Westinghouse Air Brake Technologies Corporation (WAB) Stock Price & Analysis
Westinghouse Air Brake Technologies Corporation (WAB) closed at USD 276.47 on Thursday, October 22, 2026, down 4.32% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 288.96; the Oct 22, 2026 session ranged USD 272.43–287.22 on volume of 2,025,043 shares. Market capitalization is $46.70B, with a 52-week range of USD 193.86–306.64 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:12 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WAB.md
Latest Earnings Results (WAB)
Westinghouse Air Brake Technologies Corporation (WAB) reported Q3 2026 results on Oct 21, 2026, 7:08:59 AM ET: adjusted EPS $2.83 vs. estimate $2.73 (beat), revenue $3.12B vs. estimate $3.20B (miss). Guidance: Wabtec raised and tightened its 2026 adjusted EPS guidance range to $10.85 - $11.05. Source: SEC 8-K filing. Nexqual published it 38 seconds after release. Read the SEC filing.
| Fiscal period | EPS (reported) | Revenue | Released | Source |
|---|---|---|---|---|
| Q3 2026 | $2.83 (adjusted (non-GAAP) diluted) | $3.12B | Oct 21, 2026, 7:08:59 AM ET · on Nexqual +38 seconds | SEC 8-K filing |
Reported actuals captured by Nexqual from SEC 8-K filings and company press releases; each figure confirmed by two independent extraction methods.
Key facts (WAB)
- Last four reported quarters (through Sep 30, 2026): revenue $12.2B, net income $1.37B (11.2% margin), free cash flow $1.78B (SEC filings).
- Valuation: P/E 34.1x (avg 30.2x at the last 3 fiscal year-ends), EV/EBITDA 19.8x, net debt $5.89B.
- 2 of 80 tracked superinvestors hold WAB (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $26.5M; 7 not under a Rule 10b5-1 plan ($6.1M); 10 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (12 analysts), mean target USD 332.08 (range 292–355).
- Total return with dividends: 1Y +41.0% vs S&P 500 +14.9%; 5Y +207.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.68, revenue estimate $3.23B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WAB)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.82B | $8.36B | $9.68B | $10.4B | $11.2B | $12.2B |
| Gross profit | $2.37B | $2.54B | $2.94B | $3.37B | $3.81B | — |
| Operating income | $876M | $1.01B | $1.27B | $1.61B | $1.79B | $2.10B |
| Net income | $558M | $633M | $815M | $1.06B | $1.17B | $1.37B |
| EPS (diluted) | $2.96 | $3.46 | $4.53 | $6.04 | $6.83 | — |
| Free cash flow | $943M | $889M | $1.01B | $1.63B | $1.50B | $1.78B |
| Gross margin | 30.3% | 30.4% | 30.4% | 32.4% | 34.1% | — |
| Operating margin | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% | 17.2% |
| Net margin | 7.1% | 7.6% | 8.4% | 10.2% | 10.5% | 11.2% |
| Revenue growth | +3.5% | +6.9% | +15.7% | +7.3% | +7.5% | — |
| Cash + short-term investments | $473M | $541M | $620M | $715M | $789M | — |
| Total debt | $4.06B | $4.00B | $4.07B | $3.98B | $5.54B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 30, 2026) (WAB)
P/E 34.1x · P/S 3.8x · EV/EBITDA 19.8x · EV/Sales 4.3x · P/FCF 26.2x · P/B 4.1x · FCF yield 3.82% · Earnings yield 2.93% · Dividend yield (paid, TTM) 0.43% · Buyback yield (TTM) 1.79% · Net debt $5.89B · EV $52.6B
P/E at fiscal year-ends: Dec 2025 31.2x, Dec 2024 31.4x, Dec 2023 27.9x.
