Westinghouse Air Brake Technologies Corp. (WAB) intrinsic value & 10-year financials
Westinghouse Air Brake Technologies Corp. (WAB) has a Graham intrinsic value of $226.86 per share. At $286.82 on Oct 17, 2026, the stock trades 26% above that value. Over the last 10 fiscal years revenue grew 16.0% a year to $11.2B, with an average return on invested capital of 6.9%.
- Graham intrinsic value
- $226.86
- Share price (Oct 17, 2026)
- $286.82
- Price vs Graham value
- 26% above
- Market cap
- $49.1B
- Revenue (FY2025)
- $11.2B
- Revenue growth (10-yr CAGR)
- 16.0%
- ROIC (10-yr avg)
- 6.9%
- Free cash flow (FY2025)
- $1.5B
WAB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.2B | $1.2B | $6.83 | $1.5B | 16.1% | 9.1% |
| FY2024 | $10.4B | $1.1B | $6.04 | $1.6B | 15.5% | 8.9% |
| FY2023 | $9.7B | $815.0M | $4.53 | $1.0B | 13.1% | 6.9% |
| FY2022 | $8.4B | $633.0M | $3.46 | $889.0M | 12.1% | 5.5% |
| FY2021 | $7.8B | $558.0M | $2.96 | $943.0M | 11.2% | 4.9% |
| FY2020 | $7.6B | $414.4M | $2.17 | $647.3M | 9.9% | 4.0% |
| FY2019 | $8.2B | $326.7M | $1.84 | $830.2M | 8.1% | 4.9% |
| FY2018 | $4.4B | $294.9M | $3.05 | $221.4M | 10.8% | 7.2% |
| FY2017 | $3.9B | $262.3M | $2.72 | $99.3M | 10.9% | 7.9% |
| FY2016 | $2.9B | $304.9M | $3.34 | $399.1M | 15.6% | 9.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Wabtec is a consistent compounder, expanding top-line revenue at 16.0% annually over the past decade.
Wabtec has historically struggled to out-earn its cost of capital, averaging just 6.9% ROIC.
Over the decade, Wabtec shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Wabtec is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $226.86 per share.