Technical Analysis
ADX at 24.26 signals an emerging directional environment; DI+ increasing while DI- shows a peak & reversal, together biasing directional readings in favor of upside continuation relative to the current valuation.
MACD sits at 0.58, above its signal line of 0.43, and the MACD trend is increasing; the cross above the signal line constitutes a bullish momentum signal that aligns with a near-term upward bias in price action.
MRO at -12.02 places the market price below the computed target, implying mean-reversion pressure that favors price appreciation toward fair-value benchmarks if momentum persists.
RSI at 57.01 with a peak & reversal trend indicates recent loss of upward conviction and suggests the upside advance could stall without fresh buying interest.
Price trades above the 20-day ($42.01), 50-day ($41.16) and 200-day ($37.58) averages; the 12-day EMA sits at $42.50 and is rising, reinforcing short-to-intermediate bullish alignment between price and moving averages relative to the current valuation.
Price near the upper Bollinger band (upper 1x = $43.53) and the SuperTrend lower support at $41.66 frame a tight near-term range; volume at ~2.35M sits below recent averages, suggesting any breakout needs higher conviction to sustain.
Fundamental Analysis
EBIT stands at $147,095,000 with an EBIT margin of 58.95%, above the industry peer mean of 41.84% and inside the industry peer range of 5.49%–89.38%, reflecting stronger operating profitability on reported revenue of $249,507,000.
EPS actual of $0.25 missed the $0.30 estimate, a negative surprise of -16.67%, while forward EPS of $0.3275 implies modest earnings growth expectations embedded in current market pricing.
Revenue growth reads -1.102% and revenue growth year-over-year provided as -110.049%; quarter-on-quarter revenue growth shows a decline of -128.498%. These figures indicate top-line contraction in the near periods reported and warrant monitoring relative to asset utilization trends.
Free cash flow stands at $44,961,000 producing a free cash flow yield of 0.51%, below the industry peer mean of 1.45%, while operating cash flow of $128,157,000 and an operating margin of 41.39% align closely with the industry peer mean operating margin of 41.35%.
Balance-sheet metrics show total debt of $3,347,575,000 with debt-to-assets at 25.59%, below the industry peer mean of 41.51%, and an interest coverage ratio of 5.51, above the industry peer mean of 4.29%, indicating comparatively conservative leverage and stronger near-term interest coverage.
Market multiples present a mixed picture: P/E of 124.05 and forward P/E of 108.92 reflect elevated earnings multiples, while the P/B ratio of 1.03 sits below the industry peer mean of 2.01. Dividend yield at 1.21% pairs with a dividend payout ratio of 92.57% and a dividend coverage ratio of 1.08, showing distributions close to reported distributable earnings.
WMDST values the stock as fair-valued. That valuation aligns with high profitability margins and conservative leverage on one hand, and compressed free cash flow yield plus high earnings multiples on the other, producing a mixed fundamental backdrop for near-term performance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-10-15 |
| NEXT REPORT DATE: | 2026-01-14 |
| CASH FLOW | Begin Period Cash Flow | $ 554.7 M |
| Operating Cash Flow | $ 128.2 M | |
| Capital Expenditures | $ -83.20 M | |
| Change In Working Capital | $ -19.45 M | |
| Dividends Paid | $ -107.69 M | |
| Cash Flow Delta | $ 6.5 M | |
| End Period Cash Flow | $ 561.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 249.5 M | |
| Forward Revenue | $ 41.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 55.3 M | |
| Depreciation | $ 71.2 M | |
| Depreciation and Amortization | $ 65.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 146.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 194.2 M | |
| EBITDA | $ 218.3 M | |
| EBIT | $ 147.1 M | |
| Operating Income | $ 103.3 M | |
| Interest Income | — | |
| Interest Expense | $ 26.7 M | |
| Net Interest Income | $ -26.70 M | |
| Income Before Tax | $ 120.4 M | |
| Tax Provision | — | |
| Tax Rate | 21.0 % | |
| Net Income | $ 116.3 M | |
| Net Income From Continuing Operations | $ 120.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.30 | |
| EPS Actual | $ 0.25 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -16.667 % | |
| Forward EPS | $ 0.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 13.1 B | |
| Intangible Assets | $ 174.2 M | |
| Net Tangible Assets | $ 8.7 B | |
| Total Current Assets | $ 877.5 M | |
| Cash and Short-Term Investments | $ 431.1 M | |
| Cash | $ 431.1 M | |
| Net Receivables | $ 186.6 M | |
| Inventory | — | |
| Long-Term Investments | $ 15.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 124.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 406.7 M | |
| Net Debt | $ 2.9 B | |
| Total Debt | $ 3.3 B | |
| Total Liabilities | $ 3.9 B | |
| EQUITY | ||
| Total Equity | $ 8.7 B | |
| Retained Earnings | $ -462.31 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.68 | |
| Shares Outstanding | 236.695 M | |
| Revenue Per-Share | $ 1.05 | |
| VALUATION | Market Capitalization | $ 8.9 B |
| Enterprise Value | $ 11.8 B | |
| Enterprise Multiple | 54.135 | |
| Enterprise Multiple QoQ | -14.264 % | |
| Enterprise Multiple YoY | 1.454 % | |
| Enterprise Multiple IPRWA | high: 86.153 median: 83.413 mean: 79.058 REXR: 54.135 low: -6.22 |
|
| EV/R | 47.361 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.507 | |
| Asset To Liability | 3.367 | |
| Debt To Capital | 0.278 | |
| Debt To Assets | 0.256 | |
| Debt To Assets QoQ | 0.035 % | |
| Debt To Assets YoY | 4545.009 % | |
| Debt To Assets IPRWA | high: 0.804 median: 0.442 mean: 0.415 REXR: 0.256 low: 0.126 |
|
| Debt To Equity | 0.386 | |
| Debt To Equity QoQ | -0.406 % | |
| Debt To Equity YoY | 4357.803 % | |
| Debt To Equity IPRWA | high: 2.079 mean: 1.075 median: 0.894 REXR: 0.386 low: 0.157 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.025 | |
| Price To Book QoQ | -1.844 % | |
| Price To Book YoY | -17.554 % | |
| Price To Book IPRWA | high: 3.302 mean: 2.008 median: 1.905 REXR: 1.025 low: 0.555 |
|
| Price To Earnings (P/E) | 124.052 | |
| Price To Earnings QoQ | -2.689 % | |
| Price To Earnings YoY | 2.169 % | |
| Price To Earnings IPRWA | high: 175.15 mean: 143.504 median: 131.315 REXR: 124.052 low: -111.883 |
|
| PE/G Ratio | 5.955 | |
| Price To Sales (P/S) | 35.672 | |
| Price To Sales QoQ | -0.36 % | |
| Price To Sales YoY | -13.403 % | |
| Price To Sales IPRWA | high: 51.764 median: 42.193 mean: 41.064 REXR: 35.672 low: 2.569 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 108.917 | |
| Forward PE/G | 5.228 | |
| Forward P/S | 214.137 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -40.979 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.019 | |
| Asset Turnover Ratio QoQ | -2.754 % | |
| Asset Turnover Ratio YoY | -0.677 % | |
| Asset Turnover Ratio IPRWA | high: 0.082 mean: 0.035 median: 0.029 low: 0.021 REXR: 0.019 |
|
| Receivables Turnover | 1.345 | |
| Receivables Turnover Ratio QoQ | -3.524 % | |
| Receivables Turnover Ratio YoY | -13.259 % | |
| Receivables Turnover Ratio IPRWA | high: 6.709 median: 6.709 mean: 4.628 REXR: 1.345 low: 0.855 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 67.854 | |
| 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 | 0.53 | |
| CapEx To Revenue | -0.333 | |
| CapEx To Depreciation | -1.169 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 12.2 B | |
| Net Invested Capital | $ 12.0 B | |
| Invested Capital | $ 12.0 B | |
| Net Tangible Assets | $ 8.7 B | |
| Net Working Capital | $ 470.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.06 | |
| Current Ratio | 2.158 | |
| Current Ratio QoQ | 4.441 % | |
| Current Ratio YoY | 133.427 % | |
| Current Ratio IPRWA | REXR: 2.158 high: 1.768 mean: 1.046 median: 0.614 low: 0.126 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 15.336 | |
| Cost Of Debt | 0.63 % | |
| Interest Coverage Ratio | 5.509 | |
| Interest Coverage Ratio QoQ | 48.347 % | |
| Interest Coverage Ratio YoY | 36.784 % | |
| Interest Coverage Ratio IPRWA | high: 14.255 REXR: 5.509 mean: 4.291 median: 3.564 low: 0.348 |
|
| Operating Cash Flow Ratio | 0.4 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 220.288 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.08 | |
| Dividend Payout Ratio | 0.926 | |
| Dividend Rate | $ 0.45 | |
| Dividend Yield | 0.012 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.048 % | |
| Revenue Growth | -1.102 % | |
| Revenue Growth QoQ | -128.498 % | |
| Revenue Growth YoY | -110.049 % | |
| Revenue Growth IPRWA | high: 5.422 % median: 2.066 % mean: 2.058 % low: 0.172 % REXR: -1.102 % |
|
| Earnings Growth | 20.833 % | |
| Earnings Growth QoQ | 87.499 % | |
| Earnings Growth YoY | -43.751 % | |
| Earnings Growth IPRWA | high: 145.161 % REXR: 20.833 % median: -3.175 % mean: -4.465 % low: -166.667 % |
|
| MARGINS | ||
| Gross Margin | 77.837 % | |
| Gross Margin QoQ | -0.332 % | |
| Gross Margin YoY | -0.403 % | |
| Gross Margin IPRWA | high: 89.081 % REXR: 77.837 % median: 74.683 % mean: 73.931 % low: 68.464 % |
|
| EBIT Margin | 58.954 % | |
| EBIT Margin QoQ | 46.772 % | |
| EBIT Margin YoY | 22.398 % | |
| EBIT Margin IPRWA | high: 89.376 % REXR: 58.954 % mean: 41.844 % median: 41.1 % low: 5.489 % |
|
| Return On Sales (ROS) | 41.389 % | |
| Return On Sales QoQ | 3.042 % | |
| Return On Sales YoY | -14.07 % | |
| Return On Sales IPRWA | high: 47.886 % REXR: 41.389 % mean: 41.347 % median: 39.159 % low: 8.342 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 45.0 M | |
| Free Cash Flow Yield | 0.505 % | |
| Free Cash Flow Yield QoQ | -37.884 % | |
| Free Cash Flow Yield YoY | 198.817 % | |
| Free Cash Flow Yield IPRWA | high: 6.392 % mean: 1.447 % median: 1.237 % REXR: 0.505 % low: -1.258 % |
|
| Free Cash Growth | -38.748 % | |
| Free Cash Growth QoQ | -123.729 % | |
| Free Cash Growth YoY | -44.068 % | |
| Free Cash Growth IPRWA | high: 61.894 % mean: 12.929 % median: 7.626 % low: -30.341 % REXR: -38.748 % |
|
| Free Cash To Net Income | 0.386 | |
| Cash Flow Margin | 65.133 % | |
| Cash Flow To Earnings | 1.397 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.889 % | |
| Return On Assets QoQ | 60.759 % | |
| Return On Assets YoY | 33.483 % | |
| Return On Assets IPRWA | high: 3.919 % mean: 0.994 % REXR: 0.889 % median: 0.731 % low: -0.408 % |
|
| Return On Capital Employed (ROCE) | 1.161 % | |
| Return On Equity (ROE) | 0.013 | |
| Return On Equity QoQ | 62.819 % | |
| Return On Equity YoY | 27.863 % | |
| Return On Equity IPRWA | high: 0.071 mean: 0.027 median: 0.015 REXR: 0.013 low: -0.041 |
|
| DuPont ROE | 1.343 % | |
| Return On Invested Capital (ROIC) | 0.966 % | |
| Return On Invested Capital QoQ | 90.533 % | |
| Return On Invested Capital YoY | -100.616 % | |
| Return On Invested Capital IPRWA | high: 2.796 % mean: 1.534 % median: 1.031 % REXR: 0.966 % low: 0.176 % |
|