Latest Ratios: P/E Ratio 2.4x · EV/EBITDA 2.4x · ROE 75.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $500M | $361M | $760M | $1.2B | $1.1B | $1.0B | $912M | $812M | $764M | $1.4B | $1.0B |
| Enterprise Value | $911M | $772M | $1.1B | $1.5B | $1.5B | $1.4B | $1.2B | $1.1B | $1.1B | $1.7B | $1.1B |
| P/E Ratio → | 2.42 | 1.71 | — | 5.33 | 10.04 | 863.72 | — | 9.07 | 10.99 | 12.19 | 8.69 |
| P/S Ratio | 0.32 | 0.23 | 0.39 | 0.49 | 0.45 | 0.56 | 0.62 | 0.35 | 0.34 | 0.77 | 0.56 |
| P/B Ratio | 1.39 | 0.98 | 4.00 | 2.24 | 2.83 | 3.09 | 2.25 | 1.56 | 1.61 | 2.68 | 2.20 |
| P/FCF | — | — | 16.85 | 5.56 | 16.83 | — | 8.77 | 7.48 | 9.74 | 11.48 | 6.57 |
| P/OCF | 42.85 | 30.95 | 6.48 | 3.85 | 9.09 | — | 7.35 | 5.55 | 6.80 | 9.41 | 5.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.50 | 0.55 | 0.58 | 0.59 | 0.76 | 0.78 | 0.49 | 0.50 | 0.97 | 0.60 |
| EV / EBITDA | 2.40 | 2.03 | — | 4.14 | 6.97 | 16.69 | — | 6.17 | 7.50 | 10.36 | 4.66 |
| EV / EBIT | 2.84 | 2.54 | — | 4.71 | 8.89 | 56.33 | — | 8.00 | 9.12 | 12.37 | 5.54 |
| EV / FCF | — | — | 23.91 | 6.68 | 22.21 | — | 11.10 | 10.51 | 14.50 | 14.52 | 7.04 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.8% | 3.8% | 13.6% | 19.6% | 12.9% | 10.9% | 10.8% | 13.2% | 12.5% | 14.8% | 17.6% |
| Operating Margin | 20.8% | 20.8% | -18.3% | 12.3% | 6.7% | 1.9% | -5.8% | 6.2% | 4.9% | 7.4% | 11.0% |
| Net Profit Margin | 13.7% | 13.7% | -14.6% | 9.1% | 4.5% | 0.1% | -6.6% | 3.9% | 3.1% | 6.3% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 75.7% | 75.7% | -76.8% | 48.8% | 31.0% | 0.3% | -21.0% | 18.0% | 14.2% | 22.8% | 26.2% |
| ROA | 16.4% | 16.4% | -20.5% | 18.0% | 9.6% | 0.1% | -7.8% | 6.9% | 5.2% | 9.9% | 12.9% |
| ROIC | 37.4% | 37.4% | -40.9% | 30.0% | 17.2% | 3.8% | -8.6% | 12.6% | 9.7% | 13.9% | 27.0% |
| ROCE | 32.6% | 32.6% | -33.7% | 33.4% | 19.7% | 3.8% | -8.6% | 13.7% | 10.6% | 14.5% | 27.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 2.28 | 0.78 | 1.05 | 1.35 | 1.13 | 0.90 | 1.07 | 1.09 | 0.50 |
| Debt / EBITDA | 1.17 | 1.17 | — | 1.20 | 1.96 | 5.34 | — | 2.54 | 3.34 | 3.32 | 0.99 |
| Net Debt / Equity | — | 1.12 | 1.68 | 0.45 | 0.91 | 1.13 | 0.60 | 0.63 | 0.79 | 0.71 | 0.16 |
| Net Debt / EBITDA | 1.08 | 1.08 | — | 0.70 | 1.69 | 4.47 | — | 1.78 | 2.46 | 2.17 | 0.31 |
| Debt / FCF | — | — | 7.06 | 1.13 | 5.38 | — | 2.32 | 3.04 | 4.76 | 3.04 | 0.47 |
| Interest Coverage | 14.28 | 14.28 | -17.98 | 15.84 | 8.15 | 1.06 | -3.51 | 5.22 | 4.34 | 8.47 | 12.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.93 | 1.93 | 1.71 | 1.83 | 2.31 | 2.09 | 2.02 | 2.03 | 2.89 |
| Quick Ratio | 0.79 | 0.79 | 1.09 | 1.17 | 1.00 | 1.01 | 1.62 | 1.37 | 1.34 | 1.39 | 2.05 |
| Cash Ratio | 0.11 | 0.11 | 0.37 | 0.51 | 0.17 | 0.25 | 0.92 | 0.54 | 0.49 | 0.68 | 0.98 |
| Asset Turnover | — | 1.32 | 1.38 | 1.86 | 2.08 | 1.60 | 1.26 | 1.78 | 1.74 | 1.31 | 2.05 |
| Inventory Turnover | 8.19 | 8.19 | 6.50 | 7.62 | 8.94 | 6.76 | 8.07 | 10.77 | 10.76 | 8.33 | 10.86 |
| Days Sales Outstanding | — | 28.36 | 28.91 | 28.04 | 37.63 | 37.83 | 29.40 | 27.19 | 29.15 | 30.33 | 30.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.8% | 1.9% | 1.3% | 1.4% | 1.6% | 1.9% | 2.2% | 2.3% | 1.1% | — |
| Payout Ratio | 6.5% | 6.5% | — | 6.9% | 14.3% | 1411.9% | — | 19.9% | 25.6% | 13.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 41.3% | 58.6% | — | 18.8% | 10.0% | 0.1% | — | 11.0% | 9.1% | 8.2% | 11.5% |
| FCF Yield | — | — | 5.9% | 18.0% | 5.9% | — | 11.4% | 13.4% | 10.3% | 8.7% | 15.2% |
| Buyback Yield | 6.8% | 9.4% | 9.3% | 6.2% | 3.0% | 6.6% | 2.1% | 4.2% | 7.6% | 5.5% | 7.6% |
| Total Shareholder Yield | 9.4% | 13.2% | 11.3% | 7.5% | 4.5% | 8.3% | 4.0% | 6.3% | 10.0% | 6.6% | 7.6% |
| Shares Outstanding | — | $42M | $44M | $48M | $50M | $52M | $53M | $55M | $58M | $63M | $66M |
Cyclical demand and margin erosion
According to current market data, WNC trades at a P/S of 0.37 and an EV/EBITDA of 2.59, suggesting that investors are pricing the company at a significant discount to historical averages due to the ongoing 20.75% revenue contraction and extreme earnings volatility observed in recent quarters.
These low multiples appear to reflect a market consensus that the company is currently at a cyclical trough, though the lack of a forward P/E suggests limited visibility into a near-term recovery. Investors should monitor whether these valuations represent a value opportunity or a value trap, as the current pricing may be ignoring the potential for structural margin impairment.
Based on reported financial figures, ROIC has plummeted to -5.0% in 2026Q1 from a peak of 37.4% in 2025Q1, indicating that the company is currently failing to generate returns above its cost of capital as the manufacturing cycle turns sharply negative for the transportation equipment sector.
The rapid decay in ROIC highlights the company's high operating leverage, where fixed costs become a significant burden during periods of low production volume. This trend warrants further investigation into whether management can optimize capital allocation to preserve shareholder value while the core business remains in a contractionary phase.
As reported in recent quarterly filings, the cash conversion cycle has become increasingly erratic, with asset turnover declining to 0.25 in 2026Q1, which suggests that the company is struggling to maintain efficient inventory and receivable management in the face of weakening demand from its core freight carrier customer base.
The deterioration in asset turnover implies that capital is becoming trapped in inventory and receivables, further straining liquidity. This inefficiency appears to be a direct consequence of the current freight recession, which has likely forced the company to hold higher levels of finished goods as order cancellations or delays mount.
According to recent balance sheet data, the debt-to-equity ratio has climbed to 1.55 in 2026Q1, a marked increase from 0.78 in 2023Q4, indicating that the company's reliance on debt has intensified as the equity base erodes during this prolonged period of negative net income and operational cash burn.
While the company has historically maintained a conservative capital structure, the current trend suggests that leverage is becoming a constraint on financial flexibility. Investors should monitor the interest coverage ratio, which has turned negative, signaling that debt service may become increasingly difficult if the current cyclical downturn persists.
The P/E ratio is frequently misapplied to WNC because the company's earnings are heavily distorted by non-recurring items and cyclical swings, making the metric an unreliable indicator of the firm's true, normalized earning power in a capital-intensive manufacturing environment prone to extreme volatility.
Instead of relying on P/E, analysts should focus on EV/EBITDA or normalized free cash flow to better understand the company's operational performance. Using P/E in this context obscures the underlying cash-generating capacity and fails to account for the significant impact of working capital fluctuations on the company's actual liquidity position.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WNC stock.
Wabash National Corporation's current P/E ratio is 2.4x. The historical average is 19.6x. This places it at the 5th percentile of its historical range.
Wabash National Corporation's current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Wabash National Corporation's return on equity (ROE) is 75.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -5.7%.
Based on historical data, Wabash National Corporation is trading at a P/E of 2.4x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wabash National Corporation's current dividend yield is 2.69% with a payout ratio of 6.5%.
Wabash National Corporation has 3.8% gross margin and 20.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wabash National Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.