Wabash National Corporation (WNC): fair value, margin of safety and Wheel Score

Is WNC undervalued?

WNC closed at 12.98 on 16 Oct 2026, more than 30% above the GLS average fair value of 7.18. Only 0 of the 2 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the Sunday Scan drops names like this at the "below fair value" rule.

Only 2 of the nine models produced a value (DCF, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.

The nightly engine files WNC under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

Nine valuation models for WNC

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is weak: WNC passes 2 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 3.8 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.

Returns on capital are high - ROIC 26.1%, ROE 57.6%, ROA 18.1% - with debt at 1.21 times equity and negative free cash flow.

The dividend yield is 2.47% at a payout ratio of -17%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from New Trailers 76%, Equipment and Other 16%, Components, Parts and Services 8% (quarter Q2 FY2026).

Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 36: Weak

WNC scores 36 out of 100 on the Wheel Score, in the Weak band (under 50). Value 0/25, Health 4/20, Moat 6/15, Premium 15/20, Stability 10/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.

Implied volatility is 79% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (15 of 20) because volatility this high usually comes with a reason. Chain open interest is 3,238 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 489k shares a day on a market cap of $529M, with a beta of 1.47 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 10 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

Wabash National Corporation reports earnings on 29 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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The 12 companies below are the closest to Wabash National Corporation by market cap within the Agricultural - Machinery industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

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