Technical Analysis
Directional Indicators (ADX/DI+/DI-): ADX at 24.1 signals an emerging trend strength rather than a fully established trend; DI+ peaked and reversed, which reads as a bearish development for directional strength, while DI- decreasing registers as bullish pressure easing. Together, these readings imply the recent uptrend lost conviction and leaves room for consolidation that could pressure near-term price appreciation relative to the current fair valuation.
MACD: MACD sits at 2.60 above its signal line at 2.44, which normally signals bullish crossover momentum; the MACD trend shows a peak-and-reversal, which indicates bearish momentum beginning. The coexistence of a current MACD-above-signal state with a peak-and-reversal pattern points to a risk that bullish momentum may fade, tempering near-term upside despite the recent crossover.
MRO (Momentum/Regression Oscillator): MRO at 7.15 registers positive, indicating the market price sits above the model target and implying downside pressure as prices tend toward the target; the magnitude suggests modest pressure to correct toward that model target during the near term.
RSI: RSI at 57.36 with a peak-and-reversal trend signals the relative-strength advance lost steam, supporting an outlook of limited short-term gains and a higher probability of sideways-to-lower movement unless momentum re-accelerates.
Price vs Moving Averages and Volatility: Price closed at $147.28 above the 12-day EMA $144.85 (increasing), the 20-day average $144.60, and the 200-day average $135.89, reflecting a medium-term bullish posture. Short-term volatility measures (42-day beta 2.43 versus 52-week beta 1.24) denote elevated near-term price sensitivity. Volume on the latest session (127,847) runs below the 10-day average (199,007), suggesting recent moves lack broad intraday participation. SuperTrend support sits at $140.20 and the lower Bollinger band near $142.08 provides a nearby technical floor for range-bound scenarios.
Fundamental Analysis
Profitability & Margins: Total revenue reached $1,018,308,000. EBIT totaled $52,337,000, producing an EBIT margin of 5.14%. EBIT margin improved 4.62% quarter-over-quarter and rose 31.02% year-over-year, yet the margin sits below the industry peer mean of 16.92% and below the industry peer median of 17.44%, indicating relative room for operating leverage against peers.
Earnings and Cash Flow: GAAP EPS came in at $1.90 versus an estimate of $1.71, yielding an EPS surprise of 11.11%. Forward EPS stands at $1.95 with a forward P/E of 67.42x; the trailing P/E equals 70.14x. Free cash flow totaled $13,168,000, producing a free cash flow yield of 0.37%, below the industry peer mean free cash flow yield of 1.03%. Free cash flow growth shows contraction year-over-year and quarter-over-quarter, reflecting near-term cash conversion strain even as operating cash flow remains positive.
Leverage & Liquidity: Total debt totals $174,085,000 with debt to EBITDA about 2.42x and an interest coverage ratio around 20.93x, indicating conservative leverage and strong coverage. The current ratio stands at 1.58 and the quick ratio at 0.74, both up slightly QoQ, while the cash ratio reads 0.16. Working capital metrics show a cash conversion cycle of 116.82 days, modestly longer than the industry peer mean of 101.07 days, driven by inventory days outstanding near 132 days and receivables of $663,549,000.
Efficiency & Returns: Asset turnover sits at 0.3289, above the industry peer mean of 0.1925, showing relatively efficient use of assets to generate revenue. Return on equity equals 3.18% and return on assets equals 1.46%, both improving QoQ and YoY but remaining modest in absolute terms. Operating margin improved 7.144 percentage points QoQ and over 34.18% YoY, highlighting operational progress without yet translating into higher absolute returns versus peers.
Valuation Summary: P/B equals 2.52x, below the industry peer mean P/B of 6.07x. EV/Revenue and enterprise multiple levels reflect moderate valuation. The current valuation as determined by WMDST rates the stock as fair-valued, given improving margins, modest free cash generation, conservative leverage, and elevated price multiples that leave limited valuation cushion.
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 | $ 310.6 M |
| Operating Cash Flow | $ 26.9 M | |
| Capital Expenditures | $ -13.71 M | |
| Change In Working Capital | $ -43.26 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -72.94 M | |
| End Period Cash Flow | $ 237.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.0 B | |
| Forward Revenue | $ 296.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 915.0 M | |
| Depreciation | $ 19.6 M | |
| Depreciation and Amortization | $ 19.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 964.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 103.3 M | |
| EBITDA | $ 71.9 M | |
| EBIT | $ 52.3 M | |
| Operating Income | $ 53.6 M | |
| Interest Income | $ 934.0 K | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ -1.57 M | |
| Income Before Tax | $ 49.8 M | |
| Tax Provision | $ 4.7 M | |
| Tax Rate | 9.5 % | |
| Net Income | $ 45.1 M | |
| Net Income From Continuing Operations | $ 45.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.71 | |
| EPS Actual | $ 1.90 | |
| EPS Difference | $ 0.19 | |
| EPS Surprise | 11.111 % | |
| Forward EPS | $ 1.95 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 2.4 B | |
| Cash and Short-Term Investments | $ 237.6 M | |
| Cash | $ 237.6 M | |
| Net Receivables | $ 663.5 M | |
| Inventory | $ 1.3 B | |
| Long-Term Investments | $ 27.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 722.3 M | |
| Short-Term Debt | $ 50.7 M | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | — | |
| Total Debt | $ 174.1 M | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 52.59 | |
| Shares Outstanding | 26.985 M | |
| Revenue Per-Share | $ 37.74 | |
| VALUATION | Market Capitalization | $ 3.6 B |
| Enterprise Value | $ 3.5 B | |
| Enterprise Multiple | 48.828 | |
| Enterprise Multiple QoQ | -4.809 % | |
| Enterprise Multiple YoY | -2.933 % | |
| Enterprise Multiple IPRWA | high: 259.951 mean: 67.481 median: 63.645 PLXS: 48.828 low: -219.031 |
|
| EV/R | 3.449 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.188 | |
| Asset To Liability | 1.841 | |
| Debt To Capital | 0.109 | |
| Debt To Assets | 0.056 | |
| Debt To Assets QoQ | -28.68 % | |
| Debt To Assets YoY | -31.159 % | |
| Debt To Assets IPRWA | high: 0.807 median: 0.296 mean: 0.258 PLXS: 0.056 low: 0.002 |
|
| Debt To Equity | 0.123 | |
| Debt To Equity QoQ | -31.622 % | |
| Debt To Equity YoY | -39.829 % | |
| Debt To Equity IPRWA | high: 2.082 median: 0.7 mean: 0.648 PLXS: 0.123 low: -0.922 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.519 | |
| Price To Book QoQ | -3.789 % | |
| Price To Book YoY | 9.997 % | |
| Price To Book IPRWA | high: 12.594 mean: 6.071 median: 4.517 PLXS: 2.519 low: -8.439 |
|
| Price To Earnings (P/E) | 70.145 | |
| Price To Earnings QoQ | -11.047 % | |
| Price To Earnings YoY | -4.323 % | |
| Price To Earnings IPRWA | high: 287.529 mean: 89.703 median: 86.325 PLXS: 70.145 low: -168.539 |
|
| PE/G Ratio | 4.852 | |
| Price To Sales (P/S) | 3.511 | |
| Price To Sales QoQ | -2.774 % | |
| Price To Sales YoY | 16.295 % | |
| Price To Sales IPRWA | high: 42.058 mean: 15.297 median: 13.0 PLXS: 3.511 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 67.419 | |
| Forward PE/G | 4.663 | |
| Forward P/S | 12.041 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.229 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.329 | |
| Asset Turnover Ratio QoQ | 3.314 % | |
| Asset Turnover Ratio YoY | 10.375 % | |
| Asset Turnover Ratio IPRWA | high: 0.479 PLXS: 0.329 mean: 0.192 median: 0.187 low: 0.001 |
|
| Receivables Turnover | 1.6 | |
| Receivables Turnover Ratio QoQ | -1.502 % | |
| Receivables Turnover Ratio YoY | 7.345 % | |
| Receivables Turnover Ratio IPRWA | high: 2.906 PLXS: 1.6 mean: 1.504 median: 1.38 low: 0.267 |
|
| Inventory Turnover | 0.715 | |
| Inventory Turnover Ratio QoQ | 4.179 % | |
| Inventory Turnover Ratio YoY | 21.902 % | |
| Inventory Turnover Ratio IPRWA | high: 2.529 median: 1.085 mean: 1.031 PLXS: 0.715 low: 0.063 |
|
| Days Sales Outstanding (DSO) | 57.038 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 116.822 | |
| Cash Conversion Cycle Days QoQ | -2.642 % | |
| Cash Conversion Cycle Days YoY | -22.734 % | |
| Cash Conversion Cycle Days IPRWA | high: 272.391 PLXS: 116.822 mean: 101.069 median: 88.157 low: -85.228 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.159 | |
| CapEx To Revenue | -0.013 | |
| CapEx To Depreciation | -0.7 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 878.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.157 | |
| Current Ratio | 1.579 | |
| Current Ratio QoQ | 3.202 % | |
| Current Ratio YoY | 7.207 % | |
| Current Ratio IPRWA | high: 7.762 mean: 2.183 median: 2.016 PLXS: 1.579 low: 0.034 |
|
| Quick Ratio | 0.736 | |
| Quick Ratio QoQ | 3.342 % | |
| Quick Ratio YoY | 14.791 % | |
| Quick Ratio IPRWA | high: 7.334 mean: 1.662 median: 1.456 PLXS: 0.736 low: 0.201 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.421 | |
| Cost Of Debt | 1.087 % | |
| Interest Coverage Ratio | 20.926 | |
| Interest Coverage Ratio QoQ | 36.309 % | |
| Interest Coverage Ratio YoY | 310.223 % | |
| Interest Coverage Ratio IPRWA | high: 52.785 PLXS: 20.926 median: 17.0 mean: 13.817 low: -130.23 |
|
| Operating Cash Flow Ratio | 0.036 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 72.508 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.645 % | |
| Revenue Growth | 3.891 % | |
| Revenue Growth QoQ | 837.59 % | |
| Revenue Growth YoY | -711.792 % | |
| Revenue Growth IPRWA | high: 79.411 % mean: 10.073 % median: 9.438 % PLXS: 3.891 % low: -43.951 % |
|
| Earnings Growth | 14.458 % | |
| Earnings Growth QoQ | -457.341 % | |
| Earnings Growth YoY | -90.361 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 26.316 % mean: 19.052 % PLXS: 14.458 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | 10.143 % | |
| Gross Margin QoQ | 1.705 % | |
| Gross Margin YoY | 3.216 % | |
| Gross Margin IPRWA | high: 98.998 % mean: 39.548 % median: 36.34 % PLXS: 10.143 % low: -49.356 % |
|
| EBIT Margin | 5.14 % | |
| EBIT Margin QoQ | 4.62 % | |
| EBIT Margin YoY | 31.022 % | |
| EBIT Margin IPRWA | high: 123.871 % median: 17.436 % mean: 16.924 % PLXS: 5.14 % low: -211.309 % |
|
| Return On Sales (ROS) | 5.264 % | |
| Return On Sales QoQ | 7.144 % | |
| Return On Sales YoY | 34.183 % | |
| Return On Sales IPRWA | high: 43.501 % mean: 16.297 % median: 15.051 % PLXS: 5.264 % low: -352.254 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 13.2 M | |
| Free Cash Flow Yield | 0.368 % | |
| Free Cash Flow Yield QoQ | -21.03 % | |
| Free Cash Flow Yield YoY | -90.658 % | |
| Free Cash Flow Yield IPRWA | high: 4.857 % mean: 1.031 % median: 0.912 % PLXS: 0.368 % low: -16.248 % |
|
| Free Cash Growth | -20.17 % | |
| Free Cash Growth QoQ | -48.484 % | |
| Free Cash Growth YoY | -126.562 % | |
| Free Cash Growth IPRWA | high: 364.739 % median: 50.564 % mean: 28.296 % PLXS: -20.17 % low: -329.708 % |
|
| Free Cash To Net Income | 0.292 | |
| Cash Flow Margin | 5.401 % | |
| Cash Flow To Earnings | 1.219 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.457 % | |
| Return On Assets QoQ | 14.815 % | |
| Return On Assets YoY | 86.795 % | |
| Return On Assets IPRWA | high: 17.834 % median: 2.58 % mean: 1.822 % PLXS: 1.457 % low: -36.426 % |
|
| Return On Capital Employed (ROCE) | 3.293 % | |
| Return On Equity (ROE) | 0.032 | |
| Return On Equity QoQ | 9.962 % | |
| Return On Equity YoY | 60.151 % | |
| Return On Equity IPRWA | high: 0.433 mean: 0.05 median: 0.047 PLXS: 0.032 low: -0.601 |
|
| DuPont ROE | 3.256 % | |
| Return On Invested Capital (ROIC) | 3.033 % | |
| Return On Invested Capital QoQ | 13.298 % | |
| Return On Invested Capital YoY | -101.134 % | |
| Return On Invested Capital IPRWA | high: 8.434 % mean: 3.176 % median: 3.068 % PLXS: 3.033 % low: -15.502 % |
|