CW

MKT CAP $18.3BP/E 34.0DIV YIELD 0.20%FCF YIELD 3.43%REV TTM $3.7B +10.5%NET INCOME $541.2M +19.9%NET DEBT $613.9M52W 494.19 – 792.77SEC XBRL · TTM TO Invalid Date

How CW rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

62%

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119

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Length

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words, now 14,708

New in FY2025

GENERAL Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina.
In this report, unless the context otherwise requires, “Curtiss-Wright”, the “Company”, “we”, “us”, and “our” refer to Curtiss-Wright Corporation and its consolidated subsidiaries.
BUSINESS DESCRIPTION Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense ("A&D") markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets.
Curtiss-Wright has been involved in numerous “firsts” in the industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were utilized in the first commercial nuclear power plant), and defense electronics (use of commercial off-the-shelf ("COTS") electronics in military applications).
Today, we maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, precision manufacturing, and long-standing customer relationships where we are deeply embedded in our customers' workflows.
We are committed to continuously driving innovation and investment in technologies, while also aligning our core competencies with new applications and evolving market trends.
Our investments typically target the fastest growth vectors and secular trends that align with our strengths in attractive end markets.
Our Strategy Curtiss-Wright's Pivot to Growth strategy focuses on maximizing revenue, operating income, and free cash flow growth to drive continued value creation for its shareholders.
We believe that Curtiss-Wright is differentiated by the strength of its combined portfolio, benefiting from long-term stability in our defense businesses and agility in our commercial businesses.
Our strategy is centered on a renewed drive for top-line acceleration through both organic and inorganic sales growth, building on the strengths within our A&D and commercial markets, while deepening and expanding our customer relationships by continuing to advance the One Curtiss-Wright vision through Commercial Excellence.
We are well positioned in the markets in which we operate, and aspire to grow our critical mass by expanding our global manufacturing capabilities, sales channels and customer relationships, while also seeking to build upon cross-market opportunities that may exist within our defense and commercial market technologies.
We also utilize a strong and healthy balance sheet to implement a disciplined capital allocation strategy prioritized by acquisitions as well as returns to shareholders, principally through share repurchases as well as dividends, which will collectively drive long-term shareholder value.
Aerospace & Industrial Sales in the Aerospace & Industrial segment are primarily generated from the commercial aerospace and general industrial markets and, to a lesser extent, the defense markets.
The businesses in this segment provide a diversified offering of highly engineered products and services including: (i.) sensors, controls, and electro-mechanical actuation components used on commercial and military applications, (ii.) surface technology services, such as shot peening, laser peening, and engineered coatings utilized in both commercial and defense end market applications, and (iii.) industrial and specialty vehicle products, such as power management electronics, traction inverters, transmission shifters, and control systems.
Across these markets we have long-standing customer relationships and maintain a broad portfolio of products and services promoting efficiency, safety, reduced emissions, and longevity.
The commercial aerospace business is primarily impacted by OEM production rates of new aircraft, while the defense business is primarily impacted by government funding and spending on new programs, primarily driven by the U.S.
These businesses are influenced by government funding and spending, driven primarily by the U.S.
