Technical Analysis
Directional indicators show limited trend strength: ADX at 16.57 indicates no established trend, reducing conviction for a sustained one-way move; DI+ at 18.59 has completed a dip-and-reversal, and DI- at 17.23 is decreasing, both pointing to a short-term bullish directional tilt.
MACD reads 1.84 with a dip-and-reversal profile, indicating bullish momentum beginning to build, but MACD remains below the signal line at 1.89, so a confirmed momentum crossover has not occurred and follow-through remains uncertain.
MRO stands at 12.88 (positive), signaling the market price sits above the oscillator’s target and therefore carries downside pressure until momentum aligns with valuation expectations.
RSI equals 57.54 with a peak-and-reversal trend, signalling recent strength that now risks a pullback; combined with price sitting above the 20-day average, the pattern suggests momentary exhaustion rather than sustained overbought conditions.
Price relationships reinforce mixed near-term bias: close at $202.79 sits above the 12-day EMA ($196.32), 20-day average ($194.33) and 50-day average ($191.89), while the 200-day average ($153.32) confirms longer-term uptrend. Price trades above the 1x Bollinger upper band ($199.36) and near the 2x upper band ($204.38), increasing the chance of consolidation. Volume (275,856) runs below the 10-day average (329,376), suggesting weaker conviction behind recent moves. Short-term volatility measures (42-day beta 1.52) imply above-market responsiveness to news or sector flows.
Fundamental Analysis
Revenue reached $1,069,852,000. EBIT totaled $53,920,000, producing an EBIT margin of 5.04%, up 2.42 percentage points QoQ and up 4.56 percentage points YoY. The EBIT margin compares below the industry peer mean of 18.97% and industry peer median of 20.96%.
Net income equaled $41,182,000 and EPS reported $1.78 versus an estimate of $1.73, yielding an EPS surprise of +2.89% (EPS beat by $0.05). Non-GAAP adjustments lifted reported non-GAAP EPS to $1.78 in the period.
Gross margin measured 9.92%, slightly improved QoQ but below the industry peer mean of 38.86%. Operating margin (5.09%) rose QoQ and YoY, reflecting operational leverage from program ramps and productivity gains. Interest coverage remains robust at 18.67x, supporting low financial risk given total debt of $185,303,000 and debt-to-assets of 5.82%.
Cash flow metrics show stress: operating cash flow at negative $15,381,000 and free cash flow at negative $50,576,000 produce a free cash flow yield of -1.21%. Cash conversion cycle stands at 107.84 days, about 7.4 days longer than the industry peer mean of 100.42 days, driven by elevated inventory ($1,305,339,000) and receivables ($679,660,000). The cash conversion ratio at 1.17 indicates limited cash generation relative to earnings in the period reported.
Return metrics remain modest: return on equity 2.78% and return on assets 1.30%, both below industry peer means. Asset turnover at 0.3384 improved YoY but remains slightly above the industry peer mean of 0.1933, showing efficient revenue generation from the asset base despite margin compression in some areas.
Valuation signals present divergence: trailing PE sits at 87.90 while forward PE approximates 70.73; enterprise multiple reads 56.26. WMDST values the stock as over-valued, reflecting premium multiples relative to the company’s near-term free cash flow deficit and below-mean profitability metrics versus peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-28 |
| NEXT REPORT DATE: | 2026-04-29 |
| CASH FLOW | Begin Period Cash Flow | $ 306.8 M |
| Operating Cash Flow | $ -15.38 M | |
| Capital Expenditures | $ -35.20 M | |
| Change In Working Capital | $ -83.72 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -57.34 M | |
| End Period Cash Flow | $ 249.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 374.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 963.7 M | |
| Depreciation | $ 19.2 M | |
| Depreciation and Amortization | $ 19.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.0 B | |
| PROFITABILITY | ||
| Gross Profit | $ 106.1 M | |
| EBITDA | $ 73.2 M | |
| EBIT | $ 53.9 M | |
| Operating Income | $ 54.5 M | |
| Interest Income | $ 984.0 K | |
| Interest Expense | $ 2.9 M | |
| Net Interest Income | $ -1.90 M | |
| Income Before Tax | $ 51.0 M | |
| Tax Provision | $ 9.8 M | |
| Tax Rate | 19.3 % | |
| Net Income | $ 41.2 M | |
| Net Income From Continuing Operations | $ 41.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.73 | |
| EPS Actual | $ 1.78 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 2.89 % | |
| Forward EPS | $ 2.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.2 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.5 B | |
| Total Current Assets | $ 2.5 B | |
| Cash and Short-Term Investments | $ 248.8 M | |
| Cash | $ 248.8 M | |
| Net Receivables | $ 679.7 M | |
| Inventory | $ 1.3 B | |
| Long-Term Investments | $ 29.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 745.6 M | |
| Short-Term Debt | $ 66.8 M | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | — | |
| Total Debt | $ 185.3 M | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ 2.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 55.44 | |
| Shares Outstanding | 26.713 M | |
| Revenue Per-Share | $ 40.05 | |
| VALUATION | Market Capitalization | $ 4.2 B |
| Enterprise Value | $ 4.1 B | |
| Enterprise Multiple | 56.263 | |
| Enterprise Multiple QoQ | 10.991 % | |
| Enterprise Multiple YoY | -7.344 % | |
| Enterprise Multiple IPRWA | high: 264.455 median: 78.533 mean: 76.88 PLXS: 56.263 low: -72.548 |
|
| EV/R | 3.847 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.151 | |
| Asset To Liability | 1.869 | |
| Debt To Capital | 0.111 | |
| Debt To Assets | 0.058 | |
| Debt To Assets QoQ | 9.118 % | |
| Debt To Assets YoY | 46.462 % | |
| Debt To Assets IPRWA | high: 0.918 mean: 0.278 median: 0.27 PLXS: 0.058 low: 0.001 |
|
| Debt To Equity | 0.125 | |
| Debt To Equity QoQ | 8.839 % | |
| Debt To Equity YoY | 35.298 % | |
| Debt To Equity IPRWA | high: 1.927 mean: 0.681 median: 0.641 PLXS: 0.125 low: -0.744 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.822 | |
| Price To Book QoQ | 9.267 % | |
| Price To Book YoY | -12.013 % | |
| Price To Book IPRWA | high: 12.718 mean: 7.263 median: 5.625 PLXS: 2.822 low: -0.559 |
|
| Price To Earnings (P/E) | 87.898 | |
| Price To Earnings QoQ | 34.332 % | |
| Price To Earnings YoY | -2.727 % | |
| Price To Earnings IPRWA | high: 338.434 mean: 110.959 median: 106.869 PLXS: 87.898 low: -239.759 |
|
| PE/G Ratio | -5.225 | |
| Price To Sales (P/S) | 3.907 | |
| Price To Sales QoQ | 10.061 % | |
| Price To Sales YoY | -9.862 % | |
| Price To Sales IPRWA | high: 55.108 mean: 19.193 median: 17.83 PLXS: 3.907 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 70.726 | |
| Forward PE/G | -4.204 | |
| Forward P/S | 11.216 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.259 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.338 | |
| Asset Turnover Ratio QoQ | -0.198 % | |
| Asset Turnover Ratio YoY | 7.905 % | |
| Asset Turnover Ratio IPRWA | high: 0.529 PLXS: 0.338 mean: 0.193 median: 0.184 low: 0.001 |
|
| Receivables Turnover | 1.601 | |
| Receivables Turnover Ratio QoQ | -0.133 % | |
| Receivables Turnover Ratio YoY | 0.055 % | |
| Receivables Turnover Ratio IPRWA | high: 2.671 PLXS: 1.601 mean: 1.498 median: 1.422 low: 0.381 |
|
| Inventory Turnover | 0.76 | |
| Inventory Turnover Ratio QoQ | -0.02 % | |
| Inventory Turnover Ratio YoY | 12.969 % | |
| Inventory Turnover Ratio IPRWA | high: 2.498 median: 1.116 mean: 1.055 PLXS: 0.76 low: 0.172 |
|
