Westinghouse Air Brake Technologies Corp
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+ FollowMarket Cap$47.23B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Strong Q3 performance; margin expansion ahead of expectations
- Sales: $3.12B, +8.1% YoY (ex-FX +8.3%).
- Adjusted EPS: $2.83, +22.0% YoY; GAAP EPS: $2.42, +33.7% YoY.
- Operating margin: Adjusted 22.9% (+1.9pp YoY); management said execution benefits drove this, including Integration 3.0 productivity, favorable product mix, and lower SG&A as % of revenue.
- Cash flow: $455M operating cash flow; 82% cash conversion.
Backlog and visibility remain a key strength (with better coverage)
- 12-month backlog: up 8.8% YoY (and described as strongest coverage “ever”); management emphasized order coverage matching product lead times (notably long-lead locomotives).
- Multi-year backlog: >$31B, +22.9% YoY (Freight multi-year $25.77B; Transit multi-year $2.45B 12-month, multi-year +21.4%).
- Management framed backlog as supporting profitable growth into Q4 and beyond, rather than a headwind.
2026 guidance: revenue steady, EPS raised; Q4 expected to be even stronger
- Adjusted EPS outlook (2026): $10.85–$11.05 (+22% YoY at midpoint).
- Revenue guidance: unchanged (raised by $110M at the midpoint earlier; reiterated as still valid despite some timing shifts).
- Q4 margin expectation: management indicated Q4 should see more margin expansion than Q3, helped by tariff headwind dissipation on a YoY basis and better comps (plus some timing/comp dynamics referenced for the year-ago quarter).
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$250.27
15.1% downside
Current Fair Value
15.1% downsideOvervalued by 15.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $47.23 Billion |
|---|---|
| Enterprise Value | $53.51 Billion |
| Annual dividend | $1.18 |
| Dividend yield | 0.42% |
| Earnings per Share | $6.86 |
| Beta | 0.92 |
| Outstanding Shares | 168,200,000 |
Return
| Return on Equity | 12.04% |
|---|---|
| Return on Assets | 5.91% |
| Return on Invested Capital | 11.98% |
Valuation & Multiples
| P/E Ratio | 34.65 |
|---|---|
| PEG | 108.49 |
| Price to Sales | 4.09 |
| Price to Book Ratio | 4.4 |
| Enterprise Value to Revenue | 4.38 |
| Enterprise Value to EBIT | 25.31 |
| Enterprise Value to Net Income | 39 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 0.6 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$2.73
Consensus analyst estimateRevenue Estimate
$3.20 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$2.67
Consensus analyst estimateRevenue Estimate
$3.23 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 292.39% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 5,300▼ 97.88% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.15%▼ 88.96% |
|---|---|
| Total Invested | $2.01B▼ 95.28% |
| Investors Holding | 439▼ 773.00% |
About Westinghouse Air Brake Technologies Corp
31,000 employees
CEO: Rafael Santana
Westinghouse Air Brake Technologies Corporation provides locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates in two segments, Freight and Transit. It offers diesel-el...