Wabash National (WNC)
Market Price (9/6/2026): $14.3 | Market Cap: $585.1 MilSector: Industrials | Industry: Agricultural & Farm Machinery
Wabash National (WNC)
Market Price (9/6/2026): $14.3Market Cap: $585.1 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.3% Megatrend and thematic driversMegatrends include Future of Freight, Advanced Materials, and E-commerce Logistics & Data Centers. Themes include Freight Technology, Show more. | Trading close to highsDist 52W High is 0.0% Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -103% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -68 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -9.1% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% Key risksWNC key risks include [1] a significant product liability lawsuit with a nine-figure damages award under appeal and [2] weaker freight demand that has forced reduced revenue guidance for 2024 and 2025. |
| Attractive yieldDividend Yield is 2.3% |
| Megatrend and thematic driversMegatrends include Future of Freight, Advanced Materials, and E-commerce Logistics & Data Centers. Themes include Freight Technology, Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -103% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -68 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%, Rev Chg QQuarterly Revenue Change % is -9.1% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| Key risksWNC key risks include [1] a significant product liability lawsuit with a nine-figure damages award under appeal and [2] weaker freight demand that has forced reduced revenue guidance for 2024 and 2025. |
Qualitative Assessment
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Wabash National (WNC) stock has gained about 80% since 5/31/2026 because of the following key factors:
1. Wabash National surpassed analyst expectations in its fiscal Q2 2026 earnings report, released on July 29, 2026. The company reported an adjusted earnings per share (EPS) loss of -$0.53, which was better than the consensus estimate of -$0.56. Revenue also exceeded forecasts, reaching $417.2 million against an estimated $402.85 million. Management further projected sequential improvement for fiscal Q3 2026, with a revenue midpoint of $450 million and an EPS outlook of $(0.45), signaling an anticipated turnaround in market conditions.
2. A substantial surge in Wabash National's backlog indicated strengthening future demand. The total backlog at the end of fiscal Q2 2026 increased by 14% to $956 million compared to the prior quarter, a figure that outperformed traditional seasonal trends and suggested a building demand for its products. This significant increase in orders provided a forward-looking positive signal for the company's future revenue.
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Wabash National (WNC) stock has gained about 80% since 5/31/2026 because of the following key factors:
1. Wabash National surpassed analyst expectations in its fiscal Q2 2026 earnings report, released on July 29, 2026. The company reported an adjusted earnings per share (EPS) loss of -$0.53, which was better than the consensus estimate of -$0.56. Revenue also exceeded forecasts, reaching $417.2 million against an estimated $402.85 million. Management further projected sequential improvement for fiscal Q3 2026, with a revenue midpoint of $450 million and an EPS outlook of $(0.45), signaling an anticipated turnaround in market conditions.
2. A substantial surge in Wabash National's backlog indicated strengthening future demand. The total backlog at the end of fiscal Q2 2026 increased by 14% to $956 million compared to the prior quarter, a figure that outperformed traditional seasonal trends and suggested a building demand for its products. This significant increase in orders provided a forward-looking positive signal for the company's future revenue.
3. An improving outlook for the broader trailer and freight market bolstered investor confidence. Industry reports highlighted a recovery in the U.S. heavy-duty trailer market, with total orders for the 2026 order season up 5% year-over-year and dry van orders increasing by over 35% year-to-date. This was attributed to strengthening replacement demand and firmer freight rates. The overall Trailers Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6% from 2026 to 2034, driven by increasing demand for efficient goods transportation.
4. Positive analyst coverage and price target adjustments contributed to the stock's upward movement. Several analysts initiated or reaffirmed optimistic ratings for Wabash National during the period. Citizens Jmp, for instance, initiated coverage with an "outperform" rating and a $25.00 price target in July 2026, while DA Davidson reaffirmed a "buy" rating with a $20.00 price target in August 2026. The consensus analyst rating for WNC became "Buy" with an average price target ranging from $21.67 to $22.50, suggesting significant upside potential from its trading price.
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Stock Movement Drivers
Fundamental Drivers
The 81.6% change in WNC stock from 5/31/2026 to 9/5/2026 was primarily driven by a 87.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.88 | 14.31 | 81.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,465 | 1,424 | -2.8% |
| P/S Multiple | 0.2 | 0.4 | 87.7% |
| Shares Outstanding (Mil) | 41 | 41 | -0.4% |
| Cumulative Contribution | 81.6% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| WNC | 81.6% | |
| Market (SPY) | 1.8% | 14.6% |
| Sector (XLI) | 1.2% | 22.7% |
Fundamental Drivers
The 43.2% change in WNC stock from 2/28/2026 to 9/5/2026 was primarily driven by a 56.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.99 | 14.31 | 43.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,543 | 1,424 | -7.7% |
| P/S Multiple | 0.3 | 0.4 | 56.2% |
| Shares Outstanding (Mil) | 41 | 41 | -0.6% |
| Cumulative Contribution | 43.2% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| WNC | 43.2% | |
| Market (SPY) | 12.6% | 28.5% |
| Sector (XLI) | -0.8% | 39.5% |
Fundamental Drivers
The 33.3% change in WNC stock from 8/31/2025 to 9/5/2026 was primarily driven by a 57.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.74 | 14.31 | 33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,721 | 1,424 | -17.3% |
| P/S Multiple | 0.3 | 0.4 | 57.8% |
| Shares Outstanding (Mil) | 42 | 41 | 2.0% |
| Cumulative Contribution | 33.3% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| WNC | 33.3% | |
| Market (SPY) | 20.4% | 29.8% |
| Sector (XLI) | 16.5% | 43.0% |
Fundamental Drivers
The -32.0% change in WNC stock from 8/31/2023 to 9/5/2026 was primarily driven by a -45.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.05 | 14.31 | -32.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,620 | 1,424 | -45.7% |
| P/S Multiple | 0.4 | 0.4 | 7.9% |
| Shares Outstanding (Mil) | 47 | 41 | 16.0% |
| Cumulative Contribution | -32.0% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| WNC | -32.0% | |
| Market (SPY) | 77.1% | 33.1% |
| Sector (XLI) | 68.7% | 42.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WNC Return | 16% | 18% | 15% | -32% | -48% | 69% | -7% |
| Peers Return | 43% | 14% | 4% | -12% | -1% | 32% | 96% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| WNC Win Rate | 58% | 42% | 50% | 25% | 42% | 67% | |
| Peers Win Rate | 55% | 55% | 43% | 40% | 42% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| WNC Max Drawdown | -33% | -42% | -31% | -43% | -60% | -44% | |
| Peers Max Drawdown | -27% | -35% | -30% | -32% | -30% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DE, AGCO, TWI, GENC, CNH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | WNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.1% | -18.8% |
| % Gain to Breakeven | 79.0% | 23.1% |
| Time to Breakeven | 287 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.9% | -9.5% |
| % Gain to Breakeven | 20.3% | 10.5% |
| Time to Breakeven | 46 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.4% | 7.1% |
| Time to Breakeven | 302 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.5% | -24.5% |
| % Gain to Breakeven | 57.5% | 32.4% |
| Time to Breakeven | 202 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.2% | -33.7% |
| % Gain to Breakeven | 93.0% | 50.9% |
| Time to Breakeven | 117 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.9% | -19.2% |
| % Gain to Breakeven | 46.9% | 23.8% |
| Time to Breakeven | 687 days | 105 days |
In The Past
Wabash National's stock fell -44.1% during the 2025 US Tariff Shock. Such a loss loss requires a 79.0% gain to breakeven.
