Recent News
On January 18, 2026 the company unveiled modular liquid-cooling solutions aimed at data-center and AI workloads. On February 22, 2026 the company postponed its February 24 investor day because of a regional state of emergency, with management signalling a reschedule for later dates.
Technical Analysis
Directional indicators show no established trend: ADX sits at 17.1, indicating a lack of trend strength. DI+ decreased to 18.95 while DI- increased to 21.79; those directional moves read as bearish pressure and imply sellers currently hold a slight edge.
MACD stands at -0.68 below its signal line of 0.46 and the MACD trend declines; momentum signals therefore register as bearish momentum and weigh on the near-term price bias.
MRO registers positive at 19.94 with a decreasing trajectory, which implies the market price sits above the model target and carries a moderate propensity to move lower absent fresh buying pressure.
RSI at 51.81 is falling; that level reflects neutral internals tilting lower rather than clear overbought or oversold conditions, so expect rangebound testing rather than strong directional runs until momentum changes.
Price sits at $107.87, below the 20-day average ($113.83) and 50-day average ($111.85) but above the 200-day average ($96.12). The price near the lower Bollinger band (lower 1× std dev $107.75) signals the short-term band support has reached the market and may cap further intraday weakness unless sellers intensify.
Ichimoku components place Tenkan/Kijun at $112.66 (above price) with Senkou A $109.08 and Senkou B $105.11; price below the Tenkan/Kijun and near the lower edge of the cloud reinforces short-term resistance near the $112 area.
Volatility and volume context: 42-day beta 1.68 and 52-week beta 1.61 indicate above-market volatility; recent volume ran slightly below the 10-day and 50-day averages, consistent with consolidation rather than trending distribution.
Fundamental Analysis
Operating performance and margins: EBIT totaled $175.4 million, producing an EBIT margin of 16.44%. That margin sits above the industry peer mean of 15.02% but below the industry peer median of 19.35%, which signals margin performance better than the average peer but not at the peer median level.
Top-line and earnings cadence: total revenue came to $1,066.7 million and reported EPS equalled $0.90 versus an estimate of $0.90 (EPS surprise approximately 0.31%). Report date listed February 6, 2026; management provided guidance for 2026 concurrently with the results.
Growth rates show contrasts: revenue growth registered 1.21% on the provided measure, while revenue growth sequentially and year-over-year show steep declines on the QoQ and YoY measures (QoQ -87.23%, YoY -131.62%), reflecting significant period-to-period comparability effects that require careful read-through of segment and divestiture timing.
Profitability and cash flow: gross margin 36.46% and operating margin 15.36%, with operating cash flow of $202.4 million and free cash flow $165.7 million (free-cash-flow yield ~0.96%). The free-cash-flow yield sits marginally below the industry peer mean free-cash-flow yield of 1.04%, indicating cash generation in line with peers but not exceeding the peer average.
Leverage and coverage: net debt about $1.3223 billion gives debt/EBITDA roughly 7.30x, a leverage level materially above typical ranges and notable relative to the industry peer mean leverage; interest coverage remains healthy at 9.18x, which supports debt servicing in the current rate environment.
Valuation context: price/book at 4.64 below the industry peer mean book multiple of 5.97, while P/E at 118.83 sits slightly above the industry peer mean P/E of 116.93. WMDST values the stock as fair-valued. These valuation cues imply the market prices some growth or strategic optionality while not offering a clear valuation premium over peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-06 |
| NEXT REPORT DATE: | 2026-05-08 |
| CASH FLOW | Begin Period Cash Flow | $ 126.9 M |
| Operating Cash Flow | $ 202.4 M | |
