Woodward, Inc. Financial Ratios — WWD Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	14.81	14.02	12.89	13.1	12.81	11.5	11.56	9.53	12.39	10.33	8.3	6.45	8.25	12.16	12.96
Return on Assets (%)	7.68	7.78	7.16	7.19	7.39	7.02	7.43	5.51	6.7	6.12	5.22	4.35	5.95	8.9	9.83
Return on Capital (%)	11.22	11.29	10.32	9.62	9.11	8.56	9.51	7.57	9.05	8.22	7.17	5.86	7.6	10.62	11.39
Return on Invested Capital (%)	11.48	11.46	10.5	10.09	10.18	9.59	10.7	8.89	9.65	8.67	7.17	6.05	8.26	11.73	12.51
Gross Margin (%)	30	30.14	28.91	28.75	28.23	26.65	27.21	25.93	24.4	25.65	24.54	22.05	23.25	26.37	26.81
EBITDA Margin (%)	16.91	15.56	15.42	16.28	16.64	15.22	16.59	16.22	16.52	16.85	16.77	13.56	13.57	16.38	16.6
Operating Margin (%)	12.5	11.88	11.59	12.42	12.95	11.81	12.74	11.22	11.63	11.6	11	8.5	9.46	12.88	13.43
Incremental Operating Margin (%)	12.59	4.98	3.83	36.92	41.52	163.76	37.49	-2.74	13.26	11.82	16.93	-32.55	13.78	37.23	20.84
Pretax Margin (%)	10.96	10.6	10.31	11.36	11.82	11.2	12.04	9.44	11.05	11.29	10.94	8.39	9.46	13.66	14.62
Profit Margin (%)	7.73	7.59	7.54	8.29	8.9	8.94	9.55	7.76	8.95	9.63	9.29	7.21	7.97	11.22	12.39
Net Income to Common Margin (%)	7.73	7.59	7.54	8.29	8.9	8.94	9.55	7.76	8.95	9.63	9.29	7.21	7.97	11.22	12.39
Effective Tax Rate (%)	29.5	28.42	26.87	27.02	24.69	20.15	20.67	17.85	19.03	14.72	15.11	14.11	15.74	17.84	15.21
Dvd Payout Ratio (%)	14.05	15.08	14.98	12.82	13.58	14.71	14.83	18.85	15.05	15.67	17.27	26.2	21.96	15.63	14.7
Sustainable Growth Rate (%)	12.73	11.91	10.96	11.42	11.07	9.81	9.84	7.73	10.52	8.71	6.87	4.76	6.44	10.26	11.05

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	425	392	550	710	851	727	613	1,246	1,085	853	750	799	742	895	722
ST Debt	18	8	100	- -	2	150	33	154	220	102	1	68	76	303	245
LT Debt	407	384	450	710	848	577	580	1,092	865	751	749	731	666	592	477
Total Debt/EBITDA	1.47	1.35	1.84	2.18	2.51	2.36	1.76	3.3	2.26	2.03	1.99	2.47	1.88	1.64	1.22
Net Debt/EBITDA	1.21	1.14	1.68	1.83	2.27	2.1	1.51	3.09	2.06	1.64	0.77	2.07	1.48	1.08	0.63
Total Debt/EBIT	1.99	1.77	2.45	2.86	3.22	3.04	2.29	4.77	3.22	2.95	3.03	3.94	2.69	2.09	1.51
Net Debt/EBIT	1.64	1.49	2.23	2.39	2.91	2.7	1.97	4.47	2.93	2.38	1.17	3.31	2.12	1.38	0.78
EBITDA to Interest Expense	11.39	11.16	11.18	14.29	13.64	11.5	9.77	9.32	10.89	11.74	10.99	9.35	8.26	11.35	12.96
EBITDA-CapEx/Interest Expense	9.49	8.67	5.88	5.21	2.11	4.94	7.18	6.18	8.64	10.43	9.89	7.82	6.66	9.35	10.1
