WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

Cash flow Westinghouse Air Brake Technologies Corporation

Equities

WAB

US9297401088

Heavy Machinery & Vehicles

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Published financial data: WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	7.82B	8.36B	9.68B	10.39B	11.17B
Total Revenues	7.82B	8.36B	9.68B	10.39B	11.17B
Cost of Goods Sold, Total	5.39B	5.78B	6.7B	6.98B	7.3B
Gross Profit	2.43B	2.58B	2.98B	3.4B	3.87B
Selling General & Admin Expenses, Total	996M	1.01B	1.12B	1.23B	1.37B
R&D Expenses	176M	209M	218M	206M	223M
Amortization of Goodwill and Intangible Assets - (IS)	287M	291M	319M	297M	300M
Other Operating Expenses, Total	1.46B	1.51B	1.66B	1.74B	1.89B
Operating Income	971M	1.07B	1.32B	1.67B	1.98B
Interest Expense, Total	-177M	-186M	-205M	-187M	-225M
Net Interest Expenses	-177M	-186M	-205M	-187M	-225M
Income (Loss) On Equity Invest.	20M	17M	25M	8M	2M
Currency Exchange Gains (Loss)	8M	6M	-20M	-19M	-6M
Other Non Operating Income (Expenses)	1M	-1M	-5M	-2M	17M
EBT, Excl. Unusual Items	823M	906M	1.12B	1.47B	1.77B
Restructuring Charges	-75M	-52M	-58M	-57M	-72M
Merger & Related Restructuring Charges	-11M	-	-	-	-102M
Gain (Loss) On Sale Of Investments	-	-	35M	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	737M	854M	1.09B	1.41B	1.59B
Income Tax Expense	172M	213M	267M	343M	409M
Earnings From Continuing Operations	565M	641M	825M	1.07B	1.18B
Net Income to Company	565M	641M	825M	1.07B	1.18B
Minority Interest	-7M	-8M	-10M	-11M	-13M
Net Income - (IS)	558M	633M	815M	1.06B	1.17B
Preferred Dividend and Other Adjustments	2M	-	-	3M	3M
Net Income to Common Incl Extra Items	556M	633M	815M	1.05B	1.17B
Net Income to Common Excl. Extra Items	556M	633M	815M	1.05B	1.17B
Per Share Items
Net EPS - Basic	2.96	3.47	4.56	6.05	6.84
Basic EPS - Continuing Operations	2.96	3.47	4.56	6.05	6.84
Basic Weighted Average Shares Outstanding	188M	182M	179M	174M	170M
Net EPS - Diluted	2.96	3.46	4.53	6.04	6.83
Diluted EPS - Continuing Operations	2.96	3.46	4.53	6.04	6.83
Diluted Weighted Average Shares Outstanding	188M	183M	180M	175M	171M
Normalized Basic EPS	2.7	3.06	3.84	5.2	6.4
Normalized Diluted EPS	2.7	3.05	3.83	5.18	6.37
Dividend Per Share	0.48	0.6	0.68	0.8	1
Payout Ratio	16.49	17.54	15.09	13.26	14.79
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.41B	1.5B	1.8B	2.12B	2.44B
EBITA	1.21B	1.31B	1.58B	1.92B	2.23B
EBIT	971M	1.07B	1.32B	1.67B	1.98B
EBITDAR	1.47B	1.56B	1.86B	2.27B	2.66B
Total Revenues (As Reported)	7.82B	8.36B	9.68B	10.39B	11.17B
Effective Tax Rate - (Ratio)	23.34	24.94	24.45	24.33	25.69
Current Domestic Taxes	-54M	40M	177M	132M	182M