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| Event | WNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.1% | -18.8% |
| % Gain to Breakeven | 79.0% | 23.1% |
| Time to Breakeven | 287 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.7% | -6.7% |
| % Gain to Breakeven | 29.4% | 7.1% |
| Time to Breakeven | 302 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.5% | -24.5% |
| % Gain to Breakeven | 57.5% | 32.4% |
| Time to Breakeven | 202 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.2% | -33.7% |
| % Gain to Breakeven | 93.0% | 50.9% |
| Time to Breakeven | 117 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.9% | -19.2% |
| % Gain to Breakeven | 46.9% | 23.8% |
| Time to Breakeven | 687 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -25.5% | -3.7% |
| % Gain to Breakeven | 34.2% | 3.9% |
| Time to Breakeven | 34 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.9% | -12.2% |
| % Gain to Breakeven | 34.9% | 13.9% |
| Time to Breakeven | 99 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.9% | -6.8% |
| % Gain to Breakeven | 49.0% | 7.3% |
| Time to Breakeven | 110 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -49.1% | -17.9% |
| % Gain to Breakeven | 96.6% | 21.8% |
| Time to Breakeven | 95 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.8% | -15.4% |
| % Gain to Breakeven | 55.8% | 18.2% |
| Time to Breakeven | 170 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.9% | -53.4% |
| % Gain to Breakeven | 1314.5% | 114.4% |
| Time to Breakeven | 392 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.2% | -8.6% |
| % Gain to Breakeven | 26.9% | 9.5% |
| Time to Breakeven | 2377 days | 47 days |
In The Past
Wabash National's stock fell -44.1% during the 2025 US Tariff Shock. Such a loss loss requires a 79.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Wabash National (WNC)
Wabash National Corporation (WNC) designs, manufactures, and distributes engineered solutions primarily for the transportation, logistics, and distribution industries. The company’s core offerings are within its Transportation Solutions segment, which produces a comprehensive range of trailers, including dry van, platform, and refrigerated trailers. Additionally, Wabash manufactures various truck bodies such as dry-freight, cutaway, and refrigerated models, along with specialized stainless steel and aluminum tank trailers for industries like dairy, food and beverage, oil, gas, and chemical.
Complementing its manufacturing capabilities, Wabash National's Parts & Services segment provides essential aftermarket parts and services, including collision repair and maintenance. This segment also supplies components like aluminum and steel flatbed bodies, shelving, partitions, and liftgates. Beyond transportation equipment, the company extends its industrial reach by manufacturing stainless steel storage tanks, silos, mixers, and processors, serving diverse markets such as food and beverage, pharmaceutical, chemical, and biotech.
WNC distributes its products through direct sales, retail operations, and independent dealers to a wide array of customers. Its primary clientele includes truckload common carriers, leasing companies, private fleet carriers, less-than-truckload common carriers, and package carriers. The company’s specialized tank and industrial products also cater to specific clients in the dairy, food, energy, and pharmaceutical sectors, supporting their operational and logistical needs.
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Here are a few brief analogies for Wabash National (WNC):
They're like the 'Ford of commercial trailers and truck bodies', manufacturing a wide array of the back-end solutions that haul goods behind or on commercial vehicles.
Imagine them as a specialized 'Caterpillar for the road and industrial plants', providing essential heavy equipment such as trailers, truck bodies, and specialized storage tanks for logistics, food, and chemical industries.
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- Trailers: Designs and manufactures various trailers including dry van, platform, refrigerated, converter dollies, dry bulk, and specialized tank trailers for liquids and chemicals.
- Truck Bodies: Produces a range of truck bodies such as dry freight, cutaway, service, insulated, stake, refrigerated, and flatbed.
- Aftermarket Parts & Accessories: Provides a variety of parts including shelving, partitions, roof racks, hitches, liftgates, and thermal solutions.
- Repair & Maintenance Services: Offers services such as door repair and replacement, collision repair, and basic maintenance for transportation equipment.
- Industrial Processing & Storage Equipment: Manufactures stainless steel storage tanks, silos, mixers, and processors for the dairy, food, beverage, pharmaceutical, and chemical industries.
- Composite Products: Creates advanced composite products including truck bodies, overhead doors, and other industrial application products.
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Wabash National (WNC) primarily sells its engineered solutions to other companies within the transportation, logistics, and distribution industries. Based on the company description, its major customers fall into the following categories:
- Freight Carriers: This includes both truckload common carriers and less-than-truckload (LTL) common carriers that utilize trailers for transporting goods.
- Leasing Companies: Companies that lease trailers and other transportation equipment to various businesses.
- Package Carriers: Entities involved in package delivery, which would include large logistics and shipping companies.
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Brent L. Yeagy
President and Chief Executive Officer
Brent L. Yeagy has served as President and Chief Executive Officer of Wabash National Corporation since June 2018. He joined Wabash in 2003 and held several positions of increasing responsibility, including President and Chief Operating Officer from October 2016 to June 2018. Before joining Wabash, Mr. Yeagy held various roles in human resources, environmental engineering, and safety management for Delco Remy International from 1999 to 2003, and plant engineering roles at Rexnord Corporation from December 1995 to 1999. He also served in the United States Navy from 1991 to 1994, participating in the Navy's Nuclear Power Program.
Patrick Keslin
Senior Vice President, Chief Financial Officer
Patrick Keslin was appointed Senior Vice President, Chief Financial Officer on September 1, 2024. Prior to this, he served as Vice President, Finance since 2022. Mr. Keslin joined Wabash in 2017 and has held various finance positions, including Senior Director of Business Finance and Senior Director of Finance – Commercial Trailer Products. Before his tenure at Wabash, from 2001 to 2017, he held numerous finance positions at Honeywell, including Director of Finance at Honeywell UOP.
Donald Winston
Senior Vice President, Chief Operating Officer
Donald Winston was appointed Senior Vice President, Chief Operating Officer on January 15, 2025. He previously served as Senior Vice President, Global Operations since September 2024, after joining Wabash in January 2024 as Vice President, Global Operations. Mr. Winston brings over 25 years of manufacturing leadership experience, including senior roles at Novolex, Closure Systems International, Ardagh Group, and Ford Motor Company.
Mike Pettit
Senior Vice President, Chief Growth Officer
Mike Pettit was appointed Senior Vice President, Chief Growth Officer on September 1, 2024. In this role, he focuses on driving growth initiatives and overseeing the company's Parts and Services segment. Before this appointment, Mr. Pettit served as Senior Vice President, Chief Financial Officer since January 2020. His prior roles at Wabash include Senior Vice President and Group President, Final Mile Products (2018–2020), and Vice President of Finance and Investor Relations (2014–2018). He joined Wabash in 2012 as Director of Finance for Commercial Trailer Products. Prior to Wabash, he spent 14 years at Ford Motor Company in various finance positions.
Kristin Glazner
Senior Vice President, Chief Administrative Officer, General Counsel, and Chief Human Resources Officer
Kristin Glazner was appointed Senior Vice President, Chief Administrative Officer on December 8, 2023. She also continues to serve as General Counsel and Chief Human Resources Officer, a role she has held since June 1, 2020. Ms. Glazner joined Wabash in February 2010 as Corporate Counsel. Before joining Wabash, she was an attorney with the law firm Baker & Daniels LLP (now Faegre Drinker Biddle & Reath LLP) from 2002 to 2010.
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- Cyclical Demand in the Transportation and Logistics Industries: Wabash National's core business of manufacturing trailers and engineered solutions for transportation is highly sensitive to the economic health and capital expenditure cycles of its customers, including truckload common carriers, leasing companies, private fleet carriers, and package carriers. Economic downturns, reduced freight volumes, or decreased investment in new equipment by these customers can significantly reduce demand for new trailers, truck bodies, and related products, directly impacting the company's revenue and profitability.
- Volatility in Raw Material Costs and Supply Chain Disruptions: The manufacturing of Wabash National's products, such as various types of trailers, truck bodies, and tanks, relies heavily on raw materials like stainless steel, aluminum, and other components. Significant fluctuations in the prices of these commodities can impact the company's production costs and profit margins. Furthermore, disruptions in the global supply chain for these raw materials or critical components could lead to production delays, increased costs, and an inability to meet customer demand.
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Addressable Markets for Wabash National Products and Services
-
Dry Van Trailers:
- The global dry van trailers sales market was valued at approximately USD 22.5 billion in 2023 and is projected to reach around USD 35.8 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
- North America holds the largest share of the global dry van trailers market. The dry van segment was the largest revenue-generating type in the North America semi-trailer market in 2024, with a 45.48% share. The North America semi-trailer market, which includes dry vans, was valued at USD 13,063.7 million in 2023 and is projected to reach USD 20,833.3 million by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
-
Refrigerated Trailers:
- The global refrigerated trailer market size was estimated at USD 7.24 billion in 2024 and is projected to reach USD 10.32 billion by 2030, with a CAGR of 6.3% from 2025 to 2030.
- In North America, the refrigerated trailer industry accounted for 38.1% of the global share in 2024. The North America refrigerated trailer market is projected to grow from USD 2.12 billion in 2023 to USD 3.05 billion by 2032. The U.S. refrigerated trailer market was worth over USD 2.4 billion in 2024.
-
Tank Trailers (Stainless steel and aluminum tank trailers for dairy, food and beverage, oil, gas, and chemical end markets; dry bulk trailers):
- The global tank trailers market size was estimated at USD 6.792 billion in 2024 and is projected to grow to USD 10.01 billion by 2035, exhibiting a CAGR of 3.59% during the forecast period.
- North America is the largest market for tank trailers, accounting for approximately 45% of the global market share. The U.S. is estimated to hold the largest tank trailers market across the region.
-
Truck Bodies (Van bodies, cutaway van bodies, service bodies, insulated van bodies, refrigerated truck bodies):
- The global truck bodies market size was USD 940.96 million in 2023 and is projected to reach USD 1,604.7 million by 2032, expanding at a CAGR of 6.4% during 2024–2032.
- The vocational/work truck industry in the United States and Canada (including various truck body segments) was assessed at USD 8.4 billion in 2021. North America held a major share of the global truck bodies market in 2023. North America remains the largest producer of truck bodies, holding 38% of the global market share.
- For service truck bodies specifically, the global market size was valued at USD 929.45 million in 2025 and is poised to grow to USD 1662.05 million by 2035, at a CAGR of 6.4%. Approximately 42% of the 1.9 million operational service trucks globally in 2023 were in North America.
-
Aftermarket Parts and Services:
- The global commercial vehicle spare parts aftermarket size was USD 107,837.2 million in 2024 and is projected to grow to USD 141,542.27 million by 2034, with a CAGR of 2.8%. Another estimate for the global commercial vehicle aftermarket spare parts market shows a value of USD 121.4 billion in 2024, expected to grow to USD 165.3 billion by 2035 with a CAGR of 2.9%.
- The North America commercial vehicle aftermarket spare parts market was valued at USD 40 billion in 2024 and is projected to rise to USD 52 billion by 2035. The global medium & heavy-duty commercial vehicle aftermarket market is forecast to grow from approximately USD 152.86 billion in 2024 to reach USD 212.91 billion by 2030, at a CAGR of 5.7%. North America's medium & heavy-duty automotive aftermarket is projected to grow at a CAGR of 5.9%.
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Wabash National (WNC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market improvements:
- Growth in Parts & Services Segment: The company's Parts & Services segment has consistently demonstrated robust year-over-year and sequential revenue growth. Wabash National is strategically focused on expanding this segment, viewing it as a resilient business that provides stability through economic cycles and contributes higher margins. Management has set ambitious targets, including a planned 20% revenue growth for this segment in 2024.
- Expansion of Trailers as a Service (TaaS) Offering: Wabash is actively investing in and expanding its "Trailers as a Service" (TaaS) initiative. This offering combines equipment with maintenance and data analytics, aiming to create predictable, recurring revenue streams and provide a comprehensive solution for fleet operators.
- Increased Adoption and Capacity of EcoNex Technology: Wabash National's proprietary EcoNex Technology, a lightweight composite for refrigerated trailers and other products, is a significant growth driver. The company is expanding its manufacturing capacity for EcoNex to meet growing customer demand, leveraging its benefits in thermal efficiency, strength, and weight. This technology is expected to drive sales in refrigerated offerings and potentially expand into other applications beyond core markets.
- Strategic Expansion of Upfit Centers and Service Network: The company is focused on increasing the capacity and geographic reach of its upfit centers, with targets for higher unit volumes in upcoming years (e.g., over 2,000 units in 2025 and 2,500 units in 2026). Additionally, Wabash is expanding its Preferred Partner Network to enhance parts distribution and accelerate repair services, further supporting both new and existing customers.
- Recovery and Normalization of the Freight Market: While Wabash has faced near-term headwinds from a soft freight market, management anticipates a stabilization of industry demand and a subsequent improvement in the second half of 2026, leading to a stronger 2027. This recovery is expected as freight rates trough, carrier profitability improves, and trailer replacement cycles reaccelerate amidst aging fleets.
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Share Repurchases
- Wabash National repurchased $34 million in shares during the full year 2025.
- In the fourth quarter of 2025, the company made $0.7 million in share repurchases.
Outbound Investments
- In 2024, Wabash National made approximately $20.1 million in investments related to unconsolidated entities.
