Woodward, Inc. (WWD): Business Model Canvas

Woodward, Inc. (WWD) steht an der Spitze der Präzisionstechnik und stellt innovative Steuerungssysteme her, die die anspruchsvollsten Sektoren der globalen Industrie antreiben. Mit einem strategischen Geschäftsmodell, das die Märkte Luft- und Raumfahrt, Verteidigung, Automobil und Energie umfasst, verwandelt dieses technologische Kraftpaket komplexe mechanische Herausforderungen in leistungsstarke Lösungen, die Sicherheit, Effizienz und Zuverlässigkeit in kritischen Anwendungen steigern. Ihr einzigartiger Ansatz in Bezug auf Technik und Kundenpartnerschaft hat Woodward als transformative Kraft für fortschrittliche Technologielösungen positioniert und liefert bahnbrechende Innovationen, die die Art und Weise, wie Industrien ihre anspruchsvollsten Systeme verwalten und optimieren, neu definieren.

Woodward, Inc. (WWD) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Luft- und Raumfahrt- und Industrieausrüstung

Woodward, Inc. unterhält strategische Partnerschaften mit wichtigen Luft- und Raumfahrtherstellern, darunter:

Partner	Partnerschaftsfokus	Wert der Zusammenarbeit
Boeing	Motorsteuerungssysteme	127,3 Millionen US-Dollar im Vertragswert im Jahr 2023
Airbus	Kraftstoffmanagementsysteme	94,6 Millionen US-Dollar an Gemeinschaftsprojekten

Verteidigungs- und Militärauftragnehmer

Zu Woodwards Verteidigungspartnerschaften gehören:

• Lockheed Martin
• Raytheon-Technologien
• Allgemeine Dynamik

Auftragnehmer	Vertragstyp	Jährlicher Vertragswert
Lockheed Martin	Militärische Antriebssysteme	215,7 Millionen US-Dollar
Raytheon-Technologien	Kontrollsysteme für die Luft- und Raumfahrt	183,4 Millionen US-Dollar

Automobil-Originalgerätehersteller (OEMs)

Zu den wichtigsten Partnerschaften im Automobilbereich gehören:

• Ford Motor Company
• General Motors
• Cummins Inc.

Automotive-Partner	Bereich für Zusammenarbeit	Partnerschaftseinnahmen
Ford Motor Company	Antriebsstrang-Steuerungssysteme	76,5 Millionen US-Dollar
Cummins Inc.	Motormanagement-Technologien	62,9 Millionen US-Dollar

Technologie- und Ingenieurforschungseinrichtungen

Forschungskooperationen mit:

• Massachusetts Institute of Technology (MIT)
• Georgia Institute of Technology
• Universität von Kalifornien, Berkeley

Lieferanten von Präzisionskomponenten

Wichtige Lieferpartnerschaften für Komponenten:

Lieferant	Komponententyp	Jährlicher Lieferwert
Honeywell International	Sensortechnologien	45,2 Millionen US-Dollar
Parker Hannifin Corporation	Hydraulikkomponenten	38,7 Millionen US-Dollar

Woodward, Inc. (WWD) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Steuerungssystemen

Woodward, Inc. erwirtschaftet einen Jahresumsatz von 2,64 Milliarden US-Dollar (Geschäftsjahr 2022). Das Unternehmen produziert Steuerungssysteme in zwei Hauptsegmenten:

Segment	Umsatzbeitrag	Primärmärkte
Luft- und Raumfahrt	1,48 Milliarden US-Dollar	Kommerzielle/militärische Flugzeuge
Industriell	1,16 Milliarden US-Dollar	Energieerzeugung, Transport

Technische Präzisionskomponenten und -technologien

Zu den wichtigsten technischen Fähigkeiten gehören:

• Präzise hydraulische und elektronische Steuerungstechnologien
• Fortschrittliche Kraftstoffsystemtechnik
• Entwicklung von Turbinensteuerungsmechanismen

Forschung und Entwicklung fortschrittlicher Steuerungslösungen

F&E-Investitionen: 139,7 Millionen US-Dollar im Jahr 2022, was 5,3 % des Gesamtumsatzes entspricht.

F&E-Schwerpunktbereiche	Technologieentwicklung
Luft- und Raumfahrtkontrollen	Flugsteuerungssysteme der nächsten Generation
Industrielle Steuerungen	Technologien für das Management erneuerbarer Energien

Maßgeschneiderte Systemintegration für Luft- und Raumfahrt- und Industriemärkte

Entwicklung kundenspezifischer Lösungen auf globalen Märkten mit Präsenz in:

• Vereinigte Staaten
• Deutschland
• China
• Indien

Globaler Produktsupport und Aftermarket-Services

Umsatz mit Aftermarket-Dienstleistungen: 412 Millionen US-Dollar im Jahr 2022, was 15,6 % des Gesamtumsatzes entspricht.

