WABASH NATIONAL Corp WNC

Consumer discretionary SIC 3715 - Truck Trailers NAICS Manufacturing › Transportation Equipment Manufacturing › Motor Vehicle Body and Trailer Manufacturing › Truck Trailer Manufacturing derived NYSE

Wabash National Corporation, which we refer to herein as "Wabash," the "Company," "us," "we," or "our," is Changing How the World Reaches You®. Wabash was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana, as a dry van trailer manufacturer. Today we combine physical and digital technologies to deliver innovative, end-to-end solutions that optimize supply chains across transportation, logistics, and infrastructure markets.

To that end, we design, manufacture, and service a diverse range of products supporting first-to-final mile operations, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. In addition, through Wabash Hub, customers gain access to a nationwide parts and service network, Trailers as a Service (TaaS)℠, and advanced tools designed to streamline operations and drive growth. We have achieved this diversification through acquisitions, organic growth, and product innovation.

Last close 12.87 2026-10-23
Market cap $523.5M 2026-03-31 share count
52-week range 6.63 - 14.55

Valuation FY2025 figures against the last close

P/S0.3x
P/E2.5x
P/FCF—
EV/EBITDA2.6x
Dividend yield2.6%
Diluted EPS5.07

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Transportation Solutions
  • Parts & Services
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Transportation Solutions, FY2025: 1.3B (84.7%) 85% Transportation Solutions Parts & Services, FY2025: 236M (15.3%) 15% Parts & Services FY2024 Transportation Solutions, FY2024: 1.7B (89.7%) 90% Parts & Services, FY2024: 199.7M (10.3%) 10% FY2023 Transportation Solutions, FY2023: 2.3B (91.5%) 91% Parts & Services, FY2023: 216.2M (8.5%) 9%
Segment FY2025FY2024FY2023
Transportation Solutions $1.31B $1.75B $2.32B
Parts & Services $236.0M $199.7M $216.2M

As the company reported it, from the “SEGMENTS - Reportable Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.54B$1.95B$2.54B$2.50B$1.80B$1.48B$2.32B$2.27B$1.77B$1.85B
Cost of revenue $1.47B$1.68B$2.04B$2.18B$1.61B$1.32B$2.01B$1.98B$1.51B$1.52B
Gross profit $69.9M$265.1M$498.2M$322.7M$196.5M$159.8M$306.4M$283.7M$260.9M$325.5M
R&D $5.9M$8.6M$7.5M$5.3M$13.6M$21.9M$19.5M$8.8M$3.9M$6.4M
SG&A —$621.2M$186.2M$156.0M$88.8M$92.7M$108.3M$95.1M$77.8M$74.1M
Operating income $307.5M-$356.1M$311.9M$166.6M$33.5M-$85.6M$142.8M$111.0M$130.8M$202.5M
Interest expense $21.3M$19.8M$19.9M$20.5M$23.1M$24.2M$27.3M$28.8M$16.4M$15.7M
Pre-tax income $283.2M-$376.6M$294.7M$146.4M$1.3M-$109.2M$117.7M$96.0M$122.5M$185.4M
Income tax $71.5M$93.5M$62.8M$33.7M$126.0K$11.8M$28.2M$26.6M$11.1M$66.0M
Net income $211.5M-$284.1M$231.3M$112.3M$1.2M-$97.4M$89.6M$69.4M$111.4M$119.4M
EPS, basic 5.09-6.404.922.310.02-1.841.641.221.881.87
EPS, diluted 5.07-6.404.812.250.02-1.841.621.191.781.82
Shares, diluted (wtd. avg.) 41.7M44.4M48.0M49.9M51.6M52.9M55.3M58.4M62.6M65.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $31.9M$115.5M$179.3M$58.2M$71.8M$217.7M$140.5M$132.7M$191.5M$163.5M
Receivables $119.9M$143.9M$183.0M$255.6M$176.5M$101.3M$172.7M$181.1M$146.8M$153.6M
Inventory $181.2M$258.8M$267.6M$243.9M$237.6M$163.8M$186.9M$184.4M$180.7M$140.0M
Total current assets $419.1M$594.5M$681.4M$592.6M$529.7M$545.8M$541.4M$549.4M$576.4M$481.4M
Property, plant and equipment ——————$221.3M$207.0M$195.4M$134.1M
Goodwill $191.2M$188.4M$188.4M$188.4M$188.4M$199.6M$311.0M$311.1M$317.5M$148.4M
Other intangibles $63.6M$74.4M$86.4M$99.2M$114.4M$166.9M$189.9M$210.3M$237.0M$94.4M
Total assets $1.17B$1.41B$1.36B$1.20B$1.11B$1.16B$1.30B$1.30B$1.35B$898.7M
Accounts payable $145.7M$146.7M$156.6M$189.1M$173.9M$104.4M$134.8M$153.1M$108.4M$71.3M
Short-term debt $0$0$0$0$0$0$0$1.9M$46.0M$2.5M
Total current liabilities $302.3M$308.4M$352.2M$347.5M$289.3M$235.8M$259.4M$271.7M$283.7M$166.6M
Long-term debt $442.9M$397.1M$396.5M$395.8M$428.3M$448.0M$455.4M$503.0M$504.1M$233.5M
Total liabilities $802.6M$1.22B$812.7M$805.4M$781.5M$756.6M$783.6M$830.5M$845.5M—
Retained earnings $303.6M$105.6M$403.9M$188.2M$92.1M$107.2M$221.8M$150.2M$98.7M$3.6M
Total equity $367.4M$188.8M$549.5M$397.6M$325.5M$404.9M$521.0M$473.8M$506.1M$472.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $11.7M$117.3M$319.6M$124.1M-$7.5M$124.1M$146.3M$112.5M$144.4M$178.8M
Depreciation and amortisation $47.6M$45.0M$32.5M$31.8M$26.0M$26.0M$21.9M$21.2M$18.0M$16.8M
Stock-based compensation $11.5M$11.3M$11.8M$9.7M$7.1M$4.5M$9.0M$10.2M$10.4M$12.0M
Capital expenditure $24.7M$72.2M$98.1M$57.1M$49.1M$20.1M$37.6M$34.0M$26.1M$20.3M
Investing cash flow -$92.7M-$94.8M-$106.0M-$55.3M-$27.1M-$3.0M-$36.9M-$13.2M-$332.2M-$17.3M
Financing cash flow -$2.5M-$86.3M-$92.5M-$82.3M-$111.4M-$44.0M-$101.6M-$158.1M$215.9M-$176.8M
Dividends paid $13.8M$14.8M$15.9M$16.0M$16.4M$17.3M$17.8M$17.8M$15.3M$0
Buybacks $33.8M$70.9M$76.2M$34.3M$66.7M$18.9M$33.7M$58.4M$74.5M$79.6M

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 0000879526-26-000036.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 1.8B Gross profit, FY2016: 325.5M Net income, FY2016: 119.4M Revenue, FY2017: 1.8B Gross profit, FY2017: 260.9M Net income, FY2017: 111.4M Revenue, FY2018: 2.3B Gross profit, FY2018: 283.7M Net income, FY2018: 69.4M Revenue, FY2019: 2.3B Gross profit, FY2019: 306.4M Net income, FY2019: 89.6M Revenue, FY2020: 1.5B Gross profit, FY2020: 159.8M Net income, FY2020: -97.4M Revenue, FY2021: 1.8B Gross profit, FY2021: 196.5M Net income, FY2021: 1.2M Revenue, FY2022: 2.5B Gross profit, FY2022: 322.7M Net income, FY2022: 112.3M Revenue, FY2023: 2.5B Gross profit, FY2023: 498.2M Net income, FY2023: 231.3M Revenue, FY2024: 1.9B Gross profit, FY2024: 265.1M Net income, FY2024: -284.1M Revenue, FY2025: 1.5B Gross profit, FY2025: 69.9M Net income, FY2025: 211.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.85B $1.77B $2.27B $2.32B $1.48B $1.80B $2.50B $2.54B $1.95B $1.54B
Gross profit $325.5M $260.9M $283.7M $306.4M $159.8M $196.5M $322.7M $498.2M $265.1M $69.9M
Net income $119.4M $111.4M $69.4M $89.6M -$97.4M $1.2M $112.3M $231.3M -$284.1M $211.5M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.