NYSE: WAB
Wabtec
Industrials · Railroad Equipment
52-week range
$194.93$306.64
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$48.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.95B |
| FY2017, ended Dec 31, 2017 | $7.82B |
| FY2018, ended Dec 31, 2018 | $6.79B |
| FY2019, ended Dec 31, 2019 | $14.9B |
| FY2020, ended Dec 31, 2020 | $13.8B |
| FY2021, ended Dec 31, 2021 | $17.1B |
| FY2022, ended Dec 31, 2022 | $18.0B |
| FY2023, ended Dec 31, 2023 | $22.5B |
| FY2024, ended Dec 31, 2024 | $32.4B |
| FY2025, ended Dec 31, 2025 | $36.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $48.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.93B |
| FY2017, ended Dec 31, 2017 | $3.88B |
| FY2018, ended Dec 31, 2018 | $4.36B |
| FY2019, ended Dec 31, 2019 | $8.20B |
| FY2020, ended Dec 31, 2020 | $7.56B |
| FY2021, ended Dec 31, 2021 | $7.82B |
| FY2022, ended Dec 31, 2022 | $8.36B |
| FY2023, ended Dec 31, 2023 | $9.68B |
| FY2024, ended Dec 31, 2024 | $10.4B |
| FY2025, ended Dec 31, 2025 | $11.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $305M | $400M |
| FY2017, ended Dec 31, 2017 | $262M | $99.3M |
| FY2018, ended Dec 31, 2018 | $295M | $221M |
| FY2019, ended Dec 31, 2019 | $327M | $830M |
| FY2020, ended Dec 31, 2020 | $414M | $648M |
| FY2021, ended Dec 31, 2021 | $558M | $943M |
| FY2022, ended Dec 31, 2022 | $633M | $889M |
| FY2023, ended Dec 31, 2023 | $815M | $1.01B |
| FY2024, ended Dec 31, 2024 | $1.06B | $1.63B |
| FY2025, ended Dec 31, 2025 | $1.17B | $1.50B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.37B | $1.78B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$489M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.14B |
| FY2017, ended Dec 31, 2017 | $233M |
| FY2018, ended Dec 31, 2018 | $581M |
| FY2019, ended Dec 31, 2019 | $604M |
| FY2020, ended Dec 31, 2020 | $599M |
| FY2021, ended Dec 31, 2021 | $473M |
| FY2022, ended Dec 31, 2022 | $541M |
| FY2023, ended Dec 31, 2023 | $620M |
| FY2024, ended Dec 31, 2024 | $715M |
| FY2025, ended Dec 31, 2025 | $789M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $489M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.38B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.89B |
| FY2017, ended Dec 31, 2017 | $1.87B |
| FY2018, ended Dec 31, 2018 | $3.86B |
| FY2019, ended Dec 31, 2019 | $4.43B |
| FY2020, ended Dec 31, 2020 | $4.24B |
| FY2021, ended Dec 31, 2021 | $4.06B |
| FY2022, ended Dec 31, 2022 | $4.00B |
| FY2023, ended Dec 31, 2023 | $4.07B |
| FY2024, ended Dec 31, 2024 | $3.98B |
| FY2025, ended Dec 31, 2025 | $5.54B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.38B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 75.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.168M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 95.8M |
| FY2017, ended Dec 31, 2017 | 96.1M |
| FY2018, ended Dec 31, 2018 | 96.6M |
| FY2019, ended Dec 31, 2019 | 192M |
| FY2020, ended Dec 31, 2020 | 189M |
| FY2021, ended Dec 31, 2021 | 185M |
| FY2022, ended Dec 31, 2022 | 180M |
| FY2023, ended Dec 31, 2023 | 177M |
| FY2024, ended Dec 31, 2024 | 171M |
| FY2025, ended Dec 31, 2025 | 171M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 168M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $740M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $212M | $20.8M | $535M |
| FY2017, ended Dec 31, 2017 | $0 | $21.3M | $25.0M |
| FY2018, ended Dec 31, 2018 | $0 | $25.3M | — |
| FY2019, ended Dec 31, 2019 | $0 | $50.0M | $6.97B |
| FY2020, ended Dec 31, 2020 | $207M | $20.0M | — |
| FY2021, ended Dec 31, 2021 | $300M | $46.0M | — |
| FY2022, ended Dec 31, 2022 | $473M | $41.0M | — |
| FY2023, ended Dec 31, 2023 | $409M | $47.0M | — |
| FY2024, ended Dec 31, 2024 | $1.10B | $66.0M | — |
| FY2025, ended Dec 31, 2025 | $223M | $80.0M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $837M | $97.0M | — |
Revenue (TTM)
$12.2B
+13.2% YoY
Net income (TTM)
$1.37B
+15.9% YoY
Cash
$489M
−7.4% YoY
Total debt
$6.38B
+20.7% YoY
Valuation
At current price- Market Cap
- $46.9B
- P/E
- 34.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.8×
- Price / Book
- 4.1×
- EV / EBITDA
- 19.9×
Growth
Trailing 12 months- Revenue (TTM)
- $12.2B
- Revenue Growth YoY
- 13.2%
- Revenue CAGR 3Y
- 10.1%
- Revenue CAGR 5Y
- 8.1%
- EPS Growth YoY
- 17.0%
- Net Income Growth YoY
- 15.9%
Profitability
Trailing 12 months- Gross Margin
- 35.6%
- Operating Margin
- 17.2%
- Net Margin
- 11.2%
- FCF Margin
- 14.6%
- Return on Equity
- 12.2%
Earnings
Trailing 12 months- Net Income
- $1.37B
- EPS (diluted)
- $8.05
- EBITDA
- $2.66B
- Operating Income
- $2.10B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $489M
- Total Debt
- $6.38B
- Net Debt
- $5.89B
- Total Assets
- $23.1B
- Total Liabilities
- $11.8B
- Shareholders' Equity
- $11.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.09B
- Capital Expenditure
- $304M
- Free Cash Flow
- $1.78B
Dividends and risk
Last 12 months- Dividend Yield
- 0.4%
- Dividend / Share
- $1.18
- Beta (5Y)
- 0.91
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 13.2% year over year, at $12.2B.
