Recent News
On November 10, 2025 the company reported third-quarter 2025 results and raised full-year Adjusted EBITDA guidance, citing continued fleet deployments and contracted large-horsepower unit deliveries. Coverage on November 14 summarized Q3 rental revenue growth and management commentary about fleet growth and workforce challenges.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 30.24 indicates a strong trend environment; DI+ at 26.16 increasing conveys a bullish directional bias while DI- at 12.15 decreasing reinforces that bullish bias. These directional readings support the near-term upside case embedded in the valuation, but do not negate momentum risk described below.
MACD and signal line: MACD shows a peak & reversal, a bearish momentum development; the MACD line sits at 0.85 versus a signal line at 0.74, which constitutes a short-term bullish crossing, but the overall peak-and-reversal pattern signals fading momentum that could translate into price weakness despite the current crossover.
MRO (Momentum/Regression Oscillator): MRO reads 32.29 with a dip & reversal; the oscillator’s positive level indicates price sits above its target and therefore carries risk of a corrective move back toward that target, which conflicts with the directional indicators and raises pullback probability.
RSI: RSI at 58.81 and increasing indicates constructive near-term momentum without reaching overbought extremes, aligning with the bullish DI readings while leaving room for further gains before a technical exhaustion signal.
Price vs. moving averages and support structure: Latest close at $30.97 trades above the 20-day average ($30.24), 50-day average ($28.28) and 200-day average ($24.84), reflecting a bullish price structure; the 12-day EMA (30.38) trends higher. A technical pullback would likely find first support near the SuperTrend lower boundary at $28.65 and the 50-day average, while the price target mean of $34.49 marks a near-term upside reference.
Bollinger, volatility and volume context: Narrow 20-day standard deviation and the position inside the upper Bollinger band range ($31.18–$32.11 upper band levels) suggest contained volatility; average volumes remain below short-term daily prints, reducing conviction in large intraday directional moves.
Fundamental Analysis
Profitability and margins: EBIT equals $10,649,000 and EBITDA $19,898,000. EBIT margin stands at 24.54%, above the industry peer mean of 21.997% and the peer median of 20.288%, and the margin improved QoQ by 1.25% and YoY by 5.73%. Gross margin at 38.20% expanded QoQ by 3.63% and YoY by 4.97% — margin expansion supports the company’s current valuation narrative and underpins the reported EPS beat.
EPS and recent earnings signal: Reported EPS of $0.45 versus an estimate of $0.34 produced an EPS surprise of +32.35%, reflecting stronger-than-expected near-term profitability that feeds into the elevated multiples observed across forward metrics.
Revenue and growth: Total revenue reached $43,401,000. Quarter-over-quarter revenue growth registered 4.88% while trailing twelve-month revenue shows a YoY contraction of 14.45%, indicating mixed top-line dynamics between recent sequential improvement and year-ago comparisons.
Cash flow and capital allocation: Operating cash flow equals $16,799,000 while free cash flow totaled negative $25,062,000, producing a free cash flow yield of -7.43%. Free cash flow metrics improved QoQ (free cash flow yield QoQ change ~54.69%) but remain negative on an absolute basis, constraining the firm’s ability to de-lever without drawing on external funding.
Leverage and coverage: Net debt stands at $208,000,000 with total debt $208,291,000 and a debt-to-EBITDA multiple of 10.47; interest coverage sits at 3.45. The company carries meaningful leverage relative to reported EBITDA, which elevates sensitivity to cash-flow swings even as margins stay above peer central tendencies.
Balance sheet and working capital: Current ratio at 1.83 and quick ratio at 1.06 provide near-term liquidity buffer; cash conversion cycle at 51.59 days tracks close to the industry peer mean. Capital expenditures totaled $41,861,000, with capex-to-revenue near -0.96, reflecting heavy fleet investment consistent with stated expansion goals.
Valuation snapshot: PE ratio 59.72 and forward PE 77.93 sit at elevated levels versus typical peer multiples; price-to-book 1.24 falls below the industry peer mean of 3.93 and peer median of 2.83, while price-to-sales 7.77 sits slightly below the peer mean of 8.63. WMDST values the stock as over-valued, reflecting the combination of high earnings multiples, negative free cash flow and material net leverage despite above-mean operating margins and a recent EPS beat.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-10 |
| NEXT REPORT DATE: | 2026-02-09 |
| CASH FLOW | Begin Period Cash Flow | $ 325.0 K |
| Operating Cash Flow | $ 16.8 M | |
| Capital Expenditures | $ -41.86 M | |
| Change In Working Capital | $ -914.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 43.4 M | |
| Forward Revenue | $ 7.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 26.8 M | |
| Depreciation | $ 9.2 M | |
| Depreciation and Amortization | $ 9.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 32.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 16.6 M | |
| EBITDA | $ 19.9 M | |
| EBIT | $ 10.6 M | |
| Operating Income | $ 10.7 M | |
| Interest Income | $ -328.00 K | |
| Interest Expense | $ 3.1 M | |
| Net Interest Income | $ -3.41 M | |
| Income Before Tax | $ 7.6 M | |
| Tax Provision | $ 1.8 M | |
| Tax Rate | 23.5 % | |
| Net Income | $ 5.8 M | |
| Net Income From Continuing Operations | $ 5.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.34 | |
| EPS Actual | $ 0.45 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 32.353 % | |
| Forward EPS | $ 0.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 562.3 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 271.4 M | |
| Total Current Assets | $ 51.0 M | |
| Cash and Short-Term Investments | — | |
| Cash | — | |
| Net Receivables | $ 13.6 M | |
| Inventory | $ 21.5 M | |
| Long-Term Investments | $ 9.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 27.8 M | |
| Net Debt | $ 208.0 M | |
| Total Debt | $ 208.3 M | |
| Total Liabilities | $ 290.9 M | |
| EQUITY | ||
| Total Equity | $ 271.4 M | |
| Retained Earnings | $ 166.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.62 | |
| Shares Outstanding | 12.554 M | |
| Revenue Per-Share | $ 3.46 | |
| VALUATION | Market Capitalization | $ 337.4 M |
| Enterprise Value | $ 545.7 M | |
| Enterprise Multiple | 27.424 | |
| Enterprise Multiple QoQ | 6.251 % | |
| Enterprise Multiple YoY | 14.772 % | |
| Enterprise Multiple IPRWA | high: 80.266 median: 41.597 mean: 38.368 NGS: 27.424 low: -39.124 |
|
| EV/R | 12.573 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.072 | |
| Asset To Liability | 1.933 | |
| Debt To Capital | 0.434 | |
| Debt To Assets | 0.37 | |
| Debt To Assets QoQ | 6.863 % | |
| Debt To Assets YoY | 13.188 % | |
| Debt To Assets IPRWA | high: 0.955 NGS: 0.37 mean: 0.34 median: 0.328 low: 0.001 |
|
| Debt To Equity | 0.767 | |
| Debt To Equity QoQ | 12.149 % | |
| Debt To Equity YoY | 18.26 % | |
| Debt To Equity IPRWA | high: 6.629 mean: 1.817 NGS: 0.767 median: 0.486 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.243 | |
| Price To Book QoQ | 7.273 % | |
| Price To Book YoY | 21.857 % | |
| Price To Book IPRWA | high: 8.239 mean: 3.926 median: 2.833 NGS: 1.243 low: -0.551 |
|
| Price To Earnings (P/E) | 59.724 | |
| Price To Earnings QoQ | 1.008 % | |
| Price To Earnings YoY | 15.897 % | |
| Price To Earnings IPRWA | high: 210.205 median: 66.119 NGS: 59.724 mean: 52.475 low: -205.39 |
|
| PE/G Ratio | 6.122 | |
| Price To Sales (P/S) | 7.774 | |
| Price To Sales QoQ | 4.284 % | |
| Price To Sales YoY | 23.438 % | |
| Price To Sales IPRWA | high: 26.398 mean: 8.633 median: 8.247 NGS: 7.774 low: 0.202 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 77.925 | |
| Forward PE/G | 7.987 | |
| Forward P/S | 43.088 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.269 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.08 | |
| Asset Turnover Ratio QoQ | -0.968 % | |
| Asset Turnover Ratio YoY | -3.191 % | |
| Asset Turnover Ratio IPRWA | high: 0.527 mean: 0.146 median: 0.146 NGS: 0.08 low: 0.025 |
|
| Receivables Turnover | 3.174 | |
| Receivables Turnover Ratio QoQ | 11.8 % | |
| Receivables Turnover Ratio YoY | 125.459 % | |
