Recent News
On February 25, 2026 the company issued a corporate release referenced broadly across outlets that included non-operational updates and executive-level changes. A Form 4 filing on December 17, 2025 recorded an insider purchase by a company vice president. The company published a UK tax strategy document dated January 1, 2026.
Technical Analysis
Directional indicators show a developing trend strength: ADX at 24.41 indicates an emerging trend rather than a dominant one; DI- at 29.13 increasing and DI+ at 15.06 decreasing together signal directional pressure to the downside, which supports a near-term bearish tilt against valuation support levels.
MACD sits negative at -0.11 and trends lower while the signal line stands at 0.74; the negative, declining MACD below its signal line signals bearish momentum and reduces the probability of an immediate upward impulse linked to valuation re-rating.
MRO reads 17.37 and is decreasing; because MRO remains positive, price sits above the model target and thus carries a higher likelihood of downward mean-reversion toward valuation-aligned levels.
RSI at 52.63 and decreasing indicates momentum loss from neutral territory rather than overbought conditions, implying consolidation around current prices rather than a rapid breakout.
Price relationships show the stock trading at $61.93, below the 20-day average of $67.29 and the 12-day EMA of $65.63 (both decreasing), while remaining above the 200-day average of $55.25. This configuration favors a consolidation band bounded by short-term moving averages with longer-term support still intact, consistent with WMDST’s valuation context.
Bollinger bands place the 1x lower band at $63.77 and the 1x upper at $70.81; the close sits just inside the lower half of the band structure, reinforcing the consolidation-with-downside-bias narrative while volatility measures (42-day 2%) remain modest.
Fundamental Analysis
Revenue totaled $360,921,000 for the period under review. YoY revenue growth signals remain mixed in the provided metrics; reported revenue growth reads as effectively flat on the core metric. Gross margin holds at 66.434%, supporting operating leverage despite top-line variability.
Operating income reached $42,578,000 with an operating margin of 11.80%, while EBIT equals $38,491,000 producing an EBIT margin of 10.67%. QoQ the EBIT margin contracted roughly -14.8% and YoY contracted approximately -52.5%, showing near-term margin compression versus the trailing period. Compared with the industry peer mean EBIT margin of 20.867% and industry peer median of 20.883%, the company’s EBIT margin sits below the industry peer mean and median.
EPS for the latest report registered $0.86 versus an estimate of $0.81, an EPS upside of $0.05 or a 6.17% surprise, the positive beat reflected in the reported net income of $30,906,000. Free cash flow reached $50,164,000, producing a free cash flow yield of 1.45%, which sits above the industry peer mean free cash flow yield of 0.909% (industry peer mean expressed as 0.91%).
Balance-sheet metrics show $635,552,000 in cash and cash equivalents and a cash ratio of 0.79, supporting liquidity while total debt equals $433,772,000. Debt-to-EBITDA registers about 8.15x, indicating elevated leverage relative to operating cash flow coverage and implying limited cushion against sustained operating weakness. Return on equity reads roughly 2.58% and return on assets about 1.20%, levels that signal modest capital efficiency versus longer-term targets.
Valuation multiples show a trailing P/E around 73.5 and a forward P/E near 51.0; price-to-book sits at 2.88 versus an industry peer mean price-to-book of 5.98, placing book multiple below the industry peer mean. Enterprise multiple measures (enterprise multiple ≈ 61.12) reflect a premium on enterprise value relative to current operating earnings. The current valuation as determined by WMDST: under-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-25 |
| NEXT REPORT DATE: | 2026-05-27 |
| CASH FLOW | Begin Period Cash Flow | $ 646.1 M |
| Operating Cash Flow | $ 82.4 M | |
| Capital Expenditures | $ -32.23 M | |
| Change In Working Capital | $ 19.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -10.53 M | |
| End Period Cash Flow | $ 635.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 360.9 M | |
| Forward Revenue | $ 182.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 121.1 M | |
| Depreciation | $ 10.2 M | |
| Depreciation and Amortization | $ 14.7 M | |
| Research and Development | $ 52.1 M | |
| Total Operating Expenses | $ 318.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 239.8 M | |
| EBITDA | $ 53.2 M | |
| EBIT | $ 38.5 M | |
| Operating Income | $ 42.6 M | |
| Interest Income | $ 4.5 M | |
| Interest Expense | $ 10.9 M | |
| Net Interest Income | $ -6.40 M | |
| Income Before Tax | $ 27.6 M | |
| Tax Provision | $ -3.28 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 30.9 M | |
| Net Income From Continuing Operations | $ 30.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.81 | |
| EPS Actual | $ 0.86 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 6.173 % | |
| Forward EPS | $ 1.14 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | $ 1.0 B | |
| Net Tangible Assets | $ 177.2 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 635.6 M | |
| Cash | $ 635.6 M | |
| Net Receivables | $ 216.0 M | |
| Inventory | $ 164.7 M | |
| Long-Term Investments | $ 15.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 97.2 M | |
| Short-Term Debt | $ 31.5 M | |
| Total Current Liabilities | $ 808.1 M | |
| Net Debt | — | |
| Total Debt | $ 433.8 M | |
| Total Liabilities | $ 1.4 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -1.15 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.96 | |
| Shares Outstanding | 54.649 M | |
| Revenue Per-Share | $ 6.60 | |
| VALUATION | Market Capitalization | $ 3.5 B |
| Enterprise Value | $ 3.3 B | |
| Enterprise Multiple | 61.124 | |
| Enterprise Multiple QoQ | 35.625 % | |
| Enterprise Multiple YoY | 131.934 % | |
| Enterprise Multiple IPRWA | high: 158.913 median: 85.622 mean: 83.436 LIVN: 61.124 low: -144.328 |
|
| EV/R | 9.009 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.172 | |
| Asset To Liability | 1.853 | |
| Debt To Capital | 0.266 | |
| Debt To Assets | 0.166 | |
| Debt To Assets QoQ | -12.505 % | |
| Debt To Assets YoY | -38.356 % | |
| Debt To Assets IPRWA | high: 0.717 mean: 0.28 median: 0.262 LIVN: 0.166 low: 0.009 |
|
| Debt To Equity | 0.361 | |
| Debt To Equity QoQ | -14.023 % | |
| Debt To Equity YoY | -29.482 % | |
| Debt To Equity IPRWA | high: 2.909 mean: 0.537 median: 0.472 LIVN: 0.361 low: 0.01 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.878 | |
| Price To Book QoQ | 16.318 % | |
| Price To Book YoY | 42.599 % | |
| Price To Book IPRWA | high: 10.911 mean: 5.981 median: 5.854 LIVN: 2.878 low: 0.42 |
|
| Price To Earnings (P/E) | 73.479 | |
| Price To Earnings QoQ | 55.554 % | |
| Price To Earnings YoY | 34.891 % | |
| Price To Earnings IPRWA | high: 269.298 mean: 120.069 median: 86.718 LIVN: 73.479 low: -315.07 |
|
| PE/G Ratio | -3.262 | |
| Price To Sales (P/S) | 9.568 | |
| Price To Sales QoQ | 19.557 % | |
| Price To Sales YoY | 15.571 % | |
| Price To Sales IPRWA | high: 30.65 median: 23.476 mean: 20.18 LIVN: 9.568 low: 0.541 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 51.022 | |
| Forward PE/G | -2.265 | |
| Forward P/S | 18.924 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -15.847 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.14 | |
| Asset Turnover Ratio QoQ | -1.055 % | |
| Asset Turnover Ratio YoY | 9.202 % | |
| Asset Turnover Ratio IPRWA | high: 0.371 LIVN: 0.14 median: 0.133 mean: 0.127 low: 0.003 |
|
| Receivables Turnover | 1.688 | |
| Receivables Turnover Ratio QoQ | 1.879 % | |
| Receivables Turnover Ratio YoY | 10.389 % | |
| Receivables Turnover Ratio IPRWA | high: 2.907 mean: 1.882 median: 1.867 LIVN: 1.688 low: 0.47 |
|
| Inventory Turnover | 0.729 | |
| Inventory Turnover Ratio QoQ | 7.517 % | |
