At a glance
Greenbrier Companies Inc is worth $1.16B, about 15 times its fiscal 2026 earnings. Revenue fell 24.0% to $2.46B in fiscal 2026, with 3.2% kept as profit; over 5 years it has grown 7.1% a year. It pays a 3.52% dividend yield, raised every year for at least 9 years, and returned $286.8M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −14.9% over the past year with dividends reinvested and +0.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.1% in the 2020 crash (S&P 500: 33.7%) and 53.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows.
The business in plain English
Greenbrier designs, builds and sells freight railcars in North America, Europe and Brazil. Its North American lineup includes covered hoppers for grain, fertilizer and plastic pellets; tank cars for cargo such as ethanol and chlorine; double-stack cars for shipping containers; boxcars; and auto carriers. In Europe it builds freight and tank wagons. Customers include railroads, leasing companies, financial institutions and shippers. Greenbrier says it is one of the two largest railcar makers in North America.
Greenbrier reports two segments. Manufacturing covers new railcars plus wheel and axle reconditioning, replacement parts, repairs and conversions of older cars to new uses. Greenbrier also sells newly built cars to investors with leases already attached, a practice called syndication. In Leasing & Fleet Management, Greenbrier owns about 20,900 railcars, 98.0% of which were on lease as of August 31, 2026. It also earns fees managing fleets for railroads, shippers and investors.
Greenbrier owns 60% of Brazilian railcar maker Greenbrier-Maxion but shares control of it. So Greenbrier records only its share of that venture's profit, not its sales. In fiscal 2026, which ended August 31, 2026, revenue was $2.46 billion, down 24% from fiscal 2025. The US supplied 74% of revenue and other countries 26%. One customer made up about 12% of revenue.
Price history
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GBX -14.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $1.83B | 74.2% |
| Foreign | $633.9M | 25.8% |
Latest results
- In Q4 FY2026 (ended Aug 31, 2026), revenue was $591.0M, down 22.2% from a year earlier, and net income was $8.7M (-76.4%).
- For fiscal 2026, revenue was $2.46B (-24.0% year over year; +7.1% a year from FY2021 to FY2026) with a 3.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +7.1% good |
|---|---|
| Operating margin | 5.8% watch |
| Free cash flow margin | -9.7% weak |
| Return on equity (FY2026) | 5% weak |
| Return on assets (FY2026) | 1.8% weak |
| Net cash (cash minus debt) | $-1.60B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.75B | $32.4M | $-179.5M |
| FY2022 | $2.98B | $46.9M | $-531.1M |
| FY2023 | $3.94B | $62.5M | $-290.9M |
| FY2024 | $3.54B | $160.1M | $-68.7M |
| FY2025 | $3.24B | $204.1M | $-14.7M |
| FY2026 | $2.46B | $79.0M | $-239.7M |
Valuation snapshot
| Market value | $1.16B |
|---|---|
| P/E ratio | 15.1 |
| Dividend yield | 3.52% |
Rank among 1514 US companies
Market value at each year end
Greenbrier Companies’s market value went from $1.18B at the end of 2016 to $1.16B on Oct 28, 2026, down 1%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.16B | -19.5% |
| 2025 | $1.44B | -24.5% |
| 2024 | $1.91B | +39.0% |
| 2023 | $1.38B | +25.1% |
| 2022 | $1.10B | -26.4% |
| 2021 | $1.49B | +25.1% |
| 2020 | $1.19B | +13.3% |
| 2019 | $1.05B | -17.2% |
| 2018 | $1.27B | -16.8% |
| 2017 | $1.53B | +29.8% |
| 2016 | $1.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GBX price data to Oct 28, 2026 | -18.2% | -14.9% | +7.0% | +0.3% | +4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.2% |
| 2025 | -21.4% |
| 2024 | +41.3% |
| 2023 | +36.4% |
| 2022 | -24.8% |
| 2021 | +29.5% |
| 2020 | +17.6% |
| 2019 | -15.5% |
| 2018 | -24.3% |
| 2017 | +30.8% |
| 2016 | +31.9% |
| 2015 | -38.4% |
| 2014 | +64.4% |
| 2013 | +103.1% |
| 2012 | -33.4% |
| 2011 | +15.7% |
| 2010 | +102.2% |
| 2009 | +52.1% |
| 2008 | -68.4% |
| 2007 | -24.9% |
| 2006 | +6.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 92.5% over that stretch · deepest drop along the way 93.5%, back to its old high 24.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.3% over that stretch · deepest drop along the way 50.1%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.5% over that stretch · deepest drop along the way 53.9%, back to its old high 17 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 2 sales ($493K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jan 30, 2026 | William J. Krueger SVP, COO, The Americas | sell | $300K |
| Jul 13, 2026 | William Glenn SVP & President, Europe | sell | $193K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.6% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.24% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.6% | Mar 31, 2025 |
| The Toronto-Dominion Bank | 6.2% | Mar 31, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 4.69% | Dec 31, 2024 |
ETFs with the most weight in GBX
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.15% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.7% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.62% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.58% |
| WCEO Hypatia Women CEO ETF | 0.45% |
| IFRA iShares U.S. Infrastructure ETF | 0.44% |
| SMIZ Zacks Small/Mid Cap ETF | 0.33% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.31% |
What could go wrong
- Customs ruling on imported railcar couplers. US Customs ruled that Greenbrier evaded duties on some imported couplers, the parts that link railcars. Greenbrier is appealing and has booked no loss. It estimates possible costs of zero to about $110 million, before interest or penalties.