Note
Net margin of 11.2% over the last 12 months.
Note
Net debt of $5.89B is 2.2× EBITDA.
Note
Free cash flow of $1.78B, 14.6% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 21, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K67Mildly positive
67Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Sales rose 7.5% to $11.17 billion. Operating income rose 11% to $1.79 billion and net income rose 11% to $1.18 billion, helped by better margins.
- Spent about $2.5 billion buying Inspection Technologies and Frauscher, then closed the €890 million Dellner Couplers deal in February 2026. Total debt rose to $5.5 billion.
- Signed a record $4.2 billion locomotive deal in Kazakhstan, plus $2.2 billion of North American locomotive orders in the fourth quarter.
- Share buybacks fell sharply, from $1.1 billion to $223 million, as cash went to acquisitions. Moody's upgraded the company's credit rating to Baa2.
Business momentum
Improving
“Net sales for the year ended December 31, 2025 increased by $780 million, or 7.5%, to $11.17 billion compared to the same period in 2024.”
Outlook
Positive
“In February 2025, Wabtec announced Integration 3.0, a three-year strategic initiative to target incremental run rate synergies currently estimated to be between $115 million to $140 million by 2028.”
Financial stress
Low
“Total Available Liquidity $ 3,207 $ 2,556”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record locomotive orders
“The multi-national order, valued by the Company at approximately $4.2 billion, marks the largest locomotive agreement in Wabtec's history.”
Higher gross margins
“Cost of sales as a percentage of Net sales was 65.9% and 67.6% for the years ended December 31, 2025 and 2024, respectively.”
Transit profit up sharply
“Income from operations ($) $ 422 $ 338 $ 84 24.9 %”
Concerns
Interest costs rising with more debt
“Interest expense, net, increased $24 million to $225 million for the year ended December 31, 2025 over the same period in 2024, primarily due to higher average overall debt balances”
Operating cash flow dipped slightly
“In 2025, cash provided by operating activities was $1,759 million compared to $1,834 million in 2024.”
Costs from deals and restructuring
“SG&A for the year ended December 31, 2025 included $60 million of costs related to restructuring initiatives, including a $38 million loss on disposition of a business associated with Portfolio Optimization.”
New risks since the previous report
Debt-funded acquisition spree, including Dellner after year-end
“The transaction subsequently closed on February 10, 2026, and was funded with a combination of cash on hand and borrowings under other sources of available liquidity.”
Tariff costs already hurting cash flow
“The Company has experienced increased tariff costs which unfavorably impacted our cash from operations for the year ended December 31, 2025.”
Large debt repayments due in 2026
“Long-term debt 5,567 1,250 1,840 1,227 1,250”
AI may speed up changes in rail technology
“The advancement of artificial intelligence technologies may significantly accelerate the pace and broaden the scope of technological innovation impacting the industry.”
Weak Digital Intelligence sales in North America
“This was partially offset by decreased Digital Intelligence sales, attributable to softness in the North American market.”
Biggest risks named
- Debt load and integrating several large acquisitions
- Tariffs and trade policy changes
- Russia–Ukraine war and heavy Kazakhstan exposure
- Cyclical freight demand and government transit funding
- Supply chain disruption and cost inflation
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 21, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 67 | Improving | None | |
| 10-K | Feb 12, 2025 | 76 | Strong improvement | None | |
| 10-K | Feb 14, 2024 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 15, 2023 | 61 | Improving | 1 minor | |
| 10-K | Feb 17, 2022 | 63 | Improving | None | |
| 10-K | Feb 19, 2021 | 52 | Mixed | None | |
| 10-K | Feb 24, 2020 | 70 | Strong improvement | None | |
| 10-K | Feb 27, 2019 | 68 | Improving | 1 minor | |
| 10-K | Feb 26, 2018 | 58 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 21, 2026. View filings on SEC EDGAR