EBIT to Interest Expense	8.43	8.53	8.4	10.9	10.61	8.92	7.5	6.45	7.66	8.08	7.21	5.86	5.76	8.93	10.48
Interest Expense	25	26	27	23	25	27	36	40	44	36	34	35	48	48	46
Common Equity/Total Assets	53.31	57.52	53.82	55.84	59.52	62.43	66.02	51.88	56.24	62.2	63.57	71.65	72.53	73.78	77.76
Long-Term Debt/Equity (%)	44.27	38.13	39.39	61.16	73.58	47.6	42.31	71.02	50.09	37.71	33.81	38.46	32.18	27.22	18.59
Long-Term Debt/Capital (%)	29.59	26.29	25.8	34.66	36.16	24.28	23.85	34	26.13	22.9	22.35	20.74	18.25	14.38	11.04
Long-Term Debt/Total Assets (%)	22.84	20.67	20.28	29.62	33.77	21.84	21.05	28.82	21.86	19.25	18.31	19.21	16.62	13.56	10.31
Total Debt/Equity (%)	46.27	38.9	48.14	61.16	73.79	59.97	44.69	81.01	62.83	42.81	33.85	42.02	35.84	41.13	28.15
Total Debt/Capital (%)	30.93	26.82	31.54	34.66	36.27	30.59	25.19	38.78	32.78	26	22.38	22.65	20.33	21.73	16.71
Total Debt/Total Assets (%)	23.87	21.09	24.79	29.62	33.87	27.52	22.23	32.87	27.42	21.85	18.32	20.99	18.51	20.49	15.6
Net Debt to Equity	38.16	32.77	43.89	51.23	66.66	53.28	38.31	75.81	57.18	34.56	13.02	35.22	28.2	27.12	14.6
Net Debt/Capital (%)	26.97	23.59	29.58	30.76	33.95	28.14	22.4	37.22	30.74	21.99	9.93	19.59	16.62	15.38	9.38
EBITDA	289	290	299	326	339	308	348	377	479	421	377	323	396	544	592
EBITDA-CapEx	241	225	157	119	52	132	256	250	380	373	339	270	319	448	461
Operating Income (Loss)	214	222	224	248	264	239	267	261	337	289	247	203	276	428	479

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.27	0.22	0.12	0.34	0.24	0.17	0.2	0.14	0.14	0.38	1.22	0.2	0.22	0.31	0.36
Current Ratio	2.91	3.23	2.3	2.97	2.71	1.97	2.39	1.89	1.8	3.09	4	2.43	2.38	1.89	2.08
Quick Ratio	1.33	1.51	1.07	1.38	1.26	0.93	1.19	0.88	0.99	1.83	2.68	1.34	1.46	1.16	1.28
CFO/Avg Current Liab	0.42	0.51	0.64	0.72	0.87	1.06	0.68	0.59	0.6	0.64	1.23	0.43	0.53	0.57	0.51
Common Equity/Total Assets	53.31	57.52	53.82	55.84	59.52	62.43	66.02	51.88	56.24	62.2	63.57	71.65	72.53	73.78	77.76
Long-Term Debt/Equity (%)	44.27	38.13	39.39	61.16	73.58	47.6	42.31	71.02	50.09	37.71	33.81	38.46	32.18	27.22	18.59
Long-Term Debt/Capital (%)	29.59	26.29	25.8	34.66	36.16	24.28	23.85	34	26.13	22.9	22.35	20.74	18.25	14.38	11.04
Long-Term Debt/Total Assets (%)	22.84	20.67	20.28	29.62	33.77	21.84	21.05	28.82	21.86	19.25	18.31	19.21	16.62	13.56	10.31
Total Debt/Equity (%)	46.27	38.9	48.14	61.16	73.79	59.97	44.69	81.01	62.83	42.81	33.85	42.02	35.84	41.13	28.15
Total Debt/Capital (%)	30.93	26.82	31.54	34.66	36.27	30.59	25.19	38.78	32.78	26	22.38	22.65	20.33	21.73	16.71
