Recent News
On November 18, 2025 the company announced a normal course issuer bid to repurchase up to approximately 2,729,056 common shares (about 9.3% of issued shares) and established an automatic share purchase plan to execute purchases on the TSX and NYSE. The company stated management views repurchases as an effective use of cash to enhance liquidity and increase proportionate ownership for holders.
Technical Analysis
Directional indicators: ADX at 15.92 indicates no established trend. DI+ at 19.19 showing a dip-and-reversal signals bullish direction, and DI- at 16.19 with a peak-and-reversal also signals bullish pressure; both point to directional strength originating from short-term buying, but the low ADX limits conviction on a sustained trend.
MACD: MACD reads 0.15 with a dip-and-reversal trend, which denotes returning bullish momentum; however the MACD remains below the signal line (signal 0.20), so momentum has not yet delivered the classic bullish cross required for higher-confidence momentum confirmation.
MRO: MRO at -11.21 indicates the price sits below the model target and implies upside potential; the negative value combined with a dip-and-reversal trend suggests moderate mean-reversion pressure toward the target.
RSI: RSI at 53.68 with a peak-and-reversal indicates the relative-strength oscillator rolling over from a recent high, which creates short-term caution and suggests rallies could face resistance while consolidation completes.
Price structure and moving averages: Last close $15.33 sits above the 200-day average ($15.03) and the 50-day average ($14.55), implying the medium-term bias favors buyers. The 12-day EMA (price 15.11) shows a recent peak-and-reversal; price trading near the upper Bollinger band (upper 1x std dev $15.48) indicates shorter-term strength but limited upside before volatility expands. Ichimoku components place price above the Kijun-sen ($14.88) and near the Tenkan-sen ($15.31), consistent with a near-term bias supportive of higher levels if momentum resumes.
Fundamental Analysis
Profitability and margins: EBIT $38,014,000 and EBITDA $87,506,000 translate to an EBIT margin of 11.98%. That margin sits above the industry peer mean of 10.48% and above the industry peer median of 10.022%, indicating relative operating efficiency versus peers. QoQ the EBIT margin expanded by 30.44%; YoY the EBIT margin declined by 1.50%.
Revenue and earnings: Reported total revenue equals $317,248,000. Revenue growth measures show a modest contraction year-over-year of 1.06% and a sharp QoQ decline of 82.18%. Reported EPS of $0.67 missed the estimate of $0.68 by $0.01, an EPS surprise of -1.47%.
Cash flow and capital allocation: Operating cash flow totaled $91,824,000 and free cash flow reached $24,977,000, producing a free cash flow yield of 6.00%, which compares favorably to the industry peer mean free cash flow yield of 1.66%. Cash and short-term investments $101,637,000 support liquidity, and the company paid $3,429,000 in dividends at a payout ratio near 19.83% with dividend yield 0.824%.
Leverage and balance sheet: Net debt stands at $797,696,000 against a market cap of $415,996,117, reflecting elevated net leverage. Debt-to-EBITDA at 10.41x and debt-to-equity at 193.35% indicate material financial leverage. Debt-to-assets equals 48.66%. Interest coverage about 2.62x provides some cushion, but interest-bearing obligations represent a clear constraint on free cash flow deployment until reduced.
Efficiency and returns: Asset turnover at 0.1715 sits below the industry peer mean of 0.3599, signaling lower revenue generation per asset base. Return on equity 3.67% and return on assets 0.94% remain positive but modest; QoQ these returns show sizable improvement (ROE QoQ +64.885%, ROA QoQ +65.194%).
Valuation context: Price-to-book about 0.88x sits well below the industry peer mean book multiple of 6.28x. Price-to-earnings around 21.73x sits below the industry peer mean P/E of 83.29x. Enterprise-value-to-revenue (EVR) 3.86x and enterprise multiple 14.00x reflect the market pricing in both leverage and growth expectations. The current valuation as determined by WMDST: under-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-12 |
| NEXT REPORT DATE: | 2026-02-11 |
| CASH FLOW | Begin Period Cash Flow | $ 79.0 M |
| Operating Cash Flow | $ 91.8 M | |
| Capital Expenditures | $ -66.85 M | |
| Change In Working Capital | $ 19.5 M | |
| Dividends Paid | $ -3.43 M | |
| Cash Flow Delta | $ 22.6 M | |
| End Period Cash Flow | $ 101.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 317.2 M | |
| Forward Revenue | $ 68.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 267.5 M | |
| Depreciation | $ 49.5 M | |
| Depreciation and Amortization | $ 49.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 280.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 49.7 M | |
| EBITDA | $ 87.5 M | |
| EBIT | $ 38.0 M | |
| Operating Income | $ 36.5 M | |
| Interest Income | $ -776.00 K | |
| Interest Expense | $ 14.5 M | |
| Net Interest Income | $ -15.27 M | |
| Income Before Tax | $ 23.5 M | |
| Tax Provision | $ 6.2 M | |
| Tax Rate | 26.478 % | |
| Net Income | $ 17.3 M | |
| Net Income From Continuing Operations | $ 17.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.68 | |
| EPS Actual | $ 0.67 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -1.471 % | |
| Forward EPS | $ 0.52 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.9 B | |
| Intangible Assets | $ 10.7 M | |
| Net Tangible Assets | $ 460.4 M | |
| Total Current Assets | $ 372.8 M | |
| Cash and Short-Term Investments | $ 101.6 M | |
| Cash | $ 101.6 M | |
| Net Receivables | $ 144.7 M | |
| Inventory | $ 74.2 M | |
| Long-Term Investments | $ 5.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 122.7 M | |
| Short-Term Debt | $ 152.4 M | |
| Total Current Liabilities | $ 408.4 M | |
| Net Debt | $ 797.7 M | |
| Total Debt | $ 910.8 M | |
| Total Liabilities | $ 1.4 B | |
| EQUITY | ||
| Total Equity | $ 471.1 M | |
| Retained Earnings | $ 179.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.49 | |
| Shares Outstanding | 28.576 M | |
| Revenue Per-Share | $ 11.10 | |
| VALUATION | Market Capitalization | $ 416.0 M |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 14.001 | |
| Enterprise Multiple QoQ | -8.136 % | |
| Enterprise Multiple YoY | 100.754 % | |
| Enterprise Multiple IPRWA | high: 131.097 median: 59.103 mean: 53.166 NOA: 14.001 low: -45.941 |
|
| EV/R | 3.862 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.973 | |
| Asset To Liability | 1.336 | |
| Debt To Capital | 0.659 | |
| Debt To Assets | 0.487 | |
| Debt To Assets QoQ | 0.537 % | |
| Debt To Assets YoY | 772.512 % | |
| Debt To Assets IPRWA | high: 0.792 NOA: 0.487 median: 0.244 mean: 0.225 low: 0.002 |
|
| Debt To Equity | 1.933 | |
| Debt To Equity QoQ | 0.616 % | |
| Debt To Equity YoY | 701.966 % | |
| Debt To Equity IPRWA | high: 1.946 NOA: 1.933 mean: 0.673 median: 0.612 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.883 | |
| Price To Book QoQ | -14.328 % | |
| Price To Book YoY | -29.947 % | |
| Price To Book IPRWA | high: 11.745 mean: 6.282 median: 5.222 NOA: 0.883 low: -0.303 |
|
| Price To Earnings (P/E) | 21.728 | |
| Price To Earnings QoQ | -97.304 % | |
| Price To Earnings YoY | 38.065 % | |
| Price To Earnings IPRWA | high: 138.015 median: 86.428 mean: 83.288 NOA: 21.728 low: -31.573 |
|
| PE/G Ratio | 0.007 | |
| Price To Sales (P/S) | 1.311 | |
| Price To Sales QoQ | -11.368 % | |
| Price To Sales YoY | -23.861 % | |
| Price To Sales IPRWA | high: 24.589 mean: 6.839 median: 6.737 NOA: 1.311 low: 0.204 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 27.819 | |
| Forward PE/G | 0.009 | |
| Forward P/S | 6.102 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -27.529 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.172 | |
| Asset Turnover Ratio QoQ | -3.123 % | |
| Asset Turnover Ratio YoY | -0.775 % | |
| Asset Turnover Ratio IPRWA | high: 0.643 mean: 0.36 median: 0.32 NOA: 0.172 low: 0.019 |
|
| Receivables Turnover | 2.063 | |
| Receivables Turnover Ratio QoQ | 2.859 % | |
| Receivables Turnover Ratio YoY | -7.619 % | |
| Receivables Turnover Ratio IPRWA | high: 6.931 NOA: 2.063 mean: 1.773 median: 1.639 low: 0.72 |
|
| Inventory Turnover | 3.604 | |
| Inventory Turnover Ratio QoQ | -6.059 % | |
| Inventory Turnover Ratio YoY | 19.087 % | |
| Inventory Turnover Ratio IPRWA | high: 44.608 mean: 15.724 median: 8.633 NOA: 3.604 low: 0.269 |
|
| Days Sales Outstanding (DSO) | 44.239 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 25.448 | |
| Cash Conversion Cycle Days QoQ | 0.071 % | |
| Cash Conversion Cycle Days YoY | 18.476 % | |
| Cash Conversion Cycle Days IPRWA | high: 249.747 median: 35.602 mean: 33.545 NOA: 25.448 low: -36.642 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -8.887 | |
| CapEx To Revenue | -0.211 | |
| CapEx To Depreciation | -1.351 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ 460.4 M | |
| Net Working Capital | $ -35.70 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.249 | |
| Current Ratio | 0.913 | |
| Current Ratio QoQ | -2.815 % | |
| Current Ratio YoY | -19.293 % | |
| Current Ratio IPRWA | high: 3.71 mean: 1.614 median: 1.301 NOA: 0.913 low: 0.103 |
|
| Quick Ratio | 0.731 | |
| Quick Ratio QoQ | -2.667 % | |
| Quick Ratio YoY | -16.744 % | |
| Quick Ratio IPRWA | high: 2.965 mean: 1.537 median: 1.296 NOA: 0.731 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.409 | |
| Cost Of Debt | 1.187 % | |
| Interest Coverage Ratio | 2.624 | |
| Interest Coverage Ratio QoQ | 19.646 % | |
| Interest Coverage Ratio YoY | 6.948 % | |
| Interest Coverage Ratio IPRWA | high: 88.977 mean: 13.996 median: 8.075 NOA: 2.624 low: -42.909 |
|
| Operating Cash Flow Ratio | 0.158 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 42.571 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.044 | |
| Dividend Payout Ratio | 0.198 | |
| Dividend Rate | $ 0.12 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.443 % | |
| Revenue Growth | -1.056 % | |
| Revenue Growth QoQ | -82.18 % | |
| Revenue Growth YoY | -127.673 % | |
| Revenue Growth IPRWA | high: 45.722 % median: 5.995 % mean: 5.947 % NOA: -1.056 % low: -30.219 % |
|
| Earnings Growth | 3250.0 % | |
| Earnings Growth QoQ | -3692.113 % | |
| Earnings Growth YoY | 6400.0 % | |
| Earnings Growth IPRWA | NOA: 3250.0 % high: 156.25 % mean: 20.591 % median: 12.903 % low: -96.429 % |
|
| MARGINS | ||
| Gross Margin | 15.673 % | |
| Gross Margin QoQ | 40.251 % | |
| Gross Margin YoY | -30.938 % | |
| Gross Margin IPRWA | high: 49.439 % median: 22.317 % mean: 21.445 % NOA: 15.673 % low: -13.331 % |
|
| EBIT Margin | 11.982 % | |
| EBIT Margin QoQ | 30.438 % | |
| EBIT Margin YoY | -1.496 % | |
| EBIT Margin IPRWA | high: 27.2 % NOA: 11.982 % mean: 10.48 % median: 10.022 % low: -14.014 % |
|
| Return On Sales (ROS) | 11.501 % | |
| Return On Sales QoQ | 62.604 % | |
| Return On Sales YoY | -5.451 % | |
| Return On Sales IPRWA | high: 24.385 % NOA: 11.501 % mean: 10.219 % median: 10.094 % low: -14.192 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 25.0 M | |
| Free Cash Flow Yield | 6.004 % | |
| Free Cash Flow Yield QoQ | -369.358 % | |
| Free Cash Flow Yield YoY | -286.518 % | |
| Free Cash Flow Yield IPRWA | high: 16.122 % NOA: 6.004 % median: 1.771 % mean: 1.658 % low: -15.175 % |
|
| Free Cash Growth | -336.256 % | |
| Free Cash Growth QoQ | 348.061 % | |
| Free Cash Growth YoY | 5120.556 % | |
| Free Cash Growth IPRWA | high: 583.204 % mean: 50.641 % median: 30.667 % NOA: -336.256 % low: -490.961 % |
|
| Free Cash To Net Income | 1.444 | |
| Cash Flow Margin | 20.38 % | |
| Cash Flow To Earnings | 3.738 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.935 % | |
| Return On Assets QoQ | 65.194 % | |
| Return On Assets YoY | 11.575 % | |
| Return On Assets IPRWA | high: 6.641 % mean: 2.43 % median: 2.06 % NOA: 0.935 % low: -12.201 % |
|
| Return On Capital Employed (ROCE) | 2.598 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 64.885 % | |
| Return On Equity YoY | 3.524 % | |
| Return On Equity IPRWA | high: 0.131 median: 0.062 mean: 0.062 NOA: 0.037 low: -0.333 |
|
| DuPont ROE | 3.714 % | |
| Return On Invested Capital (ROIC) | 2.039 % | |
| Return On Invested Capital QoQ | 44.201 % | |
| Return On Invested Capital YoY | -98.539 % | |
| Return On Invested Capital IPRWA | high: 12.406 % mean: 5.261 % median: 3.699 % NOA: 2.039 % low: -6.036 % |
|