Current Foreign Taxes	138M	137M	148M	160M	216M
Total Current Taxes	84M	177M	325M	292M	398M
Deferred Domestic Taxes	97M	29M	-49M	35M	20M
Deferred Foreign Taxes	-9M	7M	-9M	16M	-9M
Total Deferred Taxes	88M	36M	-58M	51M	11M
Normalized Net Income	507M	558M	687M	906M	1.09B
Non-Cash Pension Expense	-3M	-4M	3M	3M	-
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	176M	209M	218M	206M	223M
Net Rental Expense, Total	59M	60M	64M	147M	221M
Imputed Operating Lease Interest Expense	19.39M	21.21M	25.04M	52.63M	80.26M
Imputed Operating Lease Depreciation	39.61M	38.79M	38.96M	94.37M	141M
Stock-Based Comp., Other (Total)	46M	49M	59M	85M	94M
Total Stock-Based Compensation	46M	49M	59M	85M	94M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	473M	541M	615M	706M	764M
Trading Asset Securities, Total	-	-	10M	2M	-
Total Cash And Short Term Investments	473M	541M	625M	708M	764M
Accounts Receivable, Total	1.48B	1.52B	1.68B	1.7B	1.9B
Total Receivables	1.48B	1.52B	1.68B	1.7B	1.9B
Inventory	1.69B	2.03B	2.28B	2.31B	2.74B
Restricted Cash	-	-	5M	9M	25M
Other Current Assets, Total	193M	233M	257M	210M	263M
Total Current Assets	3.83B	4.33B	4.86B	4.94B	5.69B
Gross Property Plant And Equipment	2.4B	2.48B	2.68B	2.75B	3.11B
Accumulated Depreciation	-906M	-1.05B	-1.19B	-1.31B	-1.49B
Net Property Plant And Equipment	1.5B	1.43B	1.48B	1.45B	1.62B
Long-term Investments	96M	105M	36M	39M	-
Goodwill	8.59B	8.51B	8.78B	8.71B	10.22B
Other Intangibles, Total	3.7B	3.4B	3.2B	2.93B	3.84B
Accounts Receivable Long-Term	153M	162M	154M	170M	121M
Deferred Charges Long-Term	-	-	61M	52M	42M
Other Long-Term Assets, Total	584M	583M	412M	407M	542M
Total Assets	18.45B	18.52B	18.99B	18.7B	22.07B
Liabilities
Accounts Payable, Total	1.01B	1.3B	1.25B	1.3B	1.4B
Accrued Expenses, Total	762M	650M	779M	892M	1.06B
Current Portion of Long-Term Debt	2M	251M	781M	500M	1.25B
Current Portion of Leases	60M	61M	61M	63M	77M
Unearned Revenue Current, Total	629M	772M	804M	693M	1.02B
Other Current Liabilities	445M	432M	381M	344M	348M
Total Current Liabilities	2.91B	3.47B	4.06B	3.79B	5.15B
Long-Term Debt	4.06B	3.75B	3.29B	3.48B	4.29B
Long-Term Leases	258M	296M	252M	245M	315M
Unearned Revenue Non Current	88M	86M	174M	389M	259M
Pension & Other Post Retirement Benefits	77M	57M	62M	58M	-
Deferred Tax Liability Non Current	288M	326M	318M	376M	606M
Other Non Current Liabilities	538M	386M	314M	229M	258M
Total Liabilities	8.22B	8.37B	8.46B	8.57B	10.88B
Common Stock, Total	2M	2M	2M	2M	1M
Additional Paid In Capital	7.92B	7.95B	7.98B	8.02B	8.07B
Retained Earnings	4.06B	4.58B	5.27B	6.18B	3.88B
Treasury Stock	-1.31B	-1.77B	-2.17B	-3.27B	-190M