| Days Sales Outstanding (DSO) | 56.985 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 107.842 | |
| Cash Conversion Cycle Days QoQ | -1.714 % | |
| Cash Conversion Cycle Days YoY | -11.128 % | |
| Cash Conversion Cycle Days IPRWA | high: 299.512 PLXS: 107.842 mean: 100.423 median: 84.663 low: 19.926 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.172 | |
| CapEx To Revenue | -0.033 | |
| CapEx To Depreciation | -1.83 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.5 B | |
| Net Working Capital | $ 913.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.161 | |
| Current Ratio | 1.591 | |
| Current Ratio QoQ | 0.757 % | |
| Current Ratio YoY | 4.353 % | |
| Current Ratio IPRWA | high: 6.332 median: 2.252 mean: 2.243 PLXS: 1.591 low: 0.51 |
|
| Quick Ratio | 0.746 | |
| Quick Ratio QoQ | -3.102 % | |
| Quick Ratio YoY | 6.415 % | |
| Quick Ratio IPRWA | high: 6.447 mean: 1.703 median: 1.56 PLXS: 0.746 low: 0.423 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.533 | |
| Cost Of Debt | 1.117 % | |
| Interest Coverage Ratio | 18.67 | |
| Interest Coverage Ratio QoQ | -13.492 % | |
| Interest Coverage Ratio YoY | 41.036 % | |
| Interest Coverage Ratio IPRWA | high: 48.5 PLXS: 18.67 median: 13.712 mean: 13.112 low: -31.892 |
|
| Operating Cash Flow Ratio | -0.012 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 70.441 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.557 % | |
| Revenue Growth | 1.085 % | |
| Revenue Growth QoQ | -72.42 % | |
| Revenue Growth YoY | -115.312 % | |
| Revenue Growth IPRWA | high: 24.001 % mean: 4.572 % median: 3.949 % PLXS: 1.085 % low: -17.044 % |
|
| Earnings Growth | -16.822 % | |
| Earnings Growth QoQ | -233.17 % | |
| Earnings Growth YoY | 159.359 % | |
| Earnings Growth IPRWA | high: 157.143 % median: 4.478 % mean: 2.91 % PLXS: -16.822 % low: -153.846 % |
|
| MARGINS | ||
| Gross Margin | 9.921 % | |
| Gross Margin QoQ | 0.212 % | |
| Gross Margin YoY | -3.829 % | |
| Gross Margin IPRWA | high: 87.538 % mean: 38.862 % median: 38.222 % PLXS: 9.921 % low: -3.321 % |
|
| EBIT Margin | 5.04 % | |
| EBIT Margin QoQ | 2.418 % | |
| EBIT Margin YoY | 4.564 % | |
| EBIT Margin IPRWA | high: 41.05 % median: 20.963 % mean: 18.968 % PLXS: 5.04 % low: -55.59 % |
|
| Return On Sales (ROS) | 5.091 % | |
| Return On Sales QoQ | 1.455 % | |
| Return On Sales YoY | 5.622 % | |
| Return On Sales IPRWA | high: 41.836 % mean: 18.51 % median: 15.943 % PLXS: 5.091 % low: -29.815 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -50.58 M | |
| Free Cash Flow Yield | -1.21 % | |
| Free Cash Flow Yield QoQ | -146.772 % | |
| Free Cash Flow Yield YoY | -288.768 % | |
| Free Cash Flow Yield IPRWA | high: 4.766 % median: 0.861 % mean: 0.843 % PLXS: -1.21 % low: -5.254 % |
|
| Free Cash Growth | -152.036 % | |
| Free Cash Growth QoQ | -123.826 % | |
| Free Cash Growth YoY | 76.757 % | |
| Free Cash Growth IPRWA | high: 99.057 % median: 21.004 % mean: -5.327 % PLXS: -152.036 % low: -395.065 % |
|
| Free Cash To Net Income | -1.228 | |
| Cash Flow Margin | -1.788 % | |
| Cash Flow To Earnings | -0.464 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.303 % | |
| Return On Assets QoQ | -20.934 % | |
| Return On Assets YoY | 8.855 % | |
| Return On Assets IPRWA | high: 8.472 % median: 2.962 % mean: 2.471 % PLXS: 1.303 % low: -8.229 % |
|
| Return On Capital Employed (ROCE) | 3.283 % | |
| Return On Equity (ROE) | 0.028 | |
| Return On Equity QoQ | -21.352 % | |
| Return On Equity YoY | -1.558 % | |
| Return On Equity IPRWA | high: 0.198 mean: 0.061 median: 0.058 PLXS: 0.028 low: -0.273 |
|
| DuPont ROE | 2.805 % | |
| Return On Invested Capital (ROIC) | 2.655 % | |
| Return On Invested Capital QoQ | 2.748 % | |
| Return On Invested Capital YoY | -112.852 % | |
| Return On Invested Capital IPRWA | high: 9.312 % mean: 3.36 % median: 3.298 % PLXS: 2.655 % low: -9.184 % |
|