---
title: Wabtec (WAB) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/wab
ticker: WAB
as_of: 2026-10-17
sector: Industrials
industry: Railroads
---
# Wabtec (WAB)

Wabtec (WAB) closed at $286.82 on Oct 16, 2026, overvalued by 57% vs its model value of $182.94 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $286.82 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $182.94 |
| Price vs model | overvalued by 57% vs model |
| Range of that model | $108.80 – $482.17 |
| Market value | $48.4B |
| P/E (fiscal 2025) | 42.0 |
| Net margin (fiscal 2025) | 10.5% |
| Free cash flow (fiscal 2025) | $1.5B |
| Dividend yield (trailing twelve months) | 0.41% |
| Beta | 0.92 |
| Cost of capital (WACC) | 8.46% |
| Business classification | Profitable Growth (Low/slowing growth (~7% recent), Moderate margins (10% net margin), Moderately volatile earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.41% |
| Dividends per share, last 12 months | $1.18 |
| Dividends / free cash flow (fiscal 2025) | 11.5% |
| Raised | 4 years in a row |
| Growth over 5 years | 19.7% a year |
| Latest payment | $0.31, ex-date Aug 18, 2026, paid Sep 1, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 12, 2021 | $0.48 |
| To Aug 12, 2022 | $0.57 |
| To Aug 11, 2023 | $0.66 |
| To Aug 14, 2024 | $0.77 |
| To Aug 14, 2025 | $0.95 |
| Trailing twelve months (to Aug 18, 2026) | $1.18 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $182.94 | $108.80 | $482.17 |
| DCF · Perpetuity growth · 10y | cross check | $195.02 | $120.27 | $491.87 |
| DCF · EBITDA exit · 5y | cross check | $141.39 | $81.77 | $211.91 |
| DCF · EBITDA exit · 10y | cross check | $159.86 | $99.40 | $241.34 |
| P/E · peers | cross check | $252.45 | $65.24 | $275.08 |
| P/E · own history | cross check | $290.27 | $269.52 | $323.74 |
| PEG | sanity check | $271.64 | $271.64 | $271.64 |
| EV/EBITDA · peers | cross check | $104.24 | $39.73 | $116.21 |
| EV/Revenue · peers | cross check | $10.17 | $6.02 | $39.72 |
| Earnings power value | cross check | $48.07 | $36.65 | $64.41 |
| Dividend discount | cross check | $30.49 | $20.37 | $48.65 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 37 open-market sales ($7.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 5, 2026 | Santana Rafael | President and CEO | Open-market sell (10b5-1 plan) | 42 | $12,064.1 |
| Oct 5, 2026 | Santana Rafael | President and CEO | Open-market sell (10b5-1 plan) | 36 | $10,373.2 |
| Oct 5, 2026 | Santana Rafael | President and CEO | Open-market sell (10b5-1 plan) | 33 | $9,568.5 |
| Oct 5, 2026 | Santana Rafael | President and CEO | Open-market sell (10b5-1 plan) | 278 | $81,041.9 |
| Oct 5, 2026 | Santana Rafael | President and CEO | Open-market sell (10b5-1 plan) | 614 | $179,511.4 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 1, 2026 | 8-K | 2.03 Creation of a Direct Financial Obligation | https://www.sec.gov/Archives/edgar/data/943452/000094345226000013/wab-20261001.htm |
| Jul 22, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/943452/000162828026049139/wab-20260630.htm |
| Jul 22, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/943452/000162828026049105/wab-20260722.htm |
| May 15, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/943452/000114036126021657/ef20073674_8k.htm |
| Apr 22, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/943452/000162828026026422/wab-20260331.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Pacific Advisors | 2026-06-30 | 189,045 | $51.0M |
| Druckenmiller | 2026-06-30 | 56,595 | $15.3M |
| Bridgewater | 2026-06-30 | 11,749 | $3.2M |
| Mairs & Power | 2026-06-30 | 5,237 | $1.4M |

4 tracked managers in all.

## About

Westinghouse Air Brake Technologies Corporation (WAB) delivers a comprehensive suite of advanced technological solutions, equipment, and services tailored for the global freight railway and urban mass transit sectors. Its operations are bifurcated into two principal divisions: Freight and Transit. The Freight segment develops, produces, and maintains critical components for both newly manufactured and operational freight carriages and locomotives. This includes constructing brand-new commuter-focused locomotives, undertaking comprehensive rebuilding of freight locomotives, and delivering sophisticated railway electronic systems, positive train control (PTC) technology, signal design expertise, and related engineering provisions. This segment also furnishes essential heat exchange and cooling apparatus. Its clientele encompasses major publicly listed railway operators, equipment leasing f…

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Source: https://sweetvaluelab.com/stocks/wab (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.