Recent News
On January 27, 2026 the partnership declared a quarterly cash distribution of $1.125 per common limited partner unit, payable February 12, 2026 to holders of record as of February 5, 2026; market reports repeated the distribution announcement and related 8-K filings in late January.
Technical Analysis
Directional indicators show emerging trend strength: ADX stands at 24.9, signaling an emerging trend. Given the high ADX reading relative to low single digits, trend strength matters for short-term directional bias toward downside pressure when combined with directional indexes.
DI+ equals 12.35 and trends downward while DI– equals 24.58 and trends upward; those directional moves present a bearish directional split that favors downward price pressure versus upside attempts, and that bias ties directly to constrained upside implied by the current valuation.
MACD registers -0.46 and is decreasing with its signal at -0.01; the negative, declining MACD denotes bearish momentum and no bullish MACD cross above the signal line, reinforcing near-term downward momentum risk.
MRO sits slightly positive at 2.09 and decreasing, indicating the price sits modestly above the modeled target and carries limited downside mean-reversion risk; the decreasing MRO amplifies that reversion potential over the near term.
RSI at 50.82 is declining from neutral territory, showing fading short-term buying strength. That weakening oscillator, together with price trading below key short-term averages, supports a cautious near-term outlook for price advance.
Price sits below most short-term averages—20-day average $52.18 and 50-day average $52.51—while remaining above the 200-day average $46.01; the 12-day EMA trend decreases. The confluence of price under short-term moving averages and below the 20/50-day bands suggests resistance into those averages on any bounce, constraining short-term upside relative to the current valuation.
Volume averages (10/50/200-day) show current trading volume below recent averages, which reduces conviction behind directional moves and increases the significance of any volume pickup if trend acceleration occurs.
Fundamental Analysis
Q4 2025 results and the related company release show record adjusted metrics and guidance items discussed on the earnings call; the partnership also filed its 2025 Form 10-K and flagged strategic Permian growth initiatives and capital plans.
Profitability and cash flow: EBIT equals $95,472,000 and EBITDA $131,460,000. EBIT margin equals 37.33%, which sits above the industry peer mean EBIT margin of about 30.96%, supporting relative operating efficiency within the peer set. Operating margin measures 14.25% and gross margin 17.00%, while cash flow margin registers 27.96%, evidencing strong cash conversion versus operating income despite sector pressures.
Earnings per unit: reported EPS of $1.71 exceeded the $1.43 estimate, producing an EPS surprise of 19.58%. Forward EPS stands at $1.3825 and forward PE at 32.18; the trailing PE equals 28.85. Trailing and forward multiples remain below the industry peer mean forward PE metric but WMDST still classifies the security as over-valued given balance-sheet and cash-return dynamics.
Leverage and coverage: total debt equals $2,379,597,000 with net debt near $2,333,528,000 while total equity measures $6,114,000—producing a debt-to-assets ratio of 85.62% and a debt-to-equity multiple in the high hundreds. Interest coverage near 1.97 sits below the industry peer mean interest coverage and leaves limited cushion for rising rates or operational stress; that capital structure elevates refinancing and liquidity sensitivity despite positive operating cash flow of $43,205,000 and free cash flow $9,005,000.
Liquidity and working capital: current ratio equals 1.12 and quick ratio 1.07, both near or modestly above peer lows but reflecting thin absolute equity and high payables (days payables outstanding ~131.9 days). Cash holdings approximate $10.9 million against sizable near-term obligations; free-cash-flow yield equals about 0.34% while dividend coverage measures 0.79, indicating distributions exceed immediate coverage on reported earnings and cash metrics.
Growth and capital allocation: revenue totaled $255,766,000 with year-over-year revenue growth of 7.33% and modest asset growth of 1.17%. CapEx run-rate shows capital expenditures of $34,200,000; capex-to-revenue reads as -0.1337 in the dataset format, consistent with active investment in midstream expansion. Return on equity equals 7.74% and return on assets 1.71%—returns positive but constrained given the leverage employed.
