Recent News
On August 8, 2025 the board declared a quarterly cash dividend of $0.415 per share, payable September 15, 2025 to shareholders of record September 1, 2025; shares outstanding reported as 45,709,431 as of July 31, 2025.
Technical Analysis
Directional indicators show low trend strength: ADX at 15.36 indicates no strong trend, which aligns with a technical regime that favors range-bound action and reduces the probability of sustained breakout moves.
DI+ sits at 21.71 and DI- at 24.22; DI+ shows a decreasing pattern while DI- exhibits a dip-and-reversal (DI- increasing). Those directional moves skew short-term bias toward sellers, adding pressure against the valuation support zone and increasing the chance that price tests lower targets before any sustainable recovery.
MACD at -1.0 with a declining trend and a signal line at -0.4 indicates negative momentum. MACD remains below its signal line, reinforcing bearish momentum and weighing on near-term price strength relative to the current valuation level.
MRO registers -29.28 and continues decreasing; the negative value signals price sits below the model target, implying mean-reversion potential that could push the price higher over time if fundamentals stabilize. The current MRO magnitude suggests meaningful upside potential if momentum reverses.
RSI at 47.22 and trending down shows momentum below neutral and trending toward oversold territory; this reduces the likelihood of immediate bullish continuation and increases the probability of consolidation near recent lows while valuation metrics digest.
Price sits below all relevant averages: close $47.89 versus the 12-day EMA $50.70, 26-day EMA $51.91, 20-day average $51.46, 50-day average $52.49 and 200-day average $56.40. That alignment of price beneath moving averages signals technical weakness and indicates the near-term path of least resistance remains lower-to-flat until momentum indicators improve.
Bollinger placement finds price below the 1x lower band ($49.14) but above the 2x lower band ($46.83), signaling action near the lower trading band and suggesting compression that often precedes either a corrective bounce or a trend continuation; the lack of strong ADX points toward a bounce as the higher-probability scenario unless selling pressure expands.
Ichimoku components cluster near current price (Tenkan $51.42, Kijun $52.41, Senkou A $52.16, Senkou B $51.25) and form a narrow cloud above price, so the Ichimoku structure currently represents resistance that must clear before a sustained bullish re-acceleration consistent with the WMDST valuation level.
Volume recently averages modestly above the 10- and 50-day averages (today’s volume ~695K vs 10-day avg 656K and 50-day avg 546K), indicating heavier participation on recent moves; watch whether elevated volume accompanies directional follow-through, since that will define whether the technical regime shifts away from the present range.
Fundamental Analysis
Profitability and earnings: net income for the period shows a loss of $742,000,000 and EBIT at -$689,000,000, producing an EBIT margin of -148.81%. QoQ change in EBIT margin shows a -14.20% move, while YoY EBIT margin improved by 13.46% from the prior year. EPS came in at $1.04 versus an estimate of $1.21, an EPS surprise of -14.05% (difference -$0.17).
Cash flow and liquidity: operating cash flow stands at $106,000,000 with free cash flow $86,000,000 and cash and short-term investments $207,000,000. The cash ratio equals 0.49 and the current ratio equals 2.68, which compares favorably to the industry peer mean current ratio of 1.964 — indicating stronger near-term liquidity relative to typical peers. Cash conversion cycle remains long at 143.63 days, noticeably above the industry peer mean of 93.13 days, which extends working-capital requirements and weighs on cash generation timing.
Leverage and capital structure: total debt $1,485,000,000 and net debt $1,175,000,000 produce debt-to-assets of 32.14% and debt-to-equity of 0.79. Debt levels increased QoQ on the reported metrics; interest expense remains modest at $15,000,000, but interest coverage reflects compression given negative operating earnings, producing an interest coverage ratio of -45.93.
Margins and returns: gross margin at 28.51% contrasts with negative operating and EBIT margins, reflecting cost and portfolio mix impacts. Return on assets equals -15.06% and return on equity equals -39.28%, both marking material declines YoY and QoQ. Revenue totaled $463,000,000 with YoY revenue growth at -38.05% and quarter-over-quarter revenue dynamics showing contraction, consistent with portfolio optimization actions noted in company communications.
Valuation context: price-to-sales at 5.22 and P/B at 1.28 sit within the company’s historical and peer-relative spectrum, while trailing PE remains negative. Free cash flow yield at 3.56% stands above the industry peer mean free cash flow yield of 0.96%, providing a valuation cushion relative to cash generation. The current valuation as determined by WMDST: under-valued.
