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Oct 29, 2026
Round Rock capacity expansion announced
New York Stock Exchange: $CWAerospace, defense and nuclear equipment
CW Stock Hub: Curtiss-Wright News, Naval Capacity and Nuclear Growth
Curtiss-Wright is expanding naval and nuclear capacity while maintaining a profitable aerospace, defense and industrial portfolio. Second-quarter sales were $924.0 million and company-defined free cash flow was $160.3 million, including the effect of capital grants. Backlog was approximately $4.5 billion at June 30. November results will update the financial picture after the latest capacity, capital-return and leadership announcements.
Full research report · PDF
Curtiss-Wright Corporation research · November 1, 2026
19 pages covering the business, financial position, catalysts, risks, scenarios and sources. A dated snapshot for personal use; redistribution prohibited.
Next catalyst
2026-11-04 · Third-quarter financial results release
announced after the close of trading Announcement and terms
CW stock at a glance
Indicative basic equity value
17,581.2
USD million · 2026-10-30 · Calculated $476.01 × 36,934,444 shares outstanding July 31; this count precedes subsequent repurchase programs and is not a verified October count.
SourceContract backlog
4,500.0
USD million, approximate · 2026-06-30 · Remaining performance obligations; approximately 90% expected to convert to sales over 36 months, not all next-quarter revenue.
SourceCommon shares outstanding
36,934,444
common shares · 2026-07-31 · Historical filed count before subsequent announced repurchase programs.
SourceCombined debt carrying amount
957.4
USD million · 2026-06-30 · Current debt 200.000 plus long-term debt 757.387; accounting carrying amounts.
SourceWhere Curtiss-Wright Corporation stands now
The company is investing $80 million over multiple years at Cheswick and announced another $30 million project at Round Rock in October. These programs expand different manufacturing, testing, sensing and engineering capabilities within the broad Naval & Power portfolio.
Natrium simulator installation provides a delivered advanced-reactor milestone, while Xe-100 work has moved into prototype manufacturing. The latest complete financial statements remain the June quarter: third-quarter results are scheduled for November 4 after trading, followed by a November 5 webcast. Gary Ogilby is already interim CFO, and Kevin Rayment is scheduled to become CEO on January 1, 2027.
The main risk is that program timing, costs, mix or investment requirements weaken order conversion and cash generation while the share valuation assumes durable growth. Expanding facilities requires skilled personnel, testing and profitable utilization, and customer demand does not automatically establish the return earned on new capacity.
The constructive case
Specialized customer positions and demand across defense, aerospace and nuclear markets support profitable order conversion, productive capacity expansion and sustained cash generation per share.
The cautious case
Program delays, unfavorable mix, costs or investment requirements reduce cash conversion and growth, while the share valuation leaves limited room for weaker execution.
Latest Curtiss-Wright Corporation news
Oct 29, 2026
Round Rock capacity expansion announced
The company announced a $30 million capital investment for sensor manufacturing, instrumentation and control development, testing and engineering resources in Texas.
Oct 14, 2026
Natrium Stage 1 simulator delivered and installed
Curtiss-Wright completed installation of its training simulator at TerraPower’s Kemmerer site. Previously awarded control and protection-system work provides related program scope.
Oct 6, 2026
Gary Ogilby appointed interim CFO
Christopher Farkas stepped down as CFO and remains executive vice president during the transition to year-end retirement. Ogilby became interim CFO effective October 6.
Sep 29, 2026
November quarterly reporting dates announced
Third-quarter results are scheduled for November 4 after trading, followed by a November 5 webcast at 10 a.m. Eastern. Results remain ahead as of November 1.
Sep 22, 2026
CEO succession announced for January 2027
Kevin Rayment will become president and CEO effective January 1, 2027, and Lynn Bamford will transition to executive chair. The current roles remain distinct from that future arrangement.
Sep 10, 2026
Repurchase authorization increased
Available authorization increased to $700 million. The company expected $460 million of 2026 repurchases upon completion of its announced programs; authorization is separate from completed spending.
CW stock catalysts
- 2026-11-04 · Third-quarter financial results releaseannounced after the close of trading
- 2026-11-05 · Third-quarter results webcastannounced for 10 a.m. Eastern Time
- Calendar year-end 2026 · Finance transition toward Farkas retirementannounced retirement timetable; Ogilby already interim CFO
- 2027-01-01 · CEO succession effective dateannounced effective date for Rayment as president/CEO and Bamford as executive chair
- Multi-year investment program begun in 2025 · Cheswick capacity and testing expansionongoing announced capital program; no single near-term full-completion date established
Naval and nuclear investment supports different capabilities
| Development | Scope and stage |
|---|---|
| Cheswick | $80 million multi-year investment in manufacturing and testing, combining internal capital and public support. |
| Round Rock | $30 million investment announced October 29 for sensing, instrumentation, control and engineering capacity. |
| Natrium | Stage 1 training simulator delivered and installed in October; related control and protection-system work is contracted. |
| Xe-100 | Circulator and control/shutdown systems moved from design into prototype manufacturing in May. |
Cheswick announcement · Round Rock announcement · Natrium delivery
Quarterly cash and earnings have specific definitions
| June-quarter measure | Amount and meaning |
|---|---|
| Reported diluted EPS | $4.07; includes a gain on equity securities. |
| Adjusted diluted EPS | $3.72; removes the securities gain and makes the disclosed restructuring adjustment. |
| Operating cash flow | $181.183 million. |
| Net capital expenditure | $20.923 million after $8.528 million of grant proceeds. |
| Company-defined free cash flow | $160.260 million, equal to operating cash less net capital expenditure. |
Merlintrader Health Score · $CW
3.75out of 5
Assessed November 1, 2026. An editorial assessment of financial and operating resilience over twelve to eighteen months; no price target or recommendation is implied.
Red flags
- Program timing can shift orders, revenue and cash collection across quarters.
- Naval & Power also includes commercial nuclear and process activities.
- Capacity investments need qualified people, testing and productive utilization.
- Advanced-reactor prototype work does not guarantee orders for every planned plant.
- Reported and adjusted earnings use different disclosed scopes.
- Repurchase authorization is separate from completed purchases and the current share count.
- Leadership and finance transitions require continuity during the expansion.
- The share valuation depends on sustained earnings growth and cash conversion.
CW Stock FAQ: Curtiss-Wright Corporation Questions Answered
Has Curtiss-Wright reported third-quarter results?
As of November 1, the announced release remains November 4 after the close, with a November 5 call. The financial baseline here is June 30.
Is Naval & Power only a submarine business?
It also includes commercial nuclear and process activities. The segment differs from the separately reported Naval Defense end market.
Why is reported EPS higher than adjusted EPS?
Reported Q2 EPS of $4.07 includes a gain on equity securities; adjusted EPS of $3.72 removes that gain and makes the disclosed restructuring adjustment.
Has the repurchase authorization all been spent?
The September announcement sets authorization and expected execution. Actual purchases and the resulting share count require subsequent disclosure.
What would strengthen the shareholder case?
Dependable order conversion, sound margins during expansion, productive capital allocation and sustained cash generation would strengthen the operating case, assessed together with valuation.
Primary sources and market references
- June financial statements
- Announced reporting schedule
- Dated market quotation
- Second-quarter release and reconciliations
- 2024 naval awards and scope
- Canadian project teaming agreement
- Cheswick expansion
- Round Rock capital investment
- Annual business description
- Natrium simulator installation
- Xe-100 prototype milestone
- Leidos contracts
- Expanded credit facility
- September capital-return announcement
- Leadership succession
- Current finance transition
- SEC disclosure
- official Curtiss-Wright site
- investor relations
Disclaimer. Published by Merlintrader for educational and informational purposes only. This content does not constitute investment advice or a recommendation to buy, sell or hold securities. Verify figures against the dated primary disclosures. Investors can lose part or all of their capital.
Aerospace, defense, nuclear and industrial suppliers face program-funding, customer-concentration, contract-estimate, qualification, production, supply-chain, export-control, environmental, acquisition, capital-allocation and valuation risks. Backlog, authorizations, capacity investment and company guidance do not guarantee future revenue, cash generation or shareholder returns.
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