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On November 19, 2025 BIPC filed prospectus supplements to establish an at-the-market equity issuance program allowing up to $400 million of class A exchangeable subordinate voting shares to be sold from treasury. On November 28, 2025 BIPC renewed its Normal Course Issuer Bid, authorizing repurchases of up to 10.6 million exchangeable shares through December 1, 2026.
Technical Analysis
ADX at 14.4 indicates no identifiable strong trend; directional strength lacks conviction despite recent directional shifts. This low ADX reduces the probability of a sustained breakout and favors range dynamics against which short-term catalysts can move price.
DI+ sits at 23.41 with a dip & reversal, which signals bullish directional pressure. DI- registers 20.10 with a peak & reversal, which also reads as bullish because DI- has declined. Together these directional moves suggest short-term buying pressure has returned, though the low ADX tempers conviction.
MACD equals 0.35 with a dip & reversal and a signal line at 0.29; MACD currently sits above its signal line, a bullish momentum confirmation. That crossover aligns with the recent uptick in short-term EMAs and supports the introduction’s constructive bias for near-term upside.
MRO reads 2.15 and shows a decreasing trend. A positive MRO indicates price currently sits above the model target and therefore faces the potential for mean reversion; the decreasing MRO suggests that that downward pressure has been softening but still warrants caution around short-term pullbacks.
RSI at 56.8 with a dip & reversal signals renewed buying without overbought conditions. The RSI profile supports the view that momentum can extend higher before hitting overbought thresholds, which aligns with the MACD crossover and EMA behavior.
Price sits at $46.88, above the 20-day average $45.13 and the 50-day average $44.55; the 12-day EMA shows an increasing trend at $45.43. Bollinger upper bands cluster around $46.10–$47.08 and the SuperTrend lower support stands at $44.40. Volume today (857,368) exceeds the 10-day average, indicating conviction behind the recent lift. These price-versus-average relationships support a short-window upside bias toward near-term analyst interest levels while leaving room for consolidation near the $45 area if momentum cools.
Fundamental Analysis
Operating performance shows durable margin strength: EBIT margin sits at 79.39% and operating margin at 61.18%. Both margins register well above the industry peer mean for multi-utilities and indicate exceptional operational profitability relative to typical peers. QoQ, EBIT margin rose approximately 10.46%, while YoY EBIT margin declined about 2.59%, showing recent sequential improvement despite slight annual compression.
Revenue growth stands at 12.35% YoY with a small sequential pullback QoQ of −1.87%. Top-line expansion year-over-year paired with rising QoQ margins supports the cash-flow narrative and explains part of the free-cash-flow strength observed.
Free cash flow totals $389 million with a free-cash-flow yield of about 36.63% and a YoY free-cash-flow-yield increase near 48.76%. Operating cash flow equals $389 million and the cash-flow-to-earnings ratio approximates 1,280% (22.80x), underscoring strong conversion of accounting earnings into cash available for capital allocation. These cash metrics form the core support behind the present WMDST valuation.
Capital structure presents material leverage and cover considerations. Total debt stands near $13.49 billion with net debt about $13.11 billion; debt-to-EBITDA measures roughly 7.58x while interest coverage sits near 2.33x. Debt-to-assets equals about 56.21% and rose QoQ. Interest coverage trails the industry peer mean, indicating tighter coverage relative to typical peers and highlighting sensitivity to interest cost and operating variability.
Balance-sheet signals include negative total equity (≈−$1.2 billion) and negative book value per share of roughly −$10.08, which drives a negative price-to-book of about −4.25. EPS came in at $0.10 against an estimate of −$1.65, producing an EPS difference of $1.75 and an EPS surprise ratio of approximately 106.06%. These accounting characteristics reflect the company’s capital structure and non‑standard equity base rather than operating weakness alone.
Dividend policy remains active: declared dividend rate about $3.65 and a yield near 8.52%, with dividend coverage ratio roughly 18.85% and dividends paid at $435 million. The dividend yield and payouts factor into WMDST’s valuation framework given the company’s strong cash generation but must be weighed against leverage metrics.
Valuation context: enterprise value measures and free-cash-flow conversion produce a compact enterprise multiple near 10.24 and strong free-cash-flow metrics. Taken together with active capital-management actions announced in November, WMDST values the stock as under-valued based on present cash-generation and capital flexibility.
