FreightCar America, Inc. RAIL
FreightCar America, Inc., a Delaware corporation ("FreightCar"), with its subsidiaries (the "Company", "we", "us", or "our" refers to FreightCar and its subsidiaries), is a diversified manufacturer and supplier of railcars and railcar components. We design and manufacture a broad variety of railcar types for transportation of bulk commodities and containerized freight products primarily in North America. We also provide railcar rebody and repair services, railcar conversion services that repurpose idled rail assets back into revenue service, and supply railcar parts. We have been manufacturing railcars since 1901.
Our primary customers are financial institutions and shippers, which represented 78% and 16%, respectively, of our total sales attributable to each type of customer for the year ended December 31, 2025. In the year ended December 31, 2025, we delivered 4,125 railcars, comprised of 3,714 new railcars and 411 rebuilt railcars, compared to 4,362 railcars, comprised of 4,252 new railcars and 110 rebuilt railcars, delivered in the year ended December 31, 2024. Our total backlog of firm orders for railcars decreased from 2,797 railcars as of December 31, 2024 to 1,926 railcars as of December 31, 2025. Our backlog as of December 31, 2025 includes a variety of railcar types and the estimated sales value of the backlog is $137 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $500.7M | $557.7M | $356.8M | $361.5M | $199.8M | $104.1M | $223.5M | $310.6M | $407.2M | $523.7M |
| Cost of revenue | $427.8M | $492.4M | $316.3M | $338.9M | $191.6M | $121.9M | $244.3M | $320.1M | $406.5M | $483.6M |
| Gross profit | $73.2M | $67.0M | $41.8M | $25.8M | $11.5M | -$13.5M | -$14.3M | -$3.6M | $3.0M | $40.2M |
| R&D | — | — | — | — | — | — | $955.0K | $42.0K | $298.0K | $386.0K |
| SG&A | $39.3M | $32.9M | $27.5M | $28.2M | $27.5M | $29.8M | $38.3M | $29.1M | $33.0M | $36.4M |
| Operating income | $33.9M | $37.3M | $10.5M | -$15.0M | -$22.8M | -$80.6M | -$75.6M | -$32.1M | -$31.8M | $15.8M |
| Interest expense | $17.6M | $6.8M | $15.0M | $25.4M | $13.3M | $2.2M | $609.0K | $155.0K | $163.0K | $171.0K |
| Pre-tax income | -$10.9M | -$70.0M | -$22.1M | -$36.5M | -$40.0M | -$85.9M | -$75.4M | -$30.4M | -$31.4M | $15.8M |
| Income tax | $49.0M | $5.8M | $1.5M | $2.3M | $1.4M | $199.0K | $115.0K | $10.2M | $8.8M | $3.5M |
| Net income | $38.1M | -$75.8M | -$23.6M | -$38.8M | -$41.4M | -$84.4M | -$75.2M | -$40.6M | -$22.6M | $12.3M |
| EPS, basic | 1.16 | -3.12 | -1.18 | -1.56 | -2.00 | -6.29 | -5.95 | -3.26 | -1.82 | 1.00 |
| EPS, diluted | 1.09 | -3.12 | -1.18 | -1.56 | -2.00 | -6.29 | -5.95 | -3.26 | -1.82 | 1.00 |
| Shares, diluted (wtd. avg.) | $33.8M | $30.7M | $28.4M | $24.8M | $20.8M | $13.4M | $12.4M | $12.3M | $12.3M | $12.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $64.3M | $44.5M | $40.6M | $37.9M | $26.2M | $54.0M | $66.3M | $45.1M | $87.8M | $96.1M |
| Receivables | $12.4M | $12.5M | $6.4M | $9.6M | $9.6M | $9.4M | $7.0M | $18.2M | $7.6M | $25.2M |
| Inventory | $68.3M | $75.3M | $125.0M | $64.3M | $56.0M | $38.8M | $25.1M | $64.6M | $45.3M | $97.9M |
| Total current assets | $160.0M | $145.0M | $180.4M | $128.9M | $136.7M | $121.0M | $109.7M | $155.8M | $199.9M | $241.2M |
| Property, plant and equipment | $31.0M | $30.1M | $31.3M | $23.2M | $18.2M | $19.6M | $38.6M | $45.3M | $38.3M | $46.3M |
| Goodwill | — | — | — | — | — | — | — | $21.5M | $21.5M | $21.5M |
| Other intangibles | — | — | — | — | — | — | — | — | — | $0 |
| Total assets | $290.0M | $224.2M | $259.5M | $199.7M | $200.7M | $182.7M | $245.2M | $289.7M | $295.9M | $339.3M |
| Accounts payable | $55.7M | $49.6M | $84.4M | $48.4M | $41.2M | $17.8M | $11.7M | $34.7M | $23.3M | $34.5M |
| Short-term debt | $9.7M | $2.9M | $29.4M | $40.7M | $0 | $17.6M | — | — | — | — |
| Total current liabilities | $85.6M | $80.8M | $137.4M | $106.0M | $69.3M | $71.1M | $49.4M | $62.0M | $40.3M | $54.1M |
| Long-term debt | $97.5M | $105.5M | $0 | $51.5M | $79.5M | $37.7M | $10.2M | — | — | — |
| Total liabilities | $397.5M | $374.5M | $222.2M | $228.3M | $202.3M | $152.2M | $128.0M | $96.1M | $64.2M | $82.3M |
| Retained earnings | -$182.5M | -$220.6M | -$142.8M | -$118.9M | -$80.1M | -$38.6M | $45.8M | $120.8M | $161.4M | $187.5M |
| Total equity | -$107.4M | -$150.3M | -$46.2M | -$28.6M | -$1.7M | -$30.5M | $117.2M | $193.6M | $231.7M | $256.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $34.8M | $44.9M | $4.8M | $11.5M | -$55.4M | -$58.9M | -$19.0M | -$31.6M | $40.3M | $215.0K |
| Depreciation and amortisation | $6.2M | $5.8M | $4.6M | $4.1M | $4.3M | $9.2M | $12.4M | $12.0M | $9.4M | $9.7M |
| Stock-based compensation | $3.6M | $3.1M | $1.2M | $2.1M | $3.0M | $1.0M | $1.2M | $3.2M | $1.2M | $1.1M |
| Capital expenditure | $3.4M | $5.0M | $12.7M | $7.8M | $2.3M | $9.8M | $5.6M | $2.2M | $967.0K | $13.8M |
| Investing cash flow | -$9.1M | -$5.0M | -$4.4M | -$7.8M | -$1.7M | -$6.1M | $31.0M | -$10.9M | -$45.3M | $14.1M |
| Financing cash flow | -$5.8M | -$36.0M | $2.2M | $8.0M | $29.3M | $52.8M | $9.2M | -$128.0K | -$3.4M | -$4.6M |
| Dividends paid | $0 | $27.9M | $0 | — | — | — | — | — | $3.4M | $4.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-098668.
Others in SIC 3743
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|---|---|---|---|---|
| WAB | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP | $47.78B | 41.4x | 7.5% |
| TRN | TRINITY INDUSTRIES INC | $2.26B | 9.3x | -30.0% |
| GBX | GREENBRIER COMPANIES INC | $1.34B | 6.8x | -8.6% |
| RVSN | Rail Vision Ltd. | — | — | 14.4% |