Total Debt/Total Assets (%)	23.87	21.09	24.79	29.62	33.87	27.52	22.23	32.87	27.42	21.85	18.32	20.99	18.51	20.49	15.6
CFO/Total Liabilities	13.29	16.92	20.69	22.13	21.78	30.45	22.19	13.29	17.52	18.29	24.77	10.16	15.91	20.03	22.84
CFO/CapEx	2.38	2.22	1.57	1.32	1.03	2.48	3.33	2.35	3.94	7.42	12.33	3.66	4.03	4.56	3.6
Altman's Z-Score	6.11	5.81	5.21	5.01	4.45	4.63	5.14	4.21	4.86	4.71	5.23	4.58	5.53	6.1	7.75

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.27	5.66	5.71	6.58	6.6	6.06	5.92	5.88	7.21	6.76	6.62	6.9	6.83	7.05	7.63
Days Sales Outstanding	58.23	64.49	63.97	55.5	55.3	60.19	61.65	62.03	50.64	53.98	55.12	52.92	53.47	51.74	47.81
Inventory Turnover	3.54	3.34	3.32	3.23	3.25	3.26	3.27	3.37	4.11	3.89	3.95	3.98	4.33	4.34	4.13
Days Inventory Outstanding	103.06	109.19	110.06	113.11	112.23	111.83	111.73	108.38	88.76	93.91	92.38	91.79	84.2	84.02	88.34
Accounts Payable Turnover	11.13	10.63	10.43	9.44	8.73	8.74	7.65	7.84	9.26	9.48	10.99	9.72	9.64	9.73	9.21
Accounts Payable Turnover Days	32.8	34.34	35.01	38.65	41.79	41.75	47.69	46.57	39.44	38.49	33.21	37.53	37.86	37.5	39.63
Cash Conversion Cycle	128.48	139.34	139.02	129.96	125.75	130.27	125.69	123.84	99.97	109.4	114.29	107.17	99.82	98.26	96.52
Inventory to Cash Days	-44.83	-44.7	-46.09	-57.61	-56.93	-51.64	-50.08	-46.35	-38.12	-39.93	-37.26	-38.88	-30.73	-32.28	-40.52
Inventories	382	398	432	452	448	462	474	550	517	438	420	514	518	609	655
Raw Materials	273	31	68	60	64	54	59	81	148	139	122	139	148	182	212
Work In Process	109	86	88	94	92	110	104	118	134	93	96	123	127	148	163
Finished Goods	- -	52	47	50	44	48	48	52	59	67	63	70	75	92	103
Other Inventory	- -	229	230	247	248	249	263	299	287	256	260	330	328	376	383

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,885	2,341	2,792	3,163	2,633	3,867	4,763	4,972	6,680	4,991	7,164	4,937	7,444	10,304	15,052
- Cash & Cash Equivalents	75	62	49	115	82	81	88	80	98	150	447	108	137	282	327
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	425	392	550	710	851	727	613	1,246	1,085	853	750	799	742	895	722
Enterprise Value	2,236	2,671	3,294	3,758	3,401	4,513	5,288	6,138	7,667	5,695	7,467	5,628	8,049	10,917	15,447
Total Capital	1,375	1,462	1,744	2,049	2,346	2,377	2,433	3,213	3,310	3,281	3,350	3,526	3,651	4,119	4,323
Total Debt/Capital (%)	30.93	26.82	31.54	34.66	36.27	30.59	25.19	38.78	32.78	26	22.38	22.65	20.33	21.73	16.71
Total Debt / EV	0.19	0.15	0.17	0.19	0.25	0.16	0.12	0.2	0.14	0.15	0.1	0.14	0.09	0.08	0.05
