TakeoverPE & activists

WABWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

Railroad Equipment · $47.0B market cap · 31,000 employees

0.4×

Less likely than average to be taken private

Top 37% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    150% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    23% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    —
    Any vote under 80% support
  • Low revenue per employeeNo
    $360K · 46th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    0.8 per 10K words · 30th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.4× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $47.0B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Oct 12, 2018DEFM14AGeneral Electric Company$109.3131.31%
Aug 8, 2018PREM14AGeneral Electric Company$109.3130.8%

Key numbers

Revenue
$11.2BFY2021: $7.8BFY2022: $8.4BFY2023: $9.7BFY2024: $10.4BFY2025: $11.2B
7.5% YoY
Operating margin
16.1%FY2021: 11.2%FY2022: 12.1%FY2023: 13.1%FY2024: 15.5%FY2025: 16.1%
3.7% YoY
EBITDA
$2.3BFY2021: $1.4BFY2022: $1.5BFY2023: $1.8BFY2024: $2.1BFY2025: $2.3B
8.6% YoY
Net debt / EBITDA
1.4×
$3.3B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$7.8B$8.4B$9.7B$10.4B$11.2B 7.5% FY2021: $7.8BFY2022: $8.4BFY2023: $9.7BFY2024: $10.4BFY2025: $11.2B
Operating income$876M$1.0B$1.3B$1.6B$1.8B 11% FY2021: $876MFY2022: $1.0BFY2023: $1.3BFY2024: $1.6BFY2025: $1.8B
Net income$558M$633M$815M$1.1B$1.2B 11% FY2021: $558MFY2022: $633MFY2023: $815MFY2024: $1.1BFY2025: $1.2B
Operating cash flow$1.1B$1.0B$1.2B$1.8B$1.8B 4.1% FY2021: $1.1BFY2022: $1.0BFY2023: $1.2BFY2024: $1.8BFY2025: $1.8B
Capex$130M$149M$186M$207M$260M 26% FY2021: $130MFY2022: $149MFY2023: $186MFY2024: $207MFY2025: $260M
Stock-based comp$46M$41M$47M$66M$80M 21% FY2021: $46MFY2022: $41MFY2023: $47MFY2024: $66MFY2025: $80M
Buybacks$300M$473M$409M$1.1B$223M 80% FY2021: $300MFY2022: $473MFY2023: $409MFY2024: $1.1BFY2025: $223M
Dividends$92M$111M$123M$140M$173M 24% FY2021: $92MFY2022: $111MFY2023: $123MFY2024: $140MFY2025: $173M

13D filers

None on file.

Insider trading

−$42Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $42M · 127 trades

Pay vs performance

No pay-versus-performance disclosure yet.