Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Activity in Common Stock and Treasury Stock Share

Activity in common stock and treasury stock shares are as follows:

	Common Stock		Treasury Stock			Treasury stock held for deferred compensation
Balances as of September 30, 2021		72,960		(9,702	)		(167	)
Purchase of treasury stock		—		(4,123	)		—
Sales of treasury stock		—		468			—
Common shares issued for benefit plans		—		150			—
Purchases of stock by deferred compensation		—		—			(3	)
Distribution of stock from deferred compensation		—		—			31
Balances as of September 30, 2022		72,960		(13,207	)		(139	)
Balances as of September 30, 2022		72,960		(13,207	)		(139	)
Purchase of treasury stock		—		(1,060	)		—
Sales of treasury stock		—		1,009			—
Common shares issued for benefit plans		—		188			—
Purchases of stock by deferred compensation		—		—			(2	)
Distribution of stock from deferred compensation		—		—			86
Balances as of September 30, 2023		72,960		(13,070	)		(55	)
Balances as of September 30, 2023		72,960		(13,070	)		(55	)
Purchase of treasury stock		—		(2,236	)		—
Sales of treasury stock		—		1,360			—
Common shares issued for benefit plans		—		159			—
Purchases of stock by deferred compensation		—		—			(1	)
Distribution of stock from deferred compensation		—		—			11
Balances as of September 30, 2024		72,960		(13,787	)		(45	)

Summary of Activity for RSUs

A summary of the activity for RSUs:

	Number of units			Weighted-Average Grant Date Fair Value
Balance at September 30, 2023		177		$	93.46
Granted		178			139.04
Vested		(30	)		88.97
Forfeited		(7	)		149.02
Balance at September 30, 2024		318		$	118.19

Stock-based Compensation Expense Recognized

Stock-based compensation expense recognized was as follows:

	Year Ended September 30,
	2024		2023		2022
Employee stock-based compensation expense	$	33,052	$	23,958	$	20,109

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards

The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.

	Year Ended September 30,
	2024							2023							2022
Weighted-average exercise price per share	$	137.36						$	84.84						$	115.3
Expected term (years)			6.6		-	8.7				6.6		-	8.8				6.6		-	8.7
Estimated volatility			35.0	%	-	37.6	%			34.7	%	-	37.6	%			33.8	%	-	36.4	%
Estimated dividend yield			0.7	%	-	0.7	%			0.7	%	-	0.9	%			0.6	%	-	0.8	%
Risk-free interest rate			4.2	%	-	4.4	%			3.4	%	-	4.4	%			1.1	%	-	3.5	%

Weighted Average Grant Date Fair Value of Options Granted

The weighted average grant date fair value of options granted follows:

	Year Ended September 30,
	2024		2023		2022
Weighted-average grant date fair value of options	$	58.34	$	34.19	$	41.78

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2024:

	Number of options			Weighted- Average Exercise Price Per Share
Balance at September 30, 2023		4,842		$	80.48
Granted		87			137.36
Exercised		(1,340	)		69.23
Forfeited		(11	)		96.82
Balance at September 30, 2024		3,578		$	86.03

Changes in Non-vested Stock Options

Changes in non-vested stock options during the fiscal year ended September 30, 2024 were as follows:

	Number of options			Weighted- Average Grant Date Fair Value Per Share
Balance at September 30, 2023		1,393		$	33.96
Granted		87			58.34
Vested		(572	)		32.36
Forfeited		(10	)		37.76
Balance at September 30, 2024		898		$	37.30

Stock Options Vested, or Expected to Vest and Exercisable

Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2024 was as follows:

	Number of options		Weighted- Average Exercise Price		Weighted- Average Remaining Life in Years		Aggregate Intrinsic Value
Options outstanding		3,578	$	86.03		5.3	$	305,872
Options vested and exercisable		2,680		82.14		4.5		239,541
Options vested and expected to vest		3,557		85.91		5.2		304,515

Other Stock Option Information

Other information follows:

	Year Ended September 30,
	2024		2023		2022
Total fair value of stock options vested	$	18,527	$	24,388	$	18,945
Total intrinsic value of options exercised		115,198		67,203		32,709
Cash received from exercises of stock options		89,875		50,749		21,897
Excess tax benefit realized from exercise of stock options		17,939		12,595		6,472

Performance Restricted Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Assumptions to Value PSUs Granted

The fair value of the PSUs for the November 2023 grant was determined based upon a Monte Carlo valuation method. The assumptions used in the Monte Carlo method to value the PSUs granted, which includes the grant date fair value outcome from the Monte Carlo method, were as follows:

	September 30, 2024
Expected volatility		30.2	%
Risk free interest rate		4.5	%
Expected life	3 years
Grant date fair value	$	146.47

Summary of Activity for PSUs

A summary of the activity for PSUs:

	Number of units			Weighted-Average Grant Date Fair Value
Beginning balance		—		$	—
Granted		66			146.47
Forfeited		(4	)		146.47
Ending balance		62		$	146.47