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.
Westinghouse Air Brake Technolo (WAB) reported trailing twelve months revenue of $11.51B as of March 2026, a 9.6% increase year-over-year. Quarterly revenue reached $2.95B, reflecting continued top-line momentum.
Westinghouse Air Brake Technolo generated $1.21B in TTM net income, with quarterly EBITDA of $656.00M. The operating margin contracted from 18.2% to 17.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (17.5%) and net margin (12.3%) indicates moderate non-operating costs. Net margin has narrowed from 12.3% a year ago, reflecting increased costs or interest expense.
WAB trades at a P/E of 37.3x (a premium multiple) and a P/S of 3.9x. The price-to-book ratio of 4.1x reflects a moderate premium to book value.
The company generated $153.00M in free cash flow over the trailing twelve months, a 4.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $23.20B in total assets with $4.71B in long-term debt against $11.10B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation