olivLaw · US equity research
Wabtec Corporation WAB
Railroad Equipment · SIC 3743
Wabtec is a global provider of locomotives, equipment, systems and services for freight and passenger rail, as well as mining, marine and industrial markets. Quarterly sales reached 3.12 billion USD in the third quarter of 2026, while the multi-year backlog hit a record 31.4 billion USD at September 30, 2026.
At the close of 04 Nov 2026, Wabtec Corporation (WAB) stock was 294.97 USD (+1.09% on the day), with market capitalisation 49.5 bn USD, P/E 36.6 on diluted EPS of 8.05 USD over the last 12 months, dividend yield 0.40%, beta 1.08, 52-week range 196.14–305.79 USD. Latest reported quarter (Q3 2026): revenue of 3.1 bn USD (+8.1% YoY), net income of 409.0 m USD (+31.9% YoY), diluted EPS 2.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.0
- strong (55–70)
- Bollinger (20, 2)
- 273.74 – 294.77
- above the upper band · %B 1.01 · band width 7.4%
- SMA 50 / 200
- 285.20 / 268.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.57 / -0.79
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.1% | −1.1% | +2.2 pp | — |
| 3 months | −0.5% | −0.5% | +0.0 pp | — |
| 6 months | +9.1% | +4.4% | +4.7 pp | — |
| Year to date | +38.2% | +12.3% | +25.9 pp | — |
| 1 year | +44.3% | +13.5% | +30.7 pp | — |
| 3 years | +165.0% | +76.4% | +88.6 pp | — |
| 5 years | +213.1% | +63.7% | +149.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.6 bn | 2.7 bn | 2.9 bn | 3.0 bn | 3.0 bn | 3.2 bn | 3.1 bn |
| Cost of revenue | 1.8 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn | 1.9 bn | 2.0 bn | 2.0 bn |
| Gross profit | 797.0 m | 900.0 m | 938.0 m | 1.0 bn | 966.0 m | 1.1 bn | 1.2 bn | 1.2 bn |
| Research & development | 51.0 m | 46.0 m | 50.0 m | 59.0 m | 68.0 m | 56.0 m | 70.0 m | 67.0 m |
| SG&A | 333.0 m | 307.0 m | 347.0 m | 375.0 m | 461.0 m | 401.0 m | 400.0 m | 383.0 m |
| Operating income | 334.0 m | 474.0 m | 472.0 m | 491.0 m | 356.0 m | 517.0 m | 600.0 m | 625.0 m |
| Depreciation & amortisation | 128.0 m | 120.0 m | 117.0 m | 128.0 m | 136.0 m | 139.0 m | 143.0 m | 142.0 m |
| Interest expense | 53.0 m | 46.0 m | 46.0 m | 65.0 m | 68.0 m | 71.0 m | 80.0 m | 80.0 m |
| Pre-tax income | 284.0 m | 426.0 m | 450.0 m | 425.0 m | 291.0 m | 469.0 m | 518.0 m | 557.0 m |
| Income tax | 71.0 m | 99.0 m | 111.0 m | 112.0 m | 87.0 m | 106.0 m | 122.0 m | 146.0 m |
| Net income | 212.0 m | 322.0 m | 336.0 m | 310.0 m | 202.0 m | 362.0 m | 395.0 m | 409.0 m |
| Diluted EPS | 1.23 ≈ | 1.88 | 1.96 | 1.81 | 1.18 ≈ | 2.12 | 2.33 | 2.42 |
| Operating cash flow | 723.0 m | 191.0 m | 209.0 m ≈ | 367.0 m ≈ | 992.0 m | 199.0 m | 441.0 m ≈ | 455.0 m ≈ |
| Capex | 84.0 m | 44.0 m | 39.0 m ≈ | 55.0 m ≈ | 122.0 m | 46.0 m | 62.0 m ≈ | 74.0 m ≈ |
| Dividends paid | 34.0 m | 43.0 m | 44.0 m ≈ | 43.0 m ≈ | 43.0 m | 53.0 m | 53.0 m ≈ | 52.0 m ≈ |
| Share repurchases | 123.0 m | 98.0 m | 50.0 m ≈ | 0 ≈ | 75.0 m | 242.0 m | 215.0 m ≈ | 305.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 93 percentile of its own 44-quarter history (min 17.2, median 29.2, max 53.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 8.2 bn | 7.6 bn | 7.8 bn | 8.4 bn | 9.7 bn | 10.4 bn | 11.2 bn |
| Revenue YoY | +12.4% | +87.9% | −7.9% | +3.5% | +6.9% | +15.7% | +7.3% | +7.5% |
| Net income | 294.9 m | 327.0 m | 414.0 m | 558.0 m | 633.0 m | 815.0 m | 1.1 bn | 1.2 bn |
| Net income YoY | +12.4% | +10.9% | +26.6% | +34.8% | +13.4% | +28.8% | +29.6% | +10.8% |
| Diluted EPS | 3.05 | 1.84 | 2.17 | 2.96 | 3.46 | 4.53 | 6.04 | 6.83 |
| Diluted EPS YoY | +12.1% | −39.7% | +17.9% | +36.4% | +16.9% | +30.9% | +33.3% | +13.1% |
| net % | 6.8% | 4.0% | 5.5% | 7.1% | 7.6% | 8.4% | 10.2% | 10.5% |
| Free cash flow | 221.4 m | 830.0 m | 648.0 m | 943.0 m | 889.0 m | 1.0 bn | 1.6 bn | 1.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 789.0 m USD
- Financial debt
- 5.5 bn USD
- Net debt
- 4.8 bn USD
- Equity
- 11.2 bn USD
- Total assets
- 22.1 bn USD
- Debt / equity
- 0.50x
- Current ratio
- 1.11x
- ROE
- 11.0%
- ROA
- 5.7%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.6 bn | 7.8 bn | 8.4 bn | 9.7 bn | 10.4 bn | 11.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 5.4 bn | 5.5 bn | 5.8 bn | 6.7 bn | 7.0 bn | 7.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 2.1 bn | 2.4 bn | 2.5 bn | 2.9 bn | 3.4 bn | 3.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 162.0 m | 176.0 m | 209.0 m | 218.0 m | 206.0 m | 223.0 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 948.0 m | 1.0 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 745.0 m | 876.0 m | 1.0 bn | 1.3 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 473.0 m | 491.0 m | 479.0 m | 531.0 m | 503.0 m | 501.0 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 1.2 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 1.8 bn ≈ | 2.1 bn ≈ | 2.3 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | — | — | 186.0 m | 218.0 m | 201.0 m | 225.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 557.0 m | 737.0 m | 854.0 m | 1.1 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 145.0 m | 172.0 m | 213.0 m | 267.0 m | 343.0 m | 409.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 414.0 m | 558.0 m | 633.0 m | 815.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 2.17 | 2.96 | 3.46 | 4.53 | 6.04 | 6.83 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 190.4 m | 188.1 m | 182.8 m | 179.5 m | 174.8 m | 171.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 0.48 | 0.48 | 0.60 | 0.68 | 0.80 | 1.00 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 599.0 m | 473.0 m | 541.0 m | 620.0 m | 715.0 m | 789.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 969.0 m | 1.1 bn | 975.0 m | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 1.6 bn | 1.7 bn | 2.0 bn | 2.3 bn | 2.3 bn | 2.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 3.9 bn | 3.8 bn | 4.3 bn | 4.9 bn | 4.9 bn | 5.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 8.5 bn | 8.6 bn | 8.5 bn | 8.8 bn | 8.7 bn | 10.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.9 bn | 3.7 bn | 3.4 bn | 3.2 bn | 2.9 bn | 3.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 18.5 bn | 18.5 bn | 18.5 bn | 19.0 bn | 18.7 bn | 22.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 909.0 m | 1.0 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 447.0 m | 2.0 m | 251.0 m | 781.0 m | 500.0 m | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 3.8 bn | 4.1 bn | 3.8 bn | 3.3 bn | 3.5 bn | 4.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 3.2 bn | 2.9 bn | 3.5 bn | 4.1 bn | 3.8 bn | 5.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 8.3 bn | 8.2 bn | 8.4 bn | 8.5 bn | 8.6 bn | 10.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 10.2 bn | 10.2 bn | 10.1 bn | 10.5 bn | 10.1 bn | 11.2 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 784.0 m | 1.1 bn | 1.0 bn | 1.2 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 136.0 m | 130.0 m | 149.0 m | 186.0 m | 207.0 m | 260.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 648.0 m ≈ | 943.0 m ≈ | 889.0 m ≈ | 1.0 bn ≈ | 1.6 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -155.0 m | -540.0 m | -235.0 m | -492.0 m | -343.0 m | -2.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -619.0 m | -653.0 m | -708.0 m | -633.0 m | -1.4 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 93.0 m | 92.0 m | 111.0 m | 123.0 m | 140.0 m | 173.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 207.0 m | 300.0 m | 473.0 m | 409.0 m | 1.1 bn | 223.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 49.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet56
- Valuation13
- Quality74
- Growth92
- Returns58
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 155.28 – 266.43 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)155.28 – 266.43 (Mid 197.60)WACC 8.8% · starting FCFF 2.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 26.9%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)outside the aggregate13.14 – 17.67 (Mid 15.07)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.5% | 58 (on a fixed band) | 10% |
| Net margin · Quality | 11.2% | 75 (on a fixed band) | 6% |
| FCF conversion · Quality | 130.3% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 10.1% | 84 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 25.4% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.2x | 51 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 7.0x | 85 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 36.6x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 20.8x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.1% | 30 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 11.3% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth92/100 · 2/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation13/100 · 3/3 factors with a value
Memo
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION (WAB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 11.2 bn USD in 2025; YoY growth 7.5%; net margin 11.2%; ROE 12.2%; net debt/EBITDA 2.2x.
The estimated value range is 155.28–266.43 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 197.60 USD, the price of 294.97 USD leaves a potential of -33.0% (value / price − 1) and a margin of safety of -49.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.2%
- FCF conversion: 130.3%
- Revenue CAGR 3Y: 10.1%
- EPS CAGR 3Y: 25.4%
- Interest coverage: 7.0x
- Payout ratio (FCF): 11.3%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 36.6x
- EV/EBITDA: 20.8x
- Shareholder yield (distributions): 2.1%
- The price is above the estimated value range
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 186.49 Total return -36% · Per year -36% | 328.85 Total return 12% · Per year 12% | 494.19 Total return 68% · Per year 68% |
| 3 years | 202.02 Total return -30% · Per year -11% | 398.80 Total return 37% · Per year 11% | 654.96 Total return 124% · Per year 31% |
| 5 years | 218.85 Total return -24% · Per year -5% | 483.62 Total return 67% · Per year 11% | 868.03 Total return 198% · Per year 24% |
- Exit P/E± 99.70
- Net margin± 69.79
- Annual revenue growth± 54.36
- Annual dilution± 5.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wabtec is a global provider of locomotives, equipment, systems and services for freight and passenger rail, as well as mining, marine and industrial markets. Quarterly sales reached 3.12 billion USD in the third quarter of 2026, while the multi-year backlog hit a record 31.4 billion USD at September 30, 2026.
SWOT
Strengths
- A large installed base of locomotives and railcars generates recurring service and parts revenue that stabilizes results through economic cycles.
- The multi-year backlog reached a record level, giving visibility into future revenue.
- Long experience in rail innovation and the certifications needed in regulated markets raise barriers for new entrants.
Weaknesses
- Debt has risen after recent acquisitions, which increases financing costs and limits flexibility.
- Dependence on a few key customers means losing one major account could have a significant effect on results.
- Integrating several acquisitions and restructuring programmes carries execution costs and risks.
Opportunities
- Fleet modernization and rail digitalization could expand the services and software business.
- Mining and industrial markets offer additional demand for existing products and services.
- Acquisitions in detection, inspection and couplers could add recurring revenue and deepen the transit position.
Threats
- Trade tariffs and shifting trade policy could raise costs and compress margins.
- Competitors with larger resources or government support could limit price increases.
- Reduced public funding for passenger transit could delay orders in the Transit Segment.
Risks
- Dependence on key customershigh
The company relies on a few large customers, and lower demand or lost relationships could significantly affect results 1.
- Market cyclicalitymedium
The rail industry is sensitive to economic conditions and government spending, and deferred orders could reduce revenue 1.
- Acquisition integration riskmedium
Recent acquisitions might not deliver expected synergies or may take longer than planned, and goodwill impairment could affect equity 1.
- Tariffs and supply chainhigh
Supply chain disruptions and tariffs could raise production costs and delay deliveries, affecting margins 23.
- Indebtednessmedium
Total debt has grown after recent acquisitions, which could limit financial flexibility if funding conditions worsen 3.
Investment thesis
What would need to be true (bull case)
- A record order backlog and growing recurring service revenue could support steady long-term growth if execution stays disciplined 23.
- Rising operating margins and a strong profit outlook suggest good conversion of sales into earnings, especially if acquisition integration succeeds 3.
- A leading position in rail equipment and investment in digitalization could open new revenue streams in markets with durable demand 1.
What would break the thesis
- Higher debt and acquisition integration costs could limit cash available for dividends and buybacks if demand slows 23.
- Tariffs and cost pressures could erode margins, particularly if expected refunds are delayed or smaller than anticipated 2.
- Industry cyclicality and reliance on public budgets could delay major orders and affect the short-term revenue path 1.
What to watch
- Trend in adjusted operating margin and the effect of tariffs on costsQ4 2026
- Conversion of the record order backlog into recognized revenue2027
- Progress of the Integration 3.0 programme and realization of targeted synergies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The business model relies on a large installed base that generates recurring revenue from parts, modernizations and overhauls. The company has an installed base of nearly 24,600 locomotives, supporting its service and remanufacturing activity 1. A broad product portfolio helps balance the cyclical nature of the rail industry 1.
Market context
The global rail market grew 2.7% in 2021-2023 according to a UNIFE study cited by the company, and the forecast points to a 3% compound annual growth rate through 2027 1. Freight demand depends on overall economic activity, while transit demand depends on government funding and passenger ridership 1. Wabtec aims to benefit from fleet modernization and investment in digitalization and automation 1.
Trends
- Fleet modernizationtailwind
Ageing locomotive and freight car fleets drive investment in modernization and replacement, supporting service and component sales 12.
- Digitalization and automationtailwind
Investment in digitalization, safety and automation opens opportunities for Digital Intelligence solutions, including recent acquisitions in testing and detection 13.
- Trade tariffs and costsheadwind
Tariffs and trade policy have raised costs and affected cash flow, and the final effect depends on expected refunds 2.
- Public funding cyclicalitymixed
Transit projects depend on government budgets that can be delayed or cancelled, which could reduce OE and aftermarket orders 1.
Competitive position
Wabtec operates in a global market with a limited number of established competitors, some with greater financial resources or government backing 1. Price competition is strong and cost-conscious customers with negotiating power have limited price increases 1. Competition also rests on product performance, technology, quality and customer service 1.
Competitive strengths include the installed base, certifications required in regulated markets and the ability to develop new technologies, but a competitor investing heavily in innovation could narrow this gap 1.
- Alstom
European rail equipment and transit supplier named in the global competitive context, with no confirmed US listing.
- Siemens Mobility
Division of the Siemens group active in signalling and rail vehicles, a global transit competitor without its own US ticker.
- CRRC
Chinese locomotive and railcar maker with strong government support, a source of price pressure in international markets.
- Progress Rail (Caterpillar)
Rail division of a US industrial group, active in locomotives and services for freight operators.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Westinghouse Air Brake (WAB) Signs $700 Million-Plus Rail Services Deal. Can Profits Grow?Yahoo Finance — News · 23 Sept 2026 · EN
- Westinghouse Air Brake Technologies Stock: Is WAB Outperforming the Industrials Sector?Yahoo Finance — News · 14 Sept 2026 · EN
- Westinghouse Air Brake EVP Sbrocco Sells 952 Shares for $285,600Yahoo Finance — News · 31 Aug 2026 · EN
- Are Wall Street Analysts Predicting Westinghouse Air Brake Technologies Stock Will Climb or Sink?Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Quarterly report21 Oct 2026
- Current report21 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Creation of a direct financial obligation
- Quarterly report22 Jul 2026
- Current report22 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report22 Apr 2026
- Current report22 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Wabtec Corporation · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Wabtec Corporation · 21 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Wabtec Corporation · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.