- Tariffs and North American trade uncertainty. In April 2026, US metal tariffs were widened to cover tank cars and key rail parts. This materially raised Greenbrier's tank car prices for US customers. Trade policy uncertainty in North America has hurt railcar demand.
- Cyclical demand and a shrinking backlog. Customers can put off buying railcars in downturns. Greenbrier's backlog of undelivered orders fell from 26,700 units in August 2024 to 14,000 in August 2026. Fiscal 2026 revenue fell 24%.
- One customer supplies 12% of revenue. One customer made up about 12% of revenue in fiscal 2026, including 13% of manufacturing revenue. No other customer topped 10%. Losing business from a major buyer, or getting less of it, could hurt results.
- Heavy debt and negative free cash flow. As of August 31, 2026, Greenbrier had about $1.84 billion of debt and $235 million of cash and investments. Free cash flow was negative every year from fiscal 2021 to 2026. That leaves less cushion in a downturn.
- Transition to a new chief executive. Greenbrier warns that a poorly managed handover to its new chief executive could hurt the business. A leadership change can shift strategy or lead staff to leave, and this one comes as the order backlog shrinks.
Recent events
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Bylaws or fiscal year changed; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change; Shareholder vote results
For income and retirement investors
Greenbrier has raised its dividend per share for at least nine straight fiscal years, through the year ended August 31, 2026. The annual payout rose from about $1.06 a share in fiscal 2021 to $1.34 in fiscal 2026, roughly 4.9% a year. The dividend took 54% of fiscal 2026 earnings, after profit fell 61%. The yield was 3.52% as of October 28, 2026. Free cash flow (cash from operations minus capital spending) was negative every year from fiscal 2021 to 2026, so it did not cover the dividend. Buybacks totaled about $94 million over fiscal 2022–2026. The share count fell 4.8% from December 2021 to October 2026.
The shares fell hard in past downturns: 93.5% in the 2008 financial crisis (recovered by March 2011), 50.1% in the 2020 COVID crash (recovered by July 2020) and 53.9% in the 2022 bear market (recovered by February 2024). A single stock carries more risk than a diversified fund.
Questions investors ask
How does Greenbrier make money?
Greenbrier makes money by building freight railcars and by leasing, repairing and managing them for others. It builds covered hoppers, tank cars, intermodal railcars and railcars that carry vehicles in North America and Europe. It also owns 60% of a Brazilian railcar maker. It reconditions wheels, makes component parts and runs maintenance shops. As of August 31, 2026, its own lease fleet held about 20,900 railcars, with 98.0% on lease. Revenue for the fiscal year that ended on that date was $2.46 billion, and 74.2% of it came from the US.
Does Greenbrier raise its dividend every year?
Yes, so far. SEC filings show a dividend increase in every fiscal year from 2017 through 2026, which makes at least nine raises in a row. Dividends per share grew from about $1.06 in fiscal 2021 to about $1.34 in fiscal 2026, or roughly 4.9% a year. The yield was 3.52% as of October 28, 2026. Dividends took 53.9% of fiscal 2026 earnings. But free cash flow (cash left after capital spending) was negative that year, at minus $239.7 million. The board decides each dividend.
Is Greenbrier's order backlog shrinking?
Yes. Greenbrier's backlog (orders for new railcars not yet delivered) was 14,000 units as of August 31, 2026. That was down from 16,600 a year earlier and 26,700 two years earlier. In fiscal 2026, revenue fell 24% and diluted earnings per share dropped to $2.49 from $6.35. About $740 million of the backlog is railcars meant for syndication, which means selling them to investors with leases attached. The company warns that its backlog may not predict future results and that customers may try to cancel or change orders.
Why is Greenbrier in a dispute with US Customs?
US Customs says Greenbrier evaded duties on imported railcar couplers. In May 2026, Customs and Border Protection found that the company owed antidumping and countervailing duties on couplers going back to April 2024. These are extra import taxes on goods judged to be unfairly priced or subsidized. Customs upheld its finding in September 2026, and Greenbrier appealed to the US Court of International Trade in October 2026. Greenbrier puts the possible loss at zero to about $110 million, not counting interest and penalties. It has recorded no charge because it does not view a loss as probable.
How risky is Greenbrier stock?
Its price has swung widely. The shares fell 93.5% in the 2008 financial crisis, 50.1% in the 2020 COVID crash and 53.9% in the 2022 bear market. As of October 28, 2026, they were down 18.2% year to date. Railcar demand rises and falls with the economy, and customers often put off replacing railcars in downturns. As of August 31, 2026, total debt was $1.84 billion, against $235.1 million of cash and investments. Free cash flow was negative in every fiscal year from 2021 to 2026.