# Wabtec Inc. (WAB) — Stock CV

Wabtec Inc. is a $48.2B industrial company. Revenue grew 13.4% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~2.0 years of free cash flow. It trades at 37.5× earnings — near the highest of its own history.

> Westinghouse Air Brake Technologies Corp provides value-added, technology-based products and services for the freight rail and passenger transit industries and the mining, marine, and industrial markets. It provides its products and services through two main business segments: Freight and Transit.

## Identity

- **Ticker**: WAB
- **Sector**: Industrials
- **Industry**: Railroad Equipment
- **Headquarters**: PITTSBURGH, PA
- **Employees**: 31 000
- **Website**: https://www.wabteccorp.com
- **Market cap**: $48.2B
- **Last price**: $285.43
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $12.0B
- **Net income**: $1.27B
- **Free cash flow**: $1.71B
- **Net debt**: $3.50B
- **P/E**: 37.5
- **Revenue growth (YoY)**: 13.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 87 |
| Profitability | 57 |
| Health | 42 |
| Quality | 90 |
| Moat | 50 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +13.4% YoY
- [x] Profitable — $1.27B TTM
- [x] Profit growing — +25.5% YoY
- [x] Generates cash — $1.71B TTM
- [x] Debt under control — ~2.0y of cash flow to repay
- [x] Established company — $48.2B market cap
- [x] Not printing shares — -10.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 0.40%
- [x] Valuation not extreme — P/E 37.5

## Experience (career milestones)

- **FY2025** — Best year on record: $1.17B net income
- **FY2024** — Revenue crossed $10B: $10.4B for the year
- **Feb 25, 2019** — The company purchased GE Transportation on February 25, 2019
- **May 21, 2018** — GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal,…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.93B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **1999** — Westinghouse Air Brake Technologies Corporation, commonly known as Wabtec, is an American rail equipment company…
- **1994** — Morrison Knudsen created a subsidiary MK Rail Corporation
- **1990** — That company (known as WA&B and later also as WABCO) became independent in 1990 via a management buy-out

## Strengths

- Revenue growing 13.4% year over year
- Interest covered 8.6× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.82B | $558M | $943M |
| FY2022 | $8.36B | $633M | $889M |
| FY2023 | $9.68B | $815M | $1.01B |
| FY2024 | $10.4B | $1.06B | $1.63B |
| FY2025 | $11.2B | $1.17B | $1.50B |

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Source: https://stockcv.com/WAB — derived from company filings; may be delayed or incomplete. Information, not investment advice.