Curtiss-Wright Corporation (CW) is a global company specializing in the development and delivery of highly engineered products, solutions, and services. The company primarily serves the Aerospace & Defense markets, as well as Commercial Power, Process, and Industrial markets. Leveraging its rich heritage tied to aviation pioneers Glenn Curtiss and the Wright brothers, Curtiss-Wright focuses on innovation and reliability to meet the demanding needs of its diverse customer base.
- Naval & Power - Provides advanced technologies and solutions for naval defense systems and commercial power generation, ensuring operational reliability and efficiency.
- Aerospace & Industrial - Delivers critical technologies and engineered solutions tailored to aerospace applications and industrial markets, supporting rigorous operational requirements.
- Defense Electronics - Offers innovative electronic systems and components designed to meet the specialized needs of defense applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lynn M. Bamford ExecutiveBoard | Chair and Chief Executive Officer | None | Joined CW in 2004; became CEO on January 1, 2021, and Chair on May 5, 2022. Over 30 years of experience in defense, aerospace, and commercial industries. Led nine acquisitions to enhance CW's portfolio. | View Report → |
Gary A. Ogilby Executive | Vice President and Corporate Controller | None | Joined CW in 2014; became Corporate Controller in May 2020. Previously served as Assistant Corporate Controller and VP of Finance for Surface Technologies. | |
George P. McDonald Executive | Vice President, General Counsel, and Corporate Secretary | None | Joined CW in February 1999; became General Counsel on November 13, 2024. Previously served as Deputy General Counsel and advised on significant acquisitions and transactions. | |
John C. Watts Executive | Vice President of Strategy and Corporate Development | None | Joined CW in 2006; became VP of Strategy and Corporate Development in May 2022. Previously served as VP of Strategy and Communications. | |
K. Christopher Farkas Executive | Vice President and Chief Financial Officer | None | Joined CW in May 2009; became CFO in May 2020. Over 17 years of prior experience in financial roles at Fortune 50/250 companies. Holds CPA certification and advanced degrees in business. | |
Kevin M. Rayment Executive | Vice President and Chief Operating Officer | None | Joined CW in 2004; became COO on April 1, 2021. Previously led the Industrial division and integrated six acquisitions into CW's portfolio. | |
Robert F. Freda Executive | Vice President and Treasurer | None | Joined CW in September 2006; became Treasurer in January 2021. Held various senior financial roles, including Assistant Corporate Controller. | |
Glenda J. Minor Board | Director | CEO of Silket Advisory Services; Board member at Albemarle Corporation and Radius Recycling, Inc.; Treasurer at Capital Area United Way | Director at CW since 2019. Financial expert with extensive experience in senior finance roles at major corporations. Recognized as an "audit committee financial expert". | |
Peter C. Wallace Board | Director | Non-Executive Chairman at Applied Industrial Technologies and Rogers Corporation; Board member at private firms | Director at CW since 2016. Extensive experience as CEO of global industrial equipment companies. Expertise in mergers, acquisitions, and lean implementation. |
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Regarding your Defense Electronics segment, can you elaborate on the specific strategies you are employing to gain market share, and how sustainable are these gains in a highly competitive environment?
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With your partnerships in the SMR space, including NuScale, X-energy, and TerraPower, what risks do you foresee in terms of design finalization delays, and how might these impact your projections for commercial nuclear revenue growth?
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In restructuring your footprint within Defense Electronics, how are you addressing potential disruptions to operations, and can you quantify the expected cost savings versus the investments required for this restructuring?
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You mentioned a sequential decline in naval defense revenues in the fourth quarter due to timing; can you explain how you plan to mitigate the impact of such timing issues on your overall financial performance?
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Given the strong cash position and the delayed closure of the Ultra Energy acquisition, why have you not pursued more aggressive M&A activity, especially considering the increased activity among your peers, and how might this impact your growth prospects?
Research analysts who have asked questions during CURTISS WRIGHT earnings calls.
Myles Walton
Wolfe Research, LLC
4 questions for CW
Nathan Jones
Stifel, Nicolaus & Company, Incorporated
4 questions for CW
Michael Ciarmoli
Truist Securities, Inc.
3 questions for CW
Peter Arment
Robert W. Baird & Co.
3 questions for CW
Bryce Sandberg
William Blair & Company
2 questions for CW
Jason Gursky
Citigroup Inc.
2 questions for CW
Kristine Liwag
Morgan Stanley
2 questions for CW
Louie DiPalma
William Blair
2 questions for CW
Peter Skibitski
Alembic Global Advisors
2 questions for CW
Pete Skibitski
Alembic Global Advisors
2 questions for CW
Tony Bancroft
Gabelli Funds
2 questions for CW
Justin Lang
Morgan Stanley
1 question for CW
Scott Deuschle
Deutsche Bank
1 question for CW
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Ultra Energy | 2024 | Acquired for $200M in cash as part of a strategic move to enhance Curtiss-Wright’s portfolio in safety-critical monitoring systems for the commercial nuclear and aerospace & defense markets. The deal, expected to close in Q3 2024 (subject to UK regulatory approval), is structured at less than 12x next 12-month EBITDA and aims for accretive EPS and over 100% free cash flow conversion. |
WSC, Inc. | 2024 | Purchased for approximately $34M in cash on April 1, 2024, WSC, Inc. brings state-of-the-art power plant control room simulation technology, enhancing Curtiss-Wright’s commercial nuclear capabilities and opening avenues in SMR design. The acquisition, executed at 9.5x next-twelve-month EBITDA and integrated within the Naval & Power segment, is expected to be EPS accretive with notable simulation and digital twin synergies. |
Safran Aerosystems Arresting Company (SAA) | 2022 | Completed on June 30, 2022 for $247M, this acquisition brought in a leading provider of emergency arresting systems for fixed-wing aircraft with a global installed base of over 5,000 systems. The deal, fitting into the Naval & Power segment, supports Curtiss-Wright’s defense expansion strategy with balanced OEM and aftermarket revenues and was valued at approximately 12x next twelve months EBITDA. |
Recent press releases and 8-K filings for CW.
- Curtiss-Wright anticipates strong growth in its defense business, including 20% growth in foreign military sales (FMS) in 2025 , and is well-positioned for increased U.S. Department of Defense budgets, particularly in shipbuilding and defense electronics. NATO's commitment to 3.5% of GDP in core military hardware spending represents a $400 billion opportunity.
- The company expects its first AP-1000 order in 2026, likely from Poland, and notes a U.S. push for 10 large light water reactors under construction by 2030. Curtiss-Wright is also actively involved in small modular reactors (SMRs), including a partnership with Rolls-Royce, with prototyping work beginning in 2026-2027.
- A significant growth area in commercial aerospace is the FAA mandate for 25-hour cockpit voice recorders, requiring retrofits of the existing U.S. fleet by the end of the decade. Curtiss-Wright is partnering with Honeywell for Boeing platforms and expects certification for Airbus A320 platforms in H1 2026.
- M&A is the top strategic use of capital, with the company exploring both bolt-on and transformative acquisitions, supported by a strong balance sheet including an untapped $750 million revolver. Curtiss-Wright also plans a record $450 million in share buybacks this year and grew its dividend 14%.
- Curtiss-Wright anticipates continued strong growth in its defense business, which comprises over 50% of its operations, driven by higher U.S. Department of Defense funding and international sales, with Foreign Military Sales projected to grow 20% in 2025. The company also expects significant growth in commercial nuclear power, with the first AP-1000 order anticipated in 2026 and progress in small modular reactors (SMRs). Additionally, the FAA's mandate for 25-hour cockpit voice recorders presents a meaningful growth area for commercial aerospace, requiring retrofits of existing fleets by the end of the decade.
- The company prioritizes M&A as its top strategic use of capital, exploring deals from bolt-on to transformative, supported by a strong balance sheet including an untapped $750 million revolver. Curtiss-Wright is generating very strong cash flow with a track record of over 105% free cash flow conversion and plans a record $450 million in share buybacks this year, alongside a 14% dividend growth.
- Curtiss-Wright anticipates continued strong growth in its defense business, which comprises over 50% of its operations, driven by increased U.S. Department of Defense funding and an expected 20% growth in foreign military sales (FMS) in 2025.
- The company is positioned for significant growth in commercial nuclear power, with 90% of current revenues from the aftermarket, and expects its first AP-1000 order in 2026, likely from Poland, while actively developing small modular reactors (SMRs).
- New growth opportunities include the FAA mandate for 25-hour cockpit voice recorders in commercial aerospace, with ramp-up starting in the second half of 2025, and the subsea pump market, projected to generate $250 million in orders by 2030 and $500 million by 2035.
- Curtiss-Wright prioritizes M&A as its top strategic use of capital, exploring various deal sizes, and plans a record $450 million in share buybacks for the year, supported by strong cash flow generation with over 105% free cash flow conversion.
- Curtiss-Wright anticipates continued strong growth in its defense business, which accounts for over 50% of its revenue, driven by higher U.S. Department of Defense funding, an expected 20% growth in foreign military sales (FMS) in 2025, and NATO's commitment to increased military spending.
- The company expects significant growth in commercial nuclear power, anticipating its first AP-1000 order in 2026 (likely from Poland) and actively engaging in small modular reactor (SMR) development, including a partnership with Rolls-Royce and potential content of over $120 million with X Energy.
- In commercial aerospace, Curtiss-Wright is poised for meaningful growth due to the FAA mandate for 25-hour cockpit voice recorders, with its product certified for Boeing platforms and expected certification for Airbus A320 in H1 2026 to support new builds and fleet retrofits.
- Curtiss-Wright is expanding into new markets, notably with its first subsea pump delivered this quarter, projecting $250 million in orders by the end of this decade and $500 million by the middle of next decade.
- The company's capital allocation strategy prioritizes M&A, including potential transformative deals, and plans a record $450 million in share buybacks for the current year, alongside a modest, growing dividend.
- Curtiss-Wright anticipates strong growth in its defense business, aligning with the FY 2026 U.S. DOD budget and expecting 20% growth in foreign military sales in 2025.
- Significant growth is also projected in commercial nuclear power, with the first AP1000 order expected in 2026 and Small Modular Reactors (SMRs) moving into prototyping in 2026-2027.
- The company's commercial aerospace segment is set for growth due to the 25-hour cockpit recorder mandate, requiring retrofits for the U.S. fleet by the end of the decade.
- Curtiss-Wright prioritizes M&A as its top strategic use of capital, with the financial capacity for transformative deals, and plans a record $450 million in share buybacks this year.
- Curtiss-Wright Corporation announced a $200 million expansion of its 2025 share repurchase program.
- This expansion is projected to result in record annual share repurchases exceeding $450 million in 2025.
- The company also declared a quarterly dividend of $0.24 per share, payable on October 10, 2025, to stockholders of record as of September 26, 2025.
- The $200 million repurchase will be executed through a 10b5-1 trading plan, expected to conclude in the fourth quarter of 2025.
- The Marine Sensors Market was valued at USD 1.3 billion in 2022, is estimated at USD 1.4 billion in 2023, and is projected to grow to approximately USD 1.9 billion by 2028, exhibiting a CAGR of 6.5% from 2023 to 2028.
- Growth in the market is driven by increasing demand for Unmanned Underwater Vehicles (UUVs) and Autonomous Underwater Vehicles (AUVs), as well as rising demand in maritime transportation and navies focusing on technologically advanced marine vessels.
- Honeywell International Inc., Eaton Corporation, TE Connectivity, Garmin Ltd., and Curtiss-Wright are identified as major key players in the Marine Sensors Industry.
- The Asia Pacific region is expected to account for the highest CAGR in the forecasted period, fueled by technological advancements and investments in sensors, particularly in the adoption of autonomous ships and UUVs.
- Curtiss-Wright secured contracts exceeding USD 250 million in July 2023 for the supply of propulsion valves, pumps, and advanced instrumentation and control systems for U.S. Navy programs, including Virginia-class, Columbia-class, and Ford-class vessels.
- Curtiss-Wright (CW) was selected by Rheinmetall Landsysteme Germany (RLS) to supply its modular turret drive stabilization system (TDSS).
- The TDSS technology will be integrated into the KF51 Panther Main Battle Tank (MBT).
- Work under this agreement, performed by Curtiss-Wright Defense Solutions, commenced in December 2024.
- This contract highlights Curtiss-Wright's established expertise as a provider of high-precision modular aiming and stabilization systems.
- Curtiss-Wright Corporation announced a $200 million expansion of its 2025 share repurchase program on August 11, 2025.
- This expansion increases the total expected annual share repurchases for 2025 to $266 million.
- The company will immediately repurchase $200 million through a 10b5-1 plan, anticipated to conclude by the end of August 2025.
- Following the completion of these programs, Curtiss-Wright will have $334 million in remaining open repurchase authorization, with the total current authorization amounting to $534 million.
- Curtiss-Wright (CW) Nuclear business has signed a multi-million dollar strategic partnership with Rolls-Royce SMR to provide critical safety systems for its Small Modular Reactor (SMR) technology.
- Under the agreement, Curtiss-Wright will deliver the design, qualification, testing, and supply of non-programmable diverse Reactor Protection Systems for a global fleet of Rolls-Royce SMRs, with work performed at Curtiss-Wright Nuclear’s facility in Dorset, UK.
- The Rolls-Royce SMR is positioned as the first new nuclear power station to be designed and built in the UK in over a generation, capable of providing low-carbon electricity to power one million homes for more than 60 years.
- Rolls-Royce SMR has recently been selected by CEZ in October 2024 for deployment in the Czech Republic and by Great British Energy – Nuclear in July 2025 to provide the UK’s first SMRs.