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Wabash National Corp (WNC)
NYSE:WNC
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Wabash National
(NYSE:WNC)
Rating:48Neutral
Price Target:―
Wabash National (WNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$362.60M
Dividend Yield3.69%
Average Volume (3M)1.07M
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-25.44%
EPS Growth-135.47%
CountryUS
Employees6,000
SectorIndustrials
Sector Strength92
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)-0.58
Shares Outstanding41,870,140
10 Day Avg. Volume600,879
30 Day Avg. Volume1,069,116
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.92
Price to Sales (P/S)0.00
P/FCF Ratio4.48
Enterprise Value/Market Cap1.93
Enterprise Value/Revenue0.09
Enterprise Value/Gross Profit3.44
Enterprise Value/Ebitda-2.11
Forecast
1Y Price Target
$7.50Price Target Upside-16.20% Downside
Rating ConsensusHold
Number of Analyst Covering1
Wabash National Business Overview & Revenue Model
Company DescriptionWabash National Corporation designs, manufactures, and distributes engineered solutions for the transportation, logistics, and distribution industries primarily in the United States. The company operates through two segments, Transportation Solutions and Parts & Services. The Transportation Solutions segment provides dry van and platform trailers; refrigerated trailers; converter dollies; van bodies for dry-freight transportation; cutaway van bodies for commercial applications; service bodies; insulated van bodies; stake bodies; refrigerated truck bodies; and used trailers, as well as laminated hardwood oak flooring products. This segment also offers stainless steel and aluminum tank trailers for the dairy, food and beverage, oil, gas, and chemical end markets; dry bulk trailers; and fiberglass reinforced poly tank trailers. The Parts & Services segment provides aftermarket parts and services; aluminum and steel flatbed bodies, shelving for package delivery, partitions, roof racks, hitches, liftgates, and thermal solutions; and door repair and replacement, collision repair, and basic maintenance services. This segment also offers stainless steel storage tanks and silos, mixers, and processors for the dairy, food and beverage, pharmaceutical, chemical, craft brewing, and biotech end markets; and composite products, including truck bodies, overhead doors, and other industrial application products. The company offers its products under the Wabash, DuraPlate, DuraPlateHD, DuraPlate AeroSkirt, and AeroSkirt CX brands, as well as EcoNex brand. It distributes its products directly, as well as through its retail operations and independent dealers to truckload common carriers, leasing companies, private fleet carriers, less-than-truckload common carriers, and package carriers. The company was founded in 1985 and is headquartered in Lafayette, Indiana.
How the Company Makes MoneyWabash National Corporation generates revenue primarily through the sale of its manufactured transportation equipment, including trailers, truck bodies, and related components. The company's revenue streams are primarily derived from its commercial trailer products and diversified industrial products segments. Wabash National also engages in strategic partnerships and collaborations with key stakeholders in the transportation and logistics sectors, which can enhance its market reach and operational efficiency. Additionally, the company may benefit from aftermarket sales, providing parts and services to maintain and repair its products. These diverse revenue streams and strategic alliances contribute to Wabash National's financial performance and market position in the commercial transportation industry.
Wabash National Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q1-2025)
| % Change Since: -10.14%|
Next Earnings Date:Jul 23, 2025
Earnings Call Sentiment Negative
Wabash faced significant challenges due to a broad market slowdown and financial performance decline. However, the company showed resilience with growth in its Parts & Services segment and technological advancements. Despite some positive developments, the overall outlook remains cautious due to ongoing legal, regulatory, and market uncertainties.Q1-2025 Updates
Positive Updates
Parts & Services Revenue Growth
The Parts & Services segment achieved positive year-on-year revenue growth during the first quarter, demonstrating resilience despite broader market challenges.
Doubling of Upfit Volumes
The upfit team led a doubling in year-over-year upfit volumes in Q1, showcasing strong performance in a challenging environment.
Trailers as a Service Expansion
Trailers as a Service initiative added new customers in Q1 with over 1,000 trailers deployed, demonstrating growth and increasing operational capabilities.
Technological Advancements
Showcased new efficient drive and manufacturing capacity at industry events, highlighting Wabash's position as a technology-forward leader.
Negative Updates
Broad Market Slowdown
Market conditions have softened with industry forecasts for 2025 being revised downward, affecting overall business activity.
Financial Performance Decline
Q1 2025 saw a revenue shortfall of about $55 million, resulting in a gross margin of 5% and an adjusted operating margin of negative 7.2%.
Legal and Regulatory Challenges
Faced a legal matter resulting in a $119.5 million judgment and ongoing tariff-related uncertainties affecting customer CapEx plans.
Reduced Guidance for 2025
Revised revenue outlook to approximately $1.8 billion and EPS to a range of negative $0.85 to negative $0.35 due to tariff-related uncertainty and reduced order flow.
Company Guidance
During the Wabash First Quarter 2025 Earnings Call, the company provided a revised outlook amid a challenging business environment, reducing its revenue forecast to approximately $1.8 billion and anticipating a negative EPS range of $0.85 to $0.35. The call highlighted a downturn in the transportation sector, with the trailer industry experiencing eight consecutive quarters of contraction and orders. This led to a total backlog of approximately $1.2 billion by the end of Q1. Despite the challenges, Wabash reported positive year-on-year revenue growth in its Parts & Services division, driven by a doubling in upfit volumes and the expansion of its Trailers as a Service initiative. The company shipped approximately 6,290 new trailers and 3,000 truck bodies in Q1, but shipments were below prior expectations, resulting in a revenue shortfall of about $55 million. Adjusted EBITDA for the quarter was negative $9 million, with an adjusted net income loss of $24.8 million or negative $0.58 per diluted share. Wabash plans to maintain its capital allocation priorities, including an annual maintenance CapEx spend of $20 million to $25 million, despite the forecasted challenges for 2025.Wabash National Financial Statement Overview
Summary
Wabash National faces significant financial challenges with declining revenues and negative profitability margins indicating operational difficulties. Despite stable balance sheet elements, high leverage poses risks. Positive cash flow management is overshadowed by underlying profitability issues.Income Statement
Wabash National's income statement shows significant challenges. The TTM data reveals declining revenue and profitability, with a negative EBIT and EBITDA margin. The net profit margin is severely negative, indicating operational inefficiencies. The company experienced a revenue decline compared to the previous year, and the net income has turned negative, suggesting financial distress.45
Neutral
Balance Sheet
The balance sheet presents a mixed picture. The company's debt-to-equity ratio is relatively high, indicating potential leverage risks. However, the equity ratio is moderate, suggesting some level of financial stability. The return on equity has deteriorated due to negative net income, highlighting challenges in generating returns for shareholders.55
Neutral
Cash Flow
Wabash National's cash flow statement shows some positive aspects, such as a positive operating cash flow to net income ratio, indicating good cash generation relative to reported losses. Free cash flow has improved compared to the previous period, reflecting better cash management. However, the free cash flow to net income ratio is unfavorable due to negative net income.60
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.81B | 1.95B | 2.54B | 2.50B | 1.80B | 1.48B | Gross Profit |
| 204.01M | 265.07M | 498.19M | 322.69M | 196.47M | 159.75M | EBIT |
| -70.75M | -356.10M | 311.95M | 166.64M | 51.99M | 20.54M | EBITDA |
| -42.77M | -299.77M | 359.86M | 214.25M | 73.26M | -37.05M | Net Income Common Stockholders |
| -71.30M | -284.07M | 231.25M | 112.26M | 1.16M | -97.41M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 81.04M | 115.48M | 179.27M | 58.24M | 71.78M | 217.68M | Total Assets |
| 1.42B | 1.41B | 1.36B | 1.20B | 1.11B | 1.16B | Total Debt |
| 417.32M | 408.92M | 405.51M | 401.94M | 428.37M | 448.36M | Net Debt |
| 336.28M | 293.44M | 226.24M | 343.69M | 356.60M | 230.68M | Total Liabilities |
| 1.01B | 1.22B | 812.72M | 805.40M | 781.53M | 756.59M | Stockholders Equity |
| 403.84M | 188.83M | 549.50M | 397.61M | 325.54M | 404.88M |
| Cash Flow | Free Cash Flow | ||||
| 81.41M | 45.08M | 221.51M | 67.00M | -56.58M | 104.00M | Operating Cash Flow |
| 134.41M | 117.27M | 319.61M | 124.08M | -7.47M | 124.13M | Investing Cash Flow |
| -109.42M | -94.79M | -106.04M | -55.30M | -27.08M | -3.02M | Financing Cash Flow |
| -59.74M | -86.27M | -92.54M | -82.31M | -111.35M | -43.96M |
Wabash National Technical Analysis
Negative
8.95
Price Trends
9.83
Negative
11.85
Negative
15.20
Negative
Market Momentum
-0.19
Negative
45.94
Neutral
16.10
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WNC, the sentiment is Negative. The current price of 8.95 is above the 20-day moving average (MA) of 8.83, below the 50-day MA of 9.83, and below the 200-day MA of 15.20, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 45.94 is Neutral, neither overbought nor oversold. The STOCH value of 16.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WNC.
Wabash National Risk Analysis
Wabash National disclosed 31 risk factors in its most recent earnings report. Wabash National reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Wabash National Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $701.12M | 7.05 | 21.56% | 3.54% | -0.32% | -35.10% | |
73 Outperform | $366.13M | 8.20 | 7.21% | ― | -2.75% | 65.38% | |
66 Neutral | $886.10M | 58.92 | 2.33% | 1.34% | 1.99% | -39.02% | |
65 Neutral | $4.41B | 12.06 | 5.22% | 249.80% | 4.09% | -12.16% | |
63 Neutral | $365.50M | 809.30 | 0.18% | 2.04% | -4.08% | ― | |
61 Neutral | $446.57M | ― | -2.65% | ― | 5.64% | -124.05% | |
48 Neutral | $362.60M | ― | -15.01% | 3.69% | -25.44% | -135.47% |
* Industrials Sector Average
Performance Comparison
WNC
Wabash National
8.95
-12.68
-58.62%
ASTE
Astec
39.92
7.64
23.67%
MTW
Manitowoc Company
10.92
-1.24
-10.20%
SHYF
Shyft Group
10.44
-1.90
-15.40%
TWI
Titan International
7.25
-1.01
-12.23%
HY
Hyster-Yale Materials Handling
41.49
-32.45
-43.89%
Wabash National Corporate Events
Shareholder MeetingsBusiness Operations and Strategy
Wabash National Approves 2025 Omnibus Incentive Plan
Neutral
May 14, 2025
On May 14, 2025, Wabash National Corporation’s stockholders approved the 2025 Omnibus Incentive Plan, authorizing the issuance of up to 2,190,570 shares of common stock. During the same annual meeting, stockholders elected nine directors, approved executive compensation, and ratified Ernst & Young LLP as the independent auditor for 2025. These decisions reflect strategic moves to strengthen governance and financial oversight, potentially impacting the company’s operational and market positioning.
The most recent analyst rating on (WNC) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Wabash National stock, see the WNC Stock Forecast page.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.