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On February 20, 2026 the company declared an interim dividend of 173 US cents per share with NYSE ex-dividend and record dates of March 13, 2026 and a payment date of March 27, 2026. The announcement formalized higher cash returns for 2025 and set the timetable for currency conversions and regional payment mechanics for shareholders.
Technical Analysis
Directional indicators show a bullish bias: DI+ registered at 34.4 with a dip-and-reversal, while DI- fell to 19.2; ADX at 24.46 signals an emerging trend strength that supports continuation of recent upside. This combination aligns with a near-term bullish price bias tied to persistent fundamental cash flows and the company’s dividend timetable.
MACD sits at 5.05 with the MACD line above the signal line (signal 3.96) and a dip-and-reversal in the MACD trend, representing a confirmed bullish momentum crossover that increases the probability of additional near-term gains.
MRO reads 24.18 and shows a peak-and-reversal. Because the MRO is positive, price currently sits above model targets and therefore carries a risk of mean reversion; that dynamic creates a countervailing pressure against uninterrupted upward moves despite the MACD signal.
RSI at 61.4 with a dip-and-reversal indicates sustained momentum without extreme overbought readings; price moved above the 20-day average and sits above the upper Bollinger 1x band (upper 1x = $117.16), which suggests short-term over-extension and a higher probability of consolidation or a corrective leg before a fresh advance.
Price relationships strengthen the technical picture: closing price $124.70 exceeds the 20-day average $109.16 and the 200-day average $69.24, supported by rising short-term EMAs (12-day EMA $111.90, increasing). Ichimoku levels (Tenkan $110.92, Kijun $108.61, Senkou A $90.09) sit well below price, reinforcing the near-term bullish bias while highlighting the distance to equilibrium that the MRO flags as correction risk.
Fundamental Analysis
Profitability and margins remain the primary fundamental strengths. EBIT stands at $1,138,000,000 and EBIT margin equals 47.08%, above the industry peer mean of 28.39% and the industry peer median of 32.31%, and below the industry peer high of 55.997%. Operating margin sits at 42.45% and gross margin at 49.32%, both materially stronger than typical peer means, reflecting elevated realized gold prices and operational leverage.
Cash generation and liquidity show resilience: cash balance $2,546,000,000, operating cash flow $1,419,000,000, and free cash flow $1,077,000,000 produce a free cash flow yield of 3.28%, which sits above the industry peer mean of 1.25%. The company converted operating earnings into cash efficiently (cash flow to earnings ~212%), supporting the increased dividend program and the $875m Q4 interim payout scheduling.
Capital structure and solvency metrics indicate flexibility: total debt $2,315,000,000, debt/EBITDA ~2.03 and interest coverage ~14.05x. Current ratio 2.58 and quick ratio 1.98 provide ample near-term liquidity. Debt-to-assets 15.60% and debt-to-equity 0.30x maintain conservative leverage relative to historical mining-sector norms.
Market multiples and valuation context show mixed signals. Price/earnings sits at 49.31, roughly in line with the industry peer median of 48.99 and below the industry peer mean of 68.96. Price/book at 4.27 stands above the industry peer mean of 3.37 and the median of 2.58, while enterprise value relative to revenue and forward metrics show elevated multiples consistent with a market that priced in stronger gold realizations. WMDST values the stock as fair-valued given high margins, robust cash flow, and matching market multiples.
Earnings detail: reported EPS $1.90 versus an estimate of $1.94, producing an EPS surprise of -2.06%. Revenue totaled $2,417,000,000 and production gains reported across several assets supported margin expansion; management confirmed strong free cash flow for the year and a materially increased dividend program.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-19 |
| NEXT REPORT DATE: | 2026-05-21 |
| CASH FLOW | Begin Period Cash Flow | $ 2.0 B |
| Operating Cash Flow | $ 1.4 B | |
| Capital Expenditures | $ -342.00 M | |
| Change In Working Capital | $ -707.00 M | |
| Dividends Paid | $ -562.00 M | |
| Cash Flow Delta | $ 546.0 M | |
| End Period Cash Flow | $ 2.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.4 B | |
| Forward Revenue | $ 972.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.2 B | |
| EBITDA | $ 1.1 B | |
| EBIT | $ 1.1 B | |
| Operating Income | $ 1.0 B | |
| Interest Income | $ 43.0 M | |
| Interest Expense | $ 81.0 M | |
| Net Interest Income | $ -38.00 M | |
| Income Before Tax | $ 1.1 B | |
| Tax Provision | $ 242.0 M | |
| Tax Rate | 22.895 % | |
| Net Income | $ 669.0 M | |
| Net Income From Continuing Operations | $ 669.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.94 | |
| EPS Actual | $ 1.90 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -2.062 % | |
| Forward EPS | $ 2.13 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 14.8 B | |
| Intangible Assets | $ 105.0 M | |
| Net Tangible Assets | $ 7.6 B | |
| Total Current Assets | $ 4.5 B | |
| Cash and Short-Term Investments | $ 2.5 B | |
| Cash | $ 2.5 B | |
| Net Receivables | $ 404.0 M | |
| Inventory | $ 1.1 B | |
| Long-Term Investments | $ 281.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 925.0 M | |
| Short-Term Debt | $ 110.0 M | |
| Total Current Liabilities | $ 1.8 B | |
| Net Debt | — | |
| Total Debt | $ 2.3 B | |
| Total Liabilities | $ 5.3 B | |
| EQUITY | ||
| Total Equity | $ 7.7 B | |
| Retained Earnings | $ 7.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.23 | |
| Shares Outstanding | 504.887 M | |
| Revenue Per-Share | $ 4.79 | |
| VALUATION | Market Capitalization | $ 32.9 B |
| Enterprise Value | $ 32.6 B | |
| Enterprise Multiple | 28.677 | |
| Enterprise Multiple QoQ | 22.748 % | |
| Enterprise Multiple YoY | 18.513 % | |
| Enterprise Multiple IPRWA | high: 157.603 mean: 51.74 AU: 28.677 median: 26.722 low: -220.72 |
|
| EV/R | 13.502 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.929 | |
| Asset To Liability | 2.809 | |
| Debt To Capital | 0.231 | |
| Debt To Assets | 0.156 | |
| Debt To Assets QoQ | -4.644 % | |
| Debt To Assets YoY | 563.435 % | |
| Debt To Assets IPRWA | high: 0.574 AU: 0.156 mean: 0.124 median: 0.103 low: 0.001 |
|
| Debt To Equity | 0.301 | |
| Debt To Equity QoQ | -3.439 % | |
| Debt To Equity YoY | 500.159 % | |
| Debt To Equity IPRWA | high: 2.001 AU: 0.301 mean: 0.23 median: 0.17 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.274 | |
| Price To Book QoQ | 26.001 % | |
| Price To Book YoY | 52.379 % | |
| Price To Book IPRWA | high: 8.202 AU: 4.274 mean: 3.37 median: 2.585 low: 0.704 |
|
| Price To Earnings (P/E) | 49.314 | |
| Price To Earnings QoQ | 35.561 % | |
| Price To Earnings YoY | 21.838 % | |
| Price To Earnings IPRWA | high: 163.615 mean: 68.959 AU: 49.314 median: 48.994 low: -173.761 |
|
| PE/G Ratio | 8.806 | |
| Price To Sales (P/S) | 13.598 | |
| Price To Sales QoQ | 32.17 % | |
| Price To Sales YoY | 75.153 % | |
| Price To Sales IPRWA | high: 28.634 median: 15.547 mean: 14.447 AU: 13.598 low: 0.628 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 82.833 | |
| Forward PE/G | 14.792 | |
| Forward P/S | 104.829 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.845 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.167 | |
| Asset Turnover Ratio QoQ | -6.078 % | |
| Asset Turnover Ratio YoY | -3.921 % | |
| Asset Turnover Ratio IPRWA | high: 0.462 AU: 0.167 median: 0.153 mean: 0.149 low: 0.006 |
|
| Receivables Turnover | 5.762 | |
| Receivables Turnover Ratio QoQ | -5.269 % | |
| Receivables Turnover Ratio YoY | 3.949 % | |
| Receivables Turnover Ratio IPRWA | high: 43.106 mean: 6.834 median: 6.561 AU: 5.762 low: 1.388 |
|
| Inventory Turnover | 1.173 | |
| Inventory Turnover Ratio QoQ | -1.608 % | |
| Inventory Turnover Ratio YoY | -0.819 % | |
| Inventory Turnover Ratio IPRWA | high: 2.678 AU: 1.173 median: 1.1 mean: 1.061 low: 0.336 |
|
| Days Sales Outstanding (DSO) | 15.838 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 29.62 | |
| Cash Conversion Cycle Days QoQ | -14.615 % | |
| Cash Conversion Cycle Days YoY | 50.68 % | |
| Cash Conversion Cycle Days IPRWA | high: 277.604 mean: 71.036 median: 68.586 AU: 29.62 low: -2045.19 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.868 | |
| CapEx To Revenue | -0.141 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 9.7 B | |
| Net Invested Capital | $ 9.8 B | |
| Invested Capital | $ 9.8 B | |
| Net Tangible Assets | $ 7.6 B | |
| Net Working Capital | $ 2.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.447 | |
| Current Ratio | 2.581 | |
| Current Ratio QoQ | -13.573 % | |
| Current Ratio YoY | 33.546 % | |
| Current Ratio IPRWA | high: 12.496 AU: 2.581 median: 2.458 mean: 2.336 low: 0.005 |
|
| Quick Ratio | 1.98 | |
| Quick Ratio QoQ | -10.815 % | |
| Quick Ratio YoY | 47.233 % | |
| Quick Ratio IPRWA | high: 2.957 AU: 1.98 median: 1.507 mean: 1.469 low: 0.315 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.034 | |
| Cost Of Debt | 2.7 % | |
| Interest Coverage Ratio | 14.049 | |
| Interest Coverage Ratio QoQ | -43.287 % | |
| Interest Coverage Ratio YoY | 35.338 % | |
| Interest Coverage Ratio IPRWA | high: 49.212 mean: 24.226 median: 21.14 AU: 14.049 low: -194.931 |
|
| Operating Cash Flow Ratio | 0.806 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 62.552 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.19 | |
| Dividend Payout Ratio | 0.84 | |
| Dividend Rate | $ 1.11 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.004 % | |
| Revenue Growth | -1.145 % | |
| Revenue Growth QoQ | -104.663 % | |
| Revenue Growth YoY | -114.375 % | |
| Revenue Growth IPRWA | high: 121.571 % mean: 5.193 % median: 3.893 % AU: -1.145 % low: -4.838 % |
|
| Earnings Growth | 5.6 % | |
| Earnings Growth QoQ | -86.681 % | |
| Earnings Growth YoY | -57.999 % | |
| Earnings Growth IPRWA | high: 257.143 % median: 10.0 % AU: 5.6 % mean: -0.757 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | 49.317 % | |
| Gross Margin QoQ | 0.735 % | |
| Gross Margin YoY | 35.919 % | |
| Gross Margin IPRWA | high: 83.6 % AU: 49.317 % median: 45.333 % mean: 36.459 % low: -5.37 % |
|
| EBIT Margin | 47.083 % | |
| EBIT Margin QoQ | 5.612 % | |
| EBIT Margin YoY | 61.012 % | |
| EBIT Margin IPRWA | high: 55.997 % AU: 47.083 % median: 32.305 % mean: 28.386 % low: -25.528 % |
|
| Return On Sales (ROS) | 42.449 % | |
| Return On Sales QoQ | 3.891 % | |
| Return On Sales YoY | 45.164 % | |
| Return On Sales IPRWA | high: 51.244 % AU: 42.449 % median: 35.56 % mean: 28.969 % low: -31.756 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.1 B | |
| Free Cash Flow Yield | 3.277 % | |
| Free Cash Flow Yield QoQ | 23.381 % | |
| Free Cash Flow Yield YoY | 11.881 % | |
| Free Cash Flow Yield IPRWA | high: 11.174 % AU: 3.277 % median: 1.802 % mean: 1.245 % low: -7.163 % |
|
| Free Cash Growth | 61.228 % | |
| Free Cash Growth QoQ | 5.033 % | |
| Free Cash Growth YoY | -38.41 % | |
| Free Cash Growth IPRWA | high: 537.296 % AU: 61.228 % median: -14.298 % mean: -71.722 % low: -339.64 % |
|
| Free Cash To Net Income | 1.61 | |
| Cash Flow Margin | 33.554 % | |
| Cash Flow To Earnings | 2.121 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.619 % | |
| Return On Assets QoQ | -4.998 % | |
| Return On Assets YoY | 77.791 % | |
| Return On Assets IPRWA | high: 6.16 % AU: 4.619 % median: 2.605 % mean: 2.087 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | 8.703 % | |
| Return On Equity (ROE) | 0.087 | |
| Return On Equity QoQ | -3.558 % | |
| Return On Equity YoY | 61.022 % | |
| Return On Equity IPRWA | high: 0.115 AU: 0.087 median: 0.055 mean: 0.031 low: -0.432 |
|
| DuPont ROE | 8.857 % | |
| Return On Invested Capital (ROIC) | 8.931 % | |
| Return On Invested Capital QoQ | 1.373 % | |
| Return On Invested Capital YoY | -128.761 % | |
| Return On Invested Capital IPRWA | high: 9.171 % AU: 8.931 % median: 4.1 % mean: 3.419 % low: -12.191 % |
|