CW · CIK 26324
What Curtiss-Wright Corporation told the SEC could break it.
Curtiss-Wright's demand is concentrated in two end-markets it doesn't fully control. About 47% of 2025 net sales came from U.S. Government agencies and prime contractors (58% counting foreign-government end-use), on contracts that can be terminated at the customer's option, and roughly 90% of its commercial-aerospace sales are OEM products tied directly to Boeing and Airbus new-aircraft production rates. On the supply side, it runs lean inventory and depends on sole-source suppliers for certain components, where a single supplier's delay or failure could halt production or hand it pricing power. It also manufactures in Mexico and Canada, exposing it to the 2026 USMCA renegotiation and to tariffs that could materially raise its shipping and input costs.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. Government and government end-usehigh
No single customer is >10% of sales, but ~47% of 2025 net sales came from U.S. Government agencies/prime contractors (58% including foreign government end-use), and government contracts can be partially or fully terminated at the customer's option.
“Approximately 47% of our total net sales for 2025, 48% for 2024, and 46% for 2023 were derived from contracts with agencies of, and prime contractors to, the U.S. Government. ... Our sales to the U.S. Government and foreign government end use represented 58%, 57%, and 56% of total net sales during 2025, 2024, and 2023, respectively.”
SEC filing →As of 2026
Sole-source dependency
- sole-source suppliers of certain componentshigh
Curtiss-Wright keeps low raw-material/component inventory and, while most inputs are multi-sourced, several suppliers are its sole source of certain components; a sole-source delay/failure could halt production or grant the supplier pricing power.
“Generally, raw materials and purchased components are available from a number of different suppliers, though several suppliers are our sole source of certain components. If a sole-source supplier is delayed or should cease or otherwise be unable to deliver such components, we may not be able to produce the related product in a timely manner or in sufficient quantities, if at all, which could adversely affect our operating results.”
SEC filing →As of 2026
Other disclosures
- commercial-aerospace production dependence (Boeing/Airbus)medium
About 90% of Curtiss-Wright's commercial-aerospace sales are OEM products highly dependent on new-aircraft production rates of primary customers Boeing and Airbus (content weighted ~60% narrowbody / ~40% widebody), so production slowdowns hit results.
“Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus.”
SEC filing →As of 2026
Regulatory & policy
- tariffs and USMCA renewal (Mexico/Canada facilities)medium
With manufacturing in Mexico and Canada, Curtiss-Wright is exposed to the 2026 USMCA renegotiation and to U.S./Canada/China tariffs (some of its products are tariffed), which could materially raise shipping/input costs.
“The USMCA is subject to renewal in 2026 and the U.S. government has recently indicated that it intends to negotiate changes to the USMCA with the Mexican and Canadian governments. The effects of such negotiations and any changes to the USMCA may negatively impact our operations in Mexico and Canada, and may significantly and materially increase our costs by increasing the cost of shipping products from our facilities in Mexico and in Canada.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Airbus SE
“Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus.”
Cited →“Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus.”
Cited →
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