Headquartered in Fort Collins, CO, Woodward, Inc is an independent designer, manufacturer and service provider of energy control and optimization solutions for the aerospace and industrial markets.

Apart from serving original equipment manufacturers (OEMs), it also engages in aftermarket repairs, replacements and other service support operations for installed products.

Woodward serves the aerospace and energy markets through two reportable segments: Aerospace and Industrial.

The Aerospace segment’s products include metering units, actuators, air valves, fuel pumps, fuel nozzles, specialty valves, , and thrust reverser actuation systems for turbine engines and nacelles, flight deck controls, actuators, servocontrols, motors, and sensors for aircraft.

These segment’s products are utilized for commercial and private aircraft and rotorcraft. These are also widely deployed on military fixed-wing aircraft and rotorcraft, guided weapons, and other defense systems. This segment generated revenues of $461 million in first-quarter fiscal 2024, representing 58.6% of total revenues.

The company faces tough competition from companies like Honeywell, Moog, Eaton, Parker Hannifin, and RTX Corporation in this space.

The Industrial segment’s products portfolio includes solenoids, actuators, valves, pumps, fuel injection systems, ignition systems, control systems, electronics and software, and sensors.

The products are widely used in steam turbines, industrial gas turbines (like heavy frame, aeroderivative and small industrial gas turbines), compressors, and reciprocating engines (like low speed, medium speed, and high-speed engines, that operate on variety of fuels). Segmental revenues of $326 million in first-quarter fiscal 2024 represented 41.4% of total revenues.

Woodward’s primary competitors in this space include Heinzmann GmbH & Co., Emerson, EControls, Hoerbiger, Meggitt, Robert Bosch AG, and Triconix.