| Inventory Turnover Ratio YoY | 10.246 % | |
| Inventory Turnover Ratio IPRWA | high: 1.821 LIVN: 0.729 mean: 0.671 median: 0.548 low: 0.167 |
|
| Days Sales Outstanding (DSO) | 54.05 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 113.426 | |
| Cash Conversion Cycle Days QoQ | -4.263 % | |
| Cash Conversion Cycle Days YoY | -18.614 % | |
| Cash Conversion Cycle Days IPRWA | high: 453.393 mean: 171.849 median: 165.533 LIVN: 113.426 low: -118.454 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.23 | |
| CapEx To Revenue | -0.089 | |
| CapEx To Depreciation | -3.163 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 177.2 M | |
| Net Working Capital | $ 293.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.786 | |
| Current Ratio | 1.363 | |
| Current Ratio QoQ | 2.832 % | |
| Current Ratio YoY | -52.575 % | |
| Current Ratio IPRWA | high: 12.891 mean: 2.707 median: 1.893 LIVN: 1.363 low: 0.168 |
|
| Quick Ratio | 1.159 | |
| Quick Ratio QoQ | 3.219 % | |
| Quick Ratio YoY | -53.59 % | |
| Quick Ratio IPRWA | high: 12.347 mean: 2.057 median: 1.508 LIVN: 1.159 low: 0.437 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.154 | |
| Cost Of Debt | 1.771 % | |
| Interest Coverage Ratio | 3.545 | |
| Interest Coverage Ratio QoQ | -13.985 % | |
| Interest Coverage Ratio YoY | -22.629 % | |
| Interest Coverage Ratio IPRWA | high: 33.446 median: 25.964 mean: 21.048 LIVN: 3.545 low: -66.822 |
|
| Operating Cash Flow Ratio | 0.066 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 74.89 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.895 % | |
| Revenue Growth | 0.886 % | |
| Revenue Growth QoQ | -40.256 % | |
| Revenue Growth YoY | -719.58 % | |
| Revenue Growth IPRWA | high: 20.682 % median: 12.969 % mean: 10.186 % LIVN: 0.886 % low: -11.548 % |
|
| Earnings Growth | -22.523 % | |
| Earnings Growth QoQ | -494.172 % | |
| Earnings Growth YoY | 125.23 % | |
| Earnings Growth IPRWA | high: 216.667 % mean: 10.501 % median: 6.383 % LIVN: -22.523 % low: -142.105 % |
|
| MARGINS | ||
| Gross Margin | 66.434 % | |
| Gross Margin QoQ | -2.934 % | |
| Gross Margin YoY | -2.529 % | |
| Gross Margin IPRWA | high: 89.02 % LIVN: 66.434 % median: 64.538 % mean: 62.788 % low: 1.515 % |
|
| EBIT Margin | 10.665 % | |
| EBIT Margin QoQ | -14.782 % | |
| EBIT Margin YoY | -52.492 % | |
| EBIT Margin IPRWA | high: 33.51 % median: 20.883 % mean: 20.867 % LIVN: 10.665 % low: -143.917 % |
|
| Return On Sales (ROS) | 11.797 % | |
| Return On Sales QoQ | -21.864 % | |
| Return On Sales YoY | -47.45 % | |
| Return On Sales IPRWA | high: 35.479 % mean: 22.18 % median: 21.965 % LIVN: 11.797 % low: -146.78 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 50.2 M | |
| Free Cash Flow Yield | 1.453 % | |
| Free Cash Flow Yield QoQ | -33.103 % | |
| Free Cash Flow Yield YoY | -43.309 % | |
| Free Cash Flow Yield IPRWA | high: 4.073 % LIVN: 1.453 % median: 0.969 % mean: 0.909 % low: -10.193 % |
|
| Free Cash Growth | -19.321 % | |
| Free Cash Growth QoQ | -164.081 % | |
| Free Cash Growth YoY | -117.9 % | |
| Free Cash Growth IPRWA | high: 152.763 % mean: 4.958 % median: -0.761 % LIVN: -19.321 % low: -446.345 % |
|
| Free Cash To Net Income | 1.623 | |
| Cash Flow Margin | 14.697 % | |
| Cash Flow To Earnings | 1.716 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.197 % | |
| Return On Assets QoQ | 13.138 % | |
| Return On Assets YoY | -46.154 % | |
| Return On Assets IPRWA | high: 5.088 % mean: 2.002 % median: 1.556 % LIVN: 1.197 % low: -17.15 % |
|
| Return On Capital Employed (ROCE) | 2.141 % | |
| Return On Equity (ROE) | 0.026 | |
| Return On Equity QoQ | 11.322 % | |
| Return On Equity YoY | -39.145 % | |
| Return On Equity IPRWA | high: 0.174 mean: 0.031 median: 0.028 LIVN: 0.026 low: -0.303 |
|
| DuPont ROE | 2.622 % | |
| Return On Invested Capital (ROIC) | 1.929 % | |
| Return On Invested Capital QoQ | -13.225 % | |
| Return On Invested Capital YoY | -109.345 % | |
| Return On Invested Capital IPRWA | high: 5.899 % mean: 2.699 % median: 2.127 % LIVN: 1.929 % low: -14.233 % |
|