Curtiss-Wright Corporation (CW) Balance Sheet
CW balance sheet, 2025
December 31, 2025 · U.S. dollars$5.22B assets = $2.69B liabilities + $2.53B equity
Both columns are drawn to the same scale: what CW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CW financial health
Current ratio1.44
Adequate · current assets cover current liabilities 1.44×
Debt / equity0.52
Moderate leverage · $0.52 of debt for each $1 of equity
Equity / assets48.5%
Equity-funded · of assets funded by shareholders
Cash / debt28.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles42.6%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
CW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.04B2016 | $5.22B2025 | +6.2%/yr | |
| Total liabilities | $1.75B2016 | $2.69B2025 | +4.9%/yr | |
| Shareholders’ equity | $1.29B2016 | $2.53B2025 | +7.8%/yr | |
| Cash & short-term investments | $553.8M2016 | $371.3M2025 | −4.3%/yr | |
| Total debt | $966.3M2016 | $1.31B2025 | +3.5%/yr | |
| Net cash (debt) | −$412.4M2016 | −$943.5M2025 | −$531.0M | |
| Working capital | $739.5M2016 | $612.9M2025 | −$126.6M | |
| Book value per share | $28.662016 | $67.332025 | +10.0%/yr | |
| Current ratio | 2.102016 | 1.442025 | −0.66 | |
| Debt / equity | 0.752016 | 0.522025 | −0.23 | |
| Shares outstanding | 45.0M2016 | 37.6M2025 | −2.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CW assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CW liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CW debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $371.3M | $385.0M | $406.9M | $257.0M | $171.0M | $198.2M | $391.0M | $276.1M | $475.1M | $553.8M |
| Cash & equivalents | $371.3M | $385.0M | $406.9M | $257.0M | $171.0M | $198.2M | $391.0M | $276.1M | $475.1M | $553.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $932.3M | $835.0M | $732.7M | $723.3M | $647.1M | $588.7M | $632.2M | $593.8M | $494.9M | $463.1M |
| Inventory | $615.1M | $541.4M | $510.0M | $483.1M | $411.6M | $428.9M | $424.8M | $423.4M | $378.9M | $367.0M |
| Other current assets | $99.7M | $88.1M | $67.5M | $52.6M | $78.1M | $85.0M | $81.7M | $50.7M | $53.0M | $30.9M |
| Total current assets | $2.02B | $1.85B | $1.72B | $1.52B | $1.31B | $1.30B | $1.53B | $1.34B | $1.40B | $1.41B |
| Property, plant & equipment (net) | $580.8M | $508.5M | $474.2M | $496.6M | $503.6M | $529.1M | $551.1M | $374.7M | $390.2M | $388.9M |
| Goodwill & intangible assets | $2.22B | $2.27B | $2.12B | $2.17B | $2.00B | $2.06B | $1.65B | $1.52B | $1.43B | $1.22B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $397.1M | $355.1M | $313.2M | $270.2M | $291.0M | $126.6M | $36.8M | $19.2M | $18.2M | $11.5M |
| Total assets | $5.22B | $4.99B | $4.62B | $4.45B | $4.10B | $4.02B | $3.76B | $3.26B | $3.24B | $3.04B |
| Liabilities | ||||||||||
| Accounts payable | $310.3M | $247.2M | $243.8M | $266.5M | $211.6M | $201.2M | $222.0M | $233.0M | $185.2M | $177.9M |
| Short-term debt | $200.0M | $119.8M | $30.6M | $232.4M | $25.4M | $127.3M | $26.8M | $243,000 | $150,000 | $150.7M |
| Deferred revenue | $561.5M | $459.4M | $303.9M | $254.8M | $260.2M | $253.4M | $276.1M | $236.5M | $214.9M | $170.1M |
| Total current liabilities | $1.41B | $1.10B | $806.5M | $981.0M | $734.9M | $810.4M | $744.7M | $687.3M | $591.0M | $675.3M |
| Long-term debt | $757.9M | $964.4M | $1.06B | $1.05B | $1.05B | $958.3M | $760.6M | $762.3M | $814.0M | $815.6M |
| Lease obligations | $210.2M | $177.9M | $149.2M | $162.2M | $152.5M | $160.3M | $171.9M | — | — | — |
| Other long-term liabilities | $524.3M | $475.5M | $428.9M | $434.1M | $491.6M | $465.1M | $484.5M | $275.0M | $303.5M | $255.7M |
| Total liabilities | $2.69B | $2.54B | $2.29B | $2.47B | $2.28B | $2.23B | $1.99B | $1.72B | $1.71B | $1.75B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M |
