Recent News
On August 19–20, 2025 the company executed a transfer of its common stock and depositary shares to the New York Stock Exchange. On August 20, 2025 management announced a workforce reduction of roughly 5%, expecting approximately $4.5M in one-time charges in Q3 2025 and $18M–$20M in annualized run-rate savings. On August 29, 2025 the company declared a quarterly cash dividend for its Series C preferred stock payable September 30, 2025 to holders of record September 15, 2025.
Technical Analysis
ADX at 26.25 indicates a strong underlying trend; directional indicators align with downside pressure as DI+ decreases and DI- increases, a bearish configuration relative to the recent trading range.
MACD sits at -1.84 below its signal line (-0.88) with a decreasing MACD trend, signaling continuing bearish momentum rather than a bullish crossover signal.
MRO registers -16.01, which indicates the price trades below the oscillator’s target, implying technical potential for price catch-up if fundamental or flow catalysts surface.
RSI at 45.96 with a decreasing trend reflects loss of short-term momentum and room for further downside before reaching classical oversold levels; this aligns with moving averages and EMA behavior where short-term EMAs and the 20-day average sit above the current close.
Price context: close $50.04 sits beneath the 200-day average ($64.59) and below the superTrend upper band ($54.88), while price volatility and elevated short-term beta (42-day beta 2.04) point to amplified intraday moves around these technical bands.
Fundamental Analysis
Earnings and cash flow: quarterly EPS $0.15 exceeded the $0.05 estimate by $0.10, a 200% surprise. Net income $4,420,000 and operating cash flow $9,136,000 contrast with negative free cash flow of -$3,166,000 and a free cash flow yield of -0.23%.
Profitability metrics: return on assets 0.069% and return on equity 0.51%, both low relative to typical regional-bank profitability; earnings growth year-over-year recorded +1,300.01%, while quarter-over-quarter earnings growth shows +387.50%—numbers reflect recovery from a small comparable base rather than sustained margin expansion.
Revenue dynamics: YoY revenue growth +65.61% with revenue growth overall at +6.64%; sequential revenue change shows a pronounced negative QoQ read at -465.82%. Net interest income totaled $88,678,000; interest income $109,201,000 against interest expense $20,523,000, producing a positive net interest contribution.
Balance sheet and capital: total assets $6,494,748,000 with cash $282,346,000 and modest net debt $10,100,000; debt-to-assets at 4.50% sits below the industry peer mean of 6.02%, while debt-to-equity at 33.72% remains below the industry peer mean of 60.69%, indicating conservative leverage relative to peers.
Efficiency and valuation metrics: asset turnover 1.70% outperforms the industry peer mean of 0.996%, indicating higher revenue per asset deployed. Price-to-book $1.61 sits above the industry peer mean $1.25 and median $1.19 but below the peer high $2.06. Price-to-earnings at 401.34 and forward P/E at 145.46 sit well above the industry peer mean P/E of 44.49, signaling stretched multiples versus peers. PS ratio 12.90 stands marginally below the industry peer mean of 13.23.
Dividends and capital allocation: dividend payout ratio 18.15% with dividend yield roughly 0.06%; dividend coverage at 551.12% suggests the common dividend remains modest relative to earnings metrics.
