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Wabtec

WAB Industrials Railroads

Wabtec’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 7.51% from fiscal 2024.

Revenue
+17.5%
EPS
+18.9%
Free cash flow
+122.9%
Total debt
+37.4%

Quarter to June 2026, against a year earlier

279.60 5.96 −2.09%
Market cap
$47.9B
P/E
37.5×
Fwd P/E
30.0×
Dividend yield
0.53%
F-score
6/9
Altman Z
3.06
Beneish M
−2.56
Dividend safety
89/100
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Freight Segment
  • Transit Segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 42.55
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 4 4 1 6 2 1 2 2 4 4 1 1
Insider Ownership 1.47%

Capital & Financial Ratios $m

Size
Market Cap 47,920.00
Revenue ttm 11,980.00
Net income ttm 1,276.00
Free cash flow ttm 1,719.00
Net debt Q 5,901.00
Valuation
P/E 37.50 (above 35: high)
Forward P/E 30.00
Price / sales 3.94
Forward P/S Powerpack
Price / FCF 27.48
Price / book 4.20
Financial health
Current ratio Q 1.12
Debt / equity Q 0.58
Interest coverage Q 7.50
Growth
Revenue growth Q +17.48% (above 0%: growing)
Operating income growth Q +27.12% (above 0%: growing)
EPS, this year +22.38% (at or above 15%: strong)
EPS, next year A +14.61%
Revenue, next year A +11.92% (at or above 10%: strong)
EPS, past 5 yrs +25.77% (at or above 15%: strong)
EPS, next 5 yrs A +16.64% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 2.7×; over the ten years it ranged from 1.6× in 2020 to 4.6× in 2026.
P/E against its own 10 years 87.00%
10-year low 10-year high
P/S against its own 10 years 96.40%
10-year low 10-year high
P/B against its own 10 years 93.79%
10-year low 10-year high
EV/Sales against its own 10 years 96.40%
10-year low 10-year high
EV/FCF against its own 10 years 67.24%
10-year low 10-year high

Dividends raised 5 years running

Yield
0.53%
Annual rate
1.49
Payout ratio
20.0%
Growth, 2017–26
+12.2%/yr
  1. 0.44 ’17
  2. 0.48 ’18 +9%
  3. 0.48 ’19 +0%
  4. 0.48 ’20 +0%
  5. 0.48 ’21 +0%
  6. 0.60 ’22 +25%
  7. 0.68 ’23 +13%
  8. 0.80 ’24 +18%
  9. 1.00 ’25 +25%
  10. 1.24 ’26 +24%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 620 715 789 670
Receivables 1,684 1,702 1,897 2,169
Inventory 2,284 2,314 2,745 2,857
Other 267 212 263 345
4,855 4,943 5,694 6,041
2023 2024 2025 Q'26
Payables 1,250 1,300 1,402 1,427
ST’ Debt 781 500 1,250 1,656
Other 804 693 1,015 878
4,056 3,792 5,150 5,387

Compound Annual Growth %

10y 5y 3y
Sales 12.94% 8.13% 10.12%
Cash Flow 14.58% 17.54% 19.22%
Earnings 11.37% 23.09% 22.72%
Book Value 20.73% 1.96% 3.32%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.72 Actual 2.83

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.07 2.10 Beat by 0.03
Q1 FY26 2.55 2.71 Beat by 0.16
Q2 FY26 2.63 2.76 Beat by 0.13
Q3 FY26 2.72 2.83 Beat by 0.11
Q4 FY26 2.67 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.12 2.33 — — —
’25 1.88 1.96 1.81 1.18 6.83
’24 1.53 1.64 1.63 1.23 6.04
’23 0.93 1.06 1.33 1.20 4.53
’22 0.80 0.91 0.88 0.86 3.46
’21 0.59 0.66 0.69 1.02 2.96
’20 0.58 0.46 0.67 0.46 2.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,950 3,179 — — —
’25 2,610 2,706 2,886 2,965 11,167
’24 2,497 2,644 2,663 2,583 10,387
’23 2,194 2,407 2,550 2,526 9,677
’22 1,927 2,048 2,081 2,306 8,362
’21 1,830 2,012 1,907 2,073 7,822
’20 1,930 1,737 1,865 2,024 7,556
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 199 441 — — —
’25 191 209 367 992 1,759
’24 334 235 542 723 1,834
’23 (25) 115 425 686 1,201
’22 161 263 204 410 1,038
’21 292 223 244 314 1,073
’20 (82) 311 230 326 784
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 153 379 — — —
’25 147 170 315 872 1,504
’24 315 197 489 639 1,640
’23 (57) 77 386 611 1,017
’22 143 233 172 344 892
’21 271 197 221 279 968
’20 (109) 280 208 291 669
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,931 3,882 4,364 8,200 7,556 7,822 8,362 9,677 10,387 11,167 11,980 +16.0% 12,498 13,360 14,187 +8.3%
Gross margin, % 31.53 27.44 28.28 27.78 28.28 30.29 30.38 30.42 32.41 34.08 34.97 +2.5 pt
EBT 413 352 368 447 557 737 854 1,092 1,410 1,592 1,703 +16.2%
EBT margin, % 14.08 9.07 8.42 5.45 7.37 9.42 10.21 11.28 13.57 14.26 14.22 +0.2 pt
Net income 313 262 292 327 412 565 641 825 1,067 1,183 1,276 +15.9%
Per share, $
Per share, $ Revenue 32.44 40.65 45.45 48.09 39.79 41.67 45.89 54.12 59.66 65.50 70.85 +8.1%
Earnings 3.37 2.74 3.06 1.91 2.18 2.96 3.46 4.54 6.05 6.84 7.45 +8.2%
Cash flow 4.99 1.98 3.28 5.96 4.13 5.72 5.70 6.72 10.53 10.32 11.82 +8.4%
Capex (0.55) (0.92) (0.85) (1.07) (0.61) (0.56) (0.80) (1.03) (1.11) (1.50) (1.66) +11.7%
Free cash flow 4.43 1.05 2.42 4.89 3.52 5.16 4.90 5.69 9.42 8.82 10.17 +7.9%
Book value 32.94 29.62 29.89 58.61 53.47 54.55 55.69 58.86 58.20 65.63 66.49 +8.0%
Shares, m 90 96 96 171 190 188 182 179 174 171 170 +7.3%
Valuation, ×
Valuation, × P/E 24.86 30.38 22.88 44.97 33.73 31.12 28.83 27.73 31.39 31.21 37.50 30.7
P/S 2.59 2.04 1.55 1.62 1.84 2.21 2.17 2.33 3.18 3.26 3.94 2.3
P/B 2.55 2.80 2.35 1.33 1.37 1.69 1.79 2.14 3.26 3.25 4.20 2.3
EV/Sales 3.10 2.46 1.89 2.08 2.32 2.67 2.59 2.68 3.49 3.68 4.44 2.7
EV/FCF 22.68 95.00 35.49 20.49 26.22 21.56 24.26 25.52 22.12 27.36 30.91 32.1
Cash, $m
Cash, $m Operating cash flow 451 189 315 1,016 784 1,073 1,038 1,201 1,834 1,759 1,999 +16.3%
Capex (50) (88) (82) (182) (115) (105) (146) (184) (194) (255) (280) +19.9%
Free cash flow 401 101 233 834 669 968 892 1,017 1,640 1,504 1,719 +15.8%
Balance, $m
Balance, $m Working capital 1,421 692 2,803 934 654 922 860 799 1,151 544 654 (10.1%)
Net debt 1,494 1,637 1,515 3,825 3,640 3,585 3,461 3,449 3,265 4,752 5,901 +13.7%
Shareholders’ equity 2,977 2,829 2,869 9,994 10,153 10,239 10,147 10,524 10,133 11,190 11,244 +15.9%
Returns, %
Returns, % ROA 6.22 3.99 3.87 2.37 2.21 3.02 3.42 4.35 5.60 5.74 5.83 (0.5) pt
ROIC 6.38 5.89 6.75 3.00 3.38 3.96 4.64 5.66 7.51 7.03 7.16 +0.7 pt
ROE 13.03 9.04 10.35 5.08 4.11 5.47 6.21 7.89 10.22 10.97 11.49 (2.1) pt
People
People Employees 20,000 18,000 18,000 27,500 27,000 25,000 27,000 29,000 29,500 31,000 — +5.0%
Revenue/emp, $m 0.15 0.22 0.24 0.30 0.28 0.31 0.31 0.33 0.35 0.36 — +10.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Wabtec was founded in 1999 and is headquartered in Wilmerding. Rafael Santana is President and Chief Executive Officer. It is a transportation-equipment and technology company serving freight railroads, passenger transit systems, and mining, marine and industrial customers.

Its Freight segment builds new and modernized locomotives, supplies freight-car components, and provides locomotive overhauls, maintenance, replacement parts and long-term service arrangements. It also sells rail-control, signaling and Positive Train Control equipment; train-control and network-optimization software; monitoring hardware; and inspection, train-detection and axle-counting systems. These products help railroads operate trains, maintain equipment and manage networks.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Freight Segment 8,036 71.96%
Transit Segment 3,131 28.04%
Gross margin 34.08%
Operating margin 16.06%
Pre-tax margin 14.26%

Revenue by segment since 2009

Wabtec vs peers in Railroads (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNP Union Pacific Corporation $179.4B 24.6× 23.3× +11.54% (above 0%: growing) +6.33% (above 0%: growing) +57.70% (above 0%: growing) 57.94% 40.25% Compare
CSX CSX Corporation $96.3B 30.1× 25.3× +10.10% (above 0%: growing) +22.73% (above 0%: growing) +816.52% (above 0%: growing) 69.83% 38.27% Compare
CP Canadian Pacific Kansas City Limited $77.7B 28.8× 27.0× +12.46% (above 0%: growing) −13.40% (below 0%: shrinking) +54.79% (above 0%: growing) 67.51% 35.35% Compare
NSC Norfolk Southern Corporation $76.9B 29.2× 27.8× +11.41% (above 0%: growing) −4.40% (below 0%: shrinking) −3.08% (below 0%: shrinking) 66.32% 32.44% Compare
WAB Wabtec $47.9B 37.5× 30.0× +17.48% (above 0%: growing) +18.88% (above 0%: growing) +122.94% (above 0%: growing) 36.52% 18.87%
TRN Trinity Industries, Inc. $2.3B 6.9× 13.4× −4.17% (below 0%: shrinking) +623.53% (above 0%: growing) +75.30% (above 0%: growing) 22.66% 41.19% Compare
GBX Greenbrier Companies, Inc. (The) $1.2B 11.2× 12.5× −31.59% (below 0%: shrinking) −68.23% (below 0%: shrinking) −412.32% (below 0%: shrinking) 14.07% 5.53% Compare
FSTR L.B. Foster Company $382.8M 32.4× 22.1× −3.49% (below 0%: shrinking) +7.14% (above 0%: growing) +83.84% (above 0%: growing) 22.28% 4.44% Compare
RAIL Freightcar America, Inc. $137.1M — (loss-making) 9.7× −4.62% (below 0%: shrinking) n/m +33.43% (above 0%: growing) 5.45% (3.80%) Compare
Median of peers $39.6B 28.8× 22.7× +3.31% +6.33% +56.25% 40.30% 33.90%

All 11 Railroads stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 26.18m 45.53m 300.00
2024 20.97m 63.01m 251.00
2023 15.49m 26.66m 167.00
2022 11.69m 14.96m 131.00
2021 11.03m 15.96m 120.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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WAB metrics, ten years each

stockrow.com/WAB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com