| Retained earnings (deficit) | $4.31B | $3.86B | $3.49B | $3.16B | $2.91B | $2.67B | $2.50B | $2.19B | $1.94B | $1.75B |
| Treasury stock | — | — | — | −$1.11B | −$1.07B | −$743.6M | −$562.7M | −$539.7M | −$369.5M | −$350.6M |
| Accumulated other comprehensive income | −$173.8M | −$243.2M | −$213.2M | −$258.9M | −$190.5M | −$310.9M | −$325.3M | −$288.4M | −$216.8M | −$291.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.53B | $2.45B | $2.33B | $1.98B | $1.83B | $1.79B | $1.77B | $1.53B | $1.53B | $1.29B |
| Key figures | ||||||||||
| Total debt | $1.31B | $1.23B | $1.20B | $1.41B | $1.20B | $1.21B | $932.5M | $762.6M | $814.1M | $966.3M |
| Net cash (debt) | −$943.5M | −$841.9M | −$788.3M | −$1.15B | −$1.02B | −$1.01B | −$541.5M | −$486.5M | −$339.0M | −$412.4M |
| Working capital | $612.9M | $753.6M | $910.5M | $535.0M | $572.9M | $490.4M | $785.1M | $656.6M | $810.9M | $739.5M |
| Tangible book value | $308.7M | $177.2M | $212.0M | −$184.3M | −$174.6M | −$277.2M | $127.8M | $13.2M | $101.8M | $68.7M |
| Book value per share | $67.33 | $63.84 | $60.43 | $51.26 | $44.99 | $42.56 | $41.25 | $34.54 | $34.13 | $28.66 |
| Shares outstanding | 37.6M | 38.4M | 38.5M | 38.6M | 40.6M | 42.0M | 43.0M | 44.3M | 44.8M | 45.0M |
| Current ratio | 1.44 | 1.69 | 2.13 | 1.55 | 1.78 | 1.61 | 2.05 | 1.96 | 2.37 | 2.10 |
| Quick ratio | 0.93 | 1.11 | 1.41 | 1.00 | 1.11 | 0.97 | 1.37 | 1.27 | 1.64 | 1.51 |
| Debt / equity | 0.52 | 0.50 | 0.51 | 0.71 | 0.65 | 0.68 | 0.53 | 0.50 | 0.53 | 0.75 |
| Equity / assets | 48.5% | 49.1% | 50.4% | 44.5% | 44.5% | 44.5% | 47.1% | 47.0% | 47.2% | 42.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $477.1M | $343.4M | $371.3M | $225.4M | $331.7M | $226.5M | $385.0M | $443.9M | $382.6M | $338.0M | $406.9M | $148.8M |
| Cash & equivalents | $477.1M | $343.4M | $371.3M | $225.4M | $331.7M | $226.5M | $385.0M | $443.9M | $382.6M | $338.0M | $406.9M | $148.8M |
| Receivables | $997.4M | $996.3M | $932.3M | $976.9M | $961.6M | $911.3M | $835.0M | $857.6M | $817.1M | $776.7M | $732.7M | $790.3M |
| Inventory | $668.7M | $640.6M | $615.1M | $636.9M | $610.9M | $578.1M | $541.4M | $582.6M | $559.1M | $553.0M | $510.0M | $540.2M |
| Other current assets | $93.8M | $91.2M | $99.7M | $87.9M | $95.6M | $84.1M | $88.1M | $68.0M | $77.0M | $69.5M | $67.5M | $65.8M |
| Total current assets | $2.24B | $2.07B | $2.02B | $1.93B | $2.00B | $1.80B | $1.85B | $1.95B | $1.84B | $1.74B | $1.72B | $1.55B |
| Property, plant & equipment (net) | $598.9M | $590.4M | $580.8M | $549.6M | $552.0M | $533.6M | $508.5M | $486.9M | $473.9M | $463.2M | $474.2M | $473.7M |
| Goodwill & intangible assets | $2.19B | $2.20B | $2.22B | $2.24B | $2.27B | $2.26B | $2.27B | $2.12B | $2.12B | $2.09B | $2.12B | $2.12B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $432.0M | $406.6M | $397.1M | $382.3M | $374.5M | $361.4M | $355.1M | $330.9M | $321.9M | $317.0M | $313.2M | $276.1M |
| Total assets | $5.46B | $5.27B | $5.22B | $5.10B | $5.19B | $4.95B | $4.99B | $4.89B | $4.75B | $4.61B | $4.62B | $4.41B |
| Liabilities | ||||||||||||
| Accounts payable | $285.3M | $277.2M | $310.3M | $270.3M | $261.1M | $237.7M | $247.2M | $222.5M | $224.8M | $233.8M | $243.8M | $213.7M |
| Short-term debt | $200.0M | $200.0M | $200.0M | $0 | $0 | $0 | $119.8M | $90.0M | $90.0M | $90.0M | $30.6M | $188.5M |
| Deferred revenue | $593.8M | $569.0M | $561.5M | $503.6M | $500.2M | $448.0M | $459.4M | $392.3M | $341.6M | $297.5M | $303.9M | $292.5M |
| Total current liabilities | $1.40B | $1.36B | $1.41B | $1.10B | $1.03B | $953.9M | $1.10B | $986.7M | $896.5M | $858.3M | $806.5M | $775.4M |
| Long-term debt | $757.4M | $757.6M | $757.9M | $968.6M | $958.4M | $958.6M | $958.9M | $959.3M | $959.7M | $960.0M | $1.05B | $1.05B |
