Paccar vs Wabtec
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The short version
- Paccar is the larger business, with $28.4B of revenue in fiscal 2025 against $11.2B for Wabtec, about 2.5 times as much.
- Wabtec grew revenue faster (7.5%, against −15.5%).
- Wabtec turned more of its sales into free cash flow (13.4% FCF margin, against 12.9%).
- Investors pay more for each dollar of Wabtec’s earnings: a P/E of 33.8x against 22.5x for Paccar.
| Latest fiscal year | PCAR · FY25 | WAB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $56.4B | $46.0B |
| Revenue | $28.4B | $11.2B |
| Free cash flow | $3.7B | $1.5B |
| Net income | $2.4B | $1.2B |
| Growth | ||
| Revenue growth | −15.5% | 7.5% |
| 5-year growth | 8.7% | 8.1% |
| Share count change | 0.0% | −2.1% |
| Profitability | ||
| Gross margin | 20.1% | 34.1% |
| Operating margin | — | 16.1% |
| Net margin | 8.4% | 10.5% |
| FCF margin | 12.9% | 13.4% |
| Return on capital | — | 9.1% |
| Return on equity | 12.9% | 11.0% |
| Balance sheet | ||
| Net debt | — | $4.8B |
| Net debt / EBITDA | — | 2.1x |
| Dividends and buybacks | $2.3B | $396M |
| Valuation & quality | ||
| P/E | 22.5x | 33.8x |
| Piotroski F-score | — | 7 |
Revenue
FY16
PCAR $17.0B
WAB $2.9B
FY17
PCAR $19.5B
WAB $3.9B
FY18
PCAR $23.5B
WAB $4.4B
FY19
PCAR $25.6B
WAB $8.2B
FY20
PCAR $18.7B
WAB $7.6B
FY21
PCAR $23.5B
WAB $7.8B
FY22
PCAR $28.8B
WAB $8.4B
FY23
PCAR $35.1B
WAB $9.7B
FY24
PCAR $33.7B
WAB $10.4B
FY25
PCAR $28.4B
WAB $11.2B
PCAR
WAB
Operating margin
FY16
PCAR —
WAB 15.6%
FY17
PCAR —
WAB 10.9%
FY18
PCAR —
WAB 10.9%
FY19
PCAR —
WAB 8.1%
FY20
PCAR —
WAB 9.9%
FY21
PCAR —
WAB 11.2%
FY22
PCAR —
WAB 12.1%
FY23
PCAR —
WAB 13.1%
FY24
PCAR —
WAB 15.5%
FY25
PCAR —
WAB 16.1%
PCAR
WAB
Free cash flow
FY16
PCAR $1.9B
WAB $400M
FY17
PCAR $2.3B
WAB $99.3M
FY18
PCAR $2.5B
WAB $221M
FY19
PCAR $2.3B
WAB $830M
FY20
PCAR $2.4B
WAB $648M
FY21
PCAR $1.6B
WAB $943M
FY22
PCAR $2.5B
WAB $889M
FY23
PCAR $3.5B
WAB $1.0B
FY24
PCAR $3.8B
WAB $1.6B
FY25
PCAR $3.7B
WAB $1.5B
PCAR
WAB
Return on capital
FY16
PCAR —
WAB 10.4%
FY17
PCAR —
WAB 7.0%
FY18
PCAR —
WAB 7.1%
FY19
PCAR —
WAB 4.9%
FY20
PCAR —
WAB 4.0%
FY21
PCAR —
WAB 4.9%
FY22
PCAR —
WAB 5.5%
FY23
PCAR —
WAB 6.9%
FY24
PCAR —
WAB 8.9%
FY25
PCAR —
WAB 9.1%
PCAR
WAB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.