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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 | 57.4% | -20.8% | - |
| 2024 | $1.9B | $-300M | $-284M | $45M | -149.6% | -23.3% | -222.8% |
| 2023 | $2.5B | $360M | $231M | $222M | 42.0% | 1.4% | 106.0% |
| 2022 | $2.5B | $214M | $112M | $67M | 28.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 167.33 | 312.18 | -355.62 | 321.06 |
| EBITDA | 213.93 | 359.86 | -299.77 | 363.21 |
| EBIT | 166.96 | 314.54 | -356.76 | 304.48 |
| Pretax Income | 146.44 | 294.69 | -376.60 | 283.16 |
| Tax Provision | 33.66 | 62.83 | -93.52 | 71.52 |
| Net Income | 112.26 | 231.25 | -284.07 | 211.45 |
| Net Income Common Stockholders | 112.26 | 231.25 | -284.07 | 211.45 |
| Total Expenses | 2,334.80 | 2,224.32 | 2,302.36 | 1,221.70 |
| Interest Expense | 20.52 | 19.85 | 19.84 | 21.32 |
| Selling General And Administration | 140.15 | 173.19 | 608.72 | -262.33 |
| Normalized EBITDA | 214.61 | 360.09 | -299.29 | 376.77 |
| Normalized Income | 112.79 | 231.44 | -283.71 | 221.58 |
| Basic EPS | 2.31 | 4.92 | -6.40 | 5.09 |
| Diluted EPS | 2.25 | 4.81 | -6.40 | 5.07 |
| Tax Effect Of Unusual Items | -0.16 | -0.05 | -0.12 | -3.43 |
| Tax Rate For Calcs | 0.23 | 0.21 | 0.25 | 0.25 |
| Total Unusual Items | -0.69 | -0.23 | -0.48 | -13.55 |
| Total Unusual Items Excluding Goodwill | -0.69 | -0.23 | -0.48 | -13.55 |
| Net Income From Continuing Operation Net Minority Interest | 112.26 | 231.25 | -284.07 | 211.45 |
| Reconciled Depreciation | 46.97 | 45.32 | 56.98 | 58.73 |
| Reconciled Cost Of Revenue | 2,147.68 | 2,005.81 | 1,636.66 | 1,425.29 |
| Net Interest Income | -20.52 | -19.85 | -19.84 | -21.32 |
| Net Income From Continuing And Discontinued Operation | 112.26 | 231.25 | -284.07 | 211.45 |
| Total Operating Income As Reported | 166.64 | 311.95 | -356.10 | 307.50 |
| Diluted Average Shares | 49.88 | 48.03 | 44.36 | 41.75 |
| Basic Average Shares | 48.63 | 47.01 | 44.36 | 41.51 |
| Diluted NI Availto Com Stockholders | 112.26 | 231.25 | -284.07 | 211.45 |
| Minority Interests | -0.51 | -0.60 | -1 | -0.19 |
| Net Income Including Noncontrolling Interests | 112.77 | 231.85 | -283.07 | 211.64 |
| Net Income Continuous Operations | 112.77 | 231.85 | -283.07 | 211.64 |
| Other Income Expense | -0.37 | 2.35 | -1.14 | -16.58 |
| Other Non Operating Income Expenses | 0.32 | 3.39 | 5.43 | 3.96 |
| Special Income Charges | -0.69 | -0.23 | -0.48 | -13.55 |
| Gain On Sale Of Business | 0 | -0.80 | 0 | 0 |
| Impairment Of Capital Assets | 0.69 | 0.23 | 0.48 | 13.55 |
| Earnings From Equity Interest | 0 | -0.80 | -6.09 | -6.98 |
| Net Non Operating Interest Income Expense | -20.52 | -19.85 | -19.84 | -21.32 |
| Interest Expense Non Operating | 20.52 | 19.85 | 19.84 | 21.32 |
| 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 |
| Amortization | 15.21 | 12.81 | 11.97 | 11.18 |
| Amortization Of Intangibles Income Statement | 15.21 | 12.81 | 11.97 | 11.18 |
| Selling And Marketing Expense | 27.07 | 26.53 | 28.04 | 24.44 |
| General And Administrative Expense | 113.08 | 146.66 | 580.68 | -286.77 |
| Other Gand A | 113.08 | 146.66 | 580.68 | -286.77 |
| Operating Revenue | 2,502.13 | 2,536.50 | 1,946.74 | 1,542.75 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Wabash National Corporationthis co. | WNC | $339M | 1.64↓ discount | 0.92 | 57.4% | 2.07 |
| Quad/Graphics, Inc. | QUAD | $366M | 12.09 | 2.77 | 21.0% | 4.30 |
| Matrix Service Company | MTRX | $363M | - | 2.64 | -20.6% | -20.87 |
| Kelly Services, Inc. | KELYA | $351M | - | 0.34 | -26.0% | 4.73 |
| Omega Flex, Inc. | OFLX | $339M |
| 22.82 |
| 4.02 |
| 17.6% |
| 15.85 |
| SBC Medical Group Holdings Incorporated | SBC | $339M | 6.60 | 1.36 | 19.4% | 3.44 |
| Tredegar Corporation | TG | $327M | 13.67 | 1.48 | 15.5% | 6.25 |
| L.B. Foster Company | FSTR | $320M | 44.36 | 1.77 | 4.3% | 10.12 |
| AerSale Corporation | ASLE | $313M | 36.83 | 0.74 | 2.0% | 12.77 |
| Peer Median | - | 18.24 | 1.63 | 9.9% | 5.49 | |