{"schemaVersion":1,"research":true,"symbol":"wab","name":"Westinghouse Air Brake Technologies","topic":"moat","path":"/stock/wab/moat","status":"published","version":6,"updatedAt":"2026-10-18T13:29:34.217Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Wabtec has a narrow moat from its installed base, original-supplier preference for safety-critical replacements and upgrades, and long-term service relationships. Reported aftermarket growth and multi-year orders support a current advantage, although switching costs and customer retention are not quantified. Pricing escalations and surcharges show some pricing capability, but realized net pricing is undisclosed and strong price competition limits confidence. Productivity and acquisitions explain margin improvements; margins alone do not establish the moat.","advantages":[{"mechanism":"switching_costs","claim":"The installed base of nearly 24,600 locomotives creates an aftermarket advantage: customers favor original suppliers for safety- and performance-related parts and upgrades. Existing long-term service agreements, growing Transit aftermarket demand and new multi-year orders corroborate continuing customer demand. Customer-specific engineering reinforces relationships, although contractual protection for completed work does not itself prove customer lock-in.","durability":"The installed base and service agreements support persistence over multiple years. Backlog reached $30.9 billion in June 2026, but includes acquisitions and cancellable orders. The passages support a narrow advantage without demonstrating exceptional durability or exclusive aftermarket access.","risks":"Customers can perform service internally or use competing suppliers. Historical disclosures describe strong price competition. Freight organic Services sales declined in the first half of 2026, demonstrating that installed-base demand can fluctuate. Counterfeiting and technological change could weaken differentiation; these risks do not establish that the overall advantage has already eroded.","invalidation":"The thesis would weaken materially if customers repeatedly shifted replacement parts and service work to competitors or in-house operations, if aftermarket demand persistently underperformed fleet activity because original-supplier preference weakened, or if service renewals and modernization orders declined alongside sustained concessions. Persistent failure to recover costs through pricing or productivity would further challenge the advantage.","competitors":["New York Air Brake Company","Knorr-Bremse AG","Amsted Rail Company, Inc.","Progress Rail","CRRC Corporation Limited"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Competitive Strengths / original-supplier aftermarket preference","excerpt":"Our substantial installed base of products with end-users, such as the railroads and the passenger transit authorities, is a significant competitive advantage for providing products and services to the aftermarket because these customers often look to purchase safety- and performance-related replacement parts and technology upgrades from the original equipment components supplier."},{"id":"e2","sourceId":"filing-1","location":"Business / installed locomotive base","excerpt":"Wabtec has an installed base of nearly 24,600 locomotives, as well as a diverse offering of Transit locomotives and cars both internationally and domestically."},{"id":"e3","sourceId":"filing-1","location":"Notes / intangible assets / existing long-term service agreements","excerpt":"The backlog intangible asset primarily consists of in-place long-term service agreements acquired by the Company in conjunction with the acquisition of GE Transportation."},{"id":"e4","sourceId":"filing-2","location":"MD&A / second-quarter Transit results and organic aftermarket growth","excerpt":"33 Transit Segment The following table shows our Condensed Consolidated Statements of Operations for our Transit Segment for the periods indicated: Three Months Ended June 30, In millions 2026 2025 Change % Change Net sales $ 936 $ 787 $ 149 18.9 % Cost of sales (629) (546) 83 15.2 % Cost of sales (% of Net sales) 67.2 % 69.3 % (2.1) Gross profit 307 241 66 27.4 % Operating expenses (161) (132) 29 22.0 % Income from operations $ 146 $ 109 $ 37 33.9 % Income from operations (% of Net sales) 15.6 % 13.9 % 1.7 The following table shows the major components of the change in Net sales for the Transit Segment in the second quarter of 2026 from the second quarter of 2025: In millions Second Quarter 2025 Net sales $ 787 Acquisitions 69 Portfolio Optimization (Divestitures/Exits) (1) Foreign Exchange 10 Organic changes in Net sales by Product Line: Aftermarket 56 Original Equipment Manufacturing 15 Second Quarter 2026 Net sales $ 936 Net sales Transit Segment organic sales increased by $71 million, or 9.0%, driven by strong Aftermarket and Original Equipment Manufacturing sales primarily as a result of increased demand for products and services due to fleet expansion and renewals, increased passenger ridership levels and increased investments in sustainable infrastructure."