Recent News
On December 31, 2025 the company announced its 2026 Annual Shareholders Meeting set for April 8, 2026. Multiple filings in December 2025 show the chairman/CEO added shares through open-market purchases across early–mid December; additional reports in January 2026 summarized those insider buys. On November 24, 2025 Lion Fund reported purchases of both Class A and Class B shares totaling roughly $799k.
Technical Analysis
ADX / DI+ / DI-: ADX at 34.74 indicates a strong directional market context. DI+ sits at 30.93 and shows a decreasing trend, which reads bearish for near-term price bias; DI- at 20.14 shows a dip-and-reversal pattern that also signals bearish directional pressure. Together, a strong ADX with falling DI+ and a DI- dip-and-reversal implies momentum currently supports price weakness even as the stock trades below short-term averages.
MACD: MACD at 19.70 sits below its signal line at 24.95 and displays a peak-and-reversal pattern, consistent with falling bullish momentum. That configuration aligns with the directional indicators and implies continued near-term pressure until MACD re-accelerates above its signal line.
MRO (Momentum/Regression Oscillator): MRO reads 37.58 and shows a peak-and-reversal pattern, which indicates price currently stands above its model target and carries medium-to-strong potential to decrease. That divergence between price and target amplifies the bearish bias signaled by MACD and DI readings.
RSI: RSI at 58.5 with a peak-and-reversal trend indicates momentum intensity recently peaked and started to roll over rather than continuing higher. RSI remains outside extreme overbought/oversold levels, so moves can extend in either direction, but the immediate signal complements the bearish momentum picture.
Price vs. Moving Averages and Additional Tools: Current close of $382.08 sits below the 20-day average ($436.37) and the 12-day EMA ($421.54), both showing peak-and-reversal behavior, which supports a short-term negative bias. Price remains above the 50-day ($355.76) and 200-day ($309.83) averages, providing longer-term support levels that could limit declines. Ichimoku readings place price below the Tenkan-sen ($430.72) and slightly below the Kijun-sen ($399.20) while staying above the cloud (Senkou A $314.35 / Senkou B $324.18), indicating short-term weakness inside a longer-term constructive band. Bollinger band placement leaves the stock between the 1x and 2x upper bands, reflecting recent volatility expansion but not an immediate extreme.
Fundamental Analysis
Profitability: Net income stands at -$5,291,000 with EBIT at -$5,215,000 and EBITDA at $4,330,000. EBIT margin measures -5.23%, down QoQ by -107.83% and down YoY by -110.52%; the industry peer mean for EBIT margin sits near 12.05% with an industry peer range from -20.91% to 27.788%, placing the company below peer central tendency on operating profitability. Operating margin stands at 9.12% with a QoQ improvement of 47.48% but an YoY decline of -81.66%, reflecting volatile operating leverage across reporting periods.
Revenue and Growth: Total revenue equals $99,738,000 with YoY revenue growth of 8.82% and QoQ change of -114.91%. Revenue per share reads $32.14 and asset turnover registers 10.27%, down QoQ by -13.65% and down YoY by -4.94%, indicating lower sales productivity on existing asset base despite positive YoY top-line expansion.
Liquidity and Cash Flow: Cash equals $272,485,000 and cash plus short-term investments total $369,169,000. Current ratio measures 2.83, quick ratio 2.80, and cash ratio 2.58—liquidity metrics substantially above typical near-term obligations. Operating cash flow improved to an end-period cash flow of $273,196,000 with free cash flow of $22,300,000 and a free cash flow yield of 2.15%, although free cash growth shows YoY contraction of -68.20% and QoQ weakness, signaling lower incremental free cash generation versus prior periods.
Leverage and Capital Structure: Total debt equals $347,168,000 with debt-to-assets at 32.16% and debt-to-equity at 0.60. Debt-to-EBITDA reads about 80.18x, driven by negative EBIT and modest EBITDA relative to debt balances, which elevates leverage sensitivity if operating earnings fail to stabilize. Interest coverage sits negative, reflecting losses at the operating-EBIT level.
Valuation Multiples: Price-to-book equals 1.79x with a P/S of 10.40x and forward P/S near 38.07x. Enterprise multiple registers about 234.41, exceeding the industry peer mean of roughly 131.99 and median around 155.36, which marks a premium on enterprise valuation despite the WMDST assessment. Forward EPS runs negative at -$1.8625 producing a negative forward P/E, consistent with expected near-term EPS losses. Price target mean across analyst views sits near $423.67 versus the close at $382.08.
Valuation Conclusion: WMDST values the stock as under-valued. That judgment reflects balance of substantial liquidity, retained earnings of $640,064,000, and tangible asset base of $504,040,000, offset by negative operating profitability, elevated debt-to-EBITDA sensitivity, and weak free-cash growth.
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 | $ 33.5 M |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -8.95 M | |
| Change In Working Capital | $ 9.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 239.7 M | |
| End Period Cash Flow | $ 273.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 99.7 M | |
| Forward Revenue | $ 27.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 60.7 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 90.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 39.1 M | |
| EBITDA | $ 4.3 M | |
| EBIT | $ -5.21 M | |
| Operating Income | $ 9.1 M | |
| Interest Income | — | |
| Interest Expense | $ 2.3 M | |
| Net Interest Income | $ -2.34 M | |
| Income Before Tax | $ -7.55 M | |
| Tax Provision | $ -2.26 M | |
| Tax Rate | 29.939 % | |
| Net Income | $ -5.29 M | |
| Net Income From Continuing Operations | $ -5.29 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -1.86 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | $ 76.2 M | |
| Net Tangible Assets | $ 504.0 M | |
| Total Current Assets | $ 404.1 M | |
| Cash and Short-Term Investments | $ 369.2 M | |
| Cash | $ 272.5 M | |
| Net Receivables | $ 21.2 M | |
| Inventory | $ 3.9 M | |
| Long-Term Investments | $ 12.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 27.8 M | |
| Short-Term Debt | $ 20.9 M | |
| Total Current Liabilities | $ 143.0 M | |
| Net Debt | — | |
| Total Debt | $ 347.2 M | |
| Total Liabilities | $ 499.2 M | |
| EQUITY | ||
| Total Equity | $ 580.3 M | |
| Retained Earnings | $ 640.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 187.01 | |
| Shares Outstanding | 3.103 M | |
| Revenue Per-Share | $ 32.14 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | 234.406 | |
| Enterprise Multiple QoQ | 1947.665 % | |
| Enterprise Multiple YoY | 2975.673 % | |
| Enterprise Multiple IPRWA | BH: 234.406 high: 190.151 median: 155.361 mean: 131.989 low: -123.294 |
|
| EV/R | 10.176 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.86 | |
| Asset To Liability | 2.162 | |
| Debt To Capital | 0.374 | |
| Debt To Assets | 0.322 | |
| Debt To Assets QoQ | 121.411 % | |
| Debt To Assets YoY | 1837.349 % | |
| Debt To Assets IPRWA | high: 1.761 mean: 0.773 median: 0.355 BH: 0.322 low: 0.009 |
|
| Debt To Equity | 0.598 | |
| Debt To Equity QoQ | 181.067 % | |
| Debt To Equity YoY | 2407.46 % | |
| Debt To Equity IPRWA | high: 5.029 mean: 0.691 BH: 0.598 median: 0.577 low: -6.956 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.787 | |
| Price To Book QoQ | 17.183 % | |
| Price To Book YoY | 98.514 % | |
| Price To Book IPRWA | high: 11.273 median: 10.033 mean: 3.707 BH: 1.787 low: -10.707 |
|
| 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) | 10.397 | |
| Price To Sales QoQ | 16.411 % | |
| Price To Sales YoY | 73.517 % | |
| Price To Sales IPRWA | high: 42.809 median: 26.401 mean: 24.036 BH: 10.397 low: 0.237 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -161.48 | |
| Forward PE/G | — | |
| Forward P/S | 38.075 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 123.074 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.103 | |
| Asset Turnover Ratio QoQ | -13.651 % | |
| Asset Turnover Ratio YoY | -4.944 % | |
| Asset Turnover Ratio IPRWA | high: 0.425 median: 0.224 mean: 0.214 BH: 0.103 low: 0.008 |
|
| Receivables Turnover | 4.713 | |
| Receivables Turnover Ratio QoQ | 2.092 % | |
| Receivables Turnover Ratio YoY | 5.712 % | |
| Receivables Turnover Ratio IPRWA | high: 147.269 median: 30.434 mean: 26.539 BH: 4.713 low: 0.156 |
|
| Inventory Turnover | 14.611 | |
| Inventory Turnover Ratio QoQ | 2.589 % | |
| Inventory Turnover Ratio YoY | -1.925 % | |
| Inventory Turnover Ratio IPRWA | high: 61.844 mean: 19.581 BH: 14.611 median: 8.017 low: 4.472 |
|
| Days Sales Outstanding (DSO) | 19.36 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -14.181 | |
| Cash Conversion Cycle Days QoQ | 1.286 % | |
| Cash Conversion Cycle Days YoY | -5.609 % | |
| Cash Conversion Cycle Days IPRWA | high: 10.518 median: 5.16 mean: 1.354 low: -8.282 BH: -14.181 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.382 | |
| CapEx To Revenue | -0.09 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 795.2 M | |
| Net Invested Capital | $ 816.1 M | |
| Invested Capital | $ 816.1 M | |
| Net Tangible Assets | $ 504.0 M | |
| Net Working Capital | $ 261.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.582 | |
| Current Ratio | 2.827 | |
| Current Ratio QoQ | 104.523 % | |
| Current Ratio YoY | 91.714 % | |
| Current Ratio IPRWA | high: 4.054 BH: 2.827 median: 2.686 mean: 2.349 low: 0.245 |
|
| Quick Ratio | 2.799 | |
| Quick Ratio QoQ | 107.743 % | |
| Quick Ratio YoY | 94.388 % | |
| Quick Ratio IPRWA | BH: 2.799 high: 2.632 mean: 1.615 median: 1.318 low: 0.19 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 80.177 | |
| Cost Of Debt | 0.693 % | |
| Interest Coverage Ratio | -2.231 | |
| Interest Coverage Ratio QoQ | -106.947 % | |
| Interest Coverage Ratio YoY | -108.081 % | |
| Interest Coverage Ratio IPRWA | high: 56.842 mean: 7.149 median: 6.219 BH: -2.231 low: -17.322 |
|
| Operating Cash Flow Ratio | 0.219 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 39.725 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 25.003 % | |
| Revenue Growth | -0.876 % | |
| Revenue Growth QoQ | -114.908 % | |
| Revenue Growth YoY | 8.82 % | |
| Revenue Growth IPRWA | high: 4.142 % median: 1.869 % mean: 1.114 % BH: -0.876 % low: -14.622 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 39.167 % | |
| Gross Margin QoQ | 0.159 % | |
| Gross Margin YoY | 1.34 % | |
| Gross Margin IPRWA | high: 48.853 % BH: 39.167 % mean: 32.458 % median: 25.208 % low: 0.705 % |
|
| EBIT Margin | -5.229 % | |
| EBIT Margin QoQ | -107.83 % | |
| EBIT Margin YoY | -110.516 % | |
| EBIT Margin IPRWA | high: 27.788 % mean: 12.048 % median: 9.83 % BH: -5.229 % low: -20.911 % |
|
| Return On Sales (ROS) | 9.12 % | |
| Return On Sales QoQ | 47.477 % | |
| Return On Sales YoY | -81.659 % | |
| Return On Sales IPRWA | high: 27.861 % mean: 12.349 % median: 9.795 % BH: 9.12 % low: -15.482 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.3 M | |
| Free Cash Flow Yield | 2.15 % | |
| Free Cash Flow Yield QoQ | -51.014 % | |
| Free Cash Flow Yield YoY | 215.712 % | |
| Free Cash Flow Yield IPRWA | high: 4.283 % BH: 2.15 % mean: 0.402 % median: 0.256 % low: -3.849 % |
|
| Free Cash Growth | -43.463 % | |
| Free Cash Growth QoQ | -111.93 % | |
| Free Cash Growth YoY | -68.204 % | |
| Free Cash Growth IPRWA | high: 250.173 % mean: -27.667 % BH: -43.463 % median: -46.982 % low: -347.626 % |
|
| Free Cash To Net Income | -4.215 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | -5.905 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.545 % | |
| Return On Assets QoQ | -109.056 % | |
| Return On Assets YoY | -114.2 % | |
| Return On Assets IPRWA | high: 7.903 % mean: 1.477 % median: 1.128 % BH: -0.545 % low: -9.078 % |
|
| Return On Capital Employed (ROCE) | -0.557 % | |
| Return On Equity (ROE) | -0.009 | |
| Return On Equity QoQ | -110.552 % | |
| Return On Equity YoY | -117.085 % | |
| Return On Equity IPRWA | high: 0.235 median: 0.019 mean: 0.007 BH: -0.009 low: -0.178 |
|
| DuPont ROE | -0.905 % | |
| Return On Invested Capital (ROIC) | -0.448 % | |
| Return On Invested Capital QoQ | -105.184 % | |
| Return On Invested Capital YoY | -98.408 % | |
| Return On Invested Capital IPRWA | high: 6.942 % median: 3.797 % mean: 3.579 % BH: -0.448 % low: -7.241 % |
|