WABASH NATIONAL Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WABASH NATIONAL Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,845	1,767	2,267	2,319	1,482	1,803	2,502	2,537	1,947	1,543
Cost of revenue	1,520	1,506	1,984	2,013	1,322	1,607	2,179	2,038	1,682	1,473
Gross profit	326	261	284	306	160	196	323	498	265	69.9
Research and development	6.4	3.9	8.8	19.5	21.9	13.6	5.3	7.5	8.6	5.9
Selling, general and administrative							156	186	621
General and administrative	74.1	77.8	95.1	108	92.7	88.8	113	147	581
Operating income	203	131	111	143	-85.6	33.5	167	312	-356	308
Interest expense	15.7	16.4	28.8	27.3	24.2	23.1	20.5	19.9	19.8	21.3
Other non-operating income	-17.1	-8.28	-15	-25.1	-23.6	-32.3	-20.2	-16.5	-14.4	-17.4
Pre-tax income	185	123	96	118	-109	1.29	146	295	-377	283
Income tax	66	11.1	26.6	28.2	-11.8	0.13	33.7	62.8	-93.5	71.5
Net income to minority interests					0	0	0.51	0.6	1	0.19
Net income	119	111	69.4	89.6	-97.4	1.16	112	231	-284	211
EBITDA	239	166	152	185	-37.6	82.4	214	357	-299	366
EPS, basic	1.87	1.88	1.22	1.64	-1.84	0.02	2.31	4.92	-6.40	5.09
EPS, diluted	1.82	1.78	1.19	1.62	-1.84	0.02	2.25	4.81	-6.40	5.07
Shares, basic (weighted)	63.7	59.4	57	54.7	52.9	50.7	48.6	47	44.4	41.5
Shares, diluted (weighted)	65.8	62.6	58.4	55.3	52.9	51.6	49.9	48	44.4	41.7
Dividend per share	0.06	0.26	0.31	0.32	0.32	0.32	0.32	0.32	0.32	0.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	163	192	133	141	218	71.8	58.2	179	115	31.9
Receivables	154	147	181	173	101	177	256	183	144	120
Inventory	140	181	184	187	164	238	244	268	259	181
Other current assets	8.08	10.5	12.8	16.1	7.17	3.62	5.6	4.9	3.1	3.59
Total current assets	481	576	549	541	546	530	593	681	594	419
Property, plant and equipment	134	195	207	221	210	232	271	325	339	300
Lease right-of-use assets				14.2	10.8	11.4	23	32.2	36.4	35.4
Goodwill	148	317	311	311	200	188	188	188	188	191
Intangible assets	94.4	237	210	190	167	114	99.2	86.4	74.4	63.6
Other non-current assets	20.1	25.3	26.6	40.9	39.6	42.1	52.1	79.5	113	181
Total assets	899	1,352	1,304	1,305	1,161	1,107	1,204	1,363	1,412	1,171
Accounts payable	71.3	108	153	135	104	174	189	157	147	146
Accrued liabilities	92.3	129	116	124	131	115	158	196	162	157
Short-term debt	2.47	46	1.88	0	0	0	0	0	0	0
Total current liabilities	167	284	272	259	236	289	347	352	308	302
Long-term debt	233	504	503	455	448	428	396	396	397	443
Lease liabilities				10	6.97	7.87	16.9	23.2	24.6	23.2
Other non-current liabilities	24.4	19.7	20.2	30.9	26.1	27.9	34.4	47	516	57.5
Total liabilities	426	845	831	784	757	782	805	813	1,222	803
Total debt	239	557	511	460	454	433	400	400	400	445
Paid-in capital	641	653	629	639	645	654	666	678	689	701
Retained earnings	3.59	98.7	150	222	107	92.1	188	404	106	304
Treasury stock	-170	-244	-303	-337	-355	-422	-456	-533	-604	-637
Other comprehensive income	-2.85	-2.39	-3.34	-3.98	7.63	0.86	-0.88	-0.43	-3.23	-0.4
Shareholders' equity	472	506	474	521	405	326	398	549	189	367
Minority interests				0	0	0	0.51	0.6	1	1.18
Total equity	472	506	474	521	405	326	398	550	190	369
Total liabilities and equity	899	1,352	1,304	1,305	1,161	1,107	1,204	1,363	1,412	1,171
Shares outstanding	60.1	57.6	55.1	53.5	52.5	49	47.7	45.4	42.9	40.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	119	111	69.4	89.6	-97.4	1.16	113	232	-283	212
Depreciation and amortization	36.8	35.1	40.7	42.4	48	48.8	47	45.3	57	58.7
Stock-based compensation	12	10.4	10.2	9.04	4.51	7.06	9.75	11.8	11.3	11.5
Deferred income tax	4.04	-14.7	-2.98	3.42	5.02	-8.15	-7.61	-13.5	-112	85.8
Change in receivables	-0.81	31.9	-39.5	8.33	71.4	-80.9	-79.1	72.6	39	24.1
Change in inventory	25	-13.2	-18.7	-2.51	21.1	-74.8	-6.25	-23.8	8.81	77.7
Change in payables	-13	-0.96	32.7	-0.82	-28.3	54.9	46.1	5.78	-68.7	-6.21
Cash from operations	179	144	112	146	124	-7.47	124	320	117	11.7
Capital expenditures	-20.3	-26.1	-34	-37.6	-20.1	-49.1	-57.1	-98.1	-72.2	-24.7
Acquisitions	0	-323	0	0					0	-1.67
Cash from investing	-17.3	-332	-13.2	-36.9	-3.02	-27.1	-55.3	-106	-94.8	-92.7
Debt issued		325	0	0	0	400	0	0
Debt repaid	-0.47	-0.58	-0.09	0	0	-315	0	0
Stock issued	4.83	5.79	0.96	0.85	1.27	2.23	2.22	0.16	0.03	0.01
Share buybacks	-79.6	-74.5	-58.4	-33.7	-18.9	-66.7	-34.3	-76.2	-70.9	-33.8
Dividends paid	0	-15.3	-17.8	-17.8	-17.3	-16.4	-16	-15.9	-14.8	-13.8
Cash from financing	-177	216	-158	-102	-44	-111	-82.3	-92.5	-86.3	-2.54
Net change in cash	-15.4	28.1	-58.8	7.83	77.2	-146	-13.5	121	-63.8	-83.6
Free cash flow	158	118	78.5	109	104	-56.6	67	222	45.1	-13
Interest paid	12.7	9.48	27.4	26.2	23.4	22	20.1	18.9	18.8	20.1
Income taxes paid	68.9	41.4	24.2	20.4	-4.67	-0.47	18.3	82.6	29.8	-1.33

