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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. 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.

13.20 0.21 −1.57%

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Market cap: $546.3M
P/E: 0.0×
Fwd P/E: −4.3×
Dividend yield: 2.42%
F-score: 4/9
Altman Z: 2.93
Beneish M: −0.54
Dividend safety: 57/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.12

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	1	—

Insider Ownership 5.83%

Capital & Financial Ratios $m

Market Cap 546.29

Revenue 1,423.52

Net Income (77.80)

Free Cash Flow 5.94

Net Debt 441.72

Current Ratio 1.31

Debt/Equity 1.75

P/E ratio 0.00

Fwd P/E (4.34)

P/S ratio 0.38

P/B ratio 1.85

Past 5Y EPS Growth —

This Y EPS Growth (2.33%)

Next Y EPS Growth 155.68%

Next Y revenue growth 4.29%

Next 5Y EPS Growth (20.64%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 40.36%

10-year low 10-year high

P/B against its own 10 years 41.40%

10-year low 10-year high

EV/Sales against its own 10 years 75.74%

10-year low 10-year high

EV/FCF against its own 10 years 99.12%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 0.32

Annual Dividend Yield 2.42%

	total	individual payouts
2027	Powerpack
2026	0.32	0.08 0.08 0.08 0.08
2025	0.32	0.08 0.08 0.08 0.08
2024	0.32	0.08 0.08 0.08 0.08
2023	0.32	0.08 0.08 0.08 0.08
2022	0.32	0.08 0.08 0.08 0.08
2021	0.32	0.08 0.08 0.08 0.08
2020	0.24	0.08 0.08 0.08
2019	0.40	0.08 0.08 0.08 0.08 0.08
2018	0.30	0.08 0.08 0.08 0.08
2017	0.24	0.06 0.06 0.06 0.06

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	179	115	32	71
Receivables	183	144	120	172
Inventory	268	259	181	192
Other	—	—	—	—
	681	594	419	492

	2023	2024	2025	Q'26
Payables	157	147	146	244
ST’ Debt	—	—	—	—
Other	—	—	—	—
	352	308	302	374

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	303	417	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.11)	(0.56)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	9.68	15.79	12.25	12.68	6.26	13.04	12.23	20.09	15.94	6.78	Analyst estimates 2026–2028 Powerpack
	High	16.30	24.16	26.54	16.70	19.17	20.55	26.21	30.10	30.07	17.55
People
People	Employees	5,100	6,500	7,100	6,900	5,800	6,200	6,900	6,700	6,000	4,700
	Revenue/emp, $m	0.36	0.27	0.32	0.34	0.26	0.29	0.36	0.38	0.32	0.33
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
	Gross margin, %	17.64	14.76	12.51	13.21	10.78	10.90	12.90	19.64	13.62	4.53
	EBT	185	123	96	118	(109)	1	146	295	(377)	283
	EBT margin, %	10.05	6.93	4.23	5.08	(7.37)	0.07	5.85	11.62	(19.35)	18.35
	Net income	119	111	69	90	(97)	1	113	232	(283)	212
	Depreciation	38	35	66	42	48	49	47	45	57	59
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
	Earnings	1.87	1.88	1.22	1.64	(1.84)	0.02	2.31	4.92	(6.40)	5.09
	Cash flow	2.80	2.43	1.97	2.67	2.34	(0.15)	2.55	6.80	2.64	0.28
	Capex	(0.32)	(0.26)	(0.28)	(0.67)	(0.06)	(0.53)	(1.14)	(2.08)	(1.53)	(0.59)
	Free cash flow	2.49	2.18	1.69	2.00	2.29	(0.68)	1.41	4.72	1.12	(0.31)
	Book value	7.41	8.53	8.31	9.53	7.65	6.42	8.18	11.69	4.28	8.88
	Shares, m	64	59	57	55	53	51	49	47	44	42
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
	P/S	0.56	0.74	0.33	0.35	0.62	0.55	0.45	0.47	0.39	0.23
	P/B	2.19	2.58	1.57	1.54	2.25	3.04	2.83	2.17	4.00	0.98
	EV/Sales	0.60	0.94	0.49	0.49	0.77	0.75	0.59	0.56	0.54	0.50
	EV/FCF	6.99	12.88	11.62	10.36	9.45	(39.00)	21.28	6.36	21.06	(59.77)
Cash, $m
Cash, $m	Operating cash flow	179	144	112	146	124	(7)	124	320	117	12
	Capex	(20)	(15)	(16)	(37)	(3)	(27)	(55)	(98)	(68)	(25)
	Free cash flow	158	129	96	109	121	(35)	69	222	50	(13)
Balance, $m
Balance, $m	Working capital	315	293	278	282	310	240	245	329	286	117
	Total debt	237	551	506	456	448	428	396	396	397	443
	Net debt	74	360	373	315	230	357	338	217	282	411
	Shareholders’ equity	472	506	474	521	405	326	398	549	190	369
Returns, %
Returns, %	ROA	12.92	9.90	5.23	6.87	(7.90)	0.10	9.72	18.02	(20.48)	16.37
	ROIC	23.17	9.44	8.19	10.67	(8.42)	3.07	14.17	25.43	(47.21)	24.66
	ROE	26.19	22.78	14.17	18.01	(21.04)	0.32	31.05	48.83	(76.85)	75.74

