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Wabtec

WAB NYSE Construction Machinery & Heavy Transportation Equipment Financials FY2016–FY2025

Wabtec's revenue rose 7.5% to $11.2 billion in fiscal 2025. Its operating margin was 16.1%, up from 15.5% a year earlier. Free cash flow was $1.5 billion, down 7.9%. It paid out $396 million in dividends and buybacks, 26% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$272.35

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$11.2B
7.5% vs prior year
Operating margin Operating income as a share of revenue.
16.1%
0.6 pts
Net income Profit after all expenses, interest and tax.
$1.2B
10.8%
Free cash flow Cash from operations minus capital spending.
$1.5B
7.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.1%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$46.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.8x
On $8.06 EPS (TTM)

What Wabtec does

No business description yet.

Legal name
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008067
0000943452

Revenue and margins

Wabtec had $11.2B of revenue in fiscal 2025, up 7.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.5B in fiscal 2025, 13.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Wabtec returned $396M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Wabtec yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.8B and divides by 171.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.8x · peers 22.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Wabtec can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $473M$541M$620M$715M$789M
Debt incl. finance leases $4.1B$4.0B$4.1B$4.0B$5.5B
Net debt / EBITDA 2.6x2.3x1.9x1.6x2.1x
Debt / equity 0.4x0.4x0.4x0.4x0.5x
Interest coverage 5.3x5.4x5.8x8.0x8.0x
Current ratio 1.3x1.3x1.2x1.3x1.1x
Quick ratio 0.7x0.7x0.6x0.7x0.6x
Total assets $18.5B$18.5B$19.0B$18.7B$22.1B
Total liabilities $8.2B$8.4B$8.5B$8.6B$10.9B
Shareholders' equity $10.2B$10.1B$10.5B$10.1B$11.1B
Net debt (− = net cash) $3.6B$3.5B$3.4B$3.3B$4.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.4M

7 insiders

Of sales under plans

30%

$2.2M

DateInsiderTradeSharesPriceValueFiling
Oct 6, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,087 $292.72 $0.3M Form 4
Oct 5, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,087 $291.79 $0.3M Form 4
Sep 2, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,087 $280.30 $0.3M Form 4
Sep 1, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,096 $280.08 $0.3M Form 4
Aug 21, 2026 Rogerio MendoncaPresident, Equipment Group Sold 2,919 $297.05 $0.9M Form 4
Aug 20, 2026 Michael FetskoPres., Freight Components Grp. Sold 3,250 $293.22 $1.0M Form 4
Aug 17, 2026 Gregory SbroccoEVP Operations Sold plan 952 $300.00 $0.3M Form 4
Aug 5, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,163 $297.02 $0.3M Form 4
Aug 4, 2026 Rafael SantanaPresident and CEO, Director Sold plan 1,163 $299.04 $0.3M Form 4
Jul 24, 2026 David L DeNinnoExec VP, General Counsel, Sec. Sold 3,000 $301.31 $0.9M Form 4
Jul 24, 2026 Eric GebhardtChief Technology Officer Sold 7,100 $299.27 $2.1M Form 4
Jul 24, 2026 Sameer GaurPres., Global Freight Services Sold 1,000 $300.64 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 99 / 97 / 9
Accruals ratio −2.1%−4.1%−2.9%
Altman Z'' 2.933.302.36

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Wabtec WAB $46.0B 7.5% 16.1% 13.4% 9.1% 33.8x 7
Oshkosh OSK $8.3B −2.9% 9.0% 5.9% 14.8% 14.7x 5 Compare →
Terex TEX $5.9B 5.7% 8.8% 5.9% 9.0% — 6 Compare →
Paccar PCAR $56.4B −15.5% — 12.9% — 22.5x — Compare →
Cummins CMI $71.7B −1.3% 12.0% 7.1% 18.3% 26.4x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.9B $3.9B $4.4B $8.2B $7.6B $7.8B $8.4B $9.7B $10.4B $11.2B
Gross profit $924M $1.1B $1.2B $2.3B $2.1B $2.4B $2.5B $2.9B $3.4B $3.8B
Research and development $71.4M $95.2M $87.5M $210M $162M $176M $209M $218M $206M $223M
Operating income $457M $421M $473M $663M $745M $876M $1.0B $1.3B $1.6B $1.8B
Interest expense $30.2M $75.3M $81.8M $193M $174M $164M $186M $218M $201M $225M
Pretax income $413M $352M $368M $447M $557M $737M $854M $1.1B $1.4B $1.6B
Income tax $99.4M $89.8M $75.9M $120M $145M $172M $213M $267M $343M $409M
Net income $305M $262M $295M $327M $414M $558M $633M $815M $1.1B $1.2B
Diluted EPS $3.34 $2.72 $3.05 $1.84 $2.17 $2.96 $3.46 $4.53 $6.04 $6.83
Diluted shares 0.09B 0.10B 0.10B 0.18B 0.19B 0.19B 0.18B 0.18B 0.17B 0.17B
Cash flow
Cash from operations $451M $189M $315M $1.0B $784M $1.1B $1.0B $1.2B $1.8B $1.8B
Capital expenditure $50.2M $89.5M $93.3M $186M $136M $130M $149M $186M $207M $260M
Free cash flow $400M $99.3M $221M $830M $648M $943M $889M $1.0B $1.6B $1.5B
Depreciation and amortization $69.8M $103M $109M $401M $473M $491M $479M $531M $503M $501M
Stock-based compensation $20.8M $21.3M $25.3M $50.0M $20.0M $46.0M $41.0M $47.0M $66.0M $80.0M
Acquisitions $183M $945M $51.2M $3.0B $40.0M $435M $89.0M $308M $168M $2.5B
Share buybacks $212M $0.0M $0.0M $0.0M $207M $300M $473M $409M $1.1B $223M
Dividends paid $32.4M $42.2M $46.3M $82.0M $93.0M $92.0M $111M $123M $140M $173M
Dividends and buybacks $245M $42.2M $46.3M $82.0M $300M $392M $584M $532M $1.2B $396M
Balance sheet
Cash and short-term investments $399M $233M $581M $604M $599M $473M $541M $620M $715M $789M
Total debt $1.9B $1.9B $3.9B $4.4B $4.2B $4.1B $4.0B $4.1B $4.0B $5.5B
Finance lease liabilities $0.0M $0.0M $0.0M $1.3M $1.2M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.9B $2.3B $4.4B $4.2B $3.9B $3.8B $4.3B $4.9B $4.9B $5.7B
Current liabilities $1.4B $1.6B $1.6B $3.3B $3.2B $2.9B $3.5B $4.1B $3.8B $5.2B
Inventory $659M $743M $845M $1.8B $1.6B $1.7B $2.0B $2.3B $2.3B $2.7B
Property and equipment, net $518M $574M $564M $1.7B $1.6B $1.5B $1.4B $1.5B $1.4B $1.6B
Total assets $6.6B $6.6B $8.6B $18.9B $18.5B $18.5B $18.5B $19.0B $18.7B $22.1B
Total liabilities $3.6B $3.8B $5.8B $9.0B $8.3B $8.2B $8.4B $8.5B $8.6B $10.9B
Shareholders' equity $2.2B $2.8B $2.9B $10.0B $10.1B $10.2B $10.1B $10.5B $10.1B $11.1B
Margins
Gross margin 31.5% 27.4% 28.3% 27.8% 28.3% 30.3% 30.4% 30.4% 32.4% 34.1%
Operating margin 15.6% 10.9% 10.9% 8.1% 9.9% 11.2% 12.1% 13.1% 15.5% 16.1%
EBITDA margin 18.0% 13.5% 13.4% 13.0% 16.1% 17.5% 17.8% 18.6% 20.3% 20.5%
Net margin 10.4% 6.8% 6.8% 4.0% 5.5% 7.1% 7.6% 8.4% 10.2% 10.5%
FCF margin 13.7% 2.6% 5.1% 10.1% 8.6% 12.1% 10.6% 10.5% 15.7% 13.4%
Returns
Return on capital 10.4% 7.0% 7.1% 4.9% 4.0% 4.9% 5.5% 6.9% 8.9% 9.1%
Return on capital employed 11.9% 8.3% 7.9% 5.8% 4.8% 5.7% 6.6% 8.5% 10.8% 11.3%
Return on equity 15.6% 10.5% 10.4% 5.1% 4.1% 5.5% 6.2% 7.9% 10.3% 11.0%
Return on assets 6.2% 4.0% 3.9% 2.4% 2.2% 3.0% 3.4% 4.4% 5.6% 5.7%
Growth
Revenue growth −11.4% 32.4% 12.4% 87.9% −7.9% 3.5% 6.9% 15.7% 7.3% 7.5%
Net income growth −23.5% −14.0% 12.4% 10.9% 26.6% 34.8% 13.4% 28.8% 29.6% 10.8%
EPS growth −18.5% −18.6% 12.1% −39.7% 17.9% 36.4% 16.9% 30.9% 33.3% 13.1%
FCF growth −0.3% −75.2% 123.0% 274.9% −21.9% 45.5% −5.7% 14.2% 60.3% −7.9%
Share count change −6.1% 5.4% 0.4% 83.7% 7.4% −1.2% −2.8% −1.8% −2.6% −2.1%
Financial health
Net debt / EBITDA 2.8x 3.1x 5.6x 3.6x 3.0x 2.6x 2.3x 1.9x 1.6x 2.1x
Debt / equity 0.9x 0.7x 1.4x 0.4x 0.4x 0.4x 0.4x 0.4x 0.4x 0.5x
Interest coverage 15.1x 5.6x 5.8x 3.4x 4.3x 5.3x 5.4x 5.8x 8.0x 8.0x
Current ratio 2.0x 1.4x 2.7x 1.3x 1.2x 1.3x 1.3x 1.2x 1.3x 1.1x
Quick ratio 1.5x 1.0x 2.2x 0.7x 0.7x 0.7x 0.7x 0.6x 0.7x 0.6x
Capital allocation
Capex / revenue 1.7% 2.3% 2.1% 2.3% 1.8% 1.7% 1.8% 1.9% 2.0% 2.3%
Stock comp / revenue 0.7% 0.6% 0.6% 0.6% 0.3% 0.6% 0.5% 0.5% 0.6% 0.7%
Payouts / FCF 61.1% 42.5% 20.9% 9.9% 46.3% 41.6% 65.7% 52.4% 76.0% 26.4%
Quality scores
Piotroski F-score 4.0 3.0 7.0 5.0 5.0 9.0 8.0 7.0 9.0 7.0
Altman Z'' 4.0 3.3 4.2 2.3 2.4 2.7 2.8 2.9 3.3 2.4
Accruals ratio −3.0% 1.1% −0.3% −5.0% −2.0% −2.8% −2.2% −2.1% −4.1% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0000943452). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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