Wabtec

Industrials Construction Machinery & Heavy Transportation Equipment Pittsburgh, Pennsylvania Last filing Feb 13, 2026 · FY2025

                    Revenue
                    FY2025
                
$11.2B
                    3y CAGR +10.1%
                    
                    P85
                    
                    +7.5%
                    
                    Net income
                    FY2025
                
$1.2B
                    Net margin +10.5%
                    
                    P39
                    
                    +10.8%
                    
                    Total assets
                    FY2025
                
$22.1B
                    ROA +5.3%
                    
                    P23
                    
                    +18.0%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    FCF margin +13.4%
                    
                    P53
                    
                    -4.1%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $22.1B

Total liabilities $10.9B

Shareholders equity $11.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$789.0M 10.3%	$715.0M 15.3%	$620.0M 14.6%	$541.0M 14.4%	$473.0M
Accounts Receivable	$1.4B 22.4%	$1.2B -0.7%	$1.2B 19.0%	$975.0M -10.1%	$1.1B
Inventory	$2.7B 18.6%	$2.3B 1.3%	$2.3B 12.3%	$2.0B 20.4%	$1.7B
Prepaid Expenses	$263.0M 24.1%	$212.0M -20.6%	$267.0M 14.6%	$233.0M 20.7%	$193.0M
Other Current Assets	$263.0M 24.1%	$212.0M -20.6%	$267.0M 14.6%	$233.0M 20.7%	$193.0M
Total Current Assets	$5.7B 15.2%	$4.9B 1.8%	$4.9B 12.2%	$4.3B 12.9%	$3.8B
Property,Plant and Equipment	$1.6B 11.7%	$1.4B -2.6%	$1.5B 3.9%	$1.4B -4.5%	$1.5B
Goodwill	$10.2B 17.3%	$8.7B -0.8%	$8.8B 3.2%	$8.5B -0.9%	$8.6B
Intangible Assets	$3.8B 30.8%	$2.9B -8.5%	$3.2B -5.8%	$3.4B -8.2%	$3.7B
Other Noncurrent Assets	$705.0M 5.5%	$668.0M 0.8%	$663.0M -22.0%	$850.0M 2.0%	$833.0M
Total Assets	$22.1B 18.0%	$18.7B -1.5%	$19.0B 2.5%	$18.5B 0.3%	$18.5B
Liabilities
Accounts Payable	$1.4B 7.8%	$1.3B 4.0%	$1.2B -3.9%	$1.3B 28.6%	$1.0B
Accrued Liabilities	$727.0M 16.1%	$626.0M -5.2%	$660.0M 5.1%	$628.0M -10.8%	$704.0M
Deferred Revenue	$1.0B 46.5%	$693.0M -13.8%	$804.0M 4.1%	$772.0M 22.7%	$629.0M
Current Portion of Long Term Debt	$1.2B 150.0%	$500.0M -36.0%	$781.0M 211.2%	$251.0M 12450.0%	$2.0M
Other Current Liabilities	$832.0M -3.6%	$863.0M 16.6%	$740.0M 2.6%	$721.0M -3.0%	$743.0M
Total Current Liabilities	$5.2B 35.8%	$3.8B -6.5%	$4.1B 17.0%	$3.5B 19.1%	$2.9B
Long Term Debt	$4.3B 23.3%	$3.5B 5.8%	$3.3B -12.3%	$3.8B -7.5%	$4.1B
Deferred Revenue Noncurrent	$259.0M -33.4%	$389.0M 123.6%	$174.0M 102.3%	$86.0M -2.3%	$88.0M
Deferred Tax Liabilities	$606.0M 61.2%	$376.0M 18.2%	$318.0M -2.5%	$326.0M 13.2%	$288.0M
Other Noncurrent Liabilities	$832.0M -3.6%	$863.0M 16.6%	$740.0M 2.6%	$721.0M -3.0%	$743.0M
Total Liabilities	$10.9B 27.0%	$8.6B 1.2%	$8.5B 1.1%	$8.4B 1.9%	$8.2B
Equity
Common Stock	$1.0M -50.0%	$2.0M 0.0%	$2.0M 0.0%	$2.0M 0.0%	$2.0M
Additional Paid In Capital	$8.1B 0.6%	$8.0B 0.6%	$8.0B 0.3%	$8.0B 0.5%	$7.9B
Retained Earnings	$3.9B -37.3%	$6.2B 17.4%	$5.3B 15.1%	$4.6B 12.9%	$4.1B
Treasury Stock	$190.0M -94.2%	$3.3B 50.8%	$2.2B 22.7%	$1.8B 35.5%	$1.3B
Accumulated Other Comprehensive Income	$-616.0M 27.2%	$-846.0M -43.4%	$-590.0M 10.7%	$-661.0M -41.8%	$-466.0M
Noncontrolling Interest	$48.0M 14.3%	$42.0M 13.5%	$37.0M -17.8%	$45.0M 18.4%	$38.0M
Total Stockholders Equity	$11.1B 10.4%	$10.1B -3.8%	$10.5B 3.8%	$10.1B -1.0%	$10.2B
Total Liabilitiesand Equity	$22.1B 18.0%	$18.7B -1.5%	$19.0B 2.5%	$18.5B 0.3%	$18.5B

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $11.2B

Operating income $1.8B

Net income $1.2B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$11.2B 7.5%	$10.4B 7.3%	$9.7B 15.7%	$8.4B 6.9%	$7.8B
Expenses Cost of Revenue	$7.4B 4.8%	$7.0B 4.3%	$6.7B 15.6%	$5.8B 6.8%	$5.5B
Expenses Research and Development	$223.0M 8.3%	$206.0M -5.5%	$218.0M 4.3%	$209.0M 18.8%	$176.0M
Expenses Selling,General and Administrative	$1.5B 19.4%	$1.2B 9.6%	$1.1B 10.7%	$1.0B -0.1%	$1.0B
Expenses Depreciation and Amortization	$501.0M -0.4%	$503.0M -5.3%	$531.0M 10.9%	$479.0M -2.4%	$491.0M
Expenses Share Based Compensation	$80.0M 21.2%	$66.0M 40.4%	$47.0M 14.6%	$41.0M -10.9%	$46.0M
Expenses Operating Expenses	$2.0B 14.6%	$1.8B 4.7%	$1.7B 9.7%	$1.5B 2.4%	$1.5B
Other Income Expense Gross Profit	$3.8B 13.1%	$3.4B 14.3%	$2.9B 15.9%	$2.5B 7.2%	$2.4B
Other Income Expense Operating Income	$1.8B 11.4%	$1.6B 27.1%	$1.3B 25.2%	$1.0B 15.4%	$876.0M
Other Income Expense Other Income/expense	$-2.0M -200.0%	$2.0M -93.8%	$32.0M 3300.0%	$-1.0M -200.0%	$1.0M
Other Income Expense Income Before Tax	$1.6B 12.9%	$1.4B 29.1%	$1.1B 27.9%	$854.0M 15.9%	$737.0M
Income Tax Income Tax Expense	$409.0M 19.2%	$343.0M 28.5%	$267.0M 25.4%	$213.0M 23.8%	$172.0M
net Income net Income	$1.2B 10.8%	$1.1B 29.6%	$815.0M 28.8%	$633.0M 13.4%	$558.0M
net Income Comprehensive Income	$1.4B 75.0%	$800.0M -9.7%	$886.0M 102.3%	$438.0M 1.6%	$431.0M
Earnings Per Share Basic Eps	$7 13.1%	$6 33.3%	$5 31.2%	$3 16.9%	$3
Earnings Per Share Diluted Eps	$7 13.1%	$6 33.3%	$5 30.9%	$3 16.9%	$3
Earnings Per Share Weighted Average Shares Basic	$170.5M -2.1%	$174.1M -2.6%	$178.8M -1.9%	$182.2M -2.9%	$187.7M
Earnings Per Share Weighted Average Shares Diluted	$171.1M -2.1%	$174.8M -2.6%	$179.5M -1.8%	$182.8M -2.8%	$188.1M

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 5 years

Operating cash flow $1.8B

Investing cash flow $-2.7B

Financing cash flow $1.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.2B 10.8%	$1.1B 29.6%	$815.0M 28.8%	$633.0M 13.4%	$558.0M
Operating Activities Depreciation and Amortization	$501.0M -0.4%	$503.0M -5.3%	$531.0M 10.9%	$479.0M -2.4%	$491.0M
Operating Activities Stock Based Compensation	$80.0M 21.2%	$66.0M 40.4%	$47.0M 14.6%	$41.0M -10.9%	$46.0M
Operating Activities Deferred Income Taxes	$11.0M -78.4%	$51.0M 187.9%	$-58.0M -261.1%	$36.0M -59.1%	$88.0M
Operating Activities Changes In Operating Assets and Liabilities	$434.0M -5.2%	$458.0M 24.5%	$368.0M -55.8%	$832.0M 268.1%	$226.0M
Operating Activities net Cash From Operating Activities	$1.8B -4.1%	$1.8B 52.7%	$1.2B 15.7%	$1.0B -3.3%	$1.1B
Investing Activities Capital Expenditures	$260.0M 25.6%	$207.0M 11.3%	$186.0M 24.8%	$149.0M 14.6%	$130.0M
Investing Activities Business Acquisitions	$2.5B 1400.0%	$168.0M -45.5%	$308.0M 246.1%	$89.0M -79.5%	$435.0M
Investing Activities net Cash From Investing Activities	$-2.7B -700.9%	$-343.0M 30.3%	$-492.0M -109.4%	$-235.0M 56.5%	$-540.0M
Financing Activities Repurchase of Common Stock	$223.0M -79.7%	$1.1B 168.2%	$409.0M -13.5%	$473.0M 57.7%	$300.0M
Financing Activities Dividends Paid	$173.0M 23.6%	$140.0M 13.8%	$123.0M 10.8%	$111.0M 20.7%	$92.0M
Financing Activities Tax Withholding On Stock Based Compensation	$40.0M 60.0%	$25.0M 56.3%	$16.0M 128.6%	$7.0M 0.0%	$7.0M
Financing Activities Other Financing Activities	$-11.0M -466.7%	$3.0M 50.0%	$2.0M -85.7%	$14.0M 133.3%	$6.0M
Financing Activities net Cash From Financing Activities	$1.0B 175.2%	$-1.4B -116.6%	$-633.0M 10.6%	$-708.0M -8.4%	$-653.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$789.0M 10.3%	$715.0M 15.3%	$620.0M 14.6%	$541.0M 14.4%	$473.0M
Cash Reconciliation net Change In Cash	$74.0M -22.1%	$95.0M 20.3%	$79.0M 16.2%	$68.0M 154.0%	$-126.0M
Cash Reconciliation Cash At Beginning of Period	$789.0M 10.3%	$715.0M 15.3%	$620.0M 14.6%	$541.0M 14.4%	$473.0M
Cash Reconciliation Cash At End of Period	$789.0M 10.3%	$715.0M 15.3%	$620.0M 14.6%	$541.0M 14.4%	$473.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+34.1%	+32.4%	+30.4%	+30.4%	+30.3%
Operating margin	+16.1%	+15.5%	+13.1%	+12.1%	+11.2%
Net margin	+10.5%	+10.2%	+8.4%	+7.6%	+7.1%
FCF margin	+13.4%	+15.7%	+10.5%	+10.6%	+12.1%
Growth
Revenue CAGR (3y)	+10.1%	+9.9%	+8.6%	+0.7%	+21.5%
Returns
ROE	+10.5%	+10.5%	+7.8%	+6.3%	+5.5%
ROA	+5.3%	+5.6%	+4.3%	+3.4%	+3.0%
ROIC	+8.4%	+9.1%	+6.9%	+5.6%	+4.9%
Liquidity
Current ratio	1.11x	1.30x	1.20x	1.25x	1.32x
Quick ratio	0.43x	0.49x	0.44x	0.44x	0.54x
Leverage
D/E	0.98x	0.85x	0.81x	0.83x	0.81x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.51x	0.56x	0.51x	0.45x	0.42x
Cash conversion cycle	+113d	+93d	+100d	+89d	+96d

Valuation

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FY2025 fundamentals · no price

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Wabtec

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