Wabash National Corporation (WNC) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, WNC scores 56 out of 100, a letter grade of D+, with the verdict "Roarable Sell — Weak Fundamentals / Trim." The five pillars are: Fundamental Cash Engine at 11 / 20 (ROIC 31.2%; FCF yield -2.41%); Whale 13F Flow at 14 / 20 (institutional accumulation and options positioning); Insider Conviction at 8 / 20 (SEC Form 4 and Congressional PTR cluster flow); Macro Regime Fit at 9 / 20 (Beta 1.0; sector sensitivity); and Forensic Balance Sheet at 14 / 20 (Altman Z 3.07; Piotroski F 4/9; Debt/Equity 1.21).

The weakest pillars are Insider Conviction and Macro Regime Fit, and the cash-generation pillar is also below the midpoint despite a high reported ROIC, because the reported free cash flow yield is negative. For a prospective investor, the implication is that headline return-on-capital metrics are not yet being converted into free cash flow in the most recent period available in the source data. The forensic pillar is moderate: the Altman Z-Score of 3.07 and Debt/Equity of 1.21 are the inputs that carry it, while the Piotroski F-Score of 4/9 signals limited financial-strength improvement. Insider and institutional signals are mixed rather than clearly supportive, so the rating does not point to a strong conviction backdrop. Valuation tradeoffs are visible in the source: EV/EBITDA of 2.9 is low, which can attract value-oriented interest, but the rating framework weighs it against negative FCF and a thin evidence base for forward earnings. Upside drivers would need to come from converting profitability into cash; the rating's verdict reflects that this has not yet occurred in the provided data.

Per the SEC financials, revenue declined from $2536.5M in FY 2023 to $1542.8M in FY 2025, and FY 2024 recorded a net loss of $-284.1M. FY 2025 returned to positive net income of $211.5M with an operating margin of 19.9% and net margin of 13.7% per the market data, while free cash flow was $-13.0M. Per the market data, ROIC is 31.2%, and the forensic metrics show an Altman Z-Score of 3.07 and a Piotroski F-Score of 4/9. Per the forensic inputs, Debt/Equity is 1.21, and reported gross margin is 0%.

• Orders backlog (MARKET WIRE, YELLOW): Per the Stock Titan headline, orders waiting to be filled rose 25% to about $1.2 billion.
• Q3 2026 results (MARKET WIRE, YELLOW): Per the Seeking Alpha item dated 2026-10-29, an earnings call presentation for Q3 2026 results was published.
• Wider-than-expected loss (RISK WATCH, RED): Per the AlphaStreet headline, Wabash reported a wider than expected Q3 2026 loss. This is the only RED-flagged item and is the principal risk-watch signal in the feed.
• Estimate revisions (MARKET WIRE, YELLOW): Per the Simply Wall St item, analysts are updating estimates after third-quarter results.
• 1-year high (MARKET WIRE, YELLOW): Per the MarketBeat item, the stock hit a new 1-year high.
• Butterfly graph: Per the Butterfly Supply-Chain Graph, the supply-chain classification is NONE, with no butterfly links and no proprietary signals.

• What drove the wider-than-expected Q3 2026 loss, and how does it reconcile with the FY 2025 net income of $211.5M?
• Why is free cash flow negative in FY 2025 ($-13.0M) when ROIC is reported at 31.2%?
• What are the company's EPS and forward earnings figures, given that EPS and P/E are unavailable in the source data?
• What is the composition of the reported backlog growth to about $1.2 billion, and how does it translate to revenue?
• What is the FY 2023 cash and debt position, which the source lists as N/A?