Recent News
Nov 14, 2025 — Board raised the regular annual cash dividend by 67% from $0.15 to $0.25 per share, declaring the fourth‑quarter cash dividend on November 13 and scheduling payment in December. Dec 2, 2025 — Company announced intent to acquire PurgeRite for approximately $1.0 billion in cash, with up to $250 million additional contingent on 2026 performance metrics. Jan 21, 2026 — Company set the date to report fourth‑quarter and full‑year 2025 results on Feb 11, 2026 and announced its 2026 investor conference for May 19, 2026.
Technical Analysis
ADX at 23.45 indicates an emerging trend rather than a dominant directional regime; momentum requires higher ADX to validate extension beyond current levels.
DI+ has dipped and reversed (DI+ 30.85), while DI− peaked and reversed (DI− 15.02), signaling bullish directional movement that supports the recent advance relative to shorter-term averages.
MACD has dipped and reversed and sits above its signal line (MACD 9.08 vs signal 5.22); that cross confirms bullish momentum in the near term.
MRO stands at 13.47 and increased; the positive MRO indicates price sits above the model target, implying measurable mean‑reversion potential that elevates pullback risk despite bullish momentum.
RSI at 59.59 has dipped and reversed, consistent with renewed upside pressure but not yet in extended overbought territory.
Price closed at $248.51, well above the 20‑day ($193.87), 50‑day ($177.54) and 200‑day ($147.58) averages and above the 12‑ and 26‑day EMAs — momentum confirmed across timeframes. Price trades above the upper Bollinger bands (upper 2× band $232.53), indicating an overextension relative to recent volatility and aligning with MRO’s mean‑reversion signal.
Volume surged to ~19.7M, well above the 10‑day and 200‑day averages, supporting the advance; 42‑day beta of 3.31 and elevated 42‑day volatility show heightened sensitivity to market moves and greater downside risk if momentum stalls.
Fundamental Analysis
Profitability: EBIT $515.0M yields an EBIT margin of 19.25%, above the industry peer mean (10.96%) and roughly in line with the industry peer median (19.20%). Operating margin equals 20.49%, up 21.04% QoQ and up 39.58% YoY, reflecting margin expansion versus prior periods.
Growth: Reported total revenue $2,675.8M. Revenue growth displays mixed period signals: a small positive headline growth (1.43%) but the available QoQ and YoY growth metrics show contractions — QoQ revenue change reported as −95.17% and YoY revenue change reported as −76.88% — the dataset contains large negative period deltas that merit reconciliation with company disclosures. Earnings growth shows strength: earnings growth YoY +127.25% and QoQ +2.83%.
Cash flow and liquidity: Operating cash flow $508.7M and free cash flow $462.0M; free cash flow yield 0.83%, slightly above the industry peer mean (0.78%). Cash and short‑term investments $1.941B, cash conversion ratio 0.90 and cash conversion cycle ~83.8 days, modestly shorter than the industry peer mean of ~115.8 days. Current ratio 1.83 and quick ratio 1.43 indicate adequate near‑term liquidity and align with peer averages.
Capital structure: Total debt $3.214B and net debt $1.5225B; debt-to-EBITDA ~5.44x indicates materially leveraged operating leverage though interest coverage runs strong at ~22.59×, well above the industry peer mean (~13.52×), which limits near-term solvency stress.
Valuation: Price multiples sit elevated — PE ~117.98, forward PE ~152.13, P/B ~15.94 and P/S ~20.90. Enterprise multiple ~96.88 and EV/Revenue dynamics produce WMDST’s assessment: the current valuation is over‑valued. Margins and cash generation improved, but valuation metrics imply material expectation of continued high growth that must materialize to justify present levels.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-11 |
| NEXT REPORT DATE: | 2026-05-13 |
| CASH FLOW | Begin Period Cash Flow | $ 1.7 B |
| Operating Cash Flow | $ 508.7 M | |
| Capital Expenditures | $ -46.70 M | |
| Change In Working Capital | $ -45.50 M | |
| Dividends Paid | $ -14.20 M | |
| Cash Flow Delta | $ -211.80 M | |
| End Period Cash Flow | $ 1.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.7 B | |
| Forward Revenue | $ 1.1 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.7 B | |
| Depreciation | $ 24.5 M | |
| Depreciation and Amortization | $ 75.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.0 B | |
| EBITDA | $ 590.4 M | |
| EBIT | $ 515.0 M | |
| Operating Income | $ 548.3 M | |
| Interest Income | — | |
| Interest Expense | $ 22.8 M | |
| Net Interest Income | $ -22.80 M | |
| Income Before Tax | $ 492.2 M | |
| Tax Provision | $ 93.7 M | |
| Tax Rate | 19.0 % | |
| Net Income | $ 398.5 M | |
| Net Income From Continuing Operations | $ 398.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.16 | |
| EPS Actual | $ 1.14 | |
| EPS Difference | $ -0.02 | |
| EPS Surprise | -1.724 % | |
| Forward EPS | $ 1.78 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.8 B | |
| Intangible Assets | $ 3.0 B | |
| Net Tangible Assets | $ 556.7 M | |
| Total Current Assets | $ 6.5 B | |
| Cash and Short-Term Investments | $ 1.9 B | |
| Cash | $ 1.4 B | |
| Net Receivables | $ 2.8 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 74.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.7 B | |
| Short-Term Debt | $ 20.9 M | |
| Total Current Liabilities | $ 3.6 B | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 7.3 B | |
| EQUITY | ||
| Total Equity | $ 3.5 B | |
| Retained Earnings | $ 606.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.18 | |
| Shares Outstanding | 382.259 M | |
| Revenue Per-Share | $ 7.00 | |
| VALUATION | Market Capitalization | $ 55.9 B |
| Enterprise Value | $ 57.2 B | |
| Enterprise Multiple | 96.876 | |
| Enterprise Multiple QoQ | 1.151 % | |
| Enterprise Multiple YoY | 4.622 % | |
| Enterprise Multiple IPRWA | high: 238.157 VRT: 96.876 median: 95.909 mean: 78.85 low: -194.359 |
|
| EV/R | 21.375 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.083 | |
| Asset To Liability | 1.48 | |
| Debt To Capital | 0.478 | |
| Debt To Assets | 0.297 | |
| Debt To Assets QoQ | -2.781 % | |
| Debt To Assets YoY | 12384.454 % | |
| Debt To Assets IPRWA | high: 0.941 VRT: 0.297 median: 0.276 mean: 0.275 low: 0.002 |
|
| Debt To Equity | 0.916 | |
| Debt To Equity QoQ | -9.986 % | |
| Debt To Equity YoY | 7735.586 % | |
| Debt To Equity IPRWA | high: 2.069 VRT: 0.916 median: 0.596 mean: 0.544 low: -0.194 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 15.938 | |
| Price To Book QoQ | 3.888 % | |
| Price To Book YoY | -18.465 % | |
| Price To Book IPRWA | VRT: 15.938 high: 13.378 median: 7.578 mean: 6.233 low: -2.447 |
|
| Price To Earnings (P/E) | 117.98 | |
| Price To Earnings QoQ | -16.175 % | |
| Price To Earnings YoY | -5.097 % | |
| Price To Earnings IPRWA | high: 276.29 median: 119.759 VRT: 117.98 mean: 100.113 low: -111.167 |
|
| PE/G Ratio | 3.865 | |
| Price To Sales (P/S) | 20.899 | |
| Price To Sales QoQ | 14.985 % | |
| Price To Sales YoY | 22.229 % | |
| Price To Sales IPRWA | high: 136.276 VRT: 20.899 mean: 20.485 median: 20.435 low: 1.381 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 152.133 | |
| Forward PE/G | 4.984 | |
| Forward P/S | 101.336 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.483 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.252 | |
| Asset Turnover Ratio QoQ | -5.096 % | |
| Asset Turnover Ratio YoY | 3.37 % | |
| Asset Turnover Ratio IPRWA | high: 0.47 VRT: 0.252 median: 0.172 mean: 0.169 low: 0.002 |
|
| Receivables Turnover | 0.949 | |
| Receivables Turnover Ratio QoQ | -7.564 % | |
| Receivables Turnover Ratio YoY | 4.014 % | |
| Receivables Turnover Ratio IPRWA | high: 2.347 mean: 1.348 median: 1.266 VRT: 0.949 low: 0.589 |
|
| Inventory Turnover | 1.168 | |
| Inventory Turnover Ratio QoQ | -6.185 % | |
| Inventory Turnover Ratio YoY | 4.623 % | |
| Inventory Turnover Ratio IPRWA | high: 2.805 VRT: 1.168 median: 0.938 mean: 0.922 low: 0.265 |
|
| Days Sales Outstanding (DSO) | 96.196 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 83.789 | |
| Cash Conversion Cycle Days QoQ | 2.635 % | |
| Cash Conversion Cycle Days YoY | -16.917 % | |
| Cash Conversion Cycle Days IPRWA | high: 432.662 mean: 115.806 median: 88.63 VRT: 83.789 low: -11.304 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.9 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -1.906 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.4 B | |
| Net Invested Capital | $ 6.4 B | |
| Invested Capital | $ 6.4 B | |
| Net Tangible Assets | $ 556.7 M | |
| Net Working Capital | $ 3.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.543 | |
| Current Ratio | 1.831 | |
| Current Ratio QoQ | 5.018 % | |
| Current Ratio YoY | 32.973 % | |
| Current Ratio IPRWA | high: 6.647 VRT: 1.831 mean: 1.822 median: 1.28 low: 0.101 |
|
| Quick Ratio | 1.429 | |
| Quick Ratio QoQ | 5.672 % | |
| Quick Ratio YoY | 40.5 % | |
| Quick Ratio IPRWA | high: 6.355 VRT: 1.429 mean: 1.151 median: 0.794 low: 0.098 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.444 | |
| Cost Of Debt | 0.578 % | |
| Interest Coverage Ratio | 22.588 | |
| Interest Coverage Ratio QoQ | 8.752 % | |
| Interest Coverage Ratio YoY | 166.393 % | |
| Interest Coverage Ratio IPRWA | high: 44.025 VRT: 22.588 median: 20.03 mean: 13.522 low: -124.935 |
|
| Operating Cash Flow Ratio | 0.163 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 87.084 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 28.063 | |
| Dividend Payout Ratio | 0.036 | |
| Dividend Rate | $ 0.04 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.941 % | |
| Revenue Growth | 1.429 % | |
| Revenue Growth QoQ | -95.168 % | |
| Revenue Growth YoY | -76.881 % | |
| Revenue Growth IPRWA | high: 100.263 % mean: 5.304 % VRT: 1.429 % median: -0.569 % low: -90.925 % |
|
| Earnings Growth | 30.526 % | |
| Earnings Growth QoQ | 2.826 % | |
| Earnings Growth YoY | 127.246 % | |
| Earnings Growth IPRWA | high: 150.0 % VRT: 30.526 % mean: 5.908 % median: 4.068 % low: -165.385 % |
|
| MARGINS | ||
| Gross Margin | 37.772 % | |
| Gross Margin QoQ | 11.137 % | |
| Gross Margin YoY | 3.545 % | |
| Gross Margin IPRWA | high: 44.059 % median: 38.28 % VRT: 37.772 % mean: 35.626 % low: -67.869 % |
|
| EBIT Margin | 19.247 % | |
| EBIT Margin QoQ | 14.77 % | |
| EBIT Margin YoY | 31.11 % | |
| EBIT Margin IPRWA | high: 21.612 % VRT: 19.247 % median: 19.204 % mean: 10.958 % low: -667.042 % |
|
| Return On Sales (ROS) | 20.491 % | |
| Return On Sales QoQ | 21.041 % | |
| Return On Sales YoY | 39.584 % | |
| Return On Sales IPRWA | high: 22.513 % VRT: 20.491 % median: 19.562 % mean: 9.827 % low: -654.394 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 462.0 M | |
| Free Cash Flow Yield | 0.826 % | |
| Free Cash Flow Yield QoQ | 42.907 % | |
| Free Cash Flow Yield YoY | -13.598 % | |
| Free Cash Flow Yield IPRWA | high: 13.007 % VRT: 0.826 % median: 0.821 % mean: 0.779 % low: -10.764 % |
|
| Free Cash Growth | 66.787 % | |
| Free Cash Growth QoQ | 1313.182 % | |
| Free Cash Growth YoY | 3875.417 % | |
| Free Cash Growth IPRWA | high: 286.648 % VRT: 66.787 % median: 63.827 % mean: 33.26 % low: -374.035 % |
|
| Free Cash To Net Income | 1.159 | |
| Cash Flow Margin | 21.833 % | |
| Cash Flow To Earnings | 1.466 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.755 % | |
| Return On Assets QoQ | 15.008 % | |
| Return On Assets YoY | 80.703 % | |
| Return On Assets IPRWA | high: 8.858 % VRT: 3.755 % median: 2.489 % mean: 0.764 % low: -36.697 % |
|
| Return On Capital Employed (ROCE) | 7.114 % | |
| Return On Equity (ROE) | 0.114 | |
| Return On Equity QoQ | 9.486 % | |
| Return On Equity YoY | 16.638 % | |
| Return On Equity IPRWA | high: 0.513 VRT: 0.114 median: 0.054 mean: 0.03 low: -0.583 |
|
| DuPont ROE | 12.014 % | |
| Return On Invested Capital (ROIC) | 6.49 % | |
| Return On Invested Capital QoQ | 15.214 % | |
| Return On Invested Capital YoY | -128.758 % | |
| Return On Invested Capital IPRWA | high: 7.515 % VRT: 6.49 % median: 3.608 % mean: 3.067 % low: -10.193 % |
|