Wabash National Corporation (WNC) Balance Sheet
WNC balance sheet, 2025
December 31, 2025 · U.S. dollars$1.17B assets = $802.7M liabilities + $368.5M equity
Both columns are drawn to the same scale: what WNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WNC financial health
Current ratio1.39
Adequate · current assets cover current liabilities 1.39×
Debt / equity1.21
Moderate leverage · $1.21 of debt for each $1 of equity
Equity / assets31.4%
Balanced · of assets funded by shareholders
Cash / debt7.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles21.8%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
WNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $898.7M2016 | $1.17B2025 | +3.0%/yr | |
| Total liabilities | $426.3M2016 | $802.7M2025 | +7.3%/yr | |
| Shareholders’ equity | $472.4M2016 | $367.4M2025 | −2.8%/yr | |
| Cash & short-term investments | $163.5M2016 | $31.9M2025 | −16.6%/yr | |
| Total debt | $237.8M2016 | $442.9M2025 | +7.2%/yr | |
| Net cash (debt) | −$74.4M2016 | −$410.9M2025 | −$336.6M | |
| Working capital | $314.8M2016 | $116.7M2025 | −$198.1M | |
| Book value per share | $7.182016 | $8.802025 | +2.3%/yr | |
| Current ratio | 2.892016 | 1.392025 | −1.50 | |
| Debt / equity | 0.502016 | 1.212025 | +0.70 | |
| Shares outstanding | 65.8M2016 | 41.7M2025 | −4.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WNC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
WNC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
WNC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $31.9M | $115.5M | $179.3M | $58.2M | $71.8M | $217.7M | $140.5M | $132.7M | $191.5M | $163.5M |
| Cash & equivalents | $31.9M | $115.5M | $179.3M | $58.2M | $71.8M | $217.7M | $140.5M | $132.7M | $191.5M | $163.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $131.6M | $154.2M | $194.8M | $257.9M | $186.9M | $119.4M | $172.7M | $181.1M | $146.8M | $153.6M |
| Inventory | $181.2M | $258.8M | $267.6M | $243.9M | $237.6M | $163.8M | $186.9M | $184.4M | $180.7M | $140.0M |
| Other current assets | $74.4M | $66.0M | $39.6M | $32.6M | $33.4M | $45.0M | $41.2M | $51.3M | $57.3M | $24.4M |
| Total current assets | $419.1M | $594.5M | $681.4M | $592.6M | $529.7M | $545.8M | $541.4M | $549.4M | $576.4M | $481.4M |
| Property, plant & equipment (net) | $300.5M | $339.2M | $325.4M | $271.1M | $243.8M | $220.5M | $221.3M | $207.0M | $195.4M | $134.1M |
| Goodwill & intangible assets | $254.8M | $262.9M | $282.8M | $287.7M | $307.1M | $372.5M | $500.9M | $521.4M | $554.5M | $242.8M |
| Long-term investments | $7.2M | $7.2M | $1.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $189.6M | $207.7M | $71.5M | $52.1M | $47.2M | $41.1M | $40.9M | $26.6M | $25.3M | $40.4M |
| Total assets | $1.17B | $1.41B | $1.36B | $1.20B | $1.13B | $1.18B | $1.30B | $1.30B | $1.35B | $898.7M |
| Liabilities | ||||||||||
| Accounts payable | $145.8M | $146.7M | $156.6M | $189.1M | $173.9M | $104.4M | $134.8M | $153.1M | $108.4M | $71.3M |
| Short-term debt | $0 | $11.8M | $9.0M | $6.1M | $3.6M | $4.5M | $4.7M | $2.5M | $46.6M | $3.5M |
| Deferred revenue | — | — | $45.6M | $32.1M | $17.6M | $37.8M | $19.3M | $23.5M | $26.1M | $19.3M |
| Total current liabilities | $302.4M | $308.4M | $352.2M | $347.5M | $289.3M | $235.8M | $259.4M | $271.7M | $283.7M | $166.6M |
| Long-term debt | $442.9M | $397.1M | $396.5M | $395.8M | $428.3M | $448.0M | $455.4M | $503.7M | $505.1M | $234.9M |
| Lease obligations | $13.3M | $11.8M | $9.0M | $6.1M | $59,000 | $378,000 | $5.1M | $714,000 | $1.0M | $1.4M |
| Other long-term liabilities | $57.5M | $516.2M | $64.0M | $62.1M | $84.6M | $91.3M | $68.8M | $55.1M | $56.7M | $24.9M |
| Total liabilities | $802.7M | $1.22B | $812.7M | $805.4M | $802.2M | $775.1M | $783.6M | $830.5M | $845.5M | $426.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $787,000 | $781,000 | $774,000 | $766,000 | $759,000 | $755,000 | $750,000 | $744,000 | $737,000 | $725,000 |
| Retained earnings (deficit) | $303.6M | $105.6M | $403.9M | $188.2M | $92.1M | $107.2M | $221.8M | $150.2M | $98.7M | $3.6M |
| Treasury stock | — | — | — | — | −$422.2M | −$355.4M | −$336.5M | −$302.8M | −$244.5M | −$170.0M |
| Accumulated other comprehensive income | −$398,000 | −$3.2M | −$428,000 | −$882,000 | $858,999 | $7.6M | −$4.0M | −$3.3M | −$2.4M | −$2.8M |
| Minority interest | $1.2M | $996,000 | $603,000 | $512,000 | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $367.4M | $188.8M | $549.5M | $397.6M | $325.5M | $404.9M | $521.0M | $473.8M | $506.1M | $472.4M |
| Key figures | ||||||||||
| Total debt | $442.9M | $433.6M | $428.7M | $418.8M | $439.8M | $459.4M | $470.5M | $505.9M | $551.4M | $237.8M |
| Net cash (debt) | −$410.9M | −$318.1M | −$249.4M | −$360.6M | −$368.0M | −$241.8M | −$330.0M | −$373.2M | −$359.9M | −$74.4M |
| Working capital | $116.7M | $286.1M | $329.1M | $245.2M | $240.4M | $310.0M | $282.0M | $277.7M | $292.7M | $314.8M |
| Tangible book value | $112.6M | −$74.1M | $266.7M | $109.9M | $18.5M | $32.3M | $20.1M | −$47.6M | −$48.4M | $229.6M |
| Book value per share | $8.80 | $4.26 | $11.44 | $7.97 | $6.31 | $7.65 | $9.42 | $8.11 | $8.08 | $7.18 |
| Shares outstanding | 41.7M | 44.4M | 48.0M | 49.9M | 51.6M | 52.9M | 55.3M | 58.4M | 62.6M | 65.8M |
| Current ratio | 1.39 | 1.93 | 1.93 | 1.71 | 1.83 | 2.31 | 2.09 | 2.02 | 2.03 | 2.89 |
| Quick ratio | 0.54 | 0.87 | 1.06 | 0.91 | 0.89 | 1.43 | 1.21 | 1.15 | 1.19 | 1.90 |
| Debt / equity | 1.21 | 2.30 | 0.78 | 1.05 | 1.35 | 1.13 | 0.90 | 1.07 | 1.09 | 0.50 |
| Equity / assets | 31.4% | 13.4% | 40.3% | 33.0% | 28.9% | 34.3% | 39.9% | 36.3% | 37.4% | 52.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $71.5M | $43.4M | $31.9M | $91.7M | $57.4M | $81.0M | $115.5M | $81.8M | $77.3M | $115.8M | $179.3M | $105.3M |
| Cash & equivalents | $71.5M | $43.4M | $31.9M | $91.7M | $57.4M | $81.0M | $115.5M | $81.8M | $77.3M | $115.8M | $179.3M | $105.3M |
