# Wabtec (WAB) Forecast Calculator

Interactive five-year financial forecast and DCF for Wabtec. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/wabtec/forecast
- Industry: Industrials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 8200000000 | 830000000 | 1064000000 | 327000000 |
| 2022 | 7556000000 | 648000000 | 1218000000 | 414000000 |
| 2023 | 7822000000 | 943000000 | 1367000000 | 558000000 |
| 2024 | 8362000000 | 889000000 | 1490000000 | 633000000 |
| 2025 | 9677000000 | 1015000000 | 1797000000 | 815000000 |

## Frequently asked questions

### What does Wabtec Corporation do?

Wabtec (Westinghouse Air Brake Technologies Corporation) is a leading global provider of equipment, systems, digital solutions, and services for the freight and transit rail sectors. The company manufactures diesel-electric and battery-electric locomotives, transit cars, and rail control systems, also offering highly profitable recurring revenue from servicing its large installed base.

### What are the primary revenue drivers for Wabtec's business?

Wabtec's revenue is primarily driven by a global locomotive fleet renewal cycle and its high-margin aftermarket services business. The company's massive installed base of nearly 24,600 locomotives ensures a resilient stream of aftermarket parts and services revenue.

### What are the key assumptions used in the Wabtec financial model regarding capital expenditures?

The financial model assumes capital expenditures as a percentage of revenue are approximately 1.89%. This low percentage for an industrial company reflects a split of approximately 60% maintenance capex and 40% growth capex, focused on facility modernization and automation.

### How does the financial model evaluate Wabtec's valuation and free cash flow?

The financial model evaluates Wabtec's equity valuation and free cash flow generation capacity to help determine if its Integration 3.0 cost savings, global locomotive fleet renewal cycle, and high-margin aftermarket services justify its current market premium. It aims to assess the company's ability to generate cash for equity holders.

### Can I download an Excel financial model for Wabtec?

Yes, an Excel financial model for Wabtec is available for download. This model provides a forecast horizon from fiscal year 2026 through fiscal year 2030, offering detailed financial projections.

### What is Wabtec's business model for its freight segment?

Wabtec's freight segment, which comprises 72% of its 2025 revenue, operates on a "razor and blades" industrial framework. While initial equipment sales are capital intensive and cyclical, the large installed base of locomotives drives a highly resilient, high-margin aftermarket parts and services business.