NYSE : WNC
Wabash National Corporation — Financial statements
Industrials · Farm & Heavy Construction Machinery · United States
Last price 11.74 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 478.27M
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Financial statements
Wabash National Corporation (WNC) reported revenue of 1.52B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.52B | 1.54B | 1.95B | 2.54B | 2.50B | 1.80B |
| Cost of Revenue | 1.50B | 1.47B | 1.68B | 2.04B | 2.18B | 1.61B |
| Gross Profit | 13.43M | 69.91M | 265.07M | 498.19M | 322.69M | 196.47M |
| Selling, General & Admin | 154.59M | -263.03M | 608.72M | 173.19M | 140.15M | 112.50M |
| Amortization of Goodwill & Intangibles | 10.84M | 11.18M | 11.97M | 12.81M | 15.21M | 22.86M |
| Other Operating Expenses | 182.00K | 182.00K | -10.00K | 235.00K | 46.00K | 306.00K |
| Operating Expenses | 165.61M | -251.66M | 620.68M | 186.24M | 155.41M | 135.66M |
| Operating Income | -152.18M | 321.58M | -355.61M | 311.95M | 167.28M | 60.80M |
| Interest Expense | -25.45M | -21.32M | -19.84M | -19.85M | -20.52M | -23.13M |
| Interest & Investment Income | 2.11M | 3.96M | 5.43M | |||
| Earnings From Equity Investments | -870.00K | -6.98M | -6.09M | -803.00K | ||
| Other Non Operating Income (Expenses) | 3.39M | 318.00K | 380.00K | |||
| EBT Excluding Unusual Items | -176.39M | 297.23M | -376.10M | 294.69M | 147.07M | 38.06M |
| Gain (Loss) on Sale of Assets | 500.00K | 700.00K | 1.90M | |||
| Asset Writedown | -4.74M | -13.37M | -994.00K | -1.34M | -29.16M | |
| Legal Settlements | -700.00K | -700.00K | ||||
| Other Unusual Items | -9.50M | |||||
| Pretax Income | -181.83M | 283.16M | -376.60M | 294.69M | 146.44M | 1.29M |
| Income Tax Expense | -43.63M | 71.52M | -93.52M | 62.83M | 33.66M | 126.00K |
| Earnings From Continuing Operations | -138.19M | 211.64M | -283.07M | 231.85M | 112.77M | 1.16M |
| Minority Interest in Earnings | -493.00K | -188.00K | -996.00K | -603.00K | -512.00K | |
| Net Income | -138.69M | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
| Net Income to Common | -138.69M | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
| Shares Outstanding (Basic) | 40.83M | 41.51M | 44.36M | 47.01M | 48.63M | 50.68M |
| Shares Outstanding (Diluted) | 40.83M | 41.75M | 44.36M | 48.03M | 49.88M | 51.61M |
| EPS (Basic) | -3.40 | 5.09 | -6.40 | 4.92 | 2.31 | 0.02 |
| EPS (Diluted) | -3.40 | 5.07 | -6.40 | 4.81 | 2.25 | 0.02 |
| Free Cash Flow | -136.70M | -13.04M | 45.08M | 221.51M | 67.00M | -56.58M |
| Free Cash Flow Per Share | -3.35 | -0.31 | 1.02 | 4.61 | 1.34 | -1.10 |
| Dividend Per Share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| Gross Margin | 0.88% | 4.53% | 13.62% | 19.64% | 12.90% | 10.90% |
| Operating Margin | -10.02% | 20.84% | -18.27% | 12.30% | 6.69% | 3.37% |
| Profit Margin | -9.13% | 13.71% | -14.59% | 9.12% | 4.49% | 0.07% |
| Free Cash Flow Margin | -9.00% | -0.85% | 2.32% | 8.73% | 2.68% | -3.14% |
| EBITDA | -94.91M | 380.31M | -298.62M | 357.27M | 214.25M | 107.95M |
| EBITDA Margin | -6.25% | 24.65% | -15.34% | 14.09% | 8.56% | 5.99% |
| D&A For EBITDA | 57.27M | 58.73M | 56.98M | 45.32M | 46.97M | 47.14M |
| EBIT | -152.18M | 321.58M | -355.61M | 311.95M | 167.28M | 60.80M |
| EBIT Margin | -10.02% | 20.84% | -18.27% | 12.30% | 6.69% | 3.37% |
| Effective Tax Rate | 25.26% | 21.32% | 22.99% | 9.77% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 69.29M | 31.92M | 115.48M | 179.27M | 58.24M | 71.78M |
| Cash & Short-Term Investments | 69.29M | 31.92M | 115.48M | 179.27M | 58.24M | 71.78M |
| Accounts Receivable | 198.61M | 119.87M | 143.95M | 182.99M | 255.58M | 176.51M |
| Other Receivables | 1.23M | 11.69M | 10.27M | 11.84M | 2.36M | 10.39M |
| Receivables | 199.84M | 131.57M | 154.22M | 194.83M | 257.94M | 186.90M |
| Inventory | 195.33M | 181.15M | 258.82M | 267.63M | 243.87M | 237.62M |
| Prepaid Expenses | 9.28M | 7.50M | 5.59M | 5.90M | 3.95M | 3.29M |
| Other Current Assets | 29.29M | 66.94M | 60.37M | 33.72M | 28.62M | 30.12M |
| Total Current Assets | 503.02M | 419.09M | 594.49M | 681.35M | 592.62M | 529.71M |
| Property, Plant & Equipment | 295.96M | 335.89M | 375.67M | 357.66M | 294.12M | 243.80M |
| Long-Term Investments | 16.33M | 7.25M | 7.25M | 1.65M | ||
| Goodwill | 213.34M | 191.22M | 188.44M | 188.41M | 188.43M | 188.44M |
| Other Intangible Assets | 55.54M | 77.26M | 84.34M | 94.42M | 102.53M | 118.64M |
| Long-Term Deferred Tax Assets | 38.22M | 9.05M | 94.87M | |||
| Other Long-Term Assets | 111.99M | 131.43M | 66.46M | 39.32M | 25.82M | 26.48M |
| Total Assets | 1.23B | 1.17B | 1.41B | 1.36B | 1.20B | 1.11B |
| Accounts Payable | 246.18M | 145.74M | 146.74M | 156.61M | 189.14M | 173.95M |
| Accrued Expenses | 51.77M | 37.55M | 38.22M | 67.71M | 52.88M | 45.51M |
| Current Portion of Leases | 9.00M | 13.32M | 11.78M | 9.05M | 6.12M | 3.57M |
| Current Income Taxes Payable | 6.85M | 6.73M | 6.57M | 24.66M | 24.79M | 8.43M |
| Current Unearned Revenue | 17.98M | 26.45M | 31.03M | 45.59M | 32.13M | 17.65M |
| Other Current Liabilities | 33.66M | 72.50M | 74.07M | 48.60M | 42.41M | 40.23M |
| Total Current Liabilities | 365.45M | 302.30M | 308.41M | 352.21M | 347.47M | 289.32M |
| Long-Term Debt | 540.26M | 442.85M | 397.14M | 396.46M | 395.82M | 428.31M |
| Long-Term Leases | 21.07M | 23.18M | 24.64M | 23.17M | 16.88M | 7.87M |
| Long-Term Deferred Tax Liabilities | 17.01M | 27.76M | 36.02M | |||
| Other Long-Term Liabilities | 34.74M | 34.31M | 491.51M | 23.86M | 17.47M | 20.00M |
| Total Liabilities | 961.52M | 802.64M | 1.22B | 812.72M | 805.40M | 781.53M |
| Common Stock | 790.00K | 787.00K | 781.00K | 774.00K | 766.00K | 759.00K |
| Additional Paid-In Capital | 706.15M | 700.70M | 689.22M | 677.89M | 665.94M | 653.98M |
| Retained Earnings | 204.81M | 303.62M | 105.63M | 403.92M | 188.24M | 92.11M |
| Treasury Stock | -637.34M | -637.34M | -603.57M | -532.66M | -456.45M | -422.17M |
| Comprehensive Income & Other | -3.32M | -398.00K | -3.23M | -428.00K | -882.00K | 859.00K |
| Total Common Equity | 271.09M | 367.36M | 188.83M | 549.50M | 397.61M | 325.54M |
| Minority Interest | 1.79M | 1.18M | 996.00K | 603.00K | 512.00K | |
| Shareholders' Equity | 272.88M | 368.54M | 189.83M | 550.10M | 398.12M | 325.54M |
| Total Liabilities & Equity | 1.23B | 1.17B | 1.41B | 1.36B | 1.20B | 1.11B |
