Westinghouse Air Brake Technologies Corporation (WAB) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Railroads
EV/EBITDA
↑
21.61
↑+33% vs avg
5yr avg: 16.21
30Y Low6.5·High18.0
P/FCF
↑
31.00
↑+46% vs avg
5yr avg: 21.21
30Y Low5.1·High117.9
P/B Ratio
↑
4.19
↑+72% vs avg
5yr avg: 2.44
30Y Low1.4·High4.7
ROE
↑
11.0%
↓+35% vs avg
5yr avg: 8.2%
30Y Low-20%·High49%
Debt/EBITDA
↓
2.34
↓-6% vs avg
5yr avg: 2.49
30Y Low0.7·High6.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WAB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Westinghouse Air Brake Technologies Corporation trades at 40.1x earnings, 33% above its 5-year average of 30.1x, sitting at the 97th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a premium of 57%. On a free-cash-flow basis, the stock trades at 31.0x P/FCF, 46% above the 5-year average of 21.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $46.5B | $36.5B | $33.1B | $22.8B | $18.2B | $17.3B | $13.9B | $13.8B | $6.8B | $7.8B | $7.6B |
| Enterprise Value | $51.2B | $41.3B | $36.4B | $26.2B | $21.7B | $20.9B | $17.6B | $17.6B | $10.1B | $9.5B | $9.1B |
| P/E Ratio → | 40.09 | 31.25 | 31.39 | 27.95 | 28.85 | 31.12 | 33.73 | 42.28 | 22.96 | 29.94 | 24.86 |
| P/S Ratio | 4.16 | 3.27 | 3.19 | 2.35 | 2.18 | 2.22 | 1.84 | 1.68 | 1.55 | 2.02 | 2.58 |
| P/B Ratio | 4.19 | 3.26 | 3.27 | 2.16 | 1.80 | 1.69 | 1.37 | 1.38 | 2.36 | 2.77 | 2.54 |
| P/FCF | 31.00 | 24.36 | 20.37 | 22.44 | 20.52 | 18.37 | 21.53 | 16.62 | 30.62 | 78.77 | 18.96 |
| P/OCF | 26.41 | 20.76 | 18.07 | 18.97 | 17.58 | 16.15 | 17.78 | 13.58 | 21.54 | 41.45 | 16.84 |
P/E links to full P/E history page with 30-year chart
WAB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Westinghouse Air Brake Technologies Corporation's enterprise value stands at 21.6x EBITDA, 33% above its 5-year average of 16.2x. The Industrials sector median is 13.8x, placing the stock at a 56% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.70 | 3.51 | 2.71 | 2.60 | 2.67 | 2.33 | 2.15 | 2.30 | 2.44 | 3.09 |
| EV / EBITDA | 21.61 | 17.41 | 17.61 | 15.05 | 15.11 | 15.88 | 15.56 | 17.94 | 17.26 | 18.05 | 17.21 |
| EV / EBIT | 27.40 | 22.08 | 22.60 | 20.02 | 20.87 | 22.88 | 23.25 | 26.46 | 20.96 | 22.01 | 19.56 |
| EV / FCF | — | 27.53 | 22.38 | 25.84 | 24.42 | 22.17 | 27.15 | 21.22 | 45.42 | 95.25 | 22.70 |
WAB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Westinghouse Air Brake Technologies Corporation earns an operating margin of 16.7%, above the Industrials sector average of 4.3%. Operating margins have expanded from 13.1% to 16.7% over the past 3 years, signaling improving operational efficiency. ROE of 11.0% is modest. ROIC of 9.6% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.5% | 31.5% | 32.4% | 30.4% | 30.4% | 30.3% | 28.3% | 27.8% | 28.3% | 27.4% | 31.5% |
| Operating Margin | 16.7% | 16.7% | 15.5% | 13.1% | 12.1% | 11.2% | 9.9% | 8.1% | 10.8% | 10.8% | 15.6% |
| Net Profit Margin | 10.5% | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% | 5.5% | 4.0% | 6.8% | 6.8% | 10.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 10.2% | 7.9% | 6.2% | 5.5% | 4.1% | 5.1% | 10.4% | 9.0% | 13.0% |
| ROA | 5.7% | 5.7% | 5.6% | 4.3% | 3.4% | 3.0% | 2.2% | 2.4% | 3.9% | 4.0% | 6.2% |
| ROIC | 9.6% | 9.6% | 8.8% | 6.9% | 5.5% | 4.8% | 4.0% | 5.0% | 6.7% | 7.1% | 10.3% |
| ROCE | 11.7% | 11.7% | 10.8% | 8.4% | 6.6% | 5.7% | 4.8% | 5.9% | 7.9% | 8.3% | 11.8% |
WAB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Westinghouse Air Brake Technologies Corporation carries a Debt/EBITDA ratio of 2.3x, which is manageable (28% below the sector average of 3.2x). Net debt stands at $4.8B ($5.5B total debt minus $789M cash). Interest coverage of 8.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.39 | 0.39 | 0.39 | 0.40 | 0.42 | 0.44 | 1.34 | 0.66 | 0.64 |
| Debt / EBITDA | 2.34 | 2.34 | 1.92 | 2.33 | 2.78 | 3.08 | 3.75 | 4.51 | 6.62 | 3.57 | 3.60 |
| Net Debt / Equity | — | 0.42 | 0.32 | 0.33 | 0.34 | 0.35 | 0.36 | 0.38 | 1.14 | 0.58 | 0.50 |
| Net Debt / EBITDA | 2.01 | 2.01 | 1.58 | 1.98 | 2.41 | 2.72 | 3.22 | 3.90 | 5.62 | 3.12 | 2.84 |
| Debt / FCF | — | 3.17 | 2.01 | 3.40 | 3.89 | 3.80 | 5.62 | 4.61 | 14.80 | 16.48 | 3.74 |
| Interest Coverage | 8.31 | 8.31 | 8.01 | 6.01 | 5.59 | 5.16 | 3.80 | 3.04 | 4.28 | 5.52 | 9.21 |
WAB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.11x means Westinghouse Air Brake Technologies Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.57x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.20x to 1.11x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.30 | 1.20 | 1.25 | 1.32 | 1.20 | 1.29 | 2.70 | 1.44 | 1.98 |
| Quick Ratio | 0.57 | 0.57 | 0.69 | 0.63 | 0.66 | 0.74 | 0.69 | 0.74 | 2.19 | 0.97 | 1.53 |
| Cash Ratio | 0.15 | 0.15 | 0.19 | 0.15 | 0.16 | 0.16 | 0.19 | 0.19 | 0.35 | 0.15 | 0.28 |
| Asset Turnover | — | 0.51 | 0.56 | 0.51 | 0.45 | 0.42 | 0.41 | 0.43 | 0.50 | 0.59 | 0.45 |
| Inventory Turnover | 2.79 | 2.79 | 3.03 | 2.95 | 2.86 | 3.23 | 3.30 | 3.34 | 3.70 | 3.79 | 3.05 |
| Days Sales Outstanding | — | 62.00 | 59.81 | 63.52 | 66.30 | 68.92 | 68.21 | 74.06 | 95.93 | 109.71 | 117.36 |
WAB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Westinghouse Air Brake Technologies Corporation returns 0.8% to shareholders annually — split between a 0.4% dividend yield and 0.5% buyback yield. The payout ratio of 14.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.5% | 0.4% | 0.5% | 0.6% | 0.5% | 0.7% | 0.6% | 0.7% | 0.5% | 0.4% |
| Payout Ratio | 14.8% | 14.8% | 13.3% | 15.1% | 17.5% | 16.5% | 22.3% | 25.0% | 15.7% | 16.1% | 10.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.2% | 3.2% | 3.6% | 3.5% | 3.2% | 3.0% | 2.4% | 4.4% | 3.3% | 4.0% |
| FCF Yield | 3.2% | 4.1% | 4.9% | 4.5% | 4.9% | 5.4% | 4.6% | 6.0% | 3.3% | 1.3% | 5.3% |
| Buyback Yield | 0.5% | 0.6% | 3.3% | 1.8% | 2.6% | 1.7% | 1.5% | 0.0% | 0.0% | 0.1% | 2.8% |
| Total Shareholder Yield | 0.8% | 1.1% | 3.7% | 2.3% | 3.2% | 2.3% | 2.1% | 0.6% | 0.7% | 0.6% | 3.2% |
| Shares Outstanding | — | $171M | $175M | $180M | $183M | $188M | $190M | $177M | $97M | $96M | $91M |
Peer Comparison
Compare WAB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WABYou | $46B | 40.1 | 21.6 | 31.0 | 31.5% | 16.7% | 11.0% | 9.6% | 2.3 |
 TT | $107B | 37.2 | 26.0 | 38.1 | 36.2% | 18.6% | 36.3% | 26.2% | 1.1 |
 ITT | $18B | 32.2 | 20.3 | 32.1 | 35.4% | 17.4% | 14.2% | 16.1% | 1.1 |
 RXO | $4B | -43.0 | 46.1 | — | 17.7% | -0.1% | -6.3% | -0.2% | 7.9 |
 GNSS | $74M | -4.1 | — | — | 41.6% | -41.2% | -183.6% | -56.7% | — |
 ALSN | $10B | 16.2 | 10.3 | 15.3 | 48.4% | 32.3% | 35.4% | 22.2% | 2.7 |
 TRN | $3B | 11.3 | 12.0 | — | 26.6% | 16.6% | 20.6% | 4.1% | 8.2 |
 GBX | $2B | 7.8 | 6.6 | — | 18.6% | 10.4% | 12.3% | 7.6% | 4.0 |
 HON | $145B | 31.1 | 21.0 | 26.9 | 36.9% | 17.5% | 27.3% | 12.6% | 4.3 |
 EMR | $84B | 37.3 | 19.1 | 31.6 | 52.8% | 19.6% | 9.6% | 8.2% | 2.7 |
 CARR | $60B | 42.2 | 23.0 | 35.4 | 25.9% | 9.9% | 10.5% | 6.7% | 4.1 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into WAB consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
WAB — Frequently Asked Questions
Quick answers to the most common questions about buying WAB stock.
What is Westinghouse Air Brake Technologies Corporation's P/E ratio?
Westinghouse Air Brake Technologies Corporation's current P/E ratio is 40.1x. The historical average is 23.1x. This places it at the 97th percentile of its historical range.
What is Westinghouse Air Brake Technologies Corporation's EV/EBITDA?
Westinghouse Air Brake Technologies Corporation's current EV/EBITDA is 21.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
What is Westinghouse Air Brake Technologies Corporation's ROE?
Westinghouse Air Brake Technologies Corporation's return on equity (ROE) is 11.0%. The historical average is 14.3%.
Is WAB stock overvalued?
Based on historical data, Westinghouse Air Brake Technologies Corporation is trading at a P/E of 40.1x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Westinghouse Air Brake Technologies Corporation's dividend yield?
Westinghouse Air Brake Technologies Corporation's current dividend yield is 0.37% with a payout ratio of 14.8%.
What are Westinghouse Air Brake Technologies Corporation's profit margins?
Westinghouse Air Brake Technologies Corporation has 31.5% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Westinghouse Air Brake Technologies Corporation have?
Westinghouse Air Brake Technologies Corporation's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.