One-glance verdict
Undervalued
$34.03 our estimate vs market $12.97
Wall Street consensus: $22.50 (-33.9% lower than our fair-value estimate)
62% below our estimate, below the bear case
Fundamentals snapshot
Wabash National Corporation
WNC · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$12.97
52-week range
$6.63 - $14.55
Market cap
$528.36M
Balance sheet
Stretched
15.06x Strong cushion
Net debt $473.61M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Free cash flow was positive in 8/10 years.
- Reward Dividend yield is 2.5% with 34-year payout history.
- Risk Net debt grew 23.4% over 3 years.
- Risk Return on equity was -22.9% last year — the company lost money on shareholders' equity.
What this company does
Wabash National Corporation
Wabash National makes trailers and truck bodies for transporting goods, and their money mainly comes from selling these vehicles and providing parts and repair services for them. This matters because they are a key part of the supply chain (the system that moves products from where they're made to where they're sold), meaning their performance can affect how smoothly businesses can get their products to customers.
How the company got here
Wabash National Corporation was founded in 1985 by a group of former employees who wanted to create better-designed and built semi-trailers. They started by making trailers for Sears and quickly grew by supplying major transportation companies. A key innovation was their DuraPlate composite panel technology, introduced in 1996, which offered greater durability and efficiency compared to traditional materials. Over the years, Wabash expanded its product lines and acquired other brands, eventually consolidating them under the single Wabash brand to simplify its offerings and strengthen its identity in the transportation, logistics, and infrastructure industries.
What it actually does
Wabash National Corporation designs and manufactures a wide range of vehicles and components used to transport goods. Think of them as a major builder of the large trucks and trailers you see on the highway. They make everything from the big boxy trailers that carry dry goods to specialized trailers for refrigerated items, and even truck bodies that are mounted onto truck chassis. Their products are essential for moving goods across the country and are used by trucking companies, logistics providers, and businesses with their own fleets.
Transportation Solutions
This is the largest part of Wabash's business, making up about 90% of its revenue. In this segment, Wabash designs and builds various types of trailers and truck bodies. This includes dry van trailers (like large moving boxes on wheels), refrigerated trailers (reefers) that keep goods cold, platform trailers (flatbeds), and tank trailers for liquids. They also produce dry and refrigerated truck bodies that are fitted onto truck cabs. These products are the core of the freight transportation industry, enabling the movement of everything from groceries to manufactured goods.
Parts & Services
This segment is a smaller but important part of Wabash's business, representing about 10% of revenue, and it's known for having higher profit margins (the percentage of revenue left after costs). It focuses on providing support and additional products after the initial sale of a vehicle. This includes selling original equipment manufacturer (OEM) component parts, offering repair and maintenance services for trailers and truck bodies, and providing "upfitting" services, which means customizing vehicles with specific equipment. They also offer "Trailers as a Service" (TAAS), a subscription model where customers pay for the use of trailers rather than owning them outright, which includes maintenance and guaranteed uptime.
What management is betting on now
Wabash's management is focused on becoming a leader in "connected solutions" for the transportation and logistics industries. This means not just building trailers and truck bodies, but also integrating technology and services to make the movement of goods more efficient and reliable. They are emphasizing a customer-centric approach, aiming to make it easier for clients to do business with them. A key strategy is expanding their Parts & Services segment, which is seen as a more stable and growing part of the business, less affected by the typical ups and downs of the broader transportation market. They are also investing in innovations that improve aerodynamics and fuel efficiency for their vehicles, and exploring digital marketplaces to enhance their offerings.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-6.08M
FY2024 Q3
$28.22M
FY2024 Q4
$59.54M
FY2025 Q1
$-8.97M
FY2025 Q2
$-22.06M
FY2025 Q3
$79.92M
FY2025 Q4
$-61.94M
FY2026 Q1
$-37.08M
Revenue
$303.23M
Net income
$-45.17M
Diluted EPS
-1.11
Operating cash flow
$-33.65M
Free cash flow
$-37.08M
Fetching…
Sources
Revenue
$321.45M
Net income
$-49.88M
Diluted EPS
-1.23
Operating cash flow
$-57.43M
Free cash flow
$-61.94M
Fetching…
Sources
Revenue
$381.60M
Net income
$39.98M
Diluted EPS
0.97
Operating cash flow
$85.21M
Free cash flow
$79.92M
Fetching…
Sources
Revenue
$458.82M
Net income
$-9.59M
Diluted EPS
-0.23
Operating cash flow
$-15.83M
Free cash flow
$-22.06M
Fetching…
Sources
Revenue
$380.89M
Net income
$230.94M
Diluted EPS
5.36
Operating cash flow
$-272.00K
Free cash flow
$-8.97M
Fetching…
Sources
Revenue
$416.81M
Net income
$-1.03M
Diluted EPS
-0.02
Operating cash flow
$80.88M
Free cash flow
$59.54M
Fetching…
Sources
Revenue
$464.04M
Net income
$-330.17M
Diluted EPS
-7.53
Operating cash flow
$42.78M
Free cash flow
$28.22M
Fetching…
Sources
Revenue
$550.61M
Net income
$28.96M
Diluted EPS
0.64
Operating cash flow
$11.02M
Free cash flow
$-6.08M
Fetching…
Sources
Is it cheap or expensive?
Fair value $34.03 vs current price $12.97
Wall Street consensus is the average analyst price target: $22.50 (-33.9% lower than our fair-value estimate).
Our most-likely fair value is $34.03 a share — about 162.4% above today's price of $12.97, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $473.6M. Interest coverage 15.1x.
Net debt
$473.61M
Interest coverage
15.06x
Wabash National Corporation's profit covers its interest bill about 15.1 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
WNC
BASELINE
Wabash National Corporation
Total debt $545.11M Interest coverage 15.06x This is the baseline the peer rows are being compared against.
Total debt $1.88B Interest coverage 4.34x -71% vs WNC Carries about 3.5x less debt cushion than WNC.
Total debt $5.37B Interest coverage 1.31x -91% vs WNC Carries about 11.5x less debt cushion than WNC.
Total debt $538.00M Interest coverage 1.56x -90% vs WNC Carries about 9.7x less debt cushion than WNC.
Total debt $393.40M Interest coverage 3.54x -76% vs WNC Carries about 4.3x less debt cushion than WNC.
Total debt $115.75M Interest coverage 23.21x +54% vs WNC Carries about 1.5x more debt cushion than WNC.
What you should know
The case for and against WNC
2 Rewards
3 Risks
Rewards
-
Free cash flow was positive in 8/10 years.
-
Dividend yield is 2.5% with 34-year payout history.
Risks
-
Net debt grew 23.4% over 3 years.
-
Return on equity was -22.9% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 6.7% to -6.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
10.81x
P/B
1.81x
P/S
0.37x
EV/EBITDA
-110.96x
PEG ratio
0.73x
Profitability
How much profit each dollar creates
Gross margin
1.0%
Operating margin
-6.2%
Net margin
-5.5%
ROE
-22.9%
ROA
-3.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.86x
Current ratio
1.31x
Quick ratio
0.65x
Total debt
$545.11M
Total cash
$71.50M
Growth
How the business has been compounding
Revenue TTM
$1.47B
Revenue 5Y CAGR
-3.8%
EPS TTM
-1.85
EPS 5Y CAGR
31.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$-21.71M
Free CF TTM
$-13.04M
FCF margin
-0.9%
Dividend
Shareholder payout
Yield
2.5%
Payout ratio
7.9%
Last ex-div date
2026-10-08