Company commentary around portfolio optimization and cost actions aligns with the reported metrics and the WMDST valuation, with the operational cashflows and dividend commitment supporting the case for a valuation gap versus the company’s recent profitability headlines.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-29 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 168.0 M |
| Operating Cash Flow | $ 106.0 M | |
| Capital Expenditures | $ -20.00 M | |
| Change In Working Capital | $ 68.0 M | |
| Dividends Paid | $ -19.00 M | |
| Cash Flow Delta | $ 39.0 M | |
| End Period Cash Flow | $ 207.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 463.0 M | |
| Forward Revenue | $ -10.21 M | |
| COSTS | ||
| Cost Of Revenue | $ 331.0 M | |
| Depreciation | $ 61.0 M | |
| Depreciation and Amortization | $ 76.0 M | |
| Research and Development | $ 13.0 M | |
| Total Operating Expenses | $ 465.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 132.0 M | |
| EBITDA | $ -613.00 M | |
| EBIT | $ -689.00 M | |
| Operating Income | $ -2.00 M | |
| Interest Income | $ 1.0 M | |
| Interest Expense | $ 15.0 M | |
| Net Interest Income | $ -17.00 M | |
| Income Before Tax | $ -704.00 M | |
| Tax Provision | $ 15.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -742.00 M | |
| Net Income From Continuing Operations | $ -741.00 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.21 | |
| EPS Actual | $ 1.04 | |
| EPS Difference | $ -0.17 | |
| EPS Surprise | -14.05 % | |
| Forward EPS | $ 1.43 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.6 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ 606.0 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 207.0 M | |
| Cash | $ 207.0 M | |
| Net Receivables | $ 201.0 M | |
| Inventory | $ 567.0 M | |
| Long-Term Investments | $ 542.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 185.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 420.0 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.5 B | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 1.9 B | |
| Retained Earnings | $ 2.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 41.33 | |
| Shares Outstanding | 45.706 M | |
| Revenue Per-Share | $ 10.13 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 3.7 B | |
| Enterprise Multiple | -6.024 | |
| Enterprise Multiple QoQ | -117.308 % | |
| Enterprise Multiple YoY | -100.712 % | |
| Enterprise Multiple IPRWA | high: 85.583 median: 84.899 mean: 60.383 ASH: -6.024 low: -118.916 |
|
| EV/R | 7.976 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.446 | |
| Asset To Liability | 1.691 | |
| Debt To Capital | 0.44 | |
| Debt To Assets | 0.321 | |
| Debt To Assets QoQ | 13.091 % | |
| Debt To Assets YoY | 4296.17 % | |
| Debt To Assets IPRWA | high: 0.733 median: 0.378 mean: 0.34 ASH: 0.321 low: 0.021 |
|
| Debt To Equity | 0.786 | |
| Debt To Equity QoQ | 35.285 % | |
| Debt To Equity YoY | 5451.766 % | |
| Debt To Equity IPRWA | high: 2.523 median: 0.962 mean: 0.829 ASH: 0.786 low: 0.024 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.278 | |
| Price To Book QoQ | 23.504 % | |
| Price To Book YoY | -17.281 % | |
| Price To Book IPRWA | high: 14.757 median: 6.71 mean: 5.297 ASH: 1.278 low: 0.307 |
|
| Price To Earnings (P/E) | -3.22 | |
| Price To Earnings QoQ | -105.499 % | |
| Price To Earnings YoY | -105.109 % | |
| Price To Earnings IPRWA | high: 139.289 median: 139.289 mean: 104.624 low: -0.783 ASH: -3.22 |
|
| PE/G Ratio | 0.002 | |
| Price To Sales (P/S) | 5.216 | |
| Price To Sales QoQ | -5.682 % | |
| Price To Sales YoY | -38.122 % | |
| Price To Sales IPRWA | high: 20.44 median: 19.039 mean: 13.022 ASH: 5.216 low: 0.914 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.474 | |
| Forward PE/G | -0.021 | |
| Forward P/S | -236.432 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 411.918 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.094 | |
| Asset Turnover Ratio QoQ | 2.643 % | |
| Asset Turnover Ratio YoY | 1.01 % | |
| Asset Turnover Ratio IPRWA | high: 0.334 median: 0.175 mean: 0.161 ASH: 0.094 low: 0.003 |
|
| Receivables Turnover | 2.169 | |
| Receivables Turnover Ratio QoQ | -11.942 % | |
| Receivables Turnover Ratio YoY | -3.528 % | |
| Receivables Turnover Ratio IPRWA | high: 2.422 ASH: 2.169 mean: 1.473 median: 1.361 low: 0.117 |
|
| Inventory Turnover | 0.597 | |
| Inventory Turnover Ratio QoQ | -3.808 % | |
| Inventory Turnover Ratio YoY | -9.794 % | |
| Inventory Turnover Ratio IPRWA | high: 2.465 median: 1.426 mean: 1.184 ASH: 0.597 low: 0.034 |
|
| Days Sales Outstanding (DSO) | 42.077 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 143.634 | |
| Cash Conversion Cycle Days QoQ | -1.511 % | |
| Cash Conversion Cycle Days YoY | 24.681 % | |
| Cash Conversion Cycle Days IPRWA | high: 488.171 ASH: 143.634 mean: 93.129 median: 55.264 low: 5.01 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.658 | |
| CapEx To Revenue | -0.043 | |
| CapEx To Depreciation | -0.328 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.3 B | |
| Net Invested Capital | $ 3.3 B | |
| Invested Capital | $ 3.3 B | |
| Net Tangible Assets | $ 606.0 M | |
| Net Working Capital | $ 704.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.493 | |
| Current Ratio | 2.676 | |
| Current Ratio QoQ | 15.263 % | |
| Current Ratio YoY | -10.343 % | |
| Current Ratio IPRWA | high: 6.372 ASH: 2.676 mean: 1.964 median: 1.53 low: 1.35 |
|
| Quick Ratio | 1.326 | |
| Quick Ratio QoQ | 15.202 % | |
| Quick Ratio YoY | -27.86 % | |
| Quick Ratio IPRWA | high: 3.851 mean: 1.332 ASH: 1.326 median: 1.122 low: 0.803 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.423 | |
| Cost Of Debt | 0.797 % | |
| Interest Coverage Ratio | -45.933 | |
| Interest Coverage Ratio QoQ | -1375.926 % | |
| Interest Coverage Ratio YoY | 1048.333 % | |
| Interest Coverage Ratio IPRWA | high: 24.749 median: 9.66 mean: 8.252 low: -21.281 ASH: -45.933 |
|
| Operating Cash Flow Ratio | -1.586 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 50.847 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -39.053 | |
| Dividend Payout Ratio | -0.026 | |
| Dividend Rate | $ 0.42 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -11.695 % | |
| Revenue Growth | -3.34 % | |
| Revenue Growth QoQ | -118.279 % | |
| Revenue Growth YoY | -38.045 % | |
| Revenue Growth IPRWA | high: 47.859 % median: 8.936 % mean: 8.399 % ASH: -3.34 % low: -4.472 % |
|
| Earnings Growth | -1737.374 % | |
| Earnings Growth QoQ | -785.163 % | |
| Earnings Growth YoY | -10129.291 % | |
| Earnings Growth IPRWA | high: 346.154 % mean: 26.372 % median: 26.0 % low: -380.0 % ASH: -1737.374 % |
|
| MARGINS | ||
| Gross Margin | 28.51 % | |
| Gross Margin QoQ | -7.1 % | |
| Gross Margin YoY | -16.615 % | |
| Gross Margin IPRWA | high: 62.406 % median: 42.61 % mean: 37.831 % ASH: 28.51 % low: -24.576 % |
|
| EBIT Margin | -148.812 % | |
| EBIT Margin QoQ | -1420.075 % | |
| EBIT Margin YoY | 1345.619 % | |
| EBIT Margin IPRWA | high: 46.541 % median: 18.287 % mean: 14.958 % low: -33.607 % ASH: -148.812 % |
|
| Return On Sales (ROS) | -0.432 % | |
| Return On Sales QoQ | -103.832 % | |
| Return On Sales YoY | -95.803 % | |
| Return On Sales IPRWA | high: 23.528 % median: 18.253 % mean: 14.229 % ASH: -0.432 % low: -33.437 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 86.0 M | |
| Free Cash Flow Yield | 3.561 % | |
| Free Cash Flow Yield QoQ | -571.656 % | |
| Free Cash Flow Yield YoY | 87.717 % | |
| Free Cash Flow Yield IPRWA | high: 5.667 % ASH: 3.561 % mean: 0.964 % median: 0.633 % low: -1.464 % |
|
| Free Cash Growth | -530.0 % | |
| Free Cash Growth QoQ | 676.511 % | |
| Free Cash Growth YoY | -146.375 % | |
| Free Cash Growth IPRWA | high: 333.766 % median: 266.0 % mean: 21.738 % ASH: -530.0 % low: -926.923 % |
|
| Free Cash To Net Income | -0.116 | |
| Cash Flow Margin | -143.844 % | |
| Cash Flow To Earnings | 0.898 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -15.06 % | |
| Return On Assets QoQ | -2639.629 % | |
| Return On Assets YoY | -14721.359 % | |
| Return On Assets IPRWA | high: 11.068 % median: 2.274 % mean: 1.702 % low: -7.448 % ASH: -15.06 % |
|
| Return On Capital Employed (ROCE) | -16.401 % | |
| Return On Equity (ROE) | -0.393 | |
| Return On Equity QoQ | -3343.6 % | |
| Return On Equity YoY | -19545.545 % | |
| Return On Equity IPRWA | high: 0.233 median: 0.056 mean: 0.043 low: -0.097 ASH: -0.393 |
|
| DuPont ROE | -33.363 % | |
| Return On Invested Capital (ROIC) | -16.64 % | |
| Return On Invested Capital QoQ | -1680.247 % | |
| Return On Invested Capital YoY | -234.28 % | |
| Return On Invested Capital IPRWA | high: 4.864 % median: 3.363 % mean: 2.47 % low: -6.68 % ASH: -16.64 % |
|