Recent News
On October 22, 2025 the board approved a $200 million share repurchase program effective October 27, 2025, replacing the prior $100 million program; the company filed a Form 8‑K disclosing the new repurchase authorization and its discontinuation of the earlier program.
Technical Analysis
ADX at 25.34 signals a measurable trend strength; with DI+ decreasing and DI- showing a dip-and-reversal, directional indicators align with a bearish directional shift that increases near-term downside risk relative to current valuation.
MACD sits at 0.66 below its signal line at 0.70 and the MACD trend registered a peak-and-reversal, indicating bearish momentum and removing a momentum tailwind that previously supported higher valuations.
MRO at 31.41 and a dip-and-reversal trend places the market price above WMDST’s target framework, implying pressure for mean reversion and increased likelihood of downward price correction toward fundamental-implied levels.
RSI at 54.3 with a peak-and-reversal trend no longer supports further immediate upside; the indicator’s reversal corroborates MACD and DI signals and suggests consolidation with downside bias rather than sustained breakout strength.
Price relations favor caution: close at $28.18 sits below the 20‑day average ($28.61) and under the 12‑day EMA ($28.45) with the 200‑day average at $21.77 well below current price. Bollinger bands show the lower 1x band near $28.06, placing the stock just above short-term support while the super trend lower support rests at $26.34, a technical level to monitor if selling intensifies.
Fundamental Analysis
Revenue totaled $487.33 million for the period ending 2025‑09‑30; YoY revenue growth registered -4.88% while sequential (QoQ) revenue change showed -1.04%, indicating modest top-line pressure that contrasts with improving comparable-store metrics reported elsewhere in the quarter.
Gross margin at 58.30% sits above the industry peer mean of 27.83% and industry peer median of 25.60%, reflecting a favorable merchandise and pricing mix. Operating (EBIT) margin equals 1.97%; that margin sits above the industry peer median of 1.20% but below the industry peer mean of 5.54%, indicating room to close the gap to peers on operating efficiency.
EBIT of $9.61 million and EBITDA of $31.79 million translate into a debt-to-EBITDA ratio near 21.8x, reflecting substantial leverage relative to current operating cash flow; total debt registered $693.6 million and net debt $197.3 million, while cash and short-term investments totaled $56.0 million.
Liquidity metrics show a current ratio of 0.53 and a quick ratio of 0.32, both below the industry peer mean but within the industry peer range; these levels reflect a lean working capital posture and reliance on available credit facilities for flexibility. Cash conversion cycle of 17.34 days supports efficient inventory/receivables management.
Profitability and returns remain modest: return on equity of 0.39% and return on assets of 0.17% indicate low near-term capital returns, while EPS of $0.13 matched estimates (EPS surprise ~0.16%). Valuation multiples run elevated: trailing P/E ~195.6x with forward P/E ~184.0x and price/sales ~4.14x; free cash flow yield sits at ~1.50%, roughly in line with the industry peer mean of 1.54%.
WMDST values the stock as over-valued. The capital structure changes and the $200 million repurchase program increase shareholder-return flexibility, but high leverage metrics and muted operating margins limit the fundamental margin of safety relative to the current valuation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 50.0 M |
| Operating Cash Flow | $ 46.6 M | |
| Capital Expenditures | $ -16.37 M | |
| Change In Working Capital | $ 2.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 7.6 M | |
| End Period Cash Flow | $ 57.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 487.3 M | |
| Forward Revenue | $ 657.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 203.2 M | |
| Depreciation | $ 22.2 M | |
| Depreciation and Amortization | $ 22.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 477.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 284.1 M | |
| EBITDA | $ 31.8 M | |
| EBIT | $ 9.6 M | |
| Operating Income | $ 9.6 M | |
| Interest Income | — | |
| Interest Expense | $ 4.1 M | |
| Net Interest Income | $ -4.12 M | |
| Income Before Tax | $ 5.5 M | |
| Tax Provision | $ 2.1 M | |
| Tax Rate | 38.6 % | |
| Net Income | $ 3.4 M | |
| Net Income From Continuing Operations | $ 3.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.13 | |
| EPS Actual | $ 0.13 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 0.16 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 948.9 M | |
| Net Tangible Assets | $ -90.15 M | |
| Total Current Assets | $ 220.2 M | |
| Cash and Short-Term Investments | $ 56.0 M | |
| Cash | $ 56.0 M | |
| Net Receivables | $ 46.1 M | |
| Inventory | $ 88.0 M | |
| Long-Term Investments | $ 62.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 74.3 M | |
| Short-Term Debt | $ 16.9 M | |
| Total Current Liabilities | $ 417.0 M | |
| Net Debt | $ 197.3 M | |
| Total Debt | $ 693.6 M | |
| Total Liabilities | $ 1.1 B | |
| EQUITY | ||
| Total Equity | $ 858.8 M | |
| Retained Earnings | $ 252.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.83 | |
| Shares Outstanding | 79.260 M | |
| Revenue Per-Share | $ 6.15 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 83.453 | |
| Enterprise Multiple QoQ | 32.224 % | |
| Enterprise Multiple YoY | 39.421 % | |
| Enterprise Multiple IPRWA | high: 190.244 EYE: 83.453 median: 48.181 mean: -0.767 low: -219.035 |
|
| EV/R | 5.444 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.281 | |
| Asset To Liability | 1.781 | |
| Debt To Capital | 0.447 | |
| Debt To Assets | 0.354 | |
| Debt To Assets QoQ | -3.095 % | |
| Debt To Assets YoY | 608.422 % | |
| Debt To Assets IPRWA | high: 0.956 EYE: 0.354 mean: 0.325 median: 0.309 low: 0.004 |
|
| Debt To Equity | 0.808 | |
| Debt To Equity QoQ | -4.502 % | |
| Debt To Equity YoY | 571.746 % | |
| Debt To Equity IPRWA | high: 2.466 mean: 1.055 median: 0.939 EYE: 0.808 low: -1.645 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.347 | |
| Price To Book QoQ | 11.556 % | |
| Price To Book YoY | 128.799 % | |
| Price To Book IPRWA | high: 27.592 mean: 3.571 EYE: 2.347 median: 1.785 low: -9.335 |
|
| Price To Earnings (P/E) | 195.625 | |
| Price To Earnings QoQ | 61.286 % | |
| Price To Earnings YoY | 114.368 % | |
| Price To Earnings IPRWA | high: 431.61 EYE: 195.625 mean: 74.897 median: 64.535 low: -80.57 |
|
| PE/G Ratio | -7.042 | |
| Price To Sales (P/S) | 4.136 | |
| Price To Sales QoQ | 12.419 % | |
| Price To Sales YoY | 116.719 % | |
| Price To Sales IPRWA | high: 28.774 mean: 6.117 EYE: 4.136 median: 3.476 low: 0.079 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 183.959 | |
| Forward PE/G | -6.622 | |
| Forward P/S | 5.414 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -223.042 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.248 | |
| Asset Turnover Ratio QoQ | 1.513 % | |
| Asset Turnover Ratio YoY | 14.52 % | |
| Asset Turnover Ratio IPRWA | high: 0.945 median: 0.397 mean: 0.334 EYE: 0.248 low: 0.001 |
|
| Receivables Turnover | 10.584 | |
| Receivables Turnover Ratio QoQ | 7.84 % | |
| Receivables Turnover Ratio YoY | -6.344 % | |
| Receivables Turnover Ratio IPRWA | EYE: 10.584 high: 7.93 mean: 3.745 median: 2.82 low: 0.147 |
|
| Inventory Turnover | 2.288 | |
| Inventory Turnover Ratio QoQ | 1.73 % | |
| Inventory Turnover Ratio YoY | 7.522 % | |
| Inventory Turnover Ratio IPRWA | high: 6.787 median: 4.872 mean: 4.442 EYE: 2.288 low: 0.207 |
|
| Days Sales Outstanding (DSO) | 8.622 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 17.342 | |
| Cash Conversion Cycle Days QoQ | -34.057 % | |
| Cash Conversion Cycle Days YoY | -40.315 % | |
| Cash Conversion Cycle Days IPRWA | high: 132.972 EYE: 17.342 median: 14.524 mean: 11.455 low: -85.326 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.477 | |
| CapEx To Revenue | -0.034 | |
| CapEx To Depreciation | -0.738 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ -90.15 M | |
| Net Working Capital | $ -196.78 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.134 | |
| Current Ratio | 0.528 | |
| Current Ratio QoQ | 1.452 % | |
| Current Ratio YoY | -7.67 % | |
| Current Ratio IPRWA | high: 6.656 mean: 1.258 median: 0.832 EYE: 0.528 low: 0.014 |
|
| Quick Ratio | 0.317 | |
| Quick Ratio QoQ | 3.537 % | |
| Quick Ratio YoY | -13.478 % | |
| Quick Ratio IPRWA | high: 6.866 mean: 1.026 median: 0.509 EYE: 0.317 low: 0.013 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 21.815 | |
| Cost Of Debt | 0.358 % | |
| Interest Coverage Ratio | 2.333 | |
| Interest Coverage Ratio QoQ | -40.299 % | |
| Interest Coverage Ratio YoY | -220.351 % | |
| Interest Coverage Ratio IPRWA | high: 30.491 EYE: 2.333 mean: 1.983 median: 1.758 low: -59.14 |
|
| Operating Cash Flow Ratio | 0.087 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 31.733 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.502 % | |
| Revenue Growth | 0.186 % | |
| Revenue Growth QoQ | -103.972 % | |
| Revenue Growth YoY | -487.5 % | |
| Revenue Growth IPRWA | high: 14.194 % mean: 2.9 % median: 1.992 % EYE: 0.186 % low: -22.095 % |
|
| Earnings Growth | -27.778 % | |
| Earnings Growth QoQ | -40.972 % | |
| Earnings Growth YoY | 38.89 % | |
| Earnings Growth IPRWA | high: 131.373 % mean: -6.486 % median: -11.602 % EYE: -27.778 % low: -234.091 % |
|
| MARGINS | ||
| Gross Margin | 58.304 % | |
| Gross Margin QoQ | -0.855 % | |
| Gross Margin YoY | 0.637 % | |
| Gross Margin IPRWA | high: 87.689 % EYE: 58.304 % mean: 27.829 % median: 25.598 % low: -9.25 % |
|
| EBIT Margin | 1.972 % | |
| EBIT Margin QoQ | -41.691 % | |
| EBIT Margin YoY | -211.855 % | |
| EBIT Margin IPRWA | high: 32.526 % mean: 5.537 % EYE: 1.972 % median: 1.203 % low: -43.522 % |
|
| Return On Sales (ROS) | 1.972 % | |
| Return On Sales QoQ | -41.691 % | |
| Return On Sales YoY | -211.855 % | |
| Return On Sales IPRWA | high: 29.872 % mean: 8.09 % median: 5.889 % EYE: 1.972 % low: -43.781 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 30.3 M | |
| Free Cash Flow Yield | 1.502 % | |
| Free Cash Flow Yield QoQ | -36.624 % | |
| Free Cash Flow Yield YoY | 219.574 % | |
| Free Cash Flow Yield IPRWA | high: 14.006 % mean: 1.536 % EYE: 1.502 % median: 1.231 % low: -24.179 % |
|
| Free Cash Growth | -28.632 % | |
| Free Cash Growth QoQ | -111.316 % | |
| Free Cash Growth YoY | -67.193 % | |
| Free Cash Growth IPRWA | high: 558.205 % mean: -6.425 % EYE: -28.632 % median: -49.804 % low: -423.827 % |
|
| Free Cash To Net Income | 8.976 | |
| Cash Flow Margin | 7.425 % | |
| Cash Flow To Earnings | 10.73 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.172 % | |
| Return On Assets QoQ | -60.82 % | |
| Return On Assets YoY | -142.365 % | |
| Return On Assets IPRWA | high: 7.577 % median: 0.355 % mean: 0.327 % EYE: 0.172 % low: -22.496 % |
|
| Return On Capital Employed (ROCE) | 0.623 % | |
| Return On Equity (ROE) | 0.004 | |
| Return On Equity QoQ | -61.696 % | |
| Return On Equity YoY | -138.988 % | |
| Return On Equity IPRWA | high: 0.378 mean: 0.015 median: 0.011 EYE: 0.004 low: -0.391 |
|
| DuPont ROE | 0.395 % | |
| Return On Invested Capital (ROIC) | 0.53 % | |
| Return On Invested Capital QoQ | -49.234 % | |
| Return On Invested Capital YoY | -101.889 % | |
| Return On Invested Capital IPRWA | high: 8.725 % median: 0.766 % mean: 0.613 % EYE: 0.53 % low: -22.633 % |
|