Recent News
On September 23, 2025 the company announced it will release third-quarter 2025 results after market close on October 15, 2025 with a conference call scheduled for October 16, 2025. On September 19, 2025 the board declared a monthly common dividend of $0.2575 payable October 15, 2025. In mid‑October 2025 reporting noted SL Green agreed to acquire Park Avenue Tower in Midtown for approximately $730 million, a large-market acquisition highlighting continued portfolio consolidation in Manhattan.
Technical Analysis
ADX / DI+/DI-: ADX at 29.21 indicates a strong trend; DI‑ negative increasing signals bearish directional pressure while DI+ decreasing reinforces selling bias. Together, trend strength favors downside continuation until DI+ stabilizes versus DI‑.
MACD: MACD at -1.70, decreasing and below the signal line (-1.07), points to bearish momentum and declining short-term market internals that weigh on the near-term valuation backdrop.
MRO: MRO at -24.58 signals price sits below model target and implies upward reversion potential; the MRO trend decreasing increases the magnitude of that negative reading while price momentum remains subdued.
RSI: RSI at 43.29, decreasing, places the stock below neutral and biased lower, consistent with the MACD and directional indicators and limiting conviction for upside until RSI recovers above midline.
Price vs Moving Averages and Ichimoku: Last close $51.75 sits below the 12‑day EMA ($54.40, decreasing), 26‑day EMA ($56.35), and the 200‑day average ($58.18); Tenkan at $55.31 and Kijun at $58.45 both sit above price. Price below short and long averages and beneath ichimoku components indicates near-term downside pressure against the valuation WMDST assigns.
Bands & Volumes: Price trades between the 1x and 2x lower Bollinger bands ($52.24 / $49.32) with current volume slightly below its 10‑day average, suggesting compressed volatility with downside bias but limited panic selling at present.
Fundamental Analysis
Profitability & Margins: EBIT $61,293,000 and EBITDA $123,195,000 with an EBIT margin of 27.75% compare above the industry peer mean (17.74%) and industry peer median (22.14%), signaling relatively stronger operating profitability versus office-REIT peers. Operating margin stands at 29.00% and gross margin at 45.06%, supporting the valuation WMDST assigns.
Top Line & Cash Flow: Total revenue $220,867,000 with revenue growth YoY at -1.07% and QoQ down 45.44% quarter-to-quarter; operating cash flow $54,488,000 and free cash flow $54,488,000 produce a free cash flow yield of 1.34%, below the industry peer mean of 2.78%. Cash flow margin at 29.73% supports operations but free cash flow yield signals limited distributable flexibility relative to peer averages.
Balance Sheet & Leverage: Total assets $11,252,329,000 against total equity $3,569,572,000 produce debt-to-equity 130.58% and debt-to-assets 41.42%. Debt-to-EBITDA sits at 37.84, and interest coverage 0.90 falls below the industry peer mean (1.17), reflecting elevated leverage and constrained coverage that increase sensitivity to interest costs despite a low reported cost of debt (~1.14%).
Market Metrics: Price-to-book 1.14 sits just below the industry peer mean (1.24) and within the industry peer range; price-to-sales 18.44 remains above the industry peer mean (14.89). PE metrics show negative forward and trailing figures (trailing PE -80.36, forward PE -105.50) driven by reported near-term losses and negative forward EPS (-$0.5625), while EPS actual at $0.50 and an EPS surprise ratio of 1604.87% reflect a large statistical surprise metric in the reported period.
Dividends & Returns: Dividend rate $0.8476 and yield 1.44% with dividend coverage ratio negative; the board declared a monthly common dividend of $0.2575 in September. Return on assets and equity sit slightly negative (-0.046% and -0.146%, respectively), indicating currently limited accounting returns despite operating margin strength.
Valuation Statement: WMDST values the stock as under-valued based on the model inputs provided, with operating profitability above the industry peer mean but valuation tempered by leverage, subdued cash yield, and negative returns on capital measures.
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 | $ 337.0 M |
| Operating Cash Flow | $ 54.5 M | |
| Capital Expenditures | $ -82.16 M | |
| Change In Working Capital | $ 3.8 M | |
| Dividends Paid | $ -60.20 M | |
| Cash Flow Delta | $ 5.8 M | |
| End Period Cash Flow | $ 342.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 220.9 M | |
| Forward Revenue | $ 424.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 121.4 M | |
| Depreciation | $ 61.9 M | |
| Depreciation and Amortization | $ 61.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 156.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 99.5 M | |
| EBITDA | $ 123.2 M | |
| EBIT | $ 61.3 M | |
| Operating Income | $ 64.1 M | |
| Interest Income | $ 23.0 M | |
| Interest Expense | $ 68.1 M | |
| Net Interest Income | $ -47.03 M | |
| Income Before Tax | $ -6.82 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -5.20 M | |
| Net Income From Continuing Operations | $ -6.82 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | $ 0.50 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 160487.1 % | |
| Forward EPS | $ -0.56 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 11.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 3.8 B | |
| Total Current Assets | $ 2.1 B | |
| Cash and Short-Term Investments | $ 200.1 M | |
| Cash | $ 182.9 M | |
| Net Receivables | $ 311.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 574.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 130.7 M | |
| Short-Term Debt | $ 357.0 M | |
| Total Current Liabilities | $ 684.0 M | |
| Net Debt | $ 3.6 B | |
| Total Debt | $ 4.7 B | |
| Total Liabilities | $ 6.9 B | |
| EQUITY | ||
| Total Equity | $ 3.6 B | |
| Retained Earnings | $ -613.12 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 50.26 | |
| Shares Outstanding | 71.025 M | |
| Revenue Per-Share | $ 3.11 | |
| VALUATION | Market Capitalization | $ 4.1 B |
| Enterprise Value | $ 8.5 B | |
| Enterprise Multiple | 69.276 | |
| Enterprise Multiple QoQ | -16.862 % | |
| Enterprise Multiple YoY | 72.339 % | |
| Enterprise Multiple IPRWA | high: 87.53 SLG: 69.276 mean: 59.753 median: 53.168 low: -10.887 |
|
| EV/R | 38.641 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.152 | |
| Asset To Liability | 1.633 | |
| Debt To Capital | 0.566 | |
| Debt To Assets | 0.414 | |
| Debt To Assets QoQ | -1.018 % | |
| Debt To Assets YoY | 638.659 % | |
| Debt To Assets IPRWA | high: 0.688 mean: 0.494 median: 0.462 SLG: 0.414 low: 0.363 |
|
| Debt To Equity | 1.306 | |
| Debt To Equity QoQ | -1.16 % | |
| Debt To Equity YoY | 746.067 % | |
| Debt To Equity IPRWA | high: 4.522 mean: 1.601 SLG: 1.306 median: 1.215 low: 0.688 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.141 | |
| Price To Book QoQ | -1.641 % | |
| Price To Book YoY | 16.169 % | |
| Price To Book IPRWA | high: 3.547 mean: 1.24 SLG: 1.141 median: 0.991 low: 0.018 |
|
| Price To Earnings (P/E) | -80.358 | |
| Price To Earnings QoQ | -59.174 % | |
| Price To Earnings YoY | -93.887 % | |
| Price To Earnings IPRWA | high: 463.524 median: 158.183 mean: 141.993 low: -65.736 SLG: -80.358 |
|
| PE/G Ratio | -0.871 | |
| Price To Sales (P/S) | 18.442 | |
| Price To Sales QoQ | 5.483 % | |
| Price To Sales YoY | 20.582 % | |
| Price To Sales IPRWA | high: 19.719 SLG: 18.442 median: 15.915 mean: 14.886 low: 0.163 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -105.505 | |
| Forward PE/G | -1.143 | |
| Forward P/S | 9.605 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -42.267 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.019 | |
| Asset Turnover Ratio QoQ | -11.086 % | |
| Asset Turnover Ratio YoY | -15.518 % | |
| Asset Turnover Ratio IPRWA | high: 0.044 mean: 0.028 median: 0.027 low: 0.02 SLG: 0.019 |
