Westinghouse Air Brake Technologies Corporation (WAB) Key Metrics
WAB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $48.45B
- Enterprise value
- $55.26B
- P/E (TTM)
- 38.6 10-yr median 30.4
- Forward P/E
- 23.8
- PEG ratio
- 1.37
- Price / sales
- 4.0 10-yr median 2.2
- Price / book
- 4.4 10-yr median 2.3
- EV / EBITDA
- 22.2 10-yr median 17.0
- Dividend yield
- 0.43% $1.24 a year
- Beta
- 0.92
WAB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWAB valuation Price multiples at each fiscal year-end price.
WAB returns How much profit the business earns on the capital it uses.
WAB per-share figures Results divided by the shares outstanding at year-end.
WAB financial health Debt, liquidity and how easily interest is covered.
WAB efficiency & capital use Working capital cycle and where the cash goes.
WAB valuation history
WAB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WAB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WAB cash returned to shareholders
WAB price vs earnings per share
WAB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $36.52B | $33.14B | $22.78B | $18.25B | $17.33B | $13.94B | $13.79B | $6.78B | $7.83B | $7.57B |
| Enterprise value | $41.27B | $36.41B | $26.23B | $21.71B | $20.91B | $17.58B | $17.62B | $10.06B | $9.46B | $9.06B |
| P/E ratio | 31.2 | 31.4 | 27.9 | 28.8 | 31.0 | 33.7 | 42.2 | 23.0 | 29.8 | 24.8 |
| Price / sales | 3.3 | 3.2 | 2.4 | 2.2 | 2.2 | 1.8 | 1.7 | 1.6 | 2.0 | 2.6 |
| Price / book | 3.3 | 3.3 | 2.2 | 1.8 | 1.7 | 1.4 | 1.4 | 2.4 | 2.8 | 3.4 |
| Price / free cash flow | 24.4 | 20.4 | 22.4 | 20.5 | 18.4 | 21.5 | 16.6 | 30.6 | 78.8 | 19.0 |
| Price / operating cash flow | 20.8 | 18.1 | 19.0 | 17.6 | 16.1 | 17.8 | 13.6 | 21.5 | 41.4 | 16.8 |
| EV / sales | 3.7 | 3.5 | 2.7 | 2.6 | 2.7 | 2.3 | 2.1 | 2.3 | 2.4 | 3.1 |
| EV / EBITDA | 18.2 | 17.6 | 14.7 | 14.8 | 15.4 | 15.4 | 17.9 | 17.1 | 17.7 | 17.0 |
| EV / free cash flow | 27.5 | 22.4 | 25.8 | 24.4 | 22.2 | 27.2 | 21.2 | 45.4 | 95.2 | 22.7 |
| Earnings yield | 3.2% | 3.2% | 3.6% | 3.5% | 3.2% | 3.0% | 2.4% | 4.4% | 3.4% | 4.0% |
| Free cash flow yield | 4.1% | 4.9% | 4.5% | 4.9% | 5.4% | 4.6% | 6.0% | 3.3% | 1.3% | 5.3% |
| Dividend yield | 0.5% | 0.4% | 0.5% | 0.6% | 0.5% | 0.7% | 0.6% | 0.7% | 0.5% | 0.4% |
| Shareholder yield (dividends + buybacks) | 1.1% | 3.7% | 2.3% | 3.2% | 2.3% | 2.2% | 0.6% | 0.7% | 0.6% | 3.2% |
| Share price at fiscal year-end | $213.45 | $189.59 | $126.90 | $99.81 | $92.11 | $73.20 | $77.80 | $70.25 | $81.43 | $83.02 |
| Per share | ||||||||||
| Revenue per share | $65.27 | $59.42 | $53.91 | $45.74 | $41.58 | $39.68 | $46.25 | $45.22 | $40.39 | $32.16 |
| Earnings per share | $6.84 | $6.04 | $4.54 | $3.46 | $2.97 | $2.17 | $1.84 | $3.06 | $2.73 | $3.35 |
| Operating cash flow per share | $10.28 | $10.49 | $6.69 | $5.68 | $5.70 | $4.12 | $5.73 | $3.26 | $1.96 | $4.93 |
| Free cash flow per share | $8.76 | $9.31 | $5.65 | $4.86 | $5.01 | $3.40 | $4.68 | $2.29 | $1.03 | $4.38 |
| Cash per share | $4.61 | $4.04 | $3.45 | $2.96 | $2.51 | $3.14 | $3.41 | $6.02 | $2.43 | $4.37 |
| Book value per share | $65.12 | $57.73 | $58.42 | $55.26 | $54.43 | $53.32 | $56.37 | $29.73 | $29.23 | $24.20 |
| Tangible book value per share | −$17.02 | −$8.88 | −$8.35 | −$9.89 | −$10.91 | −$11.56 | −$13.94 | −$6.81 | −$8.90 | −$10.17 |
| Dividends per share | $1.01 | $0.80 | $0.69 | $0.61 | $0.49 | $0.49 | $0.46 | $0.48 | $0.44 | $0.36 |
| Capex per share | $1.52 | $1.18 | $1.04 | $0.82 | $0.69 | $0.72 | $1.05 | $0.97 | $0.93 | $0.55 |
| Debt per share | $32.38 | $22.77 | $22.67 | $21.89 | $21.57 | $22.27 | $24.98 | $39.97 | $19.46 | $20.77 |
| Shares outstanding | 171.1M | 174.8M | 179.5M | 182.8M | 188.1M | 190.4M | 177.3M | 96.5M | 96.1M | 91.1M |
| Change in shares outstanding | −2.1% | −2.6% | −1.8% | −2.8% | −1.2% | +7.4% | +83.7% | +0.4% | +5.4% | −6.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.0% | 10.3% | 7.9% | 6.2% | 5.5% | 4.1% | 5.1% | 10.4% | 10.5% | 15.6% |
| Return on invested capital (ROIC) | 9.5% | 8.9% | 7.0% | 5.5% | 4.9% | 4.0% | 4.9% | 7.1% | 7.7% | 11.8% |
| Return on assets (ROA) | 5.7% | 5.6% | 4.3% | 3.4% | 3.0% | 2.2% | 2.4% | 3.9% | 4.0% | 6.2% |
| Return on tangible assets | 14.6% | 15.0% | 11.6% | 9.6% | 9.1% | 6.8% | 5.1% | 5.8% | 9.0% | 8.8% |
| Free cash flow margin | 13.4% | 15.7% | 10.5% | 10.6% | 12.1% | 8.6% | 10.1% | 5.1% | 2.6% | 13.6% |
| Income quality (OCF / net income) | 1.50 | 1.74 | 1.47 | 1.64 | 1.92 | 1.89 | 3.11 | 1.07 | 0.72 | 1.47 |
| Financial health | ||||||||||
| Total debt | $5.54B | $3.98B | $4.07B | $4.00B | $4.06B | $4.24B | $4.43B | $3.86B | $1.87B | $1.89B |
| Cash & short-term investments | $789.0M | $706.0M | $620.0M | $541.0M | $473.0M | $598.7M | $604.2M | $580.9M | $233.4M | $398.5M |
| Net debt | $4.75B | $3.27B | $3.45B | $3.46B | $3.58B | $3.64B | $3.83B | $3.28B | $1.64B | $1.49B |
| Debt / equity | 0.50 | 0.39 | 0.39 | 0.40 | 0.40 | 0.42 | 0.44 | 1.34 | 0.67 | 0.86 |
| Debt / assets | 0.25 | 0.21 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.45 | 0.28 | 0.29 |
| Net debt / EBITDA | 2.09 | 1.58 | 1.93 | 2.36 | 2.65 | 3.19 | 3.88 | 5.56 | 3.07 | 2.80 |
| Current ratio | 1.11 | 1.30 | 1.20 | 1.25 | 1.32 | 1.20 | 1.29 | 2.70 | 1.44 | 1.98 |
| Quick ratio | 0.57 | 0.69 | 0.63 | 0.66 | 0.74 | 0.69 | 0.74 | 2.19 | 0.97 | 1.53 |
| Interest coverage | 8.3 | 8.0 | 5.8 | 5.4 | 4.9 | 3.7 | 3.0 | 4.2 | 5.4 | 9.1 |
| Working capital | $544.0M | $1.15B | $799.0M | $860.0M | $922.0M | $653.5M | $934.1M | $2.80B | $691.8M | $1.42B |
| Invested capital | $15.89B | $13.37B | $13.94B | $13.56B | $13.82B | $13.79B | $13.82B | $6.15B | $4.45B | $3.70B |
| Tangible asset value | −$2.86B | −$1.51B | −$1.46B | −$1.76B | −$2.05B | −$2.20B | −$2.47B | −$657.3M | −$836.0M | −$155.9M |
| Net current asset value | −$5.18B | −$3.63B | −$3.61B | −$4.04B | −$4.38B | −$4.42B | −$4.70B | −$1.33B | −$1.49B | −$736.6M |
| Graham number | $100.10 | $88.58 | $77.26 | $65.62 | $60.28 | $51.08 | $48.36 | $45.21 | $42.37 | $42.68 |
| Graham net-net per share | −$42.63 | −$31.06 | −$30.30 | −$31.03 | −$30.78 | −$30.58 | −$34.71 | −$40.59 | −$23.64 | −$23.80 |
| Capital allocation | ||||||||||
| Dividends paid | $173.0M | $140.0M | $123.0M | $111.0M | $92.0M | $92.5M | $81.7M | $46.3M | $42.2M | $32.4M |
| Share buybacks (net) | $223.0M | $1.10B | $409.0M | $473.0M | $300.0M | $207.2M | $0 | $0 | $6.8M | $212.2M |
| Dividend payout ratio | 14.8% | 13.3% | 15.1% | 17.5% | 16.5% | 22.3% | 25.0% | 15.7% | 16.1% | 10.6% |
| Dividends + buybacks / free cash flow | 26.4% | 76.0% | 52.4% | 65.7% | 41.6% | 46.3% | 9.8% | 20.9% | 49.3% | 61.3% |
| Capex / revenue | 2.3% | 2.0% | 1.9% | 1.8% | 1.7% | 1.8% | 2.3% | 2.1% | 2.3% | 1.7% |
| Capex / operating cash flow | 14.8% | 11.3% | 15.5% | 14.4% | 12.1% | 17.4% | 18.2% | 29.7% | 47.4% | 11.2% |
| Capex / depreciation | 0.57 | 0.45 | 0.39 | 0.35 | 0.29 | 0.35 | 0.58 | 0.85 | 0.87 | 0.72 |
| Stock-based compensation / revenue | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.3% | 0.6% | 0.6% | 0.5% | 0.7% |
| R&D / revenue | 2.0% | 2.0% | 2.3% | 2.5% | 2.3% | 2.1% | 2.6% | 2.0% | 2.5% | 2.4% |
| SG&A / revenue | 13.3% | 12.0% | 11.8% | 12.3% | 13.2% | 12.5% | 14.2% | 14.5% | 13.2% | 12.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 58.8 | 59.5 | 60.4 | 65.4 | 67.4 | 74.3 | 62.6 | 96.8 | 99.2 | 96.0 |
| Days of inventory on hand | 120.7 | 119.5 | 117.0 | 116.7 | 111.5 | 115.0 | 80.7 | 92.6 | 90.8 | 103.4 |
| Days payables outstanding | 64.4 | 66.3 | 69.1 | 72.5 | 64.3 | 69.6 | 53.8 | 66.6 | 70.2 | 77.3 |
| Cash conversion cycle (days) | 115.0 | 112.7 | 108.3 | 109.6 | 114.6 | 119.7 | 89.4 | 122.7 | 119.8 | 122.1 |
| Receivables turnover | 6.21 | 6.14 | 6.04 | 5.58 | 5.41 | 4.91 | 5.83 | 3.77 | 3.68 | 3.80 |
| Payables turnover | 5.66 | 5.51 | 5.28 | 5.03 | 5.68 | 5.24 | 6.78 | 5.48 | 5.20 | 4.72 |
| Inventory turnover | 3.03 | 3.05 | 3.12 | 3.13 | 3.27 | 3.17 | 4.52 | 3.94 | 4.02 | 3.53 |
| Asset turnover | 0.55 | 0.55 | 0.52 | 0.45 | 0.42 | 0.40 | 0.60 | 0.57 | 0.59 | 0.59 |
| Average receivables | $1.80B | $1.69B | $1.60B | $1.50B | $1.44B | $1.54B | $1.41B | $1.16B | $1.05B | $770.6M |
| Average payables | $1.35B | $1.27B | $1.28B | $1.16B | $960.7M | $1.03B | $873.5M | $571.0M | $541.4M | $424.9M |
| Average inventory | $2.53B | $2.30B | $2.16B | $1.86B | $1.67B | $1.71B | $1.31B | $793.8M | $700.6M | $568.5M |
| Intangibles / total assets | 63.7% | 62.3% | 63.1% | 64.3% | 66.6% | 66.9% | 66.0% | 40.8% | 55.7% | 47.6% |
Computed from WAB's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WAB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Wabtec traded at 31.2 times earnings, against a 10-year median of 30.4. Based on the latest twelve months, the trailing P/E is 38.6 and the forward P/E is 23.8. Wabtec earned a return on equity of 11.0% and a return on invested capital of 9.5% in fiscal 2025. It ended the year with $5.5 billion of debt and $789.0 million in cash and short-term investments, net debt of $4.8 billion. It returned $396.0 million to shareholders: $173.0 million in dividends and $223.0 million in share buybacks, 26% of free cash flow. The share count rose 87.7% from 91.1M to 171.1M over 9 years.
See the WAB income statement, the WAB chart for price history, or the WAB stock overview for the latest quote and news.
WAB key metrics FAQ
What is Wabtec's P/E ratio?
Wabtec's trailing P/E ratio is 38.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 23.8. At the end of fiscal 2025 it was 31.2, compared with a 10-year median of 30.4.
What is Wabtec's EV/EBITDA?
Wabtec's enterprise value was 18.2 times EBITDA at the end of fiscal 2025 (enterprise value $41.3 billion, EBITDA $2.3 billion); the current EV/EBITDA is 22.2.
What is Wabtec's return on equity?
Wabtec's return on equity (ROE) was 11.0% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $10.6 billion.
What is Wabtec's ROIC?
Wabtec's return on invested capital was 9.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Wabtec have?
Wabtec had total debt of $5.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.50 and $4.8 billion of net debt (2.09 times EBITDA).
What is Wabtec's dividend yield?
Wabtec's forward dividend yield is 0.43%. Wabtec paid $173.0 million in dividends in fiscal 2025 ($1.01 per share), a payout ratio of 14.8%.
Does Wabtec buy back its shares?
Yes. Wabtec spent $223.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.1% over the year, to 171.1M..
What is Wabtec's free cash flow yield?
Wabtec generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($36.5 billion).
What is Wabtec's current ratio?
Wabtec's current ratio was 1.11 at the end of fiscal 2025: current assets were 1.11 times current liabilities.