| Total Debt | 570.33M | 479.36M | 433.56M | 428.68M | 418.82M | 439.75M |
| Net Cash (Debt) | -501.04M | -447.43M | -318.08M | -249.41M | -360.58M | -367.98M |
| Net Cash Per Share | -12.27 | -10.72 | -7.17 | -5.19 | -7.23 | -7.13 |
| Filing Date Shares Outstanding | 40.74M | 40.44M | 42.45M | 45.09M | 47.51M | 48.76M |
| Total Common Shares Outstanding | 40.74M | 40.44M | 42.88M | 45.39M | 47.68M | 48.95M |
| Working Capital | 137.57M | 116.79M | 286.08M | 329.14M | 245.15M | 240.38M |
| Book Value Per Share | 6.65 | 9.08 | 4.40 | 12.11 | 8.34 | 6.65 |
| Tangible Book Value | 2.21M | 98.88M | -83.96M | 266.67M | 106.65M | 18.45M |
| Tangible Book Value Per Share | 0.05 | 2.45 | -1.96 | 5.87 | 2.24 | 0.38 |
| Land | 43.81M | 41.68M | 42.49M | 42.34M | 41.10M | |
| Buildings | 166.72M | 167.38M | 159.05M | 149.05M | 150.00M | |
| Machinery | 475.85M | 484.39M | 416.48M | 311.74M | 313.74M | |
| Construction In Progress | 8.69M | 25.10M | 52.42M | 94.02M | 45.51M | |
| Order Backlog | 705.00M | 1.17B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -138.69M | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
| Depreciation & Amortization | 57.27M | 58.73M | 56.98M | 45.32M | 46.97M | 47.14M |
| Other Amortization | 1.70M | |||||
| Loss (Gain) From Sale of Assets | -8.79M | 93.00K | -493.00K | 235.00K | -635.00K | -1.59M |
| Asset Writedown & Restructuring Costs | 13.37M | 13.37M | 994.00K | 1.34M | 29.16M | |
| Loss (Gain) on Equity Investments | 870.00K | 6.98M | 6.09M | 803.00K | ||
| Stock-Based Compensation | 10.12M | 11.48M | 11.31M | 11.80M | 9.75M | 7.06M |
| Other Operating Activities | -31.65M | 87.02M | -109.72M | -11.91M | -6.23M | 2.44M |
| Change in Accounts Receivable | -50.84M | 24.07M | 39.04M | 72.59M | -79.07M | -80.88M |
| Change in Inventory | 23.78M | 77.67M | 8.81M | -23.77M | -6.25M | -74.80M |
| Change in Accounts Payable | -35.32M | -6.21M | -68.69M | 5.78M | 46.09M | 54.86M |
| Change in Other Net Operating Assets | 36.63M | -473.00M | 457.02M | -12.49M | -129.00K | 6.28M |
| Operating Cash Flow | -123.25M | 11.67M | 117.27M | 319.61M | 124.08M | -7.47M |
| Capital Expenditures | -13.45M | -24.71M | -72.19M | -98.09M | -57.09M | -49.10M |
| Sale of Property, Plant & Equipment | 39.72M | 138.00K | 4.45M | 154.00K | 1.78M | 22.03M |
| Cash Acquisitions | -2.87M | -1.67M | ||||
| Other Investing Activities | -26.50M | -66.44M | -27.05M | -8.10M | ||
| Investing Cash Flow | 3.08M | -92.68M | -94.79M | -106.04M | -55.30M | -27.08M |
| Long-Term Debt Issued | 127.43M | 884.00K | 104.20M | 97.55M | 450.82M | |
| Total Debt Issued | 437.56M | 127.43M | 884.00K | 104.20M | 97.55M | 450.82M |
| Long-Term Debt Repaid | -82.43M | -884.00K | -104.20M | -130.64M | -471.94M | |
| Total Debt Repaid | -312.56M | -82.43M | -884.00K | -104.20M | -130.64M | -471.94M |
| Net Debt Issued (Repaid) | 125.00M | 45.00M | -33.09M | -21.12M | ||
| Issuance of Common Stock | 11.00K | 28.00K | 155.00K | 2.22M | 2.23M | |
| Repurchase of Common Stock | -666.00K | -33.77M | -70.91M | -76.21M | -34.28M | -66.73M |
| Common Dividends Paid | -13.27M | -13.78M | -14.78M | -15.86M | -16.02M | -16.43M |
| Other Financing Activities | -13.27M | -1.00K | -608.00K | -629.00K | -1.14M | -9.30M |
| Financing Cash Flow | 97.79M | -2.54M | -86.27M | -92.54M | -82.31M | -111.35M |
| Net Cash Flow | -22.39M | -83.56M | -63.79M | 121.03M | -13.53M | -145.90M |
| Free Cash Flow | -136.70M | -13.04M | 45.08M | 221.51M | 67.00M | -56.58M |
| Free Cash Flow Margin | -9.00% | -0.85% | 2.32% | 8.73% | 2.68% | -3.14% |
| Free Cash Flow Per Share | -3.35 | -0.31 | 1.02 | 4.61 | 1.34 | -1.10 |
| Levered Free Cash Flow | -56.81M | 317.35M | -262.00M | 175.69M | 70.49M | -45.02M |
| Unlevered Free Cash Flow | -40.91M | 330.68M | -249.61M | 188.10M | 83.32M | -30.57M |
| Cash Interest Paid | 22.82M | 20.10M | 18.79M | 18.94M | 20.13M | 22.04M |
| Cash Income Tax Paid | -1.33M | 29.83M | 82.59M | 18.33M | -467.00K | |
| Change in Working Capital | -25.76M | -377.46M | 436.18M | 42.11M | -39.36M | -94.54M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 478.27M | 350.47M | 742.36M | 1.18B | 1.08B | 965.79M |
| Enterprise Value | 979.31M | 718.29M | 1.09B | 1.50B | 1.47B | 1.35B |
| Last Close Price | 11.74 | 8.40 | 16.18 | 23.86 | 20.76 | 17.57 |
| PE Ratio | 1.66 | 5.11 | 9.65 | 829.72 | ||
| Forward PE | 46.87 | 21.27 | 8.41 | 8.99 | 14.70 | |
| PS Ratio | 0.32 | 0.23 | 0.38 | 0.47 | 0.43 | 0.54 |
| PB Ratio | 1.76 | 0.95 | 3.91 | 2.15 | 2.72 | 2.97 |
| P/TBV Ratio | 216.41 | 3.54 | 4.43 | 10.16 | 52.33 | |
| P/FCF Ratio | 16.47 | 5.33 | 16.17 | |||
| P/OCF Ratio | 30.04 | 6.33 | 3.69 | 8.73 | ||
| PEG Ratio | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | |
| EV/Sales Ratio | 0.64 | 0.47 | 0.56 | 0.59 | 0.59 | 0.75 |
| EV/EBITDA Ratio | 1.89 | 4.21 | 6.86 | 12.48 | ||
| EV/EBIT Ratio | 2.23 | 4.82 | 8.79 | 22.16 | ||
| EV/FCF Ratio | 24.22 | 6.78 | 21.95 | |||
| Debt / Equity Ratio | 2.09 | 1.30 | 2.28 | 0.78 | 1.05 | 1.35 |
| Debt / EBITDA Ratio | 1.21 | 1.17 | 1.90 | 3.89 | ||
| Debt / FCF Ratio | 9.62 | 1.94 | 6.25 | |||
| Net Debt / Equity Ratio | 1.84 | 1.21 | 1.68 | 0.45 | 0.91 | 1.13 |
| Net Debt / EBITDA Ratio | -5.28 | 1.18 | -1.06 | 0.70 | 1.68 | 3.41 |
| Net Debt / FCF Ratio | -3.67 | -34.30 | 7.05 | 1.13 | 5.38 | -6.50 |
| Asset Turnover | 1.18 | 1.20 | 1.40 | 1.98 | 2.17 | 1.59 |
| Inventory Turnover | 7.25 | 6.70 | 6.39 | 7.97 | 9.05 | 8.01 |
| Quick Ratio | 0.74 | 0.54 | 0.87 | 1.06 | 0.91 | 0.89 |
| Current Ratio | 1.38 | 1.39 | 1.93 | 1.94 | 1.71 | 1.83 |
| Return on Equity (ROE) | -39.89% | 75.81% | -76.51% | 48.90% | 31.17% | 0.32% |
| Return on Assets (ROA) | -7.36% | 15.56% | -16.02% | 15.19% | 9.05% | 3.35% |
| Return on Invested Capital (ROIC) | -19.75% | 36.31% | -54.40% | 31.50% | 17.74% | 8.19% |
| Return on Capital Employed (ROCE) | -17.50% | 37.00% | -32.20% | 30.90% | 19.50% | 7.40% |
| Earnings Yield | -28.93% | 60.33% | -38.27% | 19.59% | 10.36% | 0.12% |
| FCF Yield | -28.58% | -3.72% | 6.07% | 18.76% | 6.18% | -5.86% |
| Dividend Yield | 2.73% | 3.69% | 1.85% | 1.23% | 1.41% | 1.62% |
| Payout Ratio | 6.52% | 6.86% | 14.27% | 1,411.94% | ||
| Buyback Yield / Dilution | 3.58% | 5.89% | 7.64% | 3.71% | 3.35% | 2.53% |
| Total Shareholder Return | 6.31% | 9.58% | 9.49% | 4.94% | 4.75% | 4.15% |