Here are 1-3 brief analogies for Woodward (WWD):

• The Intel of engine and turbine control systems.
• The Bosch for aerospace and industrial precision controls.

• Aerospace Control Systems: Manufactures control systems and components for aircraft engines and airframes, including fuel, combustion, and actuation systems.
• Industrial Control Systems: Provides control solutions for power generation, oil & gas, marine, and industrial engines to enhance performance and efficiency.

Woodward (symbol: WWD) primarily sells its highly engineered control systems and related services to other companies (Business-to-Business or B2B) rather than directly to individuals. Its customer base consists largely of original equipment manufacturers (OEMs) and operators in the aerospace and industrial markets.

Based on their financial disclosures, the major customer companies for Woodward include:

• GE Aerospace (Symbol: GE)
• Pratt & Whitney (a subsidiary of RTX Corporation) (Symbol: RTX)

Woodward also serves a diverse range of other significant OEMs and end-users globally in sectors such as industrial gas and steam turbines, reciprocating engines, and power generation, although individually these may not represent the same percentage of total net sales as the primary customers listed above.

Chip Blankenship, Chairman, President, & CEO

Chip Blankenship was appointed Chairman, President, and CEO of Woodward in May 2022. Prior to joining Woodward, he served as CEO at Arconic, an aerospace advanced alloys and components company. He also had a 24-year career at General Electric (GE), where he held significant leadership roles including CEO of GE Appliances from 2011 to 2017, Vice President and General Manager at GE Aviation from 2008 to 2011, and General Manager Aero Energy.

William Lacey, Chief Financial Officer and Executive Vice President

William (Bill) Lacey was appointed Chief Financial Officer and Executive Vice President of Woodward, effective May 8, 2023. Before joining Woodward, he served as Vice President of Finance for Amazon's Books and Kindle Content. Prior to Amazon, he was President and CEO of Savant's Lighting division. Lacey had a successful 28-year career at General Electric (GE), which included serving as President and CEO of GE's Lighting division (a role he continued after its acquisition by Savant) and holding senior leadership positions as CFO of GE's Healthcare Medical Diagnostic and Wind Energy divisions. He also worked with GE Aviation. Lacey previously served on the Board of Directors at Parker Hannifin Corporation.

Thomas G. Cromwell, Chief Operating Officer and Executive Vice President

Thomas G. Cromwell has served as the Chief Operating Officer and Executive Vice President of Woodward since 2019. Before this, he held various leadership roles at Kohler Co., including Group President of Power from 2014 to 2019, President of Global Engines from 2012 to 2014, and President of Gasoline Engines from 2009 to 2012.

Karrie Bem, Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer

Karrie Bem was appointed Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer in 2024. She previously held various executive roles at United Launch Alliance, LLC and Lockheed Martin.

Shawn McLevige, President of Aerospace Segment

Shawn McLevige has been appointed President of Woodward's Aerospace Segment, effective October 1, 2025. He joined Woodward in 2008 and previously served as Vice President and General Manager of Engine and Turbine Fluid Systems for the Industrial segment.

The key risks to Woodward Inc.'s (WWD) business operations are:

1. Customer Concentration: A significant portion of Woodward's revenue is derived from a relatively small number of customers, including RTX, Boeing, Weichai Power, and Rolls-Royce, with some customers representing more than 10% of segment sales. The top five customers account for approximately 36% of consolidated net sales. This concentration exposes Woodward to substantial vulnerability from fluctuations in sales to these key customers or changes in their financial health.
2. Supply Chain Disruptions and Operational Risks: Woodward faces ongoing challenges related to its supply chain, including dependencies on suppliers for critical parts and raw materials, which can lead to disruptions, shortages, and inflationary pressures on costs. Furthermore, the company's operations are subject to physical risks, such as severe weather events, and challenges in managing expenses and securing a stable, highly trained workforce.
3. Market, Economic, Geopolitical, and Competitive Landscape Fluctuations: The company's financial and operating performance is sensitive to broader market and economic fluctuations, particularly within the aerospace and industrial sectors. This includes shifts in OEM pricing, customer budgetary constraints, and changes in government defense spending. Geopolitical risks and stringent regulations, especially in markets like China, can negatively impact demand and sales stability. Additionally, Woodward operates in a highly competitive environment, necessitating continuous innovation to maintain market position against well-resourced competitors.

One clear emerging threat for Woodward (WWD) is the accelerating **electrification and decarbonization trend within the aerospace industry**. Woodward's core aerospace business centers on providing sophisticated control systems for traditional combustion-based aircraft engines, including fuel metering units, actuators, and engine controls. However, major aerospace OEMs and startups are investing heavily in the development of hybrid-electric, all-electric, and hydrogen propulsion systems for future aircraft. This fundamental shift in propulsion technology threatens the long-term demand for Woodward's established product lines that are tailored for conventional jet engines. While Woodward possesses deep expertise in complex control systems, the transition to fundamentally different power architectures (e.g., electric motors, batteries, fuel cells, hydrogen combustion) requires substantial adaptation, new technological capabilities, and faces a competitive landscape with companies specializing in electric power electronics and alternative energy management.

