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Wabash National Corp (WNC)
NYSE:WNC
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Wabash National (WNC) AI Stock Analysis

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WNC

Wabash National

(NYSE:WNC)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
$13.50
▲(40.63% Upside)
Action:Reiterated
Date:07/15/26
The score is held down primarily by weak TTM fundamentals—losses, cash burn, and elevated leverage—despite historically better periods. Technicals are a relative positive with strong momentum above key moving averages, while valuation is constrained by negative earnings. Management’s guidance and backlog improvement support a recovery case, but near-term profitability and financing actions remain notable risks.
Positive Factors
Backlog growth
A 19% sequential backlog increase to $837M provides a durable multi-quarter revenue runway. Higher booked orders support steadier production planning, improved plant utilization and aftermarket demand capture as shipments convert, reducing execution risk during a gradual freight-cycle recovery.
Negative Factors
Elevated leverage
Debt exceeding equity (TTM debt/equity ~1.55) materially weakens balance‑sheet resilience. Higher leverage increases refinancing and covenant risk, reduces flexibility to invest in growth or absorb demand shocks, and amplifies earnings volatility in a cyclical end market.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog growth
A 19% sequential backlog increase to $837M provides a durable multi-quarter revenue runway. Higher booked orders support steadier production planning, improved plant utilization and aftermarket demand capture as shipments convert, reducing execution risk during a gradual freight-cycle recovery.
Read all positive factors

Wabash National (WNC) vs. SPDR S&P 500 ETF (SPY)

Wabash National Business Overview & Revenue Model

Company Description
Wabash National Corporation (WNC) specializes in the engineering, manufacturing, and supply of diverse solutions for the transportation, logistics, and distribution industries, primarily serving the United States market. The company operates throu...
How the Company Makes Money
Wabash National makes money primarily by selling manufactured transportation equipment, with revenue largely driven by the unit volume and pricing of new trailers and other commercial transportation products sold to fleet operators, logistics comp...

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
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
Financial performance is weak overall: TTM profitability has swung to a net loss with negative operating profit, leverage is elevated (debt above equity and rising vs. prior periods), and TTM operating cash flow/free cash flow are negative. Prior-year profitability and historically better cash generation provide some rebound potential, but current fundamentals remain pressured.
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
33
Negative
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.47B1.54B1.95B2.54B2.50B1.80B
Gross Profit29.15M58.73M265.07M498.19M322.69M196.47M
EBITDA-3.18M363.21M-299.77M359.86M214.25M73.26M
Net Income-64.61M211.45M-284.07M231.25M112.26M1.16M
Balance Sheet
Total Assets1.23B1.17B1.41B1.36B1.20B1.13B
Cash, Cash Equivalents and Short-Term Investments43.43M31.92M115.48M179.27M58.24M71.78M
Total Debt530.95M442.85M433.56M428.68M418.82M439.75M
Total Liabilities907.39M802.70M1.22B812.72M805.40M802.21M
Stockholders Equity320.61M367.36M188.83M549.50M397.61M325.54M
Cash Flow
Free Cash Flow-41.15M-13.04M45.08M221.51M67.00M-56.58M
Operating Cash Flow-21.71M11.67M117.27M319.61M124.08M-7.47M
Investing Cash Flow-63.19M-92.68M-94.79M-106.04M-55.30M-27.08M
Financing Cash Flow47.29M-2.54M-86.27M-92.54M-82.31M-111.35M

Wabash National Technical Analysis

Technical Analysis Sentiment
Positive
Last Price9.60
Price Trends
50DMA
9.86
Positive
100DMA
9.32
Positive
200DMA
9.26
Positive
Market Momentum
MACD
0.84
Positive
RSI
65.03
Neutral
STOCH
63.01
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 below the 20-day moving average (MA) of 12.90, below the 50-day MA of 9.86, and above the 200-day MA of 9.26, indicating a bullish trend. The MACD of 0.84 indicates Positive momentum. The RSI at 65.03 is Neutral, neither overbought nor oversold. The STOCH value of 63.01 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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$235.40M15.597.08%-11.11%-6.38%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
50
Neutral
$467.90M61.381.09%5.14%-83.42%
49
Neutral
$414.03M-1.80-21.88%1.59%23.93%-4069.66%
49
Neutral
$591.22M-5.90-20.01%4.61%-12.21%-198.36%
48
Neutral
$546.66M-8.45-17.32%3.59%-19.16%-5.54%
48
Neutral
$493.09M-5.60-16.21%-0.63%-537.47%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
WNC
Wabash National
13.44
4.21
45.66%
CMCO
Columbus Mckinnon
14.36
-0.42
-2.85%
GENC
Gencor
16.06
2.11
15.13%
MTW
Manitowoc Company
13.03
0.77
6.28%
TWI
Titan International
7.66
-1.49
-16.28%
HY
Hyster-Yale Materials Handling
33.00
-6.33
-16.09%

Wabash National Corporate Events

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Wabash National Announces Notes Offering and Credit Amendment
Negative
Jul 15, 2026
On July 14, 2026, Wabash National amended its main credit agreement to allow up to $150 million in additional debt tied to a private offering of notes, supplementing existing permitted borrowings and reinforcing its capital structure. The company ...
Executive/Board ChangesShareholder Meetings
Wabash National Shareholders Endorse Board and Governance Measures
Positive
May 14, 2026
At its annual meeting of stockholders held on May 13, 2026, Wabash National Corporation reported a strong turnout, with holders of 36,848,288 of 40,673,967 eligible shares represented, constituting a quorum for voting. Shareholders elected nine di...
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.Date of analysis: Jul 15, 2026