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Wabash National Corp (WNC) stock

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NYSE: WNC NYSE Construction Machinery & Heavy Transportation Equipment Next results ~January 19, 2027

D Fundamentals grade

Wabash National Corp is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 102% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 102% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Wabash National Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds84 adding, 95 cuttingOf 38 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Wabash National files

10-Q filed October 29: Wabash National

Wabash National's revenue for the twelve months to September 2026 came in at $1.52bn, down 7.3% on the year, an improvement on the 17.3% decline recorded a quarter earlier. Among the construction machinery & heavy transportation equipment companies we cover, that ranks the firm 17th of 20 for growth. Profitability has weakened sharply, though: free-cash-flow margin slipped to -9.0% from 6.6% a year earlier, while operating margin narrowed to -10.4% from 22.6%. On a brighter note, the diluted share count fell 2.6% year on year, which lifts the value attributable to each remaining share. Taken together, these shifts have moved the company's fundamentals grade from E to D.

Our model value for Wabash National is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Wabash National stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.42bn, down 17.3% on a year earlier, a smaller fall than the 19.2% decline a quarter earlier. That puts it 13 of 14 for growth among the construction machinery & heavy transportation equipment companies we cover. Free-cash-flow margin fell to -1.1% from 3.3% a year earlier. The diluted share count is down 4.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 1 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Wabash National Corp's trailing-twelve-month revenue fell 7.3% year on year, with a free-cash-flow margin of -9.0%. Where it stands out: change in share count of -2.6% ranks 3 of 21 construction machinery & heavy transportation equipment companies we cover. Where it lags: gross margin of 0.9% ranks 23 of 23 construction machinery & heavy transportation equipment companies we cover.

Our discounted-cash-flow model values the business at ~$8.5 per share in the base case (~$3.5–$15 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -7.3% (+10.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.6% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 7.3% over the last 12 months.
  • Loss-making. Operating margin is -10.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 33.0 points on a year ago.
  • Burning cash. Free cash flow was -9.0% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 59% and a beta of 1.6 against the S&P 500.
  • Gross margin slipping. Gross margin is down 6.4 points on a year ago.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.63 against an average estimate of -$0.46: missed by 38.5%
Revenue
$476m, up 24.8% on a year earlier
Share reaction
-15.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate -$0.18

Wabash National's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week-17.2%
  • 1 month-18.2%
  • This year+39.7%
  • 1 year+48.6%
  • 5 years-23.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
-10.4%
Net margin
-9.1%
EPS (TTM, diluted)
$-3.39

Growth

Revenue growth
−7.3%
Change in growth rate
+10.0 pts
Share count change
−2.6%

Cash

Free cash flow (TTM)
-$137M
FCF margin
-9.0%
Stock pay % of revenue
0.7%

Earnings

Last results
October 29, 2026
Next results (est.)
January 19, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Announcement
  5. Dividend
  6. Agreement
  7. Leadership
  8. Results
  9. Agreement
  10. Financing
  11. Financing
  12. Results
  13. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Wabash National Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 102% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Wabash National Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.9 ~$4.3–$8.1 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.5 ~$4.8–$6.5 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Wabash National Corp with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.63$12.88$17.88$10.94$12.64$15.21$17.57$20.76$23.86$16.18$8.40$11.73
Market value$668m$847m$1.1bn$639m$699m$805m$907m$1.0bn$1.1bn$718m$350m$480m
+ Net debt (− = net cash)$134m$76m$366m$378m$320m$236m$361m$342m$221m$285m$413m$481m
Enterprise value$802m$922m$1.5bn$1.0bn$1.0bn$1.0bn$1.3bn$1.4bn$1.4bn$1.0bn$764m$961m
Multiples
Price / sales 0.3x0.5x0.6x0.3x0.3x0.5x0.5x0.4x0.5x0.4x0.2x0.3x
Price / earnings 6.4x7.1x10.0x9.2x7.8x—n/m9.2x5.0x—1.7x—
Price / free cash flow 6.0x5.3x9.5x8.1x6.4x7.7x—15.5x5.2x15.9x——
EV / EBITDA 3.7x3.9x9.0x6.7x5.5x—15.4x6.4x3.8x—2.1x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Wabash National's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.8% of total assets over 10 years.

  • Pricing power 5 / 20

    Gross margin has been a median 12.3%, moving by 4.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.7%; its worst year was -14.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 21.3% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.33 −8% $1.6bn +2%
Next $1.20 +152% $2.0bn +30%

Next year's EPS estimate has moved −15.5% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +32.0% on 90 days ago. In the last 30 days, 0 analysts raised Wabash National Corp's forecast and 1 cut it.

Consensus EPS forecast Wabash National Corp, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 $1.00 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.76 Current fiscal year, 60 days ago: −$2.20 Current fiscal year, 30 days ago: −$2.20 Current fiscal year, 7 days ago: −$2.33 Current fiscal year, Now: −$2.33 −$2.33 Next fiscal year, 90 days ago: $1.42 Next fiscal year, 60 days ago: $1.23 Next fiscal year, 30 days ago: $1.23 Next fiscal year, 7 days ago: $1.20 Next fiscal year, Now: $1.20 $1.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.76$1.42
60 days ago −$2.20$1.23
30 days ago −$2.20$1.23
7 days ago −$2.33$1.20
Now −$2.33$1.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.46 −$0.63 −38.5%
Jun 2026 −$0.56 −$0.53 +5.4%
Mar 2026 −$1.01 −$1.17 −15.9%
Dec 2025 −$0.76 −$0.93 −21.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 2026112
  4. Jul 2026112

Counts of recommendations published by analysts covering Wabash National Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.4%
of tradable shares
Days to cover
5.54
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
5.1%
of shares
Employees
4,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +50.7%

$7.78 on October 31, 2025 to $11.73

ThenNowEffect
Revenue (last 12 months) $1.7bn $1.4bn −17.3%
P/S multiple 0.2x 0.3x +74.8%
Share count 43m 41m +4.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −42.0%

$20.22 on November 3, 2023 to $11.73

ThenNowEffect
Revenue (last 12 months) $2.6bn $1.4bn −45.7%
P/S multiple 0.4x 0.3x −11.6%
Share count 49m 41m +20.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WNC+16%+18%+15%−32%−48%+40%
Industry peers (median)+11%−13%+36%+25%+11%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WNC58%42%50%25%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WNC−33%−42%−31%−43%−60%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 76% from March 28, 2024 to April 30, 2025. Getting back needed a 324% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.69 – $14.23
From 52-week high
−17.5%
vs 50-day average
−8.6%
vs 200-day average
+9.1%
Volatility (1 year)
59%
Beta vs S&P 500
1.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
1 up, 11 down
typical move ±7.6%
After a week
3 up, 8 down
typical move ±7.4%
After a month
3 up, 8 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −15.1% −2.1% — —
July 29, 2026 −6.8% +0.1% −4.5% −0.7%
July 14, 2026 −3.0% +0.8% +3.7% −4.5%
May 1, 2026 −12.5% −0.1% −14.0% −10.4%
February 4, 2026 −2.5% −1.7% +8.2% −18.1%
October 30, 2025 −3.5% −0.8% −6.6% +6.0%
October 10, 2025 −6.6% −1.2% −3.3% −14.0%
July 25, 2025 −2.3% +0.4% −10.3% +4.8%
April 30, 2025 −24.3% +0.7% −18.8% −13.0%
January 29, 2025 −0.3% +0.1% −5.1% −25.1%
October 24, 2024 +5.4% +0.2% +2.2% +13.2%
July 24, 2024 −9.0% −2.8% −4.7% −15.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Wabash National Corp in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Wabash National Corp
$1B $1.5B $2B $2.5B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.4B Revenue (TTM), FY24 Q2: $2.3B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $1.9B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.7B Revenue (TTM), FY25 Q3: $1.6B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.4B Revenue (TTM), FY26 Q3: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.4B
FY24 Q2 $2.3B
FY24 Q3 $2.1B
FY24 Q4 $1.9B
FY25 Q1 $1.8B
FY25 Q2 $1.7B
FY25 Q3 $1.6B
FY25 Q4 $1.5B
FY26 Q1 $1.5B
FY26 Q2 $1.4B
FY26 Q3 $1.5B
Revenue growth, TTM YoY Wabash National Corp
-30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.4% Revenue growth, TTM YoY, FY24 Q1: -5.6% Revenue growth, TTM YoY, FY24 Q2: -12.4% Revenue growth, TTM YoY, FY24 Q3: -18.2% Revenue growth, TTM YoY, FY24 Q4: -23.3% Revenue growth, TTM YoY, FY25 Q1: -25.4% Revenue growth, TTM YoY, FY25 Q2: -25.0% Revenue growth, TTM YoY, FY25 Q3: -22.9% Revenue growth, TTM YoY, FY25 Q4: -20.8% Revenue growth, TTM YoY, FY26 Q1: -19.2% Revenue growth, TTM YoY, FY26 Q2: -17.3% Revenue growth, TTM YoY, FY26 Q3: -7.3% -7.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.4%
FY24 Q1 -5.6%
FY24 Q2 -12.4%
FY24 Q3 -18.2%
FY24 Q4 -23.3%
FY25 Q1 -25.4%
FY25 Q2 -25.0%
FY25 Q3 -22.9%
FY25 Q4 -20.8%
FY26 Q1 -19.2%
FY26 Q2 -17.3%
FY26 Q3 -7.3%
Operating margin (TTM) Wabash National Corp
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.3% Operating margin (TTM), FY24 Q1: 11.2% Operating margin (TTM), FY24 Q2: 9.2% Operating margin (TTM), FY24 Q3: -14.0% Operating margin (TTM), FY24 Q4: -18.3% Operating margin (TTM), FY25 Q1: -3.9% Operating margin (TTM), FY25 Q2: -7.0% Operating margin (TTM), FY25 Q3: 22.6% Operating margin (TTM), FY25 Q4: 19.9% Operating margin (TTM), FY26 Q1: -4.1% Operating margin (TTM), FY26 Q2: -5.6% Operating margin (TTM), FY26 Q3: -10.4% -10.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 12.3%
FY24 Q1 11.2%
FY24 Q2 9.2%
FY24 Q3 -14.0%
