Woodward

What Woodward does

Woodward, Inc. (NASDAQ: WWD), founded circa 1870 and headquartered in Fort Collins, Colorado, is an independent designer, manufacturer, and service provider of energy conversion and control solutions for aerospace and industrial markets, with 10,000+ employees across 30+ global locations and $3.3 billion in FY2024 sales (growing to approximately $3.57B in FY2025). The company operates two reporting segments. Aerospace (about 64% of Q2 FY2026 revenue and ~65% of total per third-party commentary) supplies precision engine controls, fuel metering valves, actuation systems, electronic control units, and motion control components to virtually every commercial and military aircraft OEM — Boeing, Airbus, CFM International, Safran, Raytheon — with growing shipset content on the A350 (~$550,000 per aircraft following the Safran HSTA acquisition) and component presence on the 737 MAX, A320neo, F-35, and CFM LEAP family. The Industrial segment serves power generation (including gas turbine control systems), oil & gas, and transportation end-markets with heavy-duty and aeroderivative gas fuel valves, steam turbine protection systems, hydraulic-mechanical governors, and fuel injection products under the Woodward L'Orange brand.

The business model is anchored by design-in and certification on long-life aerospace platforms, which generates decades of follow-on revenue from a global Repair & Overhaul network, a two-tier Licensed Repair Service Facility (LRSF) channel (Elite agreements with Lufthansa Technik and AFI KLM E&M), an exclusive AAR commercial distribution deal for CFM LEAP/GEnx/CF34 consumables, and licensed software tools (GAP, Control Assistant, Toolkit, AppManager, Servlink OPC) sold via the Software License Authorization portal. Products are priced via 'request a quote' rather than list pricing, with software sold as perpetual licenses tied to serial numbers. Recent M&A — Safran E&D actuation (July 2025), iCON Controls from EthosEnergy (January 2026), and VRM/Jet Research Development (March 2026) — has expanded both aerospace shipset content and the Industrial Asset Services installed base, while the announced sale of the pilot controls product line to Ontic (April 2026) and the wind-down of the China on-highway natural gas truck business (January 2026) reflect portfolio optimization. The capital base is strong: a $1.8B share repurchase authorization, 0.79x net leverage, and a 54-year consecutive dividend track record (latest quarterly dividend $0.32/share).

Name

Woodward

Legal name

Woodward, Inc.

Website

https://woodward.com

Company type

Public

Founded year

1870

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Woodward, Inc. (NASDAQ: WWD) designs and manufactures energy conversion and control solutions — including fuel valves, actuators, and electronic control units — for aerospace OEMs (Boeing, Airbus, CFM, Safran) and industrial customers in power generation, oil & gas, and transportation, with growing aftermarket MRO and software services.

Ownership category

akta.pro rank

Product category

Aerospace & Industrial Control Systems

NAICS

Relay and Industrial Control Manufacturing (335314), Power, Distribution, and Specialty Transformer Manufacturing (335311), Electrical Equipment Manufacturing (33531), Switchgear and Switchboard Apparatus Manufacturing (335313)

SIC

Electrical Industrial Apparatus (3620), Switchgear & Switchboard Apparatus (3613), Electronic Coils, Transformers & Other Inductors (3677), Miscellaneous Electrical Machinery, Equipment & Supplies (3690)

akta.pro primary industry

Power Electronics Manufacturing (Inverters/DC-DC/Onboard Chargers) (IMACACAD)

akta.pro secondary industries

Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB), Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

Keywords

• Aerospace control systems
• Industrial turbine controls
• Fuel metering valves
• Electromechanical actuators
• Turbomachinery control solutions

Headquarters

HQ city

Fort Collins

HQ country

United States

HQ region

North America

Offices36 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Aerospace OEM and aftermarket equipment sales: Design-in and sale of control system components, valves, actuators, and electronic control units to aerospace OEMs (Boeing, Airbus, CFM, Safran) and to the aftermarket; Aerospace represented 64% of revenue in Q2 FY2026.
2. Industrial segment equipment sales: Sale of gas fuel valves, actuators, control systems, and turbomachinery controls to power generation, oil & gas, and transportation customers; Industrial segment grew 20% in Q2 FY2026 and 30% in Q1 FY2026.
3. Repair and Overhaul (R&O) services: Global network provides overhaul and repair of Woodward valves, actuators, and mechanical governors, returning assets to zero-hour condition; OEM materials, engineered tooling, and functional flow testing applied.
4. Licensed Repair Service Facility (LRSF) program: Two-tier global support network where partners like Lufthansa Technik and AFI KLM E&M provide MRO services for Woodward components; partners invest in advanced tooling and test equipment.
5. Software licensing and control configuration: Licensed software tools (ToolKit, Control Assistant, GAP, AppManager) and software license keys sold to configure and monitor control systems, often with tiered license levels requiring serial number authorization.
6. Control system upgrades and modernization: OEM-qualified, proven-in-use control system upgrades that defeat obsolescence and enable continued reliable operations of turbines and compressors; supports Industrial Asset Services growth initiative.
7. Channel/aftermarket distribution revenue: Multi-year commercial distribution agreement with AAR for consumable engine parts (fuel filters, gaskets, seals) supporting CFM LEAP, GEnx, and CF34 platforms sold to commercial airlines.

Pricing tiers

Go-to-market motion5 records

Distribution channels6 records

Marketing channels7 records

Core offering

Woodward is an independent designer, manufacturer, and service provider of energy conversion and control solutions for the aerospace and industrial markets. The company develops precision components including electronic control units, fuel metering valves, electromechanical actuators, gas fuel valves, hydraulic-mechanical governors, and steam turbine protection systems, and provides global repair and overhaul services for these products.

Product overview

Woodward (NASDAQ: WWD) is a global energy control solutions provider operating a platform-plus-modules architecture organized into two segments: Aerospace and Industrial, with supporting global service and software offerings. The Aerospace segment comprises four product lines — Aircraft Engine Controls, Actuation and Controls (including the recently acquired Safran HSTA and the new A350 Spoiler Servo Control Actuator), Flight Deck Controls (being divested to Ontic), and Space and Defense — augmented by the newly acquired Valve Research & Manufacturing (VRM) high-precision electromagnetic flow control valve business operating as the Woodward Florida Campus. The Industrial segment is organized by end market — Power Generation (including the acquired iCON Controls gas turbine controls business), Oil and Gas, and Transportation — and is built around distinct sub-product families: Heavy Duty Gas Turbine Gas Fuel Valves (LESV, GSxE, SonicFlo, GSRV), Aeroderivative Gas Turbine Gas Fuel Valves (GS-Series, GS6, 3103, GS16, GS0V50), SOGAV Gas Valves, Engine Valves and Actuators (TecJet, F-Series, ProAct, Glo-Tech II, R-Series), Hydraulic-Mechanical Governors (SG, UG, EGB, PG), and Steam Turbine Protection Solutions (QuickTrip, Protech-GII/TPS/SX, MicroNet Safety Module). Underpinning both segments is a Woodward Software Tools stack (L-Series/F-Series/ProAct/P-Series/R-Series/UG25+ Service Tools, GAP, Control Assistant, Toolkit, AppManager, Servlink OPC Server, Cloud Workshop, and the Software License Authorization portal), plus Industrial Service & Support (technical support, repair and overhaul, product training, control system upgrades, the Cybersecurity Support Portal) and Aerospace Service & Support (AOG).

Differentiator

Problem solved

Functional benefit

Brands

• Woodward L'Orange: Woodward's German operating brand for industrial fuel injection and engine management solutions, with multiple sites across Germany.
• Woodward Florida Campus (WFC)
• TecJet
• SOGAV
• ProTech / QuickTrip
• MicroNet

Products and services

• Aerospace - Aircraft Engine Controls Portfolio of fuel metering valves, actuation systems, and electronic controls for commercial and military aircraft engines, with precision components present on virtually every aircraft in the world. Targeted at aerospace OEMs such as Boeing, Airbus, CFM, and Safran.
• Aerospace - Actuation and Controls Actuation and flight control systems for aerospace platforms, including the Airbus A350 Horizontal Stabilizer Trim Actuation (HSTA) and the A350 Spoiler Servo Control Actuator covering 12 aircraft spoilers plus full Spoiler Actuation System services.
• Aerospace - Space and Defense Components and control systems for space and defense programs including the F-35 Lightning II and other military aerospace platforms. Targeted at defense OEMs and prime contractors.
• Valve Research & Manufacturing (VRM) / Woodward Florida Campus High-precision electromagnetic flow control valves (solenoid, check, relief) for aerospace applications including Next Generation Single Aisle programs. Acquired March 31, 2026 and integrated into Woodward's Fuel Systems and Controls business within the Aerospace segment.
• Industrial - Power Generation (iCON Controls)

Quantifiable outcome

• Q2 FY2026 sales of $1.1 billion, +23% YoY; adjusted EPS of $2.27, +34% YoY.
• +9 more outcomes

Named customers18 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature10 records

Partnerships

20 partnerships are on record, tiered core and major.

