Wabash National Corporation (WNC) Key Metrics
WNC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $503.5M
- Enterprise value
- $930.5M
- P/E (TTM)
- — 10-yr median 9.6
- Forward P/E
- 8.6
- PEG ratio
- 0.72
- Price / sales
- 0.4 10-yr median 0.5
- Price / book
- 1.6 10-yr median 2.2
- EV / EBITDA
- 2.0 10-yr median 6.5
- Dividend yield
- 2.59% $0.32 a year
- Beta
- 1.47
WNC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWNC valuation Price multiples at each fiscal year-end price.
WNC returns How much profit the business earns on the capital it uses.
WNC per-share figures Results divided by the shares outstanding at year-end.
WNC financial health Debt, liquidity and how easily interest is covered.
WNC efficiency & capital use Working capital cycle and where the cash goes.
WNC valuation history
WNC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WNC cash returned to shareholders
WNC price vs earnings per share
WNC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $361.1M | $759.9M | $1.23B | $1.13B | $1.01B | $912.2M | $812.2M | $764.3M | $1.36B | $1.04B |
| Enterprise value | $772.0M | $1.08B | $1.48B | $1.49B | $1.38B | $1.15B | $1.14B | $1.14B | $1.72B | $1.11B |
| P/E ratio | 1.7 | — | 5.3 | 10.0 | 865.5 | — | 9.1 | 11.0 | 12.2 | 8.7 |
| Price / sales | 0.2 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.4 | 0.3 | 0.8 | 0.6 |
| Price / book | 1.0 | 4.0 | 2.2 | 2.8 | 3.1 | 2.3 | 1.6 | 1.6 | 2.7 | 2.2 |
| Price / free cash flow | — | 16.9 | 5.6 | 16.8 | — | 8.8 | 7.5 | 9.7 | 11.5 | 6.6 |
| Price / operating cash flow | 31.0 | 6.5 | 3.9 | 9.1 | — | 7.3 | 5.6 | 6.8 | 9.4 | 5.8 |
| EV / sales | 0.5 | 0.6 | 0.6 | 0.6 | 0.8 | 0.8 | 0.5 | 0.5 | 1.0 | 0.6 |
| EV / EBITDA | 2.1 | — | 4.7 | 6.9 | 18.8 | — | 6.2 | 6.9 | 9.9 | 4.7 |
| EV / free cash flow | — | 23.9 | 6.7 | 22.2 | — | 11.1 | 10.5 | 14.5 | 14.5 | 7.0 |
| Earnings yield | 58.6% | −37.4% | 18.8% | 10.0% | 0.1% | −10.7% | 11.0% | 9.1% | 8.2% | 11.5% |
| Free cash flow yield | −3.6% | 5.9% | 18.0% | 5.9% | −5.6% | 11.4% | 13.4% | 10.3% | 8.7% | 15.2% |
| Dividend yield | 3.8% | 1.9% | 1.3% | 1.4% | 1.6% | 1.9% | 2.2% | 2.3% | 1.1% | 1.5% |
| Shareholder yield (dividends + buybacks) | 13.2% | 11.3% | 7.5% | 4.5% | 8.3% | 4.0% | 6.3% | 10.0% | 6.6% | 9.1% |
| Share price at fiscal year-end | $8.65 | $17.13 | $25.62 | $22.60 | $19.52 | $17.23 | $14.69 | $13.08 | $21.70 | $15.82 |
| Per share | ||||||||||
| Revenue per share | $36.96 | $43.89 | $52.81 | $50.16 | $34.94 | $27.99 | $41.94 | $38.80 | $28.23 | $28.06 |
| Earnings per share | $5.07 | −$6.40 | $4.81 | $2.25 | $0.02 | −$1.84 | $1.62 | $1.19 | $1.78 | $1.82 |
| Operating cash flow per share | $0.28 | $2.64 | $6.65 | $2.49 | −$0.14 | $2.34 | $2.65 | $1.92 | $2.31 | $2.72 |
| Free cash flow per share | −$0.31 | $1.02 | $4.61 | $1.34 | −$1.10 | $1.96 | $1.96 | $1.34 | $1.89 | $2.41 |
| Cash per share | $0.76 | $2.60 | $3.73 | $1.17 | $1.39 | $4.11 | $2.54 | $2.27 | $3.06 | $2.49 |
| Book value per share | $8.80 | $4.26 | $11.44 | $7.97 | $6.31 | $7.65 | $9.42 | $8.11 | $8.08 | $7.18 |
| Tangible book value per share | $2.70 | −$1.67 | $5.55 | $2.20 | $0.36 | $0.61 | $0.36 | −$0.81 | −$0.77 | $3.49 |
| Dividends per share | $0.33 | $0.33 | $0.33 | $0.32 | $0.32 | $0.33 | $0.32 | $0.30 | $0.24 | $0.23 |
| Capex per share | $0.59 | $1.63 | $2.04 | $1.14 | $0.95 | $0.38 | $0.68 | $0.58 | $0.42 | $0.31 |
| Debt per share | $10.61 | $9.77 | $8.93 | $8.40 | $8.52 | $8.68 | $8.51 | $8.66 | $8.81 | $3.62 |
| Shares outstanding | 41.7M | 44.4M | 48.0M | 49.9M | 51.6M | 52.9M | 55.3M | 58.4M | 62.6M | 65.8M |
| Change in shares outstanding | −5.9% | −7.6% | −3.7% | −3.3% | −2.5% | −4.2% | −5.4% | −6.7% | −4.8% | −5.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 76.0% | −77.0% | 48.8% | 31.0% | 0.3% | −21.0% | 18.0% | 14.2% | 22.8% | 26.2% |
| Return on invested capital (ROIC) | 37.3% | −43.1% | 31.5% | 17.7% | 4.5% | −9.0% | 12.8% | 9.4% | 16.8% | 23.2% |
| Return on assets (ROA) | 16.4% | −20.5% | 18.0% | 9.6% | 0.1% | −7.8% | 6.9% | 5.2% | 9.9% | 12.9% |
| Return on tangible assets | 23.1% | −24.7% | 21.4% | 12.3% | 0.1% | −12.1% | 11.1% | 8.9% | 14.0% | 18.2% |
| Free cash flow margin | −0.8% | 2.3% | 8.7% | 2.7% | −3.1% | 7.0% | 4.7% | 3.5% | 6.7% | 8.6% |
| Income quality (OCF / net income) | 0.06 | — | 1.38 | 1.11 | −6.42 | — | 1.63 | 1.62 | 1.30 | 1.50 |
| Financial health | ||||||||||
| Total debt | $442.9M | $433.6M | $428.7M | $418.8M | $439.8M | $459.4M | $470.5M | $505.9M | $551.4M | $237.8M |
| Cash & short-term investments | $31.9M | $115.5M | $179.3M | $58.2M | $71.8M | $217.7M | $140.5M | $132.7M | $191.5M | $163.5M |
| Net debt | $410.9M | $318.1M | $249.4M | $360.6M | $368.0M | $241.8M | $330.0M | $373.2M | $359.9M | $74.4M |
| Debt / equity | 1.21 | 2.30 | 0.78 | 1.05 | 1.35 | 1.13 | 0.90 | 1.07 | 1.09 | 0.50 |
| Debt / assets | 0.38 | 0.31 | 0.31 | 0.35 | 0.39 | 0.39 | 0.36 | 0.39 | 0.41 | 0.26 |
| Net debt / EBITDA | 1.13 | — | 0.80 | 1.68 | 5.02 | — | 1.78 | 2.26 | 2.07 | 0.31 |
| Current ratio | 1.39 | 1.93 | 1.93 | 1.71 | 1.83 | 2.31 | 2.09 | 2.02 | 2.03 | 2.89 |
| Quick ratio | 0.79 | 1.09 | 1.17 | 1.00 | 1.01 | 1.62 | 1.37 | 1.34 | 1.39 | 2.05 |
| Interest coverage | 15.1 | -17.9 | 15.7 | 8.1 | 1.5 | -3.5 | 5.2 | 3.9 | 8.0 | 12.9 |
| Working capital | $116.7M | $286.1M | $329.1M | $245.2M | $240.4M | $310.0M | $282.0M | $277.7M | $292.7M | $314.8M |
| Invested capital | $778.3M | $506.9M | $798.9M | $758.2M | $693.5M | $646.6M | $851.0M | $847.1M | $866.0M | $546.8M |
| Tangible asset value | $113.8M | −$73.1M | $267.3M | $110.5M | $18.5M | $32.3M | $20.1M | −$47.6M | −$48.4M | $229.6M |
| Net current asset value | −$383.6M | −$627.2M | −$131.4M | −$212.8M | −$272.5M | −$229.3M | −$242.2M | −$281.1M | −$269.1M | $55.1M |
| Graham number | $31.67 | — | $35.20 | $20.09 | $1.79 | — | $18.53 | $14.72 | $17.99 | $17.13 |
| Graham net-net per share | −$13.93 | −$19.41 | −$7.36 | −$8.66 | −$9.14 | −$7.29 | −$7.60 | −$8.04 | −$7.24 | −$1.18 |
| Capital allocation | ||||||||||
| Dividends paid | $13.8M | $14.8M | $15.9M | $16.0M | $16.4M | $17.3M | $17.8M | $17.8M | $15.3M | $15.3M |
| Share buybacks (net) | $33.8M | $70.9M | $76.2M | $34.3M | $66.7M | $18.9M | $33.7M | $58.4M | $74.5M | $79.6M |
| Dividend payout ratio | 6.5% | — | 6.9% | 14.3% | — | — | 19.9% | 25.6% | 13.7% | 12.8% |
| Dividends + buybacks / free cash flow | — | 190.1% | 41.6% | 75.1% | — | 34.8% | 47.4% | 97.1% | 75.9% | 59.9% |
| Capex / revenue | 1.6% | 3.7% | 3.9% | 2.3% | 2.7% | 1.4% | 1.6% | 1.5% | 1.5% | 1.1% |
| Capex / operating cash flow | 211.8% | 61.6% | 30.7% | 46.0% | — | 16.2% | 25.7% | 30.2% | 18.0% | 11.4% |
| Capex / depreciation | 0.42 | 1.27 | 2.16 | 1.22 | 1.01 | 0.42 | 0.89 | 0.84 | 0.74 | 0.55 |
| Stock-based compensation / revenue | 0.7% | 0.6% | 0.5% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.6% | 0.7% |
| R&D / revenue | — | — | 0.3% | 0.2% | 0.8% | 1.5% | 0.8% | 0.4% | 0.2% | 0.3% |
| SG&A / revenue | 18.6% | 31.3% | 5.8% | 5.6% | 6.2% | 8.0% | 6.2% | 5.7% | 5.9% | 5.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.8 | 32.7 | 32.6 | 32.4 | 31.0 | 36.0 | 27.8 | 26.4 | 31.0 | 30.3 |
| Days of inventory on hand | 54.1 | 57.1 | 45.8 | 40.3 | 45.6 | 48.4 | 33.7 | 33.6 | 38.9 | 36.9 |
| Days payables outstanding | 36.0 | 32.9 | 31.0 | 30.4 | 31.6 | 33.0 | 26.1 | 24.1 | 21.8 | 18.1 |
| Cash conversion cycle (days) | 51.9 | 56.9 | 47.4 | 42.4 | 45.0 | 51.4 | 35.4 | 35.9 | 48.1 | 49.0 |
| Receivables turnover | 10.80 | 11.15 | 11.20 | 11.25 | 11.78 | 10.15 | 13.11 | 13.83 | 11.76 | 12.04 |
| Payables turnover | 10.15 | 11.09 | 11.79 | 12.00 | 11.54 | 11.05 | 13.98 | 15.17 | 16.76 | 20.14 |
| Inventory turnover | 6.75 | 6.39 | 7.97 | 9.05 | 8.01 | 7.54 | 10.84 | 10.87 | 9.39 | 9.90 |
| Asset turnover | 1.19 | 1.40 | 1.98 | 2.15 | 1.56 | 1.19 | 1.78 | 1.71 | 1.57 | 2.00 |
| Average receivables | $142.9M | $174.5M | $226.4M | $222.4M | $153.1M | $146.1M | $176.9M | $163.9M | $150.2M | $153.2M |
| Average payables | $146.3M | $151.7M | $172.9M | $181.5M | $139.2M | $119.6M | $144.0M | $130.8M | $89.9M | $75.5M |
| Average inventory | $220.0M | $263.2M | $255.8M | $240.7M | $200.7M | $175.3M | $185.7M | $182.6M | $160.3M | $153.5M |
| Intangibles / total assets | 21.8% | 18.6% | 20.8% | 23.9% | 27.2% | 31.6% | 38.4% | 40.0% | 41.0% | 27.0% |
Computed from WNC's annual financial statements (latest annual report filed February 18, 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.
WNC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Wabash National traded at 1.7 times earnings, against a 10-year median of 9.6. Wabash National earned a return on equity of 76.0% and a return on invested capital of 37.3% in fiscal 2025. It ended the year with $442.9 million of debt and $31.9 million in cash and short-term investments, net debt of $410.9 million. It returned $47.6 million to shareholders: $13.8 million in dividends and $33.8 million in share buybacks. The share count fell 36.5% from 65.8M to 41.7M over 9 years.
See the WNC income statement, the WNC chart for price history, or the WNC stock overview for the latest quote and news.
WNC key metrics FAQ
What is Wabash National's P/E ratio?
Wabash National traded at 1.7 times earnings at the end of fiscal 2025.
What is Wabash National's EV/EBITDA?
Wabash National's enterprise value was 2.1 times EBITDA at the end of fiscal 2025 (enterprise value $772.0 million, EBITDA $363.2 million); the current EV/EBITDA is 2.0.
What is Wabash National's return on equity?
Wabash National's return on equity (ROE) was 76.0% in fiscal 2025: net income of $211.5 million on average shareholders' equity of $278.1 million.
What is Wabash National's ROIC?
Wabash National's return on invested capital was 37.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Wabash National have?
Wabash National had total debt of $442.9 million at the end of fiscal 2025, a debt-to-equity ratio of 1.21 and $410.9 million of net debt (1.13 times EBITDA).
What is Wabash National's dividend yield?
Wabash National's forward dividend yield is 2.59%. Wabash National paid $13.8 million in dividends in fiscal 2025 ($0.33 per share), a payout ratio of 6.5%.
Does Wabash National buy back its shares?
Yes. Wabash National spent $33.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −5.9% over the year, to 41.7M..
What is Wabash National's free cash flow yield?
Wabash National generated -$13.0 million of free cash flow in fiscal 2025, a free cash flow yield of −3.6% on its market value at year-end ($361.1 million).
What is Wabash National's current ratio?
Wabash National's current ratio was 1.39 at the end of fiscal 2025: current assets were 1.39 times current liabilities.