Westinghouse Air Brake Technologies Corp (WAB)

Westinghouse Air Brake Technologies Corporation provides locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates in two segments, Freight and Transit. It offers diesel-electric and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products. The company also offers positive train control equipment; electronically controlled pneumatic braking products; railway electronics; signal design and engineering services; distributed locomotive power, and train cruise and remote controls; industrial/mobile Internet of Things hardware and software, edge-to-cloud, on and off-board analytics and rules, and asset performance management solutions; rail and shipper transportation management, and port visibility and optimization solutions; and network optimization solutions. In addition, it provides freight car trucks, braking equipment, and related components; air compressors and dryers, as well as heating, ventilation, and air conditioning (HVAC) systems; heat transfer components and systems; custom engineered burners and combustion systems; rail gear, signaling, and switch products; and turbochargers. Further, it offers freight locomotive overhauls, modernizations, and refurbishment; locomotive and car maintenance; transit locomotive and car overhaul; unit exchange of locomotive components; long-term parts arrangements; and way equipment maintenance services. Additionally, it provides railway and freight braking equipment and related components; brake shoes, discs, and pads; HVAC equipment; access and platform screen doors; pantographs; power converters and battery chargers; passenger information systems and closed-circuit television; signaling and railway electric relays; and doors, window assemblies, accessibility lifts, ramps, and electric charging solutions for buses. The company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.

Symbol
WAB
Exchange
NYSE
Sector
Industrials
Industry
Railroads
Market cap
$48.62B
52 week range
186.06 - 306.64

Valuation

Share price
$287.54 (close of 2026-10-02)
P/E (TTM)
38.60x
Price to book
4.32x
Price to free cash flow
28.37x
Enterprise value
$54.52B
Book value per share
$66.49

Price performance

PeriodChange
1 day-0.10%
5 days-0.16%
1 month+2.76%
3 months+9.67%
6 months+13.24%
Year to date+34.71%
1 year+45.32%
3 years+173.22%
5 years+224.54%
10 years+252.16%
All time+3733.87%

Members of Congress who disclosed WAB trades

April McClain Delaney · Markwayne Mullin · Gilbert Ray Cisneros · Robert Bresnahan · Val Hoyle · Alan Armstrong · Rick Larsen · Tommy Tuberville

Super investors holding WAB

First Pacific Advisors (First Pacific Advisors, LP) · Ken Griffin (Citadel) · Stanley Druckenmiller (Duquesne Family Office) · Ray Dalio (Bridgewater Associates) · Mairs & Power (Mairs & Power Inc)

Profitability and growth

Return on equity
10.46%
Return on invested capital
8.68%
Return on assets
5.30%
Return on capital employed
10.60%
Gross margin
34.08%
Net margin
10.48%
EBITDA margin
20.54%
Revenue growth
7.51%
Net income growth
10.80%
Free cash flow growth
-7.87%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.53%
Current ratio
1.12x
Net debt to EBITDA
2.37x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$11.17B
Cost of revenue
$7.36B
Gross profit
$3.81B
EBITDA
$2.29B
Net income
$1.17B
Earnings per share
$6.84
Research and development
$223.00M
Shares outstanding
170.50M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$11.17B$3.81B$1.17B$6.84
2024-12-31$10.39B$3.37B$1.06B$6.05
2023-12-31$9.68B$2.94B$815.00M$4.54
2022-12-31$8.36B$2.54B$633.00M$3.46
2021-12-31$7.82B$2.37B$558.00M$2.96
2020-12-31$7.56B$2.14B$414.00M$2.18
2019-12-31$8.20B$2.28B$327.00M$1.91
2018-12-31$4.36B$1.23B$294.90M$3.06
2017-12-31$3.88B$1.07B$262.30M$2.74
2016-12-31$2.93B$924.24M$304.89M$3.37

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3134.08%10.48%10.46%8.68%
2024-12-3132.41%10.17%10.42%9.45%
2023-12-3130.42%8.42%7.74%7.15%
2022-12-3130.38%7.57%6.24%5.86%
2021-12-3130.29%7.13%5.45%4.98%
2020-12-3128.28%5.48%4.08%4.26%
2019-12-3127.78%3.99%3.27%3.85%
2018-12-3128.28%6.76%10.28%6.47%
2017-12-3127.44%6.76%9.27%12.77%
2016-12-3131.53%10.40%10.24%13.85%

Cash and debt by year

Period endCashDebt
2025-12-31$789.00M$4.29B
2024-12-31$715.00M$3.48B
2023-12-31$620.00M$3.29B
2022-12-31$541.00M$3.75B
2021-12-31$473.00M$4.06B
2020-12-31$599.00M$3.79B
2019-12-31$604.20M$4.33B
2018-12-31$580.90M$3.79B
2017-12-31$233.40M-
2016-12-31$398.48M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.50B$80.00M
2024-12-31$1.63B$66.00M
2023-12-31$1.01B$47.00M
2022-12-31$889.00M$41.00M
2021-12-31$943.00M$46.00M
2020-12-31$648.00M$20.00M
2019-12-31$830.00M$50.00M
2018-12-31$221.40M$25.30M
2017-12-31$99.30M$21.30M
2016-12-31$400.31M$20.81M

Dividend history

Most recent payment
2026-08-18
Paid in the last twelve months
$1.18
Payment dateDividend per share
2026-08-18$0.31
2026-05-22$0.31
2026-02-17$0.31
2025-11-12$0.25
2025-08-14$0.25
2025-05-27$0.25
2025-02-21$0.25
2024-11-13$0.20

Investor relations

Next earnings report

Next confirmed report
2026-10-21
Consensus EPS estimate
$2.72

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-22Jun/2026$2.63
2026-04-22Mar/2026$2.55
2026-02-11Dec/2025$2.07
2025-10-22Sep/2025$2.23
2025-07-24Jun/2025$2.18
2025-04-23Mar/2025$2.01
2025-02-12Dec/2024$1.73
2024-10-23Sep/2024$1.87

Filings and sources

Company website
wabteccorp.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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