Recent News
On April 2, 2026 the company reportedly explored a potential sale following takeover interest, prompting strategic review activity that could accelerate optionality for shareholders.
Technical Analysis
Directional Indicators (ADX / DI+ / DI-): ADX at 35.74 indicates a strong trend; DI+ at 36.66 increasing while DI- at 20.77 decreasing signals bullish directional pressure that supports continued upside toward near-term price targets.
MACD: MACD at 5.71 with the MACD line above the signal (0.30) and an increasing MACD trend indicates bullish momentum and a confirmed momentum crossover.
MRO (Momentum/Regression Oscillator): MRO at 27.76 positive indicates the market price currently sits above the model target and suggests a potential mean-reversion pullback from extended levels.
RSI: RSI at 52.22 and increasing reflects neutral-to-mild bullish momentum that complements the MACD crossover without signaling extended overbought conditions.
Price vs. Moving Averages and Bands: Last close $223.75 sits above the 12-day EMA ($200.31), 26-day EMA ($192.94), 50-day average ($190.35) and 200-day average ($199.39), confirming trend extension; the close trades above the 1x upper Bollinger band ($214.70), indicating a trending but extended short-term state. SuperTrend lower at $202.78 provides a technical support reference.
Volume and Volatility: Daily volume (1,556,341) runs below the 10-day average (2,262,574), suggesting recent moves lack heavy conviction; 42‑day volatility (0.04) and lower beta readings (42‑day beta 0.51; 52‑week beta 0.19) imply muted market sensitivity versus broader indices.
Fundamental Analysis
Profitability: EBIT at $554.94M and EBIT margin 77.12% represent robust operating conversion; this margin sits above the industry peer mean (31.24%) and industry peer median (18.76%). Operating margin registers 54.12%, also above the industry peer mean (30.75%). QoQ EBIT margin growth equals +37.81% and YoY EBIT margin change equals +97.43%.
Revenue and Earnings Growth: Total revenue $719.58M with revenue growth at -1.74%; reported revenue change QoQ equals -136.47% and revenue change YoY equals -144.50% as provided. Net income $370.29M and earnings growth reads +57.73% on the supplied figure; QoQ earnings growth shows a strong sequential increase but YoY growth presented as negative on the supplied metric. EPS came in at $3.47 versus an estimate of $4.06, producing an EPS surprise of -14.53%, which the model treats as a meaningful short-term fundamental headwind to sentiment.
Cash Flow & Coverage: Operating cash flow $304.03M and free cash flow $241.30M produce a free cash flow yield of 1.19%, above the industry peer mean of 0.55% on the provided values; cash flow to earnings stands at 65.16%, and interest coverage equals 4.52x, above the industry peer mean of 2.80x, indicating workable coverage despite elevated debt metrics.
Leverage & Balance Sheet: Total debt $15.32B and net debt $12.64B generate debt-to-EBITDA of 24.11x and debt-to-assets of 132.35%, placing leverage materially above typical peer leverage on the provided figures; total equity reads negative ($-4.85B) and tangible assets carry a significant negative net tangible assets figure. The capital structure therefore relies heavily on debt and operating cash generation.
Efficiency & Working Capital: Asset turnover 6.30% sits above the industry peer mean (5.16%) and median (4.31%), reflecting efficient revenue generation from deployed assets; current ratio 0.29 falls below the industry peer mean (1.25), indicating tight near-term liquidity relative to peers.