},{"id":"e5","sourceId":"filing-2","location":"MD&A / first-half 2026 backlog growth","excerpt":"Total multi-year backlog increased $3.5 billion during the first six months of 2026 to a record $30.9 billion at June 30, 2026."},{"id":"e6","sourceId":"filing-2","location":"MD&A / significant multi-year Freight orders","excerpt":"Significant Freight orders included a multi-year, multi-billion-dollar mining contract for drive systems and aftermarket parts, a $1.0 billion Australian order spanning across new locomotives, components, digital solutions, and multi-year services, a $210 million U.S."},{"id":"e7","sourceId":"filing-2","location":"Revenue recognition / customer-specific engineering and termination payment rights","excerpt":"The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination."},{"id":"e8","sourceId":"filing-1","location":"Business / named North American OEM competitors","excerpt":"Within North America, New York Air Brake Company, a subsidiary of the German air brake producer Knorr-Bremse AG (“Knorr”) and Amsted Rail Company, Inc., a subsidiary of Amsted Industries Corporation, are our principal overall OEM competitors."},{"id":"e9","sourceId":"filing-1","location":"Business / named locomotive competitor","excerpt":"Our primary competition for locomotives is Progress Rail, owned by a subsidiary of Caterpillar."},{"id":"e10","sourceId":"filing-1","location":"Business / service competition from customers and Knorr","excerpt":"Our primary competition for freight and passenger transit service and repair is mostly from the railroads’ and passenger transit authorities’ in-house operations and Knorr."},{"id":"e11","sourceId":"filing-1","location":"Business / competition from rolling-stock customers","excerpt":"Depending on the product line and geography, we can also compete with our customers, such as CRRC Corporation Limited, a China-based manufacturer of rolling stock."},{"id":"e12","sourceId":"filing-4","location":"Business / strong price competition and cost-conscious customers","excerpt":"Price competition is strong because we have a relatively small number of customers and they are very cost-conscious."},{"id":"e13","sourceId":"filing-2","location":"MD&A / first-half Freight organic sales bridge and Services decline","excerpt":"36 Freight Segment The following table shows our Condensed Consolidated Statements of Operations for our Freight Segment for the periods indicated: Six Months Ended June 30, In millions 2026 2025 Change % Change Net sales: Sales of goods $ 3,432 $ 2,890 $ 542 18.8 % Sales of services 926 930 (4) (0.4) % Total Net sales 4,358 3,820 538 14.1 % Cost of sales: Cost of goods (2,137) (1,893) 244 12.9 % Cost of services (579) (545) 34 6.2 % Total Cost of sales (2,716) (2,438) 278 11.4 % Cost of sales (% of Net sales) 62.3 % 63.8 % (1.5) Gross profit 1,642 1,382 260 18.8 % Operating expenses (688) (547) 141 25.8 % Income from operations $ 954 $ 835 $ 119 14.3 % Income from operations (% of Net sales) 21.9 % 21.9 % 0.0 The following table shows the major components of the change in Net sales for the Freight Segment in the first six months of 2026 from the first six months of 2025: In millions First Six Months of 2025 Net sales $ 3,820 Acquisitions 347 Portfolio Optimization (Divestitures/Exits) (21) Foreign Exchange 34 Organic changes in Net sales by Product Line: Equipment 434 Services (192) Components (18) Digital Intelligence (46) First Six Months of 2026 Net sales $ 4,358 Net sales Freight Segment organic sales increased by $178 million, or 4.7%, driven primarily by Equipment sales from higher North American and international locomotive deliveries and higher mining sales."},{"id":"e14","sourceId":"filing-1","location":"Business / backlog cancellation provisions","excerpt":"The Company’s contracts are subject to standard industry cancellation provisions, including cancellations on short notice or upon completion of designated stages."},{"id":"e15","sourceId":"filing-1","location":"Risk Factors / encountered counterfeit products","excerpt":"Further, although we routinely conduct anti-counterfeiting activities in multiple jurisdictions, we have encountered counterfeit reproductions of our products or products that otherwise infringe on our intellectual property rights."