A related and equally clear emerging threat lies in the **global energy transition and decarbonization efforts impacting its industrial segment**. Woodward's industrial business provides control solutions for power generation (e.g., gas turbines, reciprocating engines) and oil & gas applications, which largely rely on fossil fuels. As economies worldwide move aggressively towards renewable energy sources (solar, wind), energy storage, and alternative fuels like hydrogen, the market for Woodward's legacy control systems designed for conventional power generation and hydrocarbon-centric industrial machinery is at risk of significant contraction. The pressure to transition away from fossil fuels could reduce the addressable market for many of its current industrial offerings, necessitating a pivot towards control solutions for new energy infrastructure, smart grid management, or green industrial processes, potentially against new competitors.

Woodward Inc. (WWD) operates in two main segments: Aerospace and Industrial.

Aerospace Segment

Woodward's Aerospace segment provides control systems and components for commercial aircraft, military aircraft, and unmanned aerial vehicles (UAVs), focusing on the management of fuel, air, combustion, and motion control.

The addressable market for Aerospace Flight Control Systems globally was valued at approximately USD 8.87 billion in 2024. This market is projected to grow to about USD 13.2 billion by 2035.

Industrial Segment

Woodward's Industrial segment delivers control solutions and components for industrial gas and steam turbines, reciprocating engines, power generation equipment, oil and gas, and marine sectors.

The global industrial automation and control systems market, which encompasses Woodward's industrial offerings, was estimated at USD 206.33 billion in 2024. This market is projected to reach USD 378.57 billion by 2030.

Woodward, Inc. (WWD) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Robust Aerospace Segment Performance: Growth in the Aerospace segment is a significant driver, particularly in commercial aftermarket and defense OEM sales. Commercial services sales increased 30% year-over-year in Q3 FY2025, benefiting from strong air traffic and high utilization of legacy aircraft. Defense OEM sales also saw a substantial increase of 56% year-over-year in Q3 FY2025, driven by demand for defense products and "smart defense" program activity. Management projects a 12% growth rate for the commercial aftermarket between 2023 and 2031. Woodward has raised its fiscal year 2025 guidance, with aerospace sales expected to grow between 11% and 13%.
2. Industrial Segment Transition and Core Growth: The Industrial segment's shift towards more dual fuel engines is expected to drive future growth. While overall industrial sales have been impacted by declines in the China on-highway market, core industrial sales (excluding the China on-highway business and divested combustion product lines) have shown double-digit growth. Specifically, the oil and gas and marine transportation categories each recorded 16% growth in Q3 FY2025.
3. Increased Content in Aerospace Products: Woodward expects "more content in Aerospace" to drive above-market growth. The company anticipates content gains in both its Aerospace and Industrial segments will contribute to achieving its long-term growth outlook.
4. Price Realization: Improved price realization has been a contributing factor to increased earnings in the Aerospace segment and generally to adjusted EPS growth. In the Industrial segment, price realization has largely offset the impacts of inflation and unfavorable product mix.
5. Strategic Investments in Manufacturing Capabilities: Woodward is making planned strategic investments in manufacturing capabilities to support current and future growth demands. An example of this is the company's plan to build a new 300,000-square-foot manufacturing facility for aircraft spoiler actuation systems, indicating a focus on expanding future production capacity.

Share Repurchases

• In January 2024, Woodward's Board of Directors authorized a new three-year stock repurchase program, allowing the company to repurchase up to $600 million in shares. This program replaced a previous two-year $800 million authorization from January 2022.
• Under the prior $800 million stock repurchase program (authorized in January 2022), Woodward repurchased approximately $572 million in stock.
• For the first nine months of fiscal year 2025, the company repurchased $124 million in shares, with $130 million remaining available under the current $600 million authorization. Woodward anticipates total share repurchases of $150 million for fiscal year 2025.

Outbound Investments

• In July 2025, Woodward completed the acquisition of Safran's Electronics & Defense electromechanical actuation business in North America.
• This acquisition includes intellectual property, operational assets, talent, and customer agreements, specifically for Horizontal Stabilizer Trim Actuation (HSTA) systems for the Airbus A350.

Capital Expenditures

• Woodward's capital expenditures for the first nine months of fiscal year 2025 amounted to $79 million.
• Expected capital expenditures for the full fiscal year 2025 are approximately $115 million.
• The company plans significant capital investments, estimated at "a couple of $100 million" spread over fiscal years 2026 and 2027, for a new 300,000-square-foot precision manufacturing facility in South Carolina. This facility, representing a nearly $200 million investment, will focus on producing aircraft spoiler actuation systems, particularly for the Airbus A350.