Forensic Analysis · OEM & Vehicle Bodies · as of Nov 10, 2026
Wabash National Corp (WNC)
A forensic read on Wabash National Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.7
Distress distance
Watch
Earnings quality
2
Forensic signals
76.0%
ROE
-20.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Wabash National Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+49.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +49.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 32% of net operating assets, against an accruals ratio of 49.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
FCF ($13M)
FY2025
Shareholder returns.Returned $48M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($13M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $12M — 408% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$1.54B
Revenue Growth YoY-20.8%
Revenue CAGR (2yr)-22.0%
Net Margin13.7%
Free Cash Flow-$13.0M
Return on Equity76.0%
Debt / Equity1.21x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Wabash National Corp's actual 10-K/10-Q/8-K filings?