- The company invested $48 million in revenue-generating assets for its "Trailers as a Service" initiative during the full year 2025, including $7 million in the fourth quarter.
- Wabash opened three new upfit centers in 2025 as part of its strategy to expand parts and services offerings.
Capital Expenditures
- Capital expenditures for property, plant, and equipment totaled $72.2 million in 2024, a decrease from $98.1 million in 2023.
- Traditional capital expenditures for the full year 2025 were $25 million.
- Capital expenditures for 2026 are expected to be similar to 2025, focusing on growth initiatives but excluding further near-term investment in the "Trailers as a Service" program, as customers continue to defer spending decisions.
Peer Outperformance in Agricultural & Farm Machinery
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 108.7% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 70.5% | 67.6% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.8% | 59.6% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.2% | 52.4% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 31.0% | 73.3% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 10.1% | 47.7% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 6.5% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 2.7% | 36.2% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 12.7% | 31.6% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 17.6% | 50.5% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -11.0% | 7.1% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -10.1% | -21.1% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery ← | 17 | 14.1% | -1.3% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.5% | 14.1% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.4% | 20.3% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.5% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 0.2% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.0% | 25.4% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 8.4% | -18.4% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -8.2% | -22.2% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.1% | 7.1% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -67.1% | -76.5% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Wabash National Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 | |
| Wabash National Total Shareholder Return (TSR): -28.3% in 2024 and 0.0% 3-yr compounded annual returns (below peer average) | 03/07/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.41 |
| Mkt Cap | 5.0 |
| Rev LTM | 6,108 |
| Op Inc LTM | 353 |
| FCF LTM | 164 |
| FCF 3Y Avg | 334 |
| CFO LTM | 318 |
| CFO 3Y Avg | 529 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.2% |
| Rev Chg 3Y Avg | -8.3% |
| Rev Chg Q | 3.4% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 1.9% |
| Op Inc Chg 3Y Avg | -16.6% |
| Op Mgn LTM | 9.2% |
| Op Mgn 3Y Avg | 10.2% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 4.1% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 1.4% |
| FCF/Rev 3Y Avg | 5.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Transportation Solutions | 1,344 | 1,755 | 2,339 | 2,321 | 1,633 |
| Parts & Services | 237 | 205 | 221 | 193 | 177 |
| Corporate and Eliminations | -39 | -13 | -23 | -12 | -7 |
| Total | 1,543 | 1,947 | 2,536 | 2,502 | 1,803 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate and Eliminations | 338 | -540 | -100 | -74 | -49 |
| Parts & Services | 28 | 35 | 45 | 31 | 20 |
| Transportation Solutions | -58 | 148 | 367 | 210 | 62 |
| Total | 308 | -356 | 312 | 167 | 34 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Final Mile Products | 375 | 512 | 485 | 295 | |
| Commercial Trailer Products | 307 | 362 | 355 | 312 | 313 |
| Diversified Products | 279 | 317 | 349 | 341 | 370 |
| Corporate and Eliminations | 201 | 113 | 115 | 404 | 216 |
| Total | 1,161 | 1,305 | 1,304 | 1,352 | 899 |
Price Behavior
| Market Price | $14.31 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 11/08/1991 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $12.91 | $10.05 |
| DMA Trend | up | up |
| Distance from DMA | 10.9% | 42.4% |
| 3M | 1YR | |
| Volatility | 65.6% | 55.5% |
| Downside Capture | -61.62 | 106.29 |
| Upside Capture | 260.61 | 111.07 |
| Correlation (SPY) | 14.9% | 29.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.41 | 1.24 | 0.54 | 1.24 | 1.25 | 1.10 |
