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Wabash National Corporation

WNC Industrials Farm & Heavy Construction Machinery

Wabash National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, down 20.8% from fiscal 2024.

Revenue
+24.9%
EPS
−150.7%
Free cash flow
−128.6%
Total debt
+27.8%

Quarter to September 2026, against a year earlier

11.20 0.38 −3.28%
Market cap
$471.8M
P/E
0.0×
Fwd P/E
−4.1×
Dividend yield
2.86%
F-score
4/9
Altman Z
2.93
Beneish M
−0.54
Dividend safety
57/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 6.03%

Capital & Financial Ratios $m

Size
Market Cap 471.76
Revenue ttm 1,518.33
Net income ttm (138.19)
Free cash flow ttm (96.98)
Net debt Q 470.97
Valuation
P/E 0.00
Forward P/E (4.12) (negative: loss-making)
Price / sales 0.30
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.69
Financial health
Current ratio Q 1.38
Debt / equity Q 1.99
Interest coverage Q (2.88)
Growth
Revenue growth Q +24.85% (above 0%: growing)
Operating income growth Q −134.74% (below 0%: shrinking)
EPS, this year −34.42% (below 0%: weak)
EPS, next year A +128.20% (at or above 15%: strong)
Revenue, next year A +5.27%
EPS, past 5 yrs —
EPS, next 5 yrs A −20.64% (below 0%: weak)

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 0.6×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2020 to 1.1× in 2018.
P/S against its own 10 years 16.61%
10-year low 10-year high
P/B against its own 10 years 28.97%
10-year low 10-year high
EV/Sales against its own 10 years 62.82%
10-year low 10-year high

Dividends

Yield
2.86%
Annual rate
0.32
Payout ratio
—
Growth, 2018–26
+0.81%/yr
  1. 0.30 ’18
  2. 0.40 ’19 +33
  3. 0.24 ’20 −40
  4. 0.32 ’21 +33
  5. 0.32 ’22 +0
  6. 0.32 ’23 +0
  7. 0.32 ’24 +0
  8. 0.32 ’25 +0
  9. 0.32 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 179 115 32 69
Receivables 183 144 120 199
Inventory 268 259 181 195
Other — — — —
681 594 419 503
2023 2024 2025 Q'26
Payables 157 147 146 246
ST’ Debt — — — —
Other — — — —
352 308 302 365

Compound Annual Growth %

10y 5y 3y
Sales (2.70%) 0.81% (14.89%)
Cash Flow (21.53%) (37.68%) (54.53%)
Earnings 7.32% 0.00% 23.50%
Book Value (1.75%) (1.86%) (2.50%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.46 Actual −0.63

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.77 −0.93 Miss by 0.16
Q1 FY26 −1.01 −1.17 Miss by 0.16
Q2 FY26 −0.56 −0.53 Beat by 0.03
Q3 FY26 −0.46 −0.63 Miss by 0.17

EPS $

Mar Jun Sep Dec Year
’26 (1.11) (0.56) (0.50) — —
’25 5.36 (0.23) 0.97 (1.23) 5.07
’24 0.39 0.64 (7.53) (0.02) (6.40)
’23 1.04 1.54 1.16 1.07 4.81
’22 0.24 0.46 0.73 0.84 2.25
’21 0.06 0.24 0.22 (0.51) 0.02
’20 (2.01) 0.00 0.07 0.10 (1.84)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 303 417 476 — —
’25 381 459 382 321 1,543
’24 515 551 464 417 1,947
’23 621 687 633 596 2,537
’22 547 643 655 657 2,502
’21 392 449 483 479 1,803
’20 387 339 352 404 1,482
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (34) 5 (37) — —
’25 0 (16) 85 (57) 12
’24 (17) 11 43 81 117
’23 69 77 58 115 320
’22 (35) 117 (11) 52 124
’21 (22) 9 (61) 67 (7)
’20 (10) 33 84 17 124
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (29) 17 (23) — —
’25 (9) (22) 80 (62) (13)
’24 (37) (6) 31 61 50
’23 38 52 29 102 222
’22 (43) 105 (30) 37 69
’21 (26) 23 (69) 38 (35)
’20 (16) 31 82 25 121
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,845 1,767 2,267 2,319 1,482 1,803 2,502 2,537 1,947 1,543 1,518 (2.0%) 1,624 2,118 — +17.2%
Gross margin, % 17.64 14.76 12.51 13.21 10.78 10.90 12.90 19.64 13.62 4.53 0.88 (13.1) pt
EBT 185 123 96 118 (109) 1 146 295 (377) 283 (182) +4.8%
EBT margin, % 10.05 6.93 4.23 5.08 (7.37) 0.07 5.85 11.62 (19.35) 18.35 (11.98) +8.3 pt
Net income 119 111 69 90 (97) 1 113 232 (283) 212 (138) +6.6%
Per share, $
Per share, $ Revenue 28.96 29.77 39.78 42.40 27.99 35.58 51.46 53.96 43.89 37.16 37.04 +2.8%
Earnings 1.87 1.88 1.22 1.64 (1.84) 0.02 2.31 4.92 (6.40) 5.09 (3.40) +11.8%
Cash flow 2.80 2.43 1.97 2.67 2.34 (0.15) 2.55 6.80 2.64 0.28 (3.01) (22.6%)
Capex (0.32) (0.26) (0.28) (0.67) (0.06) (0.53) (1.14) (2.08) (1.53) (0.59) 0.64 +7.1%
Free cash flow 2.49 2.18 1.69 2.00 2.29 (0.68) 1.41 4.72 1.12 (0.31) (2.37) n/m
Book value 7.41 8.53 8.31 9.53 7.65 6.42 8.18 11.69 4.28 8.88 6.61 +2.0%
Shares, m 64 59 57 55 53 51 49 47 44 42 41 (4.7%)
Valuation, ×
Valuation, × P/E 8.72 11.69 10.81 8.96 0.00 1,952.00 9.97 5.15 0.00 1.75 0.00 200.9
P/S 0.56 0.74 0.33 0.35 0.62 0.55 0.45 0.47 0.39 0.23 0.30 0.5
P/B 2.19 2.58 1.57 1.54 2.25 3.04 2.83 2.17 4.00 0.98 1.69 2.3
EV/Sales 0.60 0.94 0.49 0.49 0.77 0.75 0.59 0.56 0.54 0.50 0.61 0.6
EV/FCF 6.99 12.88 11.62 10.36 9.45 (39.00) 21.28 6.36 21.06 (59.77) (9.61) 0.1
Cash, $m
Cash, $m Operating cash flow 179 144 112 146 124 (7) 124 320 117 12 (123) (26.2%)
Capex (20) (15) (16) (37) (3) (27) (55) (98) (68) (25) 26 +2.1%
Free cash flow 158 129 96 109 121 (35) 69 222 50 (13) (97) n/m
Balance, $m
Balance, $m Working capital 315 293 278 282 310 240 245 329 286 117 138 (10.4%)
Net debt 74 360 373 315 230 357 338 217 282 411 471 +21.0%
Shareholders’ equity 472 506 474 521 405 326 398 549 190 369 271 (2.7%)
Returns, %
Returns, % ROA 12.92 9.90 5.23 6.87 (7.90) 0.10 9.72 18.02 (20.48) 16.37 (10.73) +3.5 pt
ROIC 23.17 9.44 8.19 10.67 (8.42) 3.07 14.17 25.43 (47.21) 24.66 (13.28) +1.5 pt
ROE 26.19 22.78 14.17 18.01 (21.04) 0.32 31.05 48.83 (76.85) 75.74 (40.21) +49.6 pt
People
People Employees 5,100 6,500 7,100 6,900 5,800 6,200 6,900 6,700 6,000 4,700 — (0.9%)
Revenue/emp, $m 0.36 0.27 0.32 0.34 0.26 0.29 0.36 0.38 0.32 0.33 — (1.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Wabash National Corporation vs peers in Farm & Heavy Construction Machinery (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
ASTE Astec Industries, Inc. $904.9M 69.3× 22.3× +0.66% (above 0%: growing) n/m +187.80% (above 0%: growing) 23.35% (0.94%) Compare
AEBI Aebi Schmidt Holding AG $902.5M 35.3× 16.8× +78.73% (above 0%: growing) n/m +19.42% (above 0%: growing) 19.60% 5.45% Compare
MTW The Manitowoc Company, Inc. $836.6M 30.0× 29.9× +10.91% (above 0%: growing) +114.29% (above 0%: growing) −84.33% (below 0%: shrinking) 19.84% 5.18% Compare
HY Hyster-Yale, Inc. $538.3M — (loss-making) — (loss-making) −15.49% (below 0%: shrinking) n/m −84.57% (below 0%: shrinking) 15.00% (1.10%) Compare
CMCO Columbus McKinnon Corporation $537.3M — (loss-making) — (loss-making) +106.59% (above 0%: growing) n/m −130.23% (below 0%: shrinking) 34.84% 6.50% Compare
WNC Wabash National Corporation $471.8M — (loss-making) — (loss-making) +24.85% (above 0%: growing) n/m −128.61% (below 0%: shrinking) 3.12% (4.20%)
TWI Titan International, Inc. $314.6M — (loss-making) — (loss-making) −6.18% (below 0%: shrinking) n/m −49.13% (below 0%: shrinking) 14.74% (0.29%) Compare
GENC Gencor Industries Inc. $257.2M 16.4× 16.1× +25.27% (above 0%: growing) +50.00% (above 0%: growing) +29.47% (above 0%: growing) 27.91% 17.16% Compare
BNC BNB Standard Corporation $244.4M 2.2× — (loss-making) −4.57% (below 0%: shrinking) n/m −223.91% (below 0%: shrinking) 27.41% (296.32%) Compare
Median of peers $537.8M 30.0× 19.6× +5.79% — −66.73% 21.60% 2.45%

All 27 Farm & Heavy Construction Machinery stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.72m 899.94k 55.11
2024 5.94m (2.77m) 126.02
2023 7.61m 10.81m 188.79
2022 6.38m 11.52m 164.25
2021 4.61m 4.90m 138.99

Ownership

Directors and executive officers, together 2.77%
100 Vanguard Boulevard Malvern, Pennsylvania 7.75%
50 Hudson Yards New York, New York 7.54%
D. E. Shaw & Co., L.P. David E. Shaw 6.38%
245 Summer Street Boston, Massachusetts 5.83%
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. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Wabash National Corporation (WNC) Latest News

31 Oct

Impact 3 · · StockStory
Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · StockStory

28 Oct

Impact 3 · · StockStory

22 Oct

Impact 3 · · StockStory

6 Oct

Impact 4 · · GlobeNewswire

30 Sep

Impact 3 · · StockStory

24 Sep

Impact 3 · · Business Wire

7 Aug

Impact 4 · · The Motley Fool transcript

4 Aug

Impact 3 · · Trefis

1 Aug

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·

29 Jul

Impact 3 · · Moby
Impact 3 ·
Impact 3 ·

28 Jul

Impact 3 ·

14 Jul

Impact 3 ·

23 Jun

Impact 3 · · Simply Wall St.

17 Jun

Impact 3 ·

10 Jun

Impact 4 · · FreightWaves

11 May

Impact 4 · · FreightWaves

3 May

Impact 4 · · StockStory

2 May

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com

1 May

Impact 4 · · Moby
stockrow.com/WNC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com