Recent News
On September 29, 2025 the company announced plans to add two new natural gas units in the Permian Basin, raising the facility’s capacity substantially to meet rising Texas demand. On September 22, 2025 reporting noted a large, stock-linked payout opportunity for CEO James Burke tied to vested awards and the company’s share gains. In early October filings showed institutional interest and several analysts upgraded coverage and raised targets during August–September 2025.
Technical Analysis
ADX / DI+ / DI-: ADX at 10.44 signals no established trend; directional signals therefore carry short-term weight only. DI+ shows a dip-and-reversal, which reads bullish for immediate directional pressure, while DI- trends lower, reinforcing the same short-term bullish bias.
MACD: MACD registered a dip-and-reversal, indicating returning bullish momentum, but the MACD value ($1.30) sits below the signal line ($1.39), so momentum has improved without delivering a confirmed crossover. A confirmed MACD cross above the signal would strengthen the near-term bias; until then momentum qualifies as tentative.
MRO: MRO at -15.82 places the market price below the oscillator’s target, implying upward potential toward that target; the magnitude indicates a material, not marginal, degree of catch-up pressure.
RSI: RSI at 54.16 with a dip-and-reversal registers mild bullishness without overbought readings, consistent with a scenario that allows further upside without immediate exhaustion.
Price vs. Moving Averages & Ichimoku: Last close at $210 sits well above the 200-day average ($165.95) and above short-term EMAs (12-day EMA $203.75 and 26-day EMA $202.52), supporting bullish price positioning. Ichimoku lines (Tenkan $205.26, Kijun $199.12, Senkou A $199.44) place price above cloud and conversion/ base lines, reinforcing short-to-intermediate constructive bias.
Bands, Volatility, Volume: Price slightly above the 1x Bollinger upper band ($209.75) suggests intraday stretch; 42-day beta 2.44 and elevated 52-week beta 2.04 indicate above-average volatility—momentum moves may amplify directional moves while volume currently sits below recent averages.
Fundamental Analysis
Profitability & Margins: Trailing EBIT $651,000,000 and EBITDA $1,413,000,000 produce an EBIT margin of 15.32%. That margin sits below the industry peer mean of 18.42% and below the industry peer median of 25.06%, though above the sector low. Operating margin registers 13.72% and gross margin 36.31%, evidencing operating scale but lower relative EBIT efficiency versus the peer median.
Revenue & Earnings Trends: Total revenue $4,250,000,000 with reported YoY revenue growth of 8.06% but quarter-over-quarter revenue change negative (-4.13%). EPS came in at $0.81 versus an estimate of $1.00, an EPS surprise of -19.0%, signaling a single-period miss despite positive annual revenue growth.
Cash Flow & Capital Allocation: Operating cash flow $572,000,000 contrasts with free cash flow of -$118,000,000 and capital expenditures of -$690,000,000; free cash flow yield stands negative at -0.19%. The company reported end-period cash flow $495,000,000 and cash & short-term investments $458,000,000, reflecting meaningful ongoing capex investment that pressures free cash generation in the near term.
Balance Sheet & Leverage: Total debt $18,045,000,000 produces debt-to-assets of 47.31% and debt-to-equity of 768.85%. Debt-to-equity sits above the industry peer mean and median, while interest coverage at 2.63 narrowly exceeds the peer high, indicating available coverage but material absolute leverage.
Valuation Metrics: Trailing PE at 223.54 and price-to-book 27.03 represent elevated multiples; forward PE about 91.26 and enterprise multiple 57.34 also sit at high absolute levels. The current valuation as determined by WMDST classifies the stock as over-valued, reflecting stretched multiples alongside heavy leverage and near-term capex.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-08 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 596.0 M |
| Operating Cash Flow | $ 572.0 M | |
| Capital Expenditures | $ -690.00 M | |
| Change In Working Capital | $ -539.00 M | |
| Dividends Paid | $ -144.00 M | |
| Cash Flow Delta | $ -101.00 M | |
| End Period Cash Flow | $ 495.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.2 B | |
| Forward Revenue | $ 1.9 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.7 B | |
| Depreciation | $ 762.0 M | |
| Depreciation and Amortization | $ 762.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 3.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.5 B | |
| EBITDA | $ 1.4 B | |
| EBIT | $ 651.0 M | |
| Operating Income | $ 583.0 M | |
| Interest Income | $ 4.0 M | |
| Interest Expense | $ 248.0 M | |
| Net Interest Income | $ -273.00 M | |
| Income Before Tax | $ 403.0 M | |
| Tax Provision | $ 76.0 M | |
| Tax Rate | 18.9 % | |
| Net Income | $ 327.0 M | |
| Net Income From Continuing Operations | $ 327.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.00 | |
| EPS Actual | $ 0.81 | |
| EPS Difference | $ -0.19 | |
| EPS Surprise | -19.0 % | |
| Forward EPS | $ 1.73 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 38.1 B | |
| Intangible Assets | $ 5.1 B | |
| Net Tangible Assets | $ -239.00 M | |
| Total Current Assets | $ 8.5 B | |
| Cash and Short-Term Investments | $ 458.0 M | |
| Cash | $ 458.0 M | |
| Net Receivables | $ 2.2 B | |
| Inventory | $ 965.0 M | |
| Long-Term Investments | $ 1.5 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.3 B | |
| Short-Term Debt | $ 2.2 B | |
| Total Current Liabilities | $ 9.4 B | |
| Net Debt | $ 17.3 B | |
| Total Debt | $ 18.0 B | |
| Total Liabilities | $ 33.3 B | |
| EQUITY | ||
| Total Equity | $ 2.3 B | |
| Retained Earnings | $ -642.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.92 | |
| Shares Outstanding | 339.122 M | |
| Revenue Per-Share | $ 12.53 | |
| VALUATION | Market Capitalization | $ 63.4 B |
| Enterprise Value | $ 81.0 B | |
| Enterprise Multiple | 57.336 | |
| Enterprise Multiple QoQ | -46.492 % | |
| Enterprise Multiple YoY | 195.21 % | |
| Enterprise Multiple IPRWA | high: 195.763 median: 61.125 VST: 57.336 mean: 57.166 low: -124.626 |
|
| EV/R | 19.062 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 16.253 | |
| Asset To Liability | 1.145 | |
| Debt To Capital | 0.885 | |
| Debt To Assets | 0.473 | |
| Debt To Assets QoQ | 2.255 % | |
| Debt To Assets YoY | 588.273 % | |
| Debt To Assets IPRWA | high: 0.812 VST: 0.473 median: 0.461 mean: 0.426 low: 0.023 |
|
| Debt To Equity | 7.689 | |
| Debt To Equity QoQ | 2.123 % | |
| Debt To Equity YoY | 791.229 % | |
| Debt To Equity IPRWA | high: 9.543 VST: 7.689 median: 5.055 mean: 4.478 low: -4.218 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 27.025 | |
| Price To Book QoQ | 44.08 % | |
| Price To Book YoY | 204.76 % | |
| Price To Book IPRWA | VST: 27.025 high: 17.657 mean: 7.631 median: 2.639 low: -8.667 |
|
| Price To Earnings (P/E) | 223.543 | |
| Price To Earnings QoQ | -260.31 % | |
| Price To Earnings YoY | 151.33 % | |
| Price To Earnings IPRWA | VST: 223.543 high: 195.49 median: 85.972 mean: 59.429 low: -191.421 |
|
| PE/G Ratio | -1.195 | |
| Price To Sales (P/S) | 14.924 | |
| Price To Sales QoQ | 33.22 % | |
| Price To Sales YoY | 107.607 % | |
| Price To Sales IPRWA | high: 32.99 VST: 14.924 mean: 9.478 median: 4.291 low: 0.068 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 91.259 | |
| Forward PE/G | -0.488 | |
| Forward P/S | 33.37 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -52.591 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.111 | |
| Asset Turnover Ratio QoQ | 7.527 % | |
| Asset Turnover Ratio YoY | 11.872 % | |
| Asset Turnover Ratio IPRWA | high: 0.123 VST: 0.111 median: 0.059 mean: 0.051 low: 0.016 |
|
| Receivables Turnover | 2.047 | |
| Receivables Turnover Ratio QoQ | 1.633 % | |
| Receivables Turnover Ratio YoY | 1.75 % | |
| Receivables Turnover Ratio IPRWA | high: 5.965 mean: 2.062 VST: 2.047 median: 1.896 low: 0.691 |
|
| Inventory Turnover | 2.812 | |
| Inventory Turnover Ratio QoQ | -13.566 % | |
| Inventory Turnover Ratio YoY | 22.611 % | |
| Inventory Turnover Ratio IPRWA | high: 13.663 mean: 6.347 median: 3.78 VST: 2.812 low: 0.993 |
|
| Days Sales Outstanding (DSO) | 44.584 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 34.718 | |
| Cash Conversion Cycle Days QoQ | 22.623 % | |
| Cash Conversion Cycle Days YoY | -2.298 % | |
| Cash Conversion Cycle Days IPRWA | high: 70.23 VST: 34.718 median: 18.587 mean: 9.795 low: -64.971 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -4.474 | |
| CapEx To Revenue | -0.162 | |
| CapEx To Depreciation | -0.906 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 20.4 B | |
| Net Invested Capital | $ 20.1 B | |
| Invested Capital | $ 20.1 B | |
| Net Tangible Assets | $ -239.00 M | |
| Net Working Capital | $ -950.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.049 | |
| Current Ratio | 0.899 | |
| Current Ratio QoQ | 4.044 % | |
| Current Ratio YoY | -7.956 % | |
| Current Ratio IPRWA | high: 4.326 mean: 1.162 median: 0.933 VST: 0.899 low: 0.126 |
|
| Quick Ratio | 0.797 | |
| Quick Ratio QoQ | 4.059 % | |
| Quick Ratio YoY | -9.552 % | |
| Quick Ratio IPRWA | high: 1.341 mean: 0.93 median: 0.882 VST: 0.797 low: 0.266 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.771 | |
| Cost Of Debt | 1.126 % | |
| Interest Coverage Ratio | 2.625 | |
| Interest Coverage Ratio QoQ | -417.351 % | |
| Interest Coverage Ratio YoY | -29.468 % | |
| Interest Coverage Ratio IPRWA | VST: 2.625 high: 2.565 median: 1.111 mean: 0.974 low: -4.291 |
|
| Operating Cash Flow Ratio | 0.077 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 37.837 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.271 | |
| Dividend Payout Ratio | 0.44 | |
| Dividend Rate | $ 0.42 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.215 % | |
| Revenue Growth | 8.06 % | |
| Revenue Growth QoQ | -412.888 % | |
| Revenue Growth YoY | -68.88 % | |
| Revenue Growth IPRWA | high: 57.972 % VST: 8.06 % median: -2.427 % mean: -6.169 % low: -28.051 % |
|
| Earnings Growth | -187.097 % | |
| Earnings Growth QoQ | -5.951 % | |
| Earnings Growth YoY | -60.611 % | |
| Earnings Growth IPRWA | high: 833.333 % mean: 9.49 % median: -33.969 % VST: -187.097 % low: -500.0 % |
|
| MARGINS | ||
| Gross Margin | 36.306 % | |
| Gross Margin QoQ | 80.062 % | |
| Gross Margin YoY | -13.83 % | |
| Gross Margin IPRWA | high: 83.002 % VST: 36.306 % mean: 30.359 % median: 20.705 % low: 11.097 % |
|
| EBIT Margin | 15.318 % | |
| EBIT Margin QoQ | -399.707 % | |
| EBIT Margin YoY | -31.195 % | |
| EBIT Margin IPRWA | high: 67.076 % median: 25.059 % mean: 18.421 % VST: 15.318 % low: -107.458 % |
|
| Return On Sales (ROS) | 13.718 % | |
| Return On Sales QoQ | -368.401 % | |
| Return On Sales YoY | -38.382 % | |
| Return On Sales IPRWA | high: 51.841 % median: 14.151 % VST: 13.718 % mean: 12.159 % low: -50.384 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -118.00 M | |
| Free Cash Flow Yield | -0.186 % | |
| Free Cash Flow Yield QoQ | -51.562 % | |
| Free Cash Flow Yield YoY | -107.366 % | |
| Free Cash Flow Yield IPRWA | high: 3.197 % VST: -0.186 % median: -1.476 % mean: -2.646 % low: -15.325 % |
|
| Free Cash Growth | -30.178 % | |
| Free Cash Growth QoQ | -74.492 % | |
| Free Cash Growth YoY | -94.574 % | |
| Free Cash Growth IPRWA | high: 489.469 % VST: -30.178 % median: -89.134 % mean: -106.849 % low: -501.818 % |
|
| Free Cash To Net Income | -0.361 | |
| Cash Flow Margin | 17.106 % | |
| Cash Flow To Earnings | 2.223 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.856 % | |
| Return On Assets QoQ | -221.418 % | |
| Return On Assets YoY | -9.322 % | |
| Return On Assets IPRWA | high: 2.778 % VST: 0.856 % mean: 0.105 % median: -0.056 % low: -22.803 % |
|
| Return On Capital Employed (ROCE) | 2.267 % | |
| Return On Equity (ROE) | 0.139 | |
| Return On Equity QoQ | -222.123 % | |
| Return On Equity YoY | 18.984 % | |
| Return On Equity IPRWA | VST: 0.139 high: 0.096 median: 0.001 mean: -0.005 low: -0.194 |
|
| DuPont ROE | 13.926 % | |
| Return On Invested Capital (ROIC) | 2.628 % | |
| Return On Invested Capital QoQ | -527.317 % | |
| Return On Invested Capital YoY | -95.617 % | |
| Return On Invested Capital IPRWA | high: 3.499 % VST: 2.628 % median: 0.918 % mean: 0.803 % low: -12.057 % |
|