},{"id":"e16","sourceId":"filing-2","location":"MD&A / implemented price escalations, surcharges and other mitigation actions","excerpt":"These actions include implementing price escalations and surcharges, driving operational efficiencies through various cost mitigation efforts and discretionary spend management, strategically sourcing materials, reviewing and modifying distribution logistics, and accelerating integration synergies through our strategic initiatives."},{"id":"e17","sourceId":"filing-2","location":"MD&A / realized tariff effects on results and operating cash flow","excerpt":"The Company has experienced increased tariff costs which unfavorably impacted our operating results and cash from operations for the six months ended June 30, 2026."},{"id":"e18","sourceId":"filing-2","location":"Revenue recognition / contractually specified line-item pricing","excerpt":"Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract."},{"id":"e19","sourceId":"filing-2","location":"Revenue recognition / escalation clauses, discounts, damages and bonuses","excerpt":"Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses."},{"id":"e20","sourceId":"filing-2","location":"Unaudited consolidated income statements / 2026 and comparative 2025 results","excerpt":"3 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited Unaudited Three Months Ended June 30, Six Months Ended June 30, In millions, except per share data 2026 2025 2026 2025 Net sales: Sales of goods $ 2,670 $ 2,226 $ 5,201 $ 4,383 Sales of services 509 480 928 933 Total net sales 3,179 2,706 6,129 5,316 Cost of sales: Cost of goods (1,710) (1,481) (3,326) (2,931) Cost of services (308) (287) (581) (547) Total cost of sales (2,018) (1,768) (3,907) (3,478) Gross profit 1,161 938 2,222 1,838 Operating expenses: Selling, general and administrative expenses (400) (347) (801) (654) Engineering expenses (70) (50) (126) (96) Amortization expense (91) (69) (178) (142) Total operating expenses (561) (466) (1,105) (892) Income from operations 600 472 1,117 946 Other income and expenses: Interest expense, net (80) (46) (151) (92) Other (expense) income, net (2) 24 21 22 Income before income taxes 518 450 987 876 Income tax expense (122) (111) (228) (210) Net income 396 339 759 666 Less: Net income attributable to noncontrolling interest (1) (3) (2) (8) Net income attributable to Wabtec shareholders $ 395 $ 336 $ 757 $ 658 Earnings Per Common Share Basic Net income attributable to Wabtec shareholders $ 2.33 $ 1.96 $ 4.45 $ 3.84 Diluted Net income attributable to Wabtec shareholders $ 2.33 $ 1.96 $ 4.44 $ 3.84 Weighted average shares outstanding Basic 169.1 170.6 169.5 170.6 Diluted 169.6 171.2 170.1 171.2 The accompanying notes are an integral part of these statements."},{"id":"e21","sourceId":"filing-2","location":"MD&A / gross-margin improvement attribution and tariff pressure","excerpt":"The improvement in gross margin is attributable to productivity and efficiency, savings from restructuring initiatives, and accretion from recent acquisitions, partially offset by inflation driven by tariffs and unfavorable mix within the Freight Segment."},{"id":"e22","sourceId":"filing-1","location":"MD&A / 2025 gross-margin improvement attribution","excerpt":"The improvement in gross margin is attributable to strong productivity and cost management, savings from restructuring initiatives, and the exit of low margin business offerings through Portfolio Optimization."},{"id":"e23","sourceId":"filing-2","location":"Liquidity / first-half operating cash generation","excerpt":"Operating activities In the first six months of 2026, cash provided by operating activities was $640 million compared to $400 million in the first six months of 2025."},{"id":"e24","sourceId":"filing-2","location":"Liquidity / actual acquisition and capital spending","excerpt":"During the first six months of 2026, Wabtec used $1,062 million for acquisitions, primarily for Dellner Couplers and $108 million for additions to property, plant and equipment for investments in our facilities and manufacturing processes."},{"id":"e25","sourceId":"filing-2","location":"Liquidity / debt inflows, repurchases and distributions","excerpt":"Financing activities In the first six months of 2026, cash provided by financing activities was $408 million, which included $1,049 million of inflows from net changes in debt, partially offset by $457 million of stock repurchases, $106 million of dividend payments, and $54 million of payments for income tax withholding on share-based compensation."},{"id":"e26","sourceId":"filing-2","location":"MD&A / acquisition-related increase in interest expense","excerpt":"Interest expense, net Interest expense, net, increased $34 million to $80 million for the three months ended June 30, 2026 compared to the same period in 2025, due to higher average overall debt balances in the current period, primarily related to acquisitions."