Woodward designs and manufactures precision control systems and components for aerospace and industrial applications — the parts that manage fuel, air, fluid, and energy flow in engines, turbines, and aircraft. Woodward operates two segments: Aerospace (~64% of revenue) and Industrial (~36%). In Aerospace, Woodward makes fuel pumps, metering units, nozzles, actuators, and flight control components for commercial and military turbine engines and airframes. Key platform content includes the CFM LEAP and Pratt & Whitney GTF engines, the Boeing 787, and military platforms like the F-35 and Apache helicopter. In Industrial, Woodward makes control systems, valves, fuel injection, and ignition systems for gas turbines, steam turbines, and large reciprocating engines used in power generation, oil and gas, and marine applications. Woodward sells primarily to OEMs — RTX, GE Aerospace, Boeing, Rolls-Royce, Caterpillar — and earns aftermarket revenue through spare parts and MRO services. A key business model dynamic is that once Woodward is designed onto a platform, it is typically sole-sourced for the life of that platform, creating long, predictable revenue streams. Services carry higher margins than OEM sales. A major growth driver is the LEAP and GTF aftermarket ramp: Woodward has roughly 5x the content per engine on these next-generation platforms compared to legacy engines, and as the large installed fleet enters maintenance cycles, services revenue is growing substantially.