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WNC, Wabash National Corporation

Farm & Heavy Equipment capital-intensive Cyclical

Revenue is Transportation Solutions (85%) and Parts & Services (15%).

Latest annual: FY2025 10-K

WNC · Wabash National Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.5B

−20.8% YoY · 1% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.5B 5-yr avg $2.1B

Gross margin 3% 5-yr avg 14%

Operating margin −4.1% 5-yr avg 4.5%

ROIC −6% 5-yr avg 5%

Owner-earnings margin −3% 5-yr avg 2%

Free cash flow margin −3% 5-yr avg 2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: An automaker, turning heavy plant and development spend into vehicles sold through the cycle.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 13% and operating margin about 6.2% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −18% and 20% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Read this kind of business on volume, mix and the cost of the platform. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 14%, above 15% in 4 of 9 years). Owner earnings agree: roughly 4% of revenue reaches owners as cash, though it swings. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Transportation Solutions is 85% of revenue, with Parts & Services the other meaningful segment at 15%.

Revenue by reportable segment, FY2025

Transportation Solutions85%$1.3B
Parts & Services15%$236M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.8B	$1.8B	$2.3B	$2.3B	$1.5B	$1.8B	$2.5B	$2.5B	$1.9B	$1.5B	$1.5B	RevenueRevenue
18%	15%	13%	13%	11%	11%	13%	20%	14%	—	3%	Gross marginGross mgn
4%	4%	4%	5%	6%	5%	6%	7%	32%	—	42%	SG&A / revenueSG&A/rev
0%	0%	0%	1%	1%	1%	0%	0%	0%	0%	0%	R&D / revenueR&D/rev
$203M	$131M	$111M	$143M	($86M)	$34M	$167M	$312M	($356M)	$308M	($59M)	Operating incomeOp. inc.
11.0%	7.4%	4.9%	6.2%	−5.8%	1.9%	6.7%	12.3%	−18.3%	19.9%	−4.1%	Operating marginOp. mgn
$119M	$111M	$69M	$90M	($97M)	$1M	$112M	$231M	($284M)	$211M	($65M)	Net incomeNet inc.
36%	9%	28%	24%	—	10%	23%	21%	—	25%	—	Effective tax rateTax rate
											Cash flow & returns
$179M	$144M	$112M	$146M	$124M	($7M)	$124M	$320M	$117M	$12M	($22M)	Operating cash flowOp. cash
$37M	$35M	$41M	$42M	$48M	$49M	$47M	$45M	$57M	$59M	$59M	DepreciationDeprec.
$11M	($13M)	($8M)	$5M	$169M	($65M)	($45M)	$31M	$333M	($270M)	($27M)	Working capital & otherWC & other
$20M	$26M	$34M	$38M	$20M	$49M	$57M	$98M	$72M	$25M	$19M	CapexCapex
1.1%	1.5%	1.5%	1.6%	1.4%	2.7%	2.3%	3.9%	3.7%	1.6%	1.3%	Capex / revenueCapex/rev
$158M	$118M	$78M	$109M	$104M	($57M)	$67M	$222M	$45M	($13M)	($41M)	Owner earningsOwner earn.
8.6%	6.7%	3.5%	4.7%	7.0%	−3.1%	2.7%	8.7%	2.3%	−0.8%	−2.8%	Owner earnings marginOE mgn
$158M	$118M	$78M	$109M	$104M	($57M)	$67M	$222M	$45M	($13M)	($41M)	Free cash flowFCF
8.6%	6.7%	3.5%	4.7%	7.0%	−3.1%	2.7%	8.7%	2.3%	−0.8%	−2.8%	Free cash flow marginFCF mgn
$0	$323M	$0	$0	—	—	—	—	$0	$2M	$3M	AcquisitionsAcquis.
$0	$15M	$18M	$18M	$17M	$16M	$16M	$16M	$15M	$14M	$13M	Dividends paidDiv. paid
24%	14%	9%	13%	-11%	—	17%	32%	-60%	30%	-6%	ROICROIC
25%	22%	15%	17%	-24%	0%	28%	42%	-150%	58%	-20%	Return on equityROE
25%	19%	11%	14%	−28%	−5%	24%	39%	−158%	54%	−24%	Retained to equityRetained/eq
											Balance sheet
$163M	$192M	$133M	$141M	$218M	$72M	$58M	$179M	$115M	$32M	$43M	Cash & investmentsCash+inv
$154M	$147M	$181M	$173M	$101M	$177M	$256M	$183M	$144M	$120M	$159M	ReceivablesReceiv.
$140M	$181M	$184M	$187M	$164M	$238M	$244M	$268M	$259M	$181M	$198M	InventoryInvent.
$71M	$108M	$153M	$135M	$104M	$174M	$189M	$157M	$147M	$146M	$213M	Accounts payablePayables
$222M	$219M	$212M	$225M	$161M	$240M	$310M	$294M	$256M	$155M	$145M	Operating working capitalOper. WC
$481M	$576M	$549M	$541M	$546M	$530M	$593M	$681M	$594M	$419M	$469M	Current assetsCur. assets
$167M	$284M	$272M	$259M	$236M	$289M	$347M	$352M	$308M	$302M	$353M	Current liabilitiesCur. liab.
2.9×	2.0×	2.0×	2.1×	2.3×	1.8×	1.7×	1.9×	1.9×	1.4×	1.3×	Current ratioCurr. ratio
$148M	$317M	$311M	$311M	$200M	$188M	$188M	$188M	$188M	$191M	$213M	GoodwillGoodwill
$899M	$1.4B	$1.3B	$1.3B	$1.2B	$1.1B	$1.2B	$1.4B	$1.4B	$1.2B	$1.2B	Total assetsAssets
$238M	$551M	$505M	$455M	$448M	$428M	$396M	$396M	$397M	$443M	$506M	Total debtDebt
$74M	$360M	$372M	$315M	$230M	$357M	$338M	$217M	$282M	$411M	$463M	Net debt / (cash)Net debt
12.9×	8.0×	3.9×	5.2×	-3.5×	1.5×	8.1×	15.7×	-17.9×	14.4×	-2.6×	Interest coverageInt. cov.
$472M	$506M	$474M	$521M	$405M	$326M	$398M	$549M	$189M	$367M	$321M	Shareholders’ equityEquity
0.7%	0.6%	0.4%	0.4%	0.3%	0.4%	0.4%	0.5%	0.6%	0.7%	0.8%	Stock comp / revenueSBC/rev
$2M	—	$5M	—	$107M	—	—	—	—	—	$107M	Goodwill written downGW imp.
											Per share
65.8M	62.6M	58.4M	55.3M	52.9M	51.6M	49.9M	48.0M	44.4M	41.7M	40.7M	Shares out (diluted)Shares
$28.06	$28.23	$38.80	$41.94	$27.99	$34.94	$50.16	$52.81	$43.89	$36.96	$35.96	Revenue / shareRev/sh
$1.82	$1.78	$1.19	$1.62	$-1.84	$0.02	$2.25	$4.81	$-6.40	$5.07	$-1.59	EPS (diluted)EPS
$2.41	$1.89	$1.34	$1.96	$1.96	$-1.10	$1.34	$4.61	$1.02	$-0.31	$-1.01	Owner earnings / shareOE/sh
$2.41	$1.89	$1.34	$1.96	$1.96	$-1.10	$1.34	$4.61	$1.02	$-0.31	$-1.01	Free cash flow / shareFCF/sh
$0.00	$0.24	$0.30	$0.32	$0.33	$0.32	$0.32	$0.33	$0.33	$0.33	$0.33	Dividends / shareDiv/sh
$0.31	$0.42	$0.58	$0.68	$0.38	$0.95	$1.14	$2.04	$1.63	$0.59	$0.48	Cap. spending / shareCapex/sh
$7.18	$8.08	$8.11	$9.42	$7.65	$6.31	$7.97	$11.44	$4.26	$8.80	$7.87	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.1%/yr	+5.7%/yr
EPS	+12.1%/yr	—
Dividends / share	—	+0.2%/yr
Capital spending / share	+7.5%/yr	+9.3%/yr
Book value / share	+2.3%/yr	+2.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

42Mpeak FY2016

ROIC

30%low FY2024

Gross margin

14%low FY2020

Net debt ÷ owner earnings

6.2×peak FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($13M)owner earningsvs.$211Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $211M of profit but ($13M) of owner earnings: $224M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$211M	($284M)	$231M	$112M	$1M
Depreciation & amortizationnon-cash charge added back	+$59M	+$57M	+$45M	+$47M	+$49M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$11M	+$12M	+$10M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	−$270M	+$333M	+$31M	−$45M	−$65M
Cash from operations	$12M	$117M	$320M	$124M	($7M)
Capital expenditurecash put back in to keep running and to grow	−$25M	−$72M	−$98M	−$57M	−$49M
Owner earnings	($13M)	$45M	$222M	$67M	($57M)
Owner-earnings marginowner earnings ÷ revenue	-1%	2%	9%	3%	-3%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $11M), owner earnings is nearer ($25M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 14.4×

Comfortable

Operating income $308M ÷ interest expense $21M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $519M · 1.7× operating profit

Modest net debt

Cash $32M − debt $551M

What this means
Netting $32M of cash and short-term investments against $551M of debt leaves $519M owed, about 1.7× a year's operating profit (1.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 37d

Tight

DSO 28 + DIO 45 − DPO 36 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 14%

Solid through the cycle

9-yr median, range -60%–32%; 26% latest = NOPAT $230M ÷ invested capital $887M

Industry peers: median 14%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 26% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

10-yr median margin, range -3%–9%; latest ($13M) = operating cash $12M − maintenance capex $25M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a 3% median across 10 years. Treating stock comp as the real expense it is (less $11M of SBC) leaves ($25M).
Are earnings backed by cash? 0.06×

Thinly cash-backed

Cash from ops $12M ÷ net income $211M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.42×

Harvesting

Capex $25M ÷ depreciation $59M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.39×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $551M vs $117M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Near

Uninterrupted dividends · 9 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −47%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.30/share (latest year $5.20), the averaged base the calculator's gate runs on, and book value is $9.03/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → 5% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
The recent-years average (5%) sits below the early years (8%), but the latest year (20%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 6% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −21%/yr

What this means
Owner earnings shrank about 21% a year over the record.
Worst year 2024 · −18.3% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count −4.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record paid

What this means
Paid a dividend in 9 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our competitors or other third parties may incorporate artificial intelligence into their businesses more quickly or more successfully than us, which could result in reputational harm and could have a material adverse effect on our business, financial condition, cash flows and results of operations.…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$469M

Cash & short-term investments$43M
Receivables$159M
Inventory$198M
Other current assets$68M

Current liabilities$353M

Accounts payable$213M
Other current liabilities$140M

Current ratio1.33×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.77×stricter: inventory excluded

Cash ratio0.12×strictest: cash alone against what's due

Working capital$117Mthe cushion left after near-term bills

Cash runway1.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−20.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 1.3×

Deeper floors

Tangible book value$46Mequity stripped of goodwill & intangibles

Net current asset value($438M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$531M$33M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$439M · 35%
Dividends$145M · 11%
Retained (debt / cash)$687M · 54%

Returned to owners$145M
17% of the owner earnings the business produced over the span, $145M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $268M and cash and short-term investments fell $120M.
Net change in share count−38.1%
The diluted count fell from 66M to 41M, so the buybacks outran the stock issued to staff.
Dividend record$0.33/sh
Paid in 9 of the years on record. It was never cut over the span.
Return on what it retained−8%
Of the earnings it kept rather than paid out ($419M over the span), annual owner earnings (first three years vs last three) fell $34M, so each retained $1 gave back about 0.08 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$255M22% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity52%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$325Mover 10 years buying other businesses, against $439M of capital spent building

$113M written down across 3 years (2016, 2018, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 35% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Brent L. Yeagy	$4.6M	$4.9M	($57M)
2022	Brent L. Yeagy	$6.4M	$11.5M	$67M
2023	Brent L. Yeagy	$7.6M	$10.8M	$222M
2024	Brent L. Yeagy	$5.9M	−$2.8M	$45M
2025	Brent L. Yeagy	$5.7M	$900k	($13M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Wabash National Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

4 of the 6 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?3.4% vs 6.2%
The owner-earnings margin averaged 6.2% early in the record and 3.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid debt outgrow the business?$238M → $506M
Debt rose from $238M to $506M while owner earnings went from about $118M to $85M — about 2.0 years of owner earnings in debt then, about 6.0 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?16% → 24% of sales
Receivables and inventory grew from $294M to $357M while revenue grew −21%: working capital is climbing faster than sales (16% of revenue then, 24% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
Look hereAre "one-time" charges a yearly habit?7 of 10 years
Management took an impairment or write-down in 7 of the last 10 years, $290M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$220M · 15% of revenue on the largest customer (TTM)
“Our largest customer, included as part of the Transportation Solutions segment, accounted for 15% and 12% of our aggregate net sales in 2024 and 2023, respectively.”verify →
Which reported numbers are a judgment call?
Management names Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Farm & Heavy Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GNTXGentex	$2.5B	36%	23.7%	22%	21%
FSSFederal Signal Corporation	$2.2B	26%	11.4%	13%	7%
DORMDorman Products Inc.	$2.1B	37%	13.4%	14%	7%
SMPStandard Motor Products Inc.	$1.8B	29%	8.0%	11%	5%
ATMUAtmus Filtration Technologies Inc.	$1.8B	27%	15.3%	36%	8%
WNCWabash National Corporation	$1.5B	13%	6.4%	14%	4%
THRMGentherm Inc	$1.5B	29%	8.0%	9%	6%
BLBDBlue Bird Corporation	$1.5B	13%	3.9%	53%	4%
Group median	—	28%	9.7%	14%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Wabash National Corporation has delivered.

Wabash National Corporation’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Wabash National Corporation earns about $63M on its 4.1% median owner-earnings margin. This year’s −0.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($63M) Net of stock comp (−$11M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+32%/yr

Owner-earnings growth · ’16→’25−21%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($41M) on 41M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $463M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WNC against another business →

The owners of WNC: the meeting and the votes →

Cite: Owner Scorecard, "Wabash National Corporation (WNC), the owner's record," https://ownerscorecard.com/c/WNC, data as of 2026-07-09.

Manual order: ← WMT its page in the Manual WNS →

Industry order: ← WAB the Farm & Heavy Equipment chapter