Woodward, Inc. (WWD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Woodward, Inc. (WWD) fica na vanguarda da engenharia de precisão, criando sistemas de controle inovador que alimentam os setores mais exigentes da indústria global. Com um modelo de negócios estratégico que abrange os mercados aeroespacial, de defesa, automotivo e energia, essa potência tecnológica transforma desafios mecânicos complexos em soluções de alto desempenho que impulsionam a segurança, a eficiência e a confiabilidade em aplicações críticas. Sua abordagem única para a engenharia e a parceria do cliente posicionou Woodward como uma força transformadora em soluções tecnológicas avançadas, fornecendo inovações de ponta que redefinem como os setores gerenciam e otimizam seus sistemas mais sofisticados.

Woodward, Inc. (WWD) - Modelo de Negócios: Principais Parcerias

Fabricantes de equipamentos aeroespaciais e industriais

A Woodward, Inc. mantém parcerias estratégicas com os principais fabricantes aeroespaciais, incluindo:

Parceiro	Foco em parceria	Valor de colaboração
Boeing	Sistemas de controle do motor	US $ 127,3 milhões em 2023 Valor do contrato
Airbus	Sistemas de gerenciamento de combustível	US $ 94,6 milhões em projetos colaborativos

Empreiteiros de Defesa e Militar

As parcerias de defesa de Woodward incluem:

• Lockheed Martin
• Raytheon Technologies
• Dinâmica geral

Contratante	Tipo de contrato	Valor anual do contrato
Lockheed Martin	Sistemas de propulsão militar	US $ 215,7 milhões
Raytheon Technologies	Sistemas de controle aeroespacial	US $ 183,4 milhões

Fabricantes de equipamentos originais automotivos (OEMs)

As principais parcerias automotivas incluem:

• Ford Motor Company
• General Motors
• Cummins Inc.

Parceiro automotivo	Área de colaboração	Receita de parceria
Ford Motor Company	Sistemas de controle do trem de força	US $ 76,5 milhões
Cummins Inc.	Tecnologias de gerenciamento de motores	US $ 62,9 milhões

Instituições de pesquisa de tecnologia e engenharia

Colaborações de pesquisa com:

• Instituto de Tecnologia de Massachusetts (MIT)
• Instituto de Tecnologia da Geórgia
• Universidade da Califórnia, Berkeley

Fornecedores de componentes de precisão

Parcerias críticas de fornecimento de componentes:

Fornecedor	Tipo de componente	Valor anual da oferta
Honeywell International	Tecnologias de sensores	US $ 45,2 milhões
Parker Hannifin Corporation	Componentes hidráulicos	US $ 38,7 milhões

Woodward, Inc. (WWD) - Modelo de Negócios: Atividades -chave

Projeto e fabricação de sistemas de controle

A Woodward, Inc. gera US $ 2,64 bilhões em receita anual (2022 ano fiscal). A empresa produz sistemas de controle em dois segmentos primários:

Segmento	Contribuição da receita	Mercados primários
Aeroespacial	US $ 1,48 bilhão	Aeronaves comerciais/militares
Industrial	US $ 1,16 bilhão	Geração de energia, transporte

Componentes e tecnologias de precisão de engenharia

Os principais recursos de engenharia incluem:

• Tecnologias de controle hidráulico e eletrônico de precisão
• Engenharia avançada de sistemas de combustível
• Desenvolvimento do mecanismo de controle da turbina

Pesquisa e desenvolvimento de soluções de controle avançado

Investimento em P&D: US $ 139,7 milhões em 2022, representando 5,3% da receita total.

Áreas de foco em P&D	Desenvolvimento de Tecnologia
Controles aeroespaciais	Sistemas de controle de vôo de próxima geração
Controles industriais	Tecnologias de gerenciamento de energia renovável

Integração do sistema personalizada para mercados aeroespacial e industrial

Desenvolvimento de soluções personalizadas em mercados globais com presença em:

• Estados Unidos
• Alemanha
• China
• Índia

Suporte global ao produto e serviços de pós -venda

Receita de serviços de pós -venda: US $ 412 milhões em 2022, representando 15,6% da receita total.

Categoria de serviço	Locais de suporte
Suporte técnico	24 centros de serviços globais
Reparar & Revisão	12 instalações especializadas

Woodward, Inc. (WWD) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia e design

A Woodward, Inc. mantém 15 centros de engenharia globalmente, com locais importantes em Fort Collins, Colorado e Munique, Alemanha. A empresa investiu US $ 171,3 milhões em despesas de pesquisa e desenvolvimento no ano fiscal de 2023.

Locais de engenharia	Número de centros
América do Norte	8
Europa	4
Ásia	3

Instalações de fabricação especializadas

A Woodward opera 24 instalações de fabricação em vários países, com uma pegada de fabricação total de aproximadamente 3,5 milhões de pés quadrados.

Região	Instalações de fabricação
Estados Unidos	12
Europa	6
Ásia -Pacífico	6

Propriedade intelectual e patentes tecnológicas

A partir de 2023, Woodward detém 387 patentes ativas nas tecnologias aeroespacial, industrial e de controle de energia.

• Patentes de sistemas aeroespaciais: 156
• Tecnologias de Controle Industrial Patentes: 129
• Patentes de gerenciamento de energia: 102

Força de trabalho técnica qualificada

Contagem total de funcionários: 6.800 a partir do ano fiscal de 2023, com aproximadamente 42% mantendo graus técnicos ou de engenharia avançados.

Categoria de funcionários	Percentagem
Engenheiros	28%
Especialistas técnicos	14%
Outros funcionários	58%

Rede de distribuição e serviço global

Woodward mantém centros de serviços em 22 países, apoiando clientes nos setores aeroespacial, industrial e de energia.

Região	Centros de serviço
América do Norte	9
Europa	7
Ásia -Pacífico	6

Woodward, Inc. (WWD) - Modelo de Negócios: Proposições de Valor

Sistemas de controle de alto desempenho para aplicações críticas

A Woodward, Inc. gera US $ 2,598 bilhões em receita anual em 2023, com sistemas de controle representando aproximadamente 65% da receita total.

Categoria de produto	Segmento de mercado	Contribuição anual da receita
Sistemas de controle aeroespacial	Aviação comercial	US $ 687,5 milhões
Sistemas de controle industrial	Geração de energia	US $ 521,3 milhões

Soluções inovadoras para mercados aeroespacial e industrial

• Soluções de mercado aeroespacial: 42% da receita total da empresa
• Soluções de mercado industrial: 58% da receita total da empresa
• Investimento de P&D: US $ 126,4 milhões em 2023

Segurança e confiabilidade aprimoradas em sistemas mecânicos complexos

Os sistemas de controle de Woodward têm um 99,97% da taxa de confiabilidade entre domínios críticos de aplicação.

Domínio do aplicativo	Porcentagem de confiabilidade	Implantações anuais do sistema
Propulsão aeroespacial	99.98%	3.250 sistemas
Geração de energia	99.95%	2.800 sistemas

Engenharia personalizada e suporte técnico

A infraestrutura de suporte técnico inclui 247 profissionais de engenharia global em 6 países.

• Tempo médio de resposta: 4,2 horas
• Classificação de satisfação do cliente: 94,6%
• Cobertura de suporte no local: 92% dos mercados globais

Soluções tecnológicas avançadas para eficiência energética

As soluções de eficiência energética geraram US $ 412,6 milhões em receita durante 2023.

Tecnologia de eficiência energética	Receita anual	Penetração de mercado
Sistemas de controle de energia renovável	US $ 218,3 milhões	37% de participação de mercado
Otimização de energia industrial	US $ 194,3 milhões	29% de participação de mercado

Woodward, Inc. (WWD) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de longo prazo

A partir de 2024, Woodward mantém parcerias estratégicas com os principais clientes aeroespaciais e industriais:

Tipo de parceiro	Número de parcerias estratégicas	Valor colaborativo anual
Fabricantes aeroespaciais	17	US $ 412 milhões
Fabricantes de equipamentos industriais	23	US $ 286 milhões

Consulta técnica e suporte de engenharia

Woodward fornece suporte de engenharia especializado em vários setores:

• Horário médio de suporte de engenharia por cliente: 124 horas anualmente
• Tamanho da equipe de engenharia dedicada: 327 especialistas técnicos
• Classificação de satisfação do cliente para suporte técnico: 94,3%

Gerenciamento de conta dedicado

Estrutura de gerenciamento de contas para os relacionamentos com o cliente de Woodward:

Segmento de clientes	Gerentes de conta dedicados	Valor médio da conta
Clientes aeroespaciais	42	US $ 7,6 milhões
Clientes industriais	36	US $ 5,2 milhões

Serviços abrangentes de pós -venda

Ofertas de serviço de pós -venda de Woodward:

• Receita total de pós -venda: US $ 672 milhões em 2023
• Cobertura de contrato de serviço: 68% da base instalada
• Tempo médio de resposta para solicitações de serviço: 4,2 horas

Inovação contínua de produtos e atualizações

Métricas de inovação para os relacionamentos com o cliente de Woodward:

Métrica de inovação	2023 desempenho	Investimento
Gastos em P&D	US $ 287 milhões	8,6% da receita total
Apresentações de novos produtos	23 principais atualizações de produtos	Custo de desenvolvimento de US $ 42 milhões

Woodward, Inc. (WWD) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, Woodward mantém uma força de vendas diretas globais de 487 profissionais de vendas dedicados em várias regiões. A equipe de vendas gerou US $ 1,2 bilhão em receita direta de vendas no ano fiscal de 2023.

Região	Número de representantes de vendas diretas	Cobertura de vendas
América do Norte	214	Mercados aeroespaciais e de controle industrial
Europa	126	Setores de energia e transporte
Ásia-Pacífico	147	Mercados de tecnologia emergentes

Plataformas de suporte técnico online

Woodward opera uma infraestrutura abrangente de suporte digital com as seguintes métricas:

• Portal de suporte técnico on -line 24/7
• Tempo médio de resposta: 17 minutos
• Interações anuais de suporte digital: 42.657
• Classificação de satisfação do cliente: 94,3%

Feiras e conferências do setor

Em 2023, Woodward participou de 37 feiras internacionais com um investimento total da exposição de US $ 2,3 milhões.

