A Business at a Glance
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WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
WAB
$51.7B
Mkt Cap
$302.50
+1.51%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a current P/E ratio of 44.3, compared to its historical median P/E of 29.3. The stock is currently considered Expensive based on its historical valuation range.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a market capitalization of $51.4B. It is classified as a large-cap stock.
Yes, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) pays a dividend with a trailing twelve-month yield of 0.36%. The company also returns capital through share buybacks, with a buyback yield of 0.71%.
Based on historical P/E analysis, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) appears expensive. The current P/E of 44.3 is 51% above its historical median of 29.3. The estimated fair value CAGR (P/E method) is 18.6%.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) operates in the Railroad Equipment industry, within the Industrials sector.
Wabtec Corporation is a global provider of value-added, technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries, with operations in over 50 countries and approximately 31,000 employees. The company operates through two principal segments: the Freight Segment, which manufactures new and modernized locomotives, provides aftermarket parts and services, supplies rail control and infrastructure products including positive train control equipment, and delivers digital solutions for transportation and mining industries (72% of 2025 net sales, with 60% U.S.-based and 58% aftermarket); and the Transit Segment, which manufactures and services components for passenger transit vehicles, supplies rail control and infrastructure products, and serves public transit authorities and vehicle manufacturers (28% of 2025 net sales, with 17% U.S.-based and 56% aftermarket). Wabtec's business model combines original equipment manufacturing with a substantial recurring aftermarket revenue stream supported by an installed base of nearly 24,600 locomotives and a diverse portfolio of transit vehicles globally, generating stable cash flows and providing competitive advantages through long-standing customer relationships and engineering capabilities. The company has built competitive strengths through over 150 years of innovation, a comprehensive product portfolio spanning both OEM and aftermarket segments, leading design and engineering capabilities, and early investment in digital transformation and data analytics, positioning it as a technology leader in rail safety, efficiency, and sustainability solutions.
【Strong backlog-driven momentum】 Management expects 2026 to mark the sixth consecutive year of mid- to high-teens adjusted EPS growth, supported by strong 12-month and multi-year backlogs that provide clear visibility into profitable growth ahead. The company continues to see positive underlying demand across both freight and transit markets, with international markets outpacing North America and transit benefiting from rising ridership in key markets such as Europe and India alongside increased public investment in fleet expansion and renewals. Wabtec is executing disciplined capital allocation, including targeted bolt-on acquisitions centered on high-ROIC opportunities with repeatable integration models, while driving operational efficiencies through cost management and simplification initiatives that are expected to deliver meaningful synergy run-rate savings over the coming years. The company remains focused on margin expansion through productivity improvements, pricing for value delivered, and portfolio optimization, while continuing to invest in innovative technologies including fuel-efficiency solutions, digital intelligence platforms, and next-generation modernization products designed to enhance customer productivity and support sustainability goals.
| Metric | Target | Period |
|---|---|---|
| Revenue | $12.2 billion–$12.5 billion | FY2026 |
| Adjusted EPS | $10.25–$10.65 | FY2026 |
Revenue (FY2026): “we expect 2026 sales of between $12.2 billion-$12.5 billion, up 10.5% at the midpoint”
Adjusted EPS (FY2026): “we now expect adjusted EPS to be in the range of $10.25-$10.65, representing approximately 17% growth at the midpoint”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.5B | 11.2B | 10.4B | 9.7B | 8.4B | 7.8B |
| Net Income | 1.2B | 1.2B | 1.1B | 813M | 631M | 556M |
| EPS | $7.08 | $6.83 | $6.04 | $4.53 | $3.46 | $2.96 |
| Free Cash Flow | 1.5B | 1.5B | 1.6B | 1.0B | 889M | 943M |
| ROIC | 8.0% | 9.0% | 8.8% | 6.9% | 5.5% | 4.9% |
| Gross Margin | 34.5% | 34.1% | 32.4% | 30.4% | 30.4% | 30.3% |
| Debt/Equity | 0.59 | 0.50 | 0.42 | 0.41 | 0.40 | 0.40 |
| Dividends/Share | $1.08 | $1.00 | $0.80 | $0.68 | $0.60 | $0.48 |
| Operating Income | 1.8B | 1.8B | 1.6B | 1.3B | 1.0B | 876M |
| Operating Margin | 16.0% | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% |
| ROE | 10.9% | 11.0% | 10.2% | 7.9% | 6.2% | 5.5% |
| Shares Outstanding | 170M | 171M | 174M | 179M | 182M | 188M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.0B | 3.3B | 2.9B | 3.9B | 4.4B | 8.2B | 7.6B | 7.8B | 8.4B | 9.7B | 10.4B | 11.2B | 11.5B |
| Gross Margin | 30.7% | 31.7% | 31.5% | 27.4% | 28.3% | 27.8% | 28.3% | 30.3% | 30.4% | 30.4% | 32.4% | 34.1% | 34.5% |
| R&D | 62M | 71M | 71M | 95M | 88M | 210M | 162M | 176M | 209M | 218M | 206M | 223M | 233M |
| SG&A | 325M | 347M | 374M | 513M | 633M | 1.2B | 948M | 1.0B | 1.0B | 1.1B | 1.2B | 1.5B | 1.6B |
| EBIT | 527M | 608M | 457M | 421M | 473M | 663M | 745M | 876M | 1.0B | 1.3B | 1.6B | 1.8B | 1.8B |
| Op. Margin | 17.3% | 18.4% | 15.6% | 10.8% | 10.8% | 8.1% | 9.9% | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% | 16.0% |
| Net Income | 352M | 399M | 305M | 262M | 295M | 325M | 413M | 556M | 631M | 813M | 1.1B | 1.2B | 1.2B |
| Net Margin | 11.6% | 12.1% | 10.4% | 6.8% | 6.8% | 4.0% | 5.5% | 7.1% | 7.5% | 8.4% | 10.1% | 10.5% | 10.5% |
| Non-Recurring | -812K | -587K | -232K | -1.9M | -900K | -16M | -10M | 4.0M | 43M | 49M | 28M | -38M | -38M |
| Returns on Capital | |||||||||||||
| ROIC | 20.0% | 20.3% | 11.8% | 9.3% | 8.2% | 4.8% | 4.0% | 4.9% | 5.5% | 6.9% | 8.8% | 9.0% | 8.0% |
| ROE | 20.7% | 22.7% | 15.6% | 10.5% | 10.4% | 5.1% | 4.1% | 5.5% | 6.2% | 7.9% | 10.2% | 11.0% | 10.9% |
| ROA | 11.5% | 12.2% | 6.2% | 4.0% | 3.9% | 2.4% | 2.2% | 3.0% | 3.4% | 4.3% | 5.6% | 5.7% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 472M | 451M | 451M | 189M | 315M | 1.0B | 784M | 1.1B | 1.0B | 1.2B | 1.8B | 1.8B | 1.8B |
| Free Cash Flow | 425M | 401M | 400M | 99M | 221M | 830M | 648M | 943M | 889M | 1.0B | 1.6B | 1.5B | 1.5B |
| Owner Earnings | 385M | 360M | 360M | 64M | 180M | 406M | -8.0M | 121M | -53M | -36M | 462M | 188M | 172M |
| CapEx | 48M | 49M | 50M | 90M | 93M | 186M | 136M | 130M | 149M | 186M | 207M | 260M | 262M |