Comprehensive Income and Other	-466M	-661M	-590M	-846M	-616M
Total Common Equity	10.2B	10.1B	10.49B	10.09B	11.14B
Minority Interest	38M	45M	37M	42M	48M
Total Equity	10.24B	10.15B	10.52B	10.13B	11.19B
Total Liabilities And Equity	18.45B	18.52B	18.99B	18.7B	22.07B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	185M	180M	177M	171M	171M
ECS Total Common Shares Outstanding	186M	181M	178M	171M	171M
Book Value / Share	54.9	55.75	58.98	58.91	65.31
Tangible Book Value	-2.09B	-1.81B	-1.5B	-1.55B	-2.91B
Tangible Book Value Per Share	-11.25	-9.98	-8.43	-9.07	-17.07
Total Debt	4.38B	4.36B	4.38B	4.29B	5.93B
Net Debt	3.9B	3.82B	3.76B	3.58B	5.17B
Debt Equivalent of Unfunded Proj. Benefit Obligation	48M	33M	40M	21M	28M
Debt Equivalent Oper. Leases	472M	480M	512M	1.18B	1.77B
Minority Interest, Total (Incl. Fin. Div)	38M	45M	37M	42M	48M
Equity Method Investments, Total	96M	105M	36M	39M	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	757M	878M	1.06B	977M	1.19B
Inventories - Work In Process, Total	316M	515M	463M	587M	698M
Inventories - Finished Goods, Total	616M	641M	759M	750M	853M
Land - (BS)	96M	100M	100M	106M	121M
Buildings, Total	785M	783M	838M	810M	852M
Machinery, Total	1.43B	1.47B	1.6B	1.67B	1.9B
Full Time Employees	25K	27K	29K	29.5K	31K
Accumulated Allowance for Doubtful Accounts (Supple)	32M	28M	31M	36M	32M
Order Backlog	22.17B	22.44B	22B	22.27B	27.41B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	558M	633M	815M	1.06B	1.17B
Depreciation & Amortization - CF	204M	188M	210M	200M	201M
Amortization of Goodwill and Intangible Assets - (CF)	237M	238M	265M	253M	256M
Depreciation & Amortization, Total	441M	426M	475M	453M	457M
(Gain) Loss From Sale Of Asset	-4M	3M	7M	4M	40M
Asset Writedown & Restructuring Costs	-	-	2M	6M	-
Stock-Based Compensation (CF)	46M	41M	47M	66M	80M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	95M	44M	-48M	62M	5M
Change In Accounts Receivable	-76M	-52M	-195M	-34M	-36M
Change In Inventories	-41M	-368M	-58M	-117M	-182M
Change In Accounts Payable	109M	306M	-58M	70M	34M
Change In Income Taxes	-4M	7M	1M	21M	6M
Change in Other Net Operating Assets	-51M	-2M	213M	247M	185M
Cash from Operations	1.07B	1.04B	1.2B	1.83B	1.76B
Capital Expenditure	-130M	-149M	-186M	-207M	-260M
Sale of Property, Plant, and Equipment	25M	3M	2M	13M	5M
Cash Acquisitions	-435M	-89M	-308M	-168M	-2.52B
Divestitures	-	-	-	19M	8M
Other Investing Activities, Total	-	-	-	-	20M
Cash from Investing	-540M	-235M	-492M	-343M	-2.75B
Long-Term Debt Issued, Total	5.39B	6.09B	5.56B	2.26B	4.71B
Total Debt Issued	5.39B	6.09B	5.56B	2.26B	4.71B
Long-Term Debt Repaid, Total	-5.55B	-6.12B	-5.52B	-2.32B	-3.22B
Total Debt Repaid	-5.55B	-6.12B	-5.52B	-2.32B	-3.22B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-300M	-473M	-425M	-1.12B	-263M
Common Dividends Paid	-92M	-111M	-123M	-140M	-173M
Common & Preferred Stock Dividends Paid	-92M	-111M	-123M	-140M	-173M
Other Financing Activities, Total	-100M	-94M	-127M	-45M	-17M
Cash from Financing	-653M	-708M	-633M	-1.37B	1.03B
Foreign Exchange Rate Adjustments	-6M	-27M	3M	-25M	31M
Net Change in Cash	-126M	68M	79M	95M	74M
Supplemental Items
Cash Interest Paid	164M	179M	210M	181M	219M
Cash Income Tax Paid (Refund)	123M	157M	233M	237M	342M
Levered Free Cash Flow	844M	698M	599M	1.2B	1.22B
Unlevered Free Cash Flow	955M	815M	727M	1.32B	1.37B
Change In Net Working Capital	9M	180M	446M	51M	162M
Net Debt Issued / Repaid	-161M	-30M	42M	-64M	1.48B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.29	3.62	4.4	5.53	6.06
Return on Total Capital	4.18	4.64	5.68	7.18	7.92
Return On Equity %	5.54	6.29	7.98	10.33	11.1
Return on Common Equity	5.47	6.24	7.92	10.23	10.99
Margin Analysis
Gross Profit Margin %	31.07	30.89	30.82	32.76	34.66
SG&A Margin	12.73	12.11	11.63	11.87	12.27
EBITDA Margin %	18.05	17.89	18.55	20.41	21.81
EBITA Margin %	15.44	15.64	16.38	18.48	20.01
EBIT Margin %	12.41	12.8	13.64	16.05	17.71
Income From Continuing Operations Margin %	7.22	7.67	8.53	10.27	10.59
Net Income Margin %	7.13	7.57	8.42	10.17	10.48
Net Avail. For Common Margin %	7.11	7.57	8.42	10.14	10.45
Normalized Net Income Margin	6.49	6.68	7.1	8.72	9.77
Levered Free Cash Flow Margin	10.79	8.35	6.19	11.6	10.97
Unlevered Free Cash Flow Margin	12.21	9.74	7.51	12.73	12.23
Asset Turnover
Asset Turnover	0.42	0.45	0.52	0.55	0.55
Fixed Assets Turnover	5.05	5.72	6.64	7.09	7.29
Receivables Turnover (Average Receivables)	5.42	5.58	6.04	6.14	6.21
Inventory Turnover (Average Inventory)	3.24	3.1	3.1	3.04	2.88
Short Term Liquidity
Current Ratio	1.32	1.25	1.2	1.3	1.11
Quick Ratio	0.67	0.59	0.57	0.64	0.52
Operating Cash Flow to Current Liabilities	0.37	0.3	0.3	0.48	0.34
Days Sales Outstanding (Average Receivables)	67.4	65.39	60.41	59.66	58.82
Days Outstanding Inventory (Average Inventory)	112.74	117.57	117.7	120.48	126.54
Average Days Payable Outstanding	64.46	68.93	67.03	66.53	63.82
Cash Conversion Cycle (Average Days)	115.69	114.03	111.08	113.6	121.54
Long Term Solvency
Total Debt/Equity	42.74	42.96	41.64	42.32	53.02
Total Debt / Total Capital	29.94	30.05	29.4	29.73	34.65
LT Debt/Equity	42.13	39.88	33.64	36.76	41.16
Long-Term Debt / Total Capital	29.52	27.9	23.75	25.83	26.9
Total Liabilities / Total Assets	44.52	45.2	44.58	45.82	49.3
EBIT / Interest Expense	5.49	5.75	6.44	8.91	8.79
EBITDA / Interest Expense	8.31	8.37	9.07	12.12	11.8
(EBITDA - Capex) / Interest Expense	7.58	7.56	8.16	11.02	10.65
Total Debt / EBITDA	2.97	2.8	2.36	1.89	2.23
Net Debt / EBITDA	2.65	2.45	2.02	1.58	1.95
Total Debt / (EBITDA - Capex)	3.26	3.1	2.62	2.08	2.48
Net Debt / (EBITDA - Capex)	2.91	2.71	2.25	1.74	2.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.52	6.9	15.73	7.34	7.51
Gross Profit, 1 Yr. Growth %	11.37	6.65	15.45	14.12	13.75
EBITDA, 1 Yr. Growth %	12.42	6.55	20.55	18.17	14.1
EBITA, 1 Yr. Growth %	13.43	9	21.83	21.21	15.51
EBIT, 1 Yr. Growth %	11.48	11.11	24.18	25.24	17.95
Earnings From Cont. Operations, 1 Yr. Growth %	37.14	13.45	28.71	29.33	10.87
Net Income, 1 Yr. Growth %	34.78	13.44	28.75	29.57	10.8
Normalized Net Income, 1 Yr. Growth %	20.05	11.12	23.04	30.46	20.74
Diluted EPS Before Extra, 1 Yr. Growth %	36.41	16.89	30.92	33.33	13.08
Accounts Receivable, 1 Yr. Growth %	4.6	2.84	10.86	1.07	11.46
Inventory, 1 Yr. Growth %	2.86	20.43	12.29	1.31	18.63
Net Property, Plant and Equip., 1 Yr. Growth %	-6.5	-4.54	3.92	-2.56	11.68
Total Assets, 1 Yr. Growth %	0	0.34	2.55	-1.51	18
Tangible Book Value, 1 Yr. Growth %	-6.28	-13.53	-17.15	3.67	87.51
Common Equity, 1 Yr. Growth %	0.77	-0.97	3.81	-3.78	10.42
Cash From Operations, 1 Yr. Growth %	36.86	-3.26	15.7	52.71	-4.09
Capital Expenditures, 1 Yr. Growth %	-4.41	14.62	24.83	11.29	25.6
Levered Free Cash Flow, 1 Yr. Growth %	37.81	-22.32	-21.15	84.04	-3.38
Unlevered Free Cash Flow, 1 Yr. Growth %	29.57	-19.32	-16.57	68.85	-2
Dividend Per Share, 1 Yr. Growth %	0	25	13.33	17.65	25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.33	5.2	11.23	11.45	7.42
Gross Profit, 2 Yr. CAGR %	3.28	8.8	12.19	14.87	14.11
EBITDA, 2 Yr. CAGR %	15.69	9.14	16.57	19.52	16.41
EBITA, 2 Yr. CAGR %	16.37	10.82	19.12	21.72	18.65
EBIT, 2 Yr. CAGR %	14.86	10.84	22.47	25.52	22.32
Earnings From Cont. Operations, 2 Yr. CAGR %	31.45	24.73	20.84	29.02	19.75
Net Income, 2 Yr. CAGR %	30.63	23.65	20.85	29.16	19.82
Normalized Net Income, 2 Yr. CAGR %	26.17	14.93	23.05	27.82	24.55
Diluted EPS Before Extra, 2 Yr. CAGR %	26.88	26.27	23.71	32.12	22.79
Accounts Receivable, 2 Yr. CAGR %	-5.78	3.72	6.78	5.85	6.14
Inventory, 2 Yr. CAGR %	-2.4	11.3	16.29	6.66	9.63
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.92	-5.52	-0.4	0.63	4.32
Total Assets, 2 Yr. CAGR %	-1.3	0.17	1.44	0.5	7.81
Tangible Book Value, 2 Yr. CAGR %	-8.69	-9.98	-15.36	-7.32	39.42
Common Equity, 2 Yr. CAGR %	1.22	-0.1	1.39	-0.05	3.08
Cash From Operations, 2 Yr. CAGR %	2.77	15.06	5.8	32.92	21.02
Capital Expenditures, 2 Yr. CAGR %	-16.4	4.67	19.61	17.87	18.23
Levered Free Cash Flow, 2 Yr. CAGR %	-40.27	6.78	-16.09	26.22	36.94
