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) Piotroski F-score
Wabash National Corporation's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | (4.00) |
| FY2023 | 8 | 0.00 |
| FY2022 | 8 | 3.00 |
| FY2021 | 5 | 1.00 |
| FY2020 | 4 | (5.00) |
| FY2019 | 9 | 3.00 |
| FY2018 | 6 | 2.00 |
| FY2017 | 4 | (4.00) |
| FY2016 | 8 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 16.37% | (20.48%) | Pass | 1 |
| Positive operating cash flow | 11.67m | 117.27m | Pass | 1 |
| Rising return on assets | 16.37% | (20.48%) | Pass | 1 |
| Cash flow above net income | (199.78m) | 401.34m | Fail | 0 |
| Falling long-term leverage | 0.34 | 0.29 | Fail | 0 |
| Rising current ratio | 1.39 | 1.93 | Fail | 0 |
| No new shares issued | 41,511,000 | 44,359,000 | Pass | 1 |
| Rising gross margin | 4.53% | 13.62% | Fail | 0 |
| Rising asset turnover | 1.19 | 1.40 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| LNN Lindsay Corporation compare | 7 |
| GENC Gencor Industries Inc. compare | 6 |
| MTW The Manitowoc Company, Inc. compare | 5 |
| ASTE Astec Industries, Inc. compare | 5 |
| WNC Wabash National Corporation | 4 |
| TWI Titan International, Inc. compare | 4 |
| CMCO Columbus McKinnon Corporation compare | 3 |
| HY Hyster-Yale, Inc. compare | 2 |
| AEBI Aebi Schmidt Holding AG compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover