M | 8.57M | -7.29M | 15.63M | 9.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -76.75M | -90.12M | -283.31M | -35.52M | -325.87M | -42.4M | -532.53M | -240.04M | -255.52M | -272.33M | -42.93M | -15.58M | 53.45M | -313.69M | -493M | -252.34M | -96.04M | -141.15M | -144.38M | -347.33M | -80.61M | -109.37M | -280.76M | -103.56M | -197.17M | -33.13M | -7.7M | -66.6M | -51.4M | -7.8M | -30.7M |
| Capital Expenditures | -85.75M | -89.69M | -60.97M | -44.67M | -38.22M | -41.11M | -47.5M | -69.75M | -54.96M | -52.7M | -46.78M | -35.51M | -67.11M | -72.24M | -84.72M | -84.85M | -54.59M | -76.32M | -103.97M | -58.16M | -41.87M | -42.44M | -32.45M | -33.33M | -34.95M | -19.35M | -9.51M | -69.2M | -52.3M | -11.2M | -14.2M |
| CapEx % of Revenue | 2.38% | 2.56% | 1.95% | 1.57% | 1.49% | 1.64% | 1.99% | 2.8% | 2.28% | 2.32% | 2.22% | 1.61% | 2.99% | 3.41% | 4.65% | 4.21% | 2.94% | 4.22% | 5.68% | 3.65% | 3.27% | 3.75% | 3.4% | 4.47% | 6.81% | 5.64% | 2.88% | 23.59% | 20.97% | 5.1% | 8.33% |
| Acquisitions | 9.93M | 0 | -225.54M | 0 | -287.49M | -5.34M | -487.94M | -185.21M | -209.67M | -226.39M | 168K | 17.66M | 117.61M | -242.8M | -410.84M | -169.98M | -42.2M | -68.62M | -48.56M | -289.35M | -39.52M | -78.2M | -249.5M | -71.37M | -164.66M | -58.98M | -1.96M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.85M | -8.35M | 3.21M | 9.15M | 9.84M | 4.04M | 2.91M | 14.92M | 9.12M | 6.77M | 3.67M | 2.28M | 2.95M | 1.35M | 2.56M | 2.5M | 744K | 3.79M | 8.14M | 174K | 776K | 11.27M | 1.19M | 1.13M | 2.45M | 45.2M | 3.77M | 2.6M | 900K | 3.4M | -16.5M |
| Cash from Financing | -487.73M | -578.3M | -271.49M | -273.4M | 129.43M | -369.13M | 82.08M | -68.14M | -263.64M | -213.9M | -96.14M | -289.22M | -92.44M | 140.14M | 254.24M | 179.8M | -71.86M | -55.32M | -27.51M | 146.75M | -95K | 24.71M | 115.87M | 67.86M | 128.51M | -10.12M | -14.28M | -10.7M | 24.4M | -5.1M | -5.1M |
| Debt Issued (Net) | 78.07M | -90M | 0 | -202.5M | 206.1M | -6.1M | 300M | -242K | -49.91M | -150.52M | -591K | -8.21M | -50.29M | 128.93M | 280.79M | 189.79M | -68.67M | -51.7M | -24.58M | 146.94M | -58K | 24.67M | 116.08M | 70.51M | 128.43M | -8.23M | -7.58M | 0 | 30.3M | 0 | 0 |
| Equity Issued (Net) | -452.15M | -452.41M | -238.66M | -39.56M | -46.87M | -333.42M | -200.02M | -50.66M | -186.65M | -37.95M | -105.25M | -294.13M | -27.04M | 0 | -25.7M | -8.18M | 0 | 0 | 9.9M | 9.66M | 8.62M | 8.49M | 7.46M | 3.87M | 6.23M | 1.8M | -1.49M | -5.4M | -600K | 0 | 0 |
| Dividends Paid | -34.42M | -34.73M | -31.66M | -30.25M | -28.78M | -28.66M | -28.18M | -28.2M | -26.33M | -24.74M | -23.07M | -24.12M | -25.01M | -18.38M | -16.39M | -14.89M | -14.73M | -14.56M | -14.38M | -12.44M | -10.54M | -8.46M | -7.67M | -6.52M | -6.14M | -5.44M | -5.21M | -5.3M | -5.3M | -5.1M | -5.1M |
| Share Repurchases | -465.19M | -464.95M | -250M | -50.14M | -56.87M | -343.13M | -200.02M | -50.66M | -198.59M | -52.13M | -105.25M | -294.13M | -65.22M | 0 | -25.7M | -8.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.49M | -5.4M | -600K | 0 | 0 |
| Other Financing | -79.23M | -1.16M | -1.18M | -1.1M | -1.02M | -945K | 10.27M | 10.96M | -752K | -692K | 32.77M | 37.24M | 9.91M | 29.59M | 15.55M | 13.09M | 11.54M | 10.94M | 1.54M | 2.59M | 1.89M | 0 | 0 | 0 | 0 | -3.01M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 116.99M | -13.7M | -21.82M | 149.89M | 85.97M | -27.24M | -192.78M | 114.97M | -199.05M | -78.73M | 265.15M | -161.42M | 274.82M | 63.27M | -82.36M | 126.27M | 3.11M | 4.3M | -5.82M | -58M | 65.5M | 17.98M | -57.63M | 50.95M | 22.22M | 16.8M | -855K | 3.7M | -1.1M | 600K | -2.6M |
| Free Cash Flow | 590.76M | 553.71M | 483.3M | 403.42M | 256.56M | 346.56M | 213.68M | 351.65M | 281.31M | 336.01M | 376.42M | 126.97M | 264.65M | 165.59M | 67.76M | 117.51M | 117.12M | 120.26M | 75.85M | 80.98M | 102M | 62.73M | 72.89M | 50.2M | 54.01M | 41.91M | 14.62M | 11.9M | -26.4M | 2.3M | 19M |
| FCF Margin % | 16.38% | 15.83% | 15.48% | 14.18% | 10.03% | 13.86% | 8.94% | 14.13% | 11.66% | 14.8% | 17.85% | 5.76% | 11.8% | 7.82% | 3.72% | 5.83% | 6.32% | 6.65% | 4.14% | 5.09% | 7.96% | 5.55% | 7.63% | 6.73% | 10.52% | 12.21% | 4.44% | 4.06% | -10.59% | 1.05% | 11.14% |
