WABNYSERailroad EquipmentFiscal year ends December 31
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026
$286.74−0.08 (-0.03%)
Close on Oct 19, 2026
- Market cap
- $48.63B
- P/E (TTM)
- 38.5
- Dividend yield
- 0.35%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
34.1%+5.8 pts over 5 years
Operating margin
16.1%+6.2 pts over 5 years
Net margin
10.5%+5.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | +10.1% | +8.1% | +12.9% | |
| Gross profit | +13.1% | +14.4% | +12.2% | +13.8% | |
| Operating income | +11.4% | +21.0% | +19.2% | +11.4% | |
| Net income | +10.8% | +22.7% | +23.1% | +11.4% | |
| EPS, diluted | +13.1% | +25.4% | +25.8% | +5.2% | |
| Free cash flow | -7.9% | +19.0% | +18.3% | +14.1% | |
| Dividend per share | +25.0% | +18.6% | +15.8% | +13.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 15.6% | 4.1% | 11.0% | |
| Return on assets | 6.2% | 2.2% | 5.7% | |
| Current ratio | 1.98 | 1.20 | 1.11 | |
| Debt to equity | 0.86 | 0.42 | 0.50 | |
| Net debt to EBITDA | 1.42× | 2.99× | 2.07× | |
| Interest coverage | – | – | 8.0× | |
| Inventory turnover | 3.5× | 3.2× | 2.9× | |
| Capex to revenue | 1.7% | 1.8% | 2.3% | |
| Diluted shares | 91M | 190M | 171M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Westinghouse Air Brake Technologies generated $6.91B from operations and spent $4.07B on capital expenditure, dividends and share buybacks. 23% of that went back into the business.
Generated
$6.91B
Used
$4.07B
Capital expenditure$932.00M23%Dividends$639.00M16%Share buybacks$2.50B61%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.5%
×Asset turnover0.55×
×Equity multiplier1.92×
=Return on equity, FY202511.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.5% | 0.55× | 1.92× | 11.0% |
| FY2024 | 10.2% | 0.55× | 1.83× | 10.3% |
| FY2023 | 8.4% | 0.52× | 1.82× | 7.9% |
| FY2022 | 7.6% | 0.45× | 1.82× | 6.2% |
| FY2021 | 7.1% | 0.42× | 1.82× | 5.5% |
| FY2020 | 5.5% | 0.40× | 1.86× | 4.1% |
| FY2019 | 4.0% | 0.59× | 2.15× | 5.1% |
| FY2018 | 6.8% | 0.57× | 2.68× | 10.4% |
| FY2017 | 6.8% | 0.59× | 2.62× | 10.5% |
| FY2016 | 10.4% | 0.60× | 2.51× | 15.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.17B
- Cash generatingOperating cash flow above zero$1.76B
- Return on assets improvedROA up on the prior year5.6% → 6.3%
- Earnings backed by cashOperating cash flow above net income$1.76B vs $1.17B
- Less leverageLong-term debt to assets fell18.6% → 19.4%
- Better liquidityCurrent ratio rose1.30 → 1.11
- No dilutionShare count did not rise175M → 171M
- Gross margin improvedGross margin up on the prior year32.41% → 34.08%
- More efficientAsset turnover rose0.55 → 0.60