Recent News
On July 23, 2025 the company announced a cash dividend of $0.14 per share payable September 19, 2025 and disclosed the appointment of Elizabeth Dantin Franklin to the Board of Directors on July 22, 2025; the release also reiterated recent capital allocation activity including share repurchases and debt repayments.
Technical Analysis
ADX at 13.81 indicates no strong trend, which implies near-term price action may remain range-bound rather than trending decisively; this reduces the probability that valuation gaps close immediately via a sustained trend.
Directional indicators show DI- higher than DI+ with DI- increasing while DI+ decreases, a configuration that reads bearish for short-term price bias and increases the chance of downside pressure relative to recent valuation levels.
MACD at -0.42 with the MACD line decreasing and sitting below the signal line (-0.17) confirms bearish momentum, signaling that the short-term oscillator favors continued downward pressure on price unless momentum reverses.
MRO at -26.01 indicates price sits below the model target and therefore contains mean-reversion potential; the negative MRO suggests upside pressure exists if fundamentals reassert value, even while momentum indicators remain unfavorable.
RSI at 49.32 and declining signals neutral-to-weak momentum; combined with price trading below the 12‑day and 26‑day EMAs, the setup favors further mean-reversion attempts rather than a decisive breakout.
Price relationships to moving averages and bands tighten into a compressing range: price $47.78 trades below the 12‑day EMA ($49.38), below the 20‑day average ($49.68) and inside the lower Bollinger threshold (lower 1x = $48.41, lower 2x = $47.13), which raises the odds of short-lived oversold bounces without implying trend strength.
Ichimoku components place price beneath the cloud (Senkou A $50.18, Senkou B $48.84) and both Tenkan and Kijun at $50.38, reinforcing resistance in the $50 area and indicating downward bias until price clears those levels.
Volume runs slightly below short- and long-term averages (10‑day avg 175,462; 50‑day avg 219,964; 200‑day avg 247,872), suggesting any directional move will require a pickup in participation to validate a stronger trend.
Fundamental Analysis
Total revenue $129,082,000 and net income $29,524,000 reflect recent top-line strength; YoY revenue growth stands at 36.49%, a material expansion that supports continued cash generation for operations and distributions.
Gross margin at 42.91% and operating margin at 28.63% indicate healthy profitability on current projects; EBIT margin at 36.78% sits above the industry peer mean (2.62%) and the industry peer median (3.50%), reflecting unusually strong operating leverage relative to peers.
EBIT improved QoQ by 14.54% while year-over-year EBIT margin changed by -0.70%, showing sequential margin improvement despite a near-flat YoY margin comparison.
Cash metrics present a conservative liquidity profile: cash and short-term investments $88,158,000, operating cash flow $31,063,000, free cash flow $22,360,000 and cash ratio 0.883. Cash conversion cycle at -2.68 days points to efficient working-capital dynamics.
Balance-sheet leverage shows total debt $609,742,000 with debt-to-assets 39.38% and debt-to-equity 82.54%; interest coverage about 6.12x and cost of debt roughly 0.95% indicate manageable interest burden, though debt-to-EBITDA at ~10.25 signals elevated leverage relative to cash flow and requires monitoring as capex and development costs continue.
Return metrics remain modest: return on assets ~1.91% and return on equity ~4.00%, but both show strong sequential improvement (ROA QoQ +68.46%, ROE QoQ +66.57%), consistent with recent margin and revenue expansion driving short-term profitability gains.
Market multiples show contrasts: price-to-book ~3.85 sits slightly below the industry peer mean (3.96) and median (4.28), while price-to-sales ~22.05 sits above the industry peer mean (19.31) and median (11.64). Enterprise multiple ~56.64 sits below the industry peer mean (115.56) and median (82.24). WMDST values the stock as under-valued, reflecting the combination of above-peer operating margins and recent revenue momentum against a relatively modest enterprise multiple.
