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Westinghouse Air Brake Technologies Corporation (WAB) 10-Year Financial Performance & Capital Metrics

WAB • • Industrial / General
IndustrialsRailroadsRail Equipment & TechnologyRail Braking & Control Systems
AboutWestinghouse Air Brake Technologies Corporation provides technology-based equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates through two segments, Freight and Transit. The Freight segment manufactures and services components for new and existing freight cars and locomotives; builds new commuter locomotives; rebuilds freight locomotives; supplies railway electronics, positive train control equipment, signal design, and engineering services; and provides related heat exchange and cooling systems. It serves publicly traded railroads; leasing companies; manufacturers of original equipment, including locomotives and freight cars; and utilities. The Transit segment manufactures and services components for new and existing passenger transit vehicles, such as regional trains, high speed trains, subway cars, light-rail vehicles, and buses; refurbishes subway cars; and provides heating, ventilation, and air conditioning equipment, as well as doors for buses and subways. This segment serves public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses. It also provides electronically controlled pneumatic braking products; railway electronics; freight car trucks; draft gears, couplers, and slack adjusters; air compressors and dryers; heat exchangers and cooling products; and track and switch products. In addition, the company offers railway braking equipment and related components; friction products; new switcher locomotives; transit locomotive and car overhaul services; and freight locomotive overhaul, modernizations, and refurbishment services. Further, it provides platform screen doors; pantographs; window assemblies; couplers; accessibility lifts and ramps for buses and subway cars; and traction motors. The company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.Show more
  • Revenue $10.39B +7.3%
  • EBITDA $2.07B +18.6%
  • Net Income $1.06B +29.6%
  • EPS (Diluted) 6.04 +33.0%
  • Gross Margin 32.41% +6.5%
  • EBITDA Margin 19.91% +10.5%
  • Operating Margin 15.49% +18.4%
  • Net Margin 10.17% +20.7%
  • ROE 10.22% +29.7%
  • ROIC 8.72% +26.6%
  • Debt/Equity 0.42 +9.4%
  • Interest Coverage 8.00 +37.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 26.4%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 15.7% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 2.6% through buybacks
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.06%
5Y4.84%
3Y9.92%
TTM4.4%

Profit (Net Income) CAGR

10Y11.62%
5Y26.42%
3Y23.69%
TTM11.43%

EPS CAGR

10Y5.25%
5Y26.84%
3Y26.84%
TTM14.48%

ROCE

10Y Avg9.35%
5Y Avg7.27%
3Y Avg8.61%
Latest10.78%

Peer Comparison

Rail Braking & Control Systems
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WABWestinghouse Air Brake Technologies Corporation39.07B228.5237.837.34%10.94%10.59%4.16%0.42

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+3.31B2.93B3.88B4.36B8.2B7.56B7.82B8.36B9.68B10.39B
Revenue Growth %0.09%-0.11%0.32%0.12%0.88%-0.08%0.04%0.07%0.16%0.07%
Cost of Goods Sold+2.26B2.01B2.82B3.13B5.92B5.42B5.45B5.82B6.73B7.02B
COGS % of Revenue0.68%0.68%0.73%0.72%0.72%0.72%0.7%0.7%0.7%0.68%
Gross Profit+1.05B924.24M1.07B1.23B2.28B2.14B2.37B2.54B2.94B3.37B
Gross Margin %0.32%0.32%0.27%0.28%0.28%0.28%0.3%0.3%0.3%0.32%
Gross Profit Growth %0.12%-0.12%0.15%0.16%0.85%-0.06%0.11%0.07%0.16%0.14%
Operating Expenses+440.25M467.63M644.2M760.5M1.61B1.39B1.49B1.53B1.68B1.76B
OpEx % of Revenue0.13%0.16%0.17%0.17%0.2%0.18%0.19%0.18%0.17%0.17%
Selling, General & Admin347.37M373.56M512.5M633.2M1.17B948M1.03B1.03B1.14B1.25B
SG&A % of Revenue0.11%0.13%0.13%0.15%0.14%0.13%0.13%0.12%0.12%0.12%
Research & Development71.21M71.38M95.17M87.45M209.9M162.1M176M209M218M206M
R&D % of Revenue0.02%0.02%0.02%0.02%0.03%0.02%0.02%0.02%0.02%0.02%
Other Operating Expenses21.66M22.7M36.5M39.8M238M282M287M291M321M303M
Operating Income+607.57M456.61M421.1M473.4M663M745M876M1.01B1.27B1.61B
Operating Margin %0.18%0.16%0.11%0.11%0.08%0.1%0.11%0.12%0.13%0.15%
Operating Income Growth %0.15%-0.25%-0.08%0.12%0.4%0.12%0.18%0.15%0.25%0.27%
EBITDA+672.3M526.4M524.3M582.7M982M1.13B1.32B1.44B1.74B2.07B
EBITDA Margin %0.2%0.18%0.14%0.13%0.12%0.15%0.17%0.17%0.18%0.2%
EBITDA Growth %0.14%-0.22%-0%0.11%0.69%0.15%0.17%0.09%0.21%0.19%
D&A (Non-Cash Add-back)64.73M69.8M103.2M109.3M319M385M441M426M477M459M
EBIT602.26M463.13M430M479.8M666M756M914M1.04B1.31B1.61B
Net Interest Income+-16.89M-50.3M-77.9M-112.2M-219M-199M-177M-186M-218M-201M
Interest Income0000000000
Interest Expense16.89M50.3M77.9M112.2M219M199M177M186M218M201M
Other Income/Expense-22.2M-43.77M-69M-105.8M-216M-188M-139M-157M-174M-199M
Pretax Income+585.37M412.84M352.1M367.6M447M557M737M854M1.09B1.41B
Pretax Margin %0.18%0.14%0.09%0.08%0.05%0.07%0.09%0.1%0.11%0.14%
Income Tax+186.74M99.43M89.8M75.9M120M145M172M213M267M343M
Effective Tax Rate %0.68%0.74%0.74%0.8%0.73%0.74%0.76%0.74%0.75%0.75%
Net Income+398.63M304.89M262.3M294.9M327M414M558M633M815M1.06B
Net Margin %0.12%0.1%0.07%0.07%0.04%0.05%0.07%0.08%0.08%0.1%
Net Income Growth %0.13%-0.24%-0.14%0.12%0.11%0.27%0.35%0.13%0.29%0.3%
Net Income (Continuing)398.63M313.4M262.3M291.7M327M412M565M641M825M1.07B
Discontinued Operations0000000000
Minority Interest1.73M770.85M19.66M3.94M37.1M30.4M38M45M37M42M
EPS (Diluted)+4.103.342.723.061.842.172.963.464.546.04
EPS Growth %0.13%-0.19%-0.19%0.13%-0.4%0.18%0.36%0.17%0.31%0.33%
EPS (Basic)4.143.372.743.071.912.182.963.474.566.05
Diluted Shares Outstanding97.01M91.14M96.1M96.5M177.3M190.4M188.1M182.8M179.5M174.8M
Basic Shares Outstanding96.07M90.36M95.5M96M170.5M189.9M187.7M182.2M178.8M174.1M
Dividend Payout Ratio0.07%0.11%0.16%0.16%0.25%0.22%0.16%0.18%0.15%0.13%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.61B2.87B2.27B4.45B4.19B3.88B3.83B4.33B4.86B4.94B
Cash & Short-Term Investments226.19M398.48M233.4M580.9M604.2M599M473M541M620M706M
Cash Only226.19M398.48M233.4M580.9M604.2M599M473M541M620M706M
Short-Term Investments0000000000
Accounts Receivable598.79M942.51M1.17B1.15B1.66B1.41B1.48B1.52B1.68B1.7B
Days Sales Outstanding66.07117.36109.7195.9374.0668.2168.9266.363.5259.81
Inventory478.57M658.51M742.63M844.89M1.77B1.64B1.69B2.03B2.28B2.31B
Days Inventory Outstanding77.29119.7696.2498.54109.28110.6113.05127.52123.82120.3
Other Current Assets236.47M868.13M122.29M1.88B150.9M227M193M233M267M221M
Total Non-Current Assets+1.69B3.71B4.31B4.2B14.69B14.57B14.62B14.19B14.13B13.76B
Property, Plant & Equipment353.19M518.38M573.97M563.74M1.66B1.6B1.5B1.43B1.49B1.45B
Fixed Asset Turnover9.37x5.65x6.76x7.74x4.95x4.72x5.23x5.85x6.52x7.18x
Goodwill858.53M2.08B2.46B2.4B8.36B8.49B8.59B8.51B8.78B8.71B
Intangible Assets440.55M1.05B1.2B1.13B4.1B3.87B3.71B3.4B3.21B2.93B
Long-Term Investments000000000209M
Other Non-Current Assets37.23M62.39M76.36M109.4M631.7M619M833M850M663M459M
Total Assets+3.3B6.58B6.58B8.65B18.89B18.45B18.45B18.52B18.99B18.7B
Asset Turnover1.00x0.45x0.59x0.50x0.43x0.41x0.42x0.45x0.51x0.56x
Asset Growth %-0%0.99%-0%0.31%1.18%-0.02%-0%0%0.03%-0.02%
Total Current Liabilities+664.78M1.45B1.57B1.65B3.26B3.23B2.91B3.47B4.06B3.79B
Accounts Payable319.52M530.21M552.52M589.4M1.16B909.4M1.01B1.3B1.25B1.3B
Days Payables Outstanding51.696.4371.6168.7471.3461.2567.7481.5667.7667.58
Short-Term Debt433K129.81M47.23M64.1M95.7M447M2M251M781M500M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities70.39M145.32M164.21M173.2M343.8M242M335M300M341M362M
Current Ratio2.43x1.98x1.44x2.70x1.29x1.20x1.32x1.25x1.20x1.30x
Quick Ratio1.71x1.53x0.97x2.19x0.74x0.69x0.74x0.66x0.63x0.69x
Cash Conversion Cycle91.75140.7134.35125.72112.01117.55114.24112.26119.57112.52
Total Non-Current Liabilities+934.22M2.16B2.18B4.13B5.69B5.08B5.3B4.9B4.41B4.78B
Long-Term Debt695.29M1.76B1.82B3.79B4.33B3.79B4.06B3.75B3.29B3.48B
Capital Lease Obligations000000000245M
Deferred Tax Liabilities139.85M245.68M175.9M198.27M145.3M168.4M288M326M318M376M
Other Non-Current Liabilities99.07M148.91M178.91M142.4M1.21B1.11B961M825M802M287M
Total Liabilities1.6B3.6B3.75B5.78B8.95B8.3B8.21B8.37B8.46B8.57B
Total Debt+692.24M1.89B1.87B3.86B4.43B4.24B4.06B4B4.07B4.29B
Net Debt466.05M1.49B1.64B3.28B3.83B3.64B3.58B3.46B3.45B3.58B
Debt / Equity0.41x0.64x0.66x1.34x0.44x0.42x0.40x0.39x0.39x0.42x
Debt / EBITDA1.03x3.60x3.57x6.62x4.51x3.75x3.08x2.78x2.33x2.07x
Net Debt / EBITDA0.69x2.84x3.12x5.62x3.90x3.22x2.72x2.41x1.98x1.73x
Interest Coverage35.98x9.08x5.41x4.22x3.03x3.74x4.95x5.44x5.81x8.00x
Total Equity+1.7B2.98B2.83B2.87B9.99B10.15B10.24B10.15B10.52B10.13B
Equity Growth %-0.06%0.75%-0.05%0.01%2.48%0.02%0.01%-0.01%0.04%-0.04%
Book Value per Share17.5432.6629.4329.7356.3753.3254.4355.5158.6357.97
Total Shareholders' Equity1.7B2.21B2.81B2.87B9.96B10.12B10.2B10.1B10.49B10.09B
Common Stock1.32M1.32M1.32M1.32M2M2M2M2M2M2M
Retained Earnings2.28B2.55B2.77B3.02B3.27B3.59B4.05B4.58B5.27B6.18B
Treasury Stock-775.12M-838.95M-827.38M-816.14M-807.1M-1.01B-1.31B-1.77B-2.17B-3.27B
Accumulated OCI-276.72M-379.61M-44.99M-256.58M-382.6M-339.1M-466M-661M-590M-846M
Minority Interest1.73M770.85M19.66M3.94M37.1M30.4M38M45M37M42M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+448.26M449.31M188.81M314.67M1.02B783.7M1.07B1.04B1.2B1.83B
Operating CF Margin %0.14%0.15%0.05%0.07%0.12%0.1%0.14%0.12%0.12%0.18%
Operating CF Growth %-0.05%0%-0.58%0.67%2.23%-0.23%0.37%-0.03%0.16%0.53%
Net Income398.63M313.4M262.29M291.7M326.5M412.3M565M641M825M1.07B
Depreciation & Amortization64.73M69.8M103.25M109.3M319.2M385.1M441M426M477M459M
Stock-Based Compensation26.02M20.81M21.29M25.32M50M20M46M41M47M66M
Deferred Taxes4.98M-10.23M-67.42M-5.3M-27.3M29.4M88M36M-58M51M
Other Non-Cash Items-2M-991K1.91M898K15.9M-29.4M-4M3M7M4M
Working Capital Changes-44.1M56.51M-132.5M-107.24M331.2M-33.2M-63M-109M-97M187M
Change in Receivables21.5M19.73M-68.68M-54.61M-6.3M315M-76M-52M-195M-34M
Change in Inventory20.15M45.34M-8.96M-108.88M255.9M180.8M-41M-368M-58M-117M
Change in Payables-76.65M-18.93M-91.72M48.76M-144.3M-269M109M306M-58M70M
Cash from Investing+-380.14M-775.07M-1.03B-147.29M-3.18B-155.4M-540M-235M-492M-343M
Capital Expenditures-49.43M-50.22M-89.47M-93.31M-185.3M-136.4M-130M-149M-186M-207M
CapEx % of Revenue0.01%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Acquisitions----------
Investments----------
Other Investing-201.16M-541.74M1.29M-2.83M3.9M21.3M25M3M2M13M
Cash from Financing+-248.91M524.19M-97.43M1.98B461.5M-619M-653M-708M-633M-1.37B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-26.96M-32.43M-42.22M-46.28M-81.7M-92.5M-92M-111M-123M-140M
Share Repurchases----------
Other Financing-8.88M-6.66M4.4M-2.3M-15.6M-120M-100M-87M-143M-70M
Net Change in Cash----------
Free Cash Flow+398.83M399.09M99.34M221.37M830.2M647.3M943M889M1.01B1.63B
FCF Margin %0.12%0.14%0.03%0.05%0.1%0.09%0.12%0.11%0.1%0.16%
FCF Growth %-0.06%0%-0.75%1.23%2.75%-0.22%0.46%-0.06%0.14%0.6%
FCF per Share4.114.381.032.294.683.405.014.865.659.31
FCF Conversion (FCF/Net Income)1.12x1.47x0.72x1.07x3.11x1.89x1.92x1.64x1.47x1.74x
Interest Paid000000164M179M210M181M
Taxes Paid000000123M157M233M237M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)22.72%13.03%9.04%10.35%5.08%4.11%5.47%6.21%7.89%10.22%
Return on Invested Capital (ROIC)22.39%10.32%7.07%6.69%4.98%4.05%4.76%5.53%6.89%8.72%
Gross Margin31.68%31.53%27.44%28.28%27.78%28.28%30.29%30.38%30.42%32.41%
Net Margin12.05%10.4%6.76%6.76%3.99%5.48%7.13%7.57%8.42%10.17%
Debt / Equity0.41x0.64x0.66x1.34x0.44x0.42x0.40x0.39x0.39x0.42x
Interest Coverage35.98x9.08x5.41x4.22x3.03x3.74x4.95x5.44x5.81x8.00x
FCF Conversion1.12x1.47x0.72x1.07x3.11x1.89x1.92x1.64x1.47x1.74x
Revenue Growth8.66%-11.39%32.43%12.41%87.92%-7.85%3.52%6.9%15.73%7.34%

Revenue by Segment

2015201620172018201920202021202220232024
Freight----5.5B5.13B5.29B6.06B7.02B7.47B
Freight Growth------6.73%3.04%14.68%15.82%6.35%
Transit189.58M276.12M1.11B1.11B2.78B2.51B2.62B2.38B2.76B2.92B
Transit Growth-45.65%302.84%-0.07%150.28%-9.77%4.21%-8.98%15.75%5.91%

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES1.75B1.36B1.32B1.46B3.38B3.16B3.32B3.73B4.55B4.92B
UNITED STATES Growth--22.38%-2.82%10.31%131.53%-6.52%5.07%12.44%21.93%8.15%
CANADA204.67M206.26M279.01M278.98M733.3M372.4M462M454M531M616M
CANADA Growth-0.77%35.27%-0.01%162.85%-49.22%24.06%-1.73%16.96%16.01%
Other Europe-----405.1M427M385M520M612M
Other Europe Growth------5.41%-9.84%35.06%17.69%
INDIA--137.84M178.49M504.2M441.1M531M531M593M579M
INDIA Growth---29.49%182.48%-12.51%20.38%0.00%11.68%-2.36%
Kazakhstan, Russia and CIS-----312.5M412M399M457M559M
Kazakhstan, Russia and CIS Growth------31.84%-3.16%14.54%22.32%
Australia and New Zealand86.81M82.1M136.13M173.54M-366.2M386M465M451M481M
Australia and New Zealand Growth--5.43%65.81%27.48%--5.41%20.47%-3.01%6.65%
South America-----217.1M301M336M346M445M
South America Growth------38.65%11.63%2.98%28.61%
GERMANY92.42M98.36M208.82M314.7M340M350.5M383M339M347M371M
GERMANY Growth-6.43%112.29%50.71%8.04%3.09%9.27%-11.49%2.36%6.92%
FRANCE45.56M66.29M237.45M247.8M296.4M251.8M286M273M346M369M
FRANCE Growth-45.48%258.22%4.36%19.61%-15.05%13.58%-4.55%26.74%6.65%
UNITED KINGDOM368.5M322.56M356.49M395.77M376.2M314M300M213M248M296M
UNITED KINGDOM Growth--12.47%10.52%11.02%-4.94%-16.53%-4.46%-29.00%16.43%19.35%
MEXICO190.03M183.58M160.03M200.64M356.6M187.3M220M287M347M275M
MEXICO Growth--3.39%-12.83%25.38%77.73%-47.48%17.46%30.45%20.91%-20.75%
Other Asia and Middle East-----198.9M177M183M240M258M
Other Asia and Middle East Growth-------11.01%3.39%31.15%7.50%
CHINA100.59M106.36M178.14M170.3M290.4M225M228M244M286M242M
CHINA Growth-5.74%67.49%-4.40%70.53%-22.52%1.33%7.02%17.21%-15.38%
ITALY38.16M45.77M142.04M189.84M294.3M172.3M196M163M183M166M
ITALY Growth-19.93%210.32%33.65%55.03%-41.45%13.76%-16.84%12.27%-9.29%
Other Africa-----138.4M72M119M109M166M
Other Africa Growth-------47.98%65.28%-8.40%52.29%
EGYPT-----359.8M32M164M120M28M
EGYPT Growth-------91.11%412.50%-26.83%-76.67%
SWITZERLAND-----83M88M73M--
SWITZERLAND Growth------6.02%-17.05%--
BRAZIL84.59M51.49M69.38M67.57M------
BRAZIL Growth--39.13%34.73%-2.60%------
NETHERLANDS25.87M25.45M--------
NETHERLANDS Growth--1.61%--------

Frequently Asked Questions

Valuation & Price

Westinghouse Air Brake Technologies Corporation (WAB) has a price-to-earnings (P/E) ratio of 37.8x. This suggests investors expect higher future growth.

Growth & Financials

Westinghouse Air Brake Technologies Corporation (WAB) reported $10.79B in revenue for fiscal year 2024. This represents a 448% increase from $1.97B in 2011.

Westinghouse Air Brake Technologies Corporation (WAB) grew revenue by 7.3% over the past year. This is steady growth.

Yes, Westinghouse Air Brake Technologies Corporation (WAB) is profitable, generating $1.18B in net income for fiscal year 2024 (10.2% net margin).

Dividend & Returns

Yes, Westinghouse Air Brake Technologies Corporation (WAB) pays a dividend with a yield of 0.35%. This makes it attractive for income-focused investors.

Westinghouse Air Brake Technologies Corporation (WAB) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

Westinghouse Air Brake Technologies Corporation (WAB) generated $1.41B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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