Wabash National (WNC) AI Stock Analysis

• Market Cap: $410.43M
• Dividend Yield: 3.59%
• Average Volume (3M): 619.82K
• Price to Earnings (P/E): 2.0
• Beta (1Y): 0.73
• Revenue Growth: -22.95%
• EPS Growth: N/A
• Country: US
• Employees: 6,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Agricultural - Machinery
• EPS (TTM): -0.93
• Shares Outstanding: 40,436,436
• 10 Day Avg. Volume: 850,402
• 30 Day Avg. Volume: 619,820
• 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 Cap: 2.00
• Enterprise Value/Revenue: 0.53
• Enterprise Value/Gross Profit: 14.00
• Enterprise Value/Ebitda: 2.36
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.49
• Revenue Forecast (FY): $1.54B

• Rating: 58 Neutral
• Price Target: $12.50 ▲(23.15% Upside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 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

Rapid Parts & Services growth creates higher‑margin, recurring revenue less tied to new trailer cycles. Over time this segment can stabilize cash flow, improve gross margin mix, and provide durable aftermarket income that cushions volatility in new‑unit demand and supports organic margin expansion.

Upfit network expansion

Expanding upfit capacity and geographic footprint diversifies revenue and builds a recurring services pipeline. A larger network enables cross‑selling, faster service turnarounds, and steadier utilization, reducing dependence on volatile new‑trailer orders and improving long‑term customer stickiness and lifetime value.

Liquidity preservation

Maintaining $235M of liquidity and prioritizing ABL paydown gives the firm flexibility through prolonged cyclical troughs. Adequate near‑term liquidity supports restructuring execution, targeted capex, and debt management, reducing short‑term solvency risk and enabling strategic investments when markets recover.

Negative Factors

Weak cash generation

Negative and weakening free cash flow constrains the company's ability to invest, de‑lever, or sustain distributions without tapping liquidity. Persistent FCF shortfalls increase reliance on ABL and available borrowings, elevating refinancing and working‑capital risk during cyclical downturns and delaying balance‑sheet repair.

Thin margins & volatile profitability

Very thin and volatile gross margins expose earnings to small mix or pricing shifts. Competitive pricing pressure and production inefficiencies can quickly flip profits to losses, undermining sustainable returns on capital and making long‑term planning and credit metrics more sensitive to demand swings.

Restructuring costs & production inefficiencies

Idling plants and incurring restructuring charges reflect persistent demand weakness and create near‑term cash and execution burdens. While intended to lower fixed costs long‑term, exit costs, severance and disrupted operations can degrade productivity and customer service, risking margin recovery timing and operational execution.

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 Solutions and Parts & Services. The Transportation Solutions segment provides dry van and platform trailers; refrigerated trailers; converter dollies; van bodies for dry-freight transportation; cutaway van bodies for commercial applications; service bodies; insulated van bodies; stake bodies; refrigerated truck bodies; and used trailers, as well as laminated hardwood oak flooring products. This segment also offers stainless steel and aluminum tank trailers for the dairy, food and beverage, oil, gas, and chemical end markets; dry bulk trailers; and fiberglass reinforced poly tank trailers. The Parts & Services segment provides aftermarket parts and services; aluminum and steel flatbed bodies, shelving for package delivery, partitions, roof racks, hitches, liftgates, and thermal solutions; and door repair and replacement, collision repair, and basic maintenance services. This segment also offers stainless steel storage tanks and silos, mixers, and processors for the dairy, food and beverage, pharmaceutical, chemical, craft brewing, and biotech end markets; and composite products, including truck bodies, overhead doors, and other industrial application products. The company offers its products under the Wabash, DuraPlate, DuraPlateHD, DuraPlate AeroSkirt, and AeroSkirt CX brands, as well as EcoNex brand. It distributes its products directly, as well as through its retail operations and independent dealers to truckload common carriers, leasing companies, private fleet carriers, less-than-truckload common carriers, and package carriers. The company was founded in 1985 and is headquartered in Lafayette, Indiana.

How the Company Makes Money

Wabash National generates revenue primarily through the sale of its trailers and truck bodies to a wide array of customers, including trucking companies, logistics providers, and fleet operators. The company’s revenue model is built on the manufacturing and direct sales of its core products, with key revenue streams coming from new trailer sales, aftermarket parts and services, and leasing options. Additionally, Wabash benefits from strategic partnerships with major logistics companies and has invested in research and development to enhance its product offerings, which provides competitive advantages. The company’s focus on innovation, particularly in fuel efficiency and weight reduction, positions it favorably in a market increasingly concerned with sustainability and operational cost savings.

Wabash National Financial Statement Overview

Summary

TTM earnings rebounded after a large 2024 loss, but gross margin is very thin (~4.5%) and cash conversion is weak: operating cash flow is low (~$11.7M) and free cash flow is negative (~-$13.0M). Leverage improved versus 2024 (debt-to-equity ~1.21x), yet the profile remains cyclical and sensitive to operating swings.

Income Statement

Profitability has been volatile. After a strong 2023 (about $2.54B revenue and ~$231M net income), 2024 swung to a large loss (~-$284M) on lower revenue. TTM (Trailing-Twelve-Months) shows a sharp rebound to strong net income (~$211M) despite revenue declining (~-5.8%), but gross margin is very thin (~4.5%), suggesting earnings quality may be sensitive to mix, pricing, or one-time factors.

Balance Sheet

Leverage is manageable but elevated for a cyclical manufacturer. Debt-to-equity improved meaningfully from 2024 (~2.30x) to TTM (Trailing-Twelve-Months) (~1.21x) as equity rebuilt, yet total debt remains sizable (~$443M) and the capital structure is still more levered than 2023 (~0.78x). The return on equity is strong in TTM, but given the recent earnings swing, balance-sheet risk remains tied to profit stability.

Cash Flow

Cash generation weakened materially in TTM (Trailing-Twelve-Months): operating cash flow is low (~$11.7M) and free cash flow is negative (~-$13.0M), a sharp reversal from positive free cash flow in 2022–2024 and very strong 2023. While cash flow was healthy in several prior years, the latest period shows profits are not currently translating into cash, increasing execution and working-capital risk.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 10.15
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 10.15 is below the 20-day moving average (MA) of 11.10, below the 50-day MA of 10.22, and above the 200-day MA of 9.76, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 41.11 is Neutral, neither overbought nor oversold. The STOCH value of 6.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for WNC.

Wabash National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GENC	73 Outperform	$228.95M	14.98	7.68%	―	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MTW	60 Neutral	$523.23M	76.50	8.82%	―	-0.83%	―
WNC	58 Neutral	$410.43M	2.00	84.07%	3.59%	-22.95%	―
CMCO	58 Neutral	$545.47M	91.96	0.44%	1.59%	-2.36%	-73.77%
HY	51 Neutral	$653.14M	250.03	0.51%	4.61%	-8.30%	-98.18%
TWI	48 Neutral	$622.95M	-9.80	-1.05%	―	-2.75%	22.20%

Wabash National Corporate Events

Wabash National Announces Plant Idling and Restructuring Plan

On January 5, 2026, Wabash National Corporation announced and initiated a plan to idle its facilities in Little Falls, Minnesota, and Goshen, Indiana, leading to job reductions of approximately 3 salaried and 53 hourly workers in Little Falls and 21 salaried and 193 hourly workers in Goshen, with the actions expected to be substantially complete by the end of the second quarter of 2026. The company expects to incur total charges of $15 million to $20 million, primarily non-cash asset impairment charges, with $12 million to $15 million recorded in the fourth quarter of 2025 and $3 million to $5 million in the first half of 2026, and anticipates that these measures will deliver fixed cost reductions in 2026 and beyond without discontinuing any business lines, signaling a restructuring aimed at improving long-term cost efficiency while affecting local employment at the idled plants.

The most recent analyst rating on (WNC) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Wabash National stock, see the WNC Stock Forecast page.