Updated
The most significant concentration Curtiss-Wright discloses is U.S. Government and foreign government end use at 58%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Curtiss-Wright’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: '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.'”
“10-K Item 1A: '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'”
“10-K Item 1A: 'In 2025, approximately 47% of our total net sales were derived from or related to U.S. defense programs.'”
The company's concentration profile is anchored by two overlapping government customer exposures and a high-share sole-source supplier dependency. Sales to U.S. Government and foreign government end use represented 58% of total net sales during 2025 — a high-share, mixed-character exposure that combines the relative contractual stability of defense procurement with the budget and policy dependency inherent in government contracting. Within that, approximately 47% of total net sales were derived from or related to U.S. defense programs specifically — a moderate share that is the domestic component of the broader government total. The two figures represent different cuts of the same government-oriented customer base rather than additive independent exposures. The mixed character of these exposures reflects the dual nature of public-sector revenue: program awards are often multi-year and contract-backed, providing near-term visibility, but appropriations decisions, program restructurings, and export licensing developments can affect the medium-term trajectory in ways that are difficult to predict or offset through commercial diversification alone. On the supply side, the company has several sole-source component suppliers, a high-share dependency where any single supplier's delay or failure to deliver could disrupt production across programs that depend on those components. This supply chain exposure operates independently of customer concentration but could impair delivery against government contracts precisely when program continuity might otherwise be assumed. Together, the government customer skew and the sole-source supplier risk are the two primary variables to monitor, with U.S. defense budget trends and the breadth of the company's supplier qualification pipeline being the most actionable forward indicators.
For the engine’s reasoning on CW’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CW● | Curtiss-Wright Corporation | 2 | 1 | 0 | 3 |
| AVAV | AeroVironment, Inc. | 1 | 2 | 1 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.