Wabtec (WAB)
Industrials · $48.4B market cap · SEC CIK 0000943452
fundamentals score out of 100
Next reports on Oct 20, 2026, before the open, with analysts expecting $2.76 in earnings per share.
The case for WAB
- Revenue growing 13.4% year over year.
- Up 50.2% over the past year.
The case against
- Pricey at 38.1× earnings, against a long-run market average nearer 20×.
- Long-term debt of $4.3B against $789M of cash.
- Return on equity of 11% is lower than 85% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 39 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 64 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 44 |
| Momentumhow the price has behaved lately | 77 |
| Stabilityhow violently it moves, what it owes and what it pays you | 48 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 38.1× |
|---|---|
| Price / book | 4.08× |
| Price / sales | 4.0× |
| Revenue growth (YoY) | +13.4% |
| EPS growth (YoY) | +11.1% |
| Gross margin | 35% |
| Operating margin | 16% |
| Net margin | 11% |
| Return on equity | 11% |
| Debt / equity | 0.59× |
| Current ratio | 1.12 |
| Dividend yield | 0.42% |
| Beta | 0.94 |
| 52-week range | $186.06 – $306.64 |
| Position in that range | 86% of the way up |
| 3-month return | +3.5% |
| 1-year return | +50.2% |
Five years of financials, as filed
Pulled from Wabtec's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $11.2B | $10.4B | $9.7B | $8.4B | $7.8B |
| Gross profit | $3.8B | $3.4B | $2.9B | $2.5B | $2.4B |
| Operating income | $1.8B | $1.6B | $1.3B | $1.0B | $876M |
| Net income | $1.2B | $1.1B | $815M | $633M | $558M |
| Operating cash flow | $1.8B | $1.8B | $1.2B | $1.0B | $1.1B |
| Capital expenditure | $260M | $207M | $186M | $149M | $130M |
| Total assets | $22.1B | $18.7B | $19.0B | $18.5B | $18.5B |
| Total liabilities | $10.9B | $8.6B | $8.5B | $8.4B | $8.2B |
| Shareholder equity | $11.1B | $10.1B | $10.5B | $10.1B | $10.2B |
| Cash | $789M | $715M | $620M | $541M | $473M |
| Long-term debt | $4.3B | $3.5B | $3.3B | $3.8B | $4.1B |
| Free cash flow | $1.5B | $1.6B | $1.0B | $889M | $943M |
| Gross margin | 34.1% | 32.4% | 30.4% | 30.4% | 30.3% |
| Operating margin | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% |
| Net margin | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% |
| Diluted shares | 171M | 175M | 180M | 183M | 188M |
Share count is down 9.0% over 4 years. Buybacks have been shrinking the pie.
What Wabtec says it does
Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, is a Delaware corporation with headquarters at 30 Isabella Street in Pittsburgh, Pennsylvania. Our telephone number is 412-825-1000, and our website is located at www.wabteccorp.com . Wabtec has approximately 31,000 employees, excluding contingent workers, and operations in over 50 countries. Except as the context otherwise requires, all references to "we", "our", "us", the "Company" and "Wabtec" refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. George Westinghouse founded the original Westinghouse Air Brake Co. in 1869 when he invented the air brake. Westinghouse Air Brake Company ("WABCO") was formed in 1990 when it acquired certain assets and operations from American Standard, Inc., now known as Trane ("Trane"). The Company went public on the New York Stock Exchange in 1995. Throughout the years, the…
Risk factors WAB lists in its 10-K
- We are dependent upon key customers
- Our business operates in a highly competitive industry
- A failure to predict and react to customer demand could adversely affect our business
- We may fail to respond adequately or in a timely manner to innovative changes in new technology
- Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending
- Our backlog is not necessarily indicative of the level of our future revenues
- Equipment failures, interruptions, delays in deliveries or extensive damage to our facilities, supply chains, distribution systems or information technology systems, could adversely affect our business
- Disruption of our supply chain could have an adverse impact on our business, financial condition, and results of operations
- We intend to pursue acquisitions, joint ventures and alliances that involve a number of inherent risks, any of which may cause us not to realize anticipated benefits
- The integration of our recently completed acquisitions may not result in anticipated improvements in market position or the realization of anticipated operating synergies or may take longer to realize than expected
- The effects of potential future public health crises, epidemics, pandemics or similar events on our business, operating results and cash flows are uncertain
- A significant portion of our sales may be derived from our international operations, which exposes us to certain risks inherent in doing business on an international level
- We may incur increased costs or margin degradation due to fluctuations in interest rates and foreign currency exchange rates
- We have substantial operations located in emerging markets, and are subject to regulatory, economic, social and political uncertainties in such markets