Technical Analysis
ADX / DI+/DI-: ADX at 32.33 indicates a strong directional environment. DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal; both directional indicators point toward bearish pressure that supports the valuation-based downside bias.
MACD: MACD sits at 0.47 below its signal line at 0.55 and the MACD trend shows a peak-and-reversal, signaling bearish momentum remains in place with no bullish MACD cross present.
MRO (Momentum/Regression Oscillator): MRO at 7.76 sits positive, indicating price currently trades above the model target and carries potential to decrease; the MRO trend shows a peak-and-reversal that aligns with weakening upside potential.
RSI: RSI at 57.87 with a peak-and-reversal indicates waning upside momentum while remaining below overbought territory, consistent with the view that recent gains lack follow-through.
Price vs. Moving Averages and Bands: Last close at $20.22 sits below the 20-day average ($20.77), the 12-day EMA ($20.61) and the 200-day average ($20.69), while above the 50-day average ($18.87). Price trades slightly above the super trend lower band at $19.89 but above the WMDST price target mean ($19.59), reinforcing the disconnect between market price and model target implied by the over-valued assessment.
Volume & Volatility: Latest volume at 332,692 trails the 10-day average (578,145) and the 50-day average (582,018), suggesting lighter participation on recent moves. Short-term volatility shows elevated risk with a 42-day beta of 2.02 versus a 52-week beta of 1.02.
Fundamental Analysis
Earnings and Profitability: Reported EPS of $-2.30 versus estimate $0.51 produced an EPS surprise of -550.98%. Net loss totaled $-69,775,000 for the quarter; income before tax registered $-109,198,000. Provision expense rose materially and drove the swing from prior-quarter profitability, weighing heavily on the near-term valuation.
Returns and Growth: Return on equity stands at -5.89% and return on assets at -0.64%. Reported earnings growth registers as -39.33% year-over-year while quarter-over-quarter earnings growth shows an increase of 43.70% relative to the immediate prior quarter; revenue growth reads roughly 0.45% (YoY figures show muted movement). Asset growth rate sits at -6.33% year-over-year, reflecting balance-sheet contraction.
Balance Sheet and Liquidity: Cash equals $253,242,000 with operating cash flow and free cash flow negative, including free cash flow of $-29,347,000 and operating cash flow of $-28,621,000. Total assets equal $10,601,331,000 and total equity $1,185,067,000. Debt-to-assets at 1.543% and debt-to-equity at 13.802% remain low relative to typical regional-bank leverage profiles, supporting balance-sheet flexibility despite the earnings shortfall.
Valuation & Market Metrics: Price-to-book at 0.48 sits below the industry peer mean of 1.26 and below the industry peer median of 1.19. Trailing PE remains negative at -8.58 due to the loss, while forward PE equals ~29.72 (forward PE sits below the industry peer mean of 46.01). Enterprise value-to-revenue equals 9.81 with market cap at $564,196,870 and enterprise value at $727,757,870. Dividend yield sits near 0.84% with a dividend rate of $0.165 per share, although dividend coverage and payout ratios reflect stress given the loss. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-23 |
| NEXT REPORT DATE: | 2025-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 676.7 M |
| Operating Cash Flow | $ -28.62 M | |
| Capital Expenditures | $ -726.00 K | |
| Change In Working Capital | $ -104.81 M | |
| Dividends Paid | $ -5.01 M | |
| Cash Flow Delta | $ -419.32 M | |
| End Period Cash Flow | $ 257.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 74.2 M | |
| Forward Revenue | $ -5.13 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 785.0 K | |
| Depreciation and Amortization | $ 785.0 K | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 151.4 M | |
| Interest Expense | $ 83.7 M | |
| Net Interest Income | $ 67.8 M | |
| Income Before Tax | $ -109.20 M | |
| Tax Provision | $ -39.42 M | |
| Tax Rate | 36.102 % | |
| Net Income | $ -69.78 M | |
| Net Income From Continuing Operations | $ -69.78 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.51 | |
| EPS Actual | $ -2.30 | |
