Recent News
On December 8, 2025 the company priced $350.0 million in senior notes due 2035 at a 6.50% coupon and indicated proceeds would be used, together with borrowings, to redeem $350.0 million of senior notes due 2027; the issuance extends debt maturities and bolsters financing flexibility.
Technical Analysis
ADX at 14.76 — no trend; this low strength reading implies price action can swing without a dominant directional bias, so short-term momentum will drive moves more than a larger trend.
DI+ dip & reversal (DI+ 15.69) — bullish; DI- peak & reversal (DI- 13.25) — bullish; both directional indicators flipping favor near-term upside, consistent with a momentum-led push rather than a confirmed trending regime.
MACD dip & reversal (MACD 0.24, signal 0.25) — bullish momentum emerging, though MACD remains slightly below its signal line and has not yet crossed above it; this points to a nascent upswing that needs confirmation by a MACD crossover.
MRO -3.3 (dip & reversal) — negative MRO indicates the price sits below WMDST’s target and, given the dip-and-reverse pattern, suggests potential for a corrective push upward toward fair-value pressures identified below.
RSI 58.84 (dip & reversal) — momentum sits in the upper neutral band, supportive of additional gains without overbought readings; that level aligns with modest upside scope rather than an extended rally.
Price sits at $20.59, above the 12-day EMA ($20.35, increasing), the 20-day average ($20.31) and the 50-day average ($19.55); the 200-day average remains well below at $18.58, so short-term momentum currently outpaces longer-term averages and keeps the near-term technical bias constructive.
Bollinger bands remain narrow (1x band roughly $20.12–$20.51) and the super trend lower at $19.52 provides a nearby mechanical support; proximity to the 52-week high ($20.70) limits immediate breakout space while leaving room for a measured move higher if volume expands.
Fundamental Analysis
Profitability: EBIT $65,767,000 and EBITDA $82,631,000 produce an EBIT margin of 17.756%, below the industry peer mean of 22.328% but above the industry peer low of 9.048%; EBIT margin improved +67.42% year-over-year, indicating stronger operating leverage versus the prior period.
Revenue and earnings: Total revenue $370,386,000 with revenue growth year-over-year at -4.70% and quarter-over-quarter decline of -5.01%; reported EPS of $0.70 missed the estimate of $0.75 by $0.05, a -6.67% surprise. Forward EPS sits at $0.5125 with a forward P/E of 36.44, implying elevated expectations relative to short-term earnings.
Cash flow and capital: Operating cash flow negative at -$47,666,000 and free cash flow -$67,471,000 produce a free cash flow yield of -5.33%, well below the industry peer mean of 0.72%; negative free cash flow and a cash conversion cycle of 55.12 days underline working-capital intensity during seasonally heavy periods.
Balance sheet and leverage: Net debt $1,321,221,000, total debt $1,434,945,000 and debt-to-equity 2.29 exceed the industry peer mean of 1.48, while debt-to-EBITDA at 17.37 indicates materially high leverage on trailing earnings. Interest coverage of 3.33 slightly exceeds the industry peer mean of 3.14 but leaves limited cushion against rate or margin pressure.
Returns and capital efficiency: Return on equity 7.31% and return on assets 1.95% sit above some low peer benchmarks but below stronger peers; asset turnover 0.158 remains modest versus the industry peer mean of 0.121, reflecting capital intensity in distribution and storage assets.
Dividends and payout: Dividend yield 1.69% with a payout ratio of 46.75% and dividend coverage ratio 2.14, indicating distributions remain covered by earnings but the payout consumes a sizable share of net income amid negative free cash flow.
