Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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
Altman Z-score
Watch
Earnings quality
3
Forensic signals
-17.3%
ROE
$571M
Market cap
4.21%
Dividend yield
WABASH NATIONAL Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 3.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+49.2%Accruals ratio.Net operating assets grew +49.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +32% of net operating assets.
$107MGoodwill impairments.Took $107M of goodwill writedowns across 1 year(s) (FY2020 ($107M)) — about 61% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
-7%Dividend — cut.The payout was CUT ~7% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin13.7%
Debt / Equity1.21x
Free Cash Flow$-13.0M
Latest Revenue$1.54B
Return on Equity57.6%
Revenue Growth YoY-20.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on WABASH NATIONAL Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about WNC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown