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. In the quarter to June 2026, revenue fell 9.06%, EPS fell 143.5%, free cash flow grew 175.0% and total debt rose 17.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Wabash National Corporation (WNC) Altman Z-score
Wabash National Corporation's Altman Z-score for fiscal 2025 is 2.93, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.93 | 1.67 |
| FY2024 | 1.27 | (2.94) |
| FY2023 | 4.21 | 0.39 |
| FY2022 | 3.82 | 0.95 |
| FY2021 | 2.87 | 0.66 |
| FY2020 | 2.21 | (1.05) |
| FY2019 | 3.25 | 0.28 |
| FY2018 | 2.97 | 0.07 |
| FY2017 | 2.90 | (1.74) |
| FY2016 | 4.64 | 0.71 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.26 | — | 0.36 | |
| EBIT / total assets | 0.26 | — | 0.87 | |
| Market value of equity / total liabilities | 0.45 | — | 0.27 | |
| Sales / total assets | 1.32 | — | 1.32 | |
| Altman Z-score | Grey zone | 2.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.75 | ||
Z and Z″ put Wabash National Corporation in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GENC Gencor Industries Inc. compare | 15.0× |
| LNN Lindsay Corporation compare | 5.8× |
| ASTE Astec Industries, Inc. compare | 3.1× |
| WNC Wabash National Corporation | 2.9× |
| HY Hyster-Yale, Inc. compare | 2.4× |
| MTW The Manitowoc Company, Inc. compare | 2.1× |
| TWI Titan International, Inc. compare | 1.9× |
| AEBI Aebi Schmidt Holding AG compare | 1.5× |
| CMCO Columbus McKinnon Corporation compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets