Recent News
On September 28, 2025 the company reported record quarterly results for Q3, citing higher revenues, expanded gross margins, and an upward revision to full‑year 2025 guidance. On September 26, 2025 the remaining convertible preferred shares converted into common shares, increasing share count. On October 9, 2025 Truist Securities maintained coverage with a Hold rating while analysts’ consensus one‑year price target clustered near $105.64.
Technical Analysis
ADX at 46.51 registers very strong trend strength; that intensity supports the recent directional move and increases the likelihood that momentum will sustain price action near current levels.
DI+ shows a dip & reversal while DI− shows a peak & reversal, a paired bullish signal implying directional buyers have regained control after a recent pullback.
MACD presents a dip & reversal (MACD increasing) yet remains negative at −2.76 and below the signal line at −2.07, indicating bullish momentum improving from a low base but not yet confirming a full bullish crossover.
MRO reads 2.59 (positive), which indicates price currently sits above WMDST’s target and therefore carries a bias toward consolidation or downward pressure absent fresh upside catalysts.
RSI at 46.18 with a dip & reversal shows momentum recovering from lower levels while remaining below neutral 50; that pattern favors further mean reversion toward nearby moving averages rather than an immediate breakout.
Price closed at $83.22, trading above the 200‑day average of $74.58 but below the 50‑day average of $90.40 and the 20‑day average of $84.27; the 12‑day EMA trends decreasing, suggesting short‑term resistance near the 20‑day and 50‑day averages and support around the lower Bollinger band at $79.67.
Fundamental Analysis
Revenue growth shows a 4.33% year‑over‑year increase with sequential revenue growth of 7.61% QoQ, supporting the company’s recent upward guidance.
Gross margin at 59.01% and EBIT margin at 16.91% indicate strong profitability versus the industry peer mean EBIT margin of 24.54% and median of 30.689%; EBIT margin sits below the industry peer mean and median but above the industry low. EBIT margin expanded QoQ by 123.94% while contracting YoY by 186.01%, reflecting significant quarter‑to‑quarter operating leverage dynamics tied to product mix and recent acquisitions.
EPS came in at $2.04 versus an estimate of $1.77, producing a $0.27 beat and a 15.25% surprise, which underpinned analyst revisions and the guidance raise.
Balance sheet and liquidity metrics present strength: cash and short‑term investments total $271.47M, cash ratio at 1.00, current ratio at 2.58, and a cash conversion cycle of 194 days. Net debt stands at $357.7M with total debt of $620.31M and debt‑to‑assets of 44.05% (debt‑to‑equity 122.64%), reflecting leverage that remains serviceable given an interest coverage ratio of 8.15.
Valuation multiples show a trailing P/E of 43.70 and forward P/E of 61.28, while price‑to‑book equals 3.96 (industry peer mean book multiple ~4.53, median ~5.34). Free cash flow yield registers about 1.89% while free cash flow growth shows recent contraction; operating cash flow and free cash conversion show positive cash generation relative to net income (cash‑to‑earnings >100%).
WMDST values the stock as under‑valued based on the combination of accelerating revenue, robust gross margins, sizeable cash reserves, and WMDST’s enterprise valuation analysis relative to projected cash flows.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-07 |
| NEXT REPORT DATE: | 2026-02-06 |
| CASH FLOW | Begin Period Cash Flow | $ 217.8 M |
| Operating Cash Flow | $ 44.1 M | |
| Capital Expenditures | $ -6.16 M | |
| Change In Working Capital | $ -17.84 M | |
| Dividends Paid | $ -344.00 K | |
| Cash Flow Delta | $ 44.8 M | |
| End Period Cash Flow | $ 262.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 227.8 M | |