| EPS Difference | $ -2.81 | |
| EPS Surprise | -550.98 % | |
| Forward EPS | $ 0.64 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.6 B | |
| Intangible Assets | $ 9.0 K | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 253.2 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 50.0 M | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 163.6 M | |
| Total Liabilities | $ 9.4 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ 904.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 39.03 | |
| Shares Outstanding | 30.365 M | |
| Revenue Per-Share | $ 2.44 | |
| VALUATION | Market Capitalization | $ 564.2 M |
| Enterprise Value | $ 727.8 M | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 9.809 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.946 | |
| Asset To Liability | 1.126 | |
| Debt To Capital | 0.121 | |
| Debt To Assets | 0.015 | |
| Debt To Assets QoQ | -71.121 % | |
| Debt To Assets YoY | 279.115 % | |
| Debt To Assets IPRWA | high: 0.165 median: 0.063 mean: 0.06 EGBN: 0.015 low: 0.001 |
|
| Debt To Equity | 0.138 | |
| Debt To Equity QoQ | -71.584 % | |
| Debt To Equity YoY | 250.75 % | |
| Debt To Equity IPRWA | high: 1.774 mean: 0.607 median: 0.55 EGBN: 0.138 low: -0.158 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.476 | |
| Price To Book QoQ | -11.619 % | |
| Price To Book YoY | -3.96 % | |
| Price To Book IPRWA | high: 2.06 mean: 1.256 median: 1.192 EGBN: 0.476 low: 0.014 |
|
| Price To Earnings (P/E) | -8.581 | |
| Price To Earnings QoQ | -102.331 % | |
| Price To Earnings YoY | -129.929 % | |
| Price To Earnings IPRWA | high: 85.266 mean: 44.491 median: 43.985 low: 29.155 EGBN: -8.581 |
|
| PE/G Ratio | 0.002 | |
| Price To Sales (P/S) | 7.605 | |
| Price To Sales QoQ | -16.245 % | |
| Price To Sales YoY | 0.596 % | |
| Price To Sales IPRWA | high: 24.824 mean: 13.234 median: 12.551 EGBN: 7.605 low: 0.128 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 29.72 | |
| Forward PE/G | -0.008 | |
| Forward P/S | -110.077 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.007 | |
| Asset Turnover Ratio QoQ | 2.888 % | |
| Asset Turnover Ratio YoY | 1.196 % | |
| Asset Turnover Ratio IPRWA | high: 0.016 mean: 0.01 median: 0.01 EGBN: 0.007 low: 0.006 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| 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 | — | |
| CapEx To Revenue | -0.01 | |
| CapEx To Depreciation | -0.925 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 13.918 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -13.913 | |
| Dividend Payout Ratio | -0.072 | |
| Dividend Rate | $ 0.17 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.327 % | |
| Revenue Growth | 0.452 % | |
| Revenue Growth QoQ | -133.681 % | |
| Revenue Growth YoY | -122.092 % | |
| Revenue Growth IPRWA | high: 19.743 % mean: 3.962 % median: 3.469 % EGBN: 0.452 % low: -10.94 % |
|
| Earnings Growth | -3933.333 % | |
| Earnings Growth QoQ | 4369.697 % | |
| Earnings Growth YoY | -42.157 % | |
| Earnings Growth IPRWA | high: 62.857 % mean: 13.656 % median: 13.068 % low: -39.535 % EGBN: -3933.333 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -29.35 M | |
| Free Cash Flow Yield | -5.202 % | |
| Free Cash Flow Yield QoQ | -181.041 % | |
| Free Cash Flow Yield YoY | -154.545 % | |
| Free Cash Flow Yield IPRWA | high: 8.216 % mean: 2.418 % median: 2.071 % low: -4.487 % EGBN: -5.202 % |
|
| Free Cash Growth | -168.174 % | |
| Free Cash Growth QoQ | -150.525 % | |
| Free Cash Growth YoY | -108.887 % | |
| Free Cash Growth IPRWA | high: 603.019 % median: 1.088 % mean: -26.012 % EGBN: -168.174 % low: -480.617 % |
|
| Free Cash To Net Income | 0.421 | |
| Cash Flow Margin | -92.991 % | |
| Cash Flow To Earnings | 0.989 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | -0.637 % | |
| Return On Assets QoQ | -4346.667 % | |
| Return On Assets YoY | -12.859 % | |
| Return On Assets IPRWA | high: 0.612 % mean: 0.287 % median: 0.278 % low: -0.094 % EGBN: -0.637 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | -0.059 | |
| Return On Equity QoQ | -4461.481 % | |
| Return On Equity YoY | -17.834 % | |
| Return On Equity IPRWA | high: 0.044 median: 0.028 mean: 0.027 low: -0.013 EGBN: -0.059 |
|
| DuPont ROE | -5.743 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |