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Wabash National Corporation manufactures engineered solutions and services for transportation, logistics and infrastructure industry in the United States. The company operates in two segments, Transportation Solutions and Parts & Services. It offers dry van trailers, platform trailers, refrigerated trailers, stainless steel and aluminum tank trailers, and used trailors; dry freight truck bodies, cargo bodies, insulated and light-duty acutherm refrigerated truck bodies, and platform truck bodies; and laminated hardwood oak flooring. The company also provides aftermarket parts and services; steel flatbed bodies, truck body mounting, shelving for package delivery, partitions, roof racks, hitches, thermal solutions, liftgates, and other; door repair and replacement, collision repair, and basic maintenance; stainless steel storage tanks and silos, mixers, and processors for the dairy, food and beverage, pharmaceutical, chemical, craft brewing, and biotech end markets; and truck bodies, overhead doors, and other industrial applications. In addition, it offers maintenance and repair services for tank trailers and other related equipment; direct-line access to truck body repair parts; and trailers as a service, as well as develops and scales a digital marketplace for the transportation and logistics distribution industry. The company offers its products under the Wabash, MaxClearance, Trust Lock Plus, EZ-7, Lock-Rite, EZ-Adjust, DuraPlate, DuraPlateHD, DuraPlate AeroSkirt, and AeroSkirt CX brands, and EcoNex brand. Wabash National Corporation was founded in 1985 and is headquartered in Lafayette, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | $363M | $211M | $-13M | 57.6% | -20.8% | -174.4% |
| 2024 | $1.9B | $-300M | $-284M | $45M | -150.4% | -23.3% | -222.8% |
| 2023 | $2.5B | $360M | $231M | $222M | 42.1% | 1.4% | 106.0% |
| 2022 | $2.5B | $214M | $112M | $67M | 28.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,502.13 | 2,536.50 | 1,946.74 | 1,542.75 |
| Operating Revenue | - | 2,502.13 | 2,536.50 | 1,946.74 | 1,542.75 |
| Cost Of Revenue | - | 2,179.44 | 2,038.31 | 1,681.67 | 1,472.84 |
| Gross Profit | - | 322.69 | 498.19 | 265.07 | 69.91 |
| Operating Expense | - | 155.36 | 186 | 620.69 | -251.15 |
| Selling General And Administration | - | 140.15 | 173.19 | 608.72 | -262.33 |
| Total Expenses | - | 2,334.80 | 2,224.32 | 2,302.36 | 1,221.70 |
| Operating Income | - | 167.33 | 312.18 | -355.62 | 321.06 |
| Total Operating Income As Reported | - | 166.64 | 311.95 | -356.10 | 307.50 |
| EBITDA | - | 213.93 | 359.86 | -299.77 | 363.21 |
| Normalized EBITDA | - | 214.61 | 360.09 | -299.29 | 376.77 |
| EBIT | - | 166.96 | 314.54 | -356.76 | 304.48 |
| Interest Expense | - | 20.52 | 19.85 | 19.84 | 21.32 |
| Net Interest Income | - | -20.52 | -19.85 | -19.84 | -21.32 |
| Other Non Operating Income Expenses | - | 0.32 | 3.39 | 5.43 | 3.96 |
| Other Income Expense | - | -0.37 | 2.36 | -1.14 | -16.58 |
| Interest Expense Non Operating | - | 20.52 | 19.85 | 19.84 | 21.32 |
| Net Non Operating Interest Income Expense | - | -20.52 | -19.85 | -19.84 | -21.32 |
| Pretax Income | - | 146.44 | 294.68 | -376.60 | 283.16 |
| Tax Provision | - | 33.66 | 62.83 | -93.52 | 71.52 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.16 | -0.05 | -0.12 | -3.43 |
| Net Income Continuous Operations | - | 112.77 | 231.86 | -283.08 | 211.64 |
| Net Income From Continuing And Discontinued Operation | - | 112.26 | 231.25 | -284.07 | 211.45 |
| Net Income From Continuing Operation Net Minority Interest | - | 112.26 | 231.25 | -284.07 | 211.45 |
| Net Income | - | 112.26 | 231.25 | -284.07 | 211.45 |
| Net Income Common Stockholders | - | 112.26 | 231.25 | -284.07 | 211.45 |
| Net Income Including Noncontrolling Interests | - | 112.77 | 231.86 | -283.08 | 211.64 |
| Normalized Income | - | 112.79 | 231.44 | -283.71 | 221.58 |
| Diluted NI Availto Com Stockholders | - | 112.26 | 231.25 | -284.07 | 211.45 |
| Basic Average Shares | - | 48.63 | 47.01 | 44.36 | 41.51 |
| Diluted Average Shares | - | 49.88 | 48.03 | 44.36 | 41.75 |
| Reconciled Depreciation | - | 46.97 | 45.32 | 56.98 | 58.74 |
| Reconciled Cost Of Revenue | - | 2,147.68 | 2,005.81 | 1,636.66 | 1,425.29 |
| Total Unusual Items | - | -0.68 | -0.24 | -0.48 | -13.55 |
| Total Unusual Items Excluding Goodwill | - | -0.68 | -0.24 | -0.48 | -13.55 |
| Minority Interests | - | -0.51 | -0.60 | -1 | -0.19 |
| Special Income Charges | - | -0.68 | -0.24 | -0.48 | -13.55 |
| Gain On Sale Of Business | 0 | 0 | -0.80 | - | - |
| Impairment Of Capital Assets | - | 0.68 | 0.24 | 0.48 | 13.55 |
| Depreciation Amortization Depletion Income Statement | - | 15.21 | 12.81 | 11.97 | 11.18 |
| Depreciation And Amortization In Income Statement | - | 15.21 | 12.81 | 11.97 | 11.18 |
| General And Administrative Expense | - | 113.08 | 146.66 | 580.68 | -286.77 |
| Other Gand A | - | 113.08 | 146.66 | 580.68 | -286.77 |
| Selling And Marketing Expense | - | 27.07 | 26.53 | 28.04 | 24.44 |
| Earnings From Equity Interest | - | 0 | -0.80 | -6.09 | -6.98 |
| Amortization | - | 15.21 | 12.81 | 11.97 | 11.18 |
| Amortization Of Intangibles Income Statement | - | 15.21 | 12.81 | 11.97 | 11.18 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Wabash National Corporationthis co. | WNC | $326M | 1.54 | 0.89 | 57.6% | 2.07 |
| Forward Air Corporation | FWRD | $327M | -3.04 | 2.89 | -95.1% | 12.79 |
| SBC Medical Group Holdings Incorporated | SBC | $314M | 6.16 | 1.26 | 20.5% | 2.38 |
| Public Policy Holding Company, Inc. | PPHC | $306M | -7.83 | 4.08 | -52.1% | -18.14 |
| Omega Flex, Inc. | OFLX | $304M |
| - |
| - |
| - |
| - |
| - |
| - |
| 20.51 |
| 3.61 |
| 17.6% |
| 13.97 |
| AerSale Corporation | ASLE | $300M | 34.99 | 0.71 | 2.0% | 12.35 |
| CompX International Inc. | CIX | $298M | 15.30 | 2.15 | 14.1% | 9.29 |
| NL Industries, Inc. | NL | $296M | -7.83 | 0.83 | -10.5% | -3.96 |
| AIRO Group Holdings, Inc. | AIRO | $295M | -71.79 | 0.40 | -0.6% | 8.94 |
| Peer Median | - | 1.56 | 1.71 | 0.7% | 9.12 | |