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Wabash National
(NYSE:WNC)
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Rating:54Neutral
Price Target:
$14.00
▲(11.91% Upside)
Action:Reiterated
Date:07/29/26
WNC scores mid-range primarily due to weak current financial performance (losses and negative TTM cash generation) and elevated leverage, partially offset by constructive price trend (trading above key moving averages) and a cautiously improving outlook from the earnings call driven by rising backlog and strengthened liquidity, despite near-term loss guidance.
Positive Factors
Backlog Growth
The 14% sequential backlog increase indicates customers are moving from order deferral toward committed demand. A larger order book can support revenue visibility over coming quarters, improve factory utilization, and provide a foundation for recovery if conversion occurs at healthier pricing.
Negative Factors
Unstable Profitability
The return to losses after a highly profitable prior year shows that earnings power remains cyclical and inconsistent. Negative operating profit limits internal funding for growth, while the sharp margin reversal makes recovery dependent on improved pricing, volumes, and manufacturing execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Growth
The 14% sequential backlog increase indicates customers are moving from order deferral toward committed demand. A larger order book can support revenue visibility over coming quarters, improve factory utilization, and provide a foundation for recovery if conversion occurs at healthier pricing.
Read all positive factors
Wabash National (WNC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$518.58M
Dividend Yield2.47%
Average Volume (3M)826.78K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth-17.26%
EPS Growth19.39%
CountryUS
Employees4,700
SectorIndustrials
Sector Strength72
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)-1.92
Shares Outstanding40,737,170
10 Day Avg. Volume645,995
30 Day Avg. Volume826,785
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.98
Price to Sales (P/S)0.23
P/FCF Ratio-27.53
Enterprise Value/Market Cap1.98
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit333.79
Enterprise Value/Ebitda-47.94
Forecast
1Y Price Target
$20.00Price Target Upside59.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-2.33
Revenue Forecast (FY)$1.58B
Wabash National Business Overview & Revenue Model
Company Description
Wabash National Corporation (WNC) specializes in the engineering, manufacturing, and supply of diverse solutions for the transportation, logistics, and distribution industries, primarily serving the United States market. The company operates throu...
How the Company Makes Money
Wabash primarily makes money by manufacturing and selling commercial transportation equipment, with revenue historically concentrated in new equipment sales (e.g., various types of trailers and truck bodies) to trucking fleets, logistics companies...
Wabash National Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
Cautiously positive. The company reported clear signs of market recovery (strong backlog growth, materially stronger spot rates, improving tender rejection and industry indices), strengthened liquidity ($150M additional post-quarter, $193M total, $300M committed credit), capacity additions, and returning to positive gross margin. These operational and market improvements give a credible path to restored profitability (management expects positive EBITDA in H2 2026 and sees potential to return to historical EBITDA ranges by 2027 if replacement demand materializes). Near-term challenges remain significant: Q2 reported operating losses, material costs have not yet been fully recovered through pricing, truck body demand is lagging, and some results exclude costs from idled facilities. Given the balance of meaningful forward-looking positives and existing near-term profitability pressures, the overall tone is cautiously optimistic but pragmatic.Positive Updates
Backlog Growth and Unusual Seasonality
Backlog grew to $956 million at the close of Q2 2026, a 14% quarter-over-quarter increase — the first time in company history to record backlog growth in Q2, signaling customers moving from deferral to committed demand.
Negative Updates
Near-Term Profitability Pressure
Adjusted non-GAAP operating margin was negative 5.6% in Q2; adjusted non-GAAP EBITDA was -$9 million (-2.1%); adjusted net loss attributable to common shareholders was -$21.6 million, or -$0.53 per diluted share.
Read all updates
Q2-2026 Updates
Positive
Negative
Backlog Growth and Unusual Seasonality
Backlog grew to $956 million at the close of Q2 2026, a 14% quarter-over-quarter increase — the first time in company history to record backlog growth in Q2, signaling customers moving from deferral to committed demand.