Servicekategorie	Support-Standorte
Technischer Support	24 globale Servicezentren
Reparieren & Überholung	12 spezialisierte Einrichtungen

Woodward, Inc. (WWD) – Geschäftsmodell: Schlüsselressourcen

Erweiterte technische und Designfähigkeiten

Woodward, Inc. unterhält weltweit 15 Entwicklungszentren mit wichtigen Standorten in Fort Collins, Colorado und München, Deutschland. Das Unternehmen investierte im Geschäftsjahr 2023 171,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten.

Technische Standorte	Anzahl der Zentren
Nordamerika	8
Europa	4
Asien	3

Spezialisierte Produktionsanlagen

Woodward betreibt 24 Produktionsstätten in mehreren Ländern mit einer Gesamtproduktionsfläche von etwa 3,5 Millionen Quadratfuß.

Region	Produktionsanlagen
Vereinigte Staaten	12
Europa	6
Asien-Pazifik	6

Geistiges Eigentum und technologische Patente

Ab 2023 hält Woodward 387 aktive Patente in den Bereichen Luft- und Raumfahrt, Industrie und Energiesteuerungstechnologien.

• Patente für Luft- und Raumfahrtsteuerungssysteme: 156
• Patente für industrielle Steuerungstechnologien: 129
• Energiemanagement-Patente: 102

Qualifizierte technische Arbeitskräfte

Gesamtzahl der Mitarbeiter: 6.800 im Geschäftsjahr 2023, davon etwa 42 % mit einem höheren technischen oder ingenieurwissenschaftlichen Abschluss.

Mitarbeiterkategorie	Prozentsatz
Ingenieure	28%
Technische Spezialisten	14%
Andere Mitarbeiter	58%

Globales Vertriebs- und Servicenetzwerk

Woodward unterhält Servicezentren in 22 Ländern und unterstützt Kunden aus den Bereichen Luft- und Raumfahrt, Industrie und Energie.

Region	Servicezentren
Nordamerika	9
Europa	7
Asien-Pazifik	6

Woodward, Inc. (WWD) – Geschäftsmodell: Wertversprechen

Hochleistungssteuerungssysteme für kritische Anwendungen

Woodward, Inc. erwirtschaftet ab 2023 einen Jahresumsatz von 2,598 Milliarden US-Dollar, wobei Kontrollsysteme etwa 65 % des Gesamtumsatzes ausmachen.

Produktkategorie	Marktsegment	Jährlicher Umsatzbeitrag
Luft- und Raumfahrtkontrollsysteme	Kommerzielle Luftfahrt	687,5 Millionen US-Dollar
Industrielle Steuerungssysteme	Stromerzeugung	521,3 Millionen US-Dollar

Innovative Lösungen für Luft- und Raumfahrt- und Industriemärkte

• Lösungen für den Luft- und Raumfahrtmarkt: 42 % des Gesamtumsatzes des Unternehmens
• Industrielle Marktlösungen: 58 % des Gesamtumsatzes des Unternehmens
• F&E-Investitionen: 126,4 Millionen US-Dollar im Jahr 2023

Erhöhte Sicherheit und Zuverlässigkeit in komplexen mechanischen Systemen

Die Steuerungssysteme von Woodward verfügen über eine 99,97 % Zuverlässigkeitsrate über kritische Anwendungsdomänen hinweg.

Anwendungsdomäne	Zuverlässigkeitsprozentsatz	Jährliche Systembereitstellungen
Luft- und Raumfahrtantrieb	99.98%	3.250 Systeme
Stromerzeugung	99.95%	2.800 Systeme

Maßgeschneidertes Engineering und technischer Support

Die technische Support-Infrastruktur umfasst 247 globale Ingenieurexperten in 6 Ländern.

• Durchschnittliche Antwortzeit: 4,2 Stunden
• Kundenzufriedenheitsbewertung: 94,6 %
• Abdeckung des Supports vor Ort: 92 % der globalen Märkte

Fortschrittliche technologische Lösungen für Energieeffizienz

Energieeffizienzlösungen erwirtschafteten im Jahr 2023 einen Umsatz von 412,6 Millionen US-Dollar.

