Recent News
On December 18, 2025 the Board approved a quarterly dividend increase to $0.40 per share and authorized an additional $500 million in share repurchases. On December 1, 2025 the company completed the previously announced sale of its UK business to OCS Group for approximately £190 million (about $250 million), with proceeds earmarked for domestic growth and disciplined acquisitions. On January 2, 2026 the Board declared a regular quarterly cash dividend of $0.40 per common share payable January 30, 2026 to holders of record as of January 14, 2026.
Technical Analysis
Directional indicators show an emerging trend: ADX at 20.43 indicates trend strength moving out of the no-trend band into emergence while DI+ exhibits a dip-and-reversal, which reads as bullish, and DI- is decreasing, which also reads as bullish; collectively these suggest directional momentum has begun to favor buyers.
MACD sits at -0.04 with the MACD line rising and positioned above its signal line, which constitutes a bullish momentum shift and signals that downside momentum has waned.
MRO at -18.11 remains negative, indicating price sits below WMDST’s target and therefore carries potential upside; the MRO trend shows increasing values, supporting a price convergence toward target levels rather than further overshoot to the downside.
RSI at 51.55 completed a dip-and-reversal, indicating regained short-term buying momentum without reaching overbought conditions, which supports the case for a continuation of near-term strength rather than a sharp mean reversion.
Price sits above key moving averages: last close $653.57 exceeds the 20‑day average $622.48, the 50‑day average $638.22, and the 200‑day average $560.00, which aligns with momentum indicators and suggests trend-following pressure remains intact. Bollinger bands place the price toward the upper band area, implying the rally maintains breadth but sits nearer to shorter-term resistance bands.
Short-term volatility and volume show active participation: 42‑day beta of 1.86 and 52‑week beta 1.45 point to elevated sensitivity to market moves, while recent volume (416,396) runs above the 10‑day average (299,786), implying conviction behind recent price moves.
Fundamental Analysis
Operating performance shows scale and margin consistency. Operating income totaled $405,696,000 with an operating (EBIT) margin of 9.43%; that margin sits slightly below the industry peer mean of 9.71% and slightly below the industry peer median of 10.60%, indicating margin parity with peers but without clear outperformance.
Earnings per share came in at $6.57 versus an estimate of $6.53, producing an EPS surprise of +0.61%, reflecting modest upside to consensus for the quarter. Net income totaled $295,373,000 for the period.
Valuation multiples skew rich relative to peer benchmarks: price-to-book at 8.69 stands above the industry peer mean of 6.15 and median of 5.22; price-to-earnings at 98.53 sits above the industry peer mean of 82.78 and median of 86.26. Free cash flow totaled $448,844,000 with a free cash flow yield of 1.55%, tracking slightly below the industry peer mean free cash flow yield of about 1.69%.
Balance-sheet and capital structure metrics provide flexibility. Debt to EBITDA measures 0.94x and total debt represents a modest portion of the balance sheet; interest coverage runs at roughly 48.8x, indicating ample ability to service interest. Cash and short‑term investments total $655,104,000 against current liabilities of $4,579,449,000, with a current ratio of 1.19 and a quick ratio of 1.17.
Returns show efficiency above peer averages: return on equity about 8.86% and return on assets about 3.47% compare favorably to the industry peer mean ROE (~5.78%) and ROA (~2.22%), highlighting operating effectiveness despite a large asset base and modest leverage.
WMDST places the current valuation as over‑valued based on the combination of elevated multiples (P/E and P/B) versus industry peer means, a free cash flow yield below peer mean, and the company’s capital allocation moves that shift cash toward buybacks and higher dividends.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 487.2 M |
| Operating Cash Flow | $ 475.5 M | |
| Capital Expenditures | $ -26.66 M | |
| Change In Working Capital | $ 125.2 M | |
| Dividends Paid | $ -11.19 M | |
| Cash Flow Delta | $ 169.2 M | |
| End Period Cash Flow | $ 656.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.3 B | |
| Forward Revenue | $ 1.1 B | |
| COSTS | ||
| Cost Of Revenue | $ 3.5 B | |
| Depreciation | $ 17.3 M | |
| Depreciation and Amortization | $ 47.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 3.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ 835.3 M | |
| EBITDA | $ 453.5 M | |
| EBIT | $ 405.7 M | |
| Operating Income | $ 405.7 M | |
| Interest Income | $ 1.8 M | |
| Interest Expense | — | |
| Net Interest Income | $ 1.8 M | |
| Income Before Tax | $ 407.6 M | |
| Tax Provision | $ 112.2 M | |
| Tax Rate | 27.5 % | |
| Net Income | $ 295.4 M | |
| Net Income From Continuing Operations | $ 295.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 6.53 | |
| EPS Actual | $ 6.57 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 0.613 % | |
| Forward EPS | $ 6.94 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 8.6 B | |
| Intangible Assets | $ 2.4 B | |
| Net Tangible Assets | $ 919.2 M | |
| Total Current Assets | $ 5.5 B | |
| Cash and Short-Term Investments | $ 655.1 M | |
| Cash | $ 655.1 M | |
| Net Receivables | $ 4.1 B | |
| Inventory | $ 105.4 M | |
| Long-Term Investments | $ 133.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.0 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 4.6 B | |
| Net Debt | — | |
| Total Debt | $ 424.6 M | |
| Total Liabilities | $ 5.3 B | |
| EQUITY | ||
| Total Equity | $ 3.3 B | |
| Retained Earnings | $ 5.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 74.51 | |
| Shares Outstanding | 44.765 M | |
| Revenue Per-Share | $ 96.09 | |
| VALUATION | Market Capitalization | $ 29.0 B |
| Enterprise Value | $ 28.7 B | |
| Enterprise Multiple | 63.394 | |
| Enterprise Multiple QoQ | 14.25 % | |
| Enterprise Multiple YoY | 39.784 % | |
| Enterprise Multiple IPRWA | high: 131.097 EME: 63.394 median: 56.564 mean: 52.81 low: -45.941 |
|
| EV/R | 6.683 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.59 | |
| Asset To Liability | 1.629 | |
| Debt To Capital | 0.113 | |
| Debt To Assets | 0.049 | |
| Debt To Assets QoQ | -38.398 % | |
| Debt To Assets YoY | 348.358 % | |
| Debt To Assets IPRWA | high: 0.792 median: 0.244 mean: 0.24 EME: 0.049 low: 0.002 |
|
| Debt To Equity | 0.127 | |
| Debt To Equity QoQ | -42.026 % | |
| Debt To Equity YoY | 337.642 % | |
| Debt To Equity IPRWA | high: 1.946 mean: 0.748 median: 0.744 EME: 0.127 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.688 | |
| Price To Book QoQ | 4.209 % | |
| Price To Book YoY | 26.067 % | |
| Price To Book IPRWA | high: 11.745 EME: 8.688 mean: 6.15 median: 5.222 low: -0.303 |
|
| Price To Earnings (P/E) | 98.535 | |
| Price To Earnings QoQ | 28.485 % | |
| Price To Earnings YoY | 38.294 % | |
| Price To Earnings IPRWA | high: 138.015 EME: 98.535 median: 86.256 mean: 82.784 low: -31.573 |
|
| PE/G Ratio | -44.146 | |
| Price To Sales (P/S) | 6.737 | |
| Price To Sales QoQ | 13.976 % | |
| Price To Sales YoY | 31.027 % | |
| Price To Sales IPRWA | high: 24.589 EME: 6.737 mean: 6.694 median: 5.709 low: 0.204 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 107.088 | |
| Forward PE/G | -47.979 | |
| Forward P/S | 31.88 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 34.361 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.505 | |
| Asset Turnover Ratio QoQ | -3.359 % | |
| Asset Turnover Ratio YoY | -1.715 % | |
| Asset Turnover Ratio IPRWA | high: 0.643 EME: 0.505 mean: 0.35 median: 0.32 low: 0.019 |
|
| Receivables Turnover | 1.047 | |
| Receivables Turnover Ratio QoQ | -3.673 % | |
| Receivables Turnover Ratio YoY | -1.357 % | |
| Receivables Turnover Ratio IPRWA | high: 6.931 mean: 1.871 median: 1.682 EME: 1.047 low: 0.72 |
|
| Inventory Turnover | 32.461 | |
| Inventory Turnover Ratio QoQ | -5.4 % | |
| Inventory Turnover Ratio YoY | 8.69 % | |
| Inventory Turnover Ratio IPRWA | high: 44.608 EME: 32.461 mean: 14.106 median: 8.378 low: 0.269 |
|
| Days Sales Outstanding (DSO) | 87.183 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 61.628 | |
| Cash Conversion Cycle Days QoQ | 10.856 % | |
| Cash Conversion Cycle Days YoY | 0.681 % | |
| Cash Conversion Cycle Days IPRWA | high: 152.993 EME: 61.628 mean: 22.246 median: 9.126 low: -36.642 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.897 | |
| CapEx To Revenue | -0.006 | |
| CapEx To Depreciation | -1.542 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.3 B | |
| Net Invested Capital | $ 3.3 B | |
| Invested Capital | $ 3.3 B | |
| Net Tangible Assets | $ 919.2 M | |
| Net Working Capital | $ 878.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.143 | |
| Current Ratio | 1.192 | |
| Current Ratio QoQ | 1.175 % | |
| Current Ratio YoY | -6.558 % | |
| Current Ratio IPRWA | high: 3.71 mean: 1.537 median: 1.301 EME: 1.192 low: 0.103 |
|
| Quick Ratio | 1.169 | |
| Quick Ratio QoQ | 1.338 % | |
| Quick Ratio YoY | -6.6 % | |
| Quick Ratio IPRWA | high: 2.965 mean: 1.561 median: 1.296 EME: 1.169 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.936 | |
| Cost Of Debt | 1.101 % | |
| Interest Coverage Ratio | 48.808 | |
| Interest Coverage Ratio QoQ | -2.292 % | |
| Interest Coverage Ratio YoY | 11.597 % | |
| Interest Coverage Ratio IPRWA | high: 88.977 EME: 48.808 mean: 8.028 median: 6.36 low: -42.909 |
|
| Operating Cash Flow Ratio | 0.061 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.363 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 26.391 | |
| Dividend Payout Ratio | 0.038 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.854 % | |
| Revenue Growth | -0.067 % | |
| Revenue Growth QoQ | -100.593 % | |
| Revenue Growth YoY | -108.181 % | |
| Revenue Growth IPRWA | high: 45.722 % median: 8.97 % mean: 7.56 % EME: -0.067 % low: -30.219 % |
|
| Earnings Growth | -2.232 % | |
| Earnings Growth QoQ | -108.041 % | |
| Earnings Growth YoY | -121.306 % | |
| Earnings Growth IPRWA | high: 156.25 % mean: 26.578 % median: 26.34 % EME: -2.232 % low: -96.429 % |
|
| MARGINS | ||
| Gross Margin | 19.419 % | |
| Gross Margin QoQ | 0.253 % | |
| Gross Margin YoY | -2.289 % | |
| Gross Margin IPRWA | high: 49.439 % median: 24.054 % mean: 20.42 % EME: 19.419 % low: -13.331 % |
|
| EBIT Margin | 9.431 % | |
| EBIT Margin QoQ | -2.229 % | |
| EBIT Margin YoY | -4.098 % | |
| EBIT Margin IPRWA | high: 23.417 % median: 10.6 % mean: 9.707 % EME: 9.431 % low: -14.014 % |
|
| Return On Sales (ROS) | 9.431 % | |
| Return On Sales QoQ | -2.229 % | |
| Return On Sales YoY | -4.098 % | |
| Return On Sales IPRWA | high: 19.158 % median: 10.329 % EME: 9.431 % mean: 9.364 % low: -66.34 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 448.8 M | |
| Free Cash Flow Yield | 1.549 % | |
| Free Cash Flow Yield QoQ | 137.942 % | |
| Free Cash Flow Yield YoY | -42.115 % | |
| Free Cash Flow Yield IPRWA | high: 16.122 % median: 1.963 % mean: 1.689 % EME: 1.549 % low: -15.175 % |
|
| Free Cash Growth | 170.969 % | |
| Free Cash Growth QoQ | 68.99 % | |
| Free Cash Growth YoY | 79.341 % | |
| Free Cash Growth IPRWA | high: 583.204 % EME: 170.969 % mean: 40.187 % median: 30.667 % low: -490.961 % |
|
| Free Cash To Net Income | 1.52 | |
| Cash Flow Margin | 6.464 % | |
| Cash Flow To Earnings | 0.941 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.467 % | |
| Return On Assets QoQ | -5.454 % | |
| Return On Assets YoY | -7.67 % | |
| Return On Assets IPRWA | high: 6.641 % EME: 3.467 % mean: 2.215 % median: 1.986 % low: -12.201 % |
|
| Return On Capital Employed (ROCE) | 9.99 % | |
| Return On Equity (ROE) | 0.089 | |
| Return On Equity QoQ | -10.564 % | |
| Return On Equity YoY | -9.623 % | |
| Return On Equity IPRWA | high: 0.131 EME: 0.089 mean: 0.058 median: 0.052 low: -0.333 |
|
| DuPont ROE | 9.25 % | |
| Return On Invested Capital (ROIC) | 8.818 % | |
| Return On Invested Capital QoQ | -4.391 % | |
| Return On Invested Capital YoY | -131.917 % | |
| Return On Invested Capital IPRWA | high: 12.406 % EME: 8.818 % mean: 4.817 % median: 3.681 % low: -6.036 % |
|