Valuation note: WMDST values the stock as over-valued. Analyst targets show a mean of $19.05, below the current $20.59 close, while the price target high of $27.50 and low of $14.37 frame asymmetric sentiment; negative free cash flow and elevated leverage underpin WMDST’s over-valued determination despite near-term volume improvements.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 11.8 M |
| Operating Cash Flow | $ -47.67 M | |
| Capital Expenditures | $ -19.80 M | |
| Change In Working Capital | $ -115.39 M | |
| Dividends Paid | $ -21.40 M | |
| Cash Flow Delta | $ -196.00 K | |
| End Period Cash Flow | $ 11.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 370.4 M | |
| Forward Revenue | $ 68.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 130.8 M | |
| Depreciation | $ 16.9 M | |
| Depreciation and Amortization | $ 16.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 302.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 239.5 M | |
| EBITDA | $ 82.6 M | |
| EBIT | $ 65.8 M | |
| Operating Income | $ 67.7 M | |
| Interest Income | — | |
| Interest Expense | $ 19.8 M | |
| Net Interest Income | $ -19.76 M | |
| Income Before Tax | $ 46.0 M | |
| Tax Provision | $ 231.0 K | |
| Tax Rate | 0.502 % | |
| Net Income | $ 45.8 M | |
| Net Income From Continuing Operations | $ 45.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.75 | |
| EPS Actual | $ 0.70 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -6.667 % | |
| Forward EPS | $ 0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.4 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ -1.26 B | |
| Total Current Assets | $ 236.0 M | |
| Cash and Short-Term Investments | $ 1.3 M | |
| Cash | $ 1.3 M | |
| Net Receivables | $ 129.3 M | |
| Inventory | $ 69.3 M | |
| Long-Term Investments | $ 79.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 47.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 272.6 M | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 626.2 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.44 | |
| Shares Outstanding | 66.329 M | |
| Revenue Per-Share | $ 5.58 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 32.673 | |
| Enterprise Multiple QoQ | -98.42 % | |
| Enterprise Multiple YoY | -29.889 % | |
| Enterprise Multiple IPRWA | high: 59.048 mean: 40.957 median: 38.693 SPH: 32.673 low: 23.358 |
|
| EV/R | 7.289 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.826 | |
| Asset To Liability | 1.354 | |
| Debt To Capital | 0.696 | |
| Debt To Assets | 0.599 | |
| Debt To Assets QoQ | 3.43 % | |
| Debt To Assets YoY | -0.864 % | |
| Debt To Assets IPRWA | high: 0.697 SPH: 0.599 median: 0.492 mean: 0.466 low: 0.335 |
|
| Debt To Equity | 2.291 | |
| Debt To Equity QoQ | 3.146 % | |
| Debt To Equity YoY | -13.297 % | |
| Debt To Equity IPRWA | high: 5.354 SPH: 2.291 mean: 1.476 median: 1.459 low: 0.712 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.022 | |
| Price To Book QoQ | 0.674 % | |
| Price To Book YoY | -8.588 % | |
| Price To Book IPRWA | high: 2.616 SPH: 2.022 mean: 1.966 median: 1.935 low: 1.712 |
|
| Price To Earnings (P/E) | 27.27 | |
| Price To Earnings QoQ | -180.657 % | |
| Price To Earnings YoY | -56.244 % | |
| Price To Earnings IPRWA | high: 112.823 mean: 63.841 median: 42.946 low: 31.743 SPH: 27.27 |
|
| PE/G Ratio | -0.119 | |
| Price To Sales (P/S) | 3.418 | |
| Price To Sales QoQ | -39.892 % | |
| Price To Sales YoY | 5.843 % | |
| Price To Sales IPRWA | high: 39.081 mean: 9.315 median: 5.322 SPH: 3.418 low: 1.296 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.437 | |
| Forward PE/G | -0.159 | |
| Forward P/S | 18.415 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -6.358 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.158 | |
| Asset Turnover Ratio QoQ | 72.189 % | |
| Asset Turnover Ratio YoY | -1.522 % | |
| Asset Turnover Ratio IPRWA | high: 0.21 SPH: 0.158 median: 0.136 mean: 0.121 low: 0.031 |
|
| Receivables Turnover | 3.727 | |
| Receivables Turnover Ratio QoQ | 31.712 % | |
| Receivables Turnover Ratio YoY | -4.393 % | |
| Receivables Turnover Ratio IPRWA | SPH: 3.727 high: 3.243 median: 2.855 mean: 2.725 low: 1.573 |
|
| Inventory Turnover | 1.83 | |