Valuation summary: WMDST values the stock as over-valued. Elevated leverage, minimal equity base, low free-cash-flow yield, and dividend coverage below 1.0 create valuation headwinds despite above-peer EBIT margin and an EPS beat in the quarter.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-27 |
| NEXT REPORT DATE: | 2026-05-29 |
| CASH FLOW | Begin Period Cash Flow | $ 6.9 M |
| Operating Cash Flow | $ 43.2 M | |
| Capital Expenditures | $ -34.20 M | |
| Change In Working Capital | $ -26.69 M | |
| Dividends Paid | $ -59.90 M | |
| Cash Flow Delta | $ 4.0 M | |
| End Period Cash Flow | $ 10.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 255.8 M | |
| Forward Revenue | $ 100.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 212.3 M | |
| Depreciation | $ 36.0 M | |
| Depreciation and Amortization | $ 36.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 219.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 43.5 M | |
| EBITDA | $ 131.5 M | |
| EBIT | $ 95.5 M | |
| Operating Income | $ 36.4 M | |
| Interest Income | $ 39.7 M | |
| Interest Expense | $ 48.5 M | |
| Net Interest Income | $ -8.78 M | |
| Income Before Tax | $ 47.0 M | |
| Tax Provision | $ -313.00 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ 47.3 M | |
| Net Income From Continuing Operations | $ 47.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.43 | |
| EPS Actual | $ 1.71 | |
| EPS Difference | $ 0.28 | |
| EPS Surprise | 19.58 % | |
| Forward EPS | $ 1.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.8 B | |
| Intangible Assets | $ 382.7 M | |
| Net Tangible Assets | $ -382.66 M | |
| Total Current Assets | $ 400.8 M | |
| Cash and Short-Term Investments | $ 10.9 M | |
| Cash | $ 10.9 M | |
| Net Receivables | $ 331.2 M | |
| Inventory | $ 17.9 M | |
| Long-Term Investments | $ 6.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 292.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 356.5 M | |
| Net Debt | $ 2.3 B | |
| Total Debt | $ 2.4 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 6.1 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.11 | |
| Shares Outstanding | 53.512 M | |
| Revenue Per-Share | $ 4.78 | |
| VALUATION | Market Capitalization | $ 2.6 B |
| Enterprise Value | $ 5.0 B | |
| Enterprise Multiple | 38.098 | |
| Enterprise Multiple QoQ | 6.694 % | |
| Enterprise Multiple YoY | -6.163 % | |
| Enterprise Multiple IPRWA | high: 59.048 mean: 41.649 median: 39.238 DKL: 38.098 low: 10.34 |
|
| EV/R | 19.582 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 454.574 | |
| Asset To Liability | 1.002 | |
| Debt To Capital | 0.997 | |
| Debt To Assets | 0.856 | |
| Debt To Assets QoQ | 2.449 % | |
| Debt To Assets YoY | -7.355 % | |
| Debt To Assets IPRWA | DKL: 0.856 high: 0.83 mean: 0.513 median: 0.496 low: 0.268 |
|
| Debt To Equity | 389.205 | |
| Debt To Equity QoQ | 196.183 % | |
| Debt To Equity YoY | 632.886 % | |
| Debt To Equity IPRWA | DKL: 389.205 high: 5.354 mean: 1.633 median: 1.459 low: 0.379 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 431.754 | |
| Price To Book QoQ | 227.086 % | |
| Price To Book YoY | 629.45 % | |
| Price To Book IPRWA | DKL: 431.754 high: 5.955 mean: 3.067 median: 2.341 low: 1.712 |
|
| Price To Earnings (P/E) | 28.847 | |
| Price To Earnings QoQ | -43.142 % | |
| Price To Earnings YoY | -51.973 % | |
| Price To Earnings IPRWA | high: 113.155 mean: 65.163 median: 51.118 DKL: 28.847 low: 17.853 |
|
| PE/G Ratio | 0.285 | |
| Price To Sales (P/S) | 10.321 | |
| Price To Sales QoQ | 16.919 % | |
| Price To Sales YoY | 2.998 % | |
| Price To Sales IPRWA | high: 39.081 mean: 12.424 DKL: 10.321 median: 9.865 low: 0.334 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.184 | |
| Forward PE/G | 0.318 | |
| Forward P/S | 26.39 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.796 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.093 | |
| Asset Turnover Ratio QoQ | -2.579 % | |
| Asset Turnover Ratio YoY | -11.738 % | |
| Asset Turnover Ratio IPRWA | high: 0.21 mean: 0.114 median: 0.109 DKL: 0.093 low: 0.031 |
|
| Receivables Turnover | 0.769 | |
| Receivables Turnover Ratio QoQ | 3.603 % | |
| Receivables Turnover Ratio YoY | -75.051 % | |
| Receivables Turnover Ratio IPRWA | high: 8.839 mean: 2.784 median: 2.393 low: 1.573 DKL: 0.769 |
