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On September 22, 2025, Strive announced an all-stock acquisition of Semler Scientific valued at approximately $1.34 billion, exchanging 21.04 Strive Class A shares per Semler share and signaling combined company control of a substantially larger bitcoin treasury. The transaction positions Semler’s diagnostics business inside a bitcoin-focused corporate structure.
Technical Analysis
Trend Strength (ADX): ADX at 25.73 signals a strong trend environment; that strength increases the likelihood that directional signals will carry price action into the near term rather than fade quickly.
Directional Indicators (DI+/DI-): DI+ shows a dip & reversal, a bullish sign, while DI- shows a peak & reversal, which also reads bullish; together they indicate buyers regained directional control, reinforcing the ADX strength for an upward directional bias.
MACD: MACD reads -1.05 with a MACD signal at -1.25 and a peak & reversal trend, which indicates bearish momentum; concurrently MACD sits above its signal line, producing a short-term bullish crossover that suggests momentum may attempt a transient recovery despite the recent peak-and-reverse behavior.
MRO (Momentum/Regression Oscillator): MRO at 14.59 sits positive, which implies price sits above the model target and faces probable downward pressure toward that target; the positive MRO raises the risk of a pullback from current levels.
RSI: RSI at 41.44 with a dip & reversal indicates momentum softened and began to recover; remaining below 50 keeps the momentum profile tilted toward sellers compared with typical bullish ranges.
Price vs. Moving Averages & Ichimoku: Price closed at $24.61, below the 20-day ($25.07), 50-day ($28.28) and 200-day ($36.86) averages; Ichimoku Tenkan ($27.64), Kijun ($28.29) and cloud levels (Senkou A $31.57 / Senkou B $37.92) sit above price, producing a bearish price structure that contrasts with the directional indicator recovery.
Bollinger Bands, Volatility & Volume: Price trades between the lower 1σ band ($22.48) and the middle band ($25.07), nearer the lower band, which leaves room for either a volatility-driven bounce or further decline; daily volume at 574,426 sits below the 10- and 50-day averages, suggesting low participation that can amplify intraday moves when volume reappears.
Fundamental Analysis
Revenue & Margins: Total revenue totaled $8,217,000 with gross profit $7,478,000, producing a gross margin of 91.01%. Operating (EBIT) margin measured -24.99%, a QoQ change of -97.01% and a YoY change of -167.55%. Operating margin sits well below the industry peer mean of 18.49% and the industry peer median of 17.48%.
Profitability & Returns: Net income reached $66,933,000 while operating income registered -$2,053,000, producing ROE of 17.46% and ROA of 16.40%. These positive returns contrast with negative operating margins, indicating non-operating gains materially influenced net results for the period.
Cash Flow & Capital Structure: Operating cash flow recorded $514,000 while free cash flow reached -$149,154,000 and free cash flow yield measured -30.59%. Cash and short-term investments totaled $13,482,000 against total debt $96,279,000 and net debt $82,773,000, yielding a cash ratio of 0.37 and a current ratio of 0.60—liquidity metrics below typical healthy thresholds.
Valuation Multiples: Market capitalization stood at $487,676,257 with enterprise value $570,473,257, producing an EV/revenue (EVR) of 69.43x. Price-to-sales at 59.35x and price-to-book at 1.27x; forward PE registers 44.14x on a forward EPS of $0.8425. Enterprise multiple and several multiples reflect unusually high valuation relative to trailing revenue and negative operating margins.
EPS & Forecasts: Reported EPS came in at -$0.23 versus an estimate of -$0.27, an EPS surprise of +14.82%. Forward EPS projects $0.8425, implying expected profitability recovery versus the trailing quarter loss.
Balance Of Metrics: Asset turnover reads 0.02 and revenue growth measured -6.99% YoY with QoQ contraction of -75.73%. Intangible assets total $496,865,000 and net tangible assets sit negative at -$113,456,000. These structural metrics, combined with negative free cash flow and concentrated treasury positioning, shape valuation stress despite strong gross margin and positive reported net income.
Valuation Conclusion: The current valuation as determined by WMDST registers as over-valued, driven by high EV/revenue and price-to-sales multiples alongside negative operating margins and a large negative free cash flow position.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-11-11 |
| CASH FLOW | Begin Period Cash Flow | $ 9.9 M |
| Operating Cash Flow | $ 514.0 K | |
| Capital Expenditures | $ -149.67 M | |
| Change In Working Capital | $ 1.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 3.7 M | |
| End Period Cash Flow | $ 13.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 8.2 M | |
| Forward Revenue | $ 353.9 K | |
| COSTS | ||
| Cost Of Revenue | $ 739.0 K | |
| Depreciation | $ 109.0 K | |
| Depreciation and Amortization | $ 109.0 K | |
| Research and Development | $ 1.2 M | |
| Total Operating Expenses | $ 10.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 7.5 M | |
| EBITDA | $ -1.94 M | |
| EBIT | $ -2.05 M | |
| Operating Income | $ -2.05 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | $ -1.15 M | |
| Income Before Tax | $ 80.6 M | |
| Tax Provision | $ 13.6 M | |
| Tax Rate | 16.918 % | |
| Net Income | $ 66.9 M | |
| Net Income From Continuing Operations | $ 66.9 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.27 | |
| EPS Actual | $ -0.23 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 14.815 % | |
| Forward EPS | $ 0.84 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 522.6 M | |
| Intangible Assets | $ 496.9 M | |
| Net Tangible Assets | $ -113.46 M | |
| Total Current Assets | $ 21.9 M | |
| Cash and Short-Term Investments | $ 13.5 M | |
| Cash | $ 13.5 M | |
| Net Receivables | $ 2.8 M | |
| Inventory | $ 558.0 K | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 156.0 K | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 36.8 M | |
| Net Debt | $ 82.8 M | |
| Total Debt | $ 96.3 M | |
| Total Liabilities | $ 139.2 M | |
| EQUITY | ||
| Total Equity | $ 383.4 M | |
| Retained Earnings | $ 102.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 28.01 | |
| Shares Outstanding | 13.688 M | |
| Revenue Per-Share | $ 0.60 | |
| VALUATION | Market Capitalization | $ 487.7 M |
| Enterprise Value | $ 570.5 M | |
| Enterprise Multiple | -293.453 | |
| Enterprise Multiple QoQ | 4696.831 % | |
| Enterprise Multiple YoY | -859.043 % | |
| Enterprise Multiple IPRWA | high: 123.29 median: 110.415 mean: 93.997 low: -147.649 SMLR: -293.453 |
|
| EV/R | 69.426 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.363 | |
| Asset To Liability | 3.755 | |
| Debt To Capital | 0.201 | |
| Debt To Assets | 0.184 | |
| Debt To Assets QoQ | -43.769 % | |
| Debt To Assets YoY | 16801.835 % | |
| Debt To Assets IPRWA | high: 0.843 mean: 0.299 median: 0.292 SMLR: 0.184 low: 0.0 |
|
| Debt To Equity | 0.251 | |
| Debt To Equity QoQ | -57.77 % | |
| Debt To Equity YoY | 21362.393 % | |
| Debt To Equity IPRWA | high: 3.369 mean: 0.631 median: 0.579 SMLR: 0.251 low: -0.395 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.272 | |
| Price To Book QoQ | -43.674 % | |
| Price To Book YoY | -56.022 % | |
| Price To Book IPRWA | high: 16.759 median: 6.869 mean: 6.29 SMLR: 1.272 low: -5.981 |
|
| Price To Earnings (P/E) | -167.592 | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | -430.541 % | |
| Price To Earnings IPRWA | high: 249.6 mean: 136.697 median: 121.658 low: -163.125 SMLR: -167.592 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 59.35 | |
| Price To Sales QoQ | 43.614 % | |
| Price To Sales YoY | 278.61 % | |
| Price To Sales IPRWA | high: 73.117 SMLR: 59.35 mean: 32.417 median: 24.499 low: 0.6 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 44.137 | |
| Forward PE/G | — | |
| Forward P/S | 1377.835 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 13.899 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.02 | |
| Asset Turnover Ratio QoQ | -39.209 % | |
| Asset Turnover Ratio YoY | -88.26 % | |
| Asset Turnover Ratio IPRWA | high: 0.412 median: 0.124 mean: 0.121 SMLR: 0.02 low: 0.008 |
|
| Receivables Turnover | 2.753 | |
| Receivables Turnover Ratio QoQ | 17.105 % | |
| Receivables Turnover Ratio YoY | 29.427 % | |
