WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Next earnings Jul 22, 2026 (before open) · consensus $2.63 EPS, $3.10B rev
Last earnings +1.5% on 2026-04-22
$262.19
▼ -2.28%$262.19▲ +25.86%
over 1Y
L $184.98H $282.45
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.3%
1W-7.2%
1M-0.9%
3M+3.4%
YTD+21.5%
1Y+25.9%
Hold
Conviction
Horizon
Long (>12mo)
Street · 17 analysts
Buy
High-quality rail compounder with a record backlog, but 40x earnings for ~10% growth already prices in the good news.
P/E (price / FY diluted EPS) 40.1 · FY2025 EPS $6.83
The read
Middling fundamentals and a rich price (~42% above fair value) leave little margin of safety — a wait-and-see.
Wabtec is a genuinely good business showing steady, durable execution: revenue has compounded from $7.82B (FY2021) to $11.2B (FY2025) and net income from $558M to $1.17B over the same span, with FY2025 growth of +7.5% revenue and +10.8% net income. Profitability is moving the right way — gross margin 34.1% (gross profit +13.1%), operating margin 16.1% (operating income +11.4%), and diluted EPS up +13.1% to $6.83 — consistent with the MD&A's stated focus on cost control, Integration 3.0 synergies ($115–140M run-rate by 2028) and 'strong cash flow conversion.' The forward order picture is the standout: a record $4.2B KTZ Kazakhstan locomotive agreement, $2.2B of Q4 North American locomotive orders ($1.3B mods + $0.9B new), the first Simandou exports from the India facility, and a Moody's upgrade to Baa2 with a reaffirmed S&P BBB — all of which support multi-year visibility in an aftermarket-heavy, essential-products franchise.
Is WAB a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~90d expiry
- Long 100 shares @ ~262.19
- Short call 275 @ ~11.55 est
debit $25,064max +$2,436max −$25,063BE 250.64
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $7.82B | $8.36B | $9.68B | $10.4B | $11.2B |
| Gross profit | $2.37B | $2.54B | $2.94B | $3.37B | $3.81B |
| Operating income | $876M | $1.01B | $1.27B | $1.61B | $1.79B |
| Net income | $558M | $633M | $815M | $1.06B | $1.17B |
| Diluted EPS | $2.96 | $3.46 | $4.53 | $6.04 | $6.83 |
| Net margin | 7.1% | 7.6% | 8.4% | 10.2% | 10.5% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$49.2B
EV / EBITDA21.5
EV / Sales4.4
EV / FCF32.8
P / FCF29.7
PEG (trailing)3.56
Earnings yield2.6%
FCF yield3.4%
Quality & risk
ROIC (est.)8.5%
Free cash flow$1.50B
Total debt$5.54B
Net cash-$4.75B
Altman Z-Score3.50 safe
Piotroski F-Score5/9
Capital returns
Buyback yield0.5%
Dividend yield (est.)0.4%
Shareholder yield0.9%
Shares Δ YoY-0.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-15
Annual meeting vote results: routine director, auditor and say-on-pay approvals
- 8-K Earnings results2026-04-22
Q1 2026 10-Q; sustained sales/EPS growth and healthy multi-year backlog
- 10-Q Quarterly report2026-04-22
Q1 2026 10-Q; sustained sales/EPS growth and healthy multi-year backlog
- DEF 14A Proxy statement2026-03-31
2026 proxy: board, exec comp and auditor ratification put to shareholder vote
- 8-K Reg FD disclosure2026-03-03
Reg FD investor/conference materials furnished; no new financial guidance
- 10-K Annual report2026-02-13
FY2025 10-K: record results, $4.2B KTZ deal, Integration 3.0 synergy program
- 8-K Earnings results2026-02-11
FY2025 results: record $11.2B revenue (+7.5%), diluted EPS $6.83 (+13%)
- 8-K Earnings results2025-10-22
Q3 2025 10-Q: revenue/EPS growth with strong Freight order momentum
- 10-Q Quarterly report2025-10-22
Q3 2025 10-Q: revenue/EPS growth with strong Freight order momentum
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗11-KPeriod ending 2025-12-312026-06-23open ↗4Period ending 2026-06-122026-06-16open ↗144Filing2026-06-12open ↗4Period ending 2026-06-052026-06-09open ↗SDFiling2026-06-01open ↗8-KPeriod ending 2026-05-122026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗
Frequently asked
- Is WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) a buy?
- WAB currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. High-quality rail compounder with a record backlog, but 40x earnings for ~10% growth already prices in the good news.
- What is WAB's fair value?
- A Modified-Graham model based on WAB's SEC fundamentals estimates a fair value of about $151.82. It is an estimate from reported earnings, not a price target.
- Is WAB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WAB currently appears overvalued relative to its SEC-grounded earnings power.
- What is WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP's quality score?
- WAB scores 70.25924279781609/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000943452, latest 10-Q filed 2026-04-22) · EODHD · Proprietary analysis · as of 6/21/2026, 4:19:23 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 12:19 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.