Unlevered Free Cash Flow, 2 Yr. CAGR %	-38.24	5.14	-12.89	23.39	31.52
Dividend Per Share, 2 Yr. CAGR %	0	11.8	19.02	15.47	21.27
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	21.48	0.65	8.6	9.92	10.12
Gross Profit, 3 Yr. CAGR %	25.35	4.28	10.97	12.83	14.5
EBITDA, 3 Yr. CAGR %	33.63	12.35	12.64	17.08	17.95
EBITA, 3 Yr. CAGR %	32.25	13.61	14.17	19.79	19.9
EBIT, 3 Yr. CAGR %	26.26	13.28	14.86	23.73	23.19
Earnings From Cont. Operations, 3 Yr. CAGR %	24.65	25.15	26.04	23.61	22.66
Net Income, 3 Yr. CAGR %	23.69	24.63	25.33	23.69	22.72
Normalized Net Income, 3 Yr. CAGR %	29.62	20.54	17.57	25.93	25.3
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.99	23.46	27.8	26.84	25.44
Accounts Receivable, 3 Yr. CAGR %	8.8	-2.99	6.05	4.84	7.69
Inventory, 3 Yr. CAGR %	25.97	4.68	11.63	11.07	10.51
Net Property, Plant and Equip., 3 Yr. CAGR %	38.47	-4.79	-2.48	-1.13	4.18
Total Assets, 3 Yr. CAGR %	28.74	-0.76	0.96	0.45	6.03
Tangible Book Value, 3 Yr. CAGR %	46.78	-10.34	-12.43	-9.44	17.22
Common Equity, 3 Yr. CAGR %	52.7	0.48	1.18	-0.36	3.32
Cash From Operations, 3 Yr. CAGR %	50.51	0.72	15.28	19.56	19.22
Capital Expenditures, 3 Yr. CAGR %	11.69	-7.13	11	16.77	20.39
Levered Free Cash Flow, 3 Yr. CAGR %	-17.58	-33.42	-0.75	12.31	17.42
Unlevered Free Cash Flow, 3 Yr. CAGR %	-12.75	-31.22	-0.45	11.33	16.28
Dividend Per Share, 3 Yr. CAGR %	0	7.72	12.31	18.56	18.56
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	21.69	16.59	17.27	4.84	8.13
Gross Profit, 5 Yr. CAGR %	21.33	19.11	19.3	8.36	12.15
EBITDA, 5 Yr. CAGR %	21.38	21.03	24.85	14.98	14.16
EBITA, 5 Yr. CAGR %	19.84	20.76	24.86	16.57	15.97
EBIT, 5 Yr. CAGR %	15.81	17.74	22.3	17.76	17.83
Earnings From Cont. Operations, 5 Yr. CAGR %	12.51	19.57	23.11	26.68	23.49
Net Income, 5 Yr. CAGR %	12.85	19.27	22.55	26.42	23.09
Normalized Net Income, 5 Yr. CAGR %	15.25	17.9	24.14	23.23	20.88
Diluted EPS Before Extra, 5 Yr. CAGR %	-2.39	4.93	8.23	26.85	25.77
Accounts Receivable, 5 Yr. CAGR %	9.4	5.42	7.99	0.45	6.08
Inventory, 5 Yr. CAGR %	20.73	22.32	22.01	5.47	10.82
Net Property, Plant and Equip., 5 Yr. CAGR %	23.63	20.01	21.37	-2.66	0.19
Total Assets, 5 Yr. CAGR %	22.9	22.99	17.03	-0.26	3.64
Tangible Book Value, 5 Yr. CAGR %	17.68	16.14	17.77	-9.14	5.47
Common Equity, 5 Yr. CAGR %	35.83	29.17	29.63	0.27	1.94
Cash From Operations, 5 Yr. CAGR %	18.95	40.62	30.72	12.54	17.54
Capital Expenditures, 5 Yr. CAGR %	20.95	10.73	14.8	2.16	13.84
Levered Free Cash Flow, 5 Yr. CAGR %	33.04	-5.51	-16.86	-12.63	14.86
Unlevered Free Cash Flow, 5 Yr. CAGR %	41.03	-3.57	-12.75	-11.99	13.12
Dividend Per Share, 5 Yr. CAGR %	5.92	6.4	7.21	10.76	15.81