Superinvestors (SEC 13F-HR, Q2 2026) (WAB)
2 of 80 tracked investors hold WAB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors | 0.64% | $51.0M | Reduced -27.5% | |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.4M | Unchanged |
Insider sales (SEC Form 4, open-market, last ~7 months) (WAB)
8 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05…2026-10-06 | Santana Rafael | President and CEO | 2,174 | $635K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01…2026-09-02 | Santana Rafael | President and CEO | 2,183 | $612K | 1.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Mendonca Rogerio | President, Equipment Group | 2,919 | $867K | 26.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Fetsko Michael | Pres., Freight Components Grp. | 3,250 | $953K | 8% | No | Too little history (no open-market trades in 2024) |
| 2026-08-17 | Sbrocco Gregory | EVP Operations | 952 | $286K | 4.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-04…2026-08-05 | Santana Rafael | President and CEO | 2,326 | $693K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24 | Deninno David L | Exec VP, General Counsel, Sec. | 3,000 | $904K | 5.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24 | Gebhardt Eric | Chief Technology Officer | 7,100 | $2.1M | 27% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24 | Gaur Sameer | Pres., Global Freight Services | 1,000 | $301K | 8.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06…2026-07-07 | Santana Rafael | President and CEO | 2,326 | $604K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Gaur Sameer | Pres., Global Freight Services | 1,082 | $285K | 8.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05…2026-06-08 | Santana Rafael | President and CEO | 2,326 | $608K | 1.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Deninno David L | Exec VP, General Counsel, Sec. | 2,500 | $664K | 4.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04…2026-05-05 | Santana Rafael | President and CEO | 2,326 | $615K | 1.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-14 | Santana Rafael | President and CEO | 60,852 | $16.4M | 32.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (WAB)
Consensus Buy (mean 2.08 on a 1–5 scale), 12 analysts; mean target USD 332.08 (low 292, high 355).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citigroup | Target lowered | Buy | $338 → $334 |
| 2026-10-08 | Citigroup | Target lowered | Buy | $341 → $338 |
| 2026-09-21 | JP Morgan | Target raised | Neutral | $315 → $320 |
| 2026-08-13 | Citigroup | Target raised | Buy | $311 → $341 |
| 2026-07-23 | JP Morgan | Target raised | Neutral | $300 → $315 |
| 2026-07-23 | Stephens & Co. | Target raised | Overweight | $320 → $330 |
| 2026-07-23 | Morgan Stanley | Target raised | Overweight | $318 → $355 |
| 2026-07-23 | Wells Fargo | Target raised | Equal-Weight | $284 → $315 |
| 2026-07-23 | Susquehanna | Target raised | Positive | $305 → $340 |
| 2026-07-23 | Keybanc | Target raised | Overweight | $308 → $340 |
| 2026-07-13 | Citigroup | Target lowered | Buy | $313 → $311 |
| 2026-07-13 | JP Morgan | Target raised | Neutral | $290 → $300 |
Total return (dividends reinvested) (WAB)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +41.0% | +207.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +41.2% | +25.1% |
| Volatility (annualized) | 26.1% | 25.3% |
| Max drawdown | -10.8% (Feb 2026→Mar 2026) | -22.8% (Jan 2025→Mar 2025) |
WAB revenue by business segment (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Freight | $2.24B | 71.7% | +6.9% |
| Transit | $883.0M | 28.3% | +11.3% |
| Total revenue | $3.12B | 100% | — |
WAB revenue by product line (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Goods | $2.63B | 84.2% | +8.3% |
| Equipment | $679.0M | 21.8% | +0.3% |
| Services | $493.0M | 15.8% | +6.9% |
| Aftermarket | $475.0M | 15.2% | +11.5% |
| Original Equipment Manufacturer | $408.0M | 13.1% | +11.2% |
| Components | $395.0M | 12.7% | +5.3% |
| Digital Intelligence | $369.0M | 11.8% | +24.2% |
| Total revenue | $3.12B | 100% | — |
WAB revenue by region (fiscal year ended Dec 31, 2025)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| North America | $6.19B | 55.4% | +6.5% |
| United States | $5.37B | 48.1% | +9.0% |
| Europe | $1.96B | 17.5% | +7.8% |
| — Other Europe (part of Europe) | $663.0M | 5.9% | +8.3% |
| — France (part of Europe) | $419.0M | 3.8% | +13.6% |
| — Germany (part of Europe) | $379.0M | 3.4% | +2.2% |
| — United Kingdom (part of Europe) | $313.0M | 2.8% | +5.7% |
| — Italy (part of Europe) | $182.0M | 1.6% | +9.6% |
| India | $699.0M | 6.3% | +20.7% |
| Canada | $555.0M | 5.0% | -9.9% |
| South America | $513.0M | 4.6% | +15.3% |
| Australia & New Zealand | $453.0M | 4.1% | -5.8% |
| Kazakhstan Russia & CIS | $431.0M | 3.9% | -22.9% |
| Africa | $326.0M | 2.9% | +68.0% |
| Other Asia & Middle East | $300.0M | 2.7% | +16.3% |
| China | $297.0M | 2.7% | +22.7% |
| Mexico | $270.0M | 2.4% | -1.8% |
| Total revenue | $11.17B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
WAB suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Wabtec | “Wabtec intends to continue to pursue strategic acquisitions that position the company for accelerated, profitable growth and strengthen our businesses with enhanced product offerings that increase customer productivity, reliability, and safety.” |
| Partner | NORFOLK SOUTHERN CORP (NSC) | “In both 2025 and 2024, Canadian National Railway Company, Norfolk Southern and Union Pacific Railroad each recognized Wabtec's leadership in energy efficiency, innovation, and environmental stewardship with partnership awards.” |
| Competitor | Caterpillar (CAT) | “Our primary competition for locomotives is Progress Rail, owned by a subsidiary of Caterpillar.” |
Quoted from the company's 10-K filed Feb 13, 2026.
