CWCURTISS WRIGHT CORP

Misc Industrial & Commercial Machinery & Equipment

Revenue: $3.5B; 12% YoY
Operating margin: 18.1%; 6.9% YoY
EBITDA: $758M; 19% YoY
Market cap: $17.6B
Employees: 9,100; $384K revenue each
Net debt / EBITDA: 0.8×; $614M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
133% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
78% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$384K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$30M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$2.6B	$2.8B	$3.1B	$3.5B	12%
Operating income	$377M	$423M	$485M	$529M	$634M	20%
Net income	$263M	$294M	$355M	$405M	$484M	20%
Operating cash flow	$388M	$295M	$448M	$544M	$643M	18%
Capex	$41M	$38M	$45M	$61M	$90M	47%
Stock-based comp	$13M	$15M	$17M	$19M	$22M	14%
Buybacks	$343M	$57M	$50M	$250M	$465M	86%
Dividends	$29M	$29M	$30M	$32M	$35M	9.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2019	SINGLETON GROUP LLC	SC 13D/A	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $149K · 1
Open-market sells, 12 mo: $30M · 31
Net: −$30M

Pay vs performance

No pay-versus-performance disclosure yet.