Wabtec dividend
MyStockButler's October 2026 analysis: Wabtec paid $1.2 billion to shareholders in 2024 and $396 million in 2025. Those payments were 26.4% of free cash flow in 2025, so the cash record covered them in that year.
How much does Wabtec pay in dividends?
Dividends rise more slowly than earnings in the base case. Base DPS moves from $1.39 in 2027 to $1.82 in 2029, reflecting quarterly increases from $0.36 to $0.47. The bear case freezes the declared $0.31 quarterly rate, producing $1.24 annually in each window. The bull case reaches $2.22 by 2029 because the low payout and stronger cash generation allow faster increases.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 6.83 | 6.04 | 4.53 | 3.46 | 2.96 |
| Free cash flow per share | 8.76 | 9.31 | 5.65 | 4.86 | 5.01 |
| − Dividends paid, per share | 1.01 | 0.80 | 0.69 | 0.61 | 0.49 |
| = FCF not paid out, per share | 6.41 | 2.20 | 2.60 | 1.67 | 2.93 |
What this means. Real free cash flow per share is lower than free cash flow per share because it treats shares given to employees as a cost to existing shareholders.
Is Wabtec's dividend covered by its cash?
In 2024, Wabtec paid shareholders $1.2 billion, equal to 76.0% of free cash flow. In 2025, shareholder payments fell to $396 million, or 26.4% of free cash flow. Acquisition spending reached $2,520 million that year, so retaining cash helped but did not fund the buying spree by itself.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,499 | 1,627 | 1,015 | 889 | 943 |
| − Dividends paid | 173 | 140 | 123 | 111 | 92 |
| − Share buybacks | 223 | 1,097 | 409 | 473 | 300 |
| = Free cash flow not paid out | 1,097 | 384 | 466 | 305 | 551 |
| − Acquisitions | 2,520 | 168 | 308 | 89 | 435 |
| Paid out, % of free cash flow | 26.4% | 76.0% | 52.4% | 65.7% | 41.6% |
What this means. The company's own net debt is slightly lower than ours because it also subtracts restricted cash, which may not be freely available.
What could change Wabtec's dividend?
Management guides 2026 revenue to $12,300–$12,600 million. It guides adjusted EPS to $10.85–$11.05. Cash conversion is meant to exceed 90%, versus 69% in the first nine months of 2026; the value of adjusted earnings rests on GAAP results and cash.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 1,506 (1,334 / 1,608) | 1,645 (1,308 / 1,814) | 1,779 (1,320 / 2,012) |
| Shares (millions) | 167 (167 / 165) | 165 (167 / 163) | 164 (166 / 162) |
| Dividends per share | 1.39 (1.24 / 1.51) | 1.59 (1.24 / 1.84) | 1.82 (1.24 / 2.22) |
| Price to earnings | 30.00 (25.00 / 35.00) | 28.00 (21.00 / 36.00) | 26.00 (18.00 / 36.00) |
What is Wabtec's dividend yield today?
Westinghouse Air Brake Technologies, known as Wabtec, makes equipment, systems and services for freight and passenger rail. On October 24, 2026, its $272.35 share price was a bet on years of earnings growth, durable margins and cash generation.
The 0.5% dividend makes Wabtec mainly a growth investment. Its 4.2x EV-to-revenue ratio and 4.0x price-to-book ratio matter only if sales and acquired assets produce lasting profits.