| FCF Growth % | 21.44% | 14.57% | 19.8% | 57.24% | -25.97% | 62.19% | -39.24% | 25.01% | -16.28% | -10.74% | 196.47% | -52.02% | 59.83% | 144.37% | -42.34% | 0.33% | -2.61% | 58.55% | -6.33% | -20.61% | 62.6% | -13.94% | 45.22% | -7.06% | 28.88% | 186.58% | 22.88% | 145.08% | -1247.83% | -87.89% | 82.69% |
| FCF per Share | 15.94 | 14.71 | 12.59 | 10.47 | 6.64 | 8.54 | 5.09 | 8.17 | 6.35 | 7.51 | 8.36 | 2.67 | 5.39 | 3.46 | 1.43 | 2.50 | 2.53 | 2.63 | 1.67 | 1.80 | 2.30 | 1.43 | 1.69 | 1.20 | 1.29 | 1.02 | 0.36 | 0.29 | -0.64 | 0.06 | 0.47 |
| FCF Conversion (FCF/Net Income) | 1.16x | 1.33x | 1.34x | 1.26x | 1.00x | 1.47x | 1.30x | 1.37x | 1.22x | 1.81x | 2.26x | 1.12x | 2.93x | 1.72x | 1.34x | 1.55x | 1.61x | 2.06x | 1.64x | 1.33x | 1.79x | 1.40x | 1.62x | 1.60x | 1.97x | 0.97x | 0.59x | 2.08x | 0.89x | 0.48x | 2.06x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to the provided quarterly data, Curtiss-Wright exhibits significant volatility in cash conversion, with OCF/NI ratios swinging from a negative 0.38 in 2025Q1 to a robust 2.57 in 2025Q4, highlighting the inherent lumpiness of cash generation within its long-cycle defense and industrial contract portfolio.
The wide variance between net income and operating cash flow suggests that headline earnings are frequently decoupled from immediate cash inflows due to the timing of milestone payments. Investors should monitor whether this volatility is a structural feature of the company's percentage-of-completion accounting or if it indicates potential inefficiencies in the billing cycle.
As reported in financial statements, Curtiss-Wright's free cash flow margins demonstrate a pronounced seasonal pattern, peaking at 34.3% in 2023Q4 before contracting to negative territory in early-year periods, which suggests that the company's cash generation is heavily back-weighted toward the end of the fiscal year.
The recurring negative FCF in the first quarters of 2024, 2025, and 2026 appears to be a consistent operational rhythm rather than a sign of underlying distress. This trend warrants further investigation into whether the company's working capital requirements are systematically front-loaded, potentially masking the true cash-generating capacity of the business during interim periods.
Based on the reported figures, working capital changes are the primary driver of cash flow variance, with outflows reaching as high as $174.4 million in 2025Q1, indicating that the company's cash position is highly sensitive to the timing of inventory procurement and government contract receivables.
The significant swings in working capital suggest that the company is effectively financing its growth through temporary cash absorption, which is then recouped as projects reach completion. This pattern implies that the company's liquidity is robust, but it requires careful management to avoid short-term cash crunches during periods of high project activity.
Analysis of the cash flow statements reveals that Curtiss-Wright consistently prioritizes share repurchases, with outflows totaling $290.0 million in 2025Q3 alone, while maintaining a conservative approach to acquisitions, which suggests a management focus on returning capital to shareholders rather than aggressive inorganic expansion.
The consistent use of cash for buybacks, even during periods of negative free cash flow, indicates a high degree of confidence in the company's long-term liquidity and balance sheet strength. This strategy appears to be a deliberate choice to manage share count, though it may limit the capital available for larger, transformative acquisitions.
Quick answers to the most common questions about buying CW stock.
Curtiss-Wright Corporation (CW) generated $643.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Curtiss-Wright Corporation (CW) generated $553.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Curtiss-Wright Corporation (CW) spent $89.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Curtiss-Wright Corporation (CW) returned $34.7M to shareholders via cash dividends and spent $464.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.