| Lease obligations | $191.6M | $190.7M | $210.2M | $164.8M | $171.0M | $161.8M | $177.9M | $134.9M | $123.6M | $112.0M | $149.2M | $117.3M |
| Other long-term liabilities | $531.8M | $520.4M | $524.3M | $502.7M | $497.8M | $480.1M | $481.0M | $449.4M | $433.6M | $413.6M | $440.1M | $402.7M |
| Total liabilities | $2.69B | $2.64B | $2.69B | $2.57B | $2.48B | $2.39B | $2.54B | $2.40B | $2.29B | $2.23B | $2.29B | $2.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M | $49.2M |
| Retained earnings (deficit) | $4.57B | $4.43B | $4.31B | $4.18B | $4.07B | $3.95B | $3.86B | $3.75B | $3.65B | $3.56B | $3.49B | $3.38B |
| Accumulated other comprehensive income | −$190.0M | −$194.0M | −$173.8M | −$185.9M | −$168.1M | −$224.3M | −$243.2M | −$203.4M | −$233.5M | −$228.3M | −$213.2M | −$253.4M |
| Total shareholders' equity | $2.77B | $2.63B | $2.53B | $2.53B | $2.71B | $2.56B | $2.45B | $2.49B | $2.46B | $2.38B | $2.33B | $2.19B |
| Key figures | ||||||||||||
| Total debt | $1.15B | $1.15B | $1.31B | $1.13B | $1.13B | $1.12B | $1.23B | $1.18B | $1.17B | $1.16B | $1.20B | $1.24B |
| Net cash (debt) | −$671.8M | −$804.9M | −$943.5M | −$908.0M | −$797.7M | −$893.9M | −$841.9M | −$740.3M | −$790.7M | −$824.0M | −$788.3M | −$1.09B |
| Working capital | $840.4M | $711.5M | $612.9M | $825.9M | $973.2M | $846.1M | $753.6M | $965.4M | $939.4M | $878.9M | $910.5M | $769.7M |
| Tangible book value | $582.1M | $430.4M | $308.7M | $286.5M | $443.5M | $302.4M | $177.2M | $374.6M | $342.0M | $285.5M | $212.0M | $66.1M |
| Book value per share | $74.62 | $71.02 | $68.16 | $66.94 | $71.60 | $67.61 | $63.84 | $64.77 | $63.85 | $61.93 | $60.47 | $56.67 |
| Shares outstanding | 37.1M | 37.1M | 37.2M | 37.8M | 37.9M | 37.9M | 38.4M | 38.5M | 38.5M | 38.4M | 38.5M | 38.6M |
| Current ratio | 1.60 | 1.52 | 1.44 | 1.75 | 1.95 | 1.89 | 1.69 | 1.98 | 2.05 | 2.02 | 2.13 | 1.99 |
| Quick ratio | 1.06 | 0.99 | 0.93 | 1.09 | 1.26 | 1.19 | 1.11 | 1.32 | 1.34 | 1.30 | 1.41 | 1.21 |
| Debt / equity | 0.41 | 0.44 | 0.52 | 0.45 | 0.42 | 0.44 | 0.50 | 0.48 | 0.48 | 0.49 | 0.51 | 0.57 |
| Equity / assets | 50.8% | 49.9% | 48.5% | 49.6% | 52.2% | 51.7% | 49.1% | 51.0% | 51.8% | 51.6% | 50.4% | 49.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
CW financial position
At the end of fiscal 2025 (December 31, 2025), Curtiss-Wright had total assets of $5.2 billion (up 4.7% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $2.5 billion. It held $371.3 million in cash and short-term investments against $1.3 billion of debt, net debt of $943.5 million. Its current ratio was 1.44. In the latest quarter (ended June 30, 2026) total assets were $5.5 billion and equity $2.8 billion.
Related: CW income statement, CW cash flow statement, CW key metrics. See the CW stock overview for the latest quote and news.
CW balance sheet FAQ
What are Curtiss-Wright's total assets?
Curtiss-Wright reported total assets of $5.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.0 billion a year earlier.
How much debt does Curtiss-Wright have?
Curtiss-Wright had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.
How much cash does Curtiss-Wright have?
Curtiss-Wright held $371.3 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $943.5 million.
What is Curtiss-Wright's book value?
Curtiss-Wright's shareholders' equity (book value) was $2.5 billion at the end of fiscal 2025, or $67.33 per share.
What is Curtiss-Wright's current ratio?
Curtiss-Wright had current assets of $2.0 billion and current liabilities of $1.4 billion, a current ratio of 1.44 (it can cover its short-term obligations).
How much goodwill does Curtiss-Wright have?
Curtiss-Wright carried $2.2 billion of goodwill and intangible assets, 42.6% of total assets, at the end of fiscal 2025.