# Westinghouse Air Brake Technologies Corporation (WAB)

> Source: Nexqual · https://nexqual.com/WAB · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Westinghouse Air Brake Technologies Corporation (WAB), nexqual.com/WAB" · informational, not investment advice.

**Price:** USD 276.47 (-4.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 288.96 · day 272.43–287.22 · 52w 193.86–306.64 · market cap $46.7B · NYQ

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Railroads)
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%

## More
Full page: https://nexqual.com/WAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WAB's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/943452/000162828026008067/wab-20251231.htm):

| 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, …" |
| 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 a…" |
| Competitor | Caterpillar (CAT) | "Our primary competition for locomotives is Progress Rail, owned by a subsidiary of Caterpillar." |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Freight | $2.24B | 71.7% | +6.9% | $515.0M | 23.0% |
| Transit | $883.0M | 28.3% | +11.3% | $145.0M | 16.4% |
| Corporate costs (not allocated) | — | — | — | -$35.0M | — |
| Total revenue | $3.12B | 100% | — | $625.0M | 20.0% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 174.6% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | 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% | — |
The lines above cover 155.4% of total revenue.

## Company outlook (8-K filed 2026-10-21)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.68 | $2.64 | +1.5% | $3.23B | 10 |
| Next quarter (ends 2027-03-31) | $2.95 | $2.92 | +1.0% | $3.17B | 9 |
| Current fiscal year (ends 2026-12-31) | $10.98 | $10.84 | +1.3% | $12.50B | 10 |
| Next fiscal year (ends 2027-12-31) | $12.58 | $12.37 | +1.7% | $13.36B | 12 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.5% | ±5.6% |
| 2026-12-18 | 56 | 22.8% | ±7.3% |
| 2027-01-15 | 84 | 22.1% | ±8.6% |
| 2027-02-19 | 119 | 24.3% | ±11.2% |
| 2027-04-16 | 175 | 23.9% | ±13.4% |
| 2027-05-21 | 210 | 25.0% | ±15.3% |