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Wabash National Corporation (WNC)

NYSE / Industrials / Agricultural - Machinery

Share price

12.82 USD Market dataClose of Oct 15, 2026

Market capitalisation

522.3M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 18, 2026
Ratios computed
Oct 15, 2026
Filed years
16, FY2009 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

28.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

2.52x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-2.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.85B USDFY2016 Net income: 119.4M USDFY2017 Revenue: 1.77B USDFY2017 Net income: 111.4M USDFY2018 Revenue: 2.27B USDFY2018 Net income: 69.4M USDFY2019 Revenue: 2.32B USDFY2019 Net income: 89.6M USDFY2020 Revenue: 1.48B USDFY2020 Net income: -97.4M USDFY2021 Revenue: 1.80B USDFY2021 Net income: 1.2M USDFY2022 Revenue: 2.50B USDFY2022 Net income: 112.3M USDFY2023 Revenue: 2.54B USDFY2023 Net income: 231.3M USDFY2024 Revenue: 1.95B USDFY2024 Net income: -284.1M USDFY2025 Revenue: 1.54B USDFY2025 Net income: 211.5M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
7 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 2.52x 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 below the lowest.

Today, against the Industrials sector (412 companies), 2.52x sits at the 4th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 28.2% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Industrials sector (316 companies), 28.2% sits at the 93rd percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 14.43x 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 Wabash National Corporation's return on invested capital stayed above the median of the Industrials sector, year by year. (FY2024 to FY2025, 2 fiscal years of Wabash National Corporation with a comparable figure)
The direction
Which way Wabash National Corporation's return on invested capital has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Wabash National Corporation)
What could explain it
What in Wabash National Corporation's filed statements could explain the movements. (9 readings drawn from the statement lines Wabash National Corporation filed)
What to check next
What to check next on Wabash National Corporation, and where in its filings. (6 questions for Wabash National Corporation)
In one paragraph
One paragraph on Wabash National Corporation's returns, cash, balance sheet and price. (16 of sixteen figures read for Wabash National Corporation)

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

Research WNCPart 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 18, 2026, accession 0000879526-26-000036.

3 of 10

Quality

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

SEC filingComputed

Wabash National Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax28.2% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Return on equity57.6% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Return on capital employed, pre-tax35.4% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Return on assets18.1% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Gross margin4.5% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Operating margin19.9% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Net margin13.7% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
WNC 13.7%
MTW 0.3%HY -1.6%ASTE 2.8%LNN 10.9%TWI -3.5%
-3.5%13.7%
Net margin: WNC 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

Wabash National Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.30 ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Current ratio1.39 ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Quick ratio0.79 ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Interest coverage14.43x ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Altman Z-score3.07 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Net debt447.4M ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Total assets 1.17BTotal liabilities 802.6MShareholders' equity 367.4MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Wabash National Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 18, 2026, 0000879526-26-000036).

Wabash National Corporation: balance sheet position
Total assets1.17B FiledFY2025 10-K, filed Feb 18, 2026
Total liabilities802.6M FiledFY2025 10-K, filed Feb 18, 2026
Shareholders' equity367.4M FiledFY2025 10-K, filed Feb 18, 2026
Cash31.9M FiledFY2025 10-K, filed Feb 18, 2026
Total debt479.4M FiledFY2025 10-K, filed Feb 18, 2026
Net debt447.4M
Current ratio1.39
Debt to equity1.30

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

Wabash National Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings2.52x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
P/E on trailing twelve months1.71x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.46x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Price to sales0.35x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Enterprise value to EBIT3.20x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Enterprise value to EBITDA2.68x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Diluted earnings per share5.07 USD FiledFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Graham number31.75 USD ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036

We publish no fair value or price target of our own. Value WNC 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 Wabash National Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Wabash National Corporation: valuation
Share price12.82 USD
Market capitalisation522.3M USD
Enterprise value to EBITDA2.68x
Graham number31.75 USD
Diluted earnings per share, FY20255.07 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 1.21x, median 11.10x, high 856.00x, latest 1.71x. 1,913 trading days with a meaningful ratio, 607 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Wabash National Corporation

  1. The Manitowoc Company, Inc. (MTW)Market cap 808.9M USD
  2. Hyster-Yale Materials Handling, Inc. (HY)Market cap 539.7M USD
  3. Astec Industries, Inc. (ASTE)Market cap 894.9M USD
  4. Lindsay Corporation (LNN)Market cap 1.13B USD
  5. Titan International, Inc. (TWI)Market cap 435.7M USD

Same industry (Agricultural - Machinery) and size band (Small, 300M to 2B), 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

Wabash National Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-2.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Free cash flow-13.0M USD ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Free cash flow margin-0.8% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Dividend yield2.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Payout ratio6.5% ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
FY2016 Free cash flow: 158.4M USDFY2016 Net income: 119.4M USDFY2017 Free cash flow: 118.3M USDFY2017 Net income: 111.4M USDFY2018 Free cash flow: 78.5M USDFY2018 Net income: 69.4M USDFY2019 Free cash flow: 108.6M USDFY2019 Net income: 89.6M USDFY2020 Free cash flow: 104.0M USDFY2020 Net income: -97.4M USDFY2021 Free cash flow: -56.6M USDFY2021 Net income: 1.2M USDFY2022 Free cash flow: 67.0M USDFY2022 Net income: 112.3M USDFY2023 Free cash flow: 221.5M USDFY2023 Net income: 231.3M USDFY2024 Free cash flow: 45.1M USDFY2024 Net income: -284.1M USDFY2025 Free cash flow: -13.0M USDFY2025 Net income: 211.5M 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.

Wabash National Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
2.52xFY2025Oct 15, 2026
1.46xFY2025Oct 15, 2026
3.20xFY2025Oct 15, 2026
-2.4%FY2025Oct 15, 2026
28.2%FY2025Feb 18, 2026
2.5%FY2025Oct 15, 2026
1.30FY2025Feb 18, 2026
1.39FY2025Feb 18, 2026
0.35xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3.07FY2025Oct 15, 2026
-2.01FY2025Feb 18, 2026
4/9FY2025Feb 18, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 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 Wabash National Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Wabash National 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
FY20251.54B307.5M211.5M5.07-13.0M19.9%57.6%10-K, Feb 18, 20260000879526-26-000036
FY20241.95B-356.1M-284.1M-6.4045.1M-18.3%-150.4%10-K, Feb 18, 20250000879526-25-000012
FY20232.54B311.9M231.3M4.81221.5M12.3%42.1%10-K, Feb 22, 20240000879526-24-000008
FY20222.50B166.6M112.3M2.2567.0M6.7%28.2%10-K, Feb 23, 20230000879526-23-000014
FY20211.80B33.5M1.2M0.02-56.6M1.9%0.4%10-K, Feb 24, 20220000879526-22-000014
FY20201.48B-85.6M-97.4M-1.84104.0M-5.8%-24.1%10-K, Feb 25, 20210000879526-21-000018
FY20192.32B142.8M89.6M1.62108.6M6.2%17.2%10-K, Feb 25, 20200000879526-20-000021
FY20182.27B111.0M69.4M1.1978.5M4.9%14.7%10-K, Feb 28, 20190000879526-19-000024
FY20171.77B130.8M111.4M1.78118.3M7.4%22.0%10-K, Feb 28, 20180001144204-18-011800
FY20161.85B202.5M119.4M1.82158.4M11.0%25.3%10-K, Feb 27, 20170001144204-17-011303
  • Revenue, compound annual growth FY2016 to FY2025: -2.0%
  • Earnings, compound annual growth FY2016 to FY2025: 6.6%
  • Earnings per share, compound annual growth FY2016 to FY2025: 12.1%
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

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

Wabash National Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.01 ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 18, 2026, 0000879526-26-000036
Named tests met7 of 30 Computed
Beta0.71 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 7 met, 22 not met, 1 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
Earnings yield and ROIC (Joel Greenblatt); EV/EBITDA and coverage; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; 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); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(2)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: 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 Javier Sanz Alvarez: 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

  • 2 figures could not be read on this company: PEG Ratio, Eps Growth 5Y. 1 named test comes back incomplete because of them, which is neither met nor missed.

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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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.