• AFI KLM E&M (Air France Industries KLM Engineering & Maintenance)coreChannel Partner/ Reseller/ Distributor · 23 April 2026Elite-level Licensed Repair Service Facility (LRSF) Agreement authorizing AFI KLM E&M to provide full MRO services for Woodward components across the CFM International LEAP-1A and LEAP-1B engine family (fuel controls, actuators, pumps, valves). Strengthens AFI KLM E&M's position as a CFM Premier MRO Provider and extends Woodward's global aftermarket support network.
• AAR CORP.coreChannel Partner/ Reseller/ Distributor · 22 April 2026Multi-year commercial distribution agreement signed at MRO Americas 2026 in Orlando, FL, designating AAR as the preferred distributor of Woodward high-demand consumable parts (fuel filters, gaskets, seals) for CFM LEAP, GEnx, and CF34 commercial jet engines. Expands an existing defense-market relationship into commercial aviation, leveraging AAR's global warehouse network for faster delivery and AOG support.
• Lufthansa TechnikcoreChannel Partner/ Reseller/ Distributor · 21 April 2026Elite-level Licensed Repair Service Facility (LRSF) Agreement making Lufthansa Technik the first network partner authorized to provide complete repair and overhaul services on Woodward fuel controls, valves, and actuators for CFM International LEAP-1A and LEAP-1B engines on Airbus A320neo and Boeing 737 MAX. Lufthansa Technik will invest in advanced tooling and test equipment for OEM-compliant repair solutions. Part of Woodward's newly established two-tier global support network.
• Ontic Engineering and ManufacturingcoreStrategic or Co-development Partner · 15 April 2026Woodward entered an agreement to sell its pilot controls product line and services to Ontic (subject to regulatory approval). The transaction includes throttle quadrant assemblies, rudder pedals, and passive side sticks manufactured at the Niles, IL facility, plus a long-term supply and transition services agreement under which Woodward remains the sole supplier of certain components for 9-12 months.
• Valve Research & Manufacturing Company (VRM)majorStrategic or Co-development Partner · 9 March 2026Woodward acquired VRM (legal entity Jet Research Development, Inc.), a Florida-based manufacturer of high-precision flow control valves for aerospace applications. The acquisition included all outstanding shares, manufacturing assets, and associated real estate. ~130 employees joined Woodward and now operate as part of Woodward's Fuel Systems and Controls business within the Aerospace segment, with the Deerfield Beach facility becoming the Woodward Florida Campus (WFC). The deal closed on March 31, 2026. VRM brings over 50 years of family-owned expertise in solenoid, check, and relief valves used on commercial and defense aircraft including Next Generation Single Aisle programs.
• EthosEnergy Power Plant Services, LLCmajorStrategic or Co-development Partner · 10 January 2026Woodward completed the acquisition of the iCON Controls business from EthosEnergy, expanding its capabilities in gas turbine control systems and services. The deal brings over two decades of experience in gas turbine control development, more than 1,200 deployed control systems globally, and a substantial intellectual property portfolio, supporting Woodward's Industrial Asset Services growth initiative.
• Safran Electronics & DefensemajorStrategic or Co-development Partner · 21 July 2025Woodward completed the acquisition of Safran's North American electromechanical actuation business (US, Mexico, Canada), including intellectual property, operations assets, talent, and long-term customer agreements. The portfolio includes Horizontal Stabilizer Trim Actuation (HSTA) systems for the Airbus A350, plus other electromechanical products and electronic control units for commercial and business aircraft. The deal increased Woodward's per-A350 shipset content to approximately $550,000.
• AirbusmajorStrategic or Co-development PartnerSelected Woodward as supplier for the Spoiler Servo Control Actuator on the A350 program (June 16, 2025), covering 12 aircraft spoilers plus full A350 Spoiler Actuation System services. The partnership also covers the A350 HSTA system via the Safran acquisition. Aerospace executives commemorated the agreement at the 55th International Paris Airshow.
• GE VernovamajorStrategic or Co-development PartnerGE Vernova closed the acquisition of Woodward's gas turbine parts business (referenced in GE Vernova's Q2 2025 earnings call). The two companies maintain a strategic relationship as Woodward's industrial gas turbine business is positioned to benefit from GE Vernova's capacity expansion.
• Raytheon TechnologiescoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Raytheon Technologies logo featured on Woodward's homepage 'Industry Leaders' section.
• Baker HughescoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Baker Hughes logo featured on Woodward's homepage 'Industry Leaders' section.
• Caterpillar (CAT)coreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; CAT logo featured on Woodward's homepage 'Industry Leaders' section.
• MTUcoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; MTU logo featured on Woodward's homepage 'Industry Leaders' section.
• WartsilacoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Wartsila logo featured on Woodward's homepage 'Industry Leaders' section.
• CumminscoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Cummins logo featured on Woodward's homepage 'Industry Leaders' section.
• Mitsubishi Heavy IndustriescoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Mitsubishi Heavy Industries logo featured on Woodward's homepage 'Industry Leaders' section.
• Weichai PowercoreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; Weichai Power logo featured on Woodward's homepage 'Industry Leaders' section.
• CFM International (The Power of Flight)coreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; CFM logo featured on Woodward's homepage 'Industry Leaders' section; CFM International is the joint venture of GE Aerospace and Safran Aircraft Engines that produces the LEAP engine family.
• GE (incl. GE Aerospace / GE Vernova)coreOEM/ Whitelabel/ Licensing PartnerTrusted-by customer / OEM relationship; GE logo featured on Woodward's homepage 'Industry Leaders' section.
• Boeing India / India Aerospace & Defence EcosystemcoreStrategic or Co-development PartnerAt the ET Aerospace & Defence Manufacturing Summit 2026, Woodward described India as critical to its supply chain resilience. Boeing cited $1.4 billion in India sourcing, and the summit brought together Boeing, Lockheed Martin, Rolls-Royce, Embraer, and Indian firms including Bharat Electronics Limited and L&T Precision Engineering & Systems.

