Recent News
On December 4, 2025 the company confirmed the One Earth ethanol production expansion remains on track for 2026 completion and noted ongoing EPA Class VI permitting for the carbon sequestration well with a published EPA decision expected in June 2026. Capital expenditures to date on the One Earth expansion and carbon capture work totaled $155.8 million with a combined project budget of $220–$230 million; the company reported $335.5 million of cash, cash equivalents and short-term investments and no bank debt.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 14.04 indicates no established trend strength, so directional moves carry limited conviction. DI+ at 23.89 shows a peak-and-reversal pattern, a bearish signal driven by a recent decline in positive-direction momentum. DI- at 19.31 also shows a peak-and-reversal pattern, which reads bullish because negative-direction momentum has eased; with ADX low, these opposing DI signals imply short-term tug-of-war rather than a decisive breakout.
MACD and momentum: MACD sits at 0.43 and runs above its 0.27 signal line with the MACD trend increasing; the MACD crossing above its signal line represents a bullish momentum shift and supports continuation of recent upside pressure.
MRO (Momentum/Regression Oscillator): MRO equals 29.66 and trends higher; the positive MRO indicates price trading above the model target and therefore raises the likelihood of a price consolidation or pullback from current levels even as momentum climbs.
RSI and price structure: RSI at 55.73 and rising implies neutral-to-favorable buyer bias without overbought extremes. Price at $36.17 sits above the 20-day average ($34.52), the 50-day average ($33.96) and the 200-day average ($29.99); the 12-day EMA trends upward. Price trades near the upper Bollinger band (1x upper band $35.81), suggesting intraday strength but limited near-term upside without volatility expansion.
Support / resistance context: Ichimoku short-term lines cluster near $34.39 and the SuperTrend lower support sits at $33.21, providing nearby technical support levels that align with moving-average support and the lower Bollinger band region.
Fundamental Analysis
Profitability and margin dynamics: Operating (EBIT) margin stands at 15.90%; that margin improved QoQ by 210.47% but declined YoY by 11.06%. EBIT of $27.918 million and EBITDA of $33.96 million reflect ongoing mid-single-digit profitability on $175.63 million of revenue. Gross margin equals 20.57% but shows a YoY contraction of 9.33%.
Cash, leverage and liquidity: Cash and short-term investments total $335.54 million with no bank debt and total debt of $22.94 million, yielding a debt-to-assets ratio of 3.06% and debt-to-equity of 4.05%. Current ratio registers 7.16 and quick ratio 6.68; cash ratio measures 5.84. Operating cash flow reached $51.24 million and free cash flow equaled $24.51 million, producing a free cash flow yield of 2.39% (above the industry peer mean of 2.01%). The balance-sheet profile highlights ample liquidity relative to working capital demands.
Valuation metrics: Market capitalization sits near $1.02 billion with an enterprise multiple of 20.95x. Forward P/E measures 53.06x and forward P/S reads 29.22x; analysts’ price-target mean equals $39.33 versus a last close of $36.17. WMDST values the stock as under-valued based on the combination of strong cash, low debt and project-driven optionality that the current enterprise multiple does not fully price.
Returns and efficiency: Return on assets equals 3.23% and return on equity equals 4.13%, both positive and above the industry peer mean for return on assets (2.20%) and well above the industry peer mean for return on equity (negative on average). Asset turnover sits at 0.24x and the cash conversion cycle stands at 16.1 days, reflecting efficient working-capital rotation for the business model.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-10-31 |
| REPORT DATE: | 2025-11-26 |
| NEXT REPORT DATE: | 2026-02-25 |
| CASH FLOW | Begin Period Cash Flow | $ 241.0 M |
| Operating Cash Flow | $ 51.2 M | |
| Capital Expenditures | $ -26.73 M | |
| Change In Working Capital | $ 17.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 31.0 M | |
| End Period Cash Flow | $ 272.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 175.6 M | |
| Forward Revenue | $ 35.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 139.5 M | |
| Depreciation | $ 6.0 M | |
| Depreciation and Amortization | $ 6.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 147.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 36.1 M | |
| EBITDA | $ 34.0 M | |
| EBIT | $ 27.9 M | |
| Operating Income | $ 27.9 M | |
| Interest Income | $ 3.2 M | |
| Interest Expense | — | |
| Net Interest Income | $ 3.2 M | |
| Income Before Tax | $ 35.5 M | |
| Tax Provision | $ 8.0 M | |
| Tax Rate | 22.529 % | |
| Net Income | $ 23.4 M | |
| Net Income From Continuing Operations | $ 27.5 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.57 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 750.1 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 566.9 M | |
| Total Current Assets | $ 411.7 M | |
| Cash and Short-Term Investments | $ 335.5 M | |
| Cash | $ 272.0 M | |
| Net Receivables | $ 27.4 M | |
| Inventory | $ 27.7 M | |
| Long-Term Investments | $ 1.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 33.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 57.5 M | |
| Net Debt | — | |
| Total Debt | $ 22.9 M | |
| Total Liabilities | $ 93.9 M | |
| EQUITY | ||
| Total Equity | $ 566.9 M | |
| Retained Earnings | $ 566.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.21 | |
| Shares Outstanding | 32.938 M | |
| Revenue Per-Share | $ 5.33 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 711.6 M | |
| Enterprise Multiple | 20.955 | |
| Enterprise Multiple QoQ | -48.412 % | |
| Enterprise Multiple YoY | 70.455 % | |
| Enterprise Multiple IPRWA | high: 158.339 median: 66.749 mean: 59.217 REX: 20.955 low: -80.633 |
|
| EV/R | 4.052 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.323 | |
| Asset To Liability | 7.992 | |
| Debt To Capital | 0.039 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -12.828 % | |
| Debt To Assets YoY | 273.839 % | |
| Debt To Assets IPRWA | high: 0.706 median: 0.706 mean: 0.556 low: 0.032 REX: 0.031 |
|
| Debt To Equity | 0.04 | |
| Debt To Equity QoQ | -10.169 % | |
| Debt To Equity YoY | 289.788 % | |
| Debt To Equity IPRWA | high: 2.321 mean: 1.054 median: 0.844 low: 0.045 REX: 0.04 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.807 | |
| Price To Book QoQ | 16.089 % | |
| Price To Book YoY | 27.386 % | |
| Price To Book IPRWA | high: 4.69 median: 2.725 mean: 2.333 REX: 1.807 low: 0.178 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 5.832 | |
| Price To Sales QoQ | 8.874 % | |
| Price To Sales YoY | 27.389 % | |
| Price To Sales IPRWA | high: 11.27 REX: 5.832 median: 5.223 mean: 5.075 low: 0.289 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.059 | |
| Forward PE/G | — | |
| Forward P/S | 29.219 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 22.667 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.242 | |
| Asset Turnover Ratio QoQ | 6.468 % | |
| Asset Turnover Ratio YoY | -3.38 % | |
| Asset Turnover Ratio IPRWA | high: 0.699 REX: 0.242 mean: 0.178 median: 0.152 low: 0.01 |
|
| Receivables Turnover | 6.72 | |
| Receivables Turnover Ratio QoQ | 11.892 % | |
| Receivables Turnover Ratio YoY | -10.48 % | |
| Receivables Turnover Ratio IPRWA | REX: 6.72 high: 6.454 mean: 2.632 median: 2.212 low: 1.241 |
|
| Inventory Turnover | 4.704 | |
| Inventory Turnover Ratio QoQ | 1.328 % | |
| Inventory Turnover Ratio YoY | 1.407 % | |
| Inventory Turnover Ratio IPRWA | REX: 4.704 high: 2.207 mean: 0.815 median: 0.327 low: 0.235 |
|
| Days Sales Outstanding (DSO) | 13.579 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 16.14 | |
| Cash Conversion Cycle Days QoQ | -28.725 % | |
| Cash Conversion Cycle Days YoY | 16.389 % | |
| Cash Conversion Cycle Days IPRWA | high: 216.055 median: 216.055 mean: 129.065 REX: 16.14 low: -32.917 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.496 | |
| CapEx To Revenue | -0.152 | |
| CapEx To Depreciation | -4.424 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 566.9 M | |
| Net Invested Capital | $ 566.9 M | |
| Invested Capital | $ 566.9 M | |
| Net Tangible Assets | $ 566.9 M | |
| Net Working Capital | $ 354.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 5.837 | |
| Current Ratio | 7.162 | |
| Current Ratio QoQ | -31.989 % | |
| Current Ratio YoY | -27.874 % | |
| Current Ratio IPRWA | high: 8.017 REX: 7.162 mean: 1.135 median: 0.958 low: 0.555 |
|
| Quick Ratio | 6.68 | |
| Quick Ratio QoQ | -30.97 % | |
| Quick Ratio YoY | -27.912 % | |
| Quick Ratio IPRWA | REX: 6.68 high: 4.567 mean: 0.585 median: 0.507 low: 0.284 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.675 | |
| Cost Of Debt | 25.593 % | |
| Interest Coverage Ratio | 3.557 | |
| Interest Coverage Ratio QoQ | 243.903 % | |
| Interest Coverage Ratio YoY | -10.677 % | |
| Interest Coverage Ratio IPRWA | high: 24.0 mean: 5.199 median: 4.75 REX: 3.557 low: -16.907 |
|
| Operating Cash Flow Ratio | 0.815 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 16.198 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.06 % | |
| Revenue Growth | 10.76 % | |
| Revenue Growth QoQ | 7531.206 % | |
| Revenue Growth YoY | -40.345 % | |
| Revenue Growth IPRWA | high: 45.991 % REX: 10.76 % mean: -0.469 % median: -4.454 % low: -30.276 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 20.573 % | |
| Gross Margin QoQ | 127.829 % | |
| Gross Margin YoY | -9.334 % | |
| Gross Margin IPRWA | high: 65.644 % median: 65.644 % mean: 48.603 % REX: 20.573 % low: -13.888 % |
|
| EBIT Margin | 15.896 % | |
| EBIT Margin QoQ | 210.469 % | |
| EBIT Margin YoY | -11.061 % | |
| EBIT Margin IPRWA | high: 38.458 % median: 38.458 % mean: 25.911 % REX: 15.896 % low: -25.861 % |
|
| Return On Sales (ROS) | 15.896 % | |
| Return On Sales QoQ | 210.469 % | |
| Return On Sales YoY | -11.061 % | |
| Return On Sales IPRWA | high: 32.552 % median: 32.552 % mean: 23.103 % REX: 15.896 % low: -12.758 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 24.5 M | |
| Free Cash Flow Yield | 2.393 % | |
| Free Cash Flow Yield QoQ | -453.994 % | |
| Free Cash Flow Yield YoY | 5.326 % | |
| Free Cash Flow Yield IPRWA | high: 5.538 % REX: 2.393 % mean: 2.009 % median: 1.661 % low: -2.602 % |
|
| Free Cash Growth | -527.003 % | |
| Free Cash Growth QoQ | 1079.505 % | |
| Free Cash Growth YoY | 52.636 % | |
| Free Cash Growth IPRWA | high: 378.23 % mean: 62.084 % median: 4.101 % low: -395.258 % REX: -527.003 % |
|
| Free Cash To Net Income | 1.047 | |
| Cash Flow Margin | 26.659 % | |
| Cash Flow To Earnings | 2.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 3.228 % | |
| Return On Assets QoQ | 216.471 % | |
| Return On Assets YoY | -8.06 % | |
| Return On Assets IPRWA | high: 4.367 % REX: 3.228 % median: 3.143 % mean: 2.196 % low: -10.305 % |
|
| Return On Capital Employed (ROCE) | 4.031 % | |
| Return On Equity (ROE) | 0.041 | |
| Return On Equity QoQ | 216.961 % | |
| Return On Equity YoY | -4.839 % | |
| Return On Equity IPRWA | high: 0.063 REX: 0.041 mean: -0.112 low: -0.214 median: -0.214 |
|
| DuPont ROE | 4.208 % | |
| Return On Invested Capital (ROIC) | 3.815 % | |
| Return On Invested Capital QoQ | 232.607 % | |
| Return On Invested Capital YoY | -157.541 % | |
| Return On Invested Capital IPRWA | high: 8.702 % median: 8.058 % mean: 5.346 % REX: 3.815 % low: -7.471 % |
|