| Receivables | $171.8M | $160.2M | $131.6M | $160.9M | $211.8M | $190.6M | $154.2M | $254.3M | $251.0M | $256.1M | $194.8M | $211.2M |
| Inventory | $192.3M | $198.3M | $181.2M | $219.5M | $252.5M | $278.6M | $258.8M | $260.6M | $272.9M | $278.6M | $267.6M | $344.3M |
| Other current assets | $56.2M | $67.4M | $74.4M | $131.4M | $102.3M | $107.2M | $66.0M | $42.8M | $42.8M | $37.1M | $39.6M | $60.3M |
| Total current assets | $491.8M | $469.3M | $419.1M | $603.5M | $623.9M | $657.6M | $594.5M | $639.5M | $644.0M | $687.5M | $681.4M | $721.0M |
| Property, plant & equipment (net) | $283.4M | $292.4M | $300.5M | $321.6M | $327.9M | $335.5M | $339.2M | $342.6M | $366.2M | $335.6M | $357.7M | $319.4M |
| Goodwill & intangible assets | $271.5M | $274.2M | $254.8M | $262.7M | $265.5M | $268.3M | $262.9M | $265.8M | $268.7M | $271.7M | $282.8M | $278.0M |
| Long-term investments | $16.3M | $16.1M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $0 | $0 | $161,000 | $1.6M | $0 |
| Other non-current assets | $175.9M | $177.2M | $189.6M | $154.8M | $151.4M | $146.6M | $207.7M | $207.5M | $60.4M | $83.6M | $90.8M | $70.9M |
| Total assets | $1.24B | $1.23B | $1.17B | $1.35B | $1.38B | $1.42B | $1.41B | $1.46B | $1.34B | $1.38B | $1.41B | $1.39B |
| Liabilities | ||||||||||||
| Accounts payable | $244.2M | $212.5M | $145.8M | $182.8M | $178.4M | $211.2M | $146.7M | $187.6M | $175.5M | $211.8M | $156.6M | $205.3M |
| Short-term debt | — | $10.0M | $0 | $13.0M | $12.5M | $12.3M | $11.8M | $11.0M | $10.6M | $9.4M | $9.0M | $7.8M |
| Deferred revenue | — | — | — | $36.1M | $30.9M | $33.0M | — | $35.6M | $26.7M | $33.6M | $45.6M | $45.9M |
| Total current liabilities | $374.1M | $352.7M | $302.4M | $447.2M | $372.4M | $415.4M | $308.4M | $339.3M | $323.4M | $368.6M | $352.2M | $393.2M |
| Long-term debt | $513.2M | $498.0M | $442.9M | $422.7M | $437.5M | $417.3M | $397.1M | $397.0M | $396.8M | $396.6M | $396.5M | $396.3M |
| Lease obligations | $9.7M | $10.0M | $13.3M | $13.0M | $12.5M | $12.3M | $11.8M | $11.0M | $10.6M | $9.4M | $9.0M | $7.8M |
| Other long-term liabilities | $57.6M | $56.6M | $57.5M | $59.9M | $179.7M | $177.4M | $516.2M | $517.9M | $68.4M | $67.1M | $115.5M | $80.7M |
| Total liabilities | $944.9M | $907.4M | $802.7M | $929.8M | $989.6M | $1.01B | $1.22B | $1.25B | $788.5M | $832.3M | $864.2M | $870.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $790,000 | $789,000 | $787,000 | $787,000 | $787,000 | $786,000 | $781,000 | $781,000 | $781,000 | $780,000 | $774,000 | $774,000 |
| Retained earnings (deficit) | $228.9M | $255.1M | $303.6M | $357.0M | $320.3M | $333.1M | $105.6M | $110.0M | $443.7M | $418.9M | $403.9M | $357.3M |
| Accumulated other comprehensive income | −$3.6M | $255,000 | −$398,000 | −$465,000 | −$202,000 | −$2.5M | −$3.2M | −$3.1M | −$2.1M | $32,000 | −$427,999 | −$1.9M |
| Minority interest | $1.4M | $1.1M | $1.2M | $1.3M | $1.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $292.5M | $320.6M | $367.4M | $418.7M | $385.2M | $403.8M | $188.8M | $200.5M | $550.4M | $546.1M | $549.5M | $518.7M |
| Key figures | ||||||||||||
| Total debt | $513.2M | $530.9M | $442.9M | $458.2M | $470.8M | $453.4M | $433.6M | $430.7M | $431.3M | $428.6M | $428.7M | $404.1M |
| Net cash (debt) | −$441.7M | −$487.5M | −$410.9M | −$366.5M | −$413.4M | −$372.3M | −$318.1M | −$348.9M | −$354.0M | −$312.8M | −$249.4M | −$298.8M |
| Working capital | $117.6M | $116.5M | $116.7M | $156.2M | $251.5M | $242.2M | $286.1M | $300.2M | $320.6M | $318.9M | $329.1M | $327.8M |
| Tangible book value | $20.9M | $46.4M | $112.6M | $156.0M | $119.7M | $135.5M | −$74.1M | −$65.3M | $281.7M | $274.4M | $266.7M | $240.6M |
| Book value per share | $7.16 | $7.87 | $9.03 | $9.97 | $9.07 | $9.37 | $4.26 | $4.57 | $12.13 | $11.81 | $11.71 | $10.86 |
| Shares outstanding | 40.8M | 40.7M | 40.7M | 42.0M | 42.5M | 43.1M | 44.4M | 43.8M | 45.4M | 46.3M | 46.9M | 47.8M |
| Current ratio | 1.31 | 1.33 | 1.39 | 1.35 | 1.68 | 1.58 | 1.93 | 1.88 | 1.99 | 1.87 | 1.93 | 1.83 |
| Quick ratio | 0.65 | 0.58 | 0.54 | 0.56 | 0.72 | 0.65 | 0.87 | 0.99 | 1.02 | 1.01 | 1.06 | 0.80 |
| Debt / equity | 1.75 | 1.66 | 1.21 | 1.09 | 1.22 | 1.12 | 2.30 | 2.15 | 0.78 | 0.78 | 0.78 | 0.78 |
| Equity / assets | 23.6% | 26.1% | 31.4% | 31.0% | 28.0% | 28.5% | 13.4% | 13.8% | 41.1% | 39.6% | 38.9% | 37.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
WNC financial position
At the end of fiscal 2025 (December 31, 2025), Wabash National had total assets of $1.2 billion (down 17.0% from a year earlier), total liabilities of $802.7 million and shareholders' equity of $367.4 million. It held $31.9 million in cash and short-term investments against $442.9 million of debt, net debt of $410.9 million. Its current ratio was 1.39. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $292.5 million.
Related: WNC income statement, WNC cash flow statement, WNC key metrics. See the WNC stock overview for the latest quote and news.
WNC balance sheet FAQ
What are Wabash National's total assets?
Wabash National reported total assets of $1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.4 billion a year earlier.
How much debt does Wabash National have?
Wabash National had $442.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.21.
How much cash does Wabash National have?
Wabash National held $31.9 million in cash and short-term investments at the end of fiscal 2025; with $442.9 million of debt that is net debt of $410.9 million.
What is Wabash National's book value?
Wabash National's shareholders' equity (book value) was $367.4 million at the end of fiscal 2025, or $8.80 per share.
What is Wabash National's current ratio?
Wabash National had current assets of $419.1 million and current liabilities of $302.4 million, a current ratio of 1.39 (it can cover its short-term obligations).
How much goodwill does Wabash National have?
Wabash National carried $254.8 million of goodwill and intangible assets, 21.8% of total assets, at the end of fiscal 2025.