WAB company outlook (results filed Oct 21, 2026)
- “Adjusted Earnings Per Share of $2.83, Up 22.0% • Raised and Tightened 2026 Adjusted Earnings Per Share Guidance; up 22% at the midpoint PITTSBURGH, October 21, 2026 – Wabtec Corporation (NYSE: WAB) today reported third quarter 2026 GAAP earnings per diluted share of $2.42, up 33.7% versus the third quarter of 2025.”
Quoted word-for-word from the SEC 8-K results press release.
WAB analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $2.68 | $2.64 | +1.5% | $3.23B | 10 |
| Next quarter (ends Mar 2027) | $2.95 | $2.92 | +1.0% | $3.17B | 9 |
| Current fiscal year (ends Dec 2026) | $10.98 | $10.84 | +1.3% | $12.50B | 10 |
| Next fiscal year (ends Dec 2027) | $12.58 | $12.37 | +1.7% | $13.36B | 12 |
WAB options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 24.5% | ±5.6% |
| Dec 18, 2026 | 56 | 22.8% | ±7.3% |
| Jan 15, 2027 | 84 | 22.1% | ±8.6% |
| Feb 19, 2027 | 119 | 24.3% | ±11.2% |
| Apr 16, 2027 | 175 | 23.9% | ±13.4% |
| May 21, 2027 | 210 | 25.0% | ±15.3% |
30-day implied volatility 24.3% vs 22.3% realized over the last 30 trading days. Put/call ratio (volume) 0.52. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:12 UTC)
| Price | USD 276.47 |
|---|---|
| Change | ▼ 4.32% (down) |
| Previous Close | USD 288.96 |
| Open | USD 286.39 |
| Day Range | USD 272.43 – 287.22 |
| 52-Week Range | USD 193.86 – 306.64 |
| Volume | 2,025,043 shares |
| Market Cap | $46.70B |
| Exchange | NYQ |
Technical Analysis (WAB)
Nexqual's technical model rates WAB "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:12 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 39.16 (neutral) |
| vs SMA50 | Below (USD 287.58) |
| MACD | -0.81 (negative) |
Analyst Ratings (WAB)
Wall Street analysts rate WAB "Buy" based on 12 analysts, with a mean price target of USD 332.08 (range USD 292–355), per Nexqual as of October 23, 2026 at 09:12 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 12 |
| Mean Target | USD 332.08 |
| High Target | USD 355 |
| Low Target | USD 292 |
| Buy / Hold / Sell | 10 / 2 / 0 |
Earnings (WAB)
| Next Earnings Date | 2026-10-21 |
|---|---|
| EPS Estimate | USD 2.68 |
| Revenue Estimate | $3.23B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 2.83 vs est 2.73 ▲ beat |
| 2026-06-30 | USD 2.76 vs est 2.61 ▲ beat |
| 2026-03-31 | USD 2.71 vs est 2.52 ▲ beat |
| 2025-12-31 | USD 2.1 vs est 2.08 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Financials & Fundamentals (WAB)
| Total Revenue | $12.21B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +8.10% |
| Gross Margin | +36.16% |
| Operating Margin | +20.03% |
| Profit Margin | +11.20% |
| ROE | +12.24% |
| Debt / Equity | 0.41 |
| Current Ratio | 1.1 |
| Total Cash | $489.00M |
| Total Debt | $4.66B |
| Free Cash Flow (last four quarters to Sep 2026, SEC 10-Q / 10-K) | $1.78B (14.6% of revenue) |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Financial Health Score (WAB)
Nexqual rates Westinghouse Air Brake Technologies Corporation's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:12 UTC.
