• Woodward average return on tangible equity for 2023 was 29.67, a 29.45% increase from 2022.
• Woodward average return on tangible equity for 2022 was 22.92, a 21.32% increase from 2021.
• Woodward average return on tangible equity for 2021 was 29.13, a 47.12% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.