EV/Sales	1.31	1.43	1.7	1.88	1.67	2.23	2.52	2.64	2.64	2.28	3.32	2.36	2.76	3.28	4.33
EV/EBITDA	7.73	9.2	11.03	11.53	10.03	14.65	15.19	16.27	16	13.54	19.83	17.42	20.35	20.05	26.09
EV/EBIT	10.45	12.05	14.68	15.12	12.89	18.89	19.78	23.51	22.74	19.68	30.22	27.79	29.18	25.49	32.26
EV/Cash Flow to Firm	16.87	16.41	13.6	12.95	10.81	9.88	15.75	18.46	17.99	14.98	15.12	25.2	23.07	22.81	30.29
EV/Free Cash Flow to Firm	12.37	11.73	8.58	7.56	5.66	7.14	12.35	13.35	14.6	13.33	14.05	20.38	18.92	18.99	24.1
Diluted Market Cap	1,922	2,389	2,842	3,227	2,688	3,971	4,929	5,165	6,955	5,147	7,421	5,077	7,640	10,648	15,533
Diluted Enterprise Value	2,273	2,719	3,343	3,822	3,457	4,617	5,455	6,331	7,942	5,850	7,724	5,768	8,245	11,261	15,928
EV per Share	32.5	38.78	48.16	56.57	52.58	72.92	86.17	99.82	123.77	91.45	117.99	91.49	134.35	181.71	259.34
TTM Sales	1,712	1,866	1,936	2,001	2,038	2,023	2,099	2,326	2,900	2,496	2,246	2,383	2,915	3,324	3,567
TTM EBITDA	289	290	299	326	339	308	348	377	479	421	377	323	396	544	592
TTM Operating Income	214	222	224	248	264	239	267	261	337	289	247	203	276	428	479
TTM Cash Flow to Firm	133	163	242	290	315	457	336	333	426	380	494	223	349	478	510
TTM Free Cash Flow to Firm	181	228	384	497	601	632	428	460	525	427	531	276	425	575	641

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	11.8	11.43	7.8	6.71	4.61	6.5	12.33	12.11	14.2	12.98	14.77	20.59	19.84	19.89	25.79
EV/EBIT	10.45	12.05	14.68	15.12	12.89	18.89	19.78	23.51	22.74	19.68	30.22	27.79	29.18	25.49	32.26
Enterprise Value	2,236	2,671	3,294	3,758	3,401	4,513	5,288	6,138	7,667	5,695	7,467	5,628	8,049	10,917	15,447
Low Price	24.39	25.39	31.41	38.8	39.82	39.68	57.09	68.56	68.4	46.51	76	79.26	81.16	119.03	146.82
EV/Sales	1.31	1.43	1.7	1.88	1.67	2.23	2.52	2.64	2.64	2.28	3.32	2.36	2.76	3.28	4.33
EV/EBITDA	7.73	9.2	11.03	11.53	10.03	14.65	15.19	16.27	16	13.54	19.83	17.42	20.35	20.05	26.09
Price/Earnings	14.26	16.53	19.13	19.08	14.51	21.38	23.75	27.57	25.73	20.76	34.34	28.76	32.04	27.63	34.05
Price/Earnings Average	17.42	18.81	17.89	18.13	17.46	18.02	20.85	26.32	22.85	23.45	35.05	38.35	27.32	24.51	27.28
Price/Earnings High	20.56	22.38	20.1	22.34	20.16	21.9	24.16	30.44	28.45	33.43	39.66	46.26	34.33	30.34	36.03
Price/Earnings Low	12.69	12.35	14.72	15.54	14.2	13.58	17.47	23.37	16.32	12.05	23.05	28.4	20.92	19.17	19.78
Price/Book Value	1.98	2.19	2.34	2.36	1.76	2.34	2.62	2.53	3	2.06	2.75	1.81	2.56	3.2	4.18
Price/Book Value Average	2.43	2.49	2.19	2.25	2.12	1.98	2.3	2.41	2.67	2.32	2.81	2.41	2.18	2.84	3.35
Price/Book Value High	2.86	2.96	2.46	2.77	2.45	2.4	2.66	2.79	3.32	3.31	3.18	2.91	2.74	3.51	4.42
Price/Book Value Low	1.77	1.63	1.8	1.93	1.72	1.49	1.92	2.14	1.9	1.19	1.85	1.79	1.67	2.22	2.43
Price/Tangible Book Value	36.19	7.52	9.55	9.13	7.1	8.42	7.41	207.43	21.08	8.64	8.43	7.39	9	11.09	11.53
Price/Tangible Book Value Average	44.23	8.56	8.93	8.68	8.54	7.1	6.5	198.03	18.72	9.76	8.6	9.86	7.67	9.84	9.23
Price/Tangible Book Value High	52.19	10.18	10.03	10.69	9.86	8.62	7.54	229.08	23.3	13.91	9.73	11.89	9.64	12.18	12.2
Price/Tangible Book Value Low	32.21	5.62	7.35	7.44	6.94	5.35	5.45	175.88	13.37	5.01	5.66	7.3	5.88	7.69	6.7
Price/Sales	1.1	1.25	1.44	1.58	1.29	1.91	2.27	2.14	2.3	2	3.19	2.07	2.55	3.1	4.22
Price/Sales Average	1.35	1.43	1.35	1.5	1.55	1.61	1.99	2.04	2.05	2.26	3.26	2.76	2.18	2.75	3.38
Price/Sales High	1.59	1.7	1.52	1.85	1.79	1.96	2.31	2.36	2.55	3.22	3.68	3.33	2.74	3.4	4.47
Price/Sales Low	0.98	0.94	1.11	1.29	1.26	1.21	1.67	1.81	1.46	1.16	2.14	2.05	1.67	2.15	2.45
Price/Cash Flow	16.45	16.24	12.55	11.56	8.89	8.88	15.49	16.61	17.1	14.28	15.42	25.5	24.13	23.47	31.94
Price/Cash Flow Average	20.1	18.48	11.73	10.99	10.7	7.48	13.59	15.86	15.19	16.13	15.74	34.01	20.57	20.82	25.59
Price/Cash Flow High	23.72	21.99	13.18	13.54	12.36	9.1	15.75	18.35	18.9	22.99	17.81	41.02	25.85	25.77	33.8
Price/Cash Flow Low	14.64	12.14	9.65	9.42	8.7	5.64	11.39	14.09	10.85	8.29	10.35	25.18	15.76	16.29	18.56
Price/Free Cash Flow Average	14.42	13.01	7.29	6.38	5.55	5.48	10.82	11.56	12.61	14.66	15.08	27.47	16.92	17.65	20.66
Price/Free Cash Flow High	17.02	15.47	8.2	7.86	6.41	6.65	12.54	13.38	15.7	20.9	17.06	33.13	21.26	21.84	27.3
Price/Free Cash Flow Low	10.5	8.54	6	5.47	4.51	4.13	9.07	10.27	9.01	7.53	9.92	20.34	12.96	13.8	14.98
EV/Sales Average	1.55	1.6	1.61	1.8	1.93	1.93	2.24	2.54	2.39	2.54	3.39	3.05	2.39	2.93	3.49
EV/Sales High	1.79	1.88	1.77	2.15	2.17	2.28	2.56	2.86	2.89	3.5	3.82	3.62	2.94	3.59	4.58
EV/Sales Low	1.19	1.11	1.37	1.59	1.64	1.53	1.92	2.31	1.8	1.44	2.28	2.34	1.88	2.34	2.56
EV/EBITDA Average	9.17	10.31	10.42	11.05	11.61	12.68	13.51	15.68	14.44	15.08	20.22	22.52	17.58	17.92	21.03
EV/EBITDA High	10.61	12.05	11.5	13.19	13.05	14.96	15.42	17.65	17.47	20.78	22.78	26.72	21.7	21.91	27.57
EV/EBITDA Low	7.01	7.16	8.87	9.74	9.86	10.07	11.57	14.27	10.9	8.56	13.58	17.23	13.82	14.26	15.43
