WABASH NATIONAL CORPORATION
WNC · Consumer Discretionary · $525M mkt cap · FY2025 filings · · Shallow moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.8B to $1.5B, decreasing; diluted EPS 0.02 to 5.07, increasing.
Median gross margin 13.1% over 10y, variable.
Median ROIC 13.4%, above the 12% hurdle in 60% of years.
Net debt/EBITDA 1.1x, interest coverage 14x.
Owner earnings changed +6.8%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $112M
- $30.85
- $30.85
- $12.98
- 58% below value if growth stopped today
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~16%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Oct 15, 2026.
Exactly which 50 companies?
FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
WABASH NATIONAL CORPORATION booked $1.5B of revenue in FY2025 in the Consumer Discretionary sector and kept 4.5% of it as gross profit — a thin-margin business by that measure. After every other cost, 13.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $338M (FY2009) to $1.5B (FY2025) — about 10.0% a year compounded over 16 years.
It earned 29.5% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 11.7%. Over the v3 recent window (10 measurable filed years), median ROIC was 13.4%. The Returns on Capital filter above scores it 57/100.
The balance sheet carried $443M of total debt in FY2025 against $245M of owner earnings — roughly 1.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 71/100.
Put together: Capital Allocation is the strongest of the five filters (82/100) and Pricing Power the weakest (0/100), which is how WNC lands at 53/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 16, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Glazner Mary KristinChief Administrative Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 10,000 | $12.25 | $122,500 | 155,374 | Sep 14, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Consumer Discretionary context
#171 of 487 scored Consumer Discretionary companies, ranked by Moat Score.
Nearest peers by Moat Score
- #169LOCO EL POLLO LOCO HOLDINGS, INC.53.9 out of 100, Shallow moatShallow moat
- #170BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC.53.6 out of 100, Shallow moatShallow moat
- #172KSS KOHL’S CORP53.3 out of 100, Shallow moatShallow moat
- #173VSXY VICTORIA'S SECRET & CO.53.3 out of 100, Shallow moatShallow moat
Compare WNC with its nearest peers →All Consumer Discretionary companies on the Index →
Common questions about WNC
- Does WABASH NATIONAL CORPORATION have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores WABASH NATIONAL CORPORATION (WNC) 53.4 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 57, pricing power 0, returns on capital 57, balance-sheet safety 71, capital allocation 82.
- Is WNC trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $30.85 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $12.98, that is 58% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has WNC's Moat Score changed over time?
- The record logs 27 readings since Jul 17, 2026; the latest reads 53.4 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.