Recent News
On February 5, 2026 the company announced fourth-quarter and full‑year 2025 results, citing record full‑year revenue of $2.02 billion and a 2.5x year‑over‑year product backlog increase. Early January reports described a large U.S. utility exercising purchase options and a multi‑billion dollar expansion agreement tied to data‑center deployments, amid broader commentary that AI datacenter demand has pushed fuel‑cell orders higher.
Technical Analysis
ADX stands at 31.89, indicating a strong trend environment; that strength increases the significance of short‑term directional signals for price action.
DI+ reads 28.72 and is decreasing, a bearish directional development that reduces upward momentum relative to prior strength.
DI‑ sits at 15.85 and shows a dip‑and‑reversal pattern; the reversal behavior for DI‑ implies renewed downside pressure.
MACD (9.50) has peak‑and‑reversed and sits below its signal line (11.04), signaling waning bullish momentum and a bearish momentum posture until the MACD crosses back above the signal line.
MRO at 37.72 has peak‑and‑reversed; because MRO is positive the metric denotes price sitting above the model target and an elevated probability of a pullback toward fair value ranges.
RSI at 58.23 with a peak‑and‑reversal indicates loss of upward momentum without yet reaching overbought extremes, compatible with a pause or consolidation phase.
Price sits at $143.03, below the 20‑day average ($150.72) but above the 50‑day ($118.09) and 200‑day ($70.53), which implies short‑term weakness inside a longer‑term uptrend; the 12‑day EMA shows a peak‑and‑reversal consistent with near‑term retracement risk. Bollinger bands place one‑sigma support near $140.58, offering a defined intraday downside reference.
Volatility and volume metrics reinforce the technical picture: 42‑day beta (3.57) and elevated 10‑day average volume (13.06M vs. today’s 20.10M) underline heightened event‑driven swings; expect price swings to remain amplified until directional indicators regain clear bullish confirmation.
Fundamental Analysis
Earnings & revenue: the company reported a full‑year 2025 revenue milestone of $2.02 billion on February 5, 2026 and highlighted backlog growth and positive operating cash flow trends in the year. The most recent period data show total revenue of $519,048,000 (period ending 2025‑09‑30). The last announced EPS of $0.45 beat the $0.30 estimate, producing a 50% EPS surprise.
Margins and profitability: gross margin stands at 29.22%, while operating margin sits at 1.512% and EBIT margin at –1.586%; EBIT margin QoQ worsened by –76.20% and YoY changed by –333.92% (all values shown as percentages). EBIT margin remains below the industry peer mean (13.243%) and below the industry peer median (19.204%), indicating lower operating profitability versus peers.
Cash flow and liquidity: cash and short‑term investments total $595,055,000 and the company reports a current ratio of 4.40 and quick ratio of 2.88, reflecting ample near‑term liquidity to fund operations and backlog conversion. Free cash flow is positive at $7,368,000 but yields only ~0.042% on current market capitalization, leaving cash‑flow returns small relative to valuation.
Balance sheet and leverage: total debt totals $1,513,379,000 with debt‑to‑equity of 2.31733 (231.7%), well above the industry peer mean (61.099%) and the industry peer median (59.55%), indicating materially higher leverage compared with peers. Net debt stands at $537,261,000.
Valuation multiples: price‑to‑book at 26.84 and price‑to‑sales at 33.77 sit well above the industry peer mean values; trailing P/E near 494.47 and forward P/E near 548.89 reflect exceptionally rich expectations relative to standard comparables. WMDST values the stock as over‑valued given these multiples versus underlying cash‑flow and profitability metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 606.0 M |
| Operating Cash Flow | $ 19.7 M | |
| Capital Expenditures | $ -12.30 M | |
| Change In Working Capital | $ -62.19 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 21.0 M | |
| End Period Cash Flow | $ 627.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 519.0 M | |
| Forward Revenue | $ -997.03 M | |
| COSTS | ||
| Cost Of Revenue | $ 367.4 M | |
| Depreciation | $ 12.8 M | |
| Depreciation and Amortization | $ 12.8 M | |
| Research and Development | $ 48.7 M | |
| Total Operating Expenses | $ 511.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 151.7 M | |
| EBITDA | $ 4.6 M | |
| EBIT | $ -8.23 M | |
| Operating Income | $ 7.8 M | |
| Interest Income | $ 5.3 M | |
| Interest Expense | $ 14.4 M | |
| Net Interest Income | $ -9.10 M | |
| Income Before Tax | $ -22.62 M | |
| Tax Provision | $ 336.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -23.09 M | |
| Net Income From Continuing Operations | $ -22.96 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.30 | |
| EPS Actual | $ 0.45 | |
| EPS Difference | $ 0.15 | |
| EPS Surprise | 50.0 % | |
| Forward EPS | $ 0.75 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 653.1 M | |
| Total Current Assets | $ 2.0 B | |
| Cash and Short-Term Investments | $ 595.1 M | |
| Cash | $ 595.1 M | |
| Net Receivables | $ 411.7 M | |
| Inventory | $ 705.0 M | |
| Long-Term Investments | $ 37.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 167.4 M | |
| Short-Term Debt | $ 1.4 M | |
| Total Current Liabilities | $ 466.0 M | |
| Net Debt | $ 537.3 M | |
| Total Debt | $ 1.5 B | |
| Total Liabilities | $ 2.0 B | |
| EQUITY | ||
| Total Equity | $ 653.1 M | |
| Retained Earnings | $ -3.99 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.76 | |
| Shares Outstanding | 236.357 M | |
| Revenue Per-Share | $ 2.20 | |
| VALUATION | Market Capitalization | $ 17.5 B |
| Enterprise Value | $ 18.4 B | |
| Enterprise Multiple | 4040.506 | |
| Enterprise Multiple QoQ | -729.168 % | |
| Enterprise Multiple YoY | 2906.786 % | |
| Enterprise Multiple IPRWA | BE: 4040.506 high: 238.157 median: 95.909 mean: 82.148 low: -194.359 |
|
| EV/R | 35.544 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.04 | |
| Asset To Liability | 1.346 | |
| Debt To Capital | 0.699 | |
| Debt To Assets | 0.574 | |
| Debt To Assets QoQ | -4.605 % | |
| Debt To Assets YoY | 1209.083 % | |
| Debt To Assets IPRWA | high: 0.576 BE: 0.574 median: 0.276 mean: 0.262 low: 0.002 |
|
| Debt To Equity | 2.317 | |
| Debt To Equity QoQ | -9.45 % | |
| Debt To Equity YoY | 774.926 % | |
| Debt To Equity IPRWA | BE: 2.317 high: 2.069 mean: 0.611 median: 0.596 low: -0.194 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 26.843 | |
| Price To Book QoQ | 96.241 % | |
| Price To Book YoY | 369.913 % | |
| Price To Book IPRWA | BE: 26.843 high: 15.938 mean: 7.951 median: 7.578 low: -2.447 |
|
| Price To Earnings (P/E) | 494.468 | |
| Price To Earnings QoQ | 103.555 % | |
| Price To Earnings YoY | -145.899 % | |
| Price To Earnings IPRWA | BE: 494.468 high: 276.29 median: 119.759 mean: 103.299 low: -111.167 |
|
| PE/G Ratio | 9.889 | |
| Price To Sales (P/S) | 33.775 | |
| Price To Sales QoQ | 66.623 % | |
| Price To Sales YoY | 353.302 % | |
| Price To Sales IPRWA | high: 136.276 BE: 33.775 median: 20.435 mean: 19.789 low: 1.381 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 548.89 | |
| Forward PE/G | 10.978 | |
| Forward P/S | -142.699 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.357 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.201 | |
| Asset Turnover Ratio QoQ | 28.61 % | |
| Asset Turnover Ratio YoY | 56.608 % | |
| Asset Turnover Ratio IPRWA | high: 0.47 BE: 0.201 mean: 0.183 median: 0.172 low: 0.002 |
|
| Receivables Turnover | 1.181 | |
| Receivables Turnover Ratio QoQ | 17.925 % | |