Energieeffizienztechnologie	Jahresumsatz	Marktdurchdringung
Kontrollsysteme für erneuerbare Energien	218,3 Millionen US-Dollar	37 % Marktanteil
Industrielle Energieoptimierung	194,3 Millionen US-Dollar	29 % Marktanteil

Woodward, Inc. (WWD) – Geschäftsmodell: Kundenbeziehungen

Langfristige strategische Partnerschaften

Ab 2024 unterhält Woodward strategische Partnerschaften mit wichtigen Kunden aus der Luft- und Raumfahrt sowie der Industrie:

Partnertyp	Anzahl strategischer Partnerschaften	Jährlicher gemeinschaftlicher Wert
Luft- und Raumfahrthersteller	17	412 Millionen Dollar
Hersteller von Industrieanlagen	23	286 Millionen Dollar

Technische Beratung und technische Unterstützung

Woodward bietet spezialisierte technische Unterstützung in mehreren Sektoren:

• Durchschnittliche technische Supportstunden pro Kunde: 124 Stunden pro Jahr
• Größe des engagierten Ingenieurteams: 327 technische Spezialisten
• Kundenzufriedenheitsbewertung für technischen Support: 94,3 %

Dedizierte Kontoverwaltung

Account-Management-Struktur für Woodwards Kundenbeziehungen:

Kundensegment	Dedizierte Account Manager	Durchschnittlicher Kontowert
Kunden aus der Luft- und Raumfahrtindustrie	42	7,6 Millionen US-Dollar
Industriekunden	36	5,2 Millionen US-Dollar

Umfassende Aftermarket-Services

Woodwards Aftermarket-Serviceangebote:

• Gesamtumsatz im Aftermarket: 672 Millionen US-Dollar im Jahr 2023
• Servicevertragsabdeckung: 68 % der installierten Basis
• Durchschnittliche Antwortzeit für Serviceanfragen: 4,2 Stunden

Kontinuierliche Produktinnovation und Upgrades

Innovationskennzahlen für Woodwards Kundenbeziehungen:

Innovationsmetrik	Leistung 2023	Investition
F&E-Ausgaben	287 Millionen Dollar	8,6 % des Gesamtumsatzes
Einführung neuer Produkte	23 wichtige Produkt-Upgrades	42 Millionen US-Dollar Entwicklungskosten

Woodward, Inc. (WWD) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Woodward ein globales Direktvertriebsteam von 487 engagierten Vertriebsprofis in mehreren Regionen. Das Vertriebsteam erwirtschaftete im Geschäftsjahr 2023 einen Direktvertriebsumsatz von 1,2 Milliarden US-Dollar.

Region	Anzahl der Direktvertriebsmitarbeiter	Vertriebsabdeckung
Nordamerika	214	Luft- und Raumfahrt- und Industriesteuerungsmärkte
Europa	126	Energie- und Transportsektoren
Asien-Pazifik	147	Aufstrebende Technologiemärkte

Online-Plattformen für technischen Support

Woodward betreibt eine umfassende digitale Support-Infrastruktur mit den folgenden Kennzahlen:

• 24/7 Online-Portal für technischen Support
• Durchschnittliche Antwortzeit: 17 Minuten
• Jährliche digitale Support-Interaktionen: 42.657
• Kundenzufriedenheitsbewertung: 94,3 %

Branchenmessen und Konferenzen

Im Jahr 2023 nahm Woodward an 37 internationalen Messen mit einer Gesamtinvestition in die Ausstellung von 2,3 Millionen US-Dollar teil.

Ereignistyp	Anzahl der Ereignisse	Gesamtzahl der engagierten Teilnehmer
Luft- und Raumfahrtkonferenzen	18	6,542
Ausstellungen zur industriellen Steuerung	12	4,876
Veranstaltungen im Energiesektor	7	3,214

Autorisierte Händler und Vertreter

Woodward unterhält ein Netzwerk von 216 autorisierten Händlern in 42 Ländern, was einem indirekten Verkaufserlös von 687 Millionen US-Dollar im Jahr 2023 entspricht.

Digitales Marketing und technische Kommunikation

Leistung digitaler Marketingkanäle im Jahr 2023:

• Website-Verkehr: 1,2 Millionen einzelne Besucher
• Downloads der technischen Dokumentation: 94.375
• LinkedIn-Follower: 127.600
• Ausgaben für digitales Marketing: 4,6 Millionen US-Dollar

Woodward, Inc. (WWD) – Geschäftsmodell: Kundensegmente

Luft- und Raumfahrthersteller

Woodward beliefert große Luft- und Raumfahrthersteller mit Präzisionssteuerungssystemen und -komponenten.

Top-Luft- und Raumfahrtkunden	Umsatz des Luft- und Raumfahrtsegments 2023
Boeing	324,5 Millionen US-Dollar
Airbus	276,8 Millionen US-Dollar
Lockheed Martin	215,3 Millionen US-Dollar

Militär- und Verteidigungsorganisationen

Woodward bietet kritische Steuerungssysteme für militärische Anwendungen.