| Inventory Turnover Ratio QoQ | 64.469 % | |
| Inventory Turnover Ratio YoY | -27.884 % | |
| Inventory Turnover Ratio IPRWA | high: 7.459 mean: 5.304 median: 5.201 low: 3.642 SPH: 1.83 |
|
| Days Sales Outstanding (DSO) | 24.485 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 55.118 | |
| Cash Conversion Cycle Days QoQ | -9.312 % | |
| Cash Conversion Cycle Days YoY | 218.475 % | |
| Cash Conversion Cycle Days IPRWA | SPH: 55.118 high: 13.243 median: 2.314 mean: -0.527 low: -61.052 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -10.117 | |
| CapEx To Revenue | -0.053 | |
| CapEx To Depreciation | -1.174 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.9 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ -1.26 B | |
| Net Working Capital | $ -36.61 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.005 | |
| Current Ratio | 0.866 | |
| Current Ratio QoQ | 57.664 % | |
| Current Ratio YoY | 23.986 % | |
| Current Ratio IPRWA | high: 1.219 mean: 0.878 SPH: 0.866 median: 0.705 low: 0.637 |
|
| Quick Ratio | 0.612 | |
| Quick Ratio QoQ | 100.118 % | |
| Quick Ratio YoY | 18.9 % | |
| Quick Ratio IPRWA | high: 0.994 mean: 0.661 SPH: 0.612 median: 0.556 low: 0.504 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.366 | |
| Cost Of Debt | 1.422 % | |
| Interest Coverage Ratio | 3.329 | |
| Interest Coverage Ratio QoQ | -429.47 % | |
| Interest Coverage Ratio YoY | 64.888 % | |
| Interest Coverage Ratio IPRWA | high: 4.756 SPH: 3.329 mean: 3.139 median: 2.94 low: 1.787 |
|
| Operating Cash Flow Ratio | 0.037 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.803 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.139 | |
| Dividend Payout Ratio | 0.467 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.333 % | |
| Revenue Growth | 75.226 % | |
| Revenue Growth QoQ | -501.248 % | |
| Revenue Growth YoY | -4.698 % | |
| Revenue Growth IPRWA | SPH: 75.226 % high: 34.852 % mean: 13.278 % median: 8.731 % low: 0.955 % |
|
| Earnings Growth | -229.63 % | |
| Earnings Growth QoQ | -270.37 % | |
| Earnings Growth YoY | 60.045 % | |
| Earnings Growth IPRWA | high: 55.172 % mean: 15.772 % median: -4.425 % low: -30.921 % SPH: -229.63 % |
|
| MARGINS | ||
| Gross Margin | 64.675 % | |
| Gross Margin QoQ | -0.034 % | |
| Gross Margin YoY | 6.758 % | |
| Gross Margin IPRWA | high: 78.864 % SPH: 64.675 % mean: 35.977 % median: 25.163 % low: 17.429 % |
|
| EBIT Margin | 17.756 % | |
| EBIT Margin QoQ | -315.905 % | |
| EBIT Margin YoY | 67.415 % | |
| EBIT Margin IPRWA | high: 61.514 % mean: 22.328 % median: 18.809 % SPH: 17.756 % low: 9.048 % |
|
| Return On Sales (ROS) | 18.265 % | |
| Return On Sales QoQ | -330.415 % | |
| Return On Sales YoY | 72.214 % | |
| Return On Sales IPRWA | high: 49.211 % mean: 21.082 % SPH: 18.265 % median: 16.977 % low: 9.293 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -67.47 M | |
| Free Cash Flow Yield | -5.329 % | |
| Free Cash Flow Yield QoQ | -331.293 % | |
| Free Cash Flow Yield YoY | 326.661 % | |
| Free Cash Flow Yield IPRWA | high: 3.875 % median: 1.194 % mean: 0.718 % low: -0.382 % SPH: -5.329 % |
|
| Free Cash Growth | -343.569 % | |
| Free Cash Growth QoQ | 422.594 % | |
| Free Cash Growth YoY | 85.728 % | |
| Free Cash Growth IPRWA | high: 380.46 % median: -29.756 % mean: -35.525 % low: -117.647 % SPH: -343.569 % |
|
| Free Cash To Net Income | -1.474 | |
| Cash Flow Margin | 2.726 % | |
| Cash Flow To Earnings | 0.221 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.951 % | |
| Return On Assets QoQ | -228.018 % | |
| Return On Assets YoY | 133.933 % | |
| Return On Assets IPRWA | SPH: 1.951 % high: 1.466 % median: 1.373 % mean: 1.154 % low: 0.686 % |
|
| Return On Capital Employed (ROCE) | 3.098 % | |
| Return On Equity (ROE) | 0.073 | |
| Return On Equity QoQ | -224.549 % | |
| Return On Equity YoY | 105.25 % | |
| Return On Equity IPRWA | high: 0.083 SPH: 0.073 mean: 0.033 median: 0.032 low: 0.023 |
|
| DuPont ROE | 7.476 % | |
| Return On Invested Capital (ROIC) | 3.358 % | |
| Return On Invested Capital QoQ | -542.424 % | |
| Return On Invested Capital YoY | 25.345 % | |
| Return On Invested Capital IPRWA | SPH: 3.358 % high: 2.461 % median: 2.0 % mean: 1.996 % low: 1.695 % |
|