Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services to the aerospace, defense, general industrial, and power generation markets worldwide. worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Aerospace & Industrial segment offers industrial vehicle products, such as electronic throttle control devices, joysticks, and transmission shifters; sensors, controls and electro-mechanical actuation components used in commercial and military aircraft; and surface technology services, including shot peening, laser peening, and coatings. The Defense Electronics segment provides commercial off-the-shelf embedded computing board-level modules, data acquisition and flight test instrumentation equipment, integrated subsystems, instrumentation and control systems, turret aiming and stabilization products, and weapons handling systems; avionics and electronics; flight test equipment; and aircraft data management solutions. The Naval & Power segment offers hardware, pumps, pump seals, control rod drive mechanisms, valves, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products for nuclear power plants and nuclear equipment manufacturers; and naval propulsion and auxiliary equipment, including coolant pumps, power-dense compact motors, generators, steam turbines, valves, and secondary propulsion systems, as well as ship repair and maintenance services primarily to the U.S. navy. Curtiss-Wright Corporation was founded in 1929 and is headquartered in Davidson, North Carolina.
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A specialized Honeywell, providing mission-critical components for defense and energy.
Parker-Hannifin, but with a stronger focus on highly engineered parts for aerospace, defense, and nuclear applications.
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- Actuation & Motion Control Systems: Curtiss-Wright provides precision mechanical, electromechanical, and hydraulic actuation systems for aerospace, defense, and industrial applications.
- Embedded Computing & Digital Solutions: The company offers ruggedized computing, networking, and data storage solutions for defense, aerospace, and critical industrial applications.
- Flow Control & Power Generation Equipment: Curtiss-Wright supplies high-performance valves, pumps, and power generation systems primarily for naval and nuclear power applications.
- Surface Treatment & Engineered Materials: They provide specialized surface technologies such as shot peening and laser peening, along with engineered materials for critical components.
- Sensors & Industrial Controls: Curtiss-Wright manufactures advanced sensors, controls, and instrumentation for diverse industrial and aerospace applications, including position, pressure, and temperature sensing.
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Curtiss-Wright (CW) Major Customers
Curtiss-Wright (CW) primarily sells its highly engineered products and solutions to other companies and government entities (B2B model), rather than directly to individuals.
Its major customers include prime contractors and Original Equipment Manufacturers (OEMs) across its key markets: Defense, Commercial Aerospace, Power Generation, and General Industrial.
While a significant portion of Curtiss-Wright's sales ultimately serve the U.S. Government (Department of Defense, Department of Energy, etc.), these sales are typically facilitated through major defense prime contractors.
Here are some of Curtiss-Wright's major customer companies:
- Defense Prime Contractors (serving the U.S. Government and international militaries):
- Commercial Aerospace OEMs:
- Power Generation and Industrial Customers:
Curtiss-Wright supplies to a broad range of global utility companies, engineering firms, and industrial manufacturers in nuclear power, oil and gas, chemical processing, and other heavy industries. Specific names are highly diversified and not typically disclosed as individual major customers due to the vast number of projects and clients in these sectors.
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Lynn M. Bamford, Chair and Chief Executive Officer
Lynn M. Bamford assumed the role of President and Chief Executive Officer of Curtiss-Wright Corporation on January 1, 2021, and was named Chair of the Board of Directors in May 2022. She joined Curtiss-Wright in 2004 through its acquisition of Dy4, where she held several engineering and leadership positions. Prior to her CEO role, she served as President of the Defense and Power Segments since January 2020, and as Senior Vice President and General Manager of the Defense Solutions division from 2013 through 2019. During her tenure, she has successfully led the company through nine acquisitions. Ms. Bamford has over 30 years of operational experience across the defense, aerospace, and commercial industries. She holds a Bachelor of Science Degree in Electrical Engineering from Penn State University and a Master of Science Degree in Electrical Engineering from George Mason University.
K. Christopher Farkas, Vice President and Chief Financial Officer
K. Christopher Farkas was named Vice President and Chief Financial Officer of Curtiss-Wright Corporation in 2020. He previously held positions as Vice President of Finance (appointed December 2017) and Vice President and Corporate Controller (since 2014), and Assistant Corporate Controller (since May 2009). Before joining Curtiss-Wright, Mr. Farkas spent over 17 years in financial, technical, and operational roles at various industrial companies, including United Technologies Corporation and Parker Hannifin. He served as Chief Financial Officer and Chief Operating Officer at Newmark Grubb ACRES, and as CFO and Compliance Officer within the Controls Systems division at Parker-Hannifin. He also held various leadership roles at United Technologies Corporation, including Controller of its Pratt & Whitney Engine Center. Mr. Farkas holds a Bachelor of Science Degree in Accounting, an MBA from Purdue University, and an EMBA from ESCP Europe, and is a CPA.
Kevin M. Rayment, Vice President and Chief Operating Officer
Kevin M. Rayment serves as the Vice President and Chief Operating Officer. He was named to this role in January 2021. Previously, he served as President of the Naval & Power segment since January 2020. He has more than 30 years of experience within the aerospace and defense industry and holds a Bachelor of Science degree in Electrical and Electronic Engineering from the University of London.
Gary A. Ogilby, Vice President and Corporate Controller
Gary A. Ogilby was named Vice President and Corporate Controller of Curtiss-Wright Corporation in 2020. Prior to this, he was Vice President of Finance and Administration at the Corporation's Surface Technologies division starting in 2016. He also served as Assistant Corporate Controller since 2014 and held other corporate financial managerial roles of increasing responsibility since 2010. Before joining Curtiss-Wright, he worked at Ernst & Young, primarily auditing public multi-national corporations. Mr. Ogilby holds a Bachelor of Science Degree in Accounting from the College of New Jersey and is a CPA.
John C. Watts, Vice President of Strategy and Corporate Development
John C. Watts serves as the Vice President of Strategy and Corporate Development. He assumed this role in January 2021. Prior to this, he served as Vice President and General Manager of the Company’s Defense Solutions division since 2018. Mr. Watts joined Curtiss-Wright in 2010 as a part of the acquisition of Hybricon International. He holds a Bachelor of Science degree in Mechanical Engineering from the University of Massachusetts and an MBA from Rivier University.
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The key risks to Curtiss-Wright's business are:
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Reliance on Government Contracts and Defense Spending: Curtiss-Wright heavily relies on contracts with the U.S. government and its defense budget. These contracts are subject to unilateral modification or termination by the government and commercial customers. Any reduction in defense spending, policy changes, or contract cancellations could significantly impact the company's revenue and operating results. The company's substantial backlog, while an indicator of future work, can also be subject to such reductions or cancellations if not replaced.
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Legal and Regulatory Compliance: The company's operations are subject to numerous domestic and international laws, regulations, and restrictions, including those related to import-export control, sanctions programs, technology transfer, and anti-bribery (e.g., Foreign Corrupt Practices Act). Non-compliance with these complex and evolving regulations could result in significant fines, penalties, suspension, or debarment from government contracts, which would materially and adversely affect its profitability and financial condition.
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Market Valuation and Macroeconomic Headwinds: Curtiss-Wright faces risks related to its market valuation, with some analyses suggesting it trades at high multiples compared to peers, indicating potential for a "multiple mean reversion." Additionally, the company is exposed to industrial cyclicality, tariff impacts, and broader manufacturing softness, which could pose material risks to future earnings and threaten current valuation support, especially in a "higher-for-longer real rates" economic environment.
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The accelerating global transition to renewable energy sources (solar, wind, battery storage) as the preferred and increasingly cost-competitive solution for new power generation, potentially eroding the long-term growth and market share of traditional large-scale nuclear power, a significant segment for Curtiss-Wright's services and components.
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Curtiss-Wright (CW) operates in several key markets. The estimated addressable market sizes for its main products and services are as follows:
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Defense Electronics: The global defense electronics market was valued at approximately USD 175.2 billion in 2024 and is projected to grow to about USD 290.19 billion by 2034, with a compound annual growth rate (CAGR) of 5.08% from 2025 to 2034. In 2025, the market is estimated to be around USD 178.34 billion, with a forecast to reach USD 234.48 billion by 2030, reflecting a 5.63% CAGR. Another estimate places the global market at USD 188.3 billion in 2025, reaching USD 322.0 billion by 2035, at a CAGR of 5.5%. The North American defense electronics market is expected to exceed USD 125 billion by 2034.
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Commercial Aerospace (via Aerospace Parts Manufacturing): The global aerospace parts manufacturing market size was approximately USD 981.27 billion in 2024 and is projected to grow to USD 1.24 trillion by 2029, at a CAGR of 5%. Another valuation places the global market at USD 796.07 billion in 2024, with a projection to reach USD 1203.31 billion by 2032, growing at a CAGR of 5.30% from 2026 to 2032. In 2023, the market was estimated at USD 913.13 billion and is expected to reach USD 1,233.24 billion in 2030, growing at a CAGR of 4.2% from 2024 to 2030. North America was the largest regional market for aerospace parts manufacturing in 2024.
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Naval & Power (Nuclear Power Generation / Power Generation Equipment): The global power generation equipment market was valued at USD 236.14 billion in 2024 and is projected to grow to USD 403.12 billion by 2035, demonstrating a CAGR of 4.98% from 2025 to 2035. In 2022, the global power generation equipment market size was USD 110.4 billion, with a projection to reach USD 173.1 billion by 2032, at a CAGR of 4.8% from 2023 to 2032. For the broader power generation, transmission, and control equipment market, the global size was USD 530.76 billion in 2024, with an expected increase to USD 550.01 billion in 2025, growing at a CAGR of 3.6%. It is further anticipated to reach USD 651.97 billion in 2029 at a CAGR of 4.3%. North America held a 35% revenue share in the power generation equipment market in 2023.
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Curtiss-Wright (CW) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:
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Accelerated Demand in Aerospace & Defense (A&D) Markets: Curtiss-Wright expects strong growth in both naval defense, driven by demand for nuclear propulsion equipment supporting U.S. Navy programs, and the commercial aerospace sector. The company's sales outlook for aerospace defense for 2025 remains strong, reflecting growth in defense electronics and higher sales of aircraft arresting systems equipment.
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Expansion in the Commercial Nuclear Market: Significant growth is anticipated from the sustainment of the global nuclear operating reactor fleet, global growth in Gen III+ and Gen IV projects, and new development contracts for Small Modular Reactors (SMRs). Curtiss-Wright aims to achieve $1.5 billion in commercial nuclear revenue by the mid-next decade.
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Robust Backlog and New Orders: A record backlog exceeding $3.9 billion, up 14% year-to-date, and an 8% increase in new orders (with a book-to-bill ratio of over 1.0), provide strong visibility and confidence in future top-line growth.
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Strategic Investments in Research & Development (R&D) and Product Innovation: The company is making focused investments in R&D, including supporting next-generation SMR designs and delivering improved cockpit voice recorder solutions to meet new safety mandates. These investments are intended to position Curtiss-Wright for future organic growth.
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Strategic Acquisitions: Curtiss-Wright's growth strategy is supplemented by strategic acquisitions that align with its financial objectives and return requirements, further contributing to revenue expansion.
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Share Repurchases
- Curtiss-Wright has returned over $450 million to shareholders through share repurchase activities since 2021.
- The company completed $250 million in share repurchases during 2024.
- In May 2024, an additional $300 million was authorized for future share repurchases, increasing the total available authorization to $400 million.
Share Issuance
- Curtiss-Wright's shares outstanding have shown a declining trend over the last few years, indicating that share repurchases have outweighed any issuances. For instance, shares outstanding decreased by 0.4% in 2024 from 2023, and by 4.81% in 2022 from 2021.
Outbound Investments
- In April 2024, Curtiss-Wright acquired WSC, Inc. for approximately $34 million in cash, expanding its commercial nuclear portfolio with power plant control room simulation technology.
- The company completed a $200 million cash acquisition of Ultra Energy (UK-based) in January 2025, a manufacturer of nuclear reactor control systems and monitoring systems.
- Total acquisition activities for 2024 amounted to $226 million, contributing to goodwill and intangible assets.
Capital Expenditures
- Capital expenditures were $61 million in 2024, compared to $44.7 million in 2023 and $38.2 million in 2022.
- The primary focus of capital expenditures in 2024 was within the Defense Electronics and Naval & Power segments, including $16 million for incremental growth investments across all three segments.
- Expected capital expenditures for the upcoming fiscal year (2025) are projected to be $80 million.