| Maint. CapEx | 61M | 65M | 70M | 103M | 109M | 560M | 772M | 906M | 1.1B | 1.2B | 1.3B | 1.5B | 1.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 61M | 65M | 70M | 103M | 109M | 560M | 772M | 906M | 1.1B | 1.2B | 1.3B | 1.5B | 1.5B |
| CapEx/OCF | 10.1% | 11.0% | 11.1% | 47.4% | 29.6% | 18.2% | 17.3% | 12.1% | 14.4% | 15.5% | 11.3% | 14.8% | 14.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 19M | 27M | 32M | 42M | 46M | 82M | 93M | 92M | 111M | 123M | 140M | 173M | 183M |
| Dividend Yield | 0.3% | 0.3% | 0.5% | 0.6% | 0.5% | 0.7% | 0.8% | 0.6% | 0.7% | 0.7% | 0.5% | 0.5% | 0.4% |
| Share Buybacks | 27M | 388M | 212M | 0 | 0 | 0 | 207M | 300M | 473M | 409M | 1.1B | 223M | 367M |
| Buyback Yield | 0.3% | 5.8% | 2.9% | N/A | N/A | N/A | 1.5% | 1.8% | 2.6% | 1.8% | 3.3% | 0.6% | 0.7% |
| Stock-Based Comp | 26M | 26M | 21M | 21M | 25M | 50M | 20M | 46M | 41M | 47M | 66M | 80M | 85M |
| Debt Repayment | 494M | 613M | 1.1B | 1.3B | 1.5B | 3.4B | 4.1B | 5.6B | 6.1B | 5.5B | 2.3B | 3.2B | 3.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 95M | 466M | 1.5B | 1.6B | 3.3B | 4.1B | 3.6B | 3.6B | 3.5B | 3.7B | 3.5B | 4.8B | 6.0B |
| Cash & Equiv. | 426M | 226M | 398M | 233M | 581M | 604M | 599M | 473M | 541M | 620M | 715M | 789M | 531M |
| Long-Term Debt | 520M | 692M | 1.8B | 1.8B | 3.8B | 4.3B | 3.8B | 4.1B | 3.8B | 3.3B | 3.5B | 4.3B | 4.7B |
| Debt/Equity | 0.29 | 0.41 | 0.86 | 0.67 | 1.35 | 0.47 | 0.42 | 0.40 | 0.40 | 0.41 | 0.42 | 0.50 | 0.59 |
| Interest Coverage | 30.0 | 36.0 | 9.1 | 5.4 | 4.2 | 3.0 | 3.7 | 4.9 | 5.4 | 5.8 | 8.0 | 8.0 | 7.3 |
| Equity | 1.8B | 1.7B | 2.2B | 2.8B | 2.9B | 10.0B | 10.1B | 10.2B | 10.1B | 10.5B | 10.1B | 11.1B | 11.1B |
| Total Assets | 3.3B | 3.2B | 6.6B | 6.6B | 8.6B | 18.9B | 18.5B | 18.5B | 18.5B | 19.0B | 18.7B | 22.1B | 23.2B |
| Total Liabilities | 1.5B | 1.5B | 3.6B | 3.8B | 5.8B | 9.0B | 8.3B | 8.2B | 8.4B | 8.5B | 8.6B | 10.9B | 12.0B |
| Intangibles | 423M | 441M | 1.1B | 1.2B | 1.1B | 4.1B | 3.9B | 3.7B | 3.4B | 3.2B | 2.9B | 3.8B | 4.2B |
| Retained Earnings | 1.9B | 2.3B | 2.6B | 2.8B | 3.0B | 3.3B | 3.6B | 4.1B | 4.6B | 5.3B | 6.2B | 3.9B | 4.2B |
| Working Capital | 899M | 875M | 1.4B | 692M | 2.8B | 934M | 654M | 922M | 860M | 799M | 1.2B | 544M | 138M |
| Current Assets | 1.6B | 1.5B | 2.9B | 2.3B | 4.4B | 4.2B | 3.9B | 3.8B | 4.3B | 4.9B | 4.9B | 5.7B | 6.0B |
| Current Liabilities | 739M | 665M | 1.4B | 1.6B | 1.6B | 3.3B | 3.2B | 2.9B | 3.5B | 4.1B | 3.8B | 5.2B | 5.8B |
| Per Share Data | |||||||||||||
| EPS | 3.62 | 4.10 | 3.34 | 2.72 | 3.05 | 1.84 | 2.17 | 2.96 | 3.46 | 4.53 | 6.04 | 6.83 | 7.08 |
| Owner EPS | 3.96 | 3.70 | 3.94 | 0.67 | 1.86 | 2.30 | -0.04 | 0.64 | -0.29 | -0.20 | 2.65 | 1.10 | 1.01 |
| Book Value | 18.60 | 17.48 | 24.17 | 29.13 | 29.63 | 56.37 | 53.19 | 54.31 | 55.39 | 58.43 | 57.88 | 65.21 | 65.35 |
| Cash Flow/Share | 4.86 | 4.64 | 4.94 | 1.96 | 3.25 | 5.75 | 4.12 | 5.71 | 5.69 | 6.69 | 10.52 | 10.29 | 15.99 |
| Dividends/Share | 0.20 | 0.28 | 0.36 | 0.44 | 0.48 | 0.48 | 0.48 | 0.48 | 0.60 | 0.68 | 0.80 | 1.00 | 1.08 |
| Shares Out. | 97.1M | 97.2M | 91.3M | 96.4M | 96.7M | 176.6M | 190.3M | 187.8M | 182.4M | 179.5M | 174.3M | 170.9M | 169.9M |
| Valuation | |||||||||||||
| P/E Ratio | 23.0 | 16.7 | 23.7 | 28.5 | 21.5 | 41.1 | 32.5 | 30.1 | 28.2 | 27.7 | 31.6 | 32.1 | 42.7 |
| P/FCF | 19.1 | 16.5 | 18.0 | 75.4 | 28.7 | 16.1 | 20.7 | 17.7 | 20.0 | 22.2 | 20.4 | 25.0 | 34.1 |
| EV/EBIT | 14.7 | 11.3 | 18.4 | 21.2 | 19.2 | 25.3 | 22.7 | 23.3 | 21.3 | 21.2 | 23.1 | 24.3 | 31.3 |
| Price/Book | 4.5 | 3.9 | 3.3 | 2.7 | 2.2 | 1.4 | 1.3 | 1.6 | 1.8 | 2.2 | 3.3 | 3.4 | 4.6 |
| Price/Sales | 2.4 | 2.5 | 2.2 | 1.9 | 2.0 | 1.5 | 1.6 | 2.0 | 2.0 | 1.9 | 2.7 | 3.0 | 4.5 |
| FCF Yield | 5.2% | 6.0% | 5.5% | 1.3% | 3.5% | 6.2% | 4.8% | 5.6% | 5.0% | 4.5% | 4.9% | 4.0% | 2.9% |
| Market Cap | 8.1B | 6.6B | 7.2B | 7.5B | 6.3B | 13.4B | 13.4B | 16.8B | 17.9B | 22.6B | 33.4B | 37.5B | 51.4B |
| Avg. Price | 75.02 | 85.68 | 71.47 | 75.83 | 88.10 | 69.14 | 62.36 | 81.75 | 89.46 | 104.78 | 161.82 | 195.82 | 302.50 |
| Year-End Price | 83.41 | 68.31 | 79.13 | 77.63 | 65.61 | 75.71 | 70.47 | 89.03 | 97.62 | 125.55 | 190.80 | 219.04 | 302.50 |
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP trades at 44.3x trailing earnings, compared to its 15-year median P/E of 29.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 34.4x vs a median of 20.6x. The company's 5-year average ROIC is 7.0% with a gross margin of 31.5%. Total shareholder yield (dividends + buybacks) is 1.1%. At current prices, the estimated annualized return to fair value is +14.8%.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) reported annual revenue of $11.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a net profit margin of 10.5%. This is a healthy margin.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a debt-to-equity ratio of 0.50. This indicates a conservatively financed balance sheet.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) reported earnings per share (EPS) of $6.83 in its most recent fiscal year.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a return on equity (ROE) of 11.0%. This indicates moderate shareholder returns.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a 5-year average gross margin of 31.5%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has a book value per share of $65.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to mark the sixth consecutive year of mid- to high-teens adjusted EPS growth, supported by strong 12-month and multi-year backlogs that provide clear visibility into profitable growth ahead. The company continues to see positive underlying demand across both freight and transit markets, with international markets outpacing North America and transit benefiting from rising ridership in key markets such as Europe and India alongside increased public investment in fleet expansion and renewals. Wabtec is executing disciplined capital allocation, including targeted bolt-on acquisitions centered on high-ROIC opportunities with repeatable integration models, while driving operational efficiencies through cost management and simplification initiatives that are expected to deliver meaningful synergy run-rate savings over the coming years. The company remains focused on margin expansion through productivity improvements, pricing for value delivered, and portfolio optimization, while continuing to invest in innovative technologies including fuel-efficiency solutions, digital intelligence platforms, and next-generation modernization products designed to enhance customer productivity and support sustainability goals.
Based on recent SEC filings and earnings calls, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) has provided the following forward guidance: Revenue: $12.2 billion–$12.5 billion (FY2026); Adjusted EPS: $10.25–$10.65 (FY2026).
No recent press releases.