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LNN Lindsay Corporation	$1.2B	21.4×	22.2×	−5.13% (below 0%: shrinking)	−14.44% (below 0%: shrinking)	−105.43% (below 0%: shrinking)	29.75%	11.52%	Compare
ASTE Astec Industries, Inc.	$892.9M	45.0×	21.3×	+23.55% (above 0%: growing)	−36.99% (below 0%: shrinking)	−44.57% (below 0%: shrinking)	26.17%	5.00%	Compare
AEBI Aebi Schmidt Holding AG	$856.0M	34.9×	16.6×	+78.73% (above 0%: growing)	n/m	+19.42% (above 0%: growing)	19.60%	5.45%	Compare
MTW The Manitowoc Company, Inc.	$783.3M	38.7×	31.2×	+10.27% (above 0%: growing)	+875.00% (above 0%: growing)	+94.02% (above 0%: growing)	20.69%	5.23%	Compare
HY Hyster-Yale, Inc.	$582.6M	— (loss-making)	— (loss-making)	−15.02% (below 0%: shrinking)	n/m	−84.57% (below 0%: shrinking)	15.70%	(2.26%)	Compare
WNC Wabash National Corporation	$546.3M	— (loss-making)	— (loss-making)	−9.06% (below 0%: shrinking)	n/m	+174.99% (above 0%: growing)	3.67%	(6.06%)
CMCO Columbus McKinnon Corporation	$461.3M	— (loss-making)	— (loss-making)	+125.27% (above 0%: growing)	n/m	+193.45% (above 0%: growing)	27.52%	(3.33%)	Compare
TWI Titan International, Inc.	$440.2M	— (loss-making)	— (loss-making)	+5.19% (above 0%: growing)	n/m	+535.23% (above 0%: growing)	15.46%	2.75%	Compare
GENC Gencor Industries Inc.	$265.0M	17.8×	15.3×	+25.27% (above 0%: growing)	+50.00% (above 0%: growing)	+29.47% (above 0%: growing)	27.91%	17.16%	Compare
Median of peers	$682.9M	34.9×	21.3×	+16.91%	+17.78%	+24.45%	23.43%	5.12%

All 27 Farm & Heavy Construction Machinery stocks →

Wabash National Corporation (WNC) key facts

Concern: Wabash National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, down 20.8% from fiscal 2024.
Wabash National Corporation (WNC) is a Farm & Heavy Construction Machinery company in the Industrials sector, listed on the New York Stock Exchange.
As of October 9, 2026, WNC traded at $13.20, a market capitalization of $546.3 million.
Wabash National Corporation pays an annual dividend of $0.32 per share, a yield of 2.42%.
Return on equity was 75.7% and debt-to-equity 1.75.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.93 (grey zone) for fiscal 2025.