Woodward, Inc. (WWD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.6%

$155.18

vs $320.71 price

Levered DCF

$190.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.52

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.06×	27.62×	32.03×	28.77×	34.3×	20.77×	25.74×	27.24×
P/B	5.87×	4.73×	3.59×	2.6×	3.23×	2.5×	3.87×	3.19×
P/S	4.22×	3.1×	2.55×	2.07×	3.19×	2×	2.3×	2.11×
EV / EBITDA	22.7×	17.66×	18.17×	15.85×	18.23×	13.4×	15.88×	15.27×
Gross margin	26.8%	26.4%	23.2%	22.0%	24.5%	25.7%	24.4%	26.1%
Operating margin	14.3%	13.2%	9.8%	9.0%	11.3%	11.8%	11.7%	12.1%
Net margin	12.4%	11.2%	8.0%	7.2%	9.3%	9.6%	9.0%	7.8%
Current ratio	2.08×	1.89×	2.38×	2.43×	4×	3.09×	1.8×	1.89×
Debt / equity	0.28×	0.41×	0.36×	0.42×	0.34×	0.43×	0.63×	0.81×
Interest coverage	11.19×	9.18×	5.98×	6.2×	7.42×	8.2×	7.74×	6.96×
Dividend yield	0.4%	0.6%	0.7%	0.9%	0.5%	0.8%	0.6%	0.7%
Payout ratio	14.7%	15.6%	22.0%	26.2%	17.3%	15.7%	15.0%	18.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	17.1%	11.2%	9.0%	9.4%	12.1%	15.0%	11.7%
Return on invested capital	10.9%	9.6%	6.9%	5.5%	5.8%	6.9%	8.0%	6.9%
Return on assets	9.5%	8.5%	5.8%	4.5%	5.1%	6.2%	6.6%	4.8%
Free cash flow yield	2.3%	3.3%	3.1%	2.9%	6.0%	6.1%	4.3%	3.5%
Earnings yield	2.9%	3.6%	3.1%	3.5%	2.9%	4.8%	3.9%	3.7%
Enterprise value	$15.4B	$10.9B	$8.1B	$5.6B	$7.5B	$5.7B	$7.7B	$6.1B
Net debt / EBITDA	0.58×	0.99×	1.38×	1.95×	0.74×	1.65×	2.04×	2.92×
Cash conversion cycle (days)	136	135	142	150	141	143	121	136