Recent News
On December 15, 2025 the company completed the redemption of its Series F preferred shares and closed an underwritten public offering of $100.0 million aggregate principal amount of 6.875% fixed-to-floating subordinated notes due 2036.
On February 11, 2026 the Board authorized a new common stock repurchase plan allowing repurchases up to $100.0 million over a one-year period beginning February 12, 2026.
On March 6, 2026 a major broker initiated coverage of the company with an Overweight recommendation.
Technical Analysis
Directional indicators (ADX / DI+/DI-): ADX registers 36.42, indicating a strong trend; DI+ at 12.52 decreases while DI- at 31.27 shows a peak-and-reversal pattern, creating asymmetric momentum pressure that favors downside drift unless DI+ recovers.
MACD: MACD sits at -2.11 and trends downward with the signal at -1.74; MACD remains below its signal line, which confirms bearish momentum and reduces near-term upside probability until MACD turns up and crosses above the signal line.
MRO (Momentum/Regression Oscillator): MRO reads -26.14, indicating price sits below the model target and implying upward mean-reversion potential; the MRO has shown a peak-and-reversal pattern that suggests the mean-reversion setup currently carries moderate strength.
RSI: RSI at 44.85 and trending lower signals allowable downside before oversold territory; the declining RSI complements MACD’s bearish momentum but leaves room for a bounce if buying interest reappears.
Price vs. averages and bands: Closing price $64.72 sits slightly below the 12/26-day EMAs and modestly beneath the 50-day average; Bollinger upper/lower bands span roughly $63.65–$73.21, implying current trading near the lower-middle of the recent volatility band and limited immediate upside without momentum shift.
Fundamental Analysis
Earnings: Reported EPS $2.06 versus an estimate of $2.04, a positive surprise of $0.02, equal to a 0.98% surprise. Forward EPS stands at $2.33 with a forward P/E of 31.14, leaving a modest multiple compression versus current P/E 35.19.
Valuation multiples: Price-to-book ratio equals 1.17, which sits slightly below the industry peer mean of 1.2932 and slightly below the industry peer median of 1.21771; P/B rose QoQ by 8.46% and rose YoY by 26.76%. Price-to-sales at 10.64 and price-to-earnings at 35.19 reflect elevated franchise pricing relative to absolute revenue scale but align with higher growth expectations embedded in current multiples.
Profitability and cash flow: Net income $74,492,000 and net interest income $204,428,000; operating cash flow $121,570,000 and free cash flow $60,572,000 yield a free cash flow yield of 2.44%, slightly above the industry peer mean of 2.20%. Cash on hand totals $4,411,463,000 supporting liquidity and planned capital actions.
Growth and returns: Revenue growth registers 12.70% (as reported) while revenue growth year-over-year converts to -274.15% per the supplied YoY value; earnings growth reads -6.36% and earnings growth YoY equals -526.26% per supplied figures. Return on assets equals 0.30% and return on equity equals 3.52%, with ROE positioned slightly above the industry peer mean metric presented for return on assets.
Leverage and capital structure: Debt-to-assets at 6.85% remains conservative versus the industry peer mean; debt-to-equity stands at 0.806, with a recent QoQ increase of 11.53% and a sizable YoY increase per supplied figures. Recent issuance of $100.0 million subordinated notes and preferred redemption reduced near-term liquidity drains while preserving regulatory capital flexibility. Dividend payout ratio remains low at 2.61% with dividend coverage of 3,825.99% (high coverage), supporting retained earnings growth.
WMDST valuation: The current valuation as determined by WMDST: fair-valued, reflecting elevated multiples tempered by solid cash generation, a measured capital return program, and moderate growth visibility.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-22 |
| NEXT REPORT DATE: | 2026-04-23 |
| CASH FLOW | Begin Period Cash Flow | $ 4.2 B |
| Operating Cash Flow | $ 121.6 M | |
| Capital Expenditures | $ -61.00 M | |
| Change In Working Capital | $ 12.3 M | |
| Dividends Paid | $ -1.95 M | |
| Cash Flow Delta | $ 225.8 M | |
| End Period Cash Flow | $ 4.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 232.9 M | |
| Forward Revenue | $ 62.2 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 12.6 M | |
| Depreciation and Amortization | $ 12.6 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 355.2 M | |
| Interest Expense | $ 150.8 M | |
| Net Interest Income | $ 204.4 M | |
| Income Before Tax | $ 97.3 M | |
| Tax Provision | $ 22.8 M | |
| Tax Rate | 23.439 % | |
| Net Income | $ 74.5 M | |
| Net Income From Continuing Operations | $ 74.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.04 | |
| EPS Actual | $ 2.06 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 0.98 % | |
| Forward EPS | $ 2.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 24.9 B | |
| Intangible Assets | $ 3.6 M | |
| Net Tangible Assets | $ 2.1 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 4.4 B | |
| Net Receivables | $ 103.6 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 1.7 B | |
| Total Liabilities | $ 22.8 B | |
| EQUITY | ||
| Total Equity | $ 2.1 B | |
| Retained Earnings | $ 1.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 61.87 | |
| Shares Outstanding | 34.191 M | |
| Revenue Per-Share | $ 6.81 | |
| VALUATION | Market Capitalization | $ 2.5 B |
| Enterprise Value | $ 4.2 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 17.964 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 11.768 | |
| Asset To Liability | 1.093 | |
| Debt To Capital | 0.446 | |
| Debt To Assets | 0.069 | |
| Debt To Assets QoQ | 12.479 % | |
| Debt To Assets YoY | 1429.018 % | |
| Debt To Assets IPRWA | high: 0.094 CUBI: 0.069 median: 0.052 mean: 0.048 low: -0.0 |
|
| Debt To Equity | 0.806 | |
| Debt To Equity QoQ | 11.53 % | |
| Debt To Equity YoY | 1269.606 % | |
| Debt To Equity IPRWA | high: 1.415 CUBI: 0.806 mean: 0.467 median: 0.466 low: -0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.171 | |
| Price To Book QoQ | 8.46 % | |
| Price To Book YoY | 26.763 % | |
| Price To Book IPRWA | high: 2.361 mean: 1.293 median: 1.218 CUBI: 1.171 low: 0.013 |
|
| Price To Earnings (P/E) | 35.186 | |
| Price To Earnings QoQ | 19.795 % | |
| Price To Earnings YoY | -4.46 % | |
| Price To Earnings IPRWA | high: 73.773 mean: 44.326 median: 38.966 CUBI: 35.186 low: 30.108 |
|
| PE/G Ratio | -5.529 | |
| Price To Sales (P/S) | 10.641 | |
| Price To Sales QoQ | 9.873 % | |
| Price To Sales YoY | 2.625 % | |
| Price To Sales IPRWA | high: 28.081 mean: 13.815 median: 12.952 CUBI: 10.641 low: 0.123 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 31.142 | |
| Forward PE/G | -4.893 | |
| Forward P/S | 39.904 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.009 | |
| Asset Turnover Ratio QoQ | -2.669 % | |
| Asset Turnover Ratio YoY | 36.994 % | |
| Asset Turnover Ratio IPRWA | high: 0.015 mean: 0.01 median: 0.01 CUBI: 0.009 low: 0.006 |
|
| Receivables Turnover | 2.218 | |
| Receivables Turnover Ratio QoQ | 1.132 % | |
| Receivables Turnover Ratio YoY | 64.016 % | |
| Receivables Turnover Ratio IPRWA | high: 4.133 mean: 2.631 median: 2.491 CUBI: 2.218 low: 0.968 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 41.141 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.262 | |
| CapEx To Depreciation | -4.832 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.8 B | |
| Net Invested Capital | $ 3.8 B | |
| Invested Capital | $ 3.8 B | |
| Net Tangible Assets | $ 2.1 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 8.155 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 38.26 | |
| Dividend Payout Ratio | 0.026 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.62 % | |
| Revenue Growth | 12.697 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | -274.146 % | |
| Revenue Growth IPRWA | high: 21.165 % CUBI: 12.697 % mean: 3.315 % median: 1.836 % low: -10.947 % |
|
| Earnings Growth | -6.364 % | |
| Earnings Growth QoQ | -128.638 % | |
| Earnings Growth YoY | -526.256 % | |
| Earnings Growth IPRWA | high: 44.444 % mean: 3.281 % median: -2.105 % CUBI: -6.364 % low: -25.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 60.6 M | |
| Free Cash Flow Yield | 2.444 % | |
| Free Cash Flow Yield QoQ | -6.072 % | |
| Free Cash Flow Yield YoY | -61.824 % | |
| Free Cash Flow Yield IPRWA | high: 6.244 % CUBI: 2.444 % median: 2.306 % mean: 2.201 % low: -1.861 % |
|
| Free Cash Growth | 5.456 % | |
| Free Cash Growth QoQ | -109.315 % | |
| Free Cash Growth YoY | -99.229 % | |
| Free Cash Growth IPRWA | high: 176.765 % CUBI: 5.456 % mean: 0.0 % median: -9.484 % low: -221.241 % |
|
| Free Cash To Net Income | 0.813 | |
| Cash Flow Margin | 38.588 % | |
| Cash Flow To Earnings | 1.206 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.303 % | |
| Return On Assets QoQ | -6.481 % | |
| Return On Assets YoY | 146.341 % | |
| Return On Assets IPRWA | high: 0.645 % mean: 0.311 % median: 0.311 % CUBI: 0.303 % low: 0.027 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.035 | |
| Return On Equity QoQ | -4.992 % | |
| Return On Equity YoY | 122.285 % | |
| Return On Equity IPRWA | high: 0.047 CUBI: 0.035 mean: 0.029 median: 0.028 low: 0.003 |
|
| DuPont ROE | 3.583 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |