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Woodward, Inc. (WWD) 财务分析 | 估值·财报 | 100Baggers.club

Woodward, Inc.

WWD

Woodward, Inc. designs, manufactures, and services control solutions for the aerospace and industrial markets worldwide. The company operates through two segments: Aerospace and Industrial. The Aerospace segment provides fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, and flight deck controls, actuators, servocontrols, motors, and sensors for aircraft. These products are used on commercial and private aircraft and rotorcraft, as well as on military fixed-wing aircraft and rotorcraft, guided weapons, and other defense systems. It also provides aftermarket maintenance, repair and overhaul, and other services to commercial airlines, repair facilities, military depots, third party repair shops, and other end users. This segment sells its products to original equipment manufacturers (OEMs), tier-one suppliers, and various contractors, as well as through aftermarket sales of components, such as provisioning spares or replacements, and spare parts. The Industrial segment offers actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, speed controls, electronics and software, and sensors. These products are used on industrial gas turbines, steam turbines, compressors, and reciprocating engines. This segment sells its aftermarket products, and other related services to OEMs through an independent network of distributors, as well as directly to end users. The company was founded in 1870 and is headquartered in Fort Collins, Colorado.

深度研究阅读完整报告

Woodward伍德沃德(WWD)股票深度分析 — 精密控制的周期之王

航空发动机控制系统双寡头之一——107倍PE背后的资产标签错配：市场按Tier 1定价，经营现实是Tier 2。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

28.97%

毛利润 = $0.32B

营业收入 = $1.09B

Operating Profit Margini营业利润率

15.36%

营业利润 = $0.17B

营业收入 = $1.09B

EBITDA MarginiEBITDA利润率

18.10%

EBITDA = $0.20B

营业收入 = $1.09B

EBIT MarginiEBIT利润率

15.36%

EBIT = $0.17B

营业收入 = $1.09B

Net Profit Margini净利率

12.29%

净利润 = $0.13B

营业收入 = $1.09B

Pretax Profit Margini税前利润率

15.35%

税前利润 = $0.17B

营业收入 = $1.09B

E

运营效率指标

Interest Coveragei利息保障倍数

14.53x

EBIT (TTM) = $0.64B

利息费用 (TTM) = $0.04B

10.3x

10.1x

12.0x

14.1x

14.5x

SG&A / Revenuei销管费率

9.38%

销售及管理费用 = $0.10B

营业收入 = $1.09B

R&D / Revenuei研发占比

4.23%

研发费用 = $0.05B

营业收入 = $1.09B

R

回报率指标 (TTM)

ROAi总资产回报率

10.86%

净利润 = $0.51B

平均总资产 = $4.73B

ROEi净资产收益率

21.13%

净利润 = $0.51B

平均股东权益 = $2.43B

ROICi投入资本回报率

16.62%

NOPAT (TTM) = $0.49B

平均投入资本 = $2.97B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

23.42%

当期营收 = $1.09B

去年同期营收 = $0.88B

+5.8%

+8.0%

+16.5%

+28.9%

+23.4%

Operating Cash Flow/Sharei每股经营现金流

$9.18

经营现金流 = $0.56B

流通股数 = 0.06B

$6.64

$6.19

$7.64

$8.95

$9.18

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+23.4%	$1.09B	↑
毛利	+31.6%	$0.32B, 28.97%	↑
营业利润	+40.7%	$0.17B, 15.36%	↑
EBITDA	+14.5%	$0.20B, 18.10%	↑
税前利润	+25.9%	$0.17B, 15.35%	↑
净利润	+23.0%	$0.13B, 12.29%	↑
稀释每股收益	+23.0%	2.19	↑

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L

流动性指标

Current Ratioi流动比率

1.73

正常

流动资产 = $2.27B

流动负债 = $1.31B

Quick Ratioi速动比率

1.19

健康

速动资产 = $1.57B

流动负债 = $1.31B

Cash Ratioi现金比率

0.38

正常

现金及等价物 = $0.50B

流动负债 = $1.31B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.45

健康

总债务 = $1.15B

总权益 = $2.53B

Liabilities to Assetsi资产负债率 (总负债)

49.2%

正常

总负债 = $2.44B

总资产 = $4.97B

Equity Multiplieri权益乘数

1.97

健康

总资产 = $4.97B

总权益 = $2.53B

E

效率指标

Asset Turnoveri总资产周转率

0.84

正常

营收 (TTM) = $4.00B

平均总资产 = $4.73B

Inventory Turnoveri存货周转率

4.11

关注

营业成本 (TTM) = $2.86B

平均存货 = $0.70B

Receivables Turnoveri应收账款周转率

4.34

正常

营收 (TTM) = $4.00B

平均应收账款 = $0.92B

S

偿债能力

Interest Coveragei利息保障倍数

14.53

健康

EBIT (TTM) = $0.64B

利息费用 (TTM) = $0.04B

Net Debt to EBITDAi净债务/EBITDA

0.86

健康

净债务 = $0.65B

EBITDA (TTM) = $0.75B

Debt Service Coveragei偿债覆盖率

0.82

关注

经营现金流 (TTM) = $0.56B

债务偿付 = $0.69B

V

价值指标

Goodwill %i商誉占比

16.6%

正常

商誉 = $0.83B

总资产 = $4.97B

Working Capital Ratioi营运资本比率

0.19

正常

营运资本 = $0.96B

总资产 = $4.97B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$0.56B

自由现金流 TTMi

$0.39B

FCF = OCF - CapEx

经营现金流 (TTM) = $0.56B

资本支出 (TTM) = $-0.18B

自由现金流收益率i

1.79%

关注

FCF (TTM) = $0.39B

市值 = $21.68B

经营现金流/销售比i

14.11%

正常

经营现金流 (TTM) = $0.56B

营业收入 (TTM) = $4.00B

Q

质量与覆盖指标

收益质量i

1.10x

正常

经营现金流 (TTM) = $0.56B

净利润 (TTM) = $0.51B

现金流/债务比i

0.49x

正常

经营现金流 (TTM) = $0.56B

总负债 = $1.15B

短期覆盖率i

0.43x

正常

经营现金流 (TTM) = $0.56B

流动负债 = $1.31B

资本支出覆盖率i

3.21x

健康

经营现金流 (TTM) = $0.56B

资本支出 (TTM) = $0.18B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

68.87%

正常

自由现金流 (TTM) = $0.39B

经营现金流 (TTM) = $0.56B

资本支出/营收比i

4.39%

健康

资本支出 (TTM) = $0.18B

营业收入 (TTM) = $4.00B

净债务/EBITDAi

0.86

健康

净债务 = $0.65B

EBITDA (TTM) = $0.75B

G

增长指标

经营现金流增长率i

16.71%

健康

当期OCF (TTM) = $0.09B

上期OCF = $0.08B

股东盈余i

$0.40B

健康

净利润 (TTM) = $0.51B

+ 折旧摊销 (TTM) = $0.06B

- 资本支出 (TTM) = $-0.18B