As a supplier of Modular Open Systems Approach ("MOSA") based solutions, we are aligned with the best-in-class open standards-based architectures within the industry.
As a result, we have widespread platform-level content on fighter jets, helicopters, unmanned aerial vehicles ("UAVs"), ground combat equipment, tactical vehicles, and nuclear and non-nuclear surface ships and submarines, including a presence on more than 400 defense platforms and more than 3,000 programs worldwide.
Additionally, we provide avionics and electronics, flight test equipment, and aircraft data recorder and management solutions to the commercial aerospace market.
Our defense businesses supporting government contractors typically utilize more advanced and ruggedized production and service processes compared to our commercial businesses and have more stringent specifications and performance requirements based on their support of key Department of War ("DoW") priorities such as cyber, security and the net-centric connected battlefield.
Navy’s Atlantic and Pacific fleets and naval industrial base through three coastal service centers.
The naval defense businesses in this segment are primarily impacted by government funding and spending, primarily driven by the U.S.
Government on shipbuilding programs, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
For the power & process markets, we provide a diversified offering of products for commercial nuclear power plants and nuclear equipment manufacturers, including hardware, valves, fastening systems, specialized containment doors, airlock hatches, simulation equipment and spent fuel management products supporting the continued performance, safety and modernization of operating reactors worldwide.
The majority of our revenues in this market today support the maintenance of nuclear reactors across North America.
These businesses also support operating reactors in the U.K. and South Korea.
In the new build market, we provide Reactor Coolant Pumps ("RCP"s) and control rod drive mechanisms for commercial nuclear power plants, most notably to support the Generation III+ Westinghouse AP1000 reactor design.
We are also actively engaged and pursuing business on the leading advanced Small Modular Reactor ("SMR") designs which are anticipated to serve numerous purposes, ranging from generating electricity or creating process heat for industrial applications, to powering data centers.
The commercial businesses in this segment are dependent upon the need for ongoing maintenance, repair and overhaul of existing power plants, as well as the construction of new power plants globally, and typically market and distribute products through commercial sales and marketing channels, while the defense businesses typically utilize regulated government contracting channels.
In 2025, 2024, and 2023, our foreign operations as a percentage of pre-tax earnings were 41% , 38%, and 35%, respectively.
Government and foreign government end use represented 58%, 57%, and 56% of total net sales during 2025, 2024, and 2023, respectively.
No customer accounted for more than 10% of our total net sales during 2025, 2024, or 2023.
Approximately 47% of our total net sales for 2025, 48% for 2024, and 46% for 2023 were derived from contracts with agencies of, and prime contractors to, the U.S.
Government, including both direct sales as a prime contractor and indirect sales as a subcontractor, is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Aerospace & Industrial $ 181,042 $ 167,509 $ 146,205 Defense Electronics 761,926 711,538 638,597 Naval & Power 704,051 617,389 529,968 Total U.S.
Government sales $ 1,647,019 $ 1,496,436 $ 1,314,770 Executive Officers Name Current Position Business Experience Age Executive Officer Since Lynn M.
She has been a Director of the Corporation since January 1, 2021. 62 2021 K.
Christopher Farkas Executive Vice President and Chief Financial Officer Executive Vice President of the Corporation since January 2026 and Chief Financial Officer of the Corporation since May 2020.
Prior to this, he served as Vice President of the Corporation from May 2020.
He also served as Vice President of Finance from December 2017 and served as Vice President and Corporate Controller of the Corporation from September 2014.

and 79 more.

Gone since FY2024

BUSINESS DESCRIPTION Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.
We expect that the breadth of our portfolio strengthens our competitive positions in core markets, mitigates the impact of business cycles or economic volatility, and allows us to drive growth in new products.
We believe we are well positioned in the growing markets in which we operate and seek to grow our critical mass while expanding our global manufacturing capabilities, sales channels and customer relationships.
Through One Curtiss-Wright, we continuously leverage the inherent synergies and cross-market technologies that exist throughout our portfolio of defense and commercial applications in support of continued profitable growth.
Curtiss-Wright has been involved in a number of “firsts” in industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were in the first commercial nuclear power plant) and defense electronics (use of commercial off-the-shelf (COTS) electronics in military applications).
We have built upon those long-standing customer relationships and are deeply embedded in our customers workflows today.
We hold competitive positions where we are a leader in the majority of our key defense and commercial end markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers.
As a result, we believe that Curtiss-Wright is well positioned to take advantage of industry growth dynamics and secular trends that align with our strengths in attractive end markets.
Our Strategy Curtiss-Wright's Pivot to Growth strategy focuses on maximizing revenue, operating income, and free cash flow growth for our shareholders.
We believe that Curtiss-Wright is differentiated because of our strength in the combined portfolio, benefiting from long-term stability in our defense businesses and agility in our commercial businesses.
Our strategy is centered on a renewed drive for top-line acceleration through both organic and inorganic sales growth, building on the strengths across our A&D and commercial markets, while deepening and expanding our customer relationships by driving One Curtiss-Wright to our customers.
We also utilize a strong and healthy balance sheet to implement a disciplined capital allocation strategy prioritized by acquisitions as well as returns to shareholders through share repurchases and dividends, which will collectively drive long-term shareholder value.
Aerospace & Industrial Sales in the Aerospace & Industrial segment are primarily generated from the general industrial and commercial aerospace markets and, to a lesser extent, the defense markets.
The businesses in this segment provide a diversified offering of highly engineered products and services including: (i.) industrial and specialty vehicle products, such as power management electronics, traction inverters, transmission shifters, and control systems, (ii.) sensors, controls, and electro-mechanical actuation components used on commercial and military applications, and (iii.) surface technology services, such as shot peening, laser peening, and engineered coatings utilized in both commercial and defense end market applications.
In the general industrial market, we have long-standing customer relationships and maintain a broad portfolio of products and services promoting efficiency, safety, reduced emissions, and longevity.
The commercial aerospace business is primarily impacted by OEM production rates of new aircraft as well as emerging platforms such as all-electric aircraft, while the defense business is primarily impacted by government funding and spending on new programs, primarily driven by the U.S.
The defense businesses within our Defense Electronics segment are impacted primarily by government funding and spending, driven primarily by the U.S.
As a supplier of Modular Open Systems Approach (MOSA) based solutions, we are aligned with the best-in-class open standards-based architectures with the industry.
As a result, we have varying degrees of platform-level content on fighter jets, helicopters, unmanned aerial vehicles (UAVs), ground combat equipment, tactical vehicles, and nuclear and non-nuclear surface ships and submarines, including a presence on more than 400 platforms and more than 3,000 programs over the past 10 years.
Additionally, we provide avionics and electronics, flight test equipment, and aircraft data management solutions to the commercial aerospace market.
Our defense businesses supporting government contractors typically utilize more advanced and ruggedized production and service processes compared to our commercial businesses and have more stringent specifications and performance requirements based on their support of key Department of Defense (DoD) priorities such as cyber, security and the net-centric connected battlefield.
Navy’s Atlantic and Pacific fleets and naval industrial base through three service centers.
The naval defense businesses in this segment are primarily impacted by government funding and spending on shipbuilding programs, primarily driven by the U.S.
Government, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
For the power & process markets, we provide a diversified offering of products for commercial nuclear power plants and nuclear equipment manufacturers, including hardware, valves, fastening systems, specialized containment doors, airlock hatches, simulation equipment and spent fuel management products supporting the continued performance, safety and modernization of operating reactors worldwide, though the majority of our products today support the maintenance of U.S. nuclear reactors.
Outside of the U.S., we principally support operating reactors in Canada and South Korea.
In the new build market, we provide Reactor Coolant Pumps (RCPs) and control rod drive mechanisms for commercial nuclear power plants, most notably to support the Generation III+ Westinghouse AP1000 reactor design.
We are also actively engaged and pursuing business on numerous advanced Small Modular Reactor (SMR) designs which are anticipated to serve numerous purposes ranging from generating electricity or creating process heat for industrial applications, to powering data centers.
The businesses in this segment are dependent upon the need for ongoing maintenance, repair and overhaul of existing power plants, as well as the construction of new power plants globally, and typically market and distribute products through regulated or government contracting channels.
In 2024, 2023, and 2022, our foreign operations as a percentage of pre-tax earnings were 38% , 35%, and 39%, respectively, adjusted for the loss on sale of our industrial valves business in Germany in 2022.
Government and foreign government end use represented 57%, 56%, and 54% of total net sales during 2024, 2023, and 2022, respectively.
No customer accounted for more than 10% of our total net sales during 2024, 2023, or 2022.
Approximately 48% of our total net sales for 2024, 46% for 2023, and 47% for 2022 were derived from contracts with agencies of, and prime contractors to, the U.S.
Government, including both direct sales as a prime contractor and indirect sales as a subcontractor, is as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Aerospace & Industrial $ 167,509 $ 146,205 $ 151,528 Defense Electronics 711,538 638,597 548,878 Naval & Power 617,389 529,968 509,002 Total U.S.
Government sales $ 1,496,436 $ 1,314,770 $ 1,209,408 Patents We own and license a number of United States and foreign patents and patent applications, which have been obtained or filed over a period of years.
We also license intellectual property to and from third parties.
Government receives licenses to our patents that are developed in performance of government contracts, and it may use or authorize others to use the technology covered by such patents for government purposes.
Additionally, trade secrets, unpatented research and development, and engineering, some of which have been acquired by the company through business acquisitions, make an important contribution to our business.
While our intellectual property rights in the aggregate are important to the operation of our business, we do not consider the success of our business or business segments to be materially dependent upon the timing of expiration or protection of any one or group of patents, patent applications, or patent license agreements under which we now operate.
Executive Officers Name Current Position Business Experience Age Executive Officer Since Lynn M.

and 79 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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