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Arphra AIPlain-English read on Westinghouse Air Brake Technologies Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.82B | $8.36B | $9.68B | $10.39B | $11.17B | $12.39B | $13.25B | $14.04B | $13.65B |
| Cost of revenue | $5.45B | $5.82B | $6.73B | $7.02B | $7.65B | $8.29B | $9.34B | $9.68B | $9.54B |
| Gross profit | $2.37B | $2.54B | $2.94B | $3.37B | $3.52B | $3.95B | $4.2B | $4.48B | $4.2B |
| Gross margin | +30.29% | +30.38% | +30.42% | +32.41% | +31.48% | +31.91% | +31.70% | +31.94% | +30.78% |
| Operating | |||||||||
| Research & development | $176M | $209M | $218M | $206M | $223M | $254.36M | $268.68M | $286.65M | $287.13M |
| Selling, general & administrative | $1.03B | $1.03B | $1.14B | $1.25B | $1.42B | $1.47B | $1.64B | $1.75B | $1.62B |
| Total operating expenses | $1.49B | $1.53B | $1.68B | $1.76B | $1.65B | $2.03B | $2.17B | $2.31B | $2.27B |
| Operating income | $876M | $1.01B | $1.27B | $1.61B | $1.87B | $1.9B | $1.96B | $2.18B | $2.03B |
| Operating margin | +11.20% | +12.09% | +13.08% | +15.49% | +16.74% | +15.30% | +14.80% | +15.49% | +14.87% |
| EBITDA | $1.36B | $1.47B | $1.79B | $2.07B | $2.37B | $2.51B | $2.7B | $2.75B | $2.68B |
| EBIT | $914M | $1.04B | $1.31B | $1.61B | $1.87B | $1.88B | $1.97B | $2.19B | $2.11B |
| Below the line | |||||||||
| Interest expense | $177M | $186M | $218M | $201M | $225M | $259.62M | $270.31M | $291.58M | $285.98M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$139M | -$157M | -$174M | -$199M | -$277M | — | — | — | — |
| Pre-tax income | $737M | $854M | $1.09B | $1.41B | $1.59B | $1.58B | $1.72B | $1.88B | $1.79B |
| Income tax expense | $172M | $213M | $267M | $343M | $409M | $392.26M | $426.8M | $441.37M | $453.47M |
| Earnings | |||||||||
| Net income | $558M | $633M | $815M | $1.06B | $1.17B | $1.2B | $1.29B | $1.37B | $1.33B |
| Net income · continuing ops | $565M | $641M | $825M | $1.07B | $1.18B | $1.2B | $1.28B | $1.39B | $1.34B |
| Net margin | +7.13% | +7.57% | +8.42% | +10.17% | +10.48% | +9.72% | +9.76% | +9.73% | +9.73% |
| EPS · basic | $2.96 | $3.47 | $4.56 | $6.05 | $6.86 | $10.58 | $12.23 | $13.77 | $12.39 |
| EPS · diluted | $2.96 | $3.46 | $4.54 | $6.04 | $6.83 | $10.62 | $12.13 | $13.56 | $12.53 |
| EPS · low estimate | — | — | — | — | — | $10.56 | $11.69 | $12.30 | $12.33 |
| EPS · high estimate | — | — | — | — | — | $10.69 | $12.75 | $14.60 | $12.78 |
| Shares · basic | 187.7M | 182.2M | 178.8M | 174.1M | 170.5M | 170.4M | 170.69M | 170.64M | 172.04M |
| Shares · diluted | 188.1M | 182.8M | 179.5M | 174.8M | 171.1M | 172.52M | 170.15M | 172.38M | 171.12M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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