Wabtec Inc.

Railroad Equipment

WABStrained10 of 11 basics passed

$285.43

+1.65%

Market cap $48.2B

$285.43

+1.65%

Market cap $48.2B

Westinghouse Air Brake Technologies Corp provides value-added, technology-based products and services for the freight rail and passenger transit industries and the mining, marine, and industrial markets. It provides its products and services through two main business segments: Freight and Transit.

It is a $48.2B industrial company. Revenue grew 13.4% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~2.0 years of free cash flow. It trades at 37.5× earnings — near the highest of its own history.

Website: wabteccorp.com
Location: Pittsburgh, PA
Employees: 31 000
Sector: Industrials

Share price · 3 years

$104.94 → $285.43+172.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $12.0B
Profit: keeps 11¢ of every $1 sold; $1.27B
Free cash flow: cash left after running the business; $1.71B
Net debt: debt minus cash on hand; $3.50B
P/E: years of profit in the price; 37.5
EPS: earnings per share, TTM; $7.42
Dividend: pays out 15% of profit · 11% of FCF; 0.40%
Shares: up 88% since 2016 — dilution; 171.1M
Volatility: beta vs the market — under 1 swings less; 0.93

Revenue, last 10 years

52-week range

Low $191.03$285.43High $305.79

Today's price is 82% of the way from the year's low to its high.

P/E vs its history5y

38.1×median 31.0×

Higher than 91% of past days — near the highest of its own history.

Valuation vs own history

P/E

38.1×

P/S

4.0×

EV/EBITDA

27.0×

11%

P/B

4.3×

FCF yield

3.6%

27%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$973Knet selling

Purchases$0

Sales$973K

Insiders trading, last 14d0 buy · 1 sell

Standing in Industrials

Size$48.2Btop 24%
Revenue growth+10%top 20%
Net margin11%top 47%
Return on equity11%top 78%
P/E37.5×top 79%
Dividend yield0.40%top 85%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth and quality; Valuation and Health lag behind.

Valuation44

P/E vs own history91th pct · 0/25
FCF yield3.6% · 12/25
P/S4.0x · 20/25
EV/EBITDA23.2x · 12/25

Growth87

Revenue CAGR9.3% · 12/25
Net income CAGR20.3% · 25/25
EPS CAGR ~5Y25.7% · 25/25
Fwd implied growth55.4% · 25/25

Profitability57

ROIC8.0% · 5/25
ROE11.4% · 12/25
Net margin10.6% · 20/25
Operating margin16.4% · 20/25

Health42

Altman Zn/a · 0/25
Current ratio1.12 · 12/25
Interest coverage8.6x · 18/25
Net cash / debtD/A 16% · 12/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-2.52 · 25/25
FCF conversion135% · 25/25
Margin stabilityσ 3.4% · 25/25

Moat50

ROIC >12% years0/10 yrs · 0/25
Median gross margin30.3% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 4.0% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.17B net income
FY2024Financial
Revenue crossed $10B
$10.4B for the year
Feb 25, 2019Acquisition
The company purchased GE Transportation on February 25, 2019
May 21, 2018Acquisition
GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal,…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$2.93B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
1999Acquisition
Westinghouse Air Brake Technologies Corporation, commonly known as Wabtec, is an American rail equipment company…
1994Acquisition
Morrison Knudsen created a subsidiary MK Rail Corporation
1990IPO
That company (known as WA&B and later also as WABCO) became independent in 1990 via a management buy-out

Achievements

Verifiable track record, straight from the reported numbers.

#32 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$31 927 today — price return only

$11.2B revenue in FY2025

Revenue up 13.4% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

31 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 13.4% year over year
Interest covered 8.6× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+13.4% YoY
Profitable — makes more than it spends$1.27B TTM
Profit growing — earnings are higher than last year+25.5% YoY
Generates cash — cash left after running and investing$1.71B TTM
Debt under control — could handle its obligations~2.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$48.2B market cap
Not printing shares — share count not ballooning — you keep your slice-10.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 30/100
Pays a dividend — returns cash to shareholdersyield 0.40%
Valuation not extreme — price not wildly above earningsP/E 37.5

Peer comparisonWabtec Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
WAB this company	$48.2B	37.5	+13.4%	10.6%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: WAB vs LRCX · WAB vs CAT · WAB vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 7Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $12.0B · net income $1.27B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$12.0B

YoY 13.4%

Net income (TTM)

$1.27B

Margin 10.6%

Gross margin

35.1%

Operating margin

16.4%

P/E ratio

37.5

Dividend yield

0.40%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.6	7.8	8.4	9.7	10.4	11.2
Gross profit	2.1	2.4	2.5	2.9	3.4	3.8
Operating income (EBIT)	0.7	0.9	1.0	1.3	1.6	1.8
Net income	0.4	0.6	0.6	0.8	1.1	1.2
EPS (diluted)	2.18	2.97	3.46	4.54	6.04	6.84

Cash flowFree cash flow $1.71B · operating cash flow $2.00B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.71B

Margin 14.3%

Operating cash flow (TTM)

$2.00B

FCF margin

14.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	1.1	1.0	1.2	1.8	1.8
Capital expenditure	-0.1	-0.1	-0.1	-0.2	-0.2	-0.3
Free cash flow	0.6	0.9	0.9	1.0	1.6	1.5
FCF margin	8.6%	12.1%	10.6%	10.5%	15.7%	13.4%

Balance sheetAssets $22.1B · net debt $3.50B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $22.1B of assets is financed

49%

51%

Liabilities $10.9B — borrowed moneyEquity $11.1B — owners' stake

Cash vs debt

Total debt $4.29B − cash $789M = net debt $3.50B

Cash on hand covers 18% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

8.6x

EBIT ÷ interest expense

ROE

11.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.5	0.5	0.6	0.7	0.8
Total assets	18.5	18.5	18.5	19.0	18.7	22.1
Total liabilities	8.3	8.2	8.4	8.5	8.6	10.9
Total debt	3.8	4.1	3.8	3.3	3.5	4.3
Equity	10.1	10.2	10.1	10.5	10.1	11.1
Net debt	3.2	3.6	3.2	2.7	2.8	3.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of WAB on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $285.43 · market cap $48.2B.