WN
Wabash National Corp
WNC—
Wabash National Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 84% TTM vs industry median 2% - 40x advantage driven by 16% net margin and high asset turnover (1.17x).[Return on Equity]
- Revenue down 18% YoY with gross profit collapsing 72% YoY - severe margin compression despite positive operating income.[Gross Profit 1Y Growth]
- Goodwill at 47% of equity (197M/419M) with 20K impairment charge already taken - balance sheet quality risk.[Goodwill]
Watch Triggers
- Gross Margin TTM: Falls below 5% or fails to recover above 15% — Current 7.3% gross margin unsustainable for 22.6% operating margin - reveals one-time gain dependency.
- Total Revenue 1Y Growth: Continues negative beyond -10% for 2 more quarters — 18% YoY decline suggests demand destruction; stabilization needed to justify current valuation.
- Free Cash Flow TTM: Drops below 50M or turns negative — 108M FCF is primary bull case support; deterioration invalidates capital return thesis.
Bull Case
ROIC of 35.5% TTM (vs industry median 0.5%) with FCF of 108M generating 27% FCF yield on 401M market cap.
ROIC TTMFree Cash Flow TTMMarket Cap
Debt/equity 1.04x manageable with interest coverage of 18x (371M EBIT / 21M interest expense TTM).
Debt to EquityInterest Expense TTMEBIT TTM
Bear Case
Revenue contracting 18% YoY and 16% over 3Y with gross profit down 72% - structural demand destruction, not cycle.
Total Revenue 1Y GrowthTotal Revenue 3Y GrowthGross Profit 1Y Growth
Operating income inflated by non-recurring items: negative operating expense (-252M) masks true profitability.
Operating Expense TTMOperating Income TTMGross Profit TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Margin normalization likely as 72% gross profit decline signals cyclical trough, not sustainable profitability.
3-12mhigh
- Operating margin 22.6% TTM unsustainable with 7.3% gross margin
- Revenue decline (-18% YoY) accelerating vs 3Y trend (-16%)
- Cost structure mismatch: operating expense negative indicates one-time gains
Gross margin 7.3% TTM vs operating margin 22.6% - anomalyOperating expense shows -252M (credit, not expense)Industry median operating margin 3.6% vs WNC 22.6%
Valuation Context
Caveats
Public Strategies Rankings
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WNC Fundamentals
Manufacturing → Transportation Equipment Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$402,643 | — | ||
$344.39M | — | ||
0.00 | — | ||
$1.64B | -22.9% | — | |
$12,538.12 | — | ||
22.6% | +36.6% | — | |
15.9% | +26.8% | — | |
$108.43M | +23.9% | — | |
0.84 | +148.7% | — | |
Beta 5Y (Monthly) | unknown | — |
WNC Dividend History
60 dividends
01/29/26$0.0800
10/23/25$0.0800
07/24/25$0.0800
04/24/25$0.0800
01/31/25$0.0800
10/31/24$0.0800
07/25/24$0.0800
04/25/24$0.0800
01/25/24$0.0800
10/26/23$0.0800
07/27/23$0.0800
04/27/23$0.0800
01/26/23$0.0800
10/27/22$0.0800
07/28/22$0.0800
04/28/22$0.0800
01/27/22$0.0800
10/28/21$0.0800
07/29/21$0.0800
04/29/21$0.0800
01/28/21$0.0800
10/22/20$0.0800
07/23/20$0.0800
04/23/20$0.0800
01/23/20$0.0800
10/24/19$0.0800
07/25/19$0.0800
04/25/19$0.0800
01/24/19$0.0800
10/25/18$0.0750
07/26/18$0.0750
04/26/18$0.0750
01/25/18$0.0750
10/26/17$0.0600
07/27/17$0.0600
04/27/17$0.0600
01/26/17$0.0600
10/10/08$0.0450
07/09/08$0.0450
04/04/08$0.0450
01/11/08$0.0450
10/05/07$0.0450
07/09/07$0.0450
04/06/07$0.0450
01/05/07$0.0450
10/06/06$0.0450
07/07/06$0.0450
04/07/06$0.0450
01/19/06$0.0450
10/05/05$0.0450
07/05/05$0.0450
04/04/05$0.0450
10/29/01$0.0100
07/27/01$0.0400
04/27/01$0.0400
01/26/01$0.0400
10/27/00$0.0400
07/28/00$0.0400
04/27/00$0.0400
01/27/00$0.0400
WNC Stock Splits
No stock splits
WNC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/25/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | Unknown | |
10/24/24 | 09/30/24 | 10-Q | |
07/24/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
05/14/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
07/25/17 | 06/30/17 | 10-Q | |
04/24/17 | 03/31/17 | 10-Q | |
02/27/17 | 12/31/16 | 10-K | |
10/24/16 | 09/30/16 | 10-Q | |
07/26/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/28/15 | 06/30/15 | 10-Q | |
04/27/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
10/28/14 | 09/30/14 | 10-Q | |
07/29/14 | 06/30/14 | 10-Q | |
04/28/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/30/13 | 06/30/13 | 10-Q | |
04/30/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/01/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/01/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/02/10 | 09/30/10 | 10-Q | |
08/03/10 | 06/30/10 | 10-Q | |
05/04/10 | 03/31/10 | 10-Q | |
03/26/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/05/09 | 06/30/09 | 10-Q | |
05/13/09 | 03/30/09 | 10-Q | |
04/14/09 | 12/31/08 | 10-K | |
10/30/08 | 09/30/08 | 10-Q | |
07/31/08 | 06/30/08 | 10-Q | |
04/29/08 | 03/30/08 | Unknown | -- |
02/19/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/02/07 | 06/30/07 | 10-Q | |
05/01/07 | 03/30/07 | Unknown | -- |
03/12/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/29/06 | 06/30/06 | NT 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
02/27/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
04/29/05 | 03/30/05 | Unknown | -- |
03/03/05 | 12/31/04 | 10-K | |
10/27/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
04/27/04 | 03/30/04 | Unknown | -- |
02/12/04 | 12/31/03 | 10-K | |
11/05/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
04/15/03 | 12/31/02 | NT 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
04/15/02 | 12/31/01 | NT 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/29/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |