WAB
Westinghouse Air Brake Technologies Corporation
WAB's fundamentals are strong, but it looks expensive: trading at 37x earnings, above its usual 31x. Analysts expect earnings growth.
WAB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
WAB's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
WAB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $301 | — |
| Cheap | 28x | $224 | -25% |
| Fair | 31x | $251 | -16% |
| Expensive | 37x | $302 | +0.4% |
| Current | 37x | $301 | — |
Historical ranges are pointers, not guarantees.
WAB's PE is in its expensive range at 37x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its cheap range.
WAB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for WAB, with profitability improving.
WAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.90 | +48% |
| Q3 2026 | $8.05 | +17% |
| Q2 2026 | $7.44 | +11% |
| Q1 2026 | $7.07 | +11% |
| Q4 2025 | $6.83 | +13% |
| Q3 2025 | $6.89 | +15% |
| Q2 2025 | $6.71 | +18% |
| Q1 2025 | $6.39 | +25% |
| Q4 2024 | $6.04 | +33% |
WAB's earnings per share have climbed steadily: $8.05 over the past year, up 17% from the year before, and higher year over year for 20 quarters in a row.
WAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.1B | +8.1% |
| Q2 2026 | $3.2B | +17% |
| Q1 2026 | $3B | +13% |
| Q4 2025 | $3B | +15% |
| Q3 2025 | $2.9B | +8.4% |
| Q2 2025 | $2.7B | +2.3% |
| Q1 2025 | $2.6B | +4.5% |
| Q4 2024 | $2.6B | +2.3% |
WAB's revenue has grown year over year for 22 quarters in a row: $3.1B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3 points |
| Q2 2026 | 19% | +1.4 points |
| Q1 2026 | 18% | -0.6 points |
| Q4 2025 | 12% | -0.9 points |
| Q3 2025 | 17% | +0.8 points |
| Q2 2025 | 17% | +1.2 points |
| Q1 2025 | 18% | +1.7 points |
| Q4 2024 | 13% | +0.7 points |
WAB's operating margin was 20% last quarter, up 3 points from the same quarter a year ago, near the top of its range since 2019.
WAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $381M | +22% |
| Q2 2026 | $379M | +123% |
| Q1 2026 | $153M | +4.1% |
| Q4 2025 | $870M | +36% |
| Q3 2025 | $312M | -37% |
| Q2 2025 | $170M | -10% |
| Q1 2025 | $147M | -51% |
| Q4 2024 | $639M | +4.9% |
WAB generated $1.8B in free cash flow over the past year, up 41% from the year before.
WAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -800K shares |
| 1 year | -1.3% | -2.3M shares |
| 3 years | -5.8% | -10.4M shares |
| 5 years | -10% | -19.2M shares |
| Available history | -4.8% | -8.5M shares |
WAB has 169M diluted shares, down 1.3% from a year ago, with $837M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $305M |
| Q2 2026 | $215M |
| Q1 2026 | $242M |
| Q4 2025 | $75M |
| Q3 2025 | — |
| Q2 2025 | $50M |
| Q1 2025 | $98M |
| Q4 2024 | $123M |
WAB spent $837M buying back its own shares over the past year, about three times what it spent the year before.
WAB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.6x | Healthy |
WAB's net debt is about 2.2 years of its operating earnings (EBITDA), about the same as a year ago.
WAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.3 | Neutral |
| Stochastic | 47.0 | Neutral |
WAB's weekly RSI is 63 (neutral) and its Stochastic is 47 (neutral).
WAB PE vs Industrials Sector
| Metric | WAB | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 24x | 55% above |
| PE % | 81 | 58 | 23 pts above |
WAB is trading at 37x earnings, a 55% premium to the Industrials sector's median of 24x.
WAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $285.5 | 5.3% above |
| 20 week MA | $284.5 | 5.6% above |
| 50 week MA | $262.2 | 15% above |
| 100 week MA | $228.4 | 32% above |
| 200 week MA | $181.6 | 65% above |
WAB is in an uptrend: it's above all five of its weekly moving averages, and 65% above its 200-week average.
WAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.6 | $73.3 | -6.7% |
| 2021 | $73.3 | $89.9 | +23% |
| 2022 | $89.9 | $100.5 | +12% |
| 2023 | $100.5 | $126.9 | +26% |
| 2024 | $126.9 | $192.0 | +51% |
| 2025 | $192.0 | $219.3 | +14% |
| 2026 YTD | $219.3 | $300.5 | +37% |
WAB has finished higher in five of the last six years. It's up 37% so far in 2026.