| Up Beta | -1.22 | -0.60 | -0.74 | 1.22 | 1.31 | 1.27 |
| Down Beta | 5.31 | 2.92 | 0.89 | 1.64 | 1.93 | 1.11 |
| Up Capture | 265% | 154% | 242% | 143% | 101% | 50% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 40 | 69 | 121 | 359 |
| Down Capture | 233% | 162% | -51% | 93% | 96% | 104% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 16 | 23 | 57 | 128 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WNC | |
|---|---|---|---|---|
| WNC | 30.6% | 55.5% | 0.68 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 42.9% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 29.7% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 7.9% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -23.2% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 21.7% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WNC | |
|---|---|---|---|---|
| WNC | 0.2% | 48.2% | 0.17 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 47.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 38.8% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 2.5% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 4.7% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 31.4% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WNC | |
|---|---|---|---|---|
| WNC | 2.0% | 45.8% | 0.21 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 52.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 42.8% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | -0.9% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 14.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 34.3% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -6.8% | -6.5% | -6.0% |
| 5/1/2026 | -11.6% | -10.2% | -12.1% |
| 2/4/2026 | -1.8% | 2.0% | -13.7% |
| 10/30/2025 | -2.6% | -5.4% | 6.0% |
| 7/25/2025 | -6.5% | -6.6% | 5.8% |
| 4/30/2025 | -30.6% | -18.4% | -13.5% |
| 1/29/2025 | 4.3% | -3.6% | -25.4% |
| 10/24/2024 | -0.9% | 4.6% | 10.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 14 | 12 | 10 |
| Median Positive | 4.9% | 6.1% | 6.4% |
| Median Negative | -5.0% | -5.9% | -13.6% |
| Max Positive | 12.1% | 31.3% | 52.5% |
| Max Negative | -30.6% | -18.4% | -25.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -6.8% | -6.5% | -6.0% |
| 5/1/2026 | -11.6% | -10.2% | -12.1% |
| 2/4/2026 | -1.8% | 2.0% | -13.7% |
| 10/30/2025 | -2.6% | -5.4% | 6.0% |
| 7/25/2025 | -6.5% | -6.6% | 5.8% |
| 4/30/2025 | -30.6% | -18.4% | -13.5% |
| 1/29/2025 | 4.3% | -3.6% | -25.4% |
| 10/24/2024 | -0.9% | 4.6% | 10.8% |
| 7/24/2024 | -9.5% | -5.1% | -15.4% |
| 4/24/2024 | -5.2% | -10.3% | -13.8% |
| 2/1/2024 | 5.6% | 2.4% | 6.2% |
| 10/25/2023 | -1.0% | -0.0% | 4.2% |
| 7/26/2023 | -4.8% | -3.8% | -9.7% |
| 4/26/2023 | 9.4% | 14.9% | 7.3% |
| 2/2/2023 | 12.1% | 7.3% | 6.3% |
| 10/26/2022 | 12.1% | 31.3% | 52.5% |
| 7/27/2022 | 4.2% | 10.7% | 13.3% |
| 4/27/2022 | 3.3% | 6.7% | 6.4% |
| 2/2/2022 | -13.0% | -12.5% | -12.0% |
| 11/9/2021 | 3.3% | 4.8% | 3.4% |
| 7/28/2021 | -2.2% | 5.4% | 5.8% |
| 4/28/2021 | -1.7% | -3.8% | -14.7% |
| 2/3/2021 | 2.0% | 5.2% | 8.0% |
| 11/5/2020 | 10.5% | 12.1% | 21.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 14 | 12 | 10 |
| Median Positive | 4.9% | 6.1% | 6.4% |
| Median Negative | -5.0% | -5.9% | -13.6% |
| Max Positive | 12.1% | 31.3% | 52.5% |
| Max Negative | -30.6% | -18.4% | -25.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 440.00 Mil | 450.00 Mil | 460.00 Mil | ||||
| Q3 2026 EPS | Reported | -0.5 | -0.45 | -0.4 | ||||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 380.00 Mil | 390.00 Mil | 400.00 Mil | 21.9% | Higher New | Guidance: 320.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP adjusted EPS | Reported | -0.6 | -0.5 | -0.4 | -50.0% | Higher New | Guidance: -1 for Q1 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 310.00 Mil | 320.00 Mil | 330.00 Mil | ||||
| Q1 2026 Adjusted EPS | Reported | -1.05 | -1 | -0.95 | ||||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 1.50 Bil | -6.2% | Lowered | Guidance: 1.60 Bil for 2025 | |||
| 2025 Non-GAAP adjusted EPS | Reported | -2.05 | -2 | -1.95 | Lowered | Guidance: -1.15 for 2025 | ||
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Agricultural & Farm Machinery Resources |
| Farm Equipment |
| AgEquipment Intelligence |
| Implement & Tractor |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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