Westinghouse Air Brake Technologies CorporationWAB
NYSE•Industrials•Railroads
Westinghouse Air Brake Technologies Corporation provides locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates in two segments, Freight and Transit. It offers diesel-electric and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products. The company also offers positive train control equipment; electronically controlled pneumatic braking products; railway electronics; signal design and engineering services; distributed locomotive power, and train cruise and remote controls; industrial/mobile Internet of Things hardware and software, edge-to-cloud, on and off-board analytics and rules, and asset performance management solutions; rail and shipper transportation management, and port visibility and optimization solutions; and network optimization solutions. In addition, it provides freight car trucks, braking equipment, and related components; air compressors and dryers, as well as heating, ventilation, and air conditioning (HVAC) systems; heat transfer components and systems; custom engineered burners and combustion systems; rail gear, signaling, and switch products; and turbochargers. Further, it offers freight locomotive overhauls, modernizations, and refurbishment; locomotive and car maintenance; transit locomotive and car overhaul; unit exchange of locomotive components; long-term parts arrangements; and way equipment maintenance services. Additionally, it provides railway and freight braking equipment and related components; brake shoes, discs, and pads; HVAC equipment; access and platform screen doors; pantographs; power converters and battery chargers; passenger information systems and closed-circuit television; signaling and railway electric relays; and doors, window assemblies, accessibility lifts, ramps, and electric charging solutions for buses. The company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.
as of March 2026
Are revenues and earnings expanding?
$11.51B in TTM revenue grew 9.6% YoY, reaching $2.95B last quarter. TTM EBITDA of $2.36B on operating income of $517.00M shows growth is flowing through. Net income of $1.21B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 17.5% is down 0.6% YoY — costs are rising relative to revenue. Net margin at 12.3% and gross margin of 36.0%. ROE of 10.9% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 38.2x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 4.0x and P/B of 4.2x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $23.20B in assets and $4.71B in long-term debt, the D/E of 0.4 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $153.00M on $199.00M in operating cash flow. The FCF / Net Income ratio of 0.1x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $531.00M provide financial flexibility. Share count is stable — no dilution or buyback activity.
Competitive analysis based on 63 quarters of fundamental data
Operating margins are stable at ~16.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~12.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 63 quarters
Margins are stable or improving at ~16.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 25.5% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.1% — net buybacks are reducing shares outstanding and boosting per-share value.