Westinghouse Air Brake Technologies Corporation
Rank #398HypergrowthWAB · NYSE · Industrials
Westinghouse Air Brake Technologies Corporation (WAB) — Rank #398 by gross profitability (GP/assets 0.16) · ROE 10.4% · Piotroski F-Score 4 / 9.
As-of 2026-09-15 · CIK 0000943452 · all metrics point-in-time as of the filing date.
About
Westinghouse Air Brake Technologies Corporation provides locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide.
Show moreShow less
It operates in two segments, Freight and Transit. It offers diesel-electric and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products. The company also offers positive train control equipment; electronically controlled pneumatic braking products; railway electronics; signal design and engineering services; distributed locomotive power, and train cruise and remote controls; industrial/mobile Internet of Things hardware and software, edge-to-cloud, on and off-board analytics and rules, and asset performance management solutions; rail and shipper transportation management, and port visibility and optimization solutions; and network optimization solutions. In addition, it provides freight car trucks, braking equipment, and related components; air compressors and dryers, as well as heating, ventilation, and air conditioning (HVAC) systems; heat transfer components and systems; custom engineered burners and combustion systems; rail gear, signaling, and switch products; and turbochargers. Further, it offers freight locomotive overhauls, modernizations, and refurbishment; locomotive and car maintenance; transit locomotive and car overhaul; unit exchange of locomotive components; long-term parts arrangements; and way equipment maintenance services. Additionally, it provides railway and freight braking equipment and related components; brake shoes, discs, and pads; HVAC equipment; access and platform screen doors; pantographs; power converters and battery chargers; passenger information systems and closed-circuit television; signaling and railway electric relays; and doors, window assemblies, accessibility lifts, ramps, and electric charging solutions for buses.
The company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.
- Industry
- Railroads
- Sector
- Industrials
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- wabteccorp.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$46.81B
P/E (annual)
40.6
P/S (annual)
4.2
P/B
4.2
P/OCF (annual)
26.6
Shareholder Yield
-76.6%
Employees
31,000
Industry
Railroads
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
13.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 77.0% — per-share value needs a total required return of 91.0% once share-count change is priced in.
vs. own 6-year median revenue growth: 30.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
9.3%
r = 10% (base)
13.9%
r = 12%
18.0%
Net debt / market cap: 12.4%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.16
Primary signal (Novy-Marx).
24th pctl of 22 SIC 37 peers
Return on equity
10.4%
Gross margin
34.1%
71st pctl of 22 SIC 37 peers
Revenue growth (YoY)
467.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2011 | 2012 | 2020 | 2021 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
—
Revenue CAGR (5Y)
8.1%
Earnings CAGR (3Y)
22.7%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.06
45th pctl of 21 SIC 37 peers (best = lowest)
Current ratio
1.12×
0th pctl of 22 SIC 37 peers
Quick ratio
0.44×
Net cash
-$5.90B
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$1.50B
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.28
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.7%
Stock-based comp intensity.
Dividend safety
Composite score
3.2 / 5
Piotroski F-Score
F-Score
4 / 9
Fundamental-strength score (0-9).