|
| Receivables Turnover | 0.707 | |
| Receivables Turnover Ratio QoQ | -8.062 % | |
| Receivables Turnover Ratio YoY | -2.482 % | |
| Receivables Turnover Ratio IPRWA | high: 24.779 mean: 9.669 median: 7.65 SLG: 0.707 low: 0.588 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 129.014 | |
| 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 | 0.154 | |
| CapEx To Revenue | -0.372 | |
| CapEx To Depreciation | -1.327 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.2 B | |
| Net Invested Capital | $ 7.3 B | |
| Invested Capital | $ 7.3 B | |
| Net Tangible Assets | $ 3.8 B | |
| Net Working Capital | $ 1.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.292 | |
| Current Ratio | 3.092 | |
| Current Ratio QoQ | 10.72 % | |
| Current Ratio YoY | 297.256 % | |
| Current Ratio IPRWA | SLG: 3.092 high: 2.474 median: 1.134 mean: 1.035 low: 0.177 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 37.836 | |
| Cost Of Debt | 1.14 % | |
| Interest Coverage Ratio | 0.9 | |
| Interest Coverage Ratio QoQ | 39.53 % | |
| Interest Coverage Ratio YoY | -14.552 % | |
| Interest Coverage Ratio IPRWA | high: 3.58 median: 1.381 mean: 1.172 SLG: 0.9 low: -2.123 |
|
| Operating Cash Flow Ratio | 0.096 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 95.659 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -0.086 | |
| Dividend Payout Ratio | -11.572 | |
| Dividend Rate | $ 0.85 | |
| Dividend Yield | 0.014 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.387 % | |
| Revenue Growth | -1.339 % | |
| Revenue Growth QoQ | -45.436 % | |
| Revenue Growth YoY | -107.2 % | |
| Revenue Growth IPRWA | high: 7.066 % mean: 0.26 % median: 0.108 % SLG: -1.339 % low: -5.333 % |
|
| Earnings Growth | 92.308 % | |
| Earnings Growth QoQ | -127.907 % | |
| Earnings Growth YoY | -176.923 % | |
| Earnings Growth IPRWA | SLG: 92.308 % high: 75.0 % mean: 4.961 % median: -5.882 % low: -81.319 % |
|
| MARGINS | ||
| Gross Margin | 45.056 % | |
| Gross Margin QoQ | -8.992 % | |
| Gross Margin YoY | -11.171 % | |
| Gross Margin IPRWA | high: 89.423 % median: 68.268 % mean: 63.415 % SLG: 45.056 % low: 37.677 % |
|
| EBIT Margin | 27.751 % | |
| EBIT Margin QoQ | 70.064 % | |
| EBIT Margin YoY | 59.369 % | |
| EBIT Margin IPRWA | high: 38.087 % SLG: 27.751 % median: 22.143 % mean: 17.737 % low: -45.873 % |
|
| Return On Sales (ROS) | 29.004 % | |
| Return On Sales QoQ | 77.742 % | |
| Return On Sales YoY | 66.565 % | |
| Return On Sales IPRWA | high: 34.622 % SLG: 29.004 % median: 23.038 % mean: 22.809 % low: -21.357 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 54.5 M | |
| Free Cash Flow Yield | 1.338 % | |
| Free Cash Flow Yield QoQ | 736.25 % | |
| Free Cash Flow Yield YoY | -42.55 % | |
| Free Cash Flow Yield IPRWA | high: 5.703 % median: 3.281 % mean: 2.784 % SLG: 1.338 % low: -1.044 % |
|
| Free Cash Growth | 712.042 % | |
| Free Cash Growth QoQ | -904.876 % | |
| Free Cash Growth YoY | -268.87 % | |
| Free Cash Growth IPRWA | SLG: 712.042 % high: 151.556 % mean: 71.141 % median: 68.135 % low: -213.331 % |
|
| Free Cash To Net Income | -10.474 | |
| Cash Flow Margin | 29.731 % | |
| Cash Flow To Earnings | -12.623 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -0.046 % | |
| Return On Assets QoQ | -66.906 % | |
| Return On Assets YoY | -212.195 % | |
| Return On Assets IPRWA | high: 0.898 % median: 0.164 % mean: 0.071 % SLG: -0.046 % low: -2.609 % |
|
| Return On Capital Employed (ROCE) | 0.58 % | |
| Return On Equity (ROE) | -0.001 | |
| Return On Equity QoQ | -65.238 % | |
| Return On Equity YoY | -226.957 % | |
| Return On Equity IPRWA | high: 0.026 mean: 0.003 median: 0.003 SLG: -0.001 low: -0.101 |
|
| DuPont ROE | -0.145 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |