Wabash National Corporation (WNC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.5%

$10.98

vs $12.27 price

Levered DCF

$2.57

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.46

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	1.7×	-2.68×	5.21×	9.78×	848.7×	-9.36×	8.96×	10.72×
P/B	0.98×	4.02×	2.19×	2.76×	3.04×	2.25×	1.54×	1.57×
P/S	0.23×	0.39×	0.47×	0.44×	0.55×	0.62×	0.35×	0.33×
EV / EBITDA	2.12×	-3.6×	4.04×	6.81×	18.53×	-31.15×	6.12×	6.76×
Gross margin	3.8%	13.6%	19.6%	12.9%	10.9%	10.8%	13.2%	12.5%
Operating margin	20.8%	-18.3%	12.3%	6.7%	1.9%	-5.8%	6.2%	4.9%
Net margin	13.7%	-14.6%	9.1%	4.5%	0.1%	-6.6%	3.9%	3.1%
Current ratio	1.39×	1.93×	1.93×	1.71×	1.83×	2.31×	2.09×	2.02×
Debt / equity	1.21×	2.3×	0.78×	1.05×	1.35×	1.13×	0.9×	1.07×
Interest coverage	15.06×	-17.95×	15.71×	8.12×	1.45×	-3.54×	5.22×	3.86×
Dividend yield	3.8%	1.9%	1.3%	1.5%	1.7%	1.9%	2.2%	2.4%
Payout ratio	6.5%	-5.2%	6.9%	14.3%	1411.9%	-17.8%	19.9%	25.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	57.6%	-150.4%	42.1%	28.2%	0.4%	-24.1%	17.2%	14.7%
Return on invested capital	27.6%	-24.0%	24.1%	14.9%	3.6%	-8.0%	10.3%	7.8%
Return on assets	18.1%	-20.1%	17.0%	9.3%	0.1%	-8.3%	6.9%	5.3%
Free cash flow yield	-3.6%	5.9%	18.4%	6.1%	-5.7%	11.4%	13.5%	10.5%
Earnings yield	58.9%	-37.4%	19.2%	10.2%	0.1%	-10.7%	11.1%	9.3%
Enterprise value	$770M	$1.1B	$1.5B	$1.5B	$1.4B	$1.2B	$1.1B	$1.1B
Net debt / EBITDA	1.13×	-1.06×	0.69×	1.68×	5.02×	-6.53×	1.78×	2.26×
Cash conversion cycle (days)	40	53	48	47	52	46	37	35