| Forward Revenue | $ 66.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 93.4 M | |
| Depreciation | $ 22.6 M | |
| Depreciation and Amortization | $ 22.6 M | |
| Research and Development | $ 12.3 M | |
| Total Operating Expenses | $ 205.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 134.4 M | |
| EBITDA | $ 61.2 M | |
| EBIT | $ 38.5 M | |
| Operating Income | $ 22.8 M | |
| Interest Income | — | |
| Interest Expense | $ 4.7 M | |
| Net Interest Income | $ -4.73 M | |
| Income Before Tax | $ 33.8 M | |
| Tax Provision | $ 7.2 M | |
| Tax Rate | 21.3 % | |
| Net Income | $ 26.6 M | |
| Net Income From Continuing Operations | $ 26.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.77 | |
| EPS Actual | $ 2.04 | |
| EPS Difference | $ 0.27 | |
| EPS Surprise | 15.254 % | |
| Forward EPS | $ 1.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 562.3 M | |
| Net Tangible Assets | $ -56.48 M | |
| Total Current Assets | $ 698.4 M | |
| Cash and Short-Term Investments | $ 271.5 M | |
| Cash | $ 262.6 M | |
| Net Receivables | $ 252.6 M | |
| Inventory | $ 146.5 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 69.8 M | |
| Short-Term Debt | $ 15.2 M | |
| Total Current Liabilities | $ 270.6 M | |
| Net Debt | $ 357.7 M | |
| Total Debt | $ 620.3 M | |
| Total Liabilities | $ 902.3 M | |
| EQUITY | ||
| Total Equity | $ 505.8 M | |
| Retained Earnings | $ -50.59 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.52 | |
| Shares Outstanding | 22.462 M | |
| Revenue Per-Share | $ 10.14 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 2.4 B | |
| Enterprise Multiple | 38.442 | |
| Enterprise Multiple QoQ | -25.977 % | |
| Enterprise Multiple YoY | -146.837 % | |
| Enterprise Multiple IPRWA | high: 127.79 mean: 57.87 median: 47.344 ANIP: 38.442 low: -89.639 |
|
| EV/R | 10.32 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.784 | |
| Asset To Liability | 1.561 | |
| Debt To Capital | 0.551 | |
| Debt To Assets | 0.441 | |
| Debt To Assets QoQ | -4.82 % | |
| Debt To Assets YoY | 7822.842 % | |
| Debt To Assets IPRWA | high: 0.914 ANIP: 0.441 mean: 0.326 median: 0.285 low: 0.001 |
|
| Debt To Equity | 1.226 | |
| Debt To Equity QoQ | -13.827 % | |
| Debt To Equity YoY | 6859.989 % | |
| Debt To Equity IPRWA | high: 2.751 ANIP: 1.226 mean: 0.819 median: 0.596 low: -1.72 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.958 | |
| Price To Book QoQ | 5.419 % | |
| Price To Book YoY | 28.811 % | |
| Price To Book IPRWA | high: 10.347 median: 5.339 mean: 4.535 ANIP: 3.958 low: -1.956 |
|
| Price To Earnings (P/E) | 43.696 | |
| Price To Earnings QoQ | 21.116 % | |
| Price To Earnings YoY | -1.108 % | |
| Price To Earnings IPRWA | high: 117.495 median: 62.821 mean: 60.83 ANIP: 43.696 low: -77.541 |
|
| PE/G Ratio | 3.277 | |
| Price To Sales (P/S) | 8.789 | |
| Price To Sales QoQ | 13.277 % | |
| Price To Sales YoY | 4.504 % | |
| Price To Sales IPRWA | high: 26.038 median: 17.64 mean: 15.103 ANIP: 8.789 low: 1.463 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.278 | |
| Forward PE/G | 4.596 | |
| Forward P/S | 30.133 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 18.172 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.166 | |
| Asset Turnover Ratio QoQ | 3.242 % | |
| Asset Turnover Ratio YoY | 23.268 % | |
| Asset Turnover Ratio IPRWA | high: 0.401 ANIP: 0.166 mean: 0.128 median: 0.124 low: 0.005 |
|
| Receivables Turnover | 0.953 | |
| Receivables Turnover Ratio QoQ | 0.503 % | |
| Receivables Turnover Ratio YoY | 16.391 % | |
| Receivables Turnover Ratio IPRWA | high: 2.105 median: 1.242 mean: 1.212 ANIP: 0.953 low: 0.489 |
|
| Inventory Turnover | 0.656 | |
| Inventory Turnover Ratio QoQ | 21.176 % | |
| Inventory Turnover Ratio YoY | 42.184 % | |
| Inventory Turnover Ratio IPRWA | high: 1.758 ANIP: 0.656 mean: 0.646 median: 0.53 low: -0.174 |
|
| Days Sales Outstanding (DSO) | 95.785 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 193.881 | |
| Cash Conversion Cycle Days QoQ | -3.673 % | |
| Cash Conversion Cycle Days YoY | -19.587 % | |
| Cash Conversion Cycle Days IPRWA | high: 364.324 ANIP: 193.881 median: 118.08 mean: 44.669 low: -577.709 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.532 | |
| CapEx To Revenue | -0.027 | |
| CapEx To Depreciation | -0.272 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ -56.48 M | |
| Net Working Capital | $ 427.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.003 | |
| Current Ratio | 2.581 | |
| Current Ratio QoQ | 1.449 % | |
| Current Ratio YoY | -5.949 % | |
| Current Ratio IPRWA | high: 3.415 ANIP: 2.581 mean: 0.927 median: 0.836 low: 0.352 |
|
| Quick Ratio | 2.04 | |
| Quick Ratio QoQ | 4.054 % | |
| Quick Ratio YoY | 3.806 % | |
| Quick Ratio IPRWA | high: 2.374 ANIP: 2.04 mean: 0.687 median: 0.599 low: 0.103 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.143 | |
| Cost Of Debt | 0.599 % | |
| Interest Coverage Ratio | 8.15 | |
| Interest Coverage Ratio QoQ | 177.655 % | |
| Interest Coverage Ratio YoY | -165.137 % | |
| Interest Coverage Ratio IPRWA | high: 31.584 mean: 13.44 median: 8.475 ANIP: 8.15 low: -26.093 |
|
| Operating Cash Flow Ratio | 0.108 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 76.045 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 77.375 | |
| Dividend Payout Ratio | 0.013 | |
| Dividend Rate | $ 0.02 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.851 % | |
| Revenue Growth | 7.779 % | |
| Revenue Growth QoQ | 7.608 % | |
| Revenue Growth YoY | 4.332 % | |
| Revenue Growth IPRWA | high: 25.317 % ANIP: 7.779 % mean: 2.56 % median: 0.502 % low: -26.278 % |
|
| Earnings Growth | 13.333 % | |
| Earnings Growth QoQ | 126.675 % | |
| Earnings Growth YoY | -57.502 % | |
| Earnings Growth IPRWA | high: 85.714 % ANIP: 13.333 % median: 1.0 % mean: -6.446 % low: -81.013 % |
|
| MARGINS | ||
| Gross Margin | 59.006 % | |
| Gross Margin QoQ | -8.801 % | |
| Gross Margin YoY | 2.66 % | |
| Gross Margin IPRWA | high: 105.313 % mean: 71.036 % median: 69.562 % ANIP: 59.006 % low: -7.888 % |
|
| EBIT Margin | 16.912 % | |
| EBIT Margin QoQ | 123.941 % | |
| EBIT Margin YoY | -186.009 % | |
| EBIT Margin IPRWA | high: 71.511 % median: 30.689 % mean: 24.54 % ANIP: 16.912 % low: -82.97 % |
|
| Return On Sales (ROS) | 10.022 % | |
| Return On Sales QoQ | 39.66 % | |
| Return On Sales YoY | -150.969 % | |
| Return On Sales IPRWA | high: 31.586 % median: 29.992 % mean: 28.695 % ANIP: 10.022 % low: -83.009 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 37.9 M | |
| Free Cash Flow Yield | 1.892 % | |
| Free Cash Flow Yield QoQ | -54.963 % | |
| Free Cash Flow Yield YoY | 235.461 % | |
| Free Cash Flow Yield IPRWA | high: 12.255 % mean: 4.028 % ANIP: 1.892 % median: 1.889 % low: -18.726 % |
|
| Free Cash Growth | -45.007 % | |
| Free Cash Growth QoQ | -112.68 % | |
| Free Cash Growth YoY | -1.665 % | |
| Free Cash Growth IPRWA | high: 289.614 % mean: 92.933 % median: 36.016 % ANIP: -45.007 % low: -206.393 % |
|
| Free Cash To Net Income | 1.424 | |
| Cash Flow Margin | 12.884 % | |
| Cash Flow To Earnings | 1.103 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.935 % | |
| Return On Assets QoQ | 198.151 % | |
| Return On Assets YoY | -188.397 % | |
| Return On Assets IPRWA | high: 4.024 % median: 2.668 % mean: 2.17 % ANIP: 1.935 % low: -18.394 % |
|
| Return On Capital Employed (ROCE) | 3.387 % | |
| Return On Equity (ROE) | 0.053 | |
| Return On Equity QoQ | 168.881 % | |
| Return On Equity YoY | -188.392 % | |
| Return On Equity IPRWA | high: 0.177 median: 0.065 ANIP: 0.053 mean: 0.045 low: -0.484 |
|
| DuPont ROE | 5.648 % | |
| Return On Invested Capital (ROIC) | 2.692 % | |
| Return On Invested Capital QoQ | 119.755 % | |
| Return On Invested Capital YoY | -82.416 % | |
| Return On Invested Capital IPRWA | high: 14.18 % mean: 4.894 % median: 4.254 % ANIP: 2.692 % low: -11.808 % |
|