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 | $ 1.2 B |
| Operating Cash Flow | $ 389.0 M | |
| Capital Expenditures | $ -1.01 B | |
| Change In Working Capital | $ 46.0 M | |
| Dividends Paid | $ -435.00 M | |
| Cash Flow Delta | $ 271.0 M | |
| End Period Cash Flow | $ 380.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 917.0 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 336.0 M | |
| Depreciation | $ 167.0 M | |
| Depreciation and Amortization | $ 167.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 356.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 581.0 M | |
| EBITDA | $ 895.0 M | |
| EBIT | $ 728.0 M | |
| Operating Income | $ 561.0 M | |
| Interest Income | — | |
| Interest Expense | $ 312.0 M | |
| Net Interest Income | $ -312.00 M | |
| Income Before Tax | $ 416.0 M | |
| Tax Provision | $ 96.0 M | |
| Tax Rate | 23.077 % | |
| Net Income | $ 82.0 M | |
| Net Income From Continuing Operations | $ 320.0 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.65 | |
| EPS Actual | $ 0.10 | |
| EPS Difference | $ 1.75 | |
| EPS Surprise | 106.061 % | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 24.0 B | |
| Intangible Assets | $ 4.9 B | |
| Net Tangible Assets | $ -6.11 B | |
| Total Current Assets | $ 3.0 B | |
| Cash and Short-Term Investments | $ 438.0 M | |
| Cash | $ 380.0 M | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 1.7 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.1 B | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 7.2 B | |
| Net Debt | $ 13.1 B | |
| Total Debt | $ 13.5 B | |
| Total Liabilities | $ 21.8 B | |
| EQUITY | ||
| Total Equity | $ -1.20 B | |
| Retained Earnings | $ 503.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -10.08 | |
| Shares Outstanding | 119.067 M | |
| Revenue Per-Share | $ 7.70 | |
| VALUATION | Market Capitalization | $ 5.1 B |
| Enterprise Value | $ 18.2 B | |
| Enterprise Multiple | 10.243 | |
| Enterprise Multiple QoQ | -86.929 % | |
| Enterprise Multiple YoY | -144.987 % | |
| Enterprise Multiple IPRWA | high: 63.813 mean: 47.336 median: 46.642 low: 23.977 BIPC: 10.243 |
|
| EV/R | 19.86 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -19.995 | |
| Asset To Liability | 1.101 | |
| Debt To Capital | 1.098 | |
| Debt To Assets | 0.562 | |
| Debt To Assets QoQ | 1.418 % | |
| Debt To Assets YoY | 1406.863 % | |
| Debt To Assets IPRWA | BIPC: 0.562 high: 0.498 mean: 0.442 median: 0.435 low: 0.013 |
|
| Debt To Equity | -11.238 | |
| Debt To Equity QoQ | 4.996 % | |
| Debt To Equity YoY | 854.01 % | |
| Debt To Equity IPRWA | high: 2.092 median: 1.729 mean: 1.66 low: 0.014 BIPC: -11.238 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -4.255 | |
| Price To Book QoQ | 11.65 % | |
| Price To Book YoY | -38.644 % | |
| Price To Book IPRWA | high: 2.854 median: 2.273 mean: 2.165 low: 0.458 BIPC: -4.255 |
|
| Price To Earnings (P/E) | 428.848 | |
| Price To Earnings QoQ | 0.0 % | |
| Price To Earnings YoY | -7395.522 % | |
| Price To Earnings IPRWA | BIPC: 428.848 high: 134.801 mean: 76.581 median: 72.694 low: 52.412 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 5.568 | |
| Price To Sales QoQ | 2.204 % | |
| Price To Sales YoY | -4.154 % | |
| Price To Sales IPRWA | high: 17.298 mean: 11.723 median: 11.276 BIPC: 5.568 low: 1.895 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 189.048 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.038 | |
| Asset Turnover Ratio QoQ | 2.738 % | |
| Asset Turnover Ratio YoY | 0.288 % | |
| Asset Turnover Ratio IPRWA | high: 0.063 mean: 0.048 median: 0.045 BIPC: 0.038 low: 0.037 |
|
| Receivables Turnover | 0.93 | |
| Receivables Turnover Ratio QoQ | -7.374 % | |
| Receivables Turnover Ratio YoY | -11.893 % | |