Valuation conclusion: WMDST values the stock as over-valued. Elevated P/E and forward multiples versus the industry peer mean, negative free cash flow, and very low returns on capital underpin the valuation stance despite strong cash balances and low net debt.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-16 |
| NEXT REPORT DATE: | 2025-10-15 |
| CASH FLOW | Begin Period Cash Flow | $ 502.9 M |
| Operating Cash Flow | $ 9.1 M | |
| Capital Expenditures | $ -12.30 M | |
| Change In Working Capital | $ -7.89 M | |
| Dividends Paid | $ -802.00 K | |
| Cash Flow Delta | $ -220.60 M | |
| End Period Cash Flow | $ 282.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 108.2 M | |
| Forward Revenue | $ 58.8 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 4.0 M | |
| Depreciation and Amortization | $ 10.2 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 109.2 M | |
| Interest Expense | $ 20.5 M | |
| Net Interest Income | $ 88.7 M | |
| Income Before Tax | $ 7.9 M | |
| Tax Provision | $ 3.5 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 4.4 M | |
| Net Income From Continuing Operations | $ 4.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.05 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 200.0 % | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.5 B | |
| Intangible Assets | $ 452.2 M | |
| Net Tangible Assets | $ 460.2 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 282.3 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 10.1 M | |
| Total Debt | $ 292.4 M | |
| Total Liabilities | $ 5.6 B | |
| EQUITY | ||
| Total Equity | $ 867.4 M | |
| Retained Earnings | $ 552.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.56 | |
| Shares Outstanding | 23.727 M | |
| Revenue Per-Share | $ 4.56 | |
| VALUATION | Market Capitalization | $ 1.4 B |
| Enterprise Value | $ 1.7 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 15.601 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.488 | |
| Asset To Liability | 1.163 | |
| Debt To Capital | 0.252 | |
| Debt To Assets | 0.045 | |
| Debt To Assets QoQ | -11.025 % | |
| Debt To Assets YoY | -39.573 % | |
| Debt To Assets IPRWA | high: 0.165 median: 0.063 mean: 0.06 TFIN: 0.045 low: 0.001 |
|
| Debt To Equity | 0.337 | |
| Debt To Equity QoQ | -9.775 % | |
| Debt To Equity YoY | -35.127 % | |
| Debt To Equity IPRWA | high: 1.774 mean: 0.607 median: 0.553 TFIN: 0.337 low: -0.158 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.608 | |
| Price To Book QoQ | -11.539 % | |
| Price To Book YoY | -26.724 % | |
| Price To Book IPRWA | high: 2.06 TFIN: 1.608 mean: 1.255 median: 1.192 low: 0.014 |
|
| Price To Earnings (P/E) | 401.343 | |
| Price To Earnings QoQ | -118.27 % | |
| Price To Earnings YoY | -58.802 % | |
| Price To Earnings IPRWA | TFIN: 401.343 high: 85.266 mean: 44.491 median: 43.985 low: 29.155 |
|
| PE/G Ratio | -0.669 | |
| Price To Sales (P/S) | 12.898 | |
| Price To Sales QoQ | -15.119 % | |
| Price To Sales YoY | -25.535 % | |
| Price To Sales IPRWA | high: 24.824 mean: 13.23 TFIN: 12.898 median: 12.551 low: 0.128 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 145.461 | |
| Forward PE/G | -0.242 | |
| Forward P/S | 23.73 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.017 | |
| Asset Turnover Ratio QoQ | 1.924 % | |
| Asset Turnover Ratio YoY | -8.378 % | |
| Asset Turnover Ratio IPRWA | TFIN: 0.017 high: 0.016 mean: 0.01 median: 0.01 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 | -0.114 | |
| CapEx To Depreciation | -3.11 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 460.2 M | |
| 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 | 5.319 % | |
| 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 | 5.511 | |
| Dividend Payout Ratio | 0.181 | |
| Dividend Rate | $ 0.03 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.611 % | |
| Revenue Growth | 6.636 % | |
| Revenue Growth QoQ | -465.821 % | |
| Revenue Growth YoY | 65.61 % | |
| Revenue Growth IPRWA | high: 19.743 % TFIN: 6.636 % mean: 3.953 % median: 3.469 % low: -10.94 % |
|
| Earnings Growth | -600.0 % | |
| Earnings Growth QoQ | 387.5 % | |
| Earnings Growth YoY | 1300.005 % | |
| Earnings Growth IPRWA | high: 62.857 % mean: 13.656 % median: 13.068 % low: -39.535 % TFIN: -600.0 % |
|
| 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) | $ -3.17 M | |
| Free Cash Flow Yield | -0.227 % | |
| Free Cash Flow Yield QoQ | -56.008 % | |
| Free Cash Flow Yield YoY | -126.992 % | |
| Free Cash Flow Yield IPRWA | high: 8.216 % mean: 2.424 % median: 2.071 % TFIN: -0.227 % low: -4.487 % |
|
| Free Cash Growth | -60.276 % | |
| Free Cash Growth QoQ | -71.211 % | |
| Free Cash Growth YoY | -50.345 % | |
| Free Cash Growth IPRWA | high: 617.063 % median: 1.088 % mean: -19.999 % TFIN: -60.276 % low: -480.617 % |
|
| Free Cash To Net Income | -0.716 | |
| Cash Flow Margin | 13.536 % | |
| Cash Flow To Earnings | 3.312 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.069 % | |
| Return On Assets QoQ | — | |
| Return On Assets YoY | 43.75 % | |
| Return On Assets IPRWA | high: 0.612 % mean: 0.287 % median: 0.278 % TFIN: 0.069 % low: -0.094 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | — | |
| Return On Equity YoY | 54.079 % | |
| Return On Equity IPRWA | high: 0.044 median: 0.028 mean: 0.027 TFIN: 0.005 low: -0.013 |
|
| DuPont ROE | 0.515 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |