Allison Transmission vs Wabtec
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The short version
- Wabtec is the larger business, with $11.2B of revenue in fiscal 2025 against $3.0B for Allison Transmission, about 3.7 times as much.
- Wabtec grew revenue faster (7.5%, against −6.7%).
- Allison Transmission kept more of each dollar of sales as operating profit (29.2% operating margin, against 16.1%).
- Allison Transmission turned more of its sales into free cash flow (22.0% FCF margin, against 13.4%).
- Allison Transmission earned a higher return on the capital invested in it (20.8%, against 9.1%).
- Investors pay more for each dollar of Wabtec’s earnings: a P/E of 33.8x against 16.9x for Allison Transmission.
| Latest fiscal year | ALSN · FY25 | WAB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.9B | $46.0B |
| Revenue | $3.0B | $11.2B |
| Free cash flow | $661M | $1.5B |
| Net income | $623M | $1.2B |
| Growth | ||
| Revenue growth | −6.7% | 7.5% |
| 5-year growth | 7.7% | 8.1% |
| Share count change | −3.4% | −2.1% |
| Profitability | ||
| Gross margin | 48.6% | 34.1% |
| Operating margin | 29.2% | 16.1% |
| Net margin | 20.7% | 10.5% |
| FCF margin | 22.0% | 13.4% |
| Return on capital | 20.8% | 9.1% |
| Return on equity | 35.4% | 11.0% |
| Balance sheet | ||
| Net debt | $1.4B | $4.8B |
| Net debt / EBITDA | 1.4x | 2.1x |
| Dividends and buybacks | $419M | $396M |
| Valuation & quality | ||
| P/E | 16.9x | 33.8x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
ALSN $1.8B
WAB $2.9B
FY17
ALSN $2.3B
WAB $3.9B
FY18
ALSN $2.7B
WAB $4.4B
FY19
ALSN $2.7B
WAB $8.2B
FY20
ALSN $2.1B
WAB $7.6B
FY21
ALSN $2.4B
WAB $7.8B
FY22
ALSN $2.8B
WAB $8.4B
FY23
ALSN $3.0B
WAB $9.7B
FY24
ALSN $3.2B
WAB $10.4B
FY25
ALSN $3.0B
WAB $11.2B
ALSN
WAB
Operating margin
FY16
ALSN 24.6%
WAB 15.6%
FY17
ALSN 28.8%
WAB 10.9%
FY18
ALSN 34.0%
WAB 10.9%
FY19
ALSN 33.1%
WAB 8.1%
FY20
ALSN 25.7%
WAB 9.9%
FY21
ALSN 27.9%
WAB 11.2%
FY22
ALSN 28.3%
WAB 12.1%
FY23
ALSN 30.3%
WAB 13.1%
FY24
ALSN 30.8%
WAB 15.5%
FY25
ALSN 29.2%
WAB 16.1%
ALSN
WAB
Free cash flow
FY16
ALSN $520M
WAB $400M
FY17
ALSN $567M
WAB $99.3M
FY18
ALSN $737M
WAB $221M
FY19
ALSN $675M
WAB $830M
FY20
ALSN $446M
WAB $648M
FY21
ALSN $460M
WAB $943M
FY22
ALSN $490M
WAB $889M
FY23
ALSN $659M
WAB $1.0B
FY24
ALSN $658M
WAB $1.6B
FY25
ALSN $661M
WAB $1.5B
ALSN
WAB
Return on capital
FY16
ALSN 8.9%
WAB 10.4%
FY17
ALSN 20.3%
WAB 7.0%
FY18
ALSN 24.3%
WAB 7.1%
FY19
ALSN 23.0%
WAB 4.9%
FY20
ALSN 13.3%
WAB 4.0%
FY21
ALSN 17.2%
WAB 4.9%
FY22
ALSN 20.8%
WAB 5.5%
FY23
ALSN 23.5%
WAB 6.9%
FY24
ALSN 25.0%
WAB 8.9%
FY25
ALSN 20.8%
WAB 9.1%
ALSN
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.