One-glance verdict
Undervalued
$56.34 our estimate vs market $12.55
Wall Street consensus: $22.50 (-60.1% lower than our fair-value estimate)
78% below our estimate, below the bear case
Fundamentals snapshot
Wabash National Corporation
WNC · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$12.55
52-week range
$6.63 - $14.47
Market cap
$511.25M
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 builds the large semi-trailers and truck bodies you see carrying goods on the highway. The company makes most of its money selling new trailers, which means its success is often tied to the health of the economy because more shipping is needed when businesses are doing well. It also earns more stable income by selling parts and offering repair services, which helps balance out the ups and downs of new equipment sales.
How the company got here
Wabash National was started in 1985 by a few executives from a company called Monon Corporation. They wanted to build a better semi-trailer and quickly grew by focusing on innovation and meeting customer needs. A key moment was in 1996 when they introduced the DuraPlate composite panel, a stronger and lighter material for trailer walls that became an industry standard. Over the years, Wabash expanded by acquiring other companies to add different types of trailers, like flatbeds and liquid tankers, to their lineup. Recently, the company has brought all its different brands under the single name 'Wabash' to present a unified front to its customers.
What it actually does
Imagine the big trucks you see on the highway carrying everything from groceries to packages. Wabash makes the trailers those trucks pull, as well as the box-like truck bodies you see on smaller delivery vehicles. They produce a wide variety, including standard dry vans for general goods, refrigerated trailers for food, and giant tankers for liquids. Beyond building new trailers, the company also provides all the necessary parts and repair services to keep them on the road. Think of them as a one-stop-shop for the big metal containers that move goods across the country.
Transportation Solutions
This is the company's largest business, where they design and build new equipment. Their main products are the semi-trailers that attach to big rigs, including dry vans (the most common rectangular trailers), refrigerated vans for temperature-sensitive goods, platform or flatbed trailers, and large tank trailers for hauling liquids. They also manufacture smaller truck bodies that are mounted onto chassis for local delivery and final-mile services (the last step of the delivery process from a distribution center to the end user). The customers for these products are large shipping and logistics companies, leasing companies, and private businesses that manage their own fleets of trucks.
Parts & Services
This part of the business focuses on everything that happens after a trailer or truck body is sold. It's a growing and important segment for Wabash because it provides a more steady stream of income that is less affected by the ups and downs of the new equipment market. This division sells replacement parts, offers repair and maintenance services, and provides equipment upfitting. By offering these services, Wabash aims to support its customers throughout the entire life of their equipment, which helps build long-term relationships.
What management is betting on now
Management is focused on transforming Wabash from just a manufacturer into a complete transportation solutions provider, covering everything from the 'first to final mile' of a product's journey. A major priority is growing their Parts & Services business, which provides more consistent revenue than just selling new trailers, a market that can be very cyclical (prone to big swings in demand). They are also investing in digital tools and partnerships to make it easier for customers to manage their fleets and buy parts. The overall goal is to be more deeply integrated with their customers' operations and less dependent on the boom-and-bust cycle of new equipment sales.
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 $56.34 vs current price $12.55
Wall Street consensus is the average analyst price target: $22.50 (-60.1% lower than our fair-value estimate).
Our most-likely fair value is $56.34 a share — about 348.9% above today's price of $12.55, 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)
—
Forward P/E
10.24x
P/B
1.75x
P/S
0.36x
EV/EBITDA
-109.06x
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
-1.82
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
6.3%
Last ex-div date
2026-10-08