EV/EBIT Average	12.4	13.5	13.87	14.49	14.92	16.34	17.6	22.65	20.52	21.91	30.82	35.93	25.21	22.78	26.01
EV/EBIT High	14.34	15.78	15.31	17.3	16.78	19.28	20.09	25.5	24.83	30.2	34.71	42.63	31.12	27.85	34.09
EV/EBIT Low	9.48	9.38	11.81	12.77	12.67	12.98	15.07	20.62	15.49	12.44	20.69	27.49	19.82	18.13	19.09
Last Price	27.4	33.98	40.83	47.62	40.7	62.48	77.61	80.86	107.83	80.16	113.2	80.26	124.26	171.51	252.71
High Price	39.52	46	42.89	55.76	56.55	63.98	78.95	89.3	119.2	129.06	130.75	129.12	133.15	188.35	267.45
Enterprise Value Average	2,655	2,994	3,112	3,602	3,936	3,905	4,705	5,913	6,920	6,341	7,616	7,276	6,953	9,756	12,454
Enterprise Value High	3,070	3,499	3,435	4,299	4,427	4,606	5,370	6,657	8,372	8,739	8,578	8,634	8,582	11,928	16,325
Enterprise Value Low	2,029	2,079	2,650	3,172	3,344	3,102	4,029	5,382	5,225	3,599	5,113	5,567	5,467	7,764	9,140

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	69	68	68	66	63	62	61	62	62	62	63	60	60	59	60
Diluted Weighted Avg Shares	70	70	70	68	66	64	64	64	64	64	66	63	61	62	61
Basic Weighted Avg Shares	69	69	68	66	65	62	61	61	62	62	63	62	60	60	60
Revenue per Share	24.88	27.09	28.31	30.12	31.51	32.69	34.2	37.82	46.82	40.08	35.49	38.73	48.65	55.33	59.89
EBITDA per Share	4.21	4.21	4.37	4.9	5.24	4.98	5.67	6.13	7.74	6.75	5.95	5.25	6.6	9.06	9.94
Operating Income per Share	3.11	3.22	3.28	3.74	4.08	3.86	4.36	4.25	5.44	4.65	3.9	3.29	4.6	7.13	8.04
Basic EPS, GAAP	1.92	2.06	2.13	2.5	2.81	2.92	3.27	2.93	4.19	3.86	3.3	2.79	3.88	6.21	7.42
Basic EPS from Cont Ops	1.92	2.06	2.13	2.5	2.81	2.92	3.27	2.93	4.19	3.86	3.3	2.79	3.88	6.21	7.42
Diluted EPS, GAAP	1.89	2.01	2.1	2.45	2.75	2.85	3.16	2.82	4.02	3.74	3.18	2.71	3.78	6.01	7.19
Diluted EPS from Cont Ops	1.89	2.01	2.1	2.45	2.75	2.85	3.16	2.82	4.02	3.74	3.18	2.71	3.78	6.01	7.19
Dividend per Share	0.27	0.31	0.32	0.32	0.38	0.43	0.48	0.55	0.63	0.6	0.57	0.73	0.85	0.97	1.09
Cash Flow per Share	1.67	2.09	3.25	4.12	4.58	7.03	5.01	4.87	6.31	5.61	7.34	3.15	5.15	7.31	7.91
Free Cash Flow per Basic Share	0.96	1.15	1.18	1	0.14	4.2	3.51	2.8	4.71	4.86	6.75	2.29	3.87	5.71	5.71
Cash & Equivalents per Share	1.08	0.9	0.71	1.74	1.27	1.31	1.43	1.3	1.58	2.41	7.06	1.75	2.29	4.7	5.5
Book Value per Share	13.8	15.53	17.46	20.15	23.12	26.65	29.66	31.98	35.92	38.99	41.09	44.33	48.55	53.65	60.45
Tangible Book Value per Share	0.76	4.52	4.27	5.22	5.74	7.42	10.48	0.39	5.12	9.28	13.43	10.86	13.81	15.47	21.93

Woodward, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)