Dividend activity and capital return: declared quarterly dividend $0.14 (yield ~0.29%) with dividend payout ratio ~27.56% and dividend coverage ~3.63x, consistent with capacity to maintain distributions alongside development spending and share repurchases.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-20 |
| NEXT REPORT DATE: | 2025-11-19 |
| CASH FLOW | Begin Period Cash Flow | $ 101.7 M |
| Operating Cash Flow | $ 31.1 M | |
| Capital Expenditures | $ -8.70 M | |
| Change In Working Capital | $ -3.44 M | |
| Dividends Paid | $ -8.14 M | |
| Cash Flow Delta | $ -4.83 M | |
| End Period Cash Flow | $ 96.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 129.1 M | |
| Forward Revenue | $ 1.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 73.7 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 92.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 55.4 M | |
| EBITDA | $ 59.5 M | |
| EBIT | $ 47.5 M | |
| Operating Income | $ 37.0 M | |
| Interest Income | $ 3.2 M | |
| Interest Expense | $ 7.8 M | |
| Net Interest Income | $ -4.56 M | |
| Income Before Tax | $ 39.7 M | |
| Tax Provision | $ 9.9 M | |
| Tax Rate | 25.0 % | |
| Net Income | $ 29.5 M | |
| Net Income From Continuing Operations | $ 29.8 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.03 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.5 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 738.8 M | |
| Total Current Assets | $ 150.5 M | |
| Cash and Short-Term Investments | $ 88.2 M | |
| Cash | $ 88.2 M | |
| Net Receivables | $ 39.6 M | |
| Inventory | $ 4.3 M | |
| Long-Term Investments | $ 14.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 22.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 99.9 M | |
| Net Debt | $ 517.7 M | |
| Total Debt | $ 609.7 M | |
| Total Liabilities | $ 798.5 M | |
| EQUITY | ||
| Total Equity | $ 738.8 M | |
| Retained Earnings | $ 484.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.74 | |
| Shares Outstanding | 57.987 M | |
| Revenue Per-Share | $ 2.23 | |
| VALUATION | Market Capitalization | $ 2.8 B |
| Enterprise Value | $ 3.4 B | |
| Enterprise Multiple | 56.637 | |
| Enterprise Multiple QoQ | -29.017 % | |
| Enterprise Multiple YoY | -6.391 % | |
| Enterprise Multiple IPRWA | high: 238.55 mean: 115.56 median: 82.24 JOE: 56.637 low: -179.209 |
|
| EV/R | 26.093 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.096 | |
| Asset To Liability | 1.939 | |
| Debt To Capital | 0.452 | |
| Debt To Assets | 0.394 | |
| Debt To Assets QoQ | -1.39 % | |
| Debt To Assets YoY | 12982.724 % | |
| Debt To Assets IPRWA | high: 1.375 JOE: 0.394 mean: 0.252 median: 0.237 low: 0.0 |
|
| Debt To Equity | 0.825 | |
| Debt To Equity QoQ | -2.784 % | |
| Debt To Equity YoY | 12424.279 % | |
| Debt To Equity IPRWA | high: 5.977 mean: 0.83 JOE: 0.825 median: 0.709 low: -3.247 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.853 | |
| Price To Book QoQ | -1.875 % | |
| Price To Book YoY | -16.48 % | |
| Price To Book IPRWA | high: 7.182 median: 4.285 mean: 3.957 JOE: 3.853 low: -2.853 |
|
| 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) | 22.053 | |
| Price To Sales QoQ | -27.321 % | |
| Price To Sales YoY | -24.662 % | |
| Price To Sales IPRWA | high: 56.407 JOE: 22.053 mean: 19.308 median: 11.644 low: -20.267 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 1660.029 | |
| Forward PE/G | — | |
| Forward P/S | 1633.175 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.538 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.083 | |
| Asset Turnover Ratio QoQ | 36.593 % | |
| Asset Turnover Ratio YoY | 15.371 % | |
| Asset Turnover Ratio IPRWA | high: 0.591 mean: 0.197 median: 0.117 JOE: 0.083 low: -0.002 |
|
| Receivables Turnover | 3.269 | |
| Receivables Turnover Ratio QoQ | 38.302 % | |
| Receivables Turnover Ratio YoY | 48.96 % | |
| Receivables Turnover Ratio IPRWA | high: 26.371 mean: 3.512 JOE: 3.269 median: 3.078 low: -0.296 |
|
| Inventory Turnover | 16.585 | |
