Forensic Analysis · Automotive / Vehicle Manufacturing · as of Aug 11, 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

3.9

Distress distance

Watch

Earnings quality

Forensic signals

-6.7

P / E (ttm)

57.6%

ROE

$509M

Market cap

4.21%

Dividend yield

-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 (red flags, auditor quality, say on pay, board independence). 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 3.9, placing it in the Safe zone. 3 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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.

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.

$107M

FY2020–FY2020

Goodwill impairments. Took $107M of goodwill writedowns across 1 year (FY2020 ($107M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$1.54B

Revenue Growth YoY-20.8%

Net Margin13.7%

Free Cash Flow-$13.0M

Return on Equity57.6%

Debt / Equity1.21x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.