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Westinghouse Air Brake Technologies Corporation

WAB
58
Railroads · Industrials
Price
$286.82
-0.94 (-0.33%)
Market Cap
$48.45B
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
9/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Good
3/5

58 of 100 counted points = Winston Score 58.

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Share count falling — buybacks

−9.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 188.1M (2021) → 171.1M (2025)

§Winston Score History

The full picture

Westinghouse Air Brake Technologies, known as Wabtec, makes the equipment that keeps trains running safely and efficiently. Its products include brakes, locomotives, signaling systems, and software used to control and monitor rail networks. The company sells to freight railroads, passenger transit agencies, and rail operators around the world, making it one of the largest suppliers of rail equipment and technology globally.

Wabtec earns money by selling hardware like locomotives outright, and also through long-term service contracts and software licenses that provide recurring revenue over time. It operates across North America, Europe, and other international markets, with the freight rail business in the United States being its largest segment. The company's deep integration into customers' existing rail infrastructure makes it difficult to replace, which is a meaningful competitive advantage. The key growth driver is the global push to modernize aging rail networks, though a slowdown in North American freight volumes remains a near-term risk to watch.

Politician Trades

21 trades / 12mo

6 Congressional buys and 15 sells on WAB in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+92.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$223M/ year

↑ Rising (+8% vs prior year)

2.0% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$670M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Westinghouse Air Brake Technologies Corporation is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
36.5%
Modest — 36.5% gross margin
Profit after running costs
Operating Margin
18.9%
Healthy — 18.9% operating margin
Return on the money invested
ROCE
11.1%
Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+13.4%
Fast-growing sales (+13.4% YoY)
Profit growth
EPS YoY
+32.6%
Earnings growing fast (+32.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
139%
Turns 139% of profit into real cash
Spare cash per sale
FCF Margin
12.2%
Converts sales into free cash efficiently (12.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.58
Conservative — low debt load (0.58)
Covers its interest
Interest Cover
7.10x
Adequate interest coverage (7.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
32.2x
Pricey — P/E 32.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (32.2 → 22.6)

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Dividends

Dividend
Dividend Yield
0.44%
Small dividend — 0.44% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+24.2%
Dividend growing fast (24.2% YoY)
Payout Ratio
15%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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