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Not Investment Advice

WAB

NYSE · USD
Westinghouse Air Brake Technologies Corporation
Industrials · Railroads
CEO Rafael Ottoni Santana Employees 31,000 R&D / revenue 2.0%
Last price
$286.82−0.33%last session
Market cap
$48.4B
P/E (TTM)
38.5x
From 52w high
−6.5%
From 52w low
+54.2%
1-year return
+48.2%
RSI 14 · vs SMA200
50.1 · +8.3%
IS score
66.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WAB   SPY   XLI (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26WAB 148SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
47
Profitability
57
Growth
44
Value
84
Momentum
80
Risk (safety)
75
Quality
53
Balance sheet
75
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for WAB (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Switching CostsPiotroski 7 / 9Altman Z 3.4Beta 0.923 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
65 open-market sales, $10.2M
Form 144 notices (12m): 28, $44.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+33
128 new holders, 79 closed
1,196 filers hold 93.1% · 431 added, 405 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+135
981 funds adding shares
846 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.9%
20-day avg 51.1%, 50-day avg 57.7%
Latest 2.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.2B
Revenue growth YoY+7.5%
Gross margin31.5%
Operating income$1.9B
Operating margin16.7%
Net income$1.2B
Net margin10.5%
EPS (diluted)$6.83
Cash flow
Operating cash flow$1.8B
Capital expenditure$260.0M
Free cash flow$1.5B
FCF conversion (FCF / OCF)85.2%
Stock-based compensation$80.0M
FCF less SBC$1.4B
Buybacks$223.0M
Dividends$173.0M
Balance sheet & returns
Cash & short-term investments$789.0M
Total debt$5.5B
Net debt$4.8B
Shareholders' equity$11.2B
Goodwill & intangibles$14.1B
Debt / equity0.62
ROE (TTM)11.4%
ROIC (TTM)7.6%
Operating margin by fiscal year
11.2%FY202112.1%FY202213.1%FY202315.5%FY202416.2%FY2025
Revenue $7.8B (FY2021) to $11.2B (FY2025), a 9.3% CAGR.

Valuation

P/E (TTM)38.5x
EV / EBITDA22.2x
Price / sales4.04x
Price / FCF26.2x
FCF yield3.82%
Buyback yield0.46%
SBC / revenue0.3%
Price / book4.32x
Forward P/E FY202626.4x
Forward P/E FY202723.0x
Forward P/E FY202820.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $341.25 across 4 analysts last quarter is theirs, not ours.

WAB vs industry median

42 companies in Railroads
Gross margin 34.3% 32.1% Operating margin 16.5% 13.7% Net margin 10.6% 9.1% ROIC 7.6% 6.3%
WAB (TTM)Industry median Asset turnover 0.52 vs industry 0.46 · financial leverage 2.06

Earnings delivery

Next report 2026-10-21 · consensus EPS $2.73
75%
beat rate, 9 of 12 quarters
+4.3%
median EPS surprise
3
longest beat streak
+4+16-3+27+4+5-3+12-10+2+1+8
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WAB Westinghouse Air Brake Techn $48.4B38.5x11.4%10.6%+7.5% +48.2%
NSC Norfolk Southern Corporation $73.4B27.9x17.0%21.2%+3.0% +13.8%
CSX CSX Corporation $90.2B28.1x24.4%25.5%+2.5% +35.8%
UNP Union Pacific Corporation $171.7B23.4x39.7%29.0%+4.2% +29.7%
ROK Rockwell Automation, Inc. $47.4B39.9x34.5%17.6%+11.3% +22.9%
ERJ Embraer S.A. $47.4B56.7x9.4%5.7%+19.9% —
DAL Delta Air Lines, Inc. $49.6B15.0x15.9%3.7%+14.1% —
TRI Thomson Reuters Corporation $47.2B29.1x14.0%22.9%+7.0% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-01Financial Obligation
2026-07-22Earnings Release; Regulation FD; Exhibits
2026-05-15Shareholder Vote
2026-04-22Earnings Release; Regulation FD; Exhibits
2026-03-03Regulation FD Disclosure; Financial Statements and Exhibits
2026-02-11Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding168,911,000
Free float99.3%
Institutional ownership93.1%
Beta0.92
Dividend yield0.41%
Last dividend$0.31 on 2026-11-17
50 / 200-day average$288.63 / $264.62
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WAB sits among 7 scored companies in Railroads (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWABIndustry medianIndustry percentileSector median
P/E (TTM) 38.2x 27.9x
100th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 1.50 1.50
50th		 1.42
Price / sales 4.0x 4.0x
50th		 2.0x
Price / book 4.3x 4.3x
50th		 2.9x
Price / tangible book —
Price / free cash flow 26.2x 19.1x
75th		 20.8x
Price / operating cash flow 24.2x 16.7x
100th		 14.5x
Enterprise value $54.7B $54.7B
50th		 $4.8B
EV / sales 4.6x 4.6x
50th		 2.4x
EV / EBITDA 22.3x 15.1x
100th		 13.6x
EV / EBIT 28.2x 18.6x
100th		 19.9x
EV / free cash flow 29.5x 23.2x
75th		 24.3x
Earnings yield 2.6% 3.6%
0th		 3.3%
FCF yield 3.8% 3.8%
50th		 3.8%
Operating cash flow yield 4.1% 6.0%
0th		 6.2%
Graham number (per share) $105.34 $59.82
83rd		 $38.21

Profitability (TTM)

MeasureWABIndustry medianIndustry percentileSector median
Gross margin 34.3% 34.3%
50th		 30.5%
EBITDA margin 20.5% 43.3%
33rd		 14.3%
Operating margin 16.5% 16.6%
33rd		 9.8%
EBIT margin 16.2% 32.0%
33rd		 9.9%
Net margin 10.6% 16.8%
33rd		 6.0%
NOPAT margin 12.4% 12.5%
33rd		 7.8%
FCF margin 15.5% 15.5%
50th		 7.0%
Operating cash flow margin 16.7% 19.0%
33rd		 11.2%
R&D / revenue 2.0% 0.0%
100th		 0.0%
SG&A / revenue 13.6% 9.3%
83rd		 14.1%
Stock comp / revenue 0.3% 0.3%
50th		 0.6%
Effective tax rate 25.1% 24.8%
67th		 21.0%

Returns on capital

MeasureWABIndustry medianIndustry percentileSector median
ROE (on average equity) 11.5% 17.0%
33rd		 11.9%
ROA 5.8% 5.8%
50th		 4.8%
ROIC 8.5% 8.5%
50th		 8.7%
ROCE 10.9% 9.8%
67th		 9.4%
Return on tangible assets 8.9% 8.9%
50th		 7.9%
Cash ROIC (OCF / invested capital) 11.4% 11.7%
33rd		 12.8%
Gross profitability (GP / assets) 17.8% 14.9%
83rd		 19.2%
ROIC, 3-yr average 6.6% 6.6%
50th		 7.8%
ROIC, 5-yr average 6.7% 6.7%
33rd		 8.6%
ROE, 5-yr average 8.9% 15.9%
33rd		 12.5%
Incremental ROIC 23.9% 24.0%
33rd		 20.5%

Growth

MeasureWABIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 13.4% 3.0%
100th		 8.6%
Revenue growth (QoQ) 7.8% 10.4%
33rd		 9.9%
Revenue CAGR, 3 yr 10.1% -0.4%
100th		 5.0%
Revenue CAGR, 5 yr 9.2% 5.2%
100th		 8.3%
Gross profit CAGR, 3 yr 15.2% 4.1%
83rd		 6.5%
Operating income CAGR, 3 yr 21.8% 0.2%
100th		 6.4%
Net income growth (TTM YoY) 10.1% 3.9%
83rd		 11.3%
Net income CAGR, 3 yr 23.2% 11.8%
80th		 6.6%
EPS growth (TTM YoY) 10.8% 4.5%
83rd		 13.3%
EPS CAGR, 3 yr 25.4% 13.4%
80th		 5.6%
EPS CAGR, 5 yr 25.5% 4.9%
80th		 8.3%
FCF growth (TTM YoY) 27.5% 80.8%
25th		 14.7%
FCF CAGR, 3 yr 51.3% — 12.2%
Operating cash flow CAGR, 3 yr 41.6% 1.4%
100th		 8.8%
Book value CAGR, 3 yr 5.2% 8.7%
0th		 7.3%
Dividend CAGR, 3 yr 9.1% 2.9%
100th		 2.7%
Sustainable growth rate 9.8% 9.8%
50th		 11.0%

Margin history & stability

MeasureWABIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 33.1% 33.1%
50th		 30.6%
Operating margin, 3-yr average 15.9% 16.3%
33rd		 10.0%
Net margin, 3-yr average 10.5% 10.5%
50th		 6.2%
FCF margin, 3-yr average 14.6% 13.1%
67th		 7.1%
Revenue stability (0-1) 0.97 0.50
100th		 0.81
Earnings stability (0-1) 0.97 0.55
100th		 0.47
Margin stability (0-1) 0.92 0.91
67th		 0.90

Liquidity (latest quarter)

MeasureWABIndustry medianIndustry percentileSector median
Cash & short-term investments $670.0M $670.0M
50th		 $249.6M
Net cash (− = net debt) −$6.3B −$6.3B
50th		 −$666.5M
Working capital $654.0M $82.1M
83rd		 $376.4M
Current ratio 1.12 1.12
50th		 1.79
Quick ratio 0.59 0.82
0th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.12 0.32
17th		 0.32
Defensive interval (days) 486 days 942 days
33rd		 614 days

Leverage & solvency (latest quarter)

MeasureWABIndustry medianIndustry percentileSector median
Total debt $6.9B $6.9B
50th		 $919.8M
Debt / equity 0.62 1.15
17th		 0.65
Net debt / equity 0.56 0.97
17th		 0.46
Debt / assets 30.0% 41.5%
17th		 29.3%
Debt / capital 38.2% 53.4%
17th		 39.5%
Debt / EBITDA 2.82 2.89
33rd		 2.44
Net debt / EBITDA 2.55 2.68
33rd		 1.86
Interest coverage (EBIT / interest) 7.0x 6.0x
83rd		 5.0x
Cash interest coverage 7.2x 6.3x
67th		 6.1x
Debt payback (years of OCF) 3.5 yrs 3.6 yrs
33rd		 3.2 yrs
Liabilities / assets 51.4% 64.0%
17th		 56.7%
IS credit model rating A- — —
Implied credit spread (bps) 175 225
33rd		 200

Efficiency

MeasureWABIndustry medianIndustry percentileSector median
Asset turnover 0.55 0.36
67th		 0.75
Fixed asset turnover 7.25 0.42
100th		 5.14
Inventory turnover 2.9 6.1
0th		 5.0
Receivables turnover 7.6 7.6
50th		 6.7
Days sales outstanding 48 days 48 days
50th		 54 days
Days inventory outstanding 126 days 60 days
100th		 72 days
Days payables outstanding 66 days 60 days
67th		 41 days
Cash conversion cycle (days) 108 days 71 days
83rd		 63 days
Capex / revenue 1.2% 5.7%
0th		 3.0%
Capex / depreciation 0.28 1.49
20th		 0.76
Operating expense ratio 17.6% 10.5%
67th		 17.7%

Cash flow & earnings quality

MeasureWABIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.58 1.42
67th		 1.50
FCF / net income 1.46 1.45
67th		 1.15
FCF / operating cash flow 92.6% 67.1%
80th		 74.0%
Capex / operating cash flow 7.4% 32.9%
20th		 26.1%
Accruals ratio -3.4% -3.4%
50th		 -4.0%
Sloan accruals ratio -12.0% -3.9%
0th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
33rd		 1.00

Dividends & buybacks

MeasureWABIndustry medianIndustry percentileSector median
Dividend yield 0.4% 1.7%
17th		 0.6%
Dividend per share (TTM) $1.18 $1.24
33rd		 $0.44
Payout ratio (dividends / net income) 15.1% 31.2%
17th		 22.5%
Dividends / FCF 10.4% 20.0%
25th		 19.6%
Dividend growth (YoY) 23.9% 5.8%
100th		 5.6%
Buyback yield 0.8% 0.8%
33rd		 0.5%
Shareholder yield (dividends + buybacks) 1.2% 1.9%
0th		 2.0%
Share count change (YoY) -0.6% -0.6%
50th		 0.0%
Buybacks, last 5 years $1.7B $1.7B
50th		 $76.0M

Scores & forensic checks

MeasureWABIndustry medianIndustry percentileSector median
IS score 66 59
83rd		 53
IS profitability 47 55
33rd		 37
IS growth 57 44
100th		 54
IS value 44 46
17th		 47
IS momentum 84 70
100th		 76
IS risk (safety) 80 65
67th		 80
IS quality 75 75
50th		 67
IS balance sheet 53 49
83rd		 56
IS earnings quality 75 79
33rd		 70
IS cash flow 72 68
67th		 54
Piotroski F-score (0-9) 7 7
33rd		 6
Altman Z-score 3.4 2.8
67th		 3.3
Beneish M-score −2.49 −2.60
67th		 −2.52
Ohlson O-score −8.37 −7.55
0th		 −7.49
IS credit score 67 61
67th		 65

Per share

MeasureWABIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.46 $4.21
67th		 $2.21
Book value per share $66.10 $34.80
83rd		 $18.38
Tangible book per share −$20.54 $13.14
0th		 $4.39
Revenue per share $70.43 $52.64
83rd		 $36.64
FCF per share $10.89 $3.92
67th		 $2.70
Operating cash flow per share $11.75 $5.54
67th		 $4.28
Cash per share $3.94 $3.56
67th		 $3.02

Size (TTM)

MeasureWABIndustry medianIndustry percentileSector median
Market cap $48.4B $48.4B
50th		 $3.9B
Revenue $12.0B $12.0B
50th		 $2.7B
EBITDA $2.5B $2.5B
50th		 $394.8M
Net income $1.3B $1.3B
50th		 $136.3M
Free cash flow $1.9B $1.9B
50th		 $162.9M
Total assets $23.1B $23.1B
50th		 $3.5B
Shareholders' equity $11.2B $11.2B
50th		 $1.4B
Employees 31,000 19,300
100th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-06Santana Rafael
Director, President and CEO
 Open-market sale 259$291.37$75,465115,896
2026-10-06Santana Rafael
Director, President and CEO
 Open-market sale 345$292.33$100,855115,551
2026-10-06Santana Rafael
Director, President and CEO
 Open-market sale 261$293.34$76,562115,290
2026-10-06Santana Rafael
Director, President and CEO
 Open-market sale 222$294.16$65,303115,068
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 42$287.24$12,064117,200
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 36$288.14$10,373117,164
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 33$289.96$9,569117,131
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 278$291.52$81,042116,853
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 614$292.36$179,511116,239
2026-10-05Santana Rafael
Director, President and CEO
 Open-market sale 84$292.99$24,611116,155
2026-09-02Santana Rafael
Director, President and CEO
 Open-market sale 370$279.21$103,306117,959
2026-09-02Santana Rafael
Director, President and CEO
 Open-market sale 323$280.21$90,509117,636

