Westinghouse Air Brake Technologies Corp (WAB)
Industrials · Construction Machinery & Heavy Transportation Equipment · US stock · S&P 500 component
$276.47
▼ -12.49 (4.32%)
Fair valueFair
$236 −14.5% to fair value
$118fair band $201–$286$355
Day's range
$272.43 – $287.22
52-week range
$186.06 – $306.64
About Westinghouse Air Brake Technologies Corp
Wabtec, formally Westinghouse Air Brake Technologies, supplies equipment, systems and services to the global rail industry. Its products include locomotives, braking and control systems, components for freight cars and transit vehicles, and digital and signalling technology. Customers are freight railroads, passenger transit agencies, rail equipment makers and mining companies. The business is organised mainly into a freight segment and a transit segment.
Revenue comes from new equipment and from recurring parts, maintenance and service work on locomotives and rail assets already in operation. It totals $12.0 billion over the last twelve months, with growth of 10.1% a year across three years. The operating margin is 16.4%, and the business earns a profit of 8% on the capital invested in it. Wabtec has net debt of 2.5 times EBITDA, and the dividend yield is 0.4%. On the site's X-Ray Score it receives 42 out of 100.
Price chart
52-wk range $186.06 – $306.64Volume 2,025,043Daily, split-adjusted
Vitals
Market cap$46.9B
52-week range$186.06 – $306.64
Volume (last day)2,025,043
P/E (TTM)37.2
EBIT / EV yield3.7%
Free-cash-flow yield3.7%
Dividend yield0.4%
Revenue (TTM)$12.0B
Net income (TTM)$1.3B
Operating margin16.4%
Return on capital8.4%
Debt incl. leases$6.9B
Cash & securities$670M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$236middle half of models $210 – $298
Fair
−14.5% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $276
Undervalued < $201Fair $201 – $286Overvalued > $286
P/E multiple
$268
P/B multiple
$213
P/S multiple
$210
EV/EBITDA multiple
$242
EV/EBIT multiple
$238
EV/revenue multiple
$219
10-year DCF, EBITDA exit
$301
5-year DCF, EBITDA exit
$303
10-year DCF, revenue exit
$298
5-year DCF, revenue exit
$298
10-year DCF, growth exit
$175
5-year DCF, growth exit
$155
Dividend discount, stable · not used
$60
Dividend discount, multi-stage · not used
$93
Earnings power value
$153
Growth the price implies
27.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
29/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.7%
Free-cash-flow yield3.7%
Fair value vs price0.9×
Growth
Strong
75/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)10.1%
EPS growth (3y)25.4%
Growth consistency100%
Profitability
Weak
33/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital8.4%
Operating margin16.4%
Gross profitability18.1%
Financial health
Weak
24/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.5×
Interest cover6.9×
Dividends
Fair
64/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.4%
Dividends vs free cash flow12%
Dividend growth15.9%
Quarterly results: last 6 quarters
+4.5%
Mar '25
+2.3%
Jun '25
+8.4%
Sep '25
+14.8%
Dec '25
+13.0%
Mar '26
+17.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.2B, diluted EPS $2.33.
Compare with peers
CMI Cummins Inc54 CAT Caterpillar Inc43 PCAR Paccar Inc41Other Construction Machinery & Heavy Transportation Equipment companies by X-Ray Score.
SWOT analysis: Westinghouse Air Brake Technologies Corp
Strengthsinside the company
- Operating margin of 16.4% is well above the 11.5% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 10.1% a year over three years (median 4.4% for industry peers).
- Earnings per share have compounded at 25.4% a year over three years.
Weaknessesinside the company
- Return on invested capital of 8.4% is well below the 17.7% median of industry peers.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Trades at 36.9x earnings, 45% above the 25.5x median of industry peers, so the price already assumes better results.
- Earnings in Construction Machinery & Heavy Transportation Equipment follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare WAB with peers and sector
Medians of 3 Construction Machinery & Heavy Transportation Equipment peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CAT 43, CMI 54, PCAR 41.