|
| Inventory Turnover | 11.616 | |
| Inventory Turnover Ratio QoQ | -0.104 % | |
| Inventory Turnover Ratio YoY | -63.678 % | |
| Inventory Turnover Ratio IPRWA | DKL: 11.616 high: 9.406 mean: 5.235 median: 3.642 low: 1.83 |
|
| Days Sales Outstanding (DSO) | 118.692 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -5.193 | |
| Cash Conversion Cycle Days QoQ | -86.841 % | |
| Cash Conversion Cycle Days YoY | -147.257 % | |
| Cash Conversion Cycle Days IPRWA | high: 71.269 median: 13.243 mean: 2.059 DKL: -5.193 low: -82.244 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 5.777 | |
| CapEx To Revenue | -0.134 | |
| CapEx To Depreciation | -0.95 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ -382.66 M | |
| Net Working Capital | $ 44.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.031 | |
| Current Ratio | 1.124 | |
| Current Ratio QoQ | 8.732 % | |
| Current Ratio YoY | -31.591 % | |
| Current Ratio IPRWA | high: 1.43 DKL: 1.124 mean: 0.889 median: 0.783 low: 0.531 |
|
| Quick Ratio | 1.074 | |
| Quick Ratio QoQ | 9.187 % | |
| Quick Ratio YoY | -32.123 % | |
| Quick Ratio IPRWA | high: 1.176 DKL: 1.074 mean: 0.714 median: 0.678 low: 0.48 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 18.101 | |
| Cost Of Debt | 1.639 % | |
| Interest Coverage Ratio | 1.969 | |
| Interest Coverage Ratio QoQ | 0.627 % | |
| Interest Coverage Ratio YoY | 2.665 % | |
| Interest Coverage Ratio IPRWA | high: 8.945 mean: 4.257 median: 3.764 DKL: 1.969 low: 1.765 |
|
| Operating Cash Flow Ratio | 0.201 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 131.902 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.79 | |
| Dividend Payout Ratio | 1.267 | |
| Dividend Rate | $ 1.12 | |
| Dividend Yield | 0.023 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.166 % | |
| Revenue Growth | -2.109 % | |
| Revenue Growth QoQ | -134.808 % | |
| Revenue Growth YoY | 7.328 % | |
| Revenue Growth IPRWA | high: 75.226 % mean: 12.091 % median: 9.408 % DKL: -2.109 % low: -7.231 % |
|
| Earnings Growth | 101.176 % | |
| Earnings Growth QoQ | -354.749 % | |
| Earnings Growth YoY | -2494.698 % | |
| Earnings Growth IPRWA | high: 442.105 % DKL: 101.176 % mean: 19.988 % median: 3.774 % low: -229.63 % |
|
| MARGINS | ||
| Gross Margin | 17.004 % | |
| Gross Margin QoQ | -16.618 % | |
| Gross Margin YoY | -27.19 % | |
| Gross Margin IPRWA | high: 78.864 % median: 43.607 % mean: 40.113 % DKL: 17.004 % low: 5.66 % |
|
| EBIT Margin | 37.328 % | |
| EBIT Margin QoQ | 3.871 % | |
| EBIT Margin YoY | 6.345 % | |
| EBIT Margin IPRWA | high: 61.514 % DKL: 37.328 % mean: 30.955 % median: 30.257 % low: 1.264 % |
|
| Return On Sales (ROS) | 14.248 % | |
| Return On Sales QoQ | -17.945 % | |
| Return On Sales YoY | -59.409 % | |
| Return On Sales IPRWA | high: 50.481 % median: 30.257 % mean: 28.706 % DKL: 14.248 % low: 1.212 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 9.0 M | |
| Free Cash Flow Yield | 0.341 % | |
| Free Cash Flow Yield QoQ | -155.537 % | |
| Free Cash Flow Yield YoY | 156.391 % | |
| Free Cash Flow Yield IPRWA | high: 4.487 % median: 1.434 % mean: 0.911 % DKL: 0.341 % low: -6.341 % |
|
| Free Cash Growth | -163.617 % | |
| Free Cash Growth QoQ | -434.986 % | |
| Free Cash Growth YoY | 50.483 % | |
| Free Cash Growth IPRWA | high: 380.46 % median: -77.099 % mean: -156.943 % DKL: -163.617 % low: -694.761 % |
|
| Free Cash To Net Income | 0.19 | |
| Cash Flow Margin | 27.956 % | |
| Cash Flow To Earnings | 1.512 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.711 % | |
| Return On Assets QoQ | 3.259 % | |
| Return On Assets YoY | -3.005 % | |
| Return On Assets IPRWA | high: 7.511 % mean: 2.034 % DKL: 1.711 % median: 1.373 % low: 0.664 % |
|
| Return On Capital Employed (ROCE) | 3.941 % | |
| Return On Equity (ROE) | 7.735 | |
| Return On Equity QoQ | 196.634 % | |
| Return On Equity YoY | 678.391 % | |
| Return On Equity IPRWA | DKL: 7.735 high: 0.091 median: 0.055 mean: 0.05 low: 0.023 |
|
| DuPont ROE | 401.012 % | |
| Return On Invested Capital (ROIC) | 3.209 % | |
| Return On Invested Capital QoQ | -20.609 % | |
| Return On Invested Capital YoY | 3.75 % | |
| Return On Invested Capital IPRWA | high: 7.82 % DKL: 3.209 % mean: 2.833 % median: 2.504 % low: 1.695 % |
|