Logo

WNC

Wabash National Corporation

WNC

Wabash National Corporation • NYSE
$8.44 ▼ -2.20% (-0.19)
Market Cap $341.96 M
52w High $20.63
52w Low $6.78
Dividend Yield 0.32%
P/E 0
Volume 297.72K
Outstanding Shares 40.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $381.595M ▼ $-41.938M ▼ $40.039M ▲ 10.493% ▲ $0.98 ▲ $71.651M ▲
Q2-2025 $458.816M ▲ $46.151M ▲ $-9.603M ▼ -2.093% ▼ $-0.23 ▼ $7.083M ▼
Q1-2025 $380.89M ▼ $-295.548M ▼ $230.941M ▲ 60.632% ▲ $5.41 ▲ $314.551M ▲
Q4-2024 $416.814M ▼ $39.373M ▼ $-1.03M ▲ -0.247% ▲ $-0.024 ▲ $3.586M ▲
Q3-2024 $464.04M $489.037M $-330.166M -71.15% $-7.53 $-419.382M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $91.675M ▲ $1.35B ▼ $929.79M ▼ $418.725M ▲
Q2-2025 $57.423M ▼ $1.376B ▼ $989.58M ▼ $385.217M ▼
Q1-2025 $81.036M ▼ $1.415B ▲ $1.01B ▼ $403.841M ▲
Q4-2024 $115.484M ▲ $1.412B ▼ $1.222B ▼ $188.83M ▼
Q3-2024 $81.842M $1.455B $1.254B $200.52M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $40.039M ▲ $85.206M ▲ $-26.488M ▼ $-24.466M ▼ $34.252M ▲ $79.924M ▲
Q2-2025 $-9.603M ▼ $-15.834M ▼ $-13.968M ▲ $6.189M ▲ $-23.613M ▲ $-22.061M ▼
Q1-2025 $231.196M ▲ $-272K ▼ $-33.818M ▲ $-358K ▲ $-34.448M ▼ $-8.97M ▼
Q4-2024 $-693K ▲ $80.884M ▲ $-35.154M ▼ $-12.088M ▲ $33.642M ▲ $59.539M ▲
Q3-2024 $-330.166M $42.776M $-16.246M $-21.973M $4.557M $28.221M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Components Parts and Services
Components Parts and Services
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Equipment and Other
Equipment and Other
 $110.00M ▲$110.00M ▲$110.00M ▲$100.00M ▼
New Trailers
New Trailers
 $280.00M ▲$230.00M ▼$310.00M ▲$250.00M ▼
Used Trailers
Used Trailers
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue climbed steadily from the pandemic trough and peaked recently, but the latest year shows a meaningful pullback in sales and a swing from healthy profit back to a loss. This tells you the business is quite sensitive to swings in demand and costs, which is typical for capital‑equipment suppliers. Margins improved nicely in the middle of the period as pricing and mix helped, then compressed sharply as conditions cooled and costs or volumes moved against them. The pattern suggests strong operating leverage: things look very good in upcycles and can deteriorate quickly when orders slow or pricing power eases. Overall, earnings quality looks cyclical and volatile rather than smooth and predictable.

Balance Sheet

Balance Sheet Total assets have crept up over time, reflecting a larger business footprint, while the debt load has stayed fairly steady. Equity built up during the profitable years, giving the company a thicker cushion, but dropped back with the recent loss, leaving the balance sheet more leveraged than before. Cash balances move around but remain reasonable for operations, not excessively rich and not alarmingly thin. The overall picture is a balance sheet that can support the business but has less room for error now than after the strong profit years, making future profitability and cash generation more important.

Cash Flow

Cash Flow Despite swings in reported profit, the company has generally produced positive cash from its core operations, apart from a small dip earlier in the period. Free cash flow has been positive in most years, even when accounting earnings were weak, which points to decent underlying cash discipline and working‑capital management. Investment spending has been steady and manageable, suggesting a focus on maintaining and gradually improving the asset base rather than aggressive expansion. The drop in operating and free cash flow in the most recent year, compared with the prior peak, mirrors the profit downturn and is a reminder that cash generation is also cyclical. Still, the history shows the business can generate cash through the cycle when conditions normalize.

Competitive Edge

Competitive Edge Wabash holds a strong position in trailers and truck bodies, especially in North America, supported by a long history, recognizable brands, and deep customer relationships. Its proprietary composite materials, vertical integration, and in‑house manufacturing of key components help differentiate its products on durability, weight, and performance. A broad distribution and service network, plus the ability to deliver custom solutions for many end‑markets, add stickiness and raise the switching costs for customers. At the same time, the company operates in a cyclical and competitive industry where price pressure and swings in freight demand are constant, so even a solid moat does not fully shield results from downturns.

Innovation and R&D

Innovation and R&D Innovation is a major strength. Wabash has pushed advanced composite panels, high‑efficiency refrigerated bodies, and aerodynamic add‑ons that improve fuel economy and cargo protection, making its equipment stand out from more basic offerings. Its “first to final mile” strategy, plus service innovations like trailers‑as‑a‑service and telematics through TrailerHawk.ai, move the company toward more recurring and data‑driven revenue. Partnerships with universities on solar‑assisted and energy‑harvesting trailers, and investments in AI‑enabled manufacturing and parts logistics, show a willingness to bet on next‑generation technologies. The key uncertainty is how quickly customers adopt these newer solutions and how effectively Wabash can turn its R&D edge into sustained, higher‑margin business.

Summary

Wabash shows the classic profile of a cyclical industrial: revenue and earnings improved strongly after the pandemic, then reversed when markets softened, highlighting significant sensitivity to freight and capital‑spending cycles. The balance sheet is serviceable but now carries a slimmer equity cushion after the recent loss, making future profitability and cash flow important for maintaining flexibility. On the positive side, the company has a history of generating cash over the cycle and has not overextended itself with debt or outsized capital projects. Strategically, Wabash appears well positioned, with clear product differentiation in composites, a strong brand and network, and a push into services, telematics, and digital offerings that could smooth results over time. Execution through the current down phase, and the ability to convert its innovation pipeline into durable cash earnings, are the main things to watch.

NEWS

November 20, 2025 · 4:15 PM UTC

Wabash Announces Quarterly Dividend

Read more

October 30, 2025 · 6:53 AM UTC

Wabash Announces Third Quarter 2025 Results

Read more

October 9, 2025 · 6:55 AM UTC

Wabash Redefines Trailer Accessibility with Trailers as a Service

Read more

October 7, 2025 · 5:23 PM UTC

UPDATE — Wabash Schedules Third Quarter 2025 Earnings Conference Call

Read more

October 7, 2025 · 4:15 PM UTC

Wabash Schedules Second Quarter 2025 Earnings Conference Call

Read more