Technical Analysis
ADX & Directional Indicators: ADX at 48.57 indicates a very strong trend environment. DI+ peaked and reversed, which signals bearish directional pressure, while DI- has fallen, which reads as a bullish development; those offsetting directional signals, combined with a high ADX, imply a forceful shift may follow the recent peak.
MACD: MACD sits at 1.31 with a signal line at 1.08, so MACD currently trades above its signal line; however, the MACD trend shows a peak-and-reversal, which signals bearish momentum despite the recent crossing above the signal line.
MRO: MRO at 28.68 places price above the oscillator’s target and therefore indicates likely downward pressure on the price from a momentum regression perspective.
RSI & Momentum: RSI at 56.42 and rising indicates bullish internals without overbought conditions, leaving room for continuation but not eliminating risk of a pullback given other indicators.
Price Relative to Moving Averages & Bands: Latest close at $36.50 sits above the 12-day EMA ($35.71 rising), the 20-day average ($35.51), and the 200-day average ($34.52), which reflects positive medium- and long-term price placement. Price trades just below the 1x upper Bollinger band ($37.15), signaling proximity to the short-term upper volatility band while the SuperTrend lower sits near $34.37 as a nearby technical floor.
Fundamental Analysis
Profitability: EBIT comes in at $37,636,000 and EBIT margin registers 26.66%. That EBIT margin reads above the industry peer mean of -0.76% and above the industry peer median of 0.24%, which places operating profitability well ahead of typical peers.
Revenue & Growth: Total revenue equals $141,148,000. Quarter-over-quarter revenue growth measures 43.36%, while year-over-year revenue growth registers 6.66%, showing a strong recent sequential acceleration alongside modest annual expansion.
Margins and Cash Generation: Gross margin remains high at 86.58% with a slight YoY decline of 2.38%. Operating margin records 24.69% with QoQ and YoY improvements. Operating cash flow sits at $7,436,000 and free cash flow at $7,394,000, yielding a free cash flow yield of roughly 0.14%, which signals limited conversion of market value into cash returns despite positive operating cash flow generation.
Earnings: Reported EPS equals $0.17 versus an estimate of $0.29, producing an EPS surprise ratio of -41.38%, which reflects a meaningful shortfall relative to consensus estimates for the reported period.
Liquidity & Capital Structure: Cash and short-term investments total $251,870,000 and cash alone reaches $129,126,000. Current ratio stands at 3.86, slightly below the industry peer mean of 3.93 but above typical working-capital adequacy thresholds. Debt-to-equity registers 91.78%, which reads above the industry peer mean of 24.1% and indicates a higher leverage profile relative to peers; debt-to-EBITDA measures about 6.73.
Returns: Return on equity measures 10.20% and return on assets 4.15%, both positive and improving QoQ; earnings growth displays a quarterly contraction but annual improvement relative to certain prior periods.
Valuation: Price-to-earnings ratio stands at about 216.15 and forward P/E near 151.08, while price-to-book registers 18.67. WMDST values the stock as over-valued. Those multiples, combined with a low free cash flow yield, frame a stretched valuation relative to cash-generation metrics without invoking any sector-level comparison.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 133.4 M |
| Operating Cash Flow | $ 7.4 M | |
| Capital Expenditures | $ -42.00 K | |
| Change In Working Capital | $ -36.74 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.00 M | |
| End Period Cash Flow | $ 130.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 141.1 M | |
| Forward Revenue | $ 48.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 18.9 M | |
| Depreciation | $ 59.0 K | |
| Depreciation and Amortization | $ 59.0 K | |
| Research and Development | $ 31.8 M | |
| Total Operating Expenses | $ 106.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 122.2 M | |
| EBITDA | $ 37.7 M | |
| EBIT | $ 37.6 M | |
| Operating Income | $ 34.8 M | |
| Interest Income | — | |
| Interest Expense | $ 6.7 M | |
| Net Interest Income | $ -6.72 M | |
| Income Before Tax | $ 30.9 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 8.8 % | |
| Net Income | $ 28.2 M | |
| Net Income From Continuing Operations | $ 28.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.29 | |
| EPS Actual | $ 0.17 | |
| EPS Difference | $ -0.12 | |
| EPS Surprise | -41.379 % | |
| Forward EPS | $ 0.24 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 702.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 276.4 M | |
| Total Current Assets | $ 664.0 M | |
| Cash and Short-Term Investments | $ 251.9 M | |
| Cash | $ 129.1 M | |
| Net Receivables | $ 231.5 M | |
| Inventory | $ 155.2 M | |
| Long-Term Investments | $ 3.3 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 171.9 M | |
| Net Debt | $ 115.9 M | |
| Total Debt | $ 253.7 M | |
| Total Liabilities | $ 426.2 M | |
| EQUITY | ||
| Total Equity | $ 276.4 M | |
| Retained Earnings | $ -1.50 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.75 | |
| Shares Outstanding | 158.025 M | |
| Revenue Per-Share | $ 0.89 | |
| VALUATION | Market Capitalization | $ 5.2 B |
| Enterprise Value | $ 5.2 B | |
| Enterprise Multiple | 136.989 | |
| Enterprise Multiple QoQ | -71.002 % | |
| Enterprise Multiple YoY | -44.609 % | |
| Enterprise Multiple IPRWA | TGTX: 136.989 high: 47.216 median: 14.143 mean: 5.404 low: -68.907 |
|
| EV/R | 36.584 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.542 | |
| Asset To Liability | 1.649 | |
| Debt To Capital | 0.479 | |
| Debt To Assets | 0.361 | |
| Debt To Assets QoQ | 2541.551 % | |
| Debt To Assets YoY | 5446.851 % | |
| Debt To Assets IPRWA | high: 0.995 TGTX: 0.361 mean: 0.186 median: 0.062 low: 0.0 |
|
| Debt To Equity | 0.918 | |
| Debt To Equity QoQ | 2326.17 % | |
| Debt To Equity YoY | 6139.429 % | |
| Debt To Equity IPRWA | high: 1.577 TGTX: 0.918 mean: 0.241 median: 0.059 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 18.674 | |
| Price To Book QoQ | -25.212 % | |
| Price To Book YoY | 16.912 % | |
| Price To Book IPRWA | TGTX: 18.674 high: 16.592 median: 6.295 mean: 5.276 low: -10.064 |
|
| Price To Earnings (P/E) | 216.151 | |
| Price To Earnings QoQ | -82.689 % | |
| Price To Earnings YoY | -52.8 % | |
| Price To Earnings IPRWA | TGTX: 216.151 high: 44.732 mean: -11.202 median: -19.0 low: -73.374 |
|
| PE/G Ratio | 0.463 | |
| Price To Sales (P/S) | 36.571 | |
| Price To Sales QoQ | -25.401 % | |
| Price To Sales YoY | -5.269 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.358 TGTX: 36.571 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 151.083 | |
| Forward PE/G | 0.324 | |
| Forward P/S | 107.502 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 12.38 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.208 | |
| Asset Turnover Ratio QoQ | 6.057 % | |
| Asset Turnover Ratio YoY | 9.478 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 TGTX: 0.208 mean: 0.115 median: 0.113 low: -0.001 |
|
| Receivables Turnover | 0.67 | |
| Receivables Turnover Ratio QoQ | -11.555 % | |
| Receivables Turnover Ratio YoY | -32.292 % | |
| Receivables Turnover Ratio IPRWA | high: 6.517 median: 1.422 mean: 1.413 TGTX: 0.67 low: 0.012 |
|
| Inventory Turnover | 0.121 | |
| Inventory Turnover Ratio QoQ | 4.436 % | |
| Inventory Turnover Ratio YoY | 15.831 % | |
| Inventory Turnover Ratio IPRWA | high: 2.946 mean: 0.608 median: 0.434 TGTX: 0.121 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 136.291 | |
| 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 | 0.287 | |
| CapEx To Revenue | -0.0 | |
| CapEx To Depreciation | -0.712 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 521.5 M | |
| Net Invested Capital | $ 521.5 M | |
| Invested Capital | $ 521.5 M | |
| Net Tangible Assets | $ 276.4 M | |
| Net Working Capital | $ 492.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.465 | |
| Current Ratio | 3.863 | |
| Current Ratio QoQ | -3.982 % | |
| Current Ratio YoY | 7.861 % | |
| Current Ratio IPRWA | high: 25.128 mean: 3.929 TGTX: 3.863 median: 2.52 low: 0.021 |
|
| Quick Ratio | 2.96 | |
| Quick Ratio QoQ | -2.581 % | |
| Quick Ratio YoY | 4.456 % | |
| Quick Ratio IPRWA | high: 14.041 mean: 2.968 TGTX: 2.96 median: 2.158 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.731 | |
| Cost Of Debt | 2.413 % | |
| Interest Coverage Ratio | 5.604 | |
| Interest Coverage Ratio QoQ | 209.741 % | |
| Interest Coverage Ratio YoY | 111.691 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 44.685 TGTX: 5.604 median: 2.347 low: -1580.294 |
|
| Operating Cash Flow Ratio | -0.062 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.993 % | |
| Revenue Growth | 16.79 % | |
| Revenue Growth QoQ | 43.357 % | |
| Revenue Growth YoY | 6.657 % | |
| Revenue Growth IPRWA | high: 269.352 % mean: 20.427 % TGTX: 16.79 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 466.667 % | |
| Earnings Growth QoQ | -683.334 % | |
| Earnings Growth YoY | -396.97 % | |
| Earnings Growth IPRWA | TGTX: 466.667 % high: 155.0 % mean: 14.879 % median: 11.33 % low: -175.0 % |
|
| MARGINS | ||
| Gross Margin | 86.583 % | |
| Gross Margin QoQ | -0.64 % | |
| Gross Margin YoY | -2.383 % | |
| Gross Margin IPRWA | high: 100.0 % TGTX: 86.583 % median: 80.103 % mean: 77.784 % low: -77.751 % |
|
| EBIT Margin | 26.664 % | |
| EBIT Margin QoQ | 163.609 % | |
| EBIT Margin YoY | 86.071 % | |
| EBIT Margin IPRWA | high: 338.783 % TGTX: 26.664 % median: 23.755 % mean: -75.684 % low: -5123.44 % |
|
| Return On Sales (ROS) | 24.685 % | |
| Return On Sales QoQ | 144.043 % | |
| Return On Sales YoY | 72.261 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % TGTX: 24.685 % mean: -79.507 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.4 M | |
| Free Cash Flow Yield | 0.143 % | |
| Free Cash Flow Yield QoQ | -129.485 % | |
| Free Cash Flow Yield YoY | -26.667 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % TGTX: 0.143 % mean: -0.341 % low: -74.318 % |
|
| Free Cash Growth | -125.727 % | |
| Free Cash Growth QoQ | -1148.249 % | |
| Free Cash Growth YoY | -24.919 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % mean: 4.37 % TGTX: -125.727 % low: -183.577 % |
|
| Free Cash To Net Income | 0.262 | |
| Cash Flow Margin | -7.504 % | |
| Cash Flow To Earnings | -0.376 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.147 % | |
| Return On Assets QoQ | 405.732 % | |
| Return On Assets YoY | 133.502 % | |
| Return On Assets IPRWA | high: 36.544 % TGTX: 4.147 % median: 1.616 % mean: -1.419 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | 7.091 % | |
| Return On Equity (ROE) | 0.102 | |
| Return On Equity QoQ | 378.283 % | |
| Return On Equity YoY | 163.216 % | |
| Return On Equity IPRWA | high: 1.117 TGTX: 0.102 median: 0.04 mean: 0.007 low: -1.572 |
|
| DuPont ROE | 10.974 % | |
| Return On Invested Capital (ROIC) | 6.579 % | |
| Return On Invested Capital QoQ | 37.982 % | |
| Return On Invested Capital YoY | -269.781 % | |
| Return On Invested Capital IPRWA | high: 53.785 % TGTX: 6.579 % median: 3.175 % mean: 1.459 % low: -71.959 % |
|