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired87,547—
Open-market saleDisposed6535,464$10.2M
Option exerciseDisposed13,727—
Option exerciseAcquired13,727$981,841
OtherDisposed13,727$981,841
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 28 notices · 171,867 shares · $44.1M
FiledFilerShares proposedEst. proceeds
2026-09-01Rafael Santana6,531$1.8M
2026-08-21Rogerio Guimaraes Mendonca2,910$864,427
2026-08-20Michael E Fetsko3,250$952,961
2026-08-17Sbrocco Gregory952$285,600
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 36 trades (4 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-03April DelaneyHouseSale$15,001 - $50,0002026-09-10
2026-08-03April McClain DelaneyHouseSale$15,001 - $50,0002026-09-10
2026-06-09Tommy TubervilleSenateSale$1,001 - $15,0002026-07-16
2026-06-09Thomas Hawley TubervilleSenateSale$1,001 - $15,0002026-07-16
2025-09-23Markwayne MullinSenateSale$15,001 - $50,0002025-10-01
2025-09-23Markwayne MullinSenateSale (Full)$1,001 - $15,0002025-10-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
FMR LLC21,383,543$5.8B12.66%
BlackRock, Inc.13,876,398$3.7B8.22%
VANGUARD CAPITAL MANAGEMENT LLC11,083,880$3.0B6.56%
STATE STREET CORP7,905,748$2.1B4.68%
PRICE T ROWE ASSOCIATES INC /MD/7,271,071$2.0B4.30%
VANGUARD PORTFOLIO MANAGEMENT LLC7,170,659$1.9B4.25%
GEODE CAPITAL MANAGEMENT, LLC4,522,854$1.2B2.68%
FIL Ltd3,526,833$950.8M2.09%
NORDEA INVESTMENT MANAGEMENT AB3,093,207$835.5M1.83%
Invesco Ltd.2,794,714$753.5M1.65%
MORGAN STANLEY2,279,423$614.5M1.35%
NORGES BANK1,896,763$511.4M1.12%
DIMENSIONAL FUND ADVISORS LP1,714,273$462.2M1.01%
WELLINGTON MANAGEMENT GROUP LLP1,670,476$450.4M0.99%
Amundi1,580,919$426.2M0.94%

Institutional ownership by quarter

2023-092026-0693.1%
% of shares held by 13F filers
2023-092026-061,196
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,19693.1%12843140579
2026-03-311,16392.2%15638737498
2025-12-311,12793.2%15037538478
2025-09-301,09192.2%105356381117
2025-06-301,12392.8%15838537166
2025-03-311,04493.2%112322396120
2024-12-311,06793.5%16932938271
2024-09-3098391.9%11230436699
2024-06-3098394.5%12135232656
2024-03-3192995.6%10729333454
2023-12-3188796.4%13927829461
2023-09-3082097.0%8225530757

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13G/AAbigail P. Johnson12.7%21,617,228
2026-05-06SCHEDULE 13G/AAbigail P. Johnson11.6%19,699,030
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%12,750,999
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.5B
VSMPX0.06%$1.5B
VTI0.06%$1.5B
VTSAX0.06%$1.5B
VOO0.07%$1.3B
VFINX0.07%$1.3B

Share structure

Shares outstanding168,911,000
Float167,719,840
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.8B$8.4B$9.7B$10.4B$11.2B
Cost of revenue$5.5B$5.8B$6.7B$7.0B$7.7B
Gross profit$2.4B$2.5B$2.9B$3.4B$3.5B
R&D$176.0M$209.0M$218.0M$206.0M$223.0M
SG&A$1.0B$1.0B$1.1B$1.2B$1.4B
Operating income$876.0M$1.0B$1.3B$1.6B$1.9B
EBITDA$1.4B$1.5B$1.8B$2.1B$2.4B
Pretax income$737.0M$854.0M$1.1B$1.4B$1.6B
Income tax$172.0M$213.0M$267.0M$343.0M$409.0M
Net income$558.0M$633.0M$815.0M$1.1B$1.2B
EPS, diluted$2.96$3.46$4.54$6.04$6.83
Diluted shares188.1M182.8M179.5M174.8M171.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$473.0M$541.0M$620.0M$706.0M$789.0M
Receivables$1.5B$1.5B$1.7B$1.7B$1.9B
Inventory$1.7B$2.0B$2.3B$2.3B$2.7B
Total current assets$3.8B$4.3B$4.9B$4.9B$5.7B
PP&E, net$1.5B$1.4B$1.5B$1.4B$1.6B
Goodwill & intangibles$12.3B$11.9B$12.0B$11.6B$14.1B
Total assets$18.5B$18.5B$19.0B$18.7B$22.1B
Accounts payable$1.0B$1.3B$1.2B$1.3B$1.4B
Total current liabilities$2.9B$3.5B$4.1B$3.8B$5.2B
Long-term debt$4.1B$3.8B$3.3B$3.5B$4.3B
Total liabilities$8.2B$8.4B$8.5B$8.6B$10.9B
Shareholders' equity$10.2B$10.1B$10.5B$10.1B$11.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$565.0M$641.0M$825.0M$1.1B$1.2B
Depreciation & amortization$441.0M$426.0M$477.0M$459.0M$457.0M
Stock-based compensation$46.0M$41.0M$47.0M$66.0M$80.0M
Change in working capital−$63.0M−$109.0M−$97.0M$187.0M$7.0M
Operating cash flow$1.1B$1.0B$1.2B$1.8B$1.8B
Capital expenditure−$130.0M−$149.0M−$186.0M−$207.0M−$260.0M
Free cash flow$943.0M$889.0M$1.0B$1.6B$1.5B
Investing cash flow−$540.0M−$235.0M−$492.0M−$343.0M−$2.7B
Net debt issued / repaid−$161.0M−$30.0M$42.0M−$64.0M$1.5B
Buybacks−$300.0M−$473.0M−$409.0M−$1.1B−$223.0M
Dividends paid−$92.0M−$111.0M−$123.0M−$140.0M−$173.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin30.3%30.4%30.4%32.4%33.4%
Operating margin11.2%12.1%13.1%15.5%16.2%
Net margin7.1%7.6%8.4%10.2%10.5%
FCF margin12.1%10.6%10.5%15.7%14.7%
ROE5.5%6.2%7.9%10.3%11.0%
ROIC4.9%5.6%6.9%8.9%8.5%
ROA3.0%3.4%4.3%5.6%5.7%
Debt / equity0.400.400.390.420.50
Interest coverage5.2x5.6x6.0x8.0x8.1x
Current ratio1.321.251.201.301.11
Revenue growth+3.5%+6.9%+15.7%+7.3%+7.5%
EPS growth+37.0%+16.0%+31.3%+34.7%+11.4%
P/E at year end30.1x28.3x27.6x30.7x31.2x
EV / EBITDA at year end15.0x14.6x14.5x17.4x17.8x
FCF yield at year end5.62%4.97%4.52%5.01%4.48%
Dividend payout16.5%17.5%15.1%13.3%14.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Freight Segment$5.3B$6.1B$7.0B$7.5B$8.0B
Transit Segment$2.6B$2.4B$2.8B$2.9B$3.1B

