CURTISS-WRIGHT CORPORATION (CW): what the price requires

Generated: 2026-07-19 · Source: https://boothcheck.com/report/CW

Headline

Field	Value
Ticker	CW
Company	CURTISS-WRIGHT CORPORATION
Current price	$738.64/sh
Composition	Aerospace Defense 19% / Ground Defense 12% / Naval Defense 27% / Commercial Aerospace 12% / Power & Process 18% / General Industrial 12%

What The Price Requires (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Field	Value
Inversion basis	whole-company
Operating margin needed	13.1%
Operating margin today	17.6%
Margin compression implied	-4.5pp
Must persist for	9.3y
Multiple paid	46x operating income

The operating-margin requirement is derived from the framework's value band at year 12, a separately labeled basis from the headline growth/duration solve.

Solve inputs: computed at a 9.3% cost of capital; growth searched up to the 25% self-funding ceiling; each 1pp moves the implied horizon ~2.1 years.

How unusual the bet is: high

Reference	Value
vs own history	+1.56σ
cohort percentile (of 225 peers)	88
sustained it ~9.3 years at this level	16%
implied end-window share	0%

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Family	Median price/FV	Models	Reads
Asset	4.25x	4	expensive
Earnings	5.09x	5	expensive
Relative	2.50x	5	expensive
Growth	1.08x	3	expensive

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.8%); the inversion above states its own rate.

Per-Model Detail (n=17)

Model	Family	FV	Price/FV	Applicable	Methodology
DCF Perpetual Growth	Growth	$414.63	1.78x	yes	FCF base $0.6B, growth 12% (input: historical growth), terminal g 4.0%, WACC 8.8%, 6yr projection
DCF Exit Multiple	Growth	$790.73	0.93x	yes	Exit EV/EBITDA: 34.1x / 36.1x / 38.1x (bear / base = today's held flat / bull), 6yr
Relative Valuation	Relative	$412.19	1.79x	yes	P/E 28.67x (blended: static sector reference 18x + trailing (TTM) 54x), scenarios: 23.8x / 28.7x / 33.6x (bear / base = reference held flat / bull), EV/EBITDA 19.23x
Simple DDM	Growth	—	—	no	—
Two-Stage DDM	Growth	—	—	no	—
Simple Excess Return	Asset	$149.09	4.95x	yes	BV/sh $71.02, ROE (TTM) 19.4%, ke 9.3%
Two-Stage Excess Return	Asset	$213.61	3.46x	yes	5yr excess ROE then converge to ke=9.3%
Discounted Future Market Cap	Growth	$684.90	1.08x	yes	Rev $3.6B, growth 12% (input: historical growth; tapered), Terminal P/S: 6.3x / 7.6x / 8.9x (bear / base = today's held flat / bull, cap 8x)
Peter Lynch Fair Value	Relative	$295.86	2.50x	yes	EPS $13.65, growth 22% (input: historical EPS growth), PEG=2.47 (Overvalued)
Margin Trajectory	Growth	—	—	no	—
Earnings Power Value	Earnings	$99.28	7.44x	yes	Normalized EBIT (5y avg op income, one-time charges added back) $0.51B × (1−19%) / WACC 8.8% → EPV (no growth)
Residual Income	Asset	$208.34	3.55x	yes	BV $71.02 + 5yr PV of (ROE (TTM) 19.4% − Kₑ 9.3%) × BV; BV grows 8.8%/yr
Graham Number	Asset	$147.69	5.00x	yes	√(22.5 × EPS $13.65 × BVPS $71.02) — Graham's conservative floor
EV/EBITDA Relative	Relative	$227.46	3.25x	yes	EBITDA $0.79B × sector EV/EBITDA 12.0x
FCF Yield	Earnings	$145.22	5.09x	yes	FCF $590.8M / Kₑ 9.3% — zero-growth perpetuity
SBC-Adj FCF Yield	Earnings	$138.39	5.34x	yes	SBC-adj FCF $0.57B (FCF $0.59B − SBC $0.02B) capitalized at Kₑ
Ben Graham Formula	Earnings	$440.44	1.68x	yes	EPS $13.65 × (8.5 + 2×15.0%) × (4.4 / 5.3%)
ROIC-Justified P/B	Asset	$28.62	25.81x	yes	BV $71.02 × (ROIC 3.6% / WACC 8.8%) (excluded from median)
P/Sales Sector	Relative	$243.30	3.04x	yes	Revenue $3.61B × sector P/S 2.5x
PEG Fair Value	Relative	$443.79	1.66x	yes	EPS $13.65 × (PEG 1.5 × growth 21.7% (input: historical EPS growth)) → PE 32.5x
Earnings Yield	Earnings	$147.57	5.01x	yes	EPS $13.65 / required return 9.3% (Rf 4.3% + ERP 5.0%)
Funds From Operations Multiple	Relative	—	—	no	—
Clinical Phase NPV	Growth	—	—	no	—
Merton	Asset	—	—	no	—
V5 Mechanical	—	—	—	no	—

