Westinghouse Air Brake Technologies Corporation

WAB · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$36,491	$32,589	$22,735	$18,152	$17,208	$13,675	$14,535	$6,788	$7,817	$7,395	$6,862	$8,322	$7,090	$4,179	$3,345	$2,518	$1,940	$1,918	$1,671	$1,468	$1,260	$959	$742	$608	$528	$509	$768	$615	$665	$359	$275	$600	$602
Enterprise value	$41,291	$35,896	$26,221	$21,658	$20,831	$17,345	$18,397	$10,067	$9,474	$9,660	$7,329	$8,419	$7,257	$4,286	$3,458	$2,707	$2,145	$2,163	$1,587	$1,430	$1,269	$1,014	$865	$784	$716	$1,044	$1,330	$1,180	$1,029	$700	$581	$677	$710
P/E (TTM) at period end	31.27×	30.95×	27.96×	28.77×	30.95×	33.11×	44.72×	23.07×	29.88×	24.25×	17.21×	23.66×	24.26×	16.60×	19.66×	20.45×	16.86×	14.69×	15.25×	17.31×	22.59×	29.57×	32.68×	–	8.55×	20.06×	20.98×	8.32×	11.56×	10.97×	8.17×	16.30×	21.43×
P/S (TTM) at period end	3.27×	3.14×	2.35×	2.17×	2.20×	1.81×	1.77×	1.56×	2.01×	2.52×	2.07×	2.73×	2.76×	1.75×	1.70×	1.67×	1.38×	1.22×	1.23×	1.35×	1.22×	1.17×	1.03×	0.87×	0.67×	0.63×	0.91×	0.59×	0.76×	0.79×	0.65×	1.73×	2.11×
P/B at period end	3.28×	3.23×	2.17×	1.80×	1.69×	1.35×	1.46×	2.37×	2.78×	3.35×	4.04×	4.61×	4.47×	3.27×	3.20×	2.80×	2.50×	2.97×	2.71×	3.12×	3.32×	3.07×	2.99×	3.05×	2.15×	2.59×	4.22×	–	–	–	–	12.82×	54.74×
EV / EBITDA (TTM)	18.00×	17.00×	14.59×	14.54×	15.24×	14.24×	17.29×	17.28×	18.07×	18.35×	10.88×	14.31×	14.86×	9.82×	10.96×	11.21×	9.95×	8.93×	7.60×	9.16×	10.00×	12.44×	11.23×	10.73×	8.22×	8.74×	10.20×	6.50×	6.46×	6.90×	5.09×	6.43×	9.09×
EV / Sales (TTM)	3.70×	3.46×	2.71×	2.59×	2.66×	2.30×	2.24×	2.31×	2.44×	3.30×	2.22×	2.77×	2.83×	1.79×	1.76×	1.80×	1.53×	1.37×	1.17×	1.31×	1.23×	1.23×	1.20×	1.13×	0.91×	1.29×	1.58×	1.14×	1.18×	1.54×	1.37×	1.95×	2.49×
Returns
Return on equity	10.5%	10.4%	7.8%	6.2%	5.5%	4.1%	3.3%	10.3%	9.3%	13.8%	23.5%	19.5%	18.4%	19.7%	16.3%	13.7%	14.8%	20.2%	17.8%	18.0%	14.7%	10.4%	9.1%	(22.8%)	25.2%	12.9%	20.1%	–	–	–	–	78.6%	255.5%
Return on invested capital	8.4%	9.1%	6.8%	5.6%	4.9%	4.0%	3.5%	6.1%	7.0%	7.8%	19.1%	19.2%	17.3%	18.9%	15.6%	12.3%	12.9%	15.2%	21.4%	20.6%	16.8%	11.3%	8.8%	8.6%	9.5%	5.4%	6.3%	17.8%	27.2%	18.2%	29.1%	42.5%	34.6%
Dividend yield	0.5%	0.4%	0.5%	0.6%	0.5%	0.7%	0.6%	0.7%	0.5%	0.4%	0.4%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.3%	0.3%	0.3%	0.1%	0.2%	0.2%	0.3%	0.1%	–	–
Financial health
Current ratio	1.11×	1.30×	1.20×	1.25×	1.32×	1.20×	1.29×	2.70×	1.44×	1.98×	2.32×	2.22×	2.30×	1.98×	1.95×	2.30×	2.26×	1.87×	2.26×	2.24×	2.00×	1.99×	2.11×	1.81×	1.59×	2.35×	2.25×	1.08×	1.37×	1.47×	1.52×	2.07×	1.62×
Debt / equity	0.50×	0.39×	0.39×	0.40×	0.40×	0.42×	0.44×	1.35×	0.67×	0.86×	0.41×	0.29×	0.28×	0.25×	0.38×	0.47×	0.50×	0.60×	0.24×	0.32×	0.40×	0.48×	0.78×	0.98×	0.99×	2.75×	3.13×	(13.80×)	(4.60×)	(4.48×)	(2.81×)	1.67×	9.81×
Effective tax rate	25.7%	24.3%	24.5%	24.9%	23.3%	26.0%	26.8%	20.6%	25.5%	24.1%	31.9%	30.8%	30.6%	33.3%	33.4%	34.1%	29.6%	36.1%	36.6%	31.7%	35.6%	25.1%	36.5%	32.0%	24.2%	49.4%	47.0%	34.7%	37.8%	39.0%	40.0%	41.0%	33.9%
Share count
Diluted shares outstanding	171	175	180	183	188	190	177	96	96	91	97	97	97	97	97	96	96	98	98	98	95	92	88	87	86	87	88	52	52	57	53	80	80

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$12,214	$11,167	$10,387	$9,677	$8,362	$7,822	$7,556	$8,200	$4,364	$3,882	$2,931	$3,308	$3,044	$2,566	$2,391	$1,968	$1,507	$1,402	$1,575	$1,360	$1,088	$1,034	$822	$718	$696	$784	$811	$844	$1,036	$870	$454	$425	$348	$285
Cost of revenue	($7,862)	($7,361)	($7,021)	($6,733)	($5,822)	($5,453)	($5,419)	($5,922)	($3,130)	($2,816)	($2,007)	($2,260)	($2,108)	($1,802)	($1,697)	($1,397)	($1,058)	($1,008)	($1,148)	($990)	($791)	($774)	($617)	($528)	($517)	($574)	($576)	($569)	($710)	($589)	($286)	($260)	($213)	($180)
Gross profit	$4,352	$3,806	$3,366	$2,944	$2,540	$2,369	$2,137	$2,278	$1,234	$1,065	$924	$1,048	$936	$764	$695	$570	$449	$393	$427	$370	$297	$260	$205	$189	$179	$210	$236	$275	$326	$282	$168	$164	$134	$105
Operating expenses
Research and development	($261)	($223)	($206)	($218)	($209)	($176)	($162)	($210)	($88)	($95)	($71)	($71)	($62)	($46)	($41)	($37)	($40)	($42)	($39)	($37)	($33)	–	–	–	–	–	–	–	–	–	($18)	($15)	–	–
Selling, general and administrative	($1,645)	($1,490)	($1,248)	($1,139)	($1,029)	($1,030)	($948)	($1,167)	($633)	($512)	($374)	($346)	($325)	($263)	($246)	($248)	($196)	($161)	($171)	($148)	($130)	($154)	($146)	($133)	($127)	($130)	($127)	($130)	($144)	($122)	($66)	($36)	($29)	($27)
Total operating expenses	($2,254)	($2,013)	($1,757)	($1,678)	($1,529)	($1,493)	($1,392)	($1,615)	($760)	($644)	($468)	($439)	($409)	($327)	($302)	($300)	($246)	($213)	($215)	($190)	($167)	($158)	($150)	($138)	($132)	($156)	($158)	($187)	($181)	($157)	($88)	($69)	($45)	($43)
Total costs and expenses	($10,116)	($9,374)	($8,778)	($8,411)	($7,351)	($6,946)	($6,811)	($7,537)	($3,890)	($3,461)	($2,475)	($2,699)	($2,517)	($2,129)	($1,999)	($1,697)	($1,304)	($1,222)	($1,362)	($1,180)	($957)	($933)	($767)	($666)	($649)	($730)	($733)	($756)	($891)	($746)	($374)	($330)	($258)	($223)
Operating income	$2,098	$1,793	$1,609	$1,266	$1,011	$876	$745	$663	$473	$421	$457	$609	$527	$437	$392	$271	$203	$180	$213	$180	$130	$101	$55	$52	$48	$54	$78	$88	$145	$125	$79	$96	$89	$62
Earnings
EBITDA	$2,658	$2,294	$2,112	$1,797	$1,490	$1,367	$1,218	$1,064	$583	$524	$526	$674	$588	$489	$436	$316	$241	$216	$242	$209	$156	$127	$82	$77	$73	$87	$119	$130	$182	$159	$101	$114	$105	$78
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($299)	($225)	($201)	($218)	($186)	($177)	($199)	($219)	($112)	($78)	($50)	($17)	($18)	($15)	($15)	($15)	($16)	($17)	($9)	($4)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,835	$1,592	$1,410	$1,092	$854	$737	$557	$447	$368	$352	$413	$585	$508	$421	$377	$255	$187	$163	$204	$172	$127	$90	$43	$35	$26	$18	$38	$46	$121	$92	$54	$58	$62	$40
Income tax expense	($461)	($409)	($343)	($267)	($213)	($172)	($145)	($120)	($76)	($90)	($99)	($187)	($156)	($129)	($126)	($85)	($64)	($48)	($74)	($63)	($40)	($32)	($11)	($13)	($8)	($4)	($19)	($22)	($42)	($35)	($21)	($23)	($26)	($13)
Net income	$1,368	$1,170	$1,056	$815	$633	$558	$414	$327	$295	$262	$305	$399	$352	$292	$252	$170	$123	$115	$131	$110	$85	$56	$32	$23	($45)	$62	$25	$37	$74	$58	$33	$34	$37	$28
Per share
Diluted EPS (GAAP)	$8.05	$6.83	$6.04	$4.53	$3.46	$2.96	$2.17	$1.84	$3.05	$2.72	$3.34	$4.10	$3.62	$3.01	$2.60	$1.76	$1.28	$1.20	$1.33	$1.12	$0.87	$0.59	$0.36	$0.26	($0.52)	$0.72	$0.30	$0.41	$0.84	$0.72	$0.57	$0.64	$0.46	$0.35
Basic EPS (GAAP)	$8.07	$6.84	$6.05	$4.54	$3.46	$2.96	$2.18	$1.91	$3.06	$2.74	$3.37	$4.14	$3.66	$3.05	$2.62	$1.77	$1.28	$1.21	$1.34	$1.13	$0.88	$0.60	$0.36	$0.26	($0.52)	$0.72	$0.30	$0.42	$1.09	$0.72	$0.57	$0.64	$0.46	$0.35
Basic shares outstanding	169	170	174	179	182	188	190	170	96	96	90	96	96	95	95	96	95	95	96	97	97	94	90	87	87	86	87	87	50	52	57	53	80	80
Margins
Gross margin	35.6%	34.1%	32.4%	30.4%	30.4%	30.3%	28.3%	27.8%	28.3%	27.4%	31.5%	31.7%	30.7%	29.8%	29.0%	29.0%	29.8%	28.1%	27.1%	27.2%	27.3%	25.1%	25.0%	26.4%	25.8%	26.8%	29.1%	32.6%	31.4%	32.3%	37.0%	38.7%	38.6%	36.9%
Operating margin	17.2%	16.1%	15.5%	13.1%	12.1%	11.2%	9.9%	8.1%	10.8%	10.8%	15.6%	18.4%	17.3%	17.0%	16.4%	13.8%	13.5%	12.8%	13.5%	13.2%	12.0%	9.8%	6.7%	7.2%	6.8%	6.9%	9.6%	10.4%	14.0%	14.3%	17.5%	22.5%	25.7%	21.8%
Net margin	11.2%	10.5%	10.2%	8.4%	7.6%	7.1%	5.5%	4.0%	6.8%	6.8%	10.4%	12.1%	11.6%	11.4%	10.5%	8.6%	8.2%	8.2%	8.3%	8.1%	7.8%	5.4%	3.9%	3.2%	(6.5%)	7.9%	3.1%	4.3%	7.1%	6.6%	7.2%	7.9%	10.6%	9.8%

Analyst consensus

Buy34 analysts

Bearish · 1 · Hold · 12 · Bullish · 21

Earnings history

	EPS	Estimate
Q4 2024	$1.68	$1.74	Miss
Q1 2025	$2.28	$2.03	Beat
Q2 2025	$1.96	$2.17	Miss
Q3 2025	$2.32	$2.28	Beat
Q4 2025	$2.10	$2.08	Beat
Q1 2026	$2.71	$2.51	Beat
Q2 2026	$2.76	$2.60	Beat
Q3 2026	$2.83	$2.73	Beat

Peers

Company overview

IPO dateJun 16, 1995

CEORafael Ottoni Santana

Employees31,000

SectorIndustrials

IndustryRailroads

CountryUS

ExchangeNew York Stock Exchange

Websitewww.wabteccorp.com

Westinghouse Air Brake Technologies Corporation (WAB) delivers a comprehensive suite of advanced technological solutions, equipment, and services tailored for the global freight railway and urban mass transit sectors. Its operations are bifurcated into two principal divisions: Freight and Transit. The Freight segment develops, produces, and maintains critical components for both newly manufactured and operational freight carriages and locomotives. This includes constructing brand-new commuter-focused locomotives, undertaking comprehensive rebuilding of freight locomotives, and delivering sophisticated railway electronic systems, positive train control (PTC) technology, signal design expertise, and related engineering provisions. This segment also furnishes essential heat exchange and cooling apparatus. Its clientele encompasses major publicly listed railway operators, equipment leasing firms, original equipment manufacturers (OEMs) of locomotives and freight cars, and various utility companies. The Transit segment is responsible for the production and upkeep of components utilized in both new and existing passenger conveyance systems, including regional and high-speed trains, subway cars, light-rail vehicles, and buses. This division also renovates subway cars and supplies HVAC (heating, ventilation, and air conditioning) systems, alongside doors for both buses and subways. This division caters to public transit agencies, municipal governments, leasing corporations, and manufacturers specializing in subway cars and buses. Beyond these core offerings, the company's extensive product portfolio further includes advanced electronically controlled pneumatic braking systems, various railway electronic devices, robust freight car undercarriages, crucial draft gears, couplers, and slack adjusters, as well as air compression and drying units. They also offer diverse heat exchange and cooling solutions, track and switch apparatus, and comprehensive railway braking components. WAB manufactures new switcher locomotives, friction products, and provides extensive overhaul, modernization, and refurbishment services for both transit and freight locomotives and cars. Additionally, their offerings extend to platform screen doors, pantographs, window assemblies, specialized couplers, accessibility lifts and ramps for public transport vehicles, and traction motors. Established in 1869, the company maintains its corporate headquarters in Pittsburgh, Pennsylvania.

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