| Metric | WAB | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 42 | 43 | 51 |
| Valuation | 29 | 56 | 48 |
| Growth | 75 | 40 | 50 |
| Profitability | 33 | 51 | 51 |
| Financial health | 24 | 49 | 49 |
| Dividends | 64 | 57 | 53 |
Sector leaders: highest X-Ray Score in Industrials
WAB ranks #65 of 81 in Industrials and #3 of 4 in Construction Machinery & Heavy Transportation Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for WAB
Each factor is rated by where WAB stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 10 Average · 9 Bad of 23
Growth: 3 · 0 · 0
Profitability: 0 · 2 · 3
Financial strength: 0 · 1 · 3
Valuation: 1 · 2 · 2
Cash flow: 0 · 4 · 0
Efficiency: 0 · 1 · 1
| Factor | WAB | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.1% | Good beats 82% | +5.6% | – | – |
| Revenue growth, last year | +7.5% | Good beats 67% | +4.5% | +7.3% | ≈ In line |
| EPS growth, 3 years a year | +25.4% | Good beats 83% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 35.0% | Bad beats 33% | 38.0% | 30.4% | ▲ Better |
| Operating margin | 16.4% | Average beats 44% | 17.5% | 13.1% | ▲ Better |
| Net margin | 10.6% | Average beats 40% | 12.8% | 8.4% | ▲ Better |
| Return on invested capital | 8.4% | Bad beats 14% | 14.9% | – | – |
| Return on equity | 11.3% | Bad beats 16% | 23.7% | 7.8% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.5x | Bad beats 30% | 1.8x | 2.1x | ▼ Worse |
| Interest cover | 6.9x | Bad beats 19% | 21.4x | 6.9x | ≈ In line |
| Current ratio | 1.12 | Average beats 34% | 1.25 | 1.25 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 36.9x | Bad beats 18% | 28.9x | 31.0x | ▼ Worse |
| Price / book | 4.2x | Good beats 69% | 6.2x | 2.2x | ▼ Worse |
| Price / sales | 3.9x | Average beats 41% | 3.5x | 2.4x | ▼ Worse |
| EV / EBITDA | 21.2x | Bad beats 30% | 18.5x | 15.3x | ▼ Worse |
| Free cash flow yield | 3.7% | Average beats 39% | 3.8% | 4.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 14.3% | Average beats 52% | 13.8% | 12.1% | ▲ Better |
| Cash from operations / net income | 1.58 | Average beats 63% | 1.39 | 1.64 | ≈ In line |
| Free cash flow growth, 3 years a year | +19.0% | Average beats 62% | +14.5% | – | – |
| Accruals (lower is better) | −3.2% | Average beats 47% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.7x | Bad beats 17% | 4.0x | 2.9x | ≈ In line |
| Days sales outstanding | 52 days | Average beats 63% | 57 days | 44 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 5 Average · ● 8 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.8B | $8.4B | $9.7B | $10.4B | $11.2B |
| Operating income | $876M | $1.0B | $1.3B | $1.6B | $1.8B |
| Net income | $558M | $633M | $815M | $1.1B | $1.2B |
| Operating cash flow | $1.1B | $1.0B | $1.2B | $1.8B | $1.8B |
| Operating margin | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% |
| Free cash flow | $943M | $889M | $1.0B | $1.6B | $1.5B |
| Diluted EPS | $2.96 | $3.46 | $4.53 | $6.04 | $6.83 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 285.4 | Bearish |
| EMA 10 | 284.7 | Bearish |
| SMA 20 | 286.7 | Bearish |
| EMA 20 | 285.6 | Bearish |
| SMA 50 | 287.6 | Bearish |
| EMA 50 | 285.3 | Bearish |
| SMA 100 | 281.1 | Bearish |
| EMA 100 | 279.7 | Bearish |
| SMA 200 | 265.9 | Bullish |
| EMA 200 | 264.7 | Bullish |
Oscillators (daily)
| RSI (14) | 38.61 | Neutral |
| MACD (12, 26) | -0.80 | Bearish |
| Momentum (12) | -5.05 | Bearish |
| Stochastic %K (14) | 18.12 | Bullish |
| Williams %R (14) | -81.88 | Bullish |
| CCI (20) | -185.8 | Bullish |
Pivot points (classic, last session)
S3 255.4 | S2 263.9 | S1 270.2 | Pivot 278.7 | R1 285.0 | R2 293.5 | R3 299.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.18 USD
Yield on today's price
0.43%
Frequency
Quarterly
Next ex-dividend date
17 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.3100 |
| 0.3100 | |
| 0.3100 | |
| 0.3100 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2000 | |
| 0.2000 | |
| 0.2000 | |
| 0.2000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold WAB
| ETF | Share of the fund |
|---|---|
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.34% |
| FDG American Century Focused Dynamic Growt... | 0.97% |
| XLI Industrial Select Sector SPDR | 0.79% |
| VOE Vanguard Mid-Cap Value | 0.79% |
| FIDU Fidelity MSCI Industrials Index | 0.70% |
| VIS Vanguard Industrials | 0.63% |
| IYJ iShares U.S. Industrials | 0.59% |
| VLUE iShares MSCI USA Value Factor | 0.45% |
The eight funds with the largest weight in WAB among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
WAB stock splits
WAB has split its stock once since 2013. The latest was a 2-for-1 split on 12 Jun 2013.
Full WAB stock split history →WAB SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Current report
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.