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Westinghouse Air Brake Technologies Corporation (WAB)

NYSE / Industrials / Railroads

Share price

287.76 USD Market dataClose of Oct 15, 2026

Market capitalisation

48.61B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 13, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

8.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

42.07x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 2.93B USDFY2016 Net income: 304.9M USDFY2017 Revenue: 3.88B USDFY2017 Net income: 262.3M USDFY2018 Revenue: 4.36B USDFY2018 Net income: 294.9M USDFY2019 Revenue: 8.20B USDFY2019 Net income: 327.0M USDFY2020 Revenue: 7.56B USDFY2020 Net income: 414.0M USDFY2021 Revenue: 7.82B USDFY2021 Net income: 558.0M USDFY2022 Revenue: 8.36B USDFY2022 Net income: 633.0M USDFY2023 Revenue: 9.68B USDFY2023 Net income: 815.0M USDFY2024 Revenue: 10.39B USDFY2024 Net income: 1.06B USDFY2025 Revenue: 11.17B USDFY2025 Net income: 1.17B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 42.07x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Industrials sector (412 companies), 42.07x sits at the 78th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 8.2% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Industrials sector (316 companies), 8.2% sits at the 48th percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 7.97x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Westinghouse Air Brake Technologies Corporation's return on invested capital stayed above the median of the Industrials sector, year by year. (FY2019 to FY2025, 7 fiscal years of Westinghouse Air Brake Technologies Corporation with a comparable figure)
The direction
Which way Westinghouse Air Brake Technologies Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Westinghouse Air Brake Technologies Corporation)
What could explain it
What in Westinghouse Air Brake Technologies Corporation's filed statements could explain the movements. (9 readings drawn from the statement lines Westinghouse Air Brake Technologies Corporation filed)
What to check next
What to check next on Westinghouse Air Brake Technologies Corporation, and where in its filings. (1 question for Westinghouse Air Brake Technologies Corporation)
In one paragraph
One paragraph on Westinghouse Air Brake Technologies Corporation's returns, cash, balance sheet and price. (16 of sixteen figures read for Westinghouse Air Brake Technologies Corporation)

These are WAB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research WABPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 13, 2026, accession 0001628280-26-008067.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Westinghouse Air Brake Technologies Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax8.2% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Return on equity10.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Return on capital employed, pre-tax10.6% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Return on assets5.3% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Gross margin34.1% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Operating margin16.1% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Net margin10.5% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
WAB 10.5%
NSC 23.6%CNI 26.9%CSX 20.5%CP 27.5%UNP 29.1%
10.5%29.1%
Net margin: WAB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Westinghouse Air Brake Technologies Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.53 ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Current ratio1.11 ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Quick ratio0.57 ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Interest coverage7.97x ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Altman Z-score3.77 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Net debt5.14B ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Total assets 22.07BTotal liabilities 10.88BShareholders' equity 11.14BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Westinghouse Air Brake Technologies Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 13, 2026, 0001628280-26-008067).

Westinghouse Air Brake Technologies Corporation: balance sheet position
Total assets22.07B FiledFY2025 10-K, filed Feb 13, 2026
Total liabilities10.88B FiledFY2025 10-K, filed Feb 13, 2026
Shareholders' equity11.14B FiledFY2025 10-K, filed Feb 13, 2026
Cash789.0M FiledFY2025 10-K, filed Feb 13, 2026
Total debt5.93B FiledFY2025 10-K, filed Feb 13, 2026
Net debt5.14B
Current ratio1.11
Debt to equity0.53

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Westinghouse Air Brake Technologies Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings42.07x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
P/E on trailing twelve months38.41x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book4.42x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Price to sales4.41x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Enterprise value to EBIT30.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Enterprise value to EBITDA23.71x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Price to earnings over growth1.64 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Diluted earnings per share6.83 USD FiledFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Graham number100.11 USD ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067

We publish no fair value or price target of our own. Value WAB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Westinghouse Air Brake Technologies Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Westinghouse Air Brake Technologies Corporation: valuation
Share price287.76 USD
Market capitalisation48.61B USD
Enterprise value to EBITDA23.71x
Graham number100.11 USD
Diluted earnings per share, FY20256.83 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 18.37x, median 30.27x, high 60.90x, latest 38.41x. 2,520 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Westinghouse Air Brake Technologies Corporation

