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Makes locomotives, freight-rail braking systems, signaling and digital technology for freight and transit railroads worldwide.
Makes locomotives, freight-rail braking systems, signaling and digital technology for freight and transit railroads worldwide.
Sells locomotives and braking systems, then earns from a large installed base through service contracts, spare parts and upgrades; locomotives need repair and refit over decades. The 2019 merger with GE Transportation made it one of two main locomotive builders in North America, alongside Caterpillar's Progress Rail.
Moat: wide (installed base, switching costs, regulatory licence). A deep installed base of braking/locomotive systems and safety certification requirements make switching costly.
Headquarters: Pittsburgh, Pennsylvania, USA · Founded: 1869 · Employees: 31,000
Size Wabtec (WAB) is a United States Industrials company (Trucks/Construction/Farm Machinery) with a market value of $47.6B, the 265th largest of 3,117 United States companies the cockpit tracks. Shares closed at $283.59 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against -10.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +9.0%); the operating margin is 17.5% (peer median 13.0%).
Valuation It trades at 23.8× forward earnings against a peer median of 14.7× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points above its cost of capital (9.0% WACC).
Credit Wabtec has 6 bonds outstanding ($3.75B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 78 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.2B | $11.2B | $10.4B | $9.68B | $8.36B |
| Revenue growth | — | +8% | +7% | +16% | — |
| Gross profit | $4.01B | $3.52B | $3.08B | $2.66B | $2.29B |
| EBITDA | $2.70B | $2.37B | $2.14B | $1.85B | $1.54B |
| Net income | $1.37B | $1.17B | $1.06B | $815M | $633M |
| Free cash flow | $1.78B | $1.50B | $1.63B | $1.01B | $889M |
| Capital expenditure | $304M | $260M | $207M | $186M | $149M |
| Total debt | $6.77B | $5.93B | $4.29B | $4.38B | $4.34B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wabtec WAB | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WAB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | -5.9% | 7th highest of 20 |
| 6-month return | +6.9% | -10.0% | 5th highest of 20 |
| Distance from 52-week high | -7.5% | -20.4% | 2nd highest of 20 |
| Revenue growth (TTM) | +13.2% | +9.0% | 8th highest of 20 |
| Operating margin | 17.5% | 13.0% | 6th highest of 20 |
| Forward P/E | 23.8× | 14.7× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 17.0% | 7.3% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +8.1% | +8.6% | 9th lowest of 19 |
| Hurdle (Req g minus delivered) | +8.9 pp | -1.6 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | +0.5 pp | +3.5 pp | 5th lowest of 20 |
| EV / EBITDA | 20.0× | 12.7× | most expensive of 13 |
| Net debt / EBITDA | 2.3× | 1.2× | 5th most indebted of 13 |
| Bond spread | 78 bp | 76 bp | 4th widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Deere & DE | United States | $181B | +17% | +8% | 20% | 32.0× | 16.2% | +5.1% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
Wabtec has 6 bonds outstanding with $3.75B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.38%, a spread of 78 bp over government bonds.