| Receivables Turnover Ratio IPRWA | high: 6.266 NGS: 3.174 mean: 2.557 median: 1.95 low: 0.342 |
|
| Inventory Turnover | 1.346 | |
| Inventory Turnover Ratio QoQ | -8.075 % | |
| Inventory Turnover Ratio YoY | 5.167 % | |
| Inventory Turnover Ratio IPRWA | high: 25.021 mean: 3.66 median: 1.667 NGS: 1.346 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 28.754 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 51.591 | |
| Cash Conversion Cycle Days QoQ | 19.582 % | |
| Cash Conversion Cycle Days YoY | 7.837 % | |
| Cash Conversion Cycle Days IPRWA | high: 283.261 median: 62.82 mean: 61.485 NGS: 51.591 low: -106.205 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.87 | |
| CapEx To Revenue | -0.965 | |
| CapEx To Depreciation | -4.526 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 479.4 M | |
| Net Invested Capital | $ 479.4 M | |
| Invested Capital | $ 479.4 M | |
| Net Tangible Assets | $ 271.4 M | |
| Net Working Capital | $ 23.2 M | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | 1.835 | |
| Current Ratio QoQ | -6.956 % | |
| Current Ratio YoY | 4.255 % | |
| Current Ratio IPRWA | high: 8.853 mean: 2.002 NGS: 1.835 median: 1.409 low: 0.121 |
|
| Quick Ratio | 1.061 | |
| Quick Ratio QoQ | -13.904 % | |
| Quick Ratio YoY | -8.372 % | |
| Quick Ratio IPRWA | high: 5.886 mean: 1.426 NGS: 1.061 median: 1.004 low: 0.119 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.468 | |
| Cost Of Debt | 1.209 % | |
| Interest Coverage Ratio | 3.451 | |
| Interest Coverage Ratio QoQ | 11.595 % | |
| Interest Coverage Ratio YoY | 11.285 % | |
| Interest Coverage Ratio IPRWA | high: 24.78 mean: 7.238 median: 4.924 NGS: 3.451 low: -18.692 |
|
| Operating Cash Flow Ratio | 0.352 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.736 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.999 % | |
| Revenue Growth | 4.879 % | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | -14.449 % | |
| Revenue Growth IPRWA | high: 71.615 % NGS: 4.879 % median: -2.556 % mean: -3.698 % low: -41.644 % |
|
| Earnings Growth | 9.756 % | |
| Earnings Growth QoQ | -309.761 % | |
| Earnings Growth YoY | -44.716 % | |
| Earnings Growth IPRWA | high: 116.667 % NGS: 9.756 % median: 5.455 % mean: -3.458 % low: -300.0 % |
|
| MARGINS | ||
| Gross Margin | 38.2 % | |
| Gross Margin QoQ | 3.633 % | |
| Gross Margin YoY | 4.971 % | |
| Gross Margin IPRWA | high: 86.511 % NGS: 38.2 % mean: 33.723 % median: 30.384 % low: -11.703 % |
|
| EBIT Margin | 24.536 % | |
| EBIT Margin QoQ | 1.25 % | |
| EBIT Margin YoY | 5.727 % | |
| EBIT Margin IPRWA | high: 86.674 % NGS: 24.536 % mean: 21.997 % median: 20.288 % low: -67.009 % |
|
| Return On Sales (ROS) | 24.675 % | |
| Return On Sales QoQ | 4.193 % | |
| Return On Sales YoY | 6.326 % | |
| Return On Sales IPRWA | high: 86.674 % NGS: 24.675 % mean: 23.259 % median: 20.034 % low: -53.182 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -25.06 M | |
| Free Cash Flow Yield | -7.428 % | |
| Free Cash Flow Yield QoQ | 54.686 % | |
| Free Cash Flow Yield YoY | 500.485 % | |
| Free Cash Flow Yield IPRWA | high: 9.049 % median: 1.414 % mean: 1.201 % NGS: -7.428 % low: -14.958 % |
|
| Free Cash Growth | 69.189 % | |
| Free Cash Growth QoQ | -108.27 % | |
| Free Cash Growth YoY | -149.865 % | |
| Free Cash Growth IPRWA | high: 203.349 % NGS: 69.189 % mean: 21.398 % median: 6.034 % low: -303.183 % |
|
| Free Cash To Net Income | -4.333 | |
| Cash Flow Margin | 22.518 % | |
| Cash Flow To Earnings | 1.69 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.063 % | |
| Return On Assets QoQ | 5.248 % | |
| Return On Assets YoY | 4.626 % | |
| Return On Assets IPRWA | high: 5.354 % median: 2.006 % mean: 1.657 % NGS: 1.063 % low: -7.223 % |
|
| Return On Capital Employed (ROCE) | 1.992 % | |
| Return On Equity (ROE) | 0.021 | |
| Return On Equity QoQ | 9.338 % | |
| Return On Equity YoY | 6.764 % | |
| Return On Equity IPRWA | high: 0.234 mean: 0.075 median: 0.05 NGS: 0.021 low: -0.117 |
|
| DuPont ROE | 2.152 % | |
| Return On Invested Capital (ROIC) | 1.699 % | |
| Return On Invested Capital QoQ | -0.701 % | |
| Return On Invested Capital YoY | -62.684 % | |
| Return On Invested Capital IPRWA | high: 8.654 % mean: 3.026 % median: 2.722 % NGS: 1.699 % low: -8.039 % |
|