| Inventory Turnover Ratio QoQ | 22.136 % | |
| Inventory Turnover Ratio YoY | 19.554 % | |
| Inventory Turnover Ratio IPRWA | high: 114.794 JOE: 16.585 mean: 9.591 median: 3.339 low: 0.002 |
|
| Days Sales Outstanding (DSO) | 27.912 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -2.683 | |
| Cash Conversion Cycle Days QoQ | -145.562 % | |
| Cash Conversion Cycle Days YoY | -159.127 % | |
| Cash Conversion Cycle Days IPRWA | high: 131.567 median: 73.999 mean: 51.805 JOE: -2.683 low: -293.768 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.55 | |
| CapEx To Revenue | -0.067 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 738.8 M | |
| Net Working Capital | $ 50.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.883 | |
| Current Ratio | 1.507 | |
| Current Ratio QoQ | -2.128 % | |
| Current Ratio YoY | 1.806 % | |
| Current Ratio IPRWA | high: 10.81 mean: 2.726 median: 1.741 JOE: 1.507 low: 0.503 |
|
| Quick Ratio | 1.464 | |
| Quick Ratio QoQ | -1.924 % | |
| Quick Ratio YoY | 1.692 % | |
| Quick Ratio IPRWA | high: 10.807 mean: 1.691 JOE: 1.464 median: 1.429 low: 0.161 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.253 | |
| Cost Of Debt | 0.948 % | |
| Interest Coverage Ratio | 6.119 | |
| Interest Coverage Ratio QoQ | 57.267 % | |
| Interest Coverage Ratio YoY | 26.082 % | |
| Interest Coverage Ratio IPRWA | high: 21.15 JOE: 6.119 mean: 3.051 median: 1.478 low: -31.139 |
|
| Operating Cash Flow Ratio | 0.257 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 37.515 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.629 | |
| Dividend Payout Ratio | 0.276 | |
| Dividend Rate | $ 0.14 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.066 % | |
| Revenue Growth | 37.034 % | |
| Revenue Growth QoQ | -481.165 % | |
| Revenue Growth YoY | 36.491 % | |
| Revenue Growth IPRWA | high: 52.762 % JOE: 37.034 % mean: 10.302 % median: 9.473 % low: -51.859 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 42.909 % | |
| Gross Margin QoQ | 13.525 % | |
| Gross Margin YoY | -1.404 % | |
| Gross Margin IPRWA | high: 78.523 % mean: 48.518 % median: 43.223 % JOE: 42.909 % low: -18.975 % |
|
| EBIT Margin | 36.785 % | |
| EBIT Margin QoQ | 14.541 % | |
| EBIT Margin YoY | -0.702 % | |
| EBIT Margin IPRWA | high: 53.427 % JOE: 36.785 % median: 3.499 % mean: 2.622 % low: -48.814 % |
|
| Return On Sales (ROS) | 28.633 % | |
| Return On Sales QoQ | 59.649 % | |
| Return On Sales YoY | -22.708 % | |
| Return On Sales IPRWA | high: 31.66 % JOE: 28.633 % median: 3.499 % mean: 2.147 % low: -49.625 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.4 M | |
| Free Cash Flow Yield | 0.785 % | |
| Free Cash Flow Yield QoQ | -4.268 % | |
| Free Cash Flow Yield YoY | 188.603 % | |
| Free Cash Flow Yield IPRWA | high: 13.37 % JOE: 0.785 % mean: 0.21 % median: 0.01 % low: -46.283 % |
|
| Free Cash Growth | -4.632 % | |
| Free Cash Growth QoQ | -162.612 % | |
| Free Cash Growth YoY | -86.108 % | |
| Free Cash Growth IPRWA | high: 248.718 % JOE: -4.632 % median: -97.213 % mean: -110.247 % low: -390.106 % |
|
| Free Cash To Net Income | 0.757 | |
| Cash Flow Margin | 19.914 % | |
| Cash Flow To Earnings | 0.871 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.907 % | |
| Return On Assets QoQ | 68.463 % | |
| Return On Assets YoY | 20.088 % | |
| Return On Assets IPRWA | high: 2.964 % JOE: 1.907 % mean: 0.367 % median: 0.064 % low: -4.613 % |
|
| Return On Capital Employed (ROCE) | 3.278 % | |
| Return On Equity (ROE) | 0.04 | |
| Return On Equity QoQ | 66.569 % | |
| Return On Equity YoY | 15.425 % | |
| Return On Equity IPRWA | high: 0.055 JOE: 0.04 mean: 0.011 median: 0.004 low: -0.165 |
|
| DuPont ROE | 4.026 % | |
| Return On Invested Capital (ROIC) | 2.647 % | |
| Return On Invested Capital QoQ | 58.124 % | |
| Return On Invested Capital YoY | -107.033 % | |
| Return On Invested Capital IPRWA | high: 5.013 % JOE: 2.647 % median: 1.721 % mean: 1.251 % low: -4.462 % |
|