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis / 2025 incentive metrics and equity structure","excerpt":"2025 Compensation Highlights Elements of Target Compensation Base Salary Annual Cash Incentive Long-Term Equity Incentives Weighting (%) 5% 16% 18% 30% 77% 54% 2025 Performance Metrics •Individual contribution to the business •Knowledge and experience •Capabilities and qualifications •Earnings per share (75%) •Cash conversion (25%) •Personal performance modifier (EBIT Margin %) (80%-120%) •60% performance units (at target) and 40% time-vesting restricted stock For performance units: •3-year average annual return on invested capital (50%) •3-year average cash from operating activities (50%) •Subject to relative total stockholder return (RTSR) modifier (+/- 20%) 36 / 2026 Proxy Statement Table of Contents Compensation Discussion and Analysis Say-on-Pay Results The Compensation Committee reviewed the results of the 2025 stockholder advisory vote on executive officer compensation and incorporated the results as one of the many factors considered in connection with the discharge of its responsibilities."},{"id":"e28","sourceId":"filing-2","location":"Stock compensation / actual grants and vesting during first-half 2026","excerpt":"20 The following table summarizes the restricted stock, restricted stock unit and incentive stock unit activity and related information for the six months ended June 30, 2026: Restricted Stock and Units Incentive Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2025 592,576 872,053 $ 147.49 Granted 205,309 209,179 $ 254.37 Vested (272,126) (348,127) $ 121.17 Adjustment for incentive stock awards expected to vest — 138,513 $ 168.69 Canceled (6,437) — $ 181.69 Outstanding at June 30, 2026 519,322 871,618 $ 193.03 10."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance Highlights / independent committees, shareholder rights and policies","excerpt":"Going forward, the Lead Independent Director will preside over executive sessions, will serve as a liaison between the Independent Directors and the CEO and will perform additional obligations identified in the Corporate Governance Guidelines •Executive sessions of non-management directors at all regular Board meetings •Audit Committee, Compensation and Talent Management Committee, Governance Committee and Risk and Public Policy Committee comprised solely of independent directors •Board commitment to recruiting qualified, and experienced director candidates with a range of backgrounds and experience •Bylaws provide a stockholder right to call special meetings •Majority voting for uncontested director elections •Proxy access for large, long-term stockholders •Year-round stockholder engagement Executive Compensation Other Governance Practices •Robust stock ownership guidelines for officers and directors •Minimum vesting of 12 months for restricted stock •Policy against hedging or pledging of Wabtec shares by officers and directors •Limits on outside directorships •External Board evaluation •Annual self-assessment •Annual review and updates to Corporate Governance Guidelines •All directors attended the 2025 Annual Meeting and 75% or more of the Board and Committee meetings in 2025 •Policy against using preferred shares for anti-takeover purposes 2026 Proxy Statement / 7 Table of Contents Proposal 1 Election of Directors Wabtec’s Board of Directors currently has nine members."},{"id":"e30","sourceId":"filing-3","location":"Annual meeting voting items / three-year director terms","excerpt":"Your vote is very important. Voting Items Purpose Board Recommendation Page Reference 1 Elect three directors for a term of three years expiring in 2029 aFOR 8 2 Approve an advisory (non-binding) resolution to approve the 2025 named executive officer compensation aFOR 34 3 Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the 2026 fiscal year aFOR 66 Misc."},{"id":"e31","sourceId":"filing-2","location":"Other Information / combined Chairman and Chief Executive Officer roles","excerpt":"OTHER INFORMATION On May 18, 2026, Rafael Santana, Wabtec's Chairman and Chief Executive Officer, entered into a stock trading plan (the \"Plan\") designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended."},{"id":"e32","sourceId":"filing-2","location":"Contingencies / February 2026 Progress Rail settlement","excerpt":"In February 2026, the Company and Progress Rail agreed to settle all of Progress Rail’s claims without admission of liability by the Company, and the settlement did not have any impact on the Company’s operating results or cash flows."},{"id":"e33","sourceId":"filing-3","location":"Audit Matters / actual pre-approval of 2025 auditor services","excerpt":"All services provided by Ernst & Young LLP for fiscal year 2025 were pre-approved by the Audit Committee."}],"changes":["Retain the previous narrow verdict; installed-base scale, existing service agreements and new multi-year orders provide additional support.","Refine pricing power from wholly unproven to mixed: disclosed implementation of escalations and surcharges demonstrates capability, but net realization and full cost recovery remain unquantified.","Add contrary operating evidence: first-half 2026 Freight organic Services sales declined despite overall growth and Transit aftermarket strength.","Assess management using disclosed incentive arrangements, actual vesting, governance practices and capital deployment rather than reputation.","Treat the Progress Rail litigation as settled in February 2026 without admission of liability or operating-results impact; earlier allegations do not prove monopoly power."],"limitations":["All evidence comes from issuer filings. Original-supplier preference and competitive-strength descriptions are management assertions, partly corroborated by operating results and contractual disclosures.","Named competitors are disclosed, but product-level market shares, relative pricing, win rates and comparative service economics are absent. International local suppliers and customer in-house operations are incompletely identified.","No customer retention rate, switching-cost amount, aftermarket exclusivity or renewal cohort is disclosed. Repeat demand and customer dependency are assessed indirectly.","Implemented pricing actions are disclosed without quantified realized net pricing, surcharge collections or price-versus-cost recovery. Margin improvement cannot be attributed to pricing alone.","Backlog includes acquired business and cancellable contracts; its growth is not a pure measure of organic retention. Accounting useful lives do not establish economic moat duration.","The proxy supplies actual compensation structures and governance practices, but the supplied passages omit comprehensive executive ownership holdings and detailed incentive thresholds. Expected vesting is not completed vesting.","All supplied source dates have dateKind filed. The latest supplied filing is dated July 22, 2026 and reports through June 30, 2026; subsequent developments are outside coverage.","The evidence does not establish separate network effects, efficient scale, a relative cost advantage or an independently durable patent moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"A large installed base, original-supplier preference and existing long-term service agreements establish a meaningful aftermarket position. Actual Transit aftermarket growth corroborates the mechanism, although its strength varies by business.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":2,"rationale":"Service agreements and new multi-year orders support persistence. Cancellation rights and credible competing service providers limit confidence in long-duration protection; no exceptional durability is demonstrated.","evidenceIds":["e3","e5","e6","e10","e14"]},{"criterion":"customer_dependency","grade":3,"rationale":"Safety-related replacement demand, customer-specific engineering and long-term services demonstrate substantial embedded relationships. Dependency is inferred from these disclosures rather than measured switching costs; customers retain alternative suppliers and in-house capabilities.","evidenceIds":["e1","e3","e7","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Transit aftermarket growth and additional orders support continued relevance. Freight Services declines, strong historical price competition and encountered counterfeits demonstrate limits to resilience without establishing broad competitive deterioration.","evidenceIds":["e4","e6","e12","e13","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The issuer reports implementing price escalations and surcharges, providing evidence of actual pricing actions. Historical strong price competition and continuing tariff costs constrain the assessment. Net realized pricing and the recovery achieved are not quantified.","evidenceIds":["e12","e16","e17"]},{"criterion":"retention","grade":2,"rationale":"Original-supplier preference, existing service agreements, Transit aftermarket growth and multi-year orders support repeat demand indirectly. Declining Freight organic Services sales and customer in-house alternatives make the evidence mixed; no retention rate is inferred.","evidenceIds":["e1","e3","e4","e6","e10","e13"]},{"criterion":"margin_resilience","grade":3,"rationale":"Reported 2026 gross profit and operating income increased, and gross-margin improvement continued despite tariff inflation. Disclosed drivers include productivity, restructuring and acquisition accretion, following similar operational improvements in 2025. This supports operating resilience, while leaving pricing's contribution unresolved.","evidenceIds":["e17","e20","e21","e22"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Contract escalation clauses and implemented surcharges provide some ability to adjust terms. Prices remain specified by contract, alongside discounts, damages and performance conditions; unilateral repricing or comprehensive inflation protection is not established.","evidenceIds":["e16","e18","e19","e7"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash generation rose to $640 million, but $1.062 billion of acquisition spending and $108 million of capital expenditure coincided with $457 million of repurchases, $106 million of dividends and $1.049 billion of net debt inflows. Higher acquisition-related interest expense and unproven acquisition returns make discipline mixed.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed 2025 compensation links performance units to three-year ROIC and operating cash flow with a relative shareholder-return modifier. Actual grants and vesting corroborate an operating equity program, supported by ownership and anti-hedging policies. Comprehensive holdings and target difficulty are missing, limiting claims of exceptional alignment.","evidenceIds":["e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Reported profit and cash generation improved alongside Transit organic growth and higher backlog. Productivity and restructuring benefits provide operating corroboration beyond management process claims. Execution is assessed partly from aggregate results, which include acquisitions and coexist with Freight Services weakness.","evidenceIds":["e4","e5","e13","e20","e21","e23"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, shareholder rights, meeting attendance and actual audit-service pre-approval support functioning oversight. Classified director terms and the subsequently disclosed combined Chairman/CEO role temper the assessment. Policies alone do not establish exceptional oversight effectiveness.","evidenceIds":["e29","e30","e31","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"fac1e7d5b2a7731a30fbdf2cfa88ff493a76c511bc8b83dbaaf9a72fce00f8f3","updatedAt":"2026-10-18T13:29:34.217Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828026008067/wab-20251231.htm","publishedAt":"2026-02-13","sha256":"3293c07256cb21b093ff5b2958aa1968a14be7e206444e7d37380cfb84e0490c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828026049139/wab-20260630.htm","publishedAt":"2026-07-22","sha256":"6da7be1dd4cb2a0db8c4d75941cc35d02aee4971141d7f3a8db7ee3e1d429606","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828026022197/wab-20260330.htm","publishedAt":"2026-03-31","sha256":"54ebdf5193e82c9119a9de742c74819cf691629a017c5065d0acd398fd918ea9","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828025005100/wab-20241231.htm","publishedAt":"2025-02-12","sha256":"54808d971b5a1de1c7d66637163bea825e7e7d3190ea241521308fd5fa09958f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828024004774/wab-20231231.htm","publishedAt":"2024-02-14","sha256":"715ad4f0ff4ae543efcb63c612d4d42dcb1c2c4836fc7a862216ca4ae7af6bc6","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/943452/000162828026026422/wab-20260331.htm","publishedAt":"2026-04-22","sha256":"19a05673882d9aa39602129fd588a96c6470e754bbf89800bb628a414f30ced8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a33608143f8caae670e86fa24226558bf306b10d8e54740ea5ea519a29468611","usage":{"input_tokens":89776,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4021,"reasoning_output_tokens":179},"basisSupplement":{"previousHash":"c4a0e4dc0f0a07c9c787e337cceb5663f4b88f96225348e64e61fa61e1ced616","checkedAt":"2026-10-19T10:12:32.566Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":30.286371771925342,"operating_margin":11.199181794937356,"roic":4.863313562598861,"fcf_margin":12.055740219892611,"sbc_revenue":0.5880848887752493},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":30.37550825161445,"operating_margin":12.09040899306386,"roic":null,"fcf_margin":10.631427888065057,"sbc_revenue":0.49031332217172924},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":30.42265164823809,"operating_margin":13.08256691123282,"roic":null,"fcf_margin":10.488787847473391,"sbc_revenue":0.4856877131342358},"issues":{"ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":32.40589198036006,"operating_margin":15.49051699239434,"roic":null,"fcf_margin":15.663810532396264,"sbc_revenue":0.6354096466737268},"issues":{"ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":34.08256469956121,"operating_margin":16.056237127249933,"roic":null,"fcf_margin":13.423479896122503,"sbc_revenue":0.7163965254768514},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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