Recent News
On October 10, 2025 the company sold Villas at Bon Secour, a 200-unit multifamily property in Gulf Shores, Alabama, using proceeds to retire the property loan and for general corporate purposes. On November 6, 2025 the company announced receipt of initial completed-unit tranches from Alera, Bandera Ridge and Merano, enabling active lease-up at those developments.
Technical Analysis
Directional indicators show bullish directional pressure: DI+ at 41.85 and increasing while DI- at 23.85 trends decreasing, and ADX at 22.28 signals an emerging trend strength that supports continuation of the DI+ bias. That directional bullishness aligns with the notion of operational progress supporting price stability.
MACD reads -0.07 with a peak-and-reversal pattern; MACD sits below its signal (-0.05), indicating bearish momentum. That momentum picture argues for potential short-term weakness despite directional bias.
MRO sits at 1.04 and displays a peak-and-reversal posture; the positive MRO implies price sits above the model target and therefore carries downside pressure into near-term trading ranges.
RSI at 50.51 with a peak-and-reversal pattern indicates recent buying momentum peaked and now gives way to less conviction, consistent with a consolidation or pullback scenario rather than a sustained breakout.
Price sits at $15.33, above the 200-day average ($14.25) but below short-term averages: 12-day EMA $15.58 and 26-day EMA $15.66, with the 20-day average at $15.48 and the 50-day at $15.76. That price placement suggests longer-term support while short-term moving averages imply immediate pressure. Bollinger bands show a narrow band (lower ~ $15.07, upper ~ $15.89), consistent with lower volatility and range-bound action. Volume runs below 10-, 50- and 200-day averages, reducing the likelihood of an immediate, strong directional thrust.
Fundamental Analysis
Profitability shows mixed signals: EBIT stands at $3,397,000 and EBITDA at $6,346,000, producing an EBIT margin of 26.47%. That EBIT margin sits above the industry peer mean of 5.76% and above the industry peer median of 3.00%, while quarter-over-quarter EBIT margin declined by 2.65% and year-over-year change registered -115.73%.
Revenue totaled $12,835,000 with revenue growth recorded at 5.55% (latest measure) and revenue growth QoQ of 338.47%; revenue growth YoY registered -493.69%. Gross margin stands at 41.18% with a slight QoQ decline of 10.99% and a YoY increase of 3.49%.
Operating margin reads -12.26%, negative on an operating basis despite positive EBIT; operating margin QoQ improved by 47.11% while operating margin YoY fell by 92.72% versus the company’s prior-year base. Net income equals $129,000, implying a net margin near 1.00% on reported revenue.
Balance-sheet and liquidity metrics show strength: cash and short-term investments total $69,997,000 and the current ratio stands at 9.11x (up 3.81% QoQ and 6.88% YoY), well above the industry peer mean current ratio of 2.00x. Cash ratio equals 1.38 and net working capital measures $411,933,000, offering operational flexibility during lease-up and capex cycles.
Leverage remains modest: debt-to-assets at 20.71% and debt-to-equity at 37.47%, both below the industry peer mean values (debt-to-assets mean ~23.86%, debt-to-equity mean ~72.07%), while debt-to-EBITDA reads 35.77x, reflecting low recent earnings versus outstanding debt service metrics and warranting monitoring of interest coverage (interest coverage ratio ~2.01x, down YoY).
Cash flow metrics show free cash flow of $7,973,000 and free cash flow yield of 3.17%, above the industry peer mean free cash flow yield of 1.66%; free cash flow yield recorded a steep QoQ swing in the supplied figure and a YoY decline of 40.09%. Operating cash flow equals $7,973,000 and free cash flow converts to net income at about 61.81%.
Asset efficiency remains low: asset turnover stands at 1.176% versus the industry peer mean of 19.035% (expressed in the same decimal basis), indicating substantial asset base relative to current revenue levels; asset-to-equity sits at 1.81x and total assets at $1,096,022,000.
