CP vs WAB: Canadian Pacific Kansas City Limited and Westinghouse Air Brake Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Canadian Pacific Kansas City Limited is the larger company, worth $74.5B, about 1.6 times Westinghouse Air Brake Technologies.
- Westinghouse Air Brake Technologies grew revenue faster over the last year (+17.5% vs +12.6%).
- Canadian Pacific Kansas City Limited keeps more of each dollar of revenue as operating profit (36.8% vs 16.4%).
- On earnings, Canadian Pacific Kansas City Limited is the cheaper stock (25.7x vs 38.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CP | WAB |
|---|---|---|
| Market cap | $74.5B | $46.7B |
| Share price | $84.46 | $285.43 |
| Revenue (last fiscal year) | $15.1B | $11.2B |
| Free cash flow (last fiscal year) | $2.2B | $1.5B |
| Revenue growth, last year | +12.6% | +17.5% |
| Revenue growth per year, last 5 fiscal years | +17.2% | +9.3% |
| Operating margin | 36.8% | 16.4% |
| Net margin | 25.0% | 10.6% |
| Return on equity | 8.3% | 11.3% |
| P/E (trailing) | 25.7x | 38.9x |
| Price / free cash flow | 34.3x | 31.1x |
| EV / EBITDA | 15.4x | 20.8x |
| FCF growth the price implies | — | 10.8% |
| Dividend yield | 1.1% | 0.38% |
| Debt / equity | 0.89x | 1.06x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Canadian Pacific Kansas City Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.0B | $2.2B | 40.1% |
| 2022 | $8.8B | $2.6B | 37.8% |
| 2023 | $12.6B | $1.7B | 35.0% |
| 2024 | $14.5B | $2.4B | 35.6% |
| 2025 | $15.1B | $2.2B | 37.2% |
Westinghouse Air Brake Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.8B | $943M | 11.2% |
| 2022 | $8.4B | $889M | 12.1% |
| 2023 | $9.7B | $1.0B | 13.1% |
| 2024 | $10.4B | $1.6B | 15.5% |
| 2025 | $11.2B | $1.5B | 16.1% |
Where the revenue comes from
Canadian Pacific Kansas City Limited · by products, 2025
Westinghouse Air Brake Technologies · by segments, 2025
Questions
Which is bigger, Canadian Pacific Kansas City Limited or Westinghouse Air Brake Technologies?
Canadian Pacific Kansas City Limited (CP), at $74.5B against $46.7B.
Is CP or WAB cheaper?
By trailing P/E, Canadian Pacific Kansas City Limited (25.7x) is cheaper than Westinghouse Air Brake Technologies (38.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CP or WAB?
Westinghouse Air Brake Technologies: revenue grew +17.5% over the last year, against +12.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.