WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP WAB
Throughout the years, the Company has made a number of strategic acquisitions leading the Company to where it is today. These have primarily included:
•the 1999 merger with MotivePower Industries, Inc. whereby the Company adopted its current name of Westinghouse Air Brake Technologies Corporation, or Wabtec;
•the 2017 acquisition of Faiveley Transport, S.A. ("Faiveley Transport"), a leading provider of value-added, integrated systems and services, primarily for the global transit rail market. Based in France, the Faiveley Transport business has roots to 1919 and made Wabtec a leader in manufacturing pantographs, automatic door mechanisms, air conditioning systems, railway braking systems and couplers; and,
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 | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B | $8.20B | $4.36B | $3.88B | $2.93B |
| Cost of revenue | $7.36B | $7.02B | $6.73B | $5.82B | $5.45B | $5.42B | $5.92B | $3.13B | $2.82B | $2.01B |
| Gross profit | $3.81B | $3.37B | $2.94B | $2.54B | $2.37B | $2.14B | $2.28B | $1.23B | $1.07B | $924.2M |
| R&D | $223.0M | $206.0M | $218.0M | $209.0M | $176.0M | $162.0M | $210.0M | $87.5M | $95.2M | $71.4M |
| SG&A | $1.49B | $1.25B | $1.14B | $1.03B | $1.03B | $948.0M | $1.17B | $633.2M | $512.5M | $373.6M |
| Total operating expenses | $2.01B | $1.76B | $1.68B | $1.53B | $1.49B | $1.39B | $1.61B | $760.5M | $644.2M | $467.6M |
| Operating income | $1.79B | $1.61B | $1.27B | $1.01B | $876.0M | $745.0M | $663.0M | $473.4M | $421.1M | $456.6M |
| Interest expense | $225.0M | $201.0M | $218.0M | $186.0M | $177.0M | $199.0M | $219.0M | $112.2M | $77.9M | $50.3M |
| Pre-tax income | $1.59B | $1.41B | $1.09B | $854.0M | $737.0M | $557.0M | $447.0M | $367.6M | $352.1M | $412.8M |
| Income tax | $409.0M | $343.0M | $267.0M | $213.0M | $172.0M | $145.0M | $120.0M | $75.9M | $89.8M | $99.4M |
| Net income | $1.17B | $1.06B | $815.0M | $633.0M | $558.0M | $414.0M | $327.0M | $294.9M | $262.3M | $304.9M |
| EPS, basic | 6.84 | 6.05 | 4.54 | 3.46 | 2.96 | 2.18 | 1.91 | 3.06 | 2.74 | 3.37 |
| EPS, diluted | 6.83 | 6.04 | 4.53 | 3.46 | 2.96 | 2.17 | 1.84 | 3.05 | 2.72 | 3.34 |
| Shares, diluted (wtd. avg.) | $171.1M | $174.8M | $179.5M | $182.8M | $188.1M | $190.4M | $177.3M | $96.5M | $96.1M | $91.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $789.0M | $715.0M | $620.0M | $541.0M | $473.0M | $599.0M | $604.0M | $2.34B | $233.4M | $1.14B |
| Receivables | $1.41B | $1.15B | $1.16B | $975.0M | $1.08B | $969.0M | $1.15B | $801.2M | $800.6M | $667.6M |
| Inventory | $2.75B | $2.31B | $2.28B | $2.03B | $1.69B | $1.64B | $1.77B | $844.9M | $742.6M | $658.5M |
| Total current assets | $5.69B | $4.94B | $4.86B | $4.33B | $3.83B | $3.88B | $4.19B | $4.45B | $2.27B | $2.87B |
| Property, plant and equipment | $1.62B | $1.45B | $1.49B | $1.43B | $1.50B | $1.60B | $1.66B | $563.8M | $574.0M | $518.4M |
| Goodwill | $10.22B | $8.71B | $8.78B | $8.51B | $8.59B | $8.48B | $8.36B | $2.40B | $2.46B | $2.08B |
| Other intangibles | $3.84B | $2.93B | $3.21B | $3.40B | $3.71B | $3.87B | $4.10B | $1.13B | $1.20B | $1.05B |
| Total assets | $22.07B | $18.70B | $18.99B | $18.52B | $18.45B | $18.45B | $18.94B | $8.65B | $6.58B | $6.58B |
| Accounts payable | $1.40B | $1.30B | $1.25B | $1.30B | $1.01B | $909.0M | $1.16B | $589.4M | $552.5M | $530.2M |
| Short-term debt | $1.25B | $500.0M | $781.0M | $251.0M | $2.0M | $447.0M | $95.7M | $64.1M | — | — |
| Total current liabilities | $5.15B | $3.79B | $4.06B | $3.47B | $2.91B | $3.23B | $3.26B | $1.65B | $1.57B | $1.45B |
| Long-term debt | $4.29B | $3.48B | $3.29B | $3.75B | $4.06B | $3.79B | $4.33B | $3.79B | — | — |
| Total liabilities | $10.88B | $8.57B | $8.46B | $8.37B | $8.21B | $8.30B | $8.95B | $5.78B | $3.75B | $3.60B |
| Retained earnings | $3.88B | $6.18B | $5.27B | $4.58B | $4.05B | $3.59B | $3.27B | $3.02B | $2.77B | $2.55B |
| Total equity | $11.14B | $10.09B | $10.52B | $10.15B | $10.24B | $10.15B | $9.99B | $2.87B | $2.83B | $2.98B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.76B | $1.83B | $1.20B | $1.04B | $1.07B | $784.0M | $1.02B | $314.7M | $188.8M | $450.5M |
| Depreciation and amortisation | $195.0M | $196.0M | $204.0M | $182.0M | $198.0M | $183.0M | $158.0M | $66.4M | $66.7M | $47.1M |
| Stock-based compensation | $80.0M | $66.0M | $47.0M | $41.0M | $46.0M | $20.0M | $50.0M | $25.3M | $21.3M | $20.8M |
| Capital expenditure | $260.0M | $207.0M | $186.0M | $149.0M | $130.0M | $136.0M | $186.0M | $93.3M | $89.5M | $50.2M |
| Investing cash flow | -$2.75B | -$343.0M | -$492.0M | -$235.0M | -$540.0M | -$155.0M | -$3.18B | -$147.3M | -$1.03B | -$233.0M |
| Financing cash flow | $1.03B | -$1.37B | -$633.0M | -$708.0M | -$653.0M | -$619.0M | $461.0M | $1.98B | -$97.4M | $523.0M |
| Dividends paid | $173.0M | $140.0M | $123.0M | $111.0M | $92.0M | $93.0M | $82.0M | $46.3M | $42.2M | $32.4M |
| Buybacks | $223.0M | $1.10B | $409.0M | $473.0M | $300.0M | $207.0M | $0 | $0 | $0 | $212.2M |
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 0001628280-26-008067.
Others in SIC 3743
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TRN | TRINITY INDUSTRIES INC | $2.26B | 9.3x | -30.0% |
| GBX | GREENBRIER COMPANIES INC | $1.34B | 6.8x | -8.6% |
| RAIL | FreightCar America, Inc. | $232.8M | 6.5x | -10.2% |
| RVSN | Rail Vision Ltd. | — | — | 14.4% |