| Receivables Turnover Ratio IPRWA | high: 2.509 median: 1.977 mean: 1.941 low: 1.131 BIPC: 0.93 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 98.116 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -350.394 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 112.251 mean: 29.913 median: 18.655 low: -52.238 BIPC: -350.394 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.217 | |
| CapEx To Revenue | -1.1 | |
| CapEx To Depreciation | -6.042 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 11.1 B | |
| Net Invested Capital | $ 12.3 B | |
| Invested Capital | $ 12.3 B | |
| Net Tangible Assets | $ -6.11 B | |
| Net Working Capital | $ -4.19 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.3 | |
| Current Ratio QoQ | -39.462 % | |
| Current Ratio YoY | -30.372 % | |
| Current Ratio IPRWA | high: 3.431 mean: 0.937 median: 0.845 low: 0.498 BIPC: 0.3 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.585 | |
| Cost Of Debt | 1.795 % | |
| Interest Coverage Ratio | 2.333 | |
| Interest Coverage Ratio QoQ | 938.328 % | |
| Interest Coverage Ratio YoY | -238.253 % | |
| Interest Coverage Ratio IPRWA | high: 3.88 mean: 2.694 median: 2.675 BIPC: 2.333 low: 1.71 |
|
| Operating Cash Flow Ratio | 0.176 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 350.394 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.189 | |
| Dividend Payout Ratio | 5.305 | |
| Dividend Rate | $ 3.65 | |
| Dividend Yield | 0.085 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.351 % | |
| Revenue Growth | 5.889 % | |
| Revenue Growth QoQ | -186.846 % | |
| Revenue Growth YoY | 1235.374 % | |
| Revenue Growth IPRWA | high: 49.057 % mean: 12.952 % median: 10.057 % BIPC: 5.889 % low: -1.946 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 183.582 % mean: 61.422 % median: 41.333 % BIPC: 0.0 % low: -13.636 % |
|
| MARGINS | ||
| Gross Margin | 63.359 % | |
| Gross Margin QoQ | -2.543 % | |
| Gross Margin YoY | 0.844 % | |
| Gross Margin IPRWA | high: 71.464 % BIPC: 63.359 % median: 50.21 % mean: 48.208 % low: 21.702 % |
|
| EBIT Margin | 79.389 % | |
| EBIT Margin QoQ | 1045.915 % | |
| EBIT Margin YoY | -259.477 % | |
| EBIT Margin IPRWA | BIPC: 79.389 % high: 34.326 % mean: 28.144 % median: 26.61 % low: -3.146 % |
|
| Return On Sales (ROS) | 61.178 % | |
| Return On Sales QoQ | -2.431 % | |
| Return On Sales YoY | -222.894 % | |
| Return On Sales IPRWA | BIPC: 61.178 % high: 32.45 % mean: 25.357 % median: 23.8 % low: -3.146 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 389.0 M | |
| Free Cash Flow Yield | 36.627 % | |
| Free Cash Flow Yield QoQ | 542.354 % | |
| Free Cash Flow Yield YoY | 4876.495 % | |
| Free Cash Flow Yield IPRWA | BIPC: 36.627 % high: 2.766 % mean: -1.461 % median: -1.719 % low: -5.102 % |
|
| Free Cash Growth | 595.167 % | |
| Free Cash Growth QoQ | 299.243 % | |
| Free Cash Growth YoY | -1031.564 % | |
| Free Cash Growth IPRWA | BIPC: 595.167 % high: 67.901 % median: -37.735 % mean: -57.295 % low: -202.959 % |
|
| Free Cash To Net Income | 22.805 | |
| Cash Flow Margin | 115.485 % | |
| Cash Flow To Earnings | 12.915 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.342 % | |
| Return On Assets QoQ | -116.667 % | |
| Return On Assets YoY | -108.364 % | |
| Return On Assets IPRWA | high: 1.735 % median: 0.732 % mean: 0.725 % BIPC: 0.342 % low: 0.25 % |
|
| Return On Capital Employed (ROCE) | 4.053 % | |
| Return On Equity (ROE) | -0.068 | |
| Return On Equity QoQ | -117.734 % | |
| Return On Equity YoY | -105.343 % | |
| Return On Equity IPRWA | high: 0.054 mean: 0.03 median: 0.028 low: 0.01 BIPC: -0.068 |
|
| DuPont ROE | -6.726 % | |
| Return On Invested Capital (ROIC) | 4.558 % | |
| Return On Invested Capital QoQ | 1281.212 % | |
| Return On Invested Capital YoY | -109.462 % | |
| Return On Invested Capital IPRWA | BIPC: 4.558 % high: 3.299 % median: 1.613 % mean: 1.571 % low: 1.037 % |
|