Recent News
On December 18, 2025 the company announced a definitive agreement to acquire Iron Mine Contracting, a Western Australia contractor with an order book north of $1.0 billion and a three‑year lithium contract, with closing targeted in Q1 2026. On January 21, 2026 the company published corporate updates confirming the IMC closing remains on schedule and announced a CEO succession. Market consensus published November 29, 2025 shows broker coverage centered on a “Hold” recommendation with mixed buy/hold views and a one‑year price objective near C$30.61.
Technical Analysis
ADX at 23.72 signals an emerging trend strength rather than a dominant directional impulse; that limited strength frames short‑term moves as susceptible to reversals and news catalysts.
DI+ (24.60) displays a peak‑and‑reversal pattern, which indicates a bearish directional inflection; DI‑ (14.85) also shows a peak‑and‑reversal, which signals a bullish inflection. Together these opposite reversal signals imply near‑term directional conflict and increased sensitivity to market catalysts when paired with the emerging ADX.
MACD sits slightly above its signal line (MACD 0.38 vs signal 0.35), a technical short‑term bullish marker, but the MACD trend shows a recent peak‑and‑reversal, indicating waning momentum and the potential for bearish momentum to reassert despite the current crossover.
MRO at −6.51 indicates price sits below the model target and therefore carries measured upside potential into a reversion; the increasing MRO trend supports a bias toward mean reversion into valuation‑anchored levels.
RSI 58.19 and an increasing RSI trend present momentum without overbought conditions, leaving room for continuation should upward catalysts (acquisition closing, improved guidance) materialize.
Price trades at $16.63 above the 20‑, 50‑ and 200‑day averages (20d $16.27, 50d $15.18, 200d $15.09) and above the 12‑day EMA (12d EMA $16.26), reinforcing short‑run support for higher prices; the SuperTrend lower band at $15.49 provides a nearby technical support level. Volumes remain below recent averages (today 39,537 vs 10‑day avg 76,994), suggesting moves lack broad participation until a corporate catalyst increases flow.
Fundamental Analysis
Profitability: EBIT margin equals 11.98%, modestly above the industry peer mean of 10.48% and the industry peer median of 10.02%, which supports the view of an above‑peer operating conversion at current scale. QoQ, EBIT margin improved ~30.44%, while YoY it declined ~1.50%, showing recent quarter operational leverage but mixed annual comparatives.
Revenue and earnings dynamics: Total revenue stands at $317,248,000 with revenue growth of −1.06% YoY and a steep QoQ decline of −82.18% (quarteral seasonality or timing effects explain the QoQ move). Reported EPS $0.67 missed the $0.68 estimate by $0.01 (EPS surprise −1.47%). Earnings growth registers +64.0% YoY but −36.92% QoQ, highlighting strong annual comps offset by sequential variability.
Cash flow and free cash: Operating cash flow $91,824,000 and free cash flow $24,977,000 produce a free cash flow yield of 6.00%, above the industry peer mean free cash flow yield of 1.66%, indicating relatively strong cash generation versus peers on a yield basis despite capital spending (capex −$66,847,000).
Leverage and liquidity: Net debt $797,696,000 exceeds market cap $415,996,117 and debt to EBITDA measures 10.41x, with debt to equity 1.93—both materially higher than the industry peer means (debt to assets mean 0.2249, debt to equity mean 0.6729). Interest coverage ~2.62x offers limited cushion. These leverage metrics raise balance‑sheet risk if operational cash flow weakens.
Valuation context: PE 21.73 and enterprise multiple ~14.00 sit well below the industry peer means reported, while price‑to‑book at 0.88 sits below the industry peer mean and median—a gap that drives the assigned valuation. The current valuation as determined by WMDST: under‑valued, supported by FCF yield and below‑peer multiples but tempered by elevated leverage and sequential revenue variability.
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 | $ 67.9 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 % |
|