| Capital Expenditures | $ -36.70 M | |
| Change In Working Capital | $ 41.9 M | |
| Dividends Paid | $ -32.40 M | |
| Cash Flow Delta | $ 110.6 M | |
| End Period Cash Flow | $ 237.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 436.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 677.8 M | |
| Depreciation | $ 15.7 M | |
| Depreciation and Amortization | $ 56.8 M | |
| Research and Development | $ 21.3 M | |
| Total Operating Expenses | $ 902.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 388.9 M | |
| EBITDA | $ 232.2 M | |
| EBIT | $ 175.4 M | |
| Operating Income | $ 163.8 M | |
| Interest Income | — | |
| Interest Expense | $ 19.1 M | |
| Net Interest Income | $ -19.10 M | |
| Income Before Tax | $ 156.3 M | |
| Tax Provision | $ 40.5 M | |
| Tax Rate | 25.912 % | |
| Net Income | $ 118.8 M | |
| Net Income From Continuing Operations | $ 115.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.90 | |
| EPS Actual | $ 0.90 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 0.31 % | |
| Forward EPS | $ 1.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.9 B | |
| Intangible Assets | $ 4.6 B | |
| Net Tangible Assets | $ -824.30 M | |
| Total Current Assets | $ 1.6 B | |
| Cash and Short-Term Investments | $ 237.5 M | |
| Cash | $ 237.5 M | |
| Net Receivables | $ 693.0 M | |
| Inventory | $ 471.9 M | |
| Long-Term Investments | $ 29.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 358.9 M | |
| Short-Term Debt | $ 13.8 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.7 B | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ 3.7 B | |
| Retained Earnings | $ 1.7 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.06 | |
| Shares Outstanding | 161.729 M | |
| Revenue Per-Share | $ 6.60 | |
| VALUATION | Market Capitalization | $ 17.3 B |
| Enterprise Value | $ 18.8 B | |
| Enterprise Multiple | 80.765 | |
| Enterprise Multiple QoQ | 7.64 % | |
| Enterprise Multiple YoY | 19.171 % | |
| Enterprise Multiple IPRWA | high: 292.919 mean: 88.712 median: 87.672 NVT: 80.765 low: -68.969 |
|
| EV/R | 17.581 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.837 | |
| Asset To Liability | 2.195 | |
| Debt To Capital | 0.312 | |
| Debt To Assets | 0.247 | |
| Debt To Assets QoQ | -3.284 % | |
| Debt To Assets YoY | 4341.472 % | |
| Debt To Assets IPRWA | high: 0.68 mean: 0.291 median: 0.255 NVT: 0.247 low: 0.001 |
|
| Debt To Equity | 0.454 | |
| Debt To Equity QoQ | -4.708 % | |
| Debt To Equity YoY | 3824.266 % | |
| Debt To Equity IPRWA | high: 2.049 mean: 0.594 median: 0.542 NVT: 0.454 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.637 | |
| Price To Book QoQ | 10.785 % | |
| Price To Book YoY | 29.247 % | |
| Price To Book IPRWA | high: 7.654 median: 6.811 mean: 5.972 NVT: 4.637 low: 0.523 |
|
| Price To Earnings (P/E) | 118.827 | |
| Price To Earnings QoQ | -6.584 % | |
| Price To Earnings YoY | -0.393 % | |
| Price To Earnings IPRWA | high: 265.806 NVT: 118.827 mean: 116.935 median: 102.422 low: -66.062 |
|
| PE/G Ratio | -108.123 | |
| Price To Sales (P/S) | 16.215 | |
| Price To Sales QoQ | 12.519 % | |
| Price To Sales YoY | 5.007 % | |
| Price To Sales IPRWA | high: 43.073 mean: 21.681 median: 18.753 NVT: 16.215 low: 2.594 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 84.929 | |
| Forward PE/G | -77.278 | |
| Forward P/S | 39.609 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.178 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.157 | |
| Asset Turnover Ratio QoQ | 0.384 % | |
| Asset Turnover Ratio YoY | 42.173 % | |
| Asset Turnover Ratio IPRWA | high: 0.501 mean: 0.188 median: 0.172 NVT: 0.157 low: 0.002 |
|
| Receivables Turnover | 1.512 | |
| Receivables Turnover Ratio QoQ | 4.081 % | |
| Receivables Turnover Ratio YoY | 0.398 % | |
| Receivables Turnover Ratio IPRWA | high: 1.985 NVT: 1.512 mean: 1.347 median: 1.289 low: 0.153 |
|
| Inventory Turnover | 1.462 | |
| Inventory Turnover Ratio QoQ | -3.437 % | |
| Inventory Turnover Ratio YoY | 17.327 % | |
| Inventory Turnover Ratio IPRWA | high: 2.119 NVT: 1.462 mean: 0.956 median: 0.955 low: 0.332 |
|
| Days Sales Outstanding (DSO) | 60.36 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 76.103 | |
| Cash Conversion Cycle Days QoQ | -4.612 % | |
| Cash Conversion Cycle Days YoY | -5.19 % | |
| Cash Conversion Cycle Days IPRWA | high: 282.34 mean: 108.091 median: 84.944 low: 77.841 NVT: 76.103 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.677 | |
| CapEx To Revenue | -0.034 | |
| CapEx To Depreciation | -2.338 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.3 B | |
| Net Invested Capital | $ 5.3 B | |
| Invested Capital | $ 5.3 B | |
| Net Tangible Assets | $ -824.30 M | |
| Net Working Capital | $ 636.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.237 | |
| Current Ratio | 1.634 | |
| Current Ratio QoQ | 3.796 % | |
| Current Ratio YoY | -5.728 % | |
| Current Ratio IPRWA | high: 6.631 mean: 2.09 NVT: 1.634 median: 1.547 low: 1.232 |
|
| Quick Ratio | 1.164 | |
| Quick Ratio QoQ | 5.2 % | |
| Quick Ratio YoY | -9.352 % | |
| Quick Ratio IPRWA | high: 2.079 NVT: 1.164 mean: 1.01 median: 0.815 low: 0.539 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.3 | |
| Cost Of Debt | 0.95 % | |
| Interest Coverage Ratio | 9.183 | |
| Interest Coverage Ratio QoQ | 16.251 % | |
| Interest Coverage Ratio YoY | 110.107 % | |
| Interest Coverage Ratio IPRWA | high: 113.753 median: 19.5 mean: 17.217 NVT: 9.183 low: -57.382 |
|
| Operating Cash Flow Ratio | 0.202 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 48.414 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.667 | |
| Dividend Payout Ratio | 0.273 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.274 % | |
| Revenue Growth | 1.205 % | |
| Revenue Growth QoQ | -87.232 % | |
| Revenue Growth YoY | -131.619 % | |
| Revenue Growth IPRWA | high: 49.829 % mean: 4.439 % NVT: 1.205 % median: 0.959 % low: -78.064 % |
|
| Earnings Growth | -1.099 % | |
| Earnings Growth QoQ | -92.124 % | |
| Earnings Growth YoY | -82.69 % | |
| Earnings Growth IPRWA | high: 42.857 % median: 8.469 % mean: 3.275 % NVT: -1.099 % low: -128.571 % |
|
| MARGINS | ||
| Gross Margin | 36.458 % | |
| Gross Margin QoQ | -2.644 % | |
| Gross Margin YoY | -8.436 % | |
| Gross Margin IPRWA | high: 44.281 % median: 36.825 % NVT: 36.458 % mean: 35.406 % low: -12.055 % |
|
| EBIT Margin | 16.443 % | |
| EBIT Margin QoQ | 4.973 % | |
| EBIT Margin YoY | -3.746 % | |
| EBIT Margin IPRWA | high: 22.162 % median: 19.348 % NVT: 16.443 % mean: 15.021 % low: -114.823 % |
|
| Return On Sales (ROS) | 15.356 % | |
| Return On Sales QoQ | -2.675 % | |
| Return On Sales YoY | -10.109 % | |
| Return On Sales IPRWA | high: 22.855 % median: 19.646 % mean: 17.417 % NVT: 15.356 % low: -96.362 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 165.7 M | |
| Free Cash Flow Yield | 0.958 % | |
| Free Cash Flow Yield QoQ | -27.589 % | |
| Free Cash Flow Yield YoY | -43.845 % | |
| Free Cash Flow Yield IPRWA | high: 3.815 % median: 1.189 % mean: 1.042 % NVT: 0.958 % low: -14.429 % |
|
| Free Cash Growth | -17.521 % | |
| Free Cash Growth QoQ | -97.477 % | |
| Free Cash Growth YoY | -343.449 % | |
| Free Cash Growth IPRWA | high: 91.32 % mean: 39.006 % median: 34.101 % NVT: -17.521 % low: -225.457 % |
|
| Free Cash To Net Income | 1.395 | |
| Cash Flow Margin | 18.965 % | |
| Cash Flow To Earnings | 1.703 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.745 % | |
| Return On Assets QoQ | -2.786 % | |
| Return On Assets YoY | 1011.465 % | |
| Return On Assets IPRWA | high: 3.87 % median: 2.764 % mean: 1.897 % NVT: 1.745 % low: -7.551 % |
|
| Return On Capital Employed (ROCE) | 2.999 % | |
| Return On Equity (ROE) | 0.032 | |
| Return On Equity QoQ | -4.641 % | |
| Return On Equity YoY | 865.152 % | |
| Return On Equity IPRWA | high: 0.219 median: 0.058 mean: 0.049 NVT: 0.032 low: -0.116 |
|
| DuPont ROE | 3.228 % | |
| Return On Invested Capital (ROIC) | 2.457 % | |
| Return On Invested Capital QoQ | -5.79 % | |
| Return On Invested Capital YoY | -102.389 % | |
| Return On Invested Capital IPRWA | high: 6.694 % median: 4.077 % mean: 3.532 % NVT: 2.457 % low: -7.193 % |
|