  1. Norfolk Southern Corporation (NSC)Market cap 72.96B USD
  2. Canadian National Railway Company (CNI)Market cap 73.07B USD
  3. CSX Corporation (CSX)Market cap 90.20B USD
  4. Canadian Pacific Kansas City Ltd. (CP)Market cap 76.40B USD
  5. Union Pacific Corporation (UNP)Market cap 171.50B USD

Same industry (Railroads) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Westinghouse Air Brake Technologies Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Free cash flow1.50B USD ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Free cash flow margin13.4% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Dividend yield0.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Payout ratio14.8% ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
FY2016 Free cash flow: 400.3M USDFY2016 Net income: 304.9M USDFY2017 Free cash flow: 99.3M USDFY2017 Net income: 262.3M USDFY2018 Free cash flow: 221.4M USDFY2018 Net income: 294.9M USDFY2019 Free cash flow: 830.0M USDFY2019 Net income: 327.0M USDFY2020 Free cash flow: 648.0M USDFY2020 Net income: 414.0M USDFY2021 Free cash flow: 943.0M USDFY2021 Net income: 558.0M USDFY2022 Free cash flow: 889.0M USDFY2022 Net income: 633.0M USDFY2023 Free cash flow: 1.01B USDFY2023 Net income: 815.0M USDFY2024 Free cash flow: 1.63B USDFY2024 Net income: 1.06B USDFY2025 Free cash flow: 1.50B USDFY2025 Net income: 1.17B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Westinghouse Air Brake Technologies Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
42.07xFY2025Oct 15, 2026
4.42xFY2025Oct 15, 2026
30.33xFY2025Oct 15, 2026
3.0%FY2025Oct 15, 2026
8.2%FY2025Feb 13, 2026
0.4%FY2025Oct 15, 2026
0.53FY2025Feb 13, 2026
1.11FY2025Feb 13, 2026
4.41xFY2025Oct 15, 2026
1.64FY2025Oct 15, 2026
3.77FY2025Oct 15, 2026
-2.60FY2025Feb 13, 2026
5/9FY2025Feb 13, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Westinghouse Air Brake Technologies Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Westinghouse Air Brake Technologies Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202511.17B1.79B1.17B6.831.50B16.1%10.5%10-K, Feb 13, 20260001628280-26-008067
FY202410.39B1.61B1.06B6.041.63B15.5%10.5%10-K, Feb 12, 20250001628280-25-005100
FY20239.68B1.27B815.0M4.531.01B13.1%7.8%10-K, Feb 14, 20240001628280-24-004774
FY20228.36B1.01B633.0M3.46889.0M12.1%6.3%10-K, Feb 15, 20230001628280-23-003675
FY20217.82B876.0M558.0M2.96943.0M11.2%5.5%10-K, Feb 17, 20220001628280-22-002997
FY20207.56B745.0M414.0M2.17648.0M9.9%4.1%10-K, Feb 19, 20210001628280-21-002557
FY20198.20B663.0M327.0M1.84830.0M8.1%3.3%10-K, Feb 24, 20200001628280-20-002098
FY20184.36B473.4M294.9M3.05221.4M10.8%10.3%10-K, Feb 27, 20190001628280-19-002095
FY20173.88B421.1M262.3M2.7299.3M10.8%9.3%10-K, Feb 26, 20180001628280-18-002245
FY20162.93B456.6M304.9M3.34400.3M15.6%13.8%10-K, Feb 28, 20170001628280-17-001863
  • Revenue, compound annual growth FY2016 to FY2025: 16.0%
  • Earnings, compound annual growth FY2016 to FY2025: 16.1%
  • Earnings per share, compound annual growth FY2016 to FY2025: 8.3%
  • Free cash flow, compound annual growth FY2016 to FY2025: 15.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Westinghouse Air Brake Technologies Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.60 ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 13, 2026, 0001628280-26-008067
Named tests met1 of 30 Computed
Beta0.94 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 29 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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