Recent News
On June 26, 2025 the company amended its revolving credit agreement, increasing the committed facility from $160 million to $250 million and extending maturity to June 26, 2030. On August 11, 2025 multiple outlets reported that analysts hold a consensus “Moderate Buy” rating with updated price targets and commentary following the company’s Q2 presentation.
Technical Analysis
ADX and Directional Indicators: ADX at 40.68 signals a very strong trend environment. DI+ registers 16.06 with a dip-and-reversal and DI‑ registers 34.91 with a peak-and-reversal; both directional reversals read as bullish and support a near-term upward bias in price relative to recent range behavior.
MACD: MACD sits at -0.70, the signal line at -0.79, and the MACD series shows an increasing trajectory. MACD has crossed above its signal line, indicating a return of bullish momentum that aligns with the directional indicator reversals.
MRO (Momentum/Regression Oscillator): MRO at -37.87 places price below the WMDST target and implies upside potential toward that target. The magnitude of the negative MRO suggests a material gap between current price and modeled price support.
RSI and Short-Term Momentum: RSI at 37.37 with a dip-and-reversal indicates the recent pullback found buying interest and that momentum has started rotating back upward from a lower band of readings, leaving room for further gains before overbought levels.
Price, Moving Averages, Bollinger Bands and Ichimoku: Price closed at $11.66 after crossing above the -1x standard-deviation Bollinger band, signaling an early recovery from the short-term lower band. Price trades slightly above the 20-day average ($11.60) but remains below the 50-day ($13.94) and 200-day ($16.99) averages, signaling that near-term strength must contend with longer-term resistance. Ichimoku components show the chikou span below the cloud and Tenkan/Kijun levels around $11.69 and $12.52 respectively, indicating short-term resistance near the Kijun and higher friction around the 50/200-day averages.
Volume & Volatility: Daily volume (~1.71M) trails the 10- and 50-day averages and the 200-day average, so momentum gains currently lack breadth; volatility measures remain muted, suggesting any trend continuation will need higher volume to confirm direction through the 50-day average and SuperTrend upper at $12.44.
Fundamental Analysis
Profitability & Margins: EBITDA stands at $5,859,000 while EBIT shows a loss of $5,043,000, producing an EBIT margin of -2.603%. EBIT margin contracted QoQ by -62.083% and YoY by -74.367%, reflecting continued near-term margin pressure even as gross margin sits at 52.903%.
Revenue & Growth: Total revenue equals $193,703,000. Reported revenue growth registers as 6.024% on the provided growth metric, while revenue growth QoQ shows -58.552% and revenue growth YoY shows -41.235%, indicating sizable variability in period-to-period top-line trends.
Liquidity & Cash Flow: Cash and short-term investments total $304,733,000 and operating cash flow reads $13,715,000. The cash ratio equals 65.866% and the current ratio equals 1.595, with the current ratio QoQ up 6.437% and YoY up 7.048%. Free cash flow sits at $1,655,000 with a free-cash-flow yield of 0.069% and a notable YoY decline in free cash growth.
Leverage & Capital Structure: Total debt equals $186,500,000, debt-to-assets equals 16.384% (below the industry peer mean of 19.408%), and debt-to-equity equals 41.557% with YoY increases in leverage metrics. Interest expense remains modest at $2,286,000 and the cost of debt approximates 1.29%.
Returns & Efficiency: Return on equity measures -1.626% and return on assets -0.637%, both down QoQ and YoY. Asset turnover at 0.169 (above the industry peer mean of 0.134) signals reasonable revenue generation relative to asset base, but returns remain negative given current operating losses.
Valuation Context: WMDST values the stock as under-valued. Market multiples show an EV/revenue proxy (EVR) of 11.71 and an enterprise multiple of 387.13 (driven by small operating earnings), while the P/B ratio sits at 5.32 and P/S at 12.32. Forward EPS sits at -$0.0325 and forward PE is negative; forward revenue and forward PS measures reflect elevated forward multiples. Liquidity, improving operating cash flow, and manageable debt support the under-valued determination despite margin headwinds.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 291.9 M |
| Operating Cash Flow | $ 13.7 M | |
| Capital Expenditures | $ -12.06 M | |
| Change In Working Capital | $ -8.41 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -33.52 M | |
| End Period Cash Flow | $ 258.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 193.7 M | |
| Forward Revenue | $ 37.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 91.2 M | |
| Depreciation | $ 10.9 M | |
| Depreciation and Amortization | $ 10.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 200.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 102.5 M | |
| EBITDA | $ 5.9 M | |
| EBIT | $ -5.04 M | |
| Operating Income | $ -7.20 M | |
| Interest Income | $ 2.2 M | |
| Interest Expense | $ 2.3 M | |
| Net Interest Income | $ -134.00 K | |
| Income Before Tax | $ -7.33 M | |
| Tax Provision | $ -31.00 K | |
| Tax Rate | 0.423 % | |
| Net Income | $ -7.30 M | |
| Net Income From Continuing Operations | $ -7.30 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -0.03 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | $ 345.5 M | |
| Net Tangible Assets | $ 103.3 M | |
| Total Current Assets | $ 737.9 M | |
| Cash and Short-Term Investments | $ 304.7 M | |
| Cash | $ 258.4 M | |
| Net Receivables | $ 209.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 44.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 430.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 462.7 M | |
| Net Debt | — | |
| Total Debt | $ 186.5 M | |
| Total Liabilities | $ 689.5 M | |
| EQUITY | ||
| Total Equity | $ 448.8 M | |
| Retained Earnings | $ -524.43 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.62 | |
| Shares Outstanding | 171.559 M | |
| Revenue Per-Share | $ 1.13 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 2.3 B | |
| Enterprise Multiple | 387.131 | |
| Enterprise Multiple QoQ | -128.837 % | |
| Enterprise Multiple YoY | -208.94 % | |
| Enterprise Multiple IPRWA | high: 641.924 ACVA: 387.131 mean: 103.716 median: 82.154 low: -495.912 |
|
| EV/R | 11.71 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.536 | |
| Asset To Liability | 1.651 | |
| Debt To Capital | 0.294 | |
| Debt To Assets | 0.164 | |
| Debt To Assets QoQ | 13.392 % | |
| Debt To Assets YoY | 5020.0 % | |
| Debt To Assets IPRWA | high: 1.273 mean: 0.194 ACVA: 0.164 median: 0.091 low: 0.002 |
|
| Debt To Equity | 0.416 | |
| Debt To Equity QoQ | 9.713 % | |
| Debt To Equity YoY | 5777.935 % | |
| Debt To Equity IPRWA | high: 3.069 mean: 0.534 ACVA: 0.416 median: 0.17 low: -1.532 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.318 | |
| Price To Book QoQ | -18.086 % | |
| Price To Book YoY | -16.391 % | |
| Price To Book IPRWA | high: 30.712 mean: 11.744 median: 10.727 ACVA: 5.318 low: -16.973 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 12.32 | |
| Price To Sales QoQ | -21.121 % | |
| Price To Sales YoY | -32.008 % | |
| Price To Sales IPRWA | high: 106.683 median: 48.199 mean: 46.007 ACVA: 12.32 low: 0.056 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -495.959 | |
| Forward PE/G | — | |
| Forward P/S | 64.503 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.925 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.169 | |
| Asset Turnover Ratio QoQ | -1.111 % | |
| Asset Turnover Ratio YoY | 8.215 % | |
| Asset Turnover Ratio IPRWA | high: 0.467 ACVA: 0.169 mean: 0.134 median: 0.129 low: -0.019 |
|
| Receivables Turnover | 0.854 | |
| Receivables Turnover Ratio QoQ | -3.587 % | |
| Receivables Turnover Ratio YoY | 13.77 % | |
| Receivables Turnover Ratio IPRWA | high: 8.91 mean: 1.842 median: 1.228 ACVA: 0.854 low: -3.771 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 106.824 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.704 | |
| CapEx To Revenue | -0.062 | |
| CapEx To Depreciation | -1.106 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 635.3 M | |
| Net Invested Capital | $ 635.3 M | |
| Invested Capital | $ 635.3 M | |
| Net Tangible Assets | $ 103.3 M | |
| Net Working Capital | $ 275.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.659 | |
| Current Ratio | 1.595 | |
| Current Ratio QoQ | 6.437 % | |
| Current Ratio YoY | 7.048 % | |
| Current Ratio IPRWA | high: 8.983 mean: 1.652 ACVA: 1.595 median: 1.335 low: 0.102 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 31.831 | |
| Cost Of Debt | 1.29 % | |
| Interest Coverage Ratio | -2.206 | |
| Interest Coverage Ratio QoQ | -66.405 % | |
| Interest Coverage Ratio YoY | -91.804 % | |
| Interest Coverage Ratio IPRWA | high: 147.5 median: 40.714 mean: 35.95 ACVA: -2.206 low: -150.7 |
|
| Operating Cash Flow Ratio | -0.005 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 493.013 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.221 % | |
| Revenue Growth | 6.024 % | |
| Revenue Growth QoQ | -58.552 % | |
| Revenue Growth YoY | -41.235 % | |
| Revenue Growth IPRWA | high: 43.411 % median: 8.139 % mean: 7.504 % ACVA: 6.024 % low: -30.991 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 52.903 % | |
| Gross Margin QoQ | -2.684 % | |
| Gross Margin YoY | 3.866 % | |
| Gross Margin IPRWA | high: 94.916 % mean: 71.444 % median: 68.076 % ACVA: 52.903 % low: -13.576 % |
|
| EBIT Margin | -2.603 % | |
| EBIT Margin QoQ | -62.083 % | |
| EBIT Margin YoY | -74.367 % | |
| EBIT Margin IPRWA | high: 78.825 % median: 36.649 % mean: 35.027 % ACVA: -2.603 % low: -124.558 % |
|
| Return On Sales (ROS) | -3.714 % | |
| Return On Sales QoQ | -45.899 % | |
| Return On Sales YoY | -63.427 % | |
| Return On Sales IPRWA | high: 76.082 % median: 36.277 % mean: 34.884 % ACVA: -3.714 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.7 M | |
| Free Cash Flow Yield | 0.069 % | |
| Free Cash Flow Yield QoQ | -96.519 % | |
| Free Cash Flow Yield YoY | -143.396 % | |
| Free Cash Flow Yield IPRWA | high: 9.123 % median: 0.694 % mean: 0.613 % ACVA: 0.069 % low: -16.337 % |
|
| Free Cash Growth | -97.073 % | |
| Free Cash Growth QoQ | -83.966 % | |
| Free Cash Growth YoY | -14.431 % | |
| Free Cash Growth IPRWA | high: 369.763 % mean: 24.116 % median: 22.312 % ACVA: -97.073 % low: -381.304 % |
|
| Free Cash To Net Income | -0.227 | |
| Cash Flow Margin | -1.194 % | |
| Cash Flow To Earnings | 0.317 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.637 % | |
| Return On Assets QoQ | -54.074 % | |
| Return On Assets YoY | -61.627 % | |
| Return On Assets IPRWA | high: 14.526 % mean: 3.902 % median: 3.876 % ACVA: -0.637 % low: -21.443 % |
|
| Return On Capital Employed (ROCE) | -0.746 % | |
| Return On Equity (ROE) | -0.016 | |
| Return On Equity QoQ | -51.765 % | |
| Return On Equity YoY | -56.396 % | |
| Return On Equity IPRWA | high: 0.316 mean: 0.072 median: 0.072 ACVA: -0.016 low: -0.384 |
|
| DuPont ROE | -1.643 % | |
| Return On Invested Capital (ROIC) | -0.79 % | |
| Return On Invested Capital QoQ | -36.393 % | |
| Return On Invested Capital YoY | -116.517 % | |
| Return On Invested Capital IPRWA | high: 19.224 % mean: 6.253 % median: 6.067 % ACVA: -0.79 % low: -16.5 % |
|