Recent News
On December 1, 2025 the company announced an Analyst Day webcast and reaffirmed annual revenue growth guidance of 21–23%, tied to product and platform commercialization activities; presentation materials and the live webcast availability were disclosed ahead of the December 3, 2025 event.
Technical Analysis
Directional indicators: DI+ shows a dip-and-reversal while DI- shows a peak-and-reversal; both signals read as bullish. ADX at 21.65 indicates an emerging trend, so the directional signals suggest nascent bullish directional strength rather than an extended trend.
MACD: MACD reads -0.07 with a dip-and-reversal trend, signaling nascent bullish momentum, but MACD remains below its signal line (0.15), so a confirming bullish cross has not yet occurred; momentum appears to be recovering rather than decisively shifted.
MRO (Momentum/Regression Oscillator): MRO at 2.94 registers positive, indicating price sits modestly above the regression target; that suggests limited downward pressure toward the model target if momentum stalls.
RSI and short-term momentum: RSI at 54.88 with a dip-and-reversal shows buying momentum returning from a recent dip and places the stock in the mid-range rather than overbought territory, supporting continued consolidation near current levels with room to extend higher.
Price vs moving averages and volatility: Last close $32.11 sits above the 20-day ($31.30), 50-day ($31.02), and 200-day ($24.68) averages; the 12-day EMA trend reads dip-and-reversal. Bollinger bands show a 1σ range of $28.59–$34.01, positioning price inside the upper half of the band. Together these signals favor continuation of the short-term recovery while implied volatility remains elevated given a 42-day beta of 2.56.
Fundamental Analysis
Revenue and growth: Reported total revenue $57,115,000. Quarter-over-quarter revenue growth registered +25.97%, while year-over-year revenue change measured -8.63% (both figures reported). The company continues to present sizable sequential growth even as annual comparisons vary by reporting period.
Profitability: Gross margin 72.27% and operating margin 8.45% accompany EBIT margin 8.27%. EBIT margin expanded +225.97% QoQ and +81.19% YoY per provided change metrics, reflecting strong sequential improvement in operating leverage versus the prior quarter.
Earnings delivery: Reported EPS $0.64 versus an estimate of $0.22, a $0.42 beat equal to a +191% surprise to the estimate. Non-GAAP and GAAP adjustments appeared in company reporting; the EPS outperformance materially exceeds consensus expectations for the period reported.
Cash, liquidity and leverage: Cash and short-term investments total $35,880,000; current ratio 2.21 (slightly above the industry peer mean of 2.16374). Total debt $73,784,000 produces debt-to-assets 18.16%, modestly above the industry peer mean of 16.975%. Interest coverage ~3.82x supports servicing of interest costs from operating earnings.
Cash flow and returns: Operating cash flow $3,287,000 and free cash flow negative $3,038,000 produce a free cash flow yield of -0.31%. Return on equity 0.489% and return on assets 0.325% remain low in absolute terms, though QoQ return-on-capital measures show material improvement per provided QoQ deltas.
Valuation metrics: PE ratio 39.12 and forward PE ~85.91 with forward EPS $0.3025; price-to-sales 17.17 and price-to-book ~3.71. The enterprise value $1,018,483,251 and enterprise multiple 128.27 sit above the industry peer mean enterprise multiple, while price-to-book and price-to-sales lie below some peer averages. WMDST values the stock as fair-valued based on the combination of accelerating revenue, improved margins, and the current market multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 37.4 M |
| Operating Cash Flow | $ 3.3 M | |
| Capital Expenditures | $ -6.33 M | |
| Change In Working Capital | $ -9.55 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -1.53 M | |
| End Period Cash Flow | $ 35.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 57.1 M | |
| Forward Revenue | $ 131.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 15.8 M | |
| Depreciation | $ 1.1 M | |
| Depreciation and Amortization | $ 3.2 M | |
| Research and Development | $ 15.4 M | |
| Total Operating Expenses | $ 52.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 41.3 M | |
| EBITDA | $ 7.9 M | |
| EBIT | $ 4.7 M | |
| Operating Income | $ 4.8 M | |
| Interest Income | — | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ -1.24 M | |
| Income Before Tax | $ 3.5 M | |
| Tax Provision | $ 2.2 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 1.3 M | |
| Net Income From Continuing Operations | $ 1.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.22 | |
| EPS Actual | $ 0.64 | |
| EPS Difference | $ 0.42 | |
| EPS Surprise | 190.909 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 406.4 M | |
| Intangible Assets | $ 151.0 M | |
| Net Tangible Assets | $ 113.4 M | |
| Total Current Assets | $ 146.1 M | |
| Cash and Short-Term Investments | $ 35.9 M | |
| Cash | $ 35.9 M | |
| Net Receivables | $ 74.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 14.7 M | |
| Short-Term Debt | $ 2.2 M | |
| Total Current Liabilities | $ 66.1 M | |
| Net Debt | $ 31.7 M | |
| Total Debt | $ 73.8 M | |
| Total Liabilities | $ 142.0 M | |
| EQUITY | ||
| Total Equity | $ 264.4 M | |
| Retained Earnings | $ -94.58 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.75 | |
| Shares Outstanding | 39.507 M | |
| Revenue Per-Share | $ 1.46 | |
| VALUATION | Market Capitalization | $ 980.6 M |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | 128.272 | |
| Enterprise Multiple QoQ | -39.525 % | |
| Enterprise Multiple YoY | -55.851 % | |
| Enterprise Multiple IPRWA | high: 178.043 PDFS: 128.272 mean: 93.029 median: 91.699 low: -238.397 |
|
| EV/R | 17.832 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.537 | |
| Asset To Liability | 2.862 | |
| Debt To Capital | 0.218 | |
| Debt To Assets | 0.182 | |
| Debt To Assets QoQ | -4.094 % | |
| Debt To Assets YoY | 3171.351 % | |
| Debt To Assets IPRWA | high: 0.465 median: 0.198 PDFS: 0.182 mean: 0.17 low: 0.006 |
|
| Debt To Equity | 0.279 | |
| Debt To Equity QoQ | -2.939 % | |
| Debt To Equity YoY | 3836.248 % | |
| Debt To Equity IPRWA | high: 1.221 mean: 0.422 median: 0.347 PDFS: 0.279 low: -0.599 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.709 | |
| Price To Book QoQ | 11.893 % | |
| Price To Book YoY | -24.628 % | |
| Price To Book IPRWA | high: 17.585 median: 14.913 mean: 13.476 PDFS: 3.709 low: -3.904 |
|
| Price To Earnings (P/E) | 39.123 | |
| Price To Earnings QoQ | -65.896 % | |
| Price To Earnings YoY | -67.96 % | |
| Price To Earnings IPRWA | high: 286.125 mean: 121.692 median: 115.727 PDFS: 39.123 low: -348.115 |
|
| PE/G Ratio | 0.165 | |
| Price To Sales (P/S) | 17.169 | |
| Price To Sales QoQ | 4.04 % | |
| Price To Sales YoY | -32.664 % | |
| Price To Sales IPRWA | high: 64.674 median: 41.776 mean: 34.925 PDFS: 17.169 low: 1.791 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 85.911 | |
| Forward PE/G | 0.363 | |
| Forward P/S | 9.076 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 24.953 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.143 | |
| Asset Turnover Ratio QoQ | 8.139 % | |
| Asset Turnover Ratio YoY | -6.587 % | |
| Asset Turnover Ratio IPRWA | high: 0.351 median: 0.198 mean: 0.193 PDFS: 0.143 low: 0.0 |
|
| Receivables Turnover | 0.792 | |
| Receivables Turnover Ratio QoQ | 1.782 % | |
| Receivables Turnover Ratio YoY | -12.035 % | |
| Receivables Turnover Ratio IPRWA | high: 2.511 median: 1.451 mean: 1.417 PDFS: 0.792 low: 0.591 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 115.201 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 50.2 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 563.683 median: 276.99 mean: 265.084 PDFS: 50.2 low: 26.743 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.714 | |
| CapEx To Revenue | -0.111 | |
| CapEx To Depreciation | -5.51 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 329.7 M | |
| Net Invested Capital | $ 331.9 M | |
| Invested Capital | $ 331.9 M | |
| Net Tangible Assets | $ 113.4 M | |
| Net Working Capital | $ 80.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.543 | |
| Current Ratio | 2.211 | |
| Current Ratio QoQ | -6.55 % | |
| Current Ratio YoY | -33.302 % | |
| Current Ratio IPRWA | high: 9.548 PDFS: 2.211 median: 2.207 mean: 2.164 low: 0.914 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.293 | |
| Cost Of Debt | 1.323 % | |
| Interest Coverage Ratio | 3.817 | |
| Interest Coverage Ratio QoQ | 261.024 % | |
| Interest Coverage Ratio YoY | 172.154 % | |
| Interest Coverage Ratio IPRWA | high: 192.143 median: 39.833 mean: 36.249 PDFS: 3.817 low: -164.857 |
|
| Operating Cash Flow Ratio | 0.105 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 65.002 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.903 % | |
| Revenue Growth | 10.414 % | |
| Revenue Growth QoQ | 25.971 % | |
| Revenue Growth YoY | -8.625 % | |
| Revenue Growth IPRWA | high: 45.385 % PDFS: 10.414 % median: 1.101 % mean: 0.902 % low: -45.156 % |
|
| Earnings Growth | 236.842 % | |
| Earnings Growth QoQ | -2586.791 % | |
| Earnings Growth YoY | 509.021 % | |
| Earnings Growth IPRWA | PDFS: 236.842 % high: 133.333 % mean: -2.314 % median: -6.077 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 72.266 % | |
| Gross Margin QoQ | 1.464 % | |
| Gross Margin YoY | -1.141 % | |
| Gross Margin IPRWA | high: 89.855 % PDFS: 72.266 % mean: 52.195 % median: 51.627 % low: 4.626 % |
|
| EBIT Margin | 8.273 % | |
| EBIT Margin QoQ | 225.965 % | |
| EBIT Margin YoY | 81.187 % | |
| EBIT Margin IPRWA | high: 43.012 % median: 35.717 % mean: 33.952 % PDFS: 8.273 % low: -46.404 % |
|
| Return On Sales (ROS) | 8.451 % | |
| Return On Sales QoQ | 291.431 % | |
| Return On Sales YoY | 85.085 % | |
| Return On Sales IPRWA | high: 41.661 % median: 32.842 % mean: 32.558 % PDFS: 8.451 % low: -50.057 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -3.04 M | |
| Free Cash Flow Yield | -0.31 % | |
| Free Cash Flow Yield QoQ | -80.745 % | |
| Free Cash Flow Yield YoY | -178.283 % | |
| Free Cash Flow Yield IPRWA | high: 3.193 % median: 0.795 % mean: 0.64 % PDFS: -0.31 % low: -2.559 % |
|
| Free Cash Growth | -77.891 % | |
| Free Cash Growth QoQ | -97.599 % | |
| Free Cash Growth YoY | -61.238 % | |
| Free Cash Growth IPRWA | high: 288.936 % mean: -1.584 % median: -31.87 % PDFS: -77.891 % low: -368.087 % |
|
| Free Cash To Net Income | -2.348 | |
| Cash Flow Margin | 12.119 % | |
| Cash Flow To Earnings | 5.349 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.325 % | |
| Return On Assets QoQ | 10.922 % | |
| Return On Assets YoY | -55.418 % | |
| Return On Assets IPRWA | high: 7.255 % mean: 5.347 % median: 5.244 % PDFS: 0.325 % low: -8.379 % |
|
| Return On Capital Employed (ROCE) | 1.388 % | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | 9.888 % | |
| Return On Equity YoY | -46.674 % | |
| Return On Equity IPRWA | high: 0.225 mean: 0.126 median: 0.112 PDFS: 0.005 low: -0.16 |
|
| DuPont ROE | 0.496 % | |
| Return On Invested Capital (ROIC) | 1.125 % | |
| Return On Invested Capital QoQ | 252.665 % | |
| Return On Invested Capital YoY | -203.496 % | |
| Return On Invested Capital IPRWA | high: 10.936 % median: 10.871 % mean: 8.606 % PDFS: 1.125 % low: -2.31 % |
|