| Receivables Turnover Ratio YoY | 99.31 % | |
| Receivables Turnover Ratio IPRWA | high: 2.347 mean: 1.283 median: 1.266 BE: 1.181 low: 0.589 |
|
| Inventory Turnover | 0.527 | |
| Inventory Turnover Ratio QoQ | 16.626 % | |
| Inventory Turnover Ratio YoY | 15.603 % | |
| Inventory Turnover Ratio IPRWA | high: 2.805 mean: 0.992 median: 0.938 BE: 0.527 low: 0.265 |
|
| Days Sales Outstanding (DSO) | 77.238 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 245.206 | |
| Cash Conversion Cycle Days QoQ | -14.197 % | |
| Cash Conversion Cycle Days YoY | -19.217 % | |
| Cash Conversion Cycle Days IPRWA | high: 432.662 BE: 245.206 mean: 102.138 median: 88.63 low: -11.304 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.328 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -0.961 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 653.1 M | |
| Net Working Capital | $ 1.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.277 | |
| Current Ratio | 4.395 | |
| Current Ratio QoQ | -11.943 % | |
| Current Ratio YoY | 30.942 % | |
| Current Ratio IPRWA | high: 6.647 BE: 4.395 mean: 1.677 median: 1.358 low: 0.101 |
|
| Quick Ratio | 2.882 | |
| Quick Ratio QoQ | -10.214 % | |
| Quick Ratio YoY | 23.931 % | |
| Quick Ratio IPRWA | high: 6.355 BE: 2.882 mean: 1.101 median: 0.845 low: 0.098 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 331.445 | |
| Cost Of Debt | 0.749 % | |
| Interest Coverage Ratio | -0.572 | |
| Interest Coverage Ratio QoQ | -69.094 % | |
| Interest Coverage Ratio YoY | -528.197 % | |
| Interest Coverage Ratio IPRWA | high: 44.025 median: 20.03 mean: 16.089 BE: -0.572 low: -124.935 |
|
| Operating Cash Flow Ratio | 0.113 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 48.424 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.259 % | |
| Revenue Growth | 29.36 % | |
| Revenue Growth QoQ | 27.254 % | |
| Revenue Growth YoY | -1936.148 % | |
| Revenue Growth IPRWA | high: 100.263 % BE: 29.36 % mean: 3.238 % median: 1.219 % low: -90.925 % |
|
| Earnings Growth | 50.0 % | |
| Earnings Growth QoQ | -78.571 % | |
| Earnings Growth YoY | -160.0 % | |
| Earnings Growth IPRWA | high: 150.0 % BE: 50.0 % mean: 7.894 % median: 4.068 % low: -165.385 % |
|
| MARGINS | ||
| Gross Margin | 29.222 % | |
| Gross Margin QoQ | 9.454 % | |
| Gross Margin YoY | 22.627 % | |
| Gross Margin IPRWA | high: 44.059 % median: 38.28 % mean: 36.385 % BE: 29.222 % low: -67.869 % |
|
| EBIT Margin | -1.586 % | |
| EBIT Margin QoQ | -76.197 % | |
| EBIT Margin YoY | -333.923 % | |
| EBIT Margin IPRWA | high: 21.612 % median: 19.204 % mean: 13.243 % BE: -1.586 % low: -667.042 % |
|
| Return On Sales (ROS) | 1.512 % | |
| Return On Sales QoQ | -273.196 % | |
| Return On Sales YoY | 123.009 % | |
| Return On Sales IPRWA | high: 22.513 % median: 19.562 % mean: 12.281 % BE: 1.512 % low: -654.394 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.4 M | |
| Free Cash Flow Yield | 0.042 % | |
| Free Cash Flow Yield QoQ | -101.55 % | |
| Free Cash Flow Yield YoY | -101.234 % | |
| Free Cash Flow Yield IPRWA | high: 13.007 % mean: 0.828 % median: 0.821 % BE: 0.042 % low: -10.764 % |
|
| Free Cash Growth | -103.344 % | |
| Free Cash Growth QoQ | -235.324 % | |
| Free Cash Growth YoY | 86.774 % | |
| Free Cash Growth IPRWA | high: 286.648 % median: 63.827 % mean: 48.518 % BE: -103.344 % low: -374.035 % |
|
| Free Cash To Net Income | -0.319 | |
| Cash Flow Margin | 10.145 % | |
| Cash Flow To Earnings | -2.28 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.894 % | |
| Return On Assets QoQ | -46.112 % | |
| Return On Assets YoY | 56.567 % | |
| Return On Assets IPRWA | high: 8.858 % median: 2.489 % mean: 1.391 % BE: -0.894 % low: -36.697 % |
|
| Return On Capital Employed (ROCE) | -0.379 % | |
| Return On Equity (ROE) | -0.035 | |
| Return On Equity QoQ | -50.67 % | |
| Return On Equity YoY | 3.574 % | |
| Return On Equity IPRWA | high: 0.513 median: 0.054 mean: 0.049 BE: -0.035 low: -0.583 |
|
| DuPont ROE | -3.702 % | |
| Return On Invested Capital (ROIC) | -0.364 % | |
| Return On Invested Capital QoQ | -70.237 % | |
| Return On Invested Capital YoY | -21.552 % | |
| Return On Invested Capital IPRWA | high: 7.515 % mean: 3.923 % median: 3.608 % BE: -0.364 % low: -10.193 % |
|