| Growth | Solid — Revenue +8% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 36%, operating 20% (last 12 months) |
| Balance Sheet | Solid — $489M cash and investments vs $6.38B debt (Sep 2026, SEC) |
| Cash Flow | Solid — FCF $1.78B (last 4 quarters to Sep 2026, SEC), 15% margin |
| Efficiency | Mixed — ROE 12%, ROA 6.4% |
Ownership (WAB)
| Insider Ownership | +0.70% |
|---|---|
| Institutional Ownership | +96.23% |
| Shares Outstanding | 168.91M |
| Float | 166.14M |
| Short % of Float | +2.71% |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Leadership (WAB)
Westinghouse Air Brake Technologies Corporation is led by Rafael Ottoni Santana, Chairman & CEO, per Nexqual as of October 23, 2026 at 09:12 UTC.
| Chairman & CEO | Rafael Ottoni Santana |
|---|---|
| Executive VP & Chief Technology Officer | Eric Gebhardt |
| Vice President of Investor Relations | Kyra Yates |
| President of Freight & Industrial Components | Michael E. Fetsko |
| President of Digital Intelligence | Nalin Jain |
Major Backers & Investors (WAB)
Notable institutional backers of Westinghouse Air Brake Technologies Corporation include FMR, LLC, Price (T.Rowe) Associates Inc, Fidelity, according to Nexqual as of October 23, 2026 at 09:12 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 12.66% |
| Price (T.Rowe) Associates Inc | 4.3% |
| Fidelity | 3.31% |
| FIL LTD | 2.09% |
| Nordea Investment Management AB | 1.83% |
| TR PRICE-Price (T.Rowe) U.S. Value Equity Trust | 1.78% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 10.81% |
| BlackRock | 8.22% |
| State Street | 4.68% |
| Geode Capital | 2.68% |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
From Westinghouse Air Brake Technologies Corporation's Latest SEC 10-K Filing (filed 2026-02-13)
Key Strengths & Strategy (as disclosed to the SEC)
- We also rely on a combination of trade secrets and other intellectual property laws, nondisclosure agreements and other protective measures to establish and protect our proprietary rights in our intellectual property.
- Our expansive installed base allows us to generate strong recurring revenues with replacement parts and components, digital solutions, overhauls and modernizations.
- For example, we have developed advanced cooling systems that enable lower emissions from diesel engines used in rail and other industrial markets.
- We have more than 7,000 active patents worldwide and file for approximately 300 new patents each year.
Partnerships
- Consistent with the UNIFE study, increased investment in infrastructure improvements, digitalization and automation is expected, all of which would improve efficiency in the global rail industry.
- For example, we have partnered with a customer, as well as an artificial intelligence and robotics institution, to create technologies that will further decarbonize freight rail transport, improve freight safety, and generate greater rail network utilization.
Legal & Regulatory Risks (Item 1A, quoted)
- Future climate change regulation could result in increased operating costs, affect the demand for our products or affect the ability of our critical suppliers to meet our needs.
- The occurrence of litigation in which we are, or could be, named as a defendant is unpredictable.
- Our manufacturer's warranties or product liability may expose us to potentially significant claims.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| CNI | Canadian National Railway Compa | USD 124.93 | ▲ 2.36% |
| NSC | Norfolk Southern Corporation | USD 338.23 | ▲ 3.09% |
| CP | Canadian Pacific Kansas City Li | USD 90.62 | ▲ 2.86% |
| CSX | CSX Corporation | USD 51.67 | ▲ 6.76% |
| UNP | Union Pacific Corporation | USD 298.09 | ▲ 3.55% |
| TRN | Trinity Industries, Inc. | USD 25.82 | ▲ 2.34% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:12 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt