Woodward, Inc. (NASDAQ: WWD)

Woodward, Inc., a company with the stock symbol WWD, operates in the aerospace and industrial markets, providing control solutions that help customers offer cleaner, more reliable, and efficient equipment. Established in 1870, Woodward is headquartered in Fort Collins, Colorado, and has a global presence with production and assembly facilities primarily in the United States, Europe, and Asia.

Woodward's main business activities involve the design, manufacturing, and servicing of fluid energy, combustion control, electrical energy, and motion control systems. These activities are carried out in two main segments: Aerospace and Industrial. The Aerospace segment focuses on systems and products for the management of fuel, air, combustion, and motion control, while the Industrial segment designs, produces, and services systems and products for the management of energy in the form of fuel, air, fluids, gases, motion, combustion, and electricity.

The company generates revenue through the sale of its products and services to original equipment manufacturers (OEMs), tier-one suppliers, and prime contractors, as well as through aftermarket sales of components and services. Woodward's primary products include fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, as well as flight deck controls, actuators, servocontrols, motors, and sensors for aircraft.

In the Aerospace segment, Woodward has significant content on a wide variety of commercial aircraft, rotorcraft, and business jet platforms, including the Airbus A320neo, Boeing 737 MAX, 787, Bell 429, and Gulfstream G650. The company also has significant content on defense applications such as Blackhawk and Apache helicopters, F-35 and F-15 fighter jets, and guided tactical weapons. In the Industrial segment, Woodward's products are used in power generation systems, transportation, and oil and gas markets, and are used on industrial gas turbines, steam turbines, compressors, and reciprocating engines that operate on various fuels.

Woodward competes with numerous companies around the world that specialize in various engine, turbine, and power management products. The company's OEM customers are often capable of developing and manufacturing similar products internally, and Woodward must differentiate itself through innovation, quality, and customer service. The company believes it is a market leader in providing its customers with advanced technology and superior product performance at a competitive price.

Woodward's five largest customers represented approximately 40% of its consolidated net sales for the fiscal year ended September 30, 2023, and 43% in fiscal year ended September 30, 2022. The company's largest customers include General Electric Company ("GE") and RTX Corporation, which accounted for approximately 12% and 10% of its consolidated net sales, respectively, in fiscal year ended September 30, 2023.

The brand names and/or trade names of Woodward's products and services include Woodward, Woodward HRT, Woodward L'Orange, Woodward Fuel Systems, Woodward Propulsion Systems, Woodward Electronic Controls, Woodward Motion Control, Woodward Valves, Woodward Actuators, Woodward Controls, Woodward Sensors, Woodward Servocontrols, Woodward Thrust Reverser Actuation Systems, and Woodward Flight Deck Controls.