Latest Ratios: P/E Ratio 2.8x · EV/EBITDA 2.6x · ROE 75.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $571M | $361M | $760M | $1.2B | $1.1B | $1.0B | $912M | $812M | $764M | $1.4B | $1.0B |
| Enterprise Value | $982M | $772M | $1.1B | $1.5B | $1.5B | $1.4B | $1.2B | $1.1B | $1.1B | $1.7B | $1.1B |
| P/E Ratio → | 2.77 | 1.71 | — | 5.33 | 10.04 | 863.72 | — | 9.07 | 10.99 | 12.19 | 8.69 |
| P/S Ratio | 0.37 | 0.23 | 0.39 | 0.49 | 0.45 | 0.56 | 0.62 | 0.35 | 0.34 | 0.77 | 0.56 |
| P/B Ratio | 1.59 | 0.98 | 4.00 | 2.24 | 2.83 | 3.09 | 2.25 | 1.56 | 1.61 | 2.68 | 2.20 |
| P/FCF | — | — | 16.85 | 5.56 | 16.83 | — | 8.77 | 7.48 | 9.74 | 11.48 | 6.57 |
| P/OCF | 48.95 | 30.95 | 6.48 | 3.85 | 9.09 | — | 7.35 | 5.55 | 6.80 | 9.41 | 5.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.50 | 0.55 | 0.58 | 0.59 | 0.76 | 0.78 | 0.49 | 0.50 | 0.97 | 0.60 |
| EV / EBITDA | 2.59 | 2.03 | — | 4.14 | 6.97 | 16.69 | — | 6.17 | 7.50 | 10.36 | 4.66 |
| EV / EBIT | 3.06 | 2.54 | — | 4.71 | 8.89 | 56.33 | — | 8.00 | 9.12 | 12.37 | 5.54 |
| EV / FCF | — | — | 23.91 | 6.68 | 22.21 | — | 11.10 | 10.51 | 14.50 | 14.52 | 7.04 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 3.8% | 3.8% | 13.6% | 19.6% | 12.9% | 10.9% | 10.8% | 13.2% | 12.5% | 14.8% | 17.6% |
| Operating Margin | 20.8% | 20.8% | -18.3% | 12.3% | 6.7% | 1.9% | -5.8% | 6.2% | 4.9% | 7.4% | 11.0% |
| Net Profit Margin | 13.7% | 13.7% | -14.6% | 9.1% | 4.5% | 0.1% | -6.6% | 3.9% | 3.1% | 6.3% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 75.7% | 75.7% | -76.8% | 48.8% | 31.0% | 0.3% | -21.0% | 18.0% | 14.2% | 22.8% | 26.2% |
| ROA | 16.4% | 16.4% | -20.5% | 18.0% | 9.6% | 0.1% | -7.8% | 6.9% | 5.2% | 9.9% | 12.9% |
| ROIC | 37.4% | 37.4% | -40.9% | 30.0% | 17.2% | 3.8% | -8.6% | 12.6% | 9.7% | 13.9% | 27.0% |
| ROCE | 32.6% | 32.6% | -33.7% | 33.4% | 19.7% | 3.8% | -8.6% | 13.7% | 10.6% | 14.5% | 27.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 2.28 | 0.78 | 1.05 | 1.35 | 1.13 | 0.90 | 1.07 | 1.09 | 0.50 |
| Debt / EBITDA | 1.17 | 1.17 | — | 1.20 | 1.96 | 5.34 | — | 2.54 | 3.34 | 3.32 | 0.99 |
| Net Debt / Equity | — | 1.12 | 1.68 | 0.45 | 0.91 | 1.13 | 0.60 | 0.63 | 0.79 | 0.71 | 0.16 |
| Net Debt / EBITDA | 1.08 | 1.08 | — | 0.70 | 1.69 | 4.47 | — | 1.78 | 2.46 | 2.17 | 0.31 |
| Debt / FCF | — | — | 7.06 | 1.13 | 5.38 | — | 2.32 | 3.04 | 4.76 | 3.04 | 0.47 |
| Interest Coverage | 14.28 | 14.28 | -17.98 | 15.84 | 8.15 | 1.06 | -3.51 | 5.22 | 4.34 | 8.47 | 12.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.93 | 1.93 | 1.71 | 1.83 | 2.31 | 2.09 | 2.02 | 2.03 | 2.89 |
| Quick Ratio | 0.79 | 0.79 | 1.09 | 1.17 | 1.00 | 1.01 | 1.62 | 1.37 | 1.34 | 1.39 | 2.05 |
| Cash Ratio | 0.11 | 0.11 | 0.37 | 0.51 | 0.17 | 0.25 | 0.92 | 0.54 | 0.49 | 0.68 | 0.98 |
| Asset Turnover | — | 1.32 | 1.38 | 1.86 | 2.08 | 1.60 | 1.26 | 1.78 | 1.74 | 1.31 | 2.05 |
| Inventory Turnover | 8.19 | 8.19 | 6.50 | 7.62 | 8.94 | 6.76 | 8.07 | 10.77 | 10.76 | 8.33 | 10.86 |
| Days Sales Outstanding | — | 31.13 | 28.91 | 28.04 | 37.63 | 37.83 | 29.40 | 27.19 | 29.15 | 30.33 | 30.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.4% | 3.8% | 1.9% | 1.3% | 1.4% | 1.6% | 1.9% | 2.2% | 2.3% | 1.1% | — |
| Payout Ratio | 6.5% | 6.5% | — | 6.9% | 14.3% | 1411.9% | — | 19.9% | 25.6% | 13.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 36.1% | 58.6% | — | 18.8% | 10.0% | 0.1% | — | 11.0% | 9.1% | 8.2% | 11.5% |
| FCF Yield | — | — | 5.9% | 18.0% | 5.9% | — | 11.4% | 13.4% | 10.3% | 8.7% | 15.2% |
| Buyback Yield | 5.9% | 9.4% | 9.3% | 6.2% | 3.0% | 6.6% | 2.1% | 4.2% | 7.6% | 5.5% | 7.6% |
| Total Shareholder Yield | 8.3% | 13.2% | 11.3% | 7.5% | 4.5% | 8.3% | 4.0% | 6.3% | 10.0% | 6.6% | 7.6% |
| Shares Outstanding | — | $42M | $44M | $48M | $50M | $52M | $53M | $55M | $58M | $63M | $66M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WNC stock.
Wabash National Corporation's current P/E ratio is 2.8x. The historical average is 19.6x. This places it at the 5th percentile of its historical range.
Wabash National Corporation's current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Wabash National Corporation's return on equity (ROE) is 75.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -5.7%.
Based on historical data, Wabash National Corporation is trading at a P/E of 2.8x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wabash National Corporation's current dividend yield is 2.35% with a payout ratio of 6.5%.
Wabash National Corporation has 3.8% gross margin and 20.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wabash National Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Sustained losses erode equity base
Metrics are mathematically derived from official filings.
Deep Value Trap or Cyclical Bottom?
Wabash National trades at a P/E of 2.80 and EV/EBITDA of 2.60, multiples that appear extremely cheap but are distorted by the company's recent string of significant losses, suggesting the market is pricing in a severe cyclical trough or permanent impairment.
The current valuation multiples are not reflective of a healthy business but rather a company in deep distress. The P/E ratio is artificially low due to negative earnings in recent quarters, and the EV/EBITDA multiple is similarly depressed by negative or minimal EBITDA. This pricing implies the market expects continued operational weakness and does not view the current earnings power as sustainable. Investors should compare this to the peer group, where profitable companies like Thermon Group trade at much higher multiples, highlighting the significant risk premium applied to Wabash.
Margin Collapse Signals Structural Weakness
Wabash National's operating margin has swung from a positive 15.1% in 2025Q3 to a negative -17.3% in 2026Q1, a catastrophic deterioration that indicates the company's cost structure is fundamentally misaligned with its current, severely contracted revenue base.
The gross margin has turned negative in two of the last three quarters, a clear sign that pricing power has evaporated and the company is not covering its direct costs of production. This operational leverage is working in reverse, as fixed overhead costs, which have remained relatively stable, are now overwhelming a much smaller revenue pool. The net margin's deep negative readings confirm that losses are not driven by one-time items but by a core business that is currently unprofitable at its existing scale.
Capital Destruction Erodes Equity Foundation
Return on Invested Capital (ROIC) has been negative for six of the last ten quarters, hitting -4.9% in 2026Q1, which indicates the company is destroying value with each dollar of capital deployed and is failing to generate returns above its cost of capital.
The trend in ROIC and ROE is one of severe decay, moving from a peak of 36.7% ROIC in 2025Q1 to consistent negative territory. This is not a cyclical dip but a sustained period of capital destruction, driven by the collapse in operating margins. The negative returns suggest that the company's asset base is not generating sufficient profits to cover its financing costs, leading to the rapid erosion of shareholder equity observed in the balance sheet data.
Leverage Rises as Equity Cushion Evaporates
The debt-to-equity ratio has surged to 1.75 in 2026Q2 from 0.78 in 2024Q2, a rapid increase driven by shrinking equity from sustained losses rather than strategic debt issuance, which significantly heightens financial risk and covenant pressure.
The leverage increase is a symptom of the company's operational distress, not a strategic choice. With interest coverage deeply negative at -3.70 in 2026Q2, the company is not generating sufficient earnings to service its debt, making the rising debt load increasingly precarious. This trajectory suggests that future financing may become more expensive or restrictive, and the shrinking equity base leaves minimal room for error or further operational setbacks.
Liquidity Buffer Narrows Amidst Cash Burn
The current ratio has declined to 1.31 in 2026Q2 from a peak of 1.99 in 2024Q2, and the quick ratio is below 1.0, indicating that the company's liquidity position is tightening and may be insufficient to absorb ongoing operational cash burn without external financing.
The declining current and quick ratios signal a reduction in the company's short-term financial flexibility. The quick ratio falling below 1.0 is particularly concerning, as it suggests the company may struggle to meet immediate obligations without relying on inventory sales, which are themselves becoming less liquid as days inventory outstanding has recently improved but remains elevated. This tightening liquidity, combined with negative free cash flow, increases the risk of a liquidity crunch if operational performance does not improve.
The Misleading Signal of Low P/E
The most commonly misapplied ratio for Wabash National is the P/E ratio, which at 2.80 appears to signal extreme value but actually obscures the company's fundamental unprofitability and the severe risk of continued equity erosion from operating losses.
A low P/E ratio is typically interpreted as a value opportunity, but for a company like Wabash National currently generating negative earnings, the metric is meaningless and misleading. It does not reflect future earning power but rather a mathematical artifact of recent losses. A more appropriate metric for analysis would be the price-to-sales ratio (0.37), which at least provides a valuation anchor relative to the company's revenue base, though even this must be viewed in the context of negative margins and the potential for further revenue contraction.