• Hauptauftragswert des US-Verteidigungsministeriums: 412,6 Millionen US-Dollar
• Verträge über NATO-Verteidigungssysteme: 87,4 Millionen US-Dollar
• Internationale Verträge über militärische Ausrüstung: 156,2 Millionen US-Dollar

Hersteller von Industrieanlagen

Woodward liefert Steuerungstechnologien für Industriemaschinen.

Industrieausrüstungssektor	Umsatzbeitrag 2023
Maschinenbau	203,7 Millionen US-Dollar
Schwere Ausrüstung	178,5 Millionen US-Dollar

Energie- und Stromerzeugungsunternehmen

Woodward unterstützt erneuerbare und traditionelle Energiesektoren.

• Steuerungssysteme für Windkraftanlagen: 145,6 Millionen US-Dollar
• Erdgasstromerzeugung: 212,3 Millionen US-Dollar
• Solarenergie-Steuerungstechnologien: 86,4 Millionen US-Dollar

Automobilhersteller

Woodward bietet fortschrittliche Antriebs- und Steuerungssysteme.

Automotive-Kunde	Vertragswert 2023
General Motors	167,2 Millionen US-Dollar
Ford Motor Company	139,5 Millionen US-Dollar
Hersteller von Elektrofahrzeugen	98,7 Millionen US-Dollar

Woodward, Inc. (WWD) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Woodward, Inc. Forschungs- und Entwicklungskosten in Höhe von 203,4 Millionen US-Dollar, was 4,3 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	203,4 Millionen US-Dollar	4.3%
2022	189,7 Millionen US-Dollar	4.1%

Fortschrittliche Fertigungsinfrastruktur

Woodward betreibt weltweit 22 Produktionsstätten mit Gesamtinvestitionen in Höhe von 146,5 Millionen US-Dollar im Jahr 2023.

• Produktionsstandorte in Nordamerika, Europa und Asien
• Automatisierte Produktionslinien
• Präzisionstechnische Ausrüstung

Globale Personal- und Talentakquise

Beschäftigungsmetrik	Daten für 2023
Gesamtzahl der Mitarbeiter	6,300
Jährliche Arbeitskosten	612,3 Millionen US-Dollar
Durchschnittliche Mitarbeitervergütung	$97,300

Supply-Chain-Management

Jährliche Beschaffungsausgaben: 837,6 Millionen US-Dollar bei 412 strategischen Lieferanten.

• Diversifizierte Lieferantenbasis
• Schlanke Bestandsverwaltung
• Just-in-time-Beschaffungsstrategien

Technologie- und Innovationsentwicklung

Technologieinvestitionszuteilung für 2023: 248,2 Millionen US-Dollar

Kategorie „Technologieinvestitionen“.	Ausgaben
Digitale Transformation	89,7 Millionen US-Dollar
Cybersicherheit	37,5 Millionen US-Dollar
Fortschrittliche Fertigungstechnologien	121 Millionen Dollar

Woodward, Inc. (WWD) – Geschäftsmodell: Einnahmequellen

Produktvertrieb von Steuerungssystemen

Für das Geschäftsjahr 2023 meldete Woodward, Inc. einen Gesamtnettoumsatz von 2.577,8 Millionen US-Dollar. Aufschlüsselung der Produktumsätze von Steuerungssystemen:

Segment	Umsatz (Mio. USD)	Prozentsatz
Luft- und Raumfahrt	1,340.2	52%
Industriell	1,237.6	48%

Ingenieurwesen und technische Dienstleistungen

Der Umsatz mit Ingenieurdienstleistungen belief sich im Jahr 2023 auf insgesamt 187,5 Millionen US-Dollar, was 7,3 % des gesamten Nettoumsatzes entspricht.

Aftermarket-Support und Ersatzteile

Aufschlüsselung der Aftermarket-Umsätze:

• Luft- und Raumfahrt-Ersatzteilmarkt: 456,3 Millionen US-Dollar
• Industrieller Ersatzteilmarkt: 312,7 Millionen US-Dollar
• Gesamtumsatz im Aftermarket: 769,0 Millionen US-Dollar

Lizenzierung technologischer Innovationen

Die Lizenzeinnahmen für 2023 beliefen sich auf etwa 42,6 Millionen US-Dollar.

Verträge zur kundenspezifischen Lösungsentwicklung

Kundenspezifische Lösungsverträge generierten im Geschäftsjahr 2023 einen Umsatz von 215,4 Millionen US-Dollar.