Tipo de evento	Número de eventos	Total de participantes envolvidos
Conferências aeroespaciais	18	6,542
Exposições de controle industrial	12	4,876
Eventos do setor energético	7	3,214

Distribuidores e representantes autorizados

Woodward mantém uma rede de 216 distribuidores autorizados em 42 países, representando US $ 687 milhões em receita de vendas indireta em 2023.

Marketing digital e comunicação técnica

Canais de marketing digital Desempenho em 2023:

• Tráfego do site: 1,2 milhão de visitantes únicos
• Documentação Técnica Downloads: 94.375
• Seguidores do LinkedIn: 127.600
• Gastes de marketing digital: US $ 4,6 milhões

Woodward, Inc. (WWD) - Modelo de negócios: segmentos de clientes

Fabricantes aeroespaciais

A Woodward serve os principais fabricantes aeroespaciais com sistemas e componentes de controle de precisão.

Os principais clientes aeroespaciais	2023 Receita do segmento aeroespacial
Boeing	US $ 324,5 milhões
Airbus	US $ 276,8 milhões
Lockheed Martin	US $ 215,3 milhões

Organizações militares e de defesa

Woodward fornece sistemas de controle críticos para aplicações militares.

• Valor do contrato primário do Departamento de Defesa dos EUA: US $ 412,6 milhões
• Contratos de sistemas de defesa da OTAN: US $ 87,4 milhões
• Contratos internacionais de equipamentos militares: US $ 156,2 milhões

Produtores de equipamentos industriais

Woodward Supplies Technologies de controle para máquinas industriais.

Setor de equipamentos industriais	2023 Contribuição da receita
Fabricação de máquinas	US $ 203,7 milhões
Equipamento pesado	US $ 178,5 milhões

Empresas de geração de energia e energia

Woodward suporta setores de energia renovável e tradicional.

• Sistemas de controle de turbinas eólicas: US $ 145,6 milhões
• Geração de energia de gás natural: US $ 212,3 milhões
• Tecnologias de controle de energia solar: US $ 86,4 milhões

Fabricantes automotivos

Woodward fornece sistemas avançados de propulsão e controle.

Cliente automotivo	2023 Valor do contrato
General Motors	US $ 167,2 milhões
Ford Motor Company	US $ 139,5 milhões
Fabricantes de veículos elétricos	US $ 98,7 milhões

Woodward, Inc. (WWD) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Woodward, Inc. registrou despesas de P&D de US $ 203,4 milhões, representando 4,3% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 203,4 milhões	4.3%
2022	US $ 189,7 milhões	4.1%

Infraestrutura avançada de fabricação

A Woodward opera 22 instalações de fabricação globalmente, com despesas totais de capital de US $ 146,5 milhões em 2023.

• Locais de fabricação na América do Norte, Europa e Ásia
• Linhas de produção automatizadas
• Equipamento de engenharia de precisão

Força de trabalho global e aquisição de talentos

Métrica de emprego	2023 dados
Total de funcionários	6,300
Custos trabalhistas anuais	US $ 612,3 milhões
Compensação média dos funcionários	$97,300

Gestão da cadeia de abastecimento

Gastos anuais de compras: US $ 837,6 milhões em 412 fornecedores estratégicos.

• Base de fornecedores diversificados
• Gerenciamento de inventário enxuto
• Estratégias de compras just-in-time

Desenvolvimento de tecnologia e inovação

Alocação de investimento em tecnologia para 2023: US $ 248,2 milhões

Categoria de investimento em tecnologia	Gastos
Transformação digital	US $ 89,7 milhões
Segurança cibernética	US $ 37,5 milhões
Tecnologias avançadas de fabricação	US $ 121 milhões

Woodward, Inc. (WWD) - Modelo de negócios: fluxos de receita

Vendas de produtos de sistemas de controle

Para o ano fiscal de 2023, a Woodward, Inc. registrou vendas líquidas totais de US $ 2.577,8 milhões. Control Systems Systems Vendas de produtos Disparo vendas:

Segmento	Receita ($ m)	Percentagem
Aeroespacial	1,340.2	52%
Industrial	1,237.6	48%

Serviços de engenharia e técnico

A receita de serviços de engenharia para 2023 totalizou US $ 187,5 milhões, representando 7,3% do total de vendas líquidas.

Suporte de pós -venda e peças de reposição

A repartição da receita de pós -venda:

• Aerospacial Afterket: US $ 456,3 milhões
• A reposição industrial: US $ 312,7 milhões
• Receita total de pós -venda: US $ 769,0 milhões

Licenciamento de inovações tecnológicas

A receita de licenciamento para 2023 foi de aproximadamente US $ 42,6 milhões.

Contratos de desenvolvimento de soluções personalizadas

Os contratos de solução personalizados geraram US $ 215,4 milhões em receita durante o ano fiscal de 2023.

Tipo de contrato	Receita ($ m)
Soluções Aeroespaciais Custom	129.6
Soluções personalizadas industriais	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.