Wabash National
WNC on NYSE. Wabash sells trailers, truck bodies, and parts to freight and logistics customers. Market value $570m.
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?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.81 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 18 cents a year. Above 10 is good.
Quality score: 62 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$13.99 a share, 111% above its 1-year low
Over the past year the price has ranged from $6.63 to $14.55.
Dividend: 2.3% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.8bn | $2.5bn | $2.5bn | $1.9bn | $1.5bn |
| Operating margin | |||||
| Operating margin | 1.9% | 6.7% | 12.3% | -18.3% | 19.9% |
| Debt to equity | |||||
| Debt to equity | 1.32 | 1.00 | 0.72 | 2.10 | 1.21 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt1.21× equity
- Revenue growth, five yearsSlow, 0.8% a year
- Buying back its own sharesYes, 15% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $417 million last quarter, down 9% on a year ago.
- A loss of $23 million, compared with a loss of $10 million a year ago.
- It loses 6 cents on each $1 of sales, compared with 7 cents a year earlier.
- Over the past 12 months it spent $16 million more cash than it brought in. A year earlier it had $57 million spare.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $444 million more than cash, up from $383 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $464m |
| December 2024 | $417m |
| March 2025 | $381m |
| June 2025 | $459m |
| September 2025 | $382m |
| December 2025 | $321m |
| March 2026 | $303m |
| June 2026 | $417m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$330m |
| December 2024 | -$1m |
| March 2025 | $231m |
| June 2025 | -$10m |
| September 2025 | $40m |
| December 2025 | -$50m |
| March 2026 | -$45m |
| June 2026 | -$23m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 166 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $270,000
- Share of fund
- <0.1%
- Beutel GoodmanBeutel Goodman team
- Value
- $9,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $6m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $4m | 0.2% | New |
| First Eagle Investment ManagementMatthew McLennan | $4m | <0.1% | New |
| GAMCO InvestorsMario Gabelli | $270,000 | <0.1% | |
| Beutel GoodmanBeutel Goodman team | $9,000 | <0.1% |
Sold out this quarter
Largest holders overall
- Mirae Asset Global Etfs Holdings$53mAdded
- BlackRock$47mAdded
- FMR$29mCut
- D. E. Shaw$28mCut
- Vanguard Capital Management$23mCut
- Dimensional Fund Advisors LP$22m
- Ameriprise Financial$18mAdded
- Jacobs Levy Equity Management$15mAdded
- Goldman Sachs Group$15mCut
- Charles Schwab Investment Management$14mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Global X Management CO LLCPassive investor8.9%Since 31 March 2026
- BlackRock, Inc.Passive investor7.6%−1.1 ptsSince 31 December 2025
- FMR LLCPassive investorat least 5.9%(filed with 1 related holder)Since 31 December 2025
- D. E. Shaw & Co., L.P.Passive investorat least 5.1%−1.3 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 30 June 2025
- First Trust Portfolios L.P.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Global X Management CO LLC Passive investor | 8.9% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.6%−1.1 pts | 31 December 2025 | |
FMR LLC Passive investor | at least 5.9% (filed with 1 related holder) | 31 December 2025 | |
D. E. Shaw & Co., L.P. Passive investor | at least 5.1%−1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 30 June 2025 | |
First Trust Portfolios L.P. Passive investor | Sold down below 5% | 30 September 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. 1 sold $122,500.
- Glazner Mary KristinChief Administrative OfficerSold
- Date
- 14 September 2026
- Shares
- 10,000
- Price
- $12.25
- Value
- $122,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Glazner Mary Kristin Chief Administrative Officer | Sold | 10,000 | $12.25 | $122,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have barely grown: 0.8% a year.
- Profits run ahead of cash.
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.