Wabash National Corp (WNC)
NYSE:WNC
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Wabash National
(NYSE:WNC)
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Rating:58Neutral
Price Target:
$9.50
▲(5.32% Upside)
Action:ReiteratedDate:02/05/26
The score is held back primarily by weak cash flow (negative free cash flow) and cautious near-term guidance with negative margins and expected Q1 losses. Offsetting these are strong technical momentum (price above major moving averages with a positive MACD) and an extremely low P/E with a moderate dividend yield.
Positive Factors
Parts & Services growth
Rapidly growing parts & services provides higher‑margin, recurring revenue that is less cyclical than new equipment sales. Management expects this business to trend toward high‑teens EBITDA, improving earnings quality, cash resilience, and diversification of revenue over the medium term.
Negative Factors
Thin and volatile margins
Persistently low gross margins leave profitability highly exposed to volume swings, mix shifts, and pricing. Negative quarterly margins and multi-quarter guidance of deep operating losses indicate structural margin pressure that can materially impair free cash flow and returns until structural cost or pricing improvements are realized.
Read all positive and negative factors
Positive Factors
Negative Factors
Parts & Services growth
Rapidly growing parts & services provides higher‑margin, recurring revenue that is less cyclical than new equipment sales. Management expects this business to trend toward high‑teens EBITDA, improving earnings quality, cash resilience, and diversification of revenue over the medium term.
Read all positive factors
Wabash National (WNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$366.88M
Dividend Yield3.59%
Average Volume (3M)619.82K
Price to Earnings (P/E)1.7
Beta (1Y)0.78
Revenue Growth-22.95%
EPS GrowthN/A
CountryUS
Employees6,000
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)-0.93
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 Cap2.12
Enterprise Value/Revenue0.50
Enterprise Value/Gross Profit13.26
Enterprise Value/Ebitda2.23
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-1.49
Revenue Forecast (FY)$1.54B
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Negative
The call described significant near‑term challenges: negative margins, an adjusted net loss in Q4, plant idlings with noncash charges, negative free cash flow and a cautious Q1 2026 outlook. Offsetting strengths include resilient and fast‑growing Parts & Services (33% YoY), expanding upfit volumes and network footprint, preserved liquidity ($235M), and targeted cost actions expected to yield ~$10M in annualized savings. Management remains cautious but positions the company to scale when the freight recovery materializes and expects 2026 to be an improvement over 2025, though timing is uncertain.Positive Updates
Parts & Services Strong Growth and Profitability
Parts & Services revenue of $64.5M in Q4; segment grew 33% year-over-year and ~6% sequentially; generated operating income of $5.1M (7.9% of sales). Management expects the business to trend toward high‑teens EBITDA over time and to provide durable, higher‑margin recurring revenue through the cycle.
Negative Updates
Weak Q4 Profitability and Losses
Consolidated Q4 revenue of $321M, but adjusted gross margin of -1.1% and adjusted operating margin of -13%. Adjusted EBITDA was negative $26.2M (negative 8.1% of sales) and adjusted net loss attributable to common stockholders was -$37.8M (‑$0.93 per diluted share).
Read all updates
Q4-2025 Updates
Positive
Negative
Parts & Services Strong Growth and Profitability
Parts & Services revenue of $64.5M in Q4; segment grew 33% year-over-year and ~6% sequentially; generated operating income of $5.1M (7.9% of sales). Management expects the business to trend toward high‑teens EBITDA over time and to provide durable, higher‑margin recurring revenue through the cycle.
Read all positive updates
Company Guidance
Wabash provided quarterly-only guidance for Q1 2026, forecasting revenue of $310–$330 million, adjusted EPS of negative $0.95 to negative $1.05, and an operating‑margin midpoint of about negative 15% (noting Q1 is expected to be the weakest quarter of the year); the company declined to give full‑year 2026 guidance but said full‑year revenue and operating margin are likely to be higher than 2025. Management reiterated that recent plant idlings produced roughly $16 million of noncash charges in Q4 and they expect an additional $4–$5 million of charges in 2026 (about $1–$2 million of which will be cash), with these actions targeting approximately $10 million of ongoing annualized cost savings. On capital and liquidity, they reported $235 million of liquidity at December 31, plan maintenance CapEx roughly in line with 2025 (~$25–$26 million) with no near‑term TAS investments, and continue to prioritize preserving liquidity and paying down the $45 million ABL draw while leaning on parts & services (Q4 parts revenue $64.5M, +33% YoY, margins to recover after Q1) as a more durable revenue stream.Wabash National Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.54B | 1.95B | 2.54B | 2.50B | 1.80B |
| Gross Profit | 58.73M | 265.07M | 498.19M | 322.69M | 196.47M |
| EBITDA | 363.21M | -299.77M | 359.86M | 214.25M | 73.26M |
| Net Income | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
Balance Sheet | |||||
| Total Assets | 1.17B | 1.41B | 1.36B | 1.20B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 31.92M | 115.48M | 179.27M | 58.24M | 71.78M |
| Total Debt | 442.85M | 433.56M | 428.68M | 418.82M | 439.75M |
| Total Liabilities | 802.70M | 1.22B | 812.72M | 805.40M | 802.21M |
| Stockholders Equity | 367.36M | 188.83M | 549.50M | 397.61M | 325.54M |
Cash Flow | |||||
| Free Cash Flow | -13.04M | 45.08M | 221.51M | 67.00M | -56.58M |
| Operating Cash Flow | 11.67M | 117.27M | 319.61M | 124.08M | -7.47M |
| Investing Cash Flow | -92.68M | -94.79M | -106.04M | -55.30M | -27.08M |
| Financing Cash Flow | -2.54M | -86.27M | -92.54M | -82.31M | -111.35M |
Wabash National Technical Analysis
Neutral
9.02
Price Trends
9.54
Negative
9.46
Negative
9.56
Negative
Market Momentum
>-0.01
Negative
52.33
Neutral
77.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WNC, the sentiment is Neutral. The current price of 9.02 is above the 20-day moving average (MA) of 8.72, below the 50-day MA of 9.54, and below the 200-day MA of 9.56, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.33 is Neutral, neither overbought nor oversold. The STOCH value of 77.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $221.62M | 13.80 | 7.25% | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $665.92M | -2.51 | -11.65% | 4.61% | -8.30% | -98.18% | |
58 Neutral | $366.88M | 1.70 | 53.71% | 3.59% | -22.95% | ― | |
52 Neutral | $434.83M | 20.66 | 0.66% | 1.59% | -2.36% | -73.77% | |
49 Neutral | $466.81M | 58.98 | 1.06% | ― | -0.83% | ― | |
45 Neutral | $519.88M | -2.23 | -11.61% | ― | -2.75% | 22.20% |
* Industrials Sector Average
WNC
Wabash National
9.09
-0.76
-7.70%
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63.37%
TWI
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HY
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36.16
-0.59
-1.61%
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.