WNCWabash National Corporation
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is WNC?
Wabash National Corporation earns −8.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 18 points below what the capital costs: growth destroys value
- Operating margin
- −5.6%
Operating margin · Farm & Heavy Construction Machinery median 5.8% · 12 months to Q2 2026
- Share count, year on year
- −2.0%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 1.0%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −5.8% |
| FY2021 | 1.9% |
| FY2022 | 6.7% |
| FY2023 | 12% |
| FY2024 | −18% |
| FY2025 | 20% |
Details›
- Gross margin12 months to Q2 2026
- 1.0%
- Operating margin12 months to Q2 2026
- −5.6%
- Net margin12 months to Q2 2026
- −5.5%
- Free cash flow margin
- −1.1%
- Revenue, trailing twelve months
- $1.42B
- Free cash flow, trailing twelve months
- −$16M
- Net income, trailing twelve months
- −$78M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −8.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from WNC and who it buys from, as the companies report it.
- Five largest customers35%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; WNC’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Farm & Heavy Construction Machinery
Ranks #13 of 14 by RyuScore