Scale indicators14 records

Recent moves12 records

Expansion highlights8 records

Direct peers

• HEICO: HEICO is a major aerospace aftermarket specialist in FAA-approved replacement parts and electronic technologies. Its PMA-heavy, distribution-driven aftermarket model directly mirrors the LRSF and consumables channel strategy Woodward is building with Lufthansa Technik, AFI KLM E&M, and AAR.
• TransDigm Group: TransDigm is a leading aerospace component manufacturer with a highly proprietary, sole-source product portfolio and an aftermarket-heavy revenue mix, making it the closest analog to Woodward's design-in, certification-driven model on aircraft platforms.
• Curtiss-Wright: Curtiss-Wright designs engineered products, systems, and services for commercial and defense aerospace, naval, and industrial markets, including control and actuation systems. Its three-segment structure (Aerospace & Industrial, Defense Electronics, Naval & Power) closely parallels Woodward's Aerospace and Industrial split.
• Moog Inc. Moog designs precision motion control products and systems for aerospace and industrial markets, including flight control actuation, engine controls, and industrial machinery. Its emphasis on high-precision electromechanical actuation is directly comparable to Woodward's recently expanded actuation portfolio from Safran.
• Triumph Group: Triumph designs, engineers, manufactures, repairs, and overhauls aerospace structures, systems, and components for commercial, business, regional, and military platforms. Its aftermarket services and OEM structures portfolio overlaps with Woodward's aerospace actuation and component franchise.
• Howmet Aerospace: Howmet supplies engine components (airfoils, fasteners, structures) to the same aerospace OEM customer base as Woodward, including CFM, GE Aerospace, and Pratt & Whitney, giving it a directly comparable exposure to LEAP, GEnx, and GTF engine programs.

Broad incumbents

• Eaton Corporation: Eaton's Aerospace and Vehicle/Industrial segments include fluid conveyance, power management, and control components serving similar OEMs and industrial customers. Comparable end-market exposure, though Eaton operates at much greater scale and breadth across electrical and industrial markets.
• GE Aerospace: GE Aerospace produces commercial and military engines and is both a major customer (CFM LEAP via its JV with Safran) and an indirect competitor in gas turbine controls. Strategic relationship is reinforced by GE Vernova's acquisition of Woodward's gas turbine parts business.
• Parker Hannifin: Parker Hannifin's Motion & Control Technologies span aerospace, industrial, and electromechanical domains, including fuel and fluid systems. Its Aerospace segment overlaps with Woodward's controls and actuation franchise but as part of a much broader diversified portfolio rather than a pure-play.
• Honeywell Aerospace: Honeywell Aerospace offers a wide portfolio of avionics, propulsion engines, and control systems. It is a customer-adjacent incumbent in engine controls and actuators, with overlapping products but at much larger scale across integrated systems.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Woodward.Inc1870/featured
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• Xx.com/woodward_inc

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Woodward