UNP vs WAB: Union Pacific 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.
- Union Pacific is the larger company, worth $169.6B, about 3.6 times Westinghouse Air Brake Technologies.
- Westinghouse Air Brake Technologies grew revenue faster over the last year (+17.5% vs +11.5%).
- Union Pacific keeps more of each dollar of revenue as operating profit (40.0% vs 16.4%).
- On earnings, Union Pacific is the cheaper stock (23.5x vs 38.9x).
- Westinghouse Air Brake Technologies's price assumes faster free cash flow growth: about 11% a year, against 11% for Union Pacific (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | UNP | WAB |
|---|---|---|
| Market cap | $169.6B | $46.7B |
| Share price | $278.34 | $285.43 |
| Revenue (last fiscal year) | $24.5B | $11.2B |
| Free cash flow (last fiscal year) | $5.5B | $1.5B |
| Revenue growth, last year | +11.5% | +17.5% |
| Revenue growth per year, last 5 fiscal years | +3.0% | +9.3% |
| Operating margin | 40.0% | 16.4% |
| Net margin | 28.9% | 10.6% |
| Return on equity | 35.5% | 11.3% |
| P/E (trailing) | 23.5x | 38.9x |
| Price / free cash flow | 30.8x | 31.1x |
| EV / EBITDA | 14.7x | 20.8x |
| FCF growth the price implies | 10.7% | 10.8% |
| Dividend yield | 1.9% | 0.38% |
| Debt / equity | 2.44x | 1.06x |
| Fundamental grade | C | C |
| Superinvestors holding it | 15 | 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.
Union Pacific
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $21.8B | $6.1B | 42.8% |
| 2022 | $24.9B | $5.7B | 39.9% |
| 2023 | $24.1B | $4.8B | 37.7% |
| 2024 | $24.2B | $5.9B | 40.1% |
| 2025 | $24.5B | $5.5B | 40.2% |
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
Union Pacific · by products, 2025
Total freight revenues$23.2B95%
Other revenues$1.3B5%
Westinghouse Air Brake Technologies · by segments, 2025
Freight Segment$8.0B72%
Transit Segment$3.1B28%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open UNP in InvestinglyQuestions
Which is bigger, Union Pacific or Westinghouse Air Brake Technologies?
Union Pacific (UNP), at $169.6B against $46.7B.
Is UNP or WAB cheaper?
By trailing P/E, Union Pacific (23.5x) is cheaper than Westinghouse Air Brake Technologies (38.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, UNP or WAB?
Westinghouse Air Brake Technologies: revenue grew +17.5% over the last year, against +11.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.