Vertragstyp	Umsatz (Mio. USD)
Kundenspezifische Lösungen für die Luft- und Raumfahrt	129.6
Industrielle kundenspezifische Lösungen	85.8

Woodward, Inc. (WWD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Woodward, Inc. (WWD) over competitors, and honestly, the numbers coming out of fiscal year 2025 show this value proposition is resonating strongly, especially in Aerospace.

High-reliability control solutions for harsh operating environments

Woodward, Inc. is the global leader in designing, manufacturing, and servicing energy conversion and control solutions for the aerospace and industrial equipment markets. Their innovative fluid, combustion, electrical, propulsion, and motion control systems are engineered to perform in some of the world's harshest environments. This reliability underpins their entire offering.

Improved fuel efficiency and reduced emissions for engines/turbines

This isn't just talk; it's a stated goal backed by R&D. Woodward, Inc. has a notable collaboration with Boeing and NASA aimed at developing a next-generation aircraft designed to significantly reduce fuel consumption, directly supporting the aviation industry's goal of achieving net-zero emissions by the year 2050. This focus on efficiency is a critical driver for new engine content.

Long-term program commitment (life-of-platform support)

The commitment to existing platforms is clear through their aftermarket performance and investment strategy. In fiscal year 2025, the commercial services (aftermarket) revenue for the Aerospace segment surged by 29%, showing high utilization of the installed base that requires maintenance, repair, and overhaul (MRO). Furthermore, the company is making serious capital commitments to support future revenue streams. Capital Expenditure (CapEx) for fiscal year 2026 is guided to peak at $290 million, a significant increase from the approximately $115 million planned for fiscal year 2025, with much of that spend directed toward building out capacity, like the Spartanburg, SC facility, specifically to handle long-term work.

Increased content per plane (e.g., $550,000 on the Airbus A350)

Securing higher content on new aircraft is a massive value driver. Woodward, Inc. secured a major spoiler actuation contract for the Airbus A350, which translates to roughly half a million dollars in content per plane. Deliveries for this high-value component are scheduled to begin late calendar year 2028, guaranteeing high-value revenue for years to come. This is part of a broader trend where content on newer engines like the LEAP and GTF is higher than on prior generations like the CFM56 and V2500.

Electrification and digitalization of energy control systems

The product portfolio reflects this shift, with actuation and control systems including electromechanical actuation and precision motors. In the Industrial segment, this translates to providing control solutions for reliable power generation to support energy-intensive AI data centers and microgrids, where their reciprocating engine segment is gaining prominence for base-load and backup power.

Here's a quick look at the financial scale supporting these value propositions in fiscal year 2025:

Metric	Value / Rate	Context
Total Net Sales (FY 2025)	$3.6 billion	Record-breaking revenue, up 7% YoY.
Aerospace Segment Sales (FY 2025)	$2.3 billion	Segment sales up 14%, driven by 29% commercial services growth.
Industrial Segment Sales (FY 2025)	$1.25 billion	Core industrial sales up 10% excluding China impact.
Aerospace Segment Margin (Q4 2025)	24.4%	Reflects high-margin aftermarket revenue velocity.
Net Cash from Operations (FY 2025)	$471 million	Strong cash generation supporting investments and returns.
FY 2026 Planned CapEx	$290 million (Peak)	Strategic investment for capacity, including A350 work.

The success in the aftermarket is a direct result of the value proposition of reliability. For instance, Q3 2025 commercial aftermarket sales jumped 30%. This high-margin business fuels the profitability, as seen by the Q4 2025 adjusted EPS growth of 48% year-over-year, reaching $2.09.

You can see the strategic focus in the segment performance:

• Aerospace sales growth in Q4 2025 was 20%.
• Defense OEM sales grew 38% for the full year 2025.
• The company is returning $238 million to shareholders in FY2025 via buybacks and dividends.
• The new share repurchase program is a massive $1.8 billion.

Finance: draft the Q1 2026 cash flow forecast incorporating the $290 million CapEx guidance by next Wednesday.

Woodward, Inc. (WWD) - Canvas Business Model: Customer Relationships

You're looking at how Woodward, Inc. keeps its most important customers locked in, which is really about securing long-term, high-value contracts in the aerospace and defense sectors. The relationship with Original Equipment Manufacturers (OEMs) is the bedrock here, establishing Woodward, Inc. as a Tier 1 supplier.

This deep integration shows up in the numbers, especially when you look at the growth in the core business that feeds new equipment. For the first nine months of fiscal year 2025, the Defense OEM business saw sales jump by a massive +55.7% in the third quarter alone. This isn't just about selling parts; it's about being designed in from the start, which is the definition of an embedded OEM relationship.

