# Wabash National Corporation (WNC)

> Source: Nexqual · https://nexqual.com/WNC · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Wabash National Corporation (WNC), nexqual.com/WNC" · informational, not investment advice.

**Price:** USD 13.82 (+0.22% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 13.79 · day 13.6–13.95 · 52w 6.63–14.55 · market cap $563M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.42B, net income -$78.0M (-5.5% margin), free cash flow -$16.0M (SEC filings).
- 1 of 80 tracked superinvestors hold WNC (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $123K; 1 not under a Rule 10b5-1 plan ($123K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 22.5 (range 20–25).
- Total return with dividends: 1Y +71.3% vs S&P 500 +13.6%; 5Y -1.1% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD -0.46, revenue estimate $454M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.80B | $2.50B | $2.54B | $1.95B | $1.54B | $1.42B |
| Gross profit | $196M | $323M | $498M | $265M | $69.9M | — |
| Operating income | $33.5M | $167M | $312M | -$356M | $308M | -$79.9M |
| Net income | $1.2M | $112M | $231M | -$284M | $211M | -$78.0M |
| EPS (diluted) | $0.02 | $2.25 | $4.81 | -$6.40 | $5.07 | — |
| Free cash flow | -$56.6M | $67.0M | $222M | $45.1M | -$13.0M | -$16.0M |
| Gross margin | 10.9% | 12.9% | 19.6% | 13.6% | 4.5% | — |
| Operating margin | 1.9% | 6.7% | 12.3% | -18.3% | 19.9% | -5.6% |
| Net margin | 0.1% | 4.5% | 9.1% | -14.6% | 13.7% | -5.5% |
| Revenue growth | +21.7% | +38.8% | +1.4% | -23.3% | -20.8% | — |
| Cash + short-term investments | $71.8M | $58.2M | $179M | $115M | $31.9M | — |
| Total debt | $433M | $400M | $400M | $400M | $445M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/Sales 0.7x · P/B 1.9x · FCF yield -2.85% · Earnings yield -13.85% · Dividend yield (paid, TTM) 2.36% · Net debt $444M · EV $1.01B
P/E at fiscal year-ends: Dec 2025 1.7x, Dec 2023 5.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WNC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.9M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Glazner Mary Kristin | Chief Administrative Officer | 10,000 | $123K | 6% | No | Too little history (no open-market trades in 2024 or 2025) |
% 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 1.50 on a 1–5 scale), 2 analysts; mean target USD 22.5 (low 20, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | DA Davidson | Maintained | Buy | $20 |
| 2026-08-24 | DA Davidson | Maintained | Buy | $20 |
| 2026-07-22 | DA Davidson | Maintained | Buy | $20 |
| 2026-07-15 | Citizens | Initiated | Market Outperform | $25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +71.3% | -1.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +71.7% | -0.2% |
| Volatility (annualized) | 57.3% | 48.3% |
| Max drawdown | -43.8% (Feb 2026→May 2026) | -75.7% (Mar 2024→May 2026) |

## Peers (Farm & Heavy Construction Machinery)
HY (Hyster-Yale, Inc.) USD 29.34 -0.17% · CMCO (Columbus McKinnon Corporation) USD 15.06 +0.87% · TWI (Titan International, Inc. (DE)) USD 6.62 -0.60% · MTW (Manitowoc Company, Inc. (The)) USD 23.15 +2.84% · AEBI (Aebi Schmidt Holding AG) USD 11.39 +2.34% · ASTE (Astec Industries, Inc.) USD 38.97 +1.33%

## More
Full page: https://nexqual.com/WNC · 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 WNC's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/879526/000087952626000036/wnc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | General Motors (GM) | "Historically, General Motors Company ("GM"), Freightliner Custom Chassis ("Freightliner"), International Truck ("International"), and Ford Motor Company ("Ford") have been the primary chassis suppliers." |
| Supplier | Ford (F) | "Historically, General Motors Company ("GM"), Freightliner Custom Chassis ("Freightliner"), International Truck ("International"), and Ford Motor Company ("Ford") have been the primary chassis suppliers." |
| Customer | Linq Venture Holdings | "Linq Venture Holdings LLC and our Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair netw…" |
| Customer | RYDER SYSTEM INC (R) | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Budget Truck Rental | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Enterprise Holdings | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Wine and Spirits | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Kroger (KR) | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Home Express Delivery | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Costco Wholesale | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and Enterprise Holdings, …" |
| Customer | Whiting Door Manufacturing | "Through our engineered products component of the Parts & Services segment, we sell our products to customers including, but not limited to, Penske Truck Leasing Co., L.P., Transglobal, and Whiting Door Manufacturing, Cor…" |
| Partner | Wabash Parts | "Our ability to realize all of the expected enhanced revenue, earnings, and cash flow from our 2022 agreement with a partner to create Wabash Parts LLC, a jointly owned legal entity, will depend, in substantial part, on e…" |

Other companies that name WNC in their own reports (relationship from WNC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | WERNER ENTERPRISES INC (WERN) | 10-K 2026-02-26 | "Most of our company-owned trailers were manufactured by Wabash National Corporation and Great Dane." |

## Company outlook (8-K filed 2026-10-29)

- "An increase of 25% versus Q2-26 and outperforming traditional seasonal trends. ▪ Q4-2026 revenue outlook midpoint of $435 million, EPS outlook $(0.65)."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.46 | $-0.13 | −$0.33 | $453.8M | 2 |
| Next quarter (ends 2026-12-31) | $-0.18 | $0.09 | −$0.27 | $435.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.33 | $-1.76 | −$0.57 | $1.58B | 2 |
| Next fiscal year (ends 2027-12-31) | $1.20 | $1.42 | -15.5% | $2.05B | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.53 | −$0.56 | Beat +5.4% | — |
| — | Quarter ended Mar 31, 2026 | −$1.17 | −$1.01 | Miss −15.8% | — |
| — | Quarter ended Dec 31, 2025 | −$0.93 | −$0.76 | Miss −22.4% | — |
| — | Quarter ended Sep 30, 2025 | −$0.51 | −$0.39 | Miss −30.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/879526/000087952626000101/0000879526-26-000101-index.htm |
| 2026-09-24 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/879526/000087952626000097/0000879526-26-000097-index.htm |
| 2026-08-14 | Schedule 13G/A | D. E. Shaw &amp; Co., L.P., David E. Shaw: 5.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/879526/000110465926097153/0001104659-26-097153-index.htm |
| 2026-08-13 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On August 12, 2026, Wabash National Corporation (the "Company") entered into a Sixth Amendment to Second Amended and Restated Credit Agreement (the "Amendment"), among the Company, certain of its subsidiaries party thereto as loan parties, the lenders party thereto and Wells Fargo Capital Finance, LLC, as the administrative agent (the "Agent"), which amended the Company's existing Second Amended and Restated Credit Agreement dated as of December 21, 2018 (as previously amended and as amended by the Amendment, the…” | https://www.sec.gov/Archives/edgar/data/879526/000119312526347884/0001193125-26-347884-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Capital Management: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/879526/000210011926001465/0002100119-26-001465-index.htm |
| 2026-07-31 | 8-K | Director or executive officer change, or pay arrangement — “(b) On July 27, 2026, the Board of Directors (the "Board") of Wabash National Corporation (the "Company") accepted the resignation of Sudhanshu Priyadarshi as a director of the Company with the acceptance of such resignation to be effective on August 1, 2026 (the "Resignation"). The Resignation was not due to a disagreement with the Company or the Board.” | https://www.sec.gov/Archives/edgar/data/879526/000087952626000093/0000879526-26-000093-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/879526/000087952626000089/0000879526-26-000089-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/879526/000087952626000087/0000879526-26-000087-index.htm |
| 2026-07-20 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares; Other material event — “On July 20, 2026, Wabash National Corporation (the "Company") completed its previously announced private unregistered offering (the "Offering") of $130 million in aggregate principal amount of 4.00% Convertible Senior Notes due 2032 (the "Initial Notes"). On July 16, 2026, the initial purchasers in the Offering exercised their option to purchase an additional $20 million in aggregate principal amount of the Company's 4.00% Convertible Senior Notes due 2032 (together with the Initial Notes, the "Notes"), bringing…” | https://www.sec.gov/Archives/edgar/data/879526/000119312526308984/0001193125-26-308984-index.htm |
| 2026-07-14 | 8-K | Entered a material agreement; Quarterly results; Regulation FD disclosure; Other material event — “On July 14, 2026, Wabash National Corporation (the "Company") entered into a Fifth Amendment to Second Amended and Restated Credit Agreement (the "Amendment") among the Company, certain of its subsidiaries as borrowers, certain of its subsidiaries as guarantors, the lenders party thereto and Wells Fargo Capital Finance, LLC, as the administrative agent, which amended the Company's existing Second Amended and Restated Credit Agreement dated as of December 21, 2018 (the "Existing Credit Agreement"; the Existing…” | https://www.sec.gov/Archives/edgar/data/879526/000119312526303153/0001193125-26-303153-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.