FY24 Q4 -18.3%
FY25 Q1 -3.9%
FY25 Q2 -7.0%
FY25 Q3 22.6%
FY25 Q4 19.9%
FY26 Q1 -4.1%
FY26 Q2 -5.6%
FY26 Q3 -10.4%
FCF margin (TTM) Wabash National Corp
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.7% FCF margin (TTM), FY24 Q1: 6.0% FCF margin (TTM), FY24 Q2: 3.8% FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: 2.3% FCF margin (TTM), FY25 Q1: 4.0% FCF margin (TTM), FY25 Q2: 3.3% FCF margin (TTM), FY25 Q3: 6.6% FCF margin (TTM), FY25 Q4: -0.8% FCF margin (TTM), FY26 Q1: -2.8% FCF margin (TTM), FY26 Q2: -1.1% FCF margin (TTM), FY26 Q3: -9.0% -9.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.7%
FY24 Q1 6.0%
FY24 Q2 3.8%
FY24 Q3 4.1%
FY24 Q4 2.3%
FY25 Q1 4.0%
FY25 Q2 3.3%
FY25 Q3 6.6%
FY25 Q4 -0.8%
FY26 Q1 -2.8%
FY26 Q2 -1.1%
FY26 Q3 -9.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 338 640 1,187 1,462 1,636 1,863 2,027 1,845 1,767 2,267 2,319 1,482 1,803 2,502 2,537 1,947 1,543 1,518
Gross profit −23 28 67 164 215 233 303 326 261 284 306 160 196 323 498 265 70 13
EBITDA −46 1 35 96 142 161 218 239 166 152 185 −38 82 214 357 −299 366 −100
Operating income −66 −15 20 70 103 122 180 203 131 111 143 −86 34 167 312 −356 308 −158
Net income −102 −142 15 106 47 61 104 119 111 69 90 −97 1 112 231 −284 211 −139
Diluted EPS −$3.48 −$3.36 $0.22 $1.53 $0.67 $0.85 $1.50 $1.82 $1.78 $1.19 $1.62 −$1.84 $0.02 $2.25 $4.81 −$6.40 $5.07 −$3.39
Growth (year on year)
Revenue — +89.5% +85.4% +23.1% +11.9% +13.9% +8.8% −9.0% −4.2% +28.3% +2.3% −36.1% +21.7% +38.8% +1.4% −23.3% −20.8% −7.3%
EBITDA — — — +171.5% +47.3% +13.9% +35.5% +9.6% −30.7% −8.6% +22.1% −120.3% — +159.3% +67.3% −183.7% — −123.3%
Operating income — — — — +46.4% +18.6% +47.4% +12.3% −35.4% −15.2% +28.7% −160.0% — — +87.2% −214.2% — −142.5%
Net income — — — — −56.0% +31.0% +71.2% +14.5% −6.7% −37.7% +29.0% −208.7% — — +106.0% −222.8% — −153.3%
Diluted EPS — — — — −56.2% +26.9% +76.5% +21.3% −2.2% −33.1% +36.1% −213.6% — — +113.8% −233.1% — −154.7%
Margins
Gross margin −6.8% 4.4% 5.6% 11.2% 13.2% 12.5% 15.0% 17.6% 14.8% 12.5% 13.2% 10.8% 10.9% 12.9% 19.6% 13.6% 4.5% 0.9%
EBITDA margin −13.8% 0.2% 3.0% 6.6% 8.7% 8.7% 10.8% 13.0% 9.4% 6.7% 8.0% −2.5% 4.6% 8.5% 14.1% −15.4% 23.7% −6.6%
Operating margin −19.6% −2.4% 1.7% 4.8% 6.3% 6.6% 8.9% 11.0% 7.4% 4.9% 6.2% −5.8% 1.9% 6.7% 12.3% −18.3% 19.9% −10.4%
Net margin −30.1% −22.1% 1.3% 7.2% 2.8% 3.3% 5.1% 6.5% 6.3% 3.1% 3.9% −6.6% 0.1% 4.5% 9.1% −14.6% 13.7% −9.1%
Free-cash-flow margin −2.4% −5.0% −0.7% 4.2% 6.7% 3.9% 5.5% 8.6% 6.7% 3.5% 4.7% 7.0% −3.1% 2.7% 8.7% 2.3% −0.8% −9.0%
Cash flow
Cash from operations −7 −30 −1 76 129 93 132 179 144 112 146 124 −7 124 320 117 12 −123
Capital spending 1 2 7 15 18 20 21 20 26 34 38 20 49 57 98 72 25 13
Free cash flow −8 −32 −8 61 110 73 111 158 118 78 109 104 −57 67 222 45 −13 −137
Stock-based pay 3 3 3 5 7 8 10 12 10 10 9 5 7 10 12 11 11 10
Free cash flow after stock pay −11 −36 −12 56 103 65 101 146 108 68 100 99 −64 57 210 34 −25 −147
Balance sheet
Cash 1 21 20 81 113 146 179 163 192 133 141 218 72 58 179 115 32 69
Total debt 0 55 65 420 362 325 312 239 557 511 460 454 433 400 400 400 445 550
Net debt (negative = net cash) −1 34 45 339 249 179 134 76 366 378 320 236 361 342 221 285 413 481
Diluted shares — 50m 68m 69m 69m 71m 69m 66m 63m 58m 55m 53m 52m 50m 48m 44m 42m 41m
Returned to shareholders
Dividends — — — — — — 0 0 15 18 18 17 16 16 16 15 14 13
Buybacks 0 0 1 1 0 1 62 80 74 58 34 19 67 34 76 71 34 1
Total returned 0 0 1 1 0 1 62 80 90 76 52 36 83 50 92 86 48 14

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $1.2bn
Short-term assets $503mLonger-term assets $731m
What it owes, and who funded it · $1.2bn
Short-term liabilities $365mLonger-term liabilities $596mShareholders' equity $271m
  • Short-term assets cover short-term liabilities $503m of assets due within a year against $365m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $503m short-term assets against $596m of longer-dated liabilities.
  • More cash than debt $69m of cash against $540m of debt.
  • Debt below 40% of shareholders' equity Debt is 199% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 142% to 199% over five years.
  • A year's operating cash flow covers at least 20% of debt −$123m of operating cash flow against $540m of debt.
  • Operating profit covers interest at least five times over Operating income of −$158m against $25m of interest.

From Wabash National Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$666,000
Dividends (TTM)
$13.3M
Returned to shareholders
-10%
of free cash flow
Buybacks, last 3 fiscal years
$181M
Diluted share count
−2.6%
year over year
Total shareholder yield
2.9%
dividends 2.8% + buybacks 0.1% of market value
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated WNC ASTE BLBD TRN MTW GBX Median
Revenue, last 12 months $1.5bn $1.6bn $1.6bn $2.1bn $2.3bn $2.5bn $2.1bn
Revenue growth, last 12 months −7.3% 18.7% 13.5% −2.4% 8.9% −24.0% 10.1%
Revenue growth, 3-year average −16.4% 4.5% 14.0% −8.6% 2.0% −14.5% 4.3%
Revenue growth, latest quarter 24.8% 23.6% 29.9% 17.8% 10.3% −22.2% 17.8%
Gross margin 0.9% 25.7% 20.6% 24.6% 18.7% 13.6% 21.4%
Operating margin −10.4% 3.4% 11.8% 34.5% 3.1% 5.8% 5.9%
Operating margin, 3-year average −0.6% 3.2% 10.9% 23.4% 2.5% 8.7% 8.6%
Net margin −9.1% 1.3% 17.5% 15.4% 0.9% 3.2% 3.2%
Cash from operations / revenue −8.1% 5.2% 11.2% 19.3% 4.8% 1.6% 8.9%
Free-cash-flow margin −9.0% 2.1% 9.5% 16.8% 3.0% −9.7% 7.0%
Free-cash-flow margin, 3-year average 0.6% 1.7% 8.6% 15.0% 0.3% −4.0% 5.9%
Stock pay / revenue 0.7% 0.6% 0.5% 1.1% 0.4% 0.6% 0.6%
Change in share count −2.6% 1.2% −0.1% −1.9% 2.3% −1.1% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth -7.3% 10.1% 20 of 23
Change in growth rate Growth +10.0pp +4.6pp 6 of 23
Gross margin Profitability 0.9% 21.4% 23 of 23
Operating margin Profitability -10.4% 5.8% 19 of 21
Net margin Profitability -9.1% 3.2% 21 of 23
Free-cash-flow margin Cash generation -9.0% 7.0% 19 of 23
Stock pay as % of revenue Cash generation 0.7% 0.6% 12 of 20
Long-term debt as % of assets Balance sheet 43.8% 24.0% 17 of 18
Change in share count Balance sheet -2.6% -0.1% 3 of 21
Days sales outstanding Balance sheet 48 days 50 days 6 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Transportation Solutions $1.3B 84.7% ▼ 25.2%
Parts Service $236M 15.3% ▲ 18.2%
Products and services
Line of business Revenue Share YoY
New Trailers $1B 65.4% ▼ 24.3%
Equipment and Other $403M 26.1% ▼ 16.5%
Components Parts and Services $127M 8.3% ▼ 1.0%
Used Trailers $4.6M 0.3% ▲ 13.9%

From Wabash National Corp's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$508M
Institutions reporting
165
Shares held vs prior quarter
▼ 3.3%
Positions opened / closed
29 / 35

Top buyers and sellers, Q2 2026: 84 institutions bought and 95 sold ; the biggest buyer was Philadelphia Financial Management Of San Francisco, LLC (+727K shares) and the biggest seller Towle & Co (−614K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Mirae Asset Global Etfs Holdings Ltd. $53.1M 3.9M 10.5% ▲ 8.5%
Blackrock, Inc. $47.1M 3.5M 9.3% ▲ 7.9%
FMR LLC $28.6M 2.1M 5.6% ▼ 9.1%
D. E. Shaw & Co., Inc. $27.9M 2.1M 5.5% ▼ 8.6%
Vanguard Capital Management LLC $23.4M 1.7M 4.6% ▼ 3.0%
Dimensional Fund Advisors LP $22M 1.6M 4.3% ▼ 1.6%
Ameriprise Financial Inc $17.7M 1.3M 3.5% ▲ 8.5%
Jacobs Levy Equity Management, Inc $14.9M 1.1M 2.9% ▲ 17.2%
Goldman Sachs Group Inc $14.6M 1.1M 2.9% ▼ 13.4%
Charles Schwab Investment Management Inc $14.5M 1.1M 2.9% ▼ 24.9%
Geode Capital Management, LLC $14M 1.0M 2.8% ▲ 4.6%
State Street Corp $12.6M 930K 2.5% ▲ 5.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Wabash National Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $122,500 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $122,500 net selling
Insider Date Trade Shares Price Value
Glazner Mary Kristin Chief Administrative Officer September 14, 2026 Sell 10,000 $12.25 $122,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • July 14, 2026
  • May 1, 2026
  • February 4, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Wabash National Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Wabash National Corp in brief

What does Wabash National Corp do?
Wabash National Corp is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Wabash National Corp's stock ticker?
Wabash National Corp trades under the ticker WNC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wabash National Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Wabash National Corp reported revenue of $1.5B, 7.3% lower than a year earlier, according to its SEC filings.
What is Wabash National Corp's free cash flow?
Wabash National Corp's free-cash-flow margin is -9.0% of revenue over the trailing twelve months, ranking 19 of the 23 construction machinery & heavy transportation equipment companies we cover.
Who are Wabash National Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Mirae Asset Global Etfs Holdings Ltd., Blackrock, Inc. and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Wabash National Corp buying back stock, and does it pay a dividend?
Wabash National Corp spent $666,000 on share repurchases over the trailing twelve months, and its diluted share count fell 2.6% over the year.
What is Wabash National Corp's market cap?
On November 2, 2026, Wabash National Corp's market capitalisation was about $480M and net debt of $481M. Market figures come from third-party market data and may be delayed.
Does Wabash National Corp pay a dividend?
Yes: Wabash National Corp paid $13.3M in dividends over the trailing twelve months, a dividend yield of 2.78%.
How much debt does Wabash National Corp have?
Wabash National Corp's debt-to-equity ratio is 199.3%, from its latest balance sheet (141.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Wabash National Corp's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Wabash National Corp are Astec Industries Inc, Blue Bird Corp, Trinity Industries Inc, Manitowoc Co Inc and Greenbrier Companies Inc. The side-by-side comparison below sets their revenue, margins and growth against Wabash National Corp's.
Are insiders buying or selling Wabash National Corp stock?
Over the last 12 months, Wabash National Corp's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Wabash National Corp's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Wabash National Corp announces its own schedule.