Solvency

Field	Value
Net debt	$814.2m
Net debt / NOPAT (after-tax)	1.64x
Net debt / operating income (pre-tax)	1.33x
Interest coverage	14.9x
Share count CAGR (buyback)	-1.1%
Burning cash	no

Bullet Takeaways

• Curtiss-Wright supplies content that is embedded in long-cycle defense platforms, most notably "secondary propulsion systems, primarily to the U.S. Navy, most notably supporting the Virginia-class and Columbia-class submarine programs, as well as the Ford-class aircraft carrier program", which gives revenue an unusual visibility for an industrial.
• The defining risk is the price itself: at more than 48 times operating profit, the stock is priced for high growth to persist for the better part of a decade, a pace only about 15% of comparable fast-growers have historically sustained.
• Watch the naval and commercial-nuclear order trajectory; management raised full-year 2026 guidance and now expects diluted EPS of $14.90 to $15.30, up 13% to 16% from 2025.

Bull Case

Begin with the balance sheet, because it is what gives Curtiss-Wright the freedom to compound. Net debt sits near $814 million, about 1.2 times a year's operating profit, and interest is covered roughly fifteen times over. That is a conservative structure for a company growing earnings in the high teens to low twenties, and it tells you management is funding growth from internal cash rather than leverage. The share count has drifted lower, not higher, so holders are not being diluted to pay for that growth. A company that can expand into submarine production, nuclear life-extension work, and defense electronics while keeping leverage low and buying back a few shares is one whose growth is self-funding, which is the most durable kind.

The reason the growth has visibility is the nature of what Curtiss-Wright sells. This is not a cyclical capital-goods maker chasing orders quarter to quarter. Its Naval & Power businesses provide "secondary propulsion systems, primarily to the U.S. Navy, most notably supporting the Virginia-class and Columbia-class submarine programs, as well as the Ford-class aircraft carrier program," plus ship repair and aftermarket work. Submarine and carrier programs run for decades and are funded years in advance, so the content Curtiss-Wright wins today produces revenue and high-margin aftermarket demand far into the future. In the first quarter of 2026 Naval & Power sales rose 21%, and the segment posted a book-to-bill ratio of 1.5, meaning new orders came in at one and a half times what it shipped. Orders outrunning shipments is the cleanest forward signal an industrial can give.

The third leg is commercial nuclear, and it is genuinely a growth market rather than a story. Curtiss-Wright supports maintenance and life extensions at operating plants across North America and is positioned for advanced small modular reactors, with the Power and Process market posting high-teens revenue growth in the quarter. A 19.4% return on equity, operating margins around 18 to 19% and expanding, and management raising full-year guidance on strength in defense and commercial nuclear together describe a business firing on its two best engines at once. Buy the durability and you are buying a portfolio of decades-long programs run by a disciplined balance sheet.

Bear Case

The structural truth a holder has to face is that the multiples are pricing growth that has not happened yet, and is rare even when it does. At today's price the market is paying roughly 48 times company-wide operating profit. Inverted, that requires Curtiss-Wright to hold its growth near the top of what it can self-fund for about a decade. The base rate is unforgiving: only about 15% of comparable fast-growing companies have sustained that pace for nine to ten years. This is not a claim that the business is weak; it is the opposite. The business is excellent, and the price has already capitalized a decade of excellence. The bear case is that excellence priced to perpetuity leaves no room for the ordinary disappointments every long-cycle supplier eventually meets.

The valuation methods agree, and they agree lopsidedly. Asset-value methods built on a $71.02 book value and a 19.4% return on equity land far below the price. Earnings-power methods that capitalize current profit land further below still. Peer multiples against other diversified industrials land below. Only the forward-growth cash-flow models reach the price, and they get there by extrapolating the recent compounding rate forward and holding a 35-plus times exit multiple flat for the life of the forecast. When a single family of methods, the most assumption-dependent one, is the only one that justifies the price, the honest reading is that the price rests on a durability assumption the static frames cannot underwrite. The conservative methods are not wrong here; they are describing what you own today before the future arrives.

The fragility sits in the customer, not the balance sheet. Curtiss-Wright tells investors plainly that "the defense business is primarily impacted by government funding and spending on new programs, primarily driven by the U.S. Go"vernment, and that on the nuclear side "delays in the development of small modular reactors, could adversely affect our results of operations or future outlook." Both growth engines, naval and commercial nuclear, depend on government budgets and a reactor build-out whose timing is not in the company's control. A continuing resolution that slows submarine appropriations, or an SMR timeline that slips, would not break the company, but it would slow the very growth the price requires to persist for a decade. At 48 times operating profit, the margin for a slower year is thin.

Valuation

This report produces no fair value and no target. It works backward from the $772.98 price (June 27, 2026) to the assumption embedded in it, then measures how far the price sits from each way of valuing the business.

The price is a bet on durability, and the methods make that explicit. Only the forward-growth cash-flow models reach today's price. The asset-value methods, anchored on a $71.02 book value and a 19.4% return on equity, sit far below it. The earnings-power methods, which capitalize current sustainable profit, sit further below. Peer multiples against diversified industrials sit below. When only the growth family reaches the price and every static frame says richly valued, the premium is a moat-and-durability premium the static methods structurally cannot price. The market is paying for Curtiss-Wright to keep compounding, not for what its assets or its current earnings power are worth in isolation.

Inverting the price puts a number on the bet. At today's level the market is paying about 48 times company-wide operating profit, which implies the company holds growth near the ceiling it can self-fund for roughly a decade. The rate itself is within what Curtiss-Wright has recently delivered; the stretch is the duration. History is the relevant context: only about 15% of comparable fast-growers sustained that pace for nine to ten years. That is the concrete "what has to be true" behind the price, expressed as persistence rather than acceleration. The forward methods credit it; the trailing methods do not.

Solvency frames the downside as survivable rather than cheap. Net debt near $814 million is about 1.2 times a single year's operating profit, interest coverage runs roughly fifteen times, and a slowly falling share count points to disciplined capital return rather than dilution. The balance sheet can carry the business through a slow patch comfortably. What it cannot do is close the gap between the price and the conservative methods; that gap closes only if the decade of compounding the forward models assume actually shows up. A buyer at this price is underwriting durability, with a strong balance sheet as the floor under the bet.

Catalysts

The clearest catalyst is the raised full-year outlook and the order momentum behind it. After first-quarter 2026 sales of $914 million, up 13%, with margin expansion and diluted EPS up 23%, management lifted its 2026 guidance and now expects total sales to grow 7% to 8% and full-year diluted EPS of $14.90 to $15.30, up 13% to 16% from 2025. The upgrade was driven by stronger expectations in defense and commercial nuclear, the two markets the company is most levered to. The next quarterly print is the test of whether the order book keeps converting at the raised pace.

Naval and nuclear are the segments to watch. Naval & Power sales rose 21% in the quarter on accelerated submarine production and naval aftermarket demand, and the segment carried a 1.5 book-to-bill, with management now guiding that segment to 9% to 11% sales growth on submarine and commercial-nuclear backlog. On the nuclear side, the Power and Process market grew in the high teens, supporting life extensions at operating plants and advanced small modular reactors. Progress, or delay, on SMR timelines is a specific event-driven swing factor for that growth line.

These catalysts run on government and utility timelines rather than the company's own. Defense appropriations and the pace of the nuclear build-out determine how fast the backlog converts, which is why the order activity, more than any single quarter's earnings, is the signal that matters most.

Peer Cohorts (Per Segment, With Filing Citations)

Aerospace & Industrial (reported)

• MOG-A (MOOG Inc.)
• FY2025 10-K: …in aerospace and defense and industrial markets. We have four operating segments: Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Additional information describing the business and comparative segment revenues, operating profits and related financial information for 2025, 2024 and 2023 are…
• FY2025 10-K: …and existing fleets. Commercial Aircraft. We design, manufacture and integrate primary and secondary flight-critical control systems and products for various commercial aircraft including widebody, narrowbody, business jets and regional jets for both OEM and aftermarket customers. Our large commercial production…
• HEI (HEICO CORPORATION)
• FY2025 10-K: …and business aircraft, aircraft engines and related components and equipment. Due in large part to our established industry presence, we enjoy strong customer relations, name recognition and repeat business. We sell our products to a broad customer base consisting of domestic and foreign commercial and cargo…
• FY2025 10-K: …misappropriation or obsolescence from occurring by developing new techniques and improving existing methods and processes, which we will continue on an ongoing basis as dictated by the technological needs of our business. We believe that, based on our competitive pricing, reputation for high quality, short lead time…
• TDG (TransDigm Group Incorporated)
• FY2025 10-K: ; (5) defense OEMs; (6) system suppliers; and (7) various other industrial customers. Our top ten customers for fiscal year 2025 accounted for approximately 40% of our net sales. Products supplied to many of our customers are used on multiple platforms. None of our customers individually accounted for greater than 10%…
• FY2025 10-K: …following table sets forth, for the periods indicated, certain financial information by reportable segment, which includes a reconciliation of EBITDA As Defined to consolidated income from continuing operations before income taxes (in millions): Fiscal Year Ended September 30, 2025 Power & Control Airframe…
• WWD (WOODWARD, INC.)
• FY2025 10-K: …technology and design, product performance, and conformity with customer specifications. Additional factors are customer service and support, including on-time delivery and customer partnering, product quality, price, reputation, and local presence. Both of our segments operate in uniquely competitive environments.…
• FY2025 10-K: …with our competitors through ownership or joint venture agreements. For example, Pratt & Whitney, one of our customers, is affiliated with RTX Corporation, one of our competitors. Similarly, GE Aerospace has a joint venture with Parker Hannifin for the supply of fuel nozzles. We have also partnered with our customers…
• TXT (Textron Inc.)
• FY2025 10-K: …training on Bell-owned aircraft and certified Full Flight Simulators and Flight Training Devices, as well as maintenance training on Bell's production representative maintenance training devices. Textron Systems Segment The businesses in our Textron Systems segment develop, manufacture and integrate a variety of…
• FY2025 10-K: …txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-28 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-29 2026-01-03 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2023-12-31 2024-12-28 0000217346…
• ITT (ITT INC.)
• FY2025 10-K: …and artificial intelligence continue to reshape manufacturing and industrial solutions. We view this shift as an opportunity to further enhance efficiency, reliability, and customer value but it also exposes us to additional cyber related risks and the possibility 30 that our competitors are able to adapt and utilize…
• FY2025 10-K: …engineered cable assemblies for avionics, sensors, communications and networking applications that are highly complementary to ITT's existing connector portfolio. Brands include kSARIA, Compulink, The Charles E. Gillman Company, TopFlite Components, and Co-Operative Industries Aerospace and Defense (CIA&D). Control…
• PH (PARKER-HANNIFIN CORPORATION)
• FY2025 10-K: …and custom products are also used in the replacement of original products. We market our Diversified Industrial Segment products primarily through field sales employees and independent distributors located throughout the world. Aerospace Systems Segment . Our Aerospace Systems Segment products are used in commercial…
• FY2025 10-K: …we manufacture and sell. In the Diversified Industrial Segment, Parker competes based on product quality and innovation, customer experience, manufacturing and distribution capability, aftermarket support, and price competitiveness. We believe that we are one of the market leaders in most of the major markets for our…

Defense Electronics (reported)

• MRCY (MERCURY SYSTEMS, INC.)
• FY2025 10-K: …by the growing demand for domestically designed, sourced and manufactured electronics for critical aerospace, defense and intelligence applications. Our primary market positioning is centered on making commercially available technologies profoundly more accessible to the aerospace and defense sector, specifically as…
• FY2025 10-K: …product, where the customer evaluates alternative technologies and design approaches. We work with defense prime contractors as well as directly with the DoD. We help drive subsystem development and deployment in both classified and unclassified environments. The principal competitive factors in our market are…
• KTOS (Kratos Defense & Security Solutions, Inc.)
• FY2025 10-K: …property and past performance qualifications and by offering a wider range of comprehensive low-cost technology leading and proven products and solutions compared to our competitors. In regard to areas of specialization, our product and solution offerings include the manufacturing of specialized defense electronics;…
• FY2025 10-K: …address these threats for and with our customers and partners is recognized in the industry. We believe that the Company's military grade hardware, software and solution offerings, including jet unmanned aerial drones, rocket and hypersonic systems, C5ISR and air defense systems, jet engine and propulsion systems for…
• DRS (Leonardo DRS, Inc.)
• FY2025 10-K: …ship propulsion systems, motors and variable frequency drives, force protection systems, and transportation and logistics systems for the U.S. military and allied defense customers. DRS is a leading provider of next-generation electrical propulsion systems for the U.S. Navy. We provide power conversion, control,…
• FY2025 10-K: …and power generation and management are central to these priorities. Demand for our technologies is concentrated in areas of sustained priority for the DoW, including counter‑unmanned aircraft systems ("C-UAS"), advanced infrared sensing, network computing, and electric power and propulsion for next generation navy…
• LHX (L3HARRIS TECHNOLOGIES, INC.)
• FY2025 10-K: …of urgently needed capabilities. These changes are designed to expand competition, incentivize private investment, and enhance supply chain resilience, which may result in new opportunities and requirements for defense contractors, as well as increased emphasis on rapid innovation and responsiveness in fulfilling…
• FY2025 10-K: …in-service support; missionization prototyping; and naval integration. Targeting & Sensor Systems ("TSS") : Multi-domain, multi-spectral electro-optical ("EO") and infrared ("IR") sensor systems supporting ISR and target acquisition missions; manufacturing of specialty laser and filter glass materials, laser range…
• ESLT (ELBIT SYSTEMS LTD)
• FY2025 20-F: …for constant value creation, exploring new opportunities and scalable thinking to achieve continuous growth. 21 Recent Developments In recent years the Company has grown significantly, including in terms of our order backlog, revenues, number of employees and large-scale programs. The Company has also broadened its…
• FY2025 20-F: …operational needs of our customers, achieving reduced time to market and increasing affordability. We emphasize improving existing systems and products and developing new ones using emerging or existing technologies, including an increasing use of open source software and generative AI. Our R&D projects relate to…
• AVAV (AEROVIRONMENT, INC.)
• FY2025 10-K: …Israeli Aircraft Industries. ​ The defense and technology markets for the C-UAS and Precision Strike products and solutions are highly competitive, evolving with rapid technological advancements and shifting customer needs. Competitors in the LMS market include Textron Inc., RTX Corporation, Lockheed Martin…
• FY2025 10-K: …capabilities. We evaluate each opportunity independently and against other investment opportunities, to determine its relative cost, timing and potential for generation of returns. This process helps us make informed decisions regarding potential growth capital requirements. It also supports our allocation of…
• TDY (TELEDYNE TECHNOLOGIES INC)
• FY2025 10-K: …systems engineering and integration, advanced technology application, software development and manufacturing solutions for defense, space, environmental and energy applications. Business segment results include net sales and operating income by segment but excludes corporate office expenses. Corporate expense…
• FY2025 10-K: Operating income $ 262.1 $ 221.7 $ 40.4 18.2% Cost of sales % of net sales 59.0 % 56.8 % 2.2% Selling, general and administrative expenses % of net sales 11.7 % 11.8 % (0.1)% Research and development expense % of net sales 2.8 % 2.8 % -% Acquired intangible asset amortization % of net sales 1.7 % 0.1 % 1.6% Operating…

Naval & Power (reported)

• BWXT (BWX Technologies Inc)
• FY2025 10-K: …from operations or by raising additional capital through debt, equity or some combination thereof. Government Operations Through this segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the U.S. Department of Energy ("DOE")/National Nuclear Security…
• FY2025 10-K: …manufacturing complexes maintained by the DOE, NNSA and other federal agencies. The Government Operations segment is also a leader in the development of advanced nuclear reactors for a variety of power and propulsion applications in the space and terrestrial domains. U.S. Government customers for these applications…
• FLS (FLOWSERVE CORP)
• FY2025 10-K: …to our realignment activities and an increase of $9.8 million of acquisition and integration 38 costs and amortization of step-up in value of acquired inventories and acquisition related intangibles assets associated with the MOGAS acquisition, partially offset by the favorable impact of previously implemented sales…
• FY2025 10-K: …Results of Operations ("MD&A"): • FPD designs, manufactures, pretests, distributes, and services highly custom engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and • FCD designs, manufactures, and distributes a broad…
• DCO (DUCOMMUN INCORPORATED)
• FY2025 10-K: …from commercial aircraft could be affected as a result of 7 Table of Contents changes in new aircraft orders, or the cancellation or deferral by airlines of purchases of ordered aircraft. Further, our revenues from commercial aircraft programs could be affected by changes in our customers' inventory levels and…
• FY2025 10-K: …storage magazines and custom gun mounts for fixed-wing and rotary-wing military aircraft and military ground vehicles. Seals include magnetic, mechanical and lip seals and O- 5 Table of Contents rings for various military and industrial applications. Aerodynamic systems include engineered structural components for…
• GD (GENERAL DYNAMICS CORPORATION)
• FY2025 10-K: …of the following: Ship construction $ 2,213 Aircraft manufacturing 1,602 Weapon systems and munitions 258 International military vehicles 194 Other, net 119 Total increase $ 4,386 Ship construction revenue was up due primarily to higher volume on submarine programs. Aircraft manufacturing revenue increased due to…
• FY2025 10-K: S. defense industrial base. In addition to Navy ships, we have designed and built ocean-going Jones Act ships for commercial customers. Marine Systems consists of three business units - Electric Boat, Bath Iron Works and NASSCO. In support of our Navy customer's significant increase in demand for submarines and…
• HII (HUNTINGTON INGALLS INDUSTRIES, INC.)
• FY2025 10-K: …News segment is designing and constructing nuclear-powered aircraft carriers and submarines, and the refueling and overhaul and the inactivation of nuclear-powered aircraft carriers. Our Newport News shipyard is located on approximately 550 acres near the mouth of the James River, which adjoins the Chesapeake Bay.…
• FY2025 10-K: …U.S. defense spending priorities that reduce the demand for the types of ships we build and services we provide increase our exposure to market competition risk. If we are unable to compete successfully, we may generate lower revenues and lose market share, which would negatively impact our financial condition,…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.

Sources

Curtiss-Wright Q1 2026 earnings call, June 2026