Valuation summary: WMDST values the stock as fair-valued. Market multiples show a P/B of 0.41x (below the industry peer mean of 3.01x and median of 3.63x) and a price-to-sales near 19.59x (above the industry peer mean of 12.83x). Enterprise multiple measures near 64.36x with an enterprise value of $408,423,012.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-12-17 |
| NEXT REPORT DATE: | 2026-03-18 |
| CASH FLOW | Begin Period Cash Flow | $ 34.2 M |
| Operating Cash Flow | $ 8.0 M | |
| Capital Expenditures | $ -14.78 M | |
| Change In Working Capital | $ 5.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -4.51 M | |
| End Period Cash Flow | $ 29.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 12.8 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 7.5 M | |
| Depreciation | $ 2.9 M | |
| Depreciation and Amortization | $ 2.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 14.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 5.3 M | |
| EBITDA | $ 6.3 M | |
| EBIT | $ 3.4 M | |
| Operating Income | $ -1.57 M | |
| Interest Income | $ 4.1 M | |
| Interest Expense | $ 1.7 M | |
| Net Interest Income | $ 2.4 M | |
| Income Before Tax | $ 1.7 M | |
| Tax Provision | $ 1.4 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 129.0 K | |
| Net Income From Continuing Operations | $ 320.0 K | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 607.8 M | |
| Total Current Assets | $ 462.8 M | |
| Cash and Short-Term Investments | $ 70.0 M | |
| Cash | $ 12.0 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 9.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 47.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 50.8 M | |
| Net Debt | $ 215.1 M | |
| Total Debt | $ 227.0 M | |
| Total Liabilities | $ 287.6 M | |
| EQUITY | ||
| Total Equity | $ 606.0 M | |
| Retained Earnings | $ 544.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 37.52 | |
| Shares Outstanding | 16.152 M | |
| Revenue Per-Share | $ 0.79 | |
| VALUATION | Market Capitalization | $ 251.4 M |
| Enterprise Value | $ 408.4 M | |
| Enterprise Multiple | 64.359 | |
| Enterprise Multiple QoQ | 11.521 % | |
| Enterprise Multiple YoY | -439.879 % | |
| Enterprise Multiple IPRWA | high: 230.411 mean: 78.396 ARL: 64.359 median: 52.412 low: -130.519 |
|
| EV/R | 31.821 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.809 | |
| Asset To Liability | 3.81 | |
| Debt To Capital | 0.273 | |
| Debt To Assets | 0.207 | |
| Debt To Assets QoQ | 4.195 % | |
| Debt To Assets YoY | 17.506 % | |
| Debt To Assets IPRWA | high: 1.393 mean: 0.239 ARL: 0.207 median: 0.178 low: 0.0 |
|
| Debt To Equity | 0.375 | |
| Debt To Equity QoQ | 5.13 % | |
| Debt To Equity YoY | 22.367 % | |
| Debt To Equity IPRWA | high: 6.25 mean: 0.721 median: 0.398 ARL: 0.375 low: -2.271 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.415 | |
| Price To Book QoQ | 11.267 % | |
| Price To Book YoY | -2.269 % | |
| Price To Book IPRWA | high: 9.572 median: 3.633 mean: 3.012 ARL: 0.415 low: -2.525 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 19.586 | |
| Price To Sales QoQ | 5.415 % | |
| Price To Sales YoY | -10.796 % | |
| Price To Sales IPRWA | high: 42.124 ARL: 19.586 mean: 12.825 median: 4.502 low: 0.022 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.496 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.012 | |
| Asset Turnover Ratio QoQ | 3.067 % | |
| Asset Turnover Ratio YoY | 4.813 % | |
| Asset Turnover Ratio IPRWA | high: 0.542 mean: 0.19 median: 0.122 ARL: 0.012 low: 0.002 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -673.428 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 213.002 mean: 12.175 median: 4.173 low: -77.936 ARL: -673.428 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.031 | |
| CapEx To Revenue | -1.151 | |
| CapEx To Depreciation | -5.01 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 834.8 M | |
| Net Invested Capital | $ 833.0 M | |
| Invested Capital | $ 833.0 M | |
| Net Tangible Assets | $ 607.8 M | |
| Net Working Capital | $ 411.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.377 | |
| Current Ratio | 9.105 | |
| Current Ratio QoQ | 3.813 % | |
| Current Ratio YoY | 6.878 % | |
| Current Ratio IPRWA | ARL: 9.105 high: 8.427 mean: 2.004 median: 1.606 low: 0.464 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 35.775 | |
| Cost Of Debt | 0.603 % | |
| Interest Coverage Ratio | 2.009 | |
| Interest Coverage Ratio QoQ | 7.978 % | |
| Interest Coverage Ratio YoY | -121.833 % | |
| Interest Coverage Ratio IPRWA | high: 17.743 median: 5.0 mean: 4.88 ARL: 2.009 low: -14.849 |
|
| Operating Cash Flow Ratio | 0.025 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 673.428 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.896 % | |
| Revenue Growth | 5.551 % | |
| Revenue Growth QoQ | 338.468 % | |
| Revenue Growth YoY | -493.688 % | |
| Revenue Growth IPRWA | high: 71.703 % mean: 8.151 % ARL: 5.551 % median: 5.167 % low: -61.164 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 41.176 % | |
| Gross Margin QoQ | -10.986 % | |
| Gross Margin YoY | 3.494 % | |
| Gross Margin IPRWA | high: 100.0 % ARL: 41.176 % mean: 40.688 % median: 21.408 % low: -32.26 % |
|
| EBIT Margin | 26.467 % | |
| EBIT Margin QoQ | -2.648 % | |
| EBIT Margin YoY | -115.727 % | |
| EBIT Margin IPRWA | high: 72.188 % ARL: 26.467 % mean: 5.755 % median: 3.004 % low: -58.511 % |
|
| Return On Sales (ROS) | -12.256 % | |
| Return On Sales QoQ | 47.113 % | |
| Return On Sales YoY | -92.718 % | |
| Return On Sales IPRWA | high: 44.876 % mean: 5.082 % median: 3.004 % ARL: -12.256 % low: -51.265 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 8.0 M | |
| Free Cash Flow Yield | 3.172 % | |
| Free Cash Flow Yield QoQ | -345.701 % | |
| Free Cash Flow Yield YoY | -40.094 % | |
| Free Cash Flow Yield IPRWA | high: 19.492 % ARL: 3.172 % mean: 1.658 % median: 1.326 % low: -6.369 % |
|
| Free Cash Growth | -373.422 % | |
| Free Cash Growth QoQ | 515.832 % | |
| Free Cash Growth YoY | -86.582 % | |
| Free Cash Growth IPRWA | high: 718.027 % mean: 100.27 % median: 67.866 % ARL: -373.422 % low: -915.652 % |
|
| Free Cash To Net Income | 61.806 | |
| Cash Flow Margin | 9.949 % | |
| Cash Flow To Earnings | 9.899 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.012 % | |
| Return On Assets QoQ | -95.472 % | |
| Return On Assets YoY | -100.711 % | |
| Return On Assets IPRWA | high: 3.419 % median: 0.637 % mean: 0.624 % ARL: 0.012 % low: -1.694 % |
|
| Return On Capital Employed (ROCE) | 0.325 % | |
| Return On Equity (ROE) | 0.0 | |
| Return On Equity QoQ | -95.503 % | |
| Return On Equity YoY | -100.722 % | |
| Return On Equity IPRWA | high: 0.084 mean: 0.02 median: 0.011 ARL: 0.0 low: -0.027 |
|
| DuPont ROE | 0.021 % | |
| Return On Invested Capital (ROIC) | 0.322 % | |
| Return On Invested Capital QoQ | 1.258 % | |
| Return On Invested Capital YoY | -101.096 % | |
| Return On Invested Capital IPRWA | high: 6.799 % mean: 1.419 % median: 0.757 % ARL: 0.322 % low: -3.044 % |
|