Read all positive updates
Company Guidance
Wabash guided third-quarter revenue of $440 million to $460 million, adjusted EPS in a loss range of $0.50 to $0.40 per share and an adjusted operating margin of approximately -4%, and said it expects sequential EPS improvement and positive EBITDA in the second half of 2026 (while Q4 is expected to see some top-line deterioration versus Q3 as seasonality plays out). Management said pricing recoveries should drive a 200–300 basis‑point improvement in material margin percent in Q4 and will provide quarterly guidance only while the market normalizes; backlog was $956 million at quarter end (up 14% Q/Q). For context, Q2 adjusted non‑GAAP gross margin was 4.1%, adjusted operating margin -5.6%, adjusted EBITDA -$9 million (-2.1%), adjusted net loss attributable to common shareholders -$21.6 million (‑$0.53 per diluted share), shipments were 8,290 new trailers and 1,380 truck bodies, operating cash flow was $5.1 million (free cash flow $3.1 million), total liquidity was $193 million (up 17% Q/Q, with cash ≈ one‑third of that), the company spent ~$2 million in capex in Q2, returned $3.3 million in dividends, secured $150 million of post‑quarter convertible note liquidity, and has lender commitments to extend a revolving credit facility up to $300 million.Wabash National Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.42B | 1.54B | 1.95B | 2.54B | 2.50B | 1.80B |
| Gross Profit | 3.08M | 58.73M | 265.07M | 498.19M | 322.69M | 196.47M |
| EBITDA | -21.43M | 363.21M | -299.77M | 359.86M | 214.25M | 73.26M |
| Net Income | -77.90M | 211.45M | -284.07M | 231.25M | 112.26M | 1.16M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.17B | 1.41B | 1.36B | 1.20B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 71.50M | 31.92M | 115.48M | 179.27M | 58.24M | 71.78M |
| Total Debt | 513.22M | 442.85M | 433.56M | 428.68M | 418.82M | 439.75M |
| Total Liabilities | 944.93M | 802.70M | 1.22B | 812.72M | 805.40M | 802.21M |
| Stockholders Equity | 292.45M | 367.36M | 188.83M | 549.50M | 397.61M | 325.54M |
Cash Flow | ||||||
| Free Cash Flow | -16.02M | -13.04M | 45.08M | 221.51M | 67.00M | -56.58M |
| Operating Cash Flow | -745.00K | 11.67M | 117.27M | 319.61M | 124.08M | -7.47M |
| Investing Cash Flow | -37.81M | -92.68M | -94.79M | -106.04M | -55.30M | -27.08M |
| Financing Cash Flow | 52.63M | -2.54M | -86.27M | -92.54M | -82.31M | -111.35M |
Wabash National Technical Analysis
Positive
12.51
Price Trends
12.73
Positive
12.25
Positive
10.65
Positive
Market Momentum
0.04
Positive
53.11
Neutral
57.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WNC, the sentiment is Positive. The current price of 12.51 is below the 20-day moving average (MA) of 13.03, below the 50-day MA of 12.73, and above the 200-day MA of 10.65, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 53.11 is Neutral, neither overbought nor oversold. The STOCH value of 57.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WNC.
Wabash National Risk Analysis
Wabash National disclosed 36 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $7.00B | 24.88 | 20.22% | 0.51% | 23.97% | 28.96% | |
72 Outperform | $8.37B | 15.42 | 12.32% | 1.64% | 1.93% | -12.16% | |
71 Outperform | $170.46B | 35.28 | 18.11% | 1.02% | 7.98% | -5.94% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $518.58M | -6.75 | -22.27% | 2.47% | -17.26% | 19.39% | |
53 Neutral | $865.28M | 35.40 | 2.33% | 0.84% | ― | ― | |
44 Neutral | $436.31M | -5.67 | -14.76% | 1.20% | 4.69% | -281.71% |
* Industrials Sector Average
WNC
Wabash National
13.10
4.34
49.48%
DE
Deere
643.62
176.19
37.69%
FSS
Federal Signal
115.54
-9.11
-7.31%
OSK
Oshkosh
134.29
-3.03
-2.20%
TWI
Titan International
6.86
-1.11
-13.93%
AEBI
Aebi Schmidt Holding AG
11.19
-0.16
-1.39%
Wabash National Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Wabash National Highlights Strategy at Investor Conference Presentation
Neutral
Sep 24, 2026
Wabash National Corp. furnished an investor presentation dated Sept. 24, 2026, for use at the D.A. Davidson conference, outlining its strategic view of the freight transportation market. The materials emphasize the company’s focus on long-ha...
Business Operations and StrategyPrivate Placements and Financing
Wabash National Amends and Expands Revolving Credit Facility
Neutral
Aug 13, 2026
On August 12, 2026, Wabash National Corporation amended its existing revolving credit facility, entering into a Sixth Amendment that maintains a $300 million asset-based revolver with the option to increase total commitments by up to $175 million....
Executive/Board Changes
Wabash National Announces Upcoming Board Director Resignation
Neutral
Jul 31, 2026
On July 27, 2026, Wabash National Corporation’s board of directors accepted the resignation of Sudhanshu Priyadarshi from his role as a director, with the resignation scheduled to take effect on August 1, 2026. The company stated that Priyad...
Business Operations and StrategyPrivate Placements and Financing
Wabash National Completes Convertible Senior Notes Offering
Positive
Jul 20, 2026
On July 20, 2026, Wabash National completed a private, unregistered offering of $150 million in 4.00% convertible senior notes due 2032, after initial purchasers exercised an option on July 16, 2026 to increase the deal from $130 million. The note...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Wabash National Announces Notes Offering and Credit Amendment
Negative
Jul 15, 2026
On July 14, 2026, Wabash National amended its main credit agreement to allow up to $150 million in additional debt tied to a private offering of notes, supplementing existing permitted borrowings and reinforcing its capital structure. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.