Industrials · Construction Machinery & Heavy Transportation Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$286.82
52-week range
$185.20 – $306.32
Market cap
$48.6B
P/E (trailing)
38.6×
EV / EBITDA
21.7×
Free-cash-flow yield
3.5%
Dividend yield
0.4%
Revenue (last 12 months)
$12.0B
Revenue growth (3y a year)
10.1%
Operating margin
16.4%
Return on invested capital
8.4%
Net debt / EBITDA
2.5×
Fair value
Blended fair value$145.49 range $139 – $152
Versus priceOvervalued−49% to fair value
Peer multiples
$156.22
Fundamentals-adjusted multiple
$179.83
10-year DCF (market-scaled)
$100.40
Earnings power value (floor, not blended)
$37.55
Model uncertainty
Medium
X-Ray Score
40/ 100 · High confidence · ahead of 15% of sector peers
Valuation22
Growth75
Profitability33
Financial health24
Dividends63
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Wabtec, formally Westinghouse Air Brake Technologies, supplies equipment, systems and services to the global rail industry. Its products include locomotives, braking and control systems, components for freight cars and transit vehicles, and digital and signalling technology. Customers are freight railroads, passenger transit agencies, rail equipment makers and mining companies. The business is organised mainly into a freight segment and a transit segment.
Revenue comes from new equipment and from recurring parts, maintenance and service work on locomotives and rail assets already in operation. It totals $12.0 billion over the last twelve months, with growth of 10.1% a year across three years. The operating margin is 16.4%, and the business earns a profit of 8% on the capital invested in it. Wabtec has net debt of 2.5 times EBITDA, and the dividend yield is 0.4%.
StocksXray gives Westinghouse Air Brake Technologies Corp an X-Ray Score of 40 out of 100 (high confidence), ahead of 15% of the S&P 500 stocks in its sector. Its strongest lens is growth (75) and its weakest is valuation (22).
Our fair value blend is $145.49 (range $139.38 to $151.84). At $286.82 the stock trades 97% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Westinghouse Air Brake Technologies Corp (WAB)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$89.71
$97.85
$125.21
$187.99
$212.71
$286.82
Market cap
$16.9B
$17.9B
$22.5B
$32.9B
$36.4B
$48.6B
P/E
30.3×
28.3×
27.6×
31.1×
31.1×
38.6×
EV / revenue
2.6×
2.6×
2.7×
3.5×
3.7×
4.6×
EV / EBITDA
15.0×
14.4×
14.4×
17.1×
18.0×
21.7×
Price / free cash flow
17.9×
20.1×
22.1×
20.2×
24.3×
28.4×
Free-cash-flow yield
5.6%
5.0%
4.5%
5.0%
4.1%
3.5%
Price / book
1.7×
1.8×
2.1×
3.3×
3.3×
4.3×
Dividend yield
0.54%
0.61%
0.54%
0.43%
0.47%
0.41%
Fundamentals checklist ● 3 Good · ● 4 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.2%Average
Free-cash-flow yield3.5%Bad
Risk models
Altman Z score2.4×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)25.4%Good
Free-cash-flow growth (3y)19.0%Average
Revenue growth (3y)10.1%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA2.5×Bad
Interest cover6.9×Bad
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield3.6%Bad
Profitability
Return on invested capital8.4%Bad
Operating margin16.4%Average
Gross profitability18.1%Bad
XStocksXray
Westinghouse Air Brake Technologies Corp (WAB)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,822
8,362
9,677
10,387
11,167
11,980
Gross profit
2,369
2,540
2,944
3,366
3,806
4,190
Operating income
876
1,011
1,266
1,609
1,793
1,964
Net income
558
633
815
1,056
1,170
1,269
Diluted EPS ($)
2.96
3.46
4.53
6.04
6.83
7.44
Free cash flow
943
889
1,015
1,627
1,499
1,714
Gross margin
30.3%
30.4%
30.4%
32.4%
34.1%
35.0%
Operating margin
11.2%
12.1%
13.1%
15.5%
16.1%
16.4%
Net margin
7.1%
7.6%
8.4%
10.2%
10.5%
10.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
18,454
18,516
18,988
18,702
22,069
23,128
Cash
473
541
620
715
789
670
Total debt
4,058
4,002
4,069
3,980
5,541
6,571
Equity
10,201
10,102
10,487
10,091
11,142
11,214
Dividend per share ($)
0.48
0.60
0.68
0.80
1.00
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
2,610
2,706
2,886
2,965
2,950
3,179
Growth vs a year earlier
+4.5%
+2.3%
+8.4%
+14.8%
+13.0%
+17.5%
Net income ($M)
322
336
310
202
362
395
Diluted EPS ($)
1.88
1.96
1.81
–
2.12
2.33
XStocksXray
Westinghouse Air Brake Technologies Corp (WAB)
Peers in Construction Machinery & Heavy Transportation Equipment
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.