Revenue by region · FY2025

UNITED STATES$5.4B · 50%
INDIA$699.0M · 6%
Other Europe$663.0M · 6%
CANADA$555.0M · 5%
South America$513.0M · 5%
Australia and New Zealand$453.0M · 4%
Kazakhstan, Russia and CIS$431.0M · 4%
FRANCE$419.0M · 4%
GERMANY$379.0M · 3%
UNITED KINGDOM$313.0M · 3%
Other Asia and Middle East$300.0M · 3%
CHINA$297.0M · 3%
MEXICO$270.0M · 2%
ITALY$182.0M · 2%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $2.73 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.5B$12.5B – $12.6B$10.87$10.78 – $10.91726.4x
2027$13.4B$13.3B – $13.5B$12.48$11.94 – $12.97723.0x
2028$14.3B$14.0B – $14.5B$14.13$13.08 – $15.35420.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-22$2.51$2.71+8.0%$3.0B$3.0B−0.5%
2026-02-11$2.08$2.10+1.0%$2.9B$3.0B+3.5%
2025-10-22$2.28$2.32+1.8%$2.9B$2.9B+0.2%
2025-07-24$2.17$1.96−9.7%$2.8B$2.7B−2.3%
2025-04-23$2.03$2.28+12.3%$2.6B$2.6B+0.1%
2025-02-12$1.74$1.68−3.4%$2.6B$2.6B−1.5%
2024-10-23$1.90$2.00+5.3%$2.7B$2.7B−0.7%
2024-07-24$1.88$1.96+4.3%$2.6B$2.6B+0.2%
2024-04-24$1.49$1.89+26.8%$2.4B$2.5B+4.2%
2024-02-14$1.58$1.54−2.5%$2.5B$2.5B+1.7%
2023-10-25$1.46$1.70+16.4%$2.4B$2.5B+6.1%
2023-07-27$1.35$1.41+4.4%$2.3B$2.4B+6.9%
2023-04-26$1.19$1.28+7.6%$2.2B$2.2B−1.5%
2023-02-15$1.30$1.300.0%$2.2B$8.4B+278.9%
2022-11-01$1.20$1.22+1.7%$2.2B$2.1B−3.2%
2022-08-05$1.22$1.23+0.8%$2.1B$2.0B−0.8%
2022-04-27$1.14$1.13−0.9%$2.0B$1.9B−2.5%
2022-02-16$1.17$1.18+0.9%$2.2B$2.1B−4.8%
2021-10-27$1.13$1.14+0.9%$2.1B$1.9B−8.2%
2021-07-29$0.98$1.06+8.2%$2.0B$2.0B0.0%
2021-04-29$0.85$0.89+4.7%$1.9B$1.8B−1.2%
2021-02-18$1.06$0.98−7.5%$2.1B$2.0B−4.6%
2020-10-29$0.90$0.95+5.6%$1.8B$1.9B+4.4%
2020-07-28$0.77$0.87+13.0%$1.5B$1.7B+16.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.306-290.307-060.307-130.807-200.507-270.308-030.408-100.408-170.208-240.308-31
Week ofNotionalSharesTrades
2026-08-31$264.3M938,51338,807
2026-08-24$228.1M767,43233,027
2026-08-17$358.8M1,211,98637,873
2026-08-10$380.0M1,282,23633,123
2026-08-03$291.4M983,05841,011
2026-07-27$496.5M1,671,81153,603

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.9%
DateShort shareShort volumeTotal volume
2026-10-1553.9%239,388444,195
2026-10-1433.1%111,588337,578
2026-10-1336.4%109,998302,185
2026-10-1250.5%119,124236,042
2026-10-0941.1%110,947269,767
2026-10-0840.2%113,718282,917
2026-10-0743.7%141,259323,187
2026-10-0642.8%113,453265,248
2026-10-0544.0%172,739392,173
2026-10-0233.3%136,589410,380
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.8Jan+1.4Feb+1.8Mar+6.8Apr+0.3May+0.2Jun+2.2Jul+0.9Aug-0.4Sep+1.4Oct+4.3Nov+1.1Dec
MonthAvg returnUp yearsYears
Jan−0.8%55%20
Feb+1.4%60%20
Mar+1.8%57%21
Apr+6.8%75%20
May+0.3%55%20
Jun+0.2%45%20
Jul+2.2%70%20
Aug+0.9%50%20
Sep−0.4%45%20
Oct+1.4%65%20
Nov+4.3%75%20
Dec+1.1%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.1
MFI52.8
ADX15.7
Stochastic %K / %D60.5 / 59.1
Williams %R-41.1
CCI13
TSI / signal-0.1 / -0.1
Chaikin money flow0.16
ATR$6.26
Bollinger width4.4%
Volume vs 20-day avg0.62x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$287.73 (−0.3%)
SMA 50$288.41 (−0.6%)
SMA 200$264.89 (+8.3%)
EMA 21$286.61 (+0.1%)
EMA 50$285.56 (+0.4%)
EMA 200$264.23 (+8.5%)
Bollinger upper$294.08 (−2.5%)
Bollinger lower$281.38 (+1.9%)
Parabolic SAR$275.13 (+4.2%)
Open the live chart, 110+ indicators

About Westinghouse Air Brake Technologies Corporation

Westinghouse Air Brake Technologies Corporation (WAB) delivers a comprehensive suite of advanced technological solutions, equipment, and services tailored for the global freight railway and urban mass transit sectors. Its operations are bifurcated into two principal divisions: Freight and Transit. The Freight segment develops, produces, and maintains critical components for both newly manufactured and operational freight carriages and locomotives. This includes constructing brand-new commuter-focused locomotives, undertaking comprehensive rebuilding of freight locomotives, and delivering sophisticated railway electronic systems, positive train control (PTC) technology, signal design expertise, and related engineering provisions. This segment also furnishes essential heat exchange and cooling apparatus. Its clientele encompasses major publicly listed railway operators, equipment leasing firms, original equipment manufacturers (OEMs) of locomotives and freight cars, and various utility companies. The Transit segment is responsible for the production and upkeep of components utilized in both new and existing passenger conveyance systems, including regional and high-speed trains, subway cars, light-rail vehicles, and buses. This division also renovates subway cars and supplies HVAC (heating, ventilation, and air conditioning) systems, alongside doors for both buses and subways. This division caters to public transit agencies, municipal governments, leasing corporations, and manufacturers specializing in subway cars and buses. Beyond these core offerings, the company's extensive product portfolio further includes advanced electronically controlled pneumatic braking systems, various railway electronic devices, robust freight car undercarriages, crucial draft gears, couplers, and slack adjusters, as well as air compression and drying units. They also offer diverse heat exchange and cooling solutions, track and switch apparatus, and comprehensive railway braking components. WAB manufactures new switcher locomotives, friction products, and provides extensive overhaul, modernization, and refurbishment services for both transit and freight locomotives and cars. Additionally, their offerings extend to platform screen doors, pantographs, window assemblies, specialized couplers, accessibility lifts and ramps for public transport vehicles, and traction motors. Established in 1869, the company maintains its corporate headquarters in Pittsburgh, Pennsylvania.

https://www.wabteccorp.com

Key executives

NameTitlePayBorn
Rafael O. SantanaChairman & CEO$6.2M1972
John A. OlinExecutive Vice President & Chief Financial Officer$2.4M1961
Pascal SchweitzerPresident of Transit$2.3M1978
Eric GebhardtExecutive Vice President & Chief Technology Officer$2.1M1968
David L. DeNinnoExecutive Vice President, General Counsel & Secretary$2.1M1956
Nicole TheophilusExecutive Vice President & Chief Administrative Officer$1.6M1970
John A. Mastalerz Jr.Senior Vice President of Finance & Chief Accounting Officer—1967
Michael E. FetskoPresident of Freight & Industrial Components—1966

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Rafael Santana President and Chief Executive Officer2025$1.4M$20.0M$4.7M$26.2M
John Olin Executive Vice President and Chief Financial Officer2025$810,000$3.7M$1.6M$6.1M
Pascal Schweitzer President, Transit2025$712,318$2.2M$1.4M$4.5M
David L. DeNinno Executive Vice President, General Counsel and Secretary2025$705,000$2.3M$1.4M$4.5M
Eric Gebhardt Executive Vice President and Chief Technology Officer2025$665,000$1.7M$1.3M$3.8M

Employees

18k201828k201927k202025k202127k202229k202330k202431k2025

Dividends

Ex-dateAmountPaid
2026-11-17$0.312026-12-01
2026-08-18$0.312026-09-01
2026-05-22$0.312026-06-03
2026-02-17$0.312026-03-02
2025-11-12$0.252025-11-26
2025-08-14$0.252025-08-28
2025-05-27$0.252025-06-10
2025-02-21$0.252025-03-07

Moat model

Narrow · Switching Costs · 2026-06-30
Cost advantage53
Intangibles68
Switching costs82
Network effect55
Efficient scale80
Our component scores (0-100) and overall 68.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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