Valuation Summary: WMDST values the stock as under-valued on the supplied valuation determination. Note valuation multiples: trailing P/E ~55.34x, forward P/E ~98.94x, P/S ~28.20x and enterprise multiple ~55.62x, which reflect high multiple structure relative to absolute cash flow but must be weighed against the company’s margin profile and takeover-related optionality.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 465.4 M |
| Operating Cash Flow | $ 304.0 M | |
| Capital Expenditures | $ -62.73 M | |
| Change In Working Capital | $ -92.62 M | |
| Dividends Paid | $ -118.23 M | |
| Cash Flow Delta | $ -28.37 M | |
| End Period Cash Flow | $ 437.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 719.6 M | |
| Forward Revenue | $ 102.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 175.4 M | |
| Depreciation | $ 80.4 M | |
| Depreciation and Amortization | $ 80.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 330.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 544.2 M | |
| EBITDA | $ 635.3 M | |
| EBIT | $ 554.9 M | |
| Operating Income | $ 389.4 M | |
| Interest Income | $ 7.2 M | |
| Interest Expense | $ 122.7 M | |
| Net Interest Income | $ -120.98 M | |
| Income Before Tax | $ 432.3 M | |
| Tax Provision | $ 61.9 M | |
| Tax Rate | 14.308 % | |
| Net Income | $ 370.3 M | |
| Net Income From Continuing Operations | $ 370.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.06 | |
| EPS Actual | $ 3.47 | |
| EPS Difference | $ -0.59 | |
| EPS Surprise | -14.532 % | |
| Forward EPS | $ 1.99 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 11.6 B | |
| Intangible Assets | $ 2.9 B | |
| Net Tangible Assets | $ -7.74 B | |
| Total Current Assets | $ 773.4 M | |
| Cash and Short-Term Investments | $ 271.2 M | |
| Cash | $ 264.6 M | |
| Net Receivables | $ 171.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 150.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 73.0 M | |
| Short-Term Debt | $ 1.9 B | |
| Total Current Liabilities | $ 2.7 B | |
| Net Debt | $ 12.6 B | |
| Total Debt | $ 15.3 B | |
| Total Liabilities | $ 16.4 B | |
| EQUITY | ||
| Total Equity | $ -4.85 B | |
| Retained Earnings | $ -7.25 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -45.93 | |
| Shares Outstanding | 105.666 M | |
| Revenue Per-Share | $ 6.81 | |
| VALUATION | Market Capitalization | $ 20.3 B |
| Enterprise Value | $ 35.3 B | |
| Enterprise Multiple | 55.624 | |
| Enterprise Multiple QoQ | -25.007 % | |
| Enterprise Multiple YoY | -18.947 % | |
| Enterprise Multiple IPRWA | high: 102.792 median: 96.957 mean: 86.032 SBAC: 55.624 low: 24.454 |
|
| EV/R | 49.111 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -2.385 | |
| Asset To Liability | 0.708 | |
| Debt To Capital | 1.464 | |
| Debt To Assets | 1.323 | |
| Debt To Assets QoQ | -0.759 % | |
| Debt To Assets YoY | 1172.078 % | |
| Debt To Assets IPRWA | SBAC: 1.323 high: 0.938 mean: 0.627 median: 0.582 low: 0.097 |
|
| Debt To Equity | -3.156 | |
| Debt To Equity QoQ | 3.706 % | |
| Debt To Equity YoY | 1257.719 % | |
| Debt To Equity IPRWA | high: 1.623 median: 1.605 mean: 1.213 low: 0.252 SBAC: -3.156 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -4.181 | |
| Price To Book QoQ | -4.114 % | |
| Price To Book YoY | -4.275 % | |
| Price To Book IPRWA | high: 5.506 mean: 3.732 median: 2.761 low: 0.57 SBAC: -4.181 |
|
| Price To Earnings (P/E) | 55.342 | |
| Price To Earnings QoQ | -39.573 % | |
| Price To Earnings YoY | -57.058 % | |
| Price To Earnings IPRWA | high: 403.004 mean: 197.997 median: 149.41 SBAC: 55.342 low: -6.292 |
|
| PE/G Ratio | 0.959 | |
| Price To Sales (P/S) | 28.199 | |
| Price To Sales QoQ | -4.008 % | |
| Price To Sales YoY | -12.349 % | |
| Price To Sales IPRWA | high: 62.093 median: 32.208 mean: 29.622 SBAC: 28.199 low: 1.951 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 98.94 | |
| Forward PE/G | 1.714 | |
| Forward P/S | 200.81 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -20.351 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.063 | |
| Asset Turnover Ratio QoQ | -5.219 % | |
| Asset Turnover Ratio YoY | -1.807 % | |
| Asset Turnover Ratio IPRWA | high: 0.185 SBAC: 0.063 mean: 0.052 median: 0.043 low: 0.012 |
|
| Receivables Turnover | 4.369 | |
| Receivables Turnover Ratio QoQ | -11.097 % | |
| Receivables Turnover