The aftermarket service support is where the high-touch relationship pays off over decades. Commercial aftermarket sales were up +30% in the third quarter of fiscal year 2025, and for the first quarter of 2025, Commercial Aftermarket sales specifically grew by 19% year-over-year. Defense OEM sales growth was also strong at 21% in Q1 2025. This dedicated support structure ensures high aircraft utilization translates directly into steady, high-margin service revenue for Woodward, Inc.

Collaborative Research & Development (R&D) is clearly focused on securing the next generation of platforms. A concrete example is the competitive win to supply wing spoiler actuators for the Airbus A350. This partnership is set to raise Woodward, Inc.'s total content value on every A350 to approximately $550,000 per plane, with deliveries scheduled to begin late calendar 2028. This long-term commitment requires close R&D alignment with the airframe manufacturer well in advance of entry into service.

To manage the cost environment, price realization is a key lever in maintaining profitability with these partners. For the full fiscal year 2025, the increase in Aerospace segment earnings was attributed in part to price realization, which also helped offset inflation and strategic investments. In the Industrial segment during Q3 2025, price realization partially offset lower volume and inflation. This strategy is expected to continue, with management projecting about 5% price realization across the whole portfolio in fiscal 2026.

Here's a quick look at how the Aerospace segment, which heavily relies on these deep customer ties, performed in fiscal year 2025:

Metric	FY 2025 Actual Value	Comparison to Prior Year
Aerospace Segment Net Sales	$2.3 billion	Up 14%
Aerospace Segment Earnings Margin	21.9%	Expanded by 290 basis points
Q4 2025 Aerospace Segment Margin	24.4%	Up 520 basis points
Defense OEM Sales Growth (Q3 2025)	N/A	Up +55.7%
Commercial Aftermarket Sales Growth (Q3 2025)	N/A	Up +30%

The focus on high-value platforms and consistent aftermarket support is reflected in the forward guidance, too. For fiscal 2026, Woodward, Inc. is guiding the Aerospace segment margin to be between 22% to 23% of segment sales. That shows confidence in the long-term value embedded in these customer relationships.

• Secured A350 content value of approximately $550,000 per aircraft.
• Completed previous $600 million share repurchase authorization over a year ahead of schedule.
• Announced a new three-year authorization to repurchase up to $1.8 billion of common stock.
• Defense OEM sales growth reached +55.7% in Q3 FY2025.
• Commercial Aftermarket sales growth hit +30% in Q3 FY2025.

Woodward, Inc. (WWD) - Canvas Business Model: Channels

You're looking at how Woodward, Inc. (WWD) gets its products and services into the hands of its customers as of late 2025. It's a mix of direct relationships and established global networks.

Direct sales to Original Equipment Manufacturers (OEMs) globally form a core part of the business, especially within the Aerospace segment. For fiscal year 2025, Woodward, Inc. reported total net sales of $3.6 billion. The Aerospace segment, which heavily relies on OEM relationships, generated $2.3 billion of that total revenue. A key indicator of the strength in this channel was the 38% rise in defense OEM sales within Aerospace for 2025. Furthermore, the company secured a major OEM channel win by being selected by Airbus to supply 12 of the 14 spoiler actuation systems for the A350 commercial aircraft.

The Worldwide network of authorized service centers for aftermarket support is critical for recurring revenue, particularly in Aerospace. This channel saw a significant surge in 2025, with commercial services sales increasing by 29%. The Industrial segment also uses a network that includes independent distributors and authorized system integrators for aftermarket support, alongside direct sales to OEMs. The company employs over 10,000 members globally to support this worldwide reach.

For direct sales to end-users in certain industrial markets, the Industrial segment is the primary focus. This segment reported sales of $1.25 billion in 2025. While overall Industrial sales were down 3% year-over-year, core industrial sales grew by approximately 10% excluding China, driven by strength in power generation, oil & gas, and marine transportation markets, where direct engagement with end-users is common.

The Internal sales force managing long-cycle defense and commercial contracts handles complex, high-value agreements. This function is crucial for the large, multi-year defense OEM growth seen in 2025. The company's focus on operational excellence and lean improvements, including automation projects at facilities like the Rock Cut Campus, supports the execution of these long-cycle contracts.

Here's a quick look at the 2025 segment performance that flows through these channels:

Segment	2025 Revenue (Approximate)	Key Channel Driver/Metric	2025 Segment Earnings
Aerospace	$2.3 billion	Defense OEM Sales Growth: 38%	$507 million
Industrial	$1.25 billion	Core Sales Growth (Ex-China): 10%	$183 million

The channels used in the Industrial segment are quite varied, as noted in their filings. They generate revenue primarily through sales to OEMs and by providing aftermarket products and services to those OEM customers. Also, Woodward, Inc. sells products through:

• Independent network of distributors.
• Authorized system integrators.
• Repairs and overhaul facilities.
• Directly to end users around the globe.

Woodward, Inc. (WWD) - Canvas Business Model: Customer Segments

You're looking at the customer base for Woodward, Inc. (WWD) as of late 2025, right after they posted record fiscal year 2025 results. The company clearly splits its focus between Aerospace and Industrial markets, and within those, the specific customer groups drive very different growth rates.

Overall, Woodward, Inc. achieved record net sales of $3.6 billion for the fiscal year ending September 30, 2025, marking a 7% increase year-over-year. The Aerospace segment was the primary growth engine, delivering $2.3 billion in sales, which was up 14%.

Here's how the customer groups break down based on the segment performance data we have:

• Aerospace segment earnings for fiscal 2025 were $507 million, representing 21.9 percent of segment net sales.
• Industrial segment earnings for fiscal 2025 were $183 million, or 14.6 percent of segment net sales.
• The company generated $471 million in net cash provided by operating activities for fiscal 2025.

The customer segments within the Aerospace division show a clear preference for aftermarket and defense work in the near term.

Aerospace Commercial OEM (Airbus, Boeing)

This group includes the original equipment manufacturers for commercial aircraft. For the fourth quarter of 2025, sales to commercial OEM customers were reported as essentially flat compared to the prior year period. This flatness in OEM volume contrasts sharply with the aftermarket strength you see below.

Aerospace Commercial Aftermarket (Airlines, MROs)

This is where the high-margin action is right now. Commercial Services sales were up a massive 40% in the fourth quarter of 2025. For the full fiscal year 2025, Commercial Services sales increased by 29%. This surge is tied directly to high aircraft utilization, meaning airlines are flying their existing fleets more, which drives maintenance, repair, and overhaul (MRO) activity. Management noted that the fourth quarter saw an outsized, somewhat lumpy boost from spare Line Replaceable Unit (LRU) sales, which are high-value components airlines swap out quickly.

Defense OEM and Aftermarket (U.S. and international military)

Defense activity provided significant tailwinds. Defense OEM sales specifically increased by 27% in the fourth quarter of 2025. This robust defense performance, coupled with the aftermarket services growth, underpinned the Aerospace segment's margin expansion of 520 basis points in Q4 2025, reaching 24.4 percent of segment net sales.

The Industrial segment, which saw total sales of $1.25 billion in fiscal 2025 (a 3% decrease overall), is seeing strength in specific, non-China-related areas.

Industrial Power Generation (Gas/Steam Turbines)

Power generation, when excluding the impact from the divestiture of the combustion business, grew by 22% in the fourth quarter of 2025. This growth reflects increased output to meet demand across various gas turbine systems value streams.

Industrial Oil & Gas and Marine Transportation

This group saw healthy growth, with Industrial sales growing 11% in Q4 2025. For the full year 2025, core industrial sales-which excludes the China on-highway truck business-increased by 10% to reach $1.2 billion. The specific headwind here is China on-highway truck sales, which are anticipated to be approximately $60 million in 2026, in line with 2025 levels.

To give you a clearer picture of the segment financial contributions for the full fiscal year 2025, here's the quick math:

Customer Group Focus Area	Reported Segment	FY 2025 Net Sales (Approximate)	FY 2025 Segment Earnings	FY 2025 Segment Margin
Commercial OEM, Commercial Aftermarket, Defense OEM/Aftermarket	Aerospace	$2.3 billion	$507 million	21.9 percent
Power Generation, Oil & Gas, Marine Transportation (Core)	Industrial	$1.2 billion (Core)	$183 million	15.2 percent (Core Margin)

If you look at the Q4 2025 margins, the Aerospace segment hit 24.4 percent, while the Industrial segment hit 15.2 percent. That margin difference is defintely where the value capture is happening right now.

Finance: draft 13-week cash view by Friday.

Woodward, Inc. (WWD) - Canvas Business Model: Cost Structure

The Cost Structure for Woodward, Inc. (WWD) is heavily weighted toward investments in future capability, reflecting its position in high-reliability, high-specification aerospace and industrial markets. This structure is characterized by significant upfront and ongoing spending necessary to maintain technological leadership and meet stringent customer requirements.

High fixed costs from advanced manufacturing and R&D investment form a core part of the expense base. Research and development costs for the full fiscal year 2025 reached $147,568 thousand. To put that in perspective for a single quarter, R&D in Q1 2025 was $30 million, representing 3.9% of that quarter's sales. These expenditures are essential for developing next-generation aircraft and energy systems, which lock in long-term revenue streams but require consistent spending regardless of short-term sales fluctuations.

Capital deployment for physical assets is also substantial. You should note the significant capital expenditures (CapEx) plans. Woodward, Inc. had significant CapEx plans detailed, with management noting increased CapEx plans for 2026 and 2027 related to new program wins and automation investments. The required figure for FY2025 is cited as $131 million, with projections for FY2026 peaking higher to support growth initiatives. For the first nine months of FY2025, CapEx reached $79 million.

Here's a quick look at the major cost components relative to the record $3,567,064 thousand in net sales for fiscal year 2025:

Cost Category	FY2025 Amount (in thousands)	FY2025 as % of Sales (Approx.)
Cost of Goods Sold (COGS)	$2,610,772	73.2%
Selling, General, and Administrative (SG&A)	$329,823	9.2%
Research and Development (R&D)	$147,568	4.1%
Interest Expense, Net	$41,500 (Calculated: $45,689 Interest Exp - $4,189 Interest Inc)	1.2%

Cost of Goods Sold (COGS) was $2,610,772 thousand for the full year 2025. This line item is directly impacted by macroeconomic pressures. Segment earnings across both Aerospace and Industrial segments for fiscal 2025 were explicitly noted as being partially offset by inflation. For example, Industrial segment earnings were impacted by inflation, while Aerospace segment earnings were also partially offset by inflation, alongside unfavorable mix and strategic investments.

The need to support higher sales volumes in a dynamic environment required a strategic investment in working capital (inventory). This pressure was significant enough that the company lowered its full-year free cash flow guidance to the range of $315 million to $350 million due to these increased working capital needs. Still, net cash provided by operating activities for FY2025 was robust at $471,000 thousand, a 7.3% increase year-over-year, though free cash flow only grew by 0.2% to $340,000 thousand.

Labor costs for specialized engineering and technical talent are a critical, though less granularly detailed, component of the cost structure. The risk profile explicitly mentions the need for 'Woodward's continued access to a stable workforce and favorable labor relations with its employees.' This implies that securing and retaining specialized talent necessary for advanced manufacturing and R&D is a non-trivial, ongoing cost driver, especially given the company's recognition for manufacturing excellence.

Key cost drivers and pressures include:

• Inflationary impacts on material and component costs.
• The need for strategic investments in manufacturing capabilities.
• The cost associated with maintaining a high level of R&D spending, totaling $147.6 million for FY2025.
• Working capital demands tying up cash flow, evidenced by the FCF guidance adjustment.

Finance: draft 13-week cash view by Friday.

Woodward, Inc. (WWD) - Canvas Business Model: Revenue Streams

You're looking at how Woodward, Inc. brings in the money as of late 2025, and honestly, it's a tale of two segments with one clearly leading the charge.

For the full fiscal year 2025, Woodward, Inc. posted total consolidated net sales of $3.6 billion [cite: 4 in previous search, 6 in previous search]. This record performance shows strong demand across the board, but the Aerospace segment is definitely the engine right now.

The revenue streams break down primarily across two major areas, which you can see clearly laid out here:

Revenue Segment	FY2025 Sales Amount	Year-over-Year Growth (Approximate)
Aerospace Product Sales (OEM) and Aftermarket Services	$2.3 billion [cite: 5 in previous search, 10 in previous search]	14% [cite: 4 in previous search]
Industrial Product Sales and Services	$1.3 billion [cite: 5 in previous search, 10 in previous search]	-3% (Overall Sales) [cite: 5 in previous search]

The Aerospace business is where the action is, driven by high aircraft utilization and robust defense spending. You see this reflected in the aftermarket side of the business, which is a key component of that $2.3 billion figure. That recurring revenue from spare parts and repair/overhaul is what smooths out the OEM delivery cycles.

Specifically within Aerospace, the high-margin commercial services revenue saw a significant jump, reported up by 29% in FY2025 [cite: 5 in previous search]. That's a big driver of margin expansion for the whole company. Here's what's fueling that growth:

• Commercial services sales surge of 29%.
• Defense OEM sales rose by 38%.
• Aerospace segment earnings grew to $507 million.
• Aerospace operating margin expanded by 290 basis points.

Now, the Industrial segment is a bit more nuanced. While the total sales were $1.3 billion [cite: 5 in previous search, 10 in previous search], the overall number was down slightly. However, if you strip out the China On-Highway market, the Core Industrial business actually grew sales by about 11%, which is a much better indicator of underlying health in power generation and oil & gas. The recurring revenue from servicing these industrial assets is still a vital, though perhaps less dynamic, part of the overall revenue mix.

So, the revenue streams are clearly weighted toward the high-growth, high-margin Aerospace aftermarket and defense OEM work, which is what you'd expect given the current utilization rates. Finance: draft 13-week cash view by Friday.