| Receivables Turnover Ratio IPRWA | high: 3.133 SMLR: 2.753 mean: 1.734 median: 1.672 low: 0.374 |
|
| Inventory Turnover | 1.593 | |
| Inventory Turnover Ratio QoQ | -38.129 % | |
| Inventory Turnover Ratio YoY | -49.682 % | |
| Inventory Turnover Ratio IPRWA | high: 2.014 SMLR: 1.593 mean: 0.647 median: 0.568 low: 0.084 |
|
| Days Sales Outstanding (DSO) | 33.148 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 42.011 | |
| Cash Conversion Cycle Days QoQ | 8.454 % | |
| Cash Conversion Cycle Days YoY | -13.577 % | |
| Cash Conversion Cycle Days IPRWA | high: 448.876 mean: 171.044 median: 167.784 SMLR: 42.011 low: -175.55 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.552 | |
| CapEx To Revenue | -18.214 | |
| CapEx To Depreciation | -1373.101 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 479.7 M | |
| Net Invested Capital | $ 479.7 M | |
| Invested Capital | $ 479.7 M | |
| Net Tangible Assets | $ -113.46 M | |
| Net Working Capital | $ -14.87 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.367 | |
| Current Ratio | 0.596 | |
| Current Ratio QoQ | 15.11 % | |
| Current Ratio YoY | -84.002 % | |
| Current Ratio IPRWA | high: 19.146 mean: 2.55 median: 1.718 SMLR: 0.596 low: 0.027 |
|
| Quick Ratio | 0.58 | |
| Quick Ratio QoQ | 14.47 % | |
| Quick Ratio YoY | -84.153 % | |
| Quick Ratio IPRWA | high: 12.697 mean: 1.881 median: 1.167 SMLR: 0.58 low: 0.315 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -49.526 | |
| Cost Of Debt | 0.814 % | |
| Interest Coverage Ratio | -2.177 | |
| Interest Coverage Ratio QoQ | -97.223 % | |
| Interest Coverage Ratio YoY | -115.341 % | |
| Interest Coverage Ratio IPRWA | high: 52.298 mean: 15.468 median: 11.456 SMLR: -2.177 low: -88.481 |
|
| Operating Cash Flow Ratio | 1.815 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 36.325 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 78.09 % | |
| Revenue Growth | -6.995 % | |
| Revenue Growth QoQ | -75.733 % | |
| Revenue Growth YoY | -22.639 % | |
| Revenue Growth IPRWA | high: 26.158 % median: 8.281 % mean: 6.323 % SMLR: -6.995 % low: -19.222 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 91.006 % | |
| Gross Margin QoQ | 1.803 % | |
| Gross Margin YoY | -0.348 % | |
| Gross Margin IPRWA | SMLR: 91.006 % high: 87.706 % median: 63.683 % mean: 62.17 % low: -7.085 % |
|
| EBIT Margin | -24.985 % | |
| EBIT Margin QoQ | -97.014 % | |
| EBIT Margin YoY | -167.553 % | |
| EBIT Margin IPRWA | high: 33.709 % mean: 18.486 % median: 17.478 % SMLR: -24.985 % low: -200.872 % |
|
| Return On Sales (ROS) | -24.985 % | |
| Return On Sales QoQ | -97.014 % | |
| Return On Sales YoY | -167.553 % | |
| Return On Sales IPRWA | high: 39.857 % mean: 18.891 % median: 18.374 % SMLR: -24.985 % low: -215.416 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -149.15 M | |
| Free Cash Flow Yield | -30.585 % | |
| Free Cash Flow Yield QoQ | 20.314 % | |
| Free Cash Flow Yield YoY | 26.015 % | |
| Free Cash Flow Yield IPRWA | high: 4.685 % median: 0.712 % mean: 0.676 % low: -19.501 % SMLR: -30.585 % |
|
| Free Cash Growth | 60.699 % | |
| Free Cash Growth QoQ | -428.653 % | |
| Free Cash Growth YoY | -105.554 % | |
| Free Cash Growth IPRWA | high: 310.383 % mean: 85.462 % SMLR: 60.699 % median: 14.619 % low: -376.098 % |
|
| Free Cash To Net Income | -2.228 | |
| Cash Flow Margin | 812.073 % | |
| Cash Flow To Earnings | 0.997 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 16.404 % | |
| Return On Assets QoQ | -167.601 % | |
| Return On Assets YoY | 126084.615 % | |
| Return On Assets IPRWA | SMLR: 16.404 % high: 5.547 % mean: 1.733 % median: 1.686 % low: -35.697 % |
|
| Return On Capital Employed (ROCE) | -0.423 % | |
| Return On Equity (ROE) | 0.175 | |
| Return On Equity QoQ | -143.623 % | |
| Return On Equity YoY | 124592.857 % | |
| Return On Equity IPRWA | SMLR: 0.175 high: 0.11 median: 0.032 mean: 0.028 low: -0.524 |
|
| DuPont ROE | 24.56 % | |
| Return On Invested Capital (ROIC) | -0.356 % | |
| Return On Invested Capital QoQ | -98.564 % | |
| Return On Invested Capital YoY | -98.876 % | |
| Return On Invested Capital IPRWA | high: 5.672 % median: 2.571 % mean: 2.223 % SMLR: -0.356 % low: -19.888 % |
|