Woodward's Strong Growth Prospects and Strategic Investments Justify Buy RatingWe hosted Bill Lacey - CFO at our Conference today. Bottom line: Woodward has one of the most di ff erentiated growth drivers in commercial aerospace in its sizable content gain on the LEAP . It also has growth ahead sourced from better aero OE, defense and PGM, IGT, and marine. There is room for further margin expansion in both segments. Near-term capex outlays feed more content gains and more automation, to continue adding to the growth and margin trajectory longer term. Bill Lacey (CFO). Commercial Aerospace: WWD expects next generation narrowbody aftermarket revenues to surpass legacy sales earlier than anticipated in late 2026/early 2027 as next gen engines pick up growth and WWD content gains fl ow through.