Start here if you're new
what it is
Wabash makes trailers, tanks, parts, and repairs for trucking and industrial customers.
how it gets paid
Last year Wabash National made $1.5B in revenue. Dry van trailers was the main engine at $0.60B, or 40% of sales.
why it's growing
Revenue grew 379.9% last year. Revenue was the number that mattered because $321M was 23% below last year and showed the demand slide is still real.
what just happened
Wabash posted $321M in quarterly revenue while EPS sank to -$1.23.
At a glance
C++ balance sheet — some cracks in the foundation
5/100 earnings predictability — expect surprises
72.4x trailing p/e — you're paying up for this one
3.9% dividend yield — cash in your pocket every quarter
25.5% return on capital — every dollar works hard here
xvary composite: 38/100 — weak
What they do
Wabash makes trailers, tanks, parts, and repairs for trucking and industrial customers.
Wabash still earns 25.5% on capital while revenue fell to $1.5B. Return on capital → profit from money tied up in the business → that is a strong number for a trailer maker. The ugly part is volume, not loyalty. You are watching fewer trailers leave the lot.
How they make money
$1.5B
annual revenue · their business grew +379.9% last year
Dry van trailers
$0.60B
dn
Tank trailers
$0.30B
dn
Platform and refrigerated trailers
$0.22B
dn
Aftermarket parts and services
$0.20B
up
Engineered products and flooring
$0.18B
dn
The products that matter
core trailer manufacturing
Transportation Solutions
$1.2B · about 80% of revenue shown
This is the center of gravity. It brought in $1.2B and fell 15%. In human-speak: fleet demand is still weak enough to drag the whole story.
-15%
aftermarket parts and service
Parts & Services
$300M · about 20% of revenue shown
This $300M business grew 5% while the larger manufacturing segment shrank. It is not big enough to carry the company, but it is the closest thing you have to a shock absorber.
+5%
fleet replacement demand
Trailer lineup
inside the $1.2B segment
Dry vans and platform trailers matter because they tell you where freight demand stands. The product list is real. The cycle is what moves the stock.
cycle driven
Key numbers
25.5%
return on capital
You get 25.5 cents of profit for each dollar tied up in the business. That is the rare number that keeps the factory interesting.
$1.5B
annual revenue
Revenue was $1.5B, down 20.8% vs. prior year. The business is smaller than it was a year ago.
1.9%
gross margin
The company lost money before overhead in the latest quarter. That means each sale started underwater.
$445M
long-term debt
Debt was 57% of capital. Lenders get a loud say when demand weakens.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 30 / 100
- long-term debt $445M (57% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for WNC right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Wabash posted $321M in quarterly revenue while EPS sank to -$1.23.
Revenue fell 23% vs. prior year. Gross margin was -1.9%, so the quarter lost money before overhead even got a vote.
$321M
revenue
-$1.23
eps
1.9%
gross margin
the number that mattered
Revenue was the number that mattered because $321M was 23% below last year and showed the demand slide is still real.
source: company earnings report, 2026
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What could go wrong
WNC does not need a disaster to disappoint you. It just needs trailer demand to stay soft for longer than the debt load allows.
med
the freight cycle stays weak
Annual revenue is $2B after falling 23.3% from last year, and the larger $1.2B Transportation Solutions segment fell 15%. If fleets keep delaying replacement orders, the core business stays under pressure.
Why it matters: the biggest segment is still the most cyclical one, so weak demand hits sales, margins, and investor patience at the same time.
med
debt repair falls behind schedule
Wabash carries $445M in long-term debt, equal to 57% of capital. Management wants net debt below 4x by the end of 2026 and closer to 3x in 2027. That path gets harder if operating results stay soft.
Why it matters: debt turns an ordinary industrial slowdown into an equity problem fast. The stock is only worth about $330M, so the margin for error is not large.
med
margin recovery shows up later than management hopes
Management is talking about better 2026 revenue and margins, but Q4 still delivered an EPS miss. If costs stay sticky or pricing weakens, the hoped-for rebound stays on the slide deck instead of the income statement.
Why it matters: in this kind of stock, a revenue beat with weak margins does not calm anyone down. It just proves the hard part is still ahead.
You own a $330M equity stub sitting under $445M of long-term debt. If revenue and debt metrics do not improve together, valuation arguments stop being very persuasive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
The next report is scheduled for april 28–29, 2026. You want to hear whether the recovery language from Q4 survives first contact with the new year.
metric
sub-4x net debt by end of 2026
Here is the thing: this is the milestone that matters. If you own WNC, keep this number on a sticky note. Hitting it keeps the recovery case intact.
trend
whether parts keeps outgrowing trailers
Parts & Services grew 5% while Transportation Solutions fell 15%. If that gap closes the wrong way, the one stabilizer in the model is weakening too.
risk
guidance turning into proof
Management says 2026 should beat 2025 on revenue and margins. The market already heard the sentence. Now it wants evidence in orders, margins, and debt metrics.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not have a clean read on the earnings path. Expect surprises, and not the fun kind.
balance sheet grade
C++
That grade translates to below-average balance-sheet quality for a company already tied to a cyclical freight market.
risk rank
4
Risk rank 4 puts this in the riskier part of the market. You buy it for recovery optionality, not stability.
source: institutional data
Institutional activity
institutional ownership data for WNC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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