Curtiss-Wright (CW) Investor presentation summary

Business overview and strategy

• Operates a broad, integrated portfolio in aerospace, defense, commercial nuclear, and industrial markets, serving over 100 countries with 9,100 employees and $3.7B+ in sales expected for 2026.

• Focuses on commercial and operational excellence, strategic pricing, cost containment, and continuous portfolio optimization.

• Implements a "Pivot to Growth" strategy, leveraging a $4.3B backlog and disciplined capital allocation to drive value creation.

• Invests in innovation, R&D, digital transformation, and talent management to accelerate organic growth and maintain competitive advantage.

• Pursues cross-market technology synergies, applying defense innovations to commercial markets and vice versa.

Market positioning and growth drivers

• Aerospace & defense markets account for 70% of sales, with strong positions in naval shipbuilding, battlefield technology, and defense electronics.

• Commercial markets (30% of sales) include commercial aerospace, power & process (notably nuclear), and general industrial sectors.

• Well-aligned with secular growth trends: naval shipbuilding, next-gen defense platforms, carbon-free energy, electrification, and industrial automation.

• Holds numerous sole-source positions and strong IP content across defense and commercial portfolios.

• Commercial nuclear and SMR opportunities present significant upside, with potential to double annual nuclear revenue by 2028.

Financial performance and guidance

• 2026 sales guidance: $3.74–$3.80B, up 7–8% year-over-year; aerospace & defense up 6–8%, commercial up 8–10%.

• Operating income expected at $712–$729M (9–12% growth), with margins of 19.0–19.2%.

• Diluted EPS guidance: $14.90–$15.30, representing 13–16% growth.

• Free cash flow projected at $580–$600M, with FCF conversion ~105%.

• Three-year targets (2024–2026): >5% organic revenue CAGR, >10% EPS CAGR, and top quartile margin performance.