WABASH NATIONAL Corp
WNC · Truck Trailers · 40.7M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $64M (gross $76M, SBC $12M)
Reference price $17.19 · est. market cap ~$699M — last insider sale, 2024-12-31 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C67A leading trailer maker showing strong headline returns that appear distorted by one-time items in a cyclical down-year.
Strengths
- Reported operating/net margins and returns screen high (operating margin 87th pct, ROA 96th pct, ROE 90th pct)
- Diversification into Parts & Services and TaaS plus a favorable trade-case (anti-dumping) outcome support recurring revenue
Risks
- Metrics are flattered by anomalies — 4.5% gross margin (6th pct) vs. 13.7% net margin and a $418.6M punitive-damages product-liability charge in results
- Negative FCF, high leverage (D/E 82nd pct) and cyclical trailer demand in an industry down-cycle
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- ImpairmentRecent 8-K item 2.06 8-K ↗
- Cash burnNegative free cash flow (-13.0M)
- Customer concentration~35% of revenue from one customer/distributor — Furthermore, we are subject to a concentration of risk as our five largest customers together accounted for approximately 35% of our aggregate net sales in 2025
- Buying back stockNet buyback — share count -3%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
4.5%
Operating margin
19.9%
Net margin
13.7%
Return on equity
57.6%
Return on assets
18.1%
ROIC
30.0%
Revenue growth (QoQ)
-5.7%
Debt / equity
1.2×
Net debt / EBITDA
1.1×
Current ratio
1.4×
Free cash flow
-$13M
EBITDA
$366M
Tangible book value
$113M
Cash & investments
$32M
Cash runway
10q
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-13 | SORENSEN SCOTT K | Grant | 22K | — |
| 2026-05-13 | Broberg Trent | Grant | 22K | — |
| 2026-05-13 | BASSETT THERESE M | Grant | 22K | — |
| 2026-05-13 | Magee Larry J | Grant | 22K | — |
| 2026-05-13 | Boss John G. | Grant | 22K | — |
| 2026-05-13 | Murtlow Ann D. | Grant | 22K | — |
| 2026-05-13 | TAYLOR STUART A II | Grant | 22K | — |
| 2026-05-13 | Sudhanshu Priyadarshi | Grant | 22K | — |
| 2026-04-29 | Winston Donald Adrian | Tax withheld | 1.1K | $8.34 |
| 2026-02-15 | Yeagy Brent L | Tax withheld | 29K | $11.86 |
| 2026-02-15 | Keslin Patrick Joseph | Tax withheld | 484 | $11.86 |
| 2026-02-15 | Pettit Michael N | Tax withheld | 7.4K | $11.86 |
| 2026-02-15 | Glazner Mary Kristin | Tax withheld | 5.8K | $11.86 |
| 2026-02-14 | Glazner Mary Kristin | Tax withheld | 2.2K | $11.86 |
| 2026-02-14 | Pettit Michael N | Tax withheld | 3.4K | $11.86 |
| 2026-02-14 | Yeagy Brent L | Tax withheld | 10K | $11.86 |
| 2026-02-14 | Winston Donald Adrian | Tax withheld | 857 | $11.86 |
| 2026-02-14 | Schwartzhoff Drew John | Tax withheld | 595 | $11.86 |
| 2026-02-14 | Keslin Patrick Joseph | Tax withheld | 621 | $11.86 |
| 2026-02-12 | Keslin Patrick Joseph | Tax withheld | 3.9K | $11.65 |
| 2026-02-12 | Keslin Patrick Joseph | Grant | 34K | — |
| 2026-02-12 | Pettit Michael N | Tax withheld | 8.2K | $11.65 |
| 2026-02-12 | Pettit Michael N | Grant | 60K | — |
| 2026-02-12 | Glazner Mary Kristin | Tax withheld | 5.4K | $11.65 |
| 2026-02-12 | Glazner Mary Kristin | Grant | 38K | — |
| 2026-02-12 | Yeagy Brent L | Tax withheld | 25K | $11.65 |
| 2026-02-12 | Yeagy Brent L | Grant | 197K | — |
| 2026-02-12 | Winston Donald Adrian | Tax withheld | 4.8K | $11.65 |
| 2026-02-12 | Winston Donald Adrian | Grant | 39K | — |
| 2026-02-12 | Schwartzhoff Drew John | Tax withheld | 2.6K | $11.65 |
| 2026-02-12 | Schwartzhoff Drew John | Grant | 32K | — |
| 2025-12-15 | Yeagy Brent L | Tax withheld | 4.0K | $9.90 |
| 2025-10-29 | Winston Donald Adrian | Tax withheld | 724 | $8.31 |
| 2025-10-29 | Schwartzhoff Drew John | Tax withheld | 744 | $8.31 |
| 2025-05-14 | Sudhanshu Priyadarshi | Grant | 15K | — |
| 2025-05-14 | SORENSEN SCOTT K | Grant | 15K | — |
| 2025-05-14 | TAYLOR STUART A II | Grant | 15K | — |
| 2025-05-14 | Murtlow Ann D. | Grant | 15K | — |
| 2025-05-14 | Magee Larry J | Grant | 15K | — |
| 2025-05-14 | BASSETT THERESE M | Grant | 15K | — |
| 2025-05-14 | Broberg Trent | Grant | 15K | — |
| 2025-05-14 | Boss John G. | Grant | 15K | — |
| 2025-04-29 | Winston Donald Adrian | Tax withheld | 1.1K | $9.96 |
| 2025-02-16 | Yeagy Brent L | Tax withheld | 109K | $12.40 |
| 2025-02-16 | Pettit Michael N | Tax withheld | 27K | $12.40 |
| 2025-02-16 | Glazner Mary Kristin | Tax withheld | 21K | $12.40 |
| 2025-02-16 | Schwartzhoff Drew John | Tax withheld | 596 | $12.40 |
| 2025-02-16 | Winston Donald Adrian | Tax withheld | 969 | $12.40 |
| 2025-02-16 | Keslin Patrick Joseph | Tax withheld | 1.4K | $12.40 |
| 2025-02-16 | Winston Donald Adrian | Tax withheld | 649 | $12.40 |
| 2025-02-16 | Schwartzhoff Drew John | Tax withheld | 390 | $12.40 |
| 2025-02-16 | Yeagy Brent L | Grant | 116K | — |
| 2025-02-16 | Yeagy Brent L | Tax withheld | 97K | $12.40 |
| 2025-02-16 | Pettit Michael N | Grant | 28K | — |
| 2025-02-16 | Pettit Michael N | Tax withheld | 18K | $12.40 |
| 2025-02-16 | Glazner Mary Kristin | Grant | 22K | — |
| 2025-02-16 | Glazner Mary Kristin | Tax withheld | 14K | $12.40 |
| 2025-02-12 | Schwartzhoff Drew John | Grant | 16K | — |
| 2025-02-12 | Winston Donald Adrian | Grant | 30K | — |
| 2025-02-12 | Keslin Patrick Joseph | Grant | 24K | — |
| 2025-02-12 | Yeagy Brent L | Grant | 174K | — |
| 2025-02-12 | Pettit Michael N | Grant | 53K | — |
| 2025-02-12 | Glazner Mary Kristin | Grant | 34K | — |
| 2024-12-31 | Pettit Michael N | Option exercise | 1.5K | $14.16 |
| 2024-12-31 | Pettit Michael N | Sell | 1.5K | $17.19 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-13 | 0000879526-26-000058 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0000879526-26-000047 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0000879526-26-000053 ↗ |
| 8-K | 2026-04-09 | 2026-04-08 | 0000879526-26-000042 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0000879526-26-000036 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0000879526-26-000007 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0000879526-26-000003 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000879526-25-000063 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0000879526-25-000054 ↗ |
| 8-K | 2025-10-10 | 2025-10-09 | 0000879526-25-000050 ↗ |
| 8-K | 2025-07-25 | 2025-07-25 | 0000879526-25-000045 ↗ |
| 10-Q | 2025-07-25 | 2025-06-30 | 0000879526-25-000047 ↗ |