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $13.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	2.8%	Gross profit / revenue.
Operating margin	-4.1%	Operating income / revenue.
EBITDA margin	-0.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.8%	Pre-tax income / revenue.
Net margin	-4.4%	Net income / revenue.
FCF margin	-2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.5%	Cash from operations / revenue.
Return on equity (ROE)	-20.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.3%	Net income / average total assets.
Return on invested capital (ROIC)	-6.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-20.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-73.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-39.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-15.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	22.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	19.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	23.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	31.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-90.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-54.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-37.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-128.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	94.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.7%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	$456.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.64x	Operating income / interest expense.
Working capital	$116.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$46.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.19x	Revenue / average total assets.
Fixed asset turnover	5.01x	Revenue / average property, plant and equipment.
Inventory turnover	7.19x	Cost of revenue / average inventory.
Days inventory	51 days	365 x average inventory / cost of revenue.
Receivables turnover	9.20x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	36 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.96	Revenue / diluted weighted shares.
FCF per share	-$1.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.53	Cash from operations / diluted weighted shares.
Book value per share	$7.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.14	Tangible book value / shares outstanding.
Cash per share	$1.07	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$530.8M	Share price x shares outstanding.
Enterprise value	$987.4M	Market cap + total debt - cash - short-term investments.
P/S	0.36x	Market cap / revenue.
P/B	1.66x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.4x	Market cap / tangible book value, when positive.
EV/Sales	0.67x	Enterprise value / revenue.
FCF yield	-7.8%	Free cash flow / market cap.
Earnings yield	-12.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.

What was WABASH NATIONAL Corp's revenue in fiscal 2025?

WABASH NATIONAL Corp reported revenue of $1.54B for fiscal 2025, 20.8% lower than the year before.

Was WABASH NATIONAL Corp profitable in fiscal 2025?

Yes. Net income was $211.5M, a net margin of 13.7%.

How much free cash flow did WABASH NATIONAL Corp generate in fiscal 2025?

Cash from operations of $11.7M minus capital expenditures of $24.7M left free cash flow of -$13.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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