Wabash National Corp (WNC)
NYSE:WNC
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Wabash National
(NYSE:WNC)
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Rating:42Neutral
Price Target:
$7.50
▼(-21.87% Downside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by weak financial performance (TTM losses, negative cash flow, and higher leverage). Technicals reinforce the downside trend (below major moving averages with negative momentum). Valuation is only modestly supportive via the ~4.17% dividend yield, while the earnings call adds some support from improving backlog and sequential-recovery guidance but remains constrained by continued near-term losses and cash burn.
Positive Factors
Backlog & improving demand
A 19% sequential backlog increase to $837M indicates durable near‑term revenue visibility and stronger customer engagement. Coupled with improving ATA tonnage and Logistics Managers Index signals, this backlog can smooth revenue volatility, supporting production planning and steadier cash conversion over months.
Negative Factors
Elevated leverage
Debt exceeding equity increases refinancing and covenant risk if profitability doesn't normalize. Higher leverage reduces financial flexibility to invest or weather further volume downturns, making the company more sensitive to interest costs and external financing conditions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog & improving demand
A 19% sequential backlog increase to $837M indicates durable near‑term revenue visibility and stronger customer engagement. Coupled with improving ATA tonnage and Logistics Managers Index signals, this backlog can smooth revenue volatility, supporting production planning and steadier cash conversion over months.
Read all positive factors
Wabash National (WNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$303.83M
Dividend Yield3.59%
Average Volume (3M)619.82K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth-19.16%
EPS Growth-5.54%
CountryUS
Employees6,000
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)-1.59
Shares Outstanding40,673,965
10 Day Avg. Volume850,402
30 Day Avg. Volume619,820
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.98
Price to Sales (P/S)0.23
P/FCF Ratio-27.53
Enterprise Value/Market Cap2.60
Enterprise Value/Revenue0.54
Enterprise Value/Gross Profit31.06
Enterprise Value/Ebitda-153.07
Forecast
1Y Price Target
$8.50Price Target Upside-11.46% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-1.46
Revenue Forecast (FY)$1.53B
Wabash National Business Overview & Revenue Model
Company Description
Wabash National Corporation designs, manufactures, and distributes engineered solutions for the transportation, logistics, and distribution industries primarily in the United States. The company operates through two segments, Transportation Soluti...
How the Company Makes Money
Wabash National makes money primarily by manufacturing and selling transportation equipment to fleets, dealers, and other commercial customers. Its core revenue streams are the sale of new trailers (including dry vans and refrigerated units), the ...
Wabash National Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Neutral
The call balanced significant near-term financial and operational challenges (Q1 losses, negative margins, negative cash flow, soft truck body demand) against several constructive developments: a 19% sequential backlog increase, improving freight indicators, operational and safety improvements, digital initiatives (SPECT SYNC), expanded dry van capacity (~10k incremental trailers), and targeted upfit expansion with meaningful margin potential. Management reiterated that Q1 was the low point and guided to sequential improvement, including expected positive adjusted EBITDA for 2026. Given the mix of meaningful positive indicators and ongoing material near-term weakness, the tone is cautiously optimistic but the company remains in recovery mode.Positive Updates
Backlog Increase and Improving Demand Signals
Backlog rose 19% sequentially to $837 million, management cites improving spot and contract rates, better freight indicators (ATA for-hire truck tonnage with largest YoY increase since Oct 2022; Logistics Managers Index +4.2 points sequentially) and increased customer engagement as signs of recovery toward 2027.
Negative Updates
Negative Profitability in Q1
Adjusted non-GAAP gross margin was negative 2.6% of sales and adjusted non-GAAP operating margin was negative 18.3% for Q1 2026, driven by lower volumes and production inefficiencies.
Read all updates
Q1-2026 Updates
Positive
Negative
Backlog Increase and Improving Demand Signals
Backlog rose 19% sequentially to $837 million, management cites improving spot and contract rates, better freight indicators (ATA for-hire truck tonnage with largest YoY increase since Oct 2022; Logistics Managers Index +4.2 points sequentially) and increased customer engagement as signs of recovery toward 2027.
Read all positive updates
Company Guidance
The company reiterated that Q1 was the low point and provided Q2 guidance of $380–$400 million in revenue, an operating margin of about -5%, and adjusted EPS of -$0.40 to -$0.60, with positive adjusted EBITDA expected for full-year 2026 and sequential improvement each quarter; Q1 metrics that inform this outlook included backlog up 19% sequentially to $837 million, shipments of 5,378 new trailers and 1,527 truck bodies, adjusted non‑GAAP gross margin of -2.6% and operating margin of -18.3%, adjusted EBITDA of -$38 million (-12.5% of sales), adjusted net loss of $47.5 million (‑$1.17 per share), operating cash flow of -$33.7 million and free cash flow of -$37.3 million, total liquidity of $165 million, Q1 capex of ~$4 million, $3.5 million returned as dividends, $3 million of plant‑idling costs recognized in Q1, Transportation Solutions revenue of $250 million (non‑GAAP operating loss $34.5 million), Parts & Services revenue of $54 million (non‑GAAP operating loss $2 million), expectation that truck bodies will lag dry van recovery by ~6–9 months, Lafayette South adds ~10,000 incremental trailer capacity, target dry van share >25% in the first half of the cycle, upfit sites expected to add $10–20 million revenue per site with gross margins approaching 20%, and improving industry indicators (ATA tonnage with the largest YoY increase since Oct 2022 and Logistics Managers Index up 4.2 points sequentially); management noted disciplined cash and cost actions while remaining prepared to scale as demand recovers.Wabash National Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.54B | 1.95B | 2.54B | 2.50B | 1.80B |
| Gross Profit | 25.48M | 58.73M | 265.07M | 498.19M | 322.69M | 196.47M |
| EBITDA | -5.17M | 363.21M | -299.77M | 359.86M | 214.25M | 73.26M |
| Net Income | -64.61M | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 1.17B | 1.41B | 1.36B | 1.20B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 43.43M | 31.92M | 115.48M | 179.27M | 58.24M | 71.78M |
| Total Debt | 530.95M | 442.85M | 433.56M | 428.68M | 418.82M | 439.75M |
| Total Liabilities | 907.39M | 802.70M | 1.22B | 812.72M | 805.40M | 802.21M |
| Stockholders Equity | 320.61M | 367.36M | 188.83M | 549.50M | 397.61M | 325.54M |
Cash Flow | ||||||
| Free Cash Flow | -41.15M | -13.04M | 45.08M | 221.51M | 67.00M | -56.58M |
| Operating Cash Flow | -21.71M | 11.67M | 117.27M | 319.61M | 124.08M | -7.47M |
| Investing Cash Flow | -63.19M | -92.68M | -94.79M | -106.04M | -55.30M | -27.08M |
| Financing Cash Flow | 47.29M | -2.54M | -86.27M | -92.54M | -82.31M | -111.35M |
Wabash National Technical Analysis
Positive
9.60
Price Trends
9.52
Positive
9.48
Positive
9.55
Positive
Market Momentum
0.05
Negative
60.29
Neutral
75.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WNC, the sentiment is Positive. The current price of 9.6 is above the 20-day moving average (MA) of 8.81, above the 50-day MA of 9.52, and above the 200-day MA of 9.55, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 60.29 is Neutral, neither overbought nor oversold. The STOCH value of 75.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WNC.
Wabash National Risk Analysis
Wabash National disclosed 32 risk factors in its most recent earnings report. Wabash National reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Wabash National Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $226.02M | 13.80 | 7.25% | ― | -11.11% | 9.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $457.82M | 20.66 | 0.66% | 1.59% | 2.13% | -36.14% | |
52 Neutral | $667.40M | -4.75 | -20.01% | 4.61% | -12.21% | -198.36% | |
50 Neutral | $471.85M | -17.31 | 1.09% | ― | 5.14% | -83.42% | |
48 Neutral | $508.54M | -4.57 | -16.21% | ― | -0.63% | -537.47% | |
42 Neutral | $303.83M | -1.94 | -17.32% | 3.59% | -19.16% | -5.54% |
* Industrials Sector Average
WNC
Wabash National
7.47
-1.48
-16.52%
CMCO
Columbus Mckinnon
15.93
-1.66
-9.45%
GENC
Gencor
15.42
1.96
14.56%
MTW
Manitowoc Company
13.14
2.12
19.24%
TWI
Titan International
7.90
0.29
3.81%
HY
Hyster-Yale Materials Handling
37.25
-3.43
-8.43%
Wabash National Corporate Events
Executive/Board Changes
Wabash National Executive Transitions to Senior Advisor Role
Neutral
Apr 9, 2026
On April 8, 2026, Wabash National announced that Senior Vice President and Chief Growth Officer Michael N. Pettit stepped down from his executive role and shifted to a non-executive consulting position as Senior Advisor, reporting to the CEO or a ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.