Westinghouse Air Brake Technologies
WAB on NYSE. Wabtec sells air brakes and rail equipment to freight and transit railroads. Market value $49.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.49 of spare cash in the past 12 months. A savings account pays about $4.
You pay 28.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 87 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.
$291.16 a share, 56% above its 1-year low
Over the past year the price has ranged from $186.06 to $306.64.
Dividend: 0.4% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $7.8bn | $8.4bn | $9.7bn | $10.4bn | $11.2bn |
| Operating margin | |||||
| Operating margin | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% |
| Debt to equity | |||||
| Debt to equity | 0.40 | 0.40 | 0.39 | 0.39 | 0.50 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.18bn | 0.17bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.50× equity
- Revenue growth, five yearsSlow, 8.1% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.2 billion last quarter, up 17% on a year ago.
- Profit: $395 million, up 18% on a year ago.
- It keeps 16 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $1.7 billion, up from $1.5 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $5.9 billion more than cash, up from $3.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.7bn |
| December 2024 | $2.6bn |
| March 2025 | $2.6bn |
| June 2025 | $2.7bn |
| September 2025 | $2.9bn |
| December 2025 | $3.0bn |
| March 2026 | $3.0bn |
| June 2026 | $3.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $283m |
| December 2024 | $212m |
| March 2025 | $322m |
| June 2025 | $336m |
| September 2025 | $310m |
| December 2025 | $202m |
| March 2026 | $362m |
| June 2026 | $395m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 21 October 2026
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 21 October 2026
Who owns it
8 long-term investors we follow own it, down from 9 last quarter. 1,187 funds in all.
- Muhlenkamp & Co.Jeff Muhlenkamp
- Value
- $17m
- Share of fund
- 4.9%
- Mairs & PowerAndy Adams
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $653m | 3.5% | Cut |
| Boston PartnersBoston Partners team | $543m | 0.5% | Added |
| Beutel GoodmanBeutel Goodman team | $228m | 1.7% | Cut |
| First Pacific Advisors (FPA)Steven Romick | $51m | 0.6% | Cut |
| Muhlenkamp & Co.Jeff Muhlenkamp | $17m | 4.9% | |
| Gotham Asset ManagementJoel Greenblatt | $16m | <0.1% | Added |
| Mairs & PowerAndy Adams | $1m | <0.1% | |
| GMOJeremy Grantham | $510,622 | <0.1% | Added |
Sold out this quarter
Largest holders overall
- FMR$5.8bnAdded
- BlackRock$3.7bn
- Vanguard Capital Management$3.0bn
- State Street$2.1bnAdded
- Price T Rowe Associates$2.0bnCut
- Vanguard Portfolio Management$1.9bn
- Geode Capital Management$1.2bn
- FIL$951m
- Nordea Investment Management AB$836mCut
- Invesco$753mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- FMR LLCPassive investorat least 12.7%+1.1 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- BlackRock, Inc.Passive investor7.1%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 12.7%+1.1 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.1% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 12 sold $44m, $24m of it under preset trading plans.
- Santana RafaelPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 1,087
- Price
- $280.30
- Value
- $304,686
- Santana RafaelPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,096
- Price
- $280.08
- Value
- $306,969
- Mendonca RogerioPresident, Equipment GroupSold
- Date
- 21 August 2026
- Shares
- 2,919
- Price
- $297.05
- Value
- $867,093
- Fetsko MichaelPres., Freight Components Grp.Sold
- Date
- 20 August 2026
- Shares
- 3,250
- Price
- $293.22
- Value
- $952,961
- Sbrocco GregoryEVP OperationsSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 952
- Price
- $300.00
- Value
- $285,600
- Santana RafaelPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 1,163
- Price
- $297.03
- Value
- $345,443
- Santana RafaelPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 1,163
- Price
- $299.04
- Value
- $347,780
- DeNinno David LExec VP, General Counsel, Sec.Sold
- Date
- 24 July 2026
- Shares
- 3,000
- Price
- $301.31
- Value
- $903,923
- Gebhardt EricChief Technology OfficerSold
- Date
- 24 July 2026
- Shares
- 7,100
- Price
- $299.27
- Value
- $2m
- Gaur SameerPres., Global Freight ServicesSold
- Date
- 24 July 2026
- Shares
- 1,000
- Price
- $300.64
- Value
- $300,640
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Santana Rafael President and CEO, Director | Sold under a preset trading plan | 1,087 | $280.30 | $304,686 |
| 1 September 2026 | Santana Rafael President and CEO, Director | Sold under a preset trading plan | 1,096 | $280.08 | $306,969 |
| 21 August 2026 | Mendonca Rogerio President, Equipment Group | Sold | 2,919 | $297.05 | $867,093 |
| 20 August 2026 | Fetsko Michael Pres., Freight Components Grp. | Sold | 3,250 | $293.22 | $952,961 |
| 17 August 2026 | Sbrocco Gregory EVP Operations | Sold under a preset trading plan | 952 | $300.00 | $285,600 |
| 5 August 2026 | Santana Rafael President and CEO, Director | Sold under a preset trading plan | 1,163 | $297.03 | $345,443 |
| 4 August 2026 | Santana Rafael President and CEO, Director | Sold under a preset trading plan | 1,163 | $299.04 | $347,780 |
| 24 July 2026 | DeNinno David L Exec VP, General Counsel, Sec. | Sold | 3,000 | $301.31 | $903,923 |
| 24 July 2026 | Gebhardt Eric Chief Technology Officer | Sold | 7,100 | $299.27 | $2m |
| 24 July 2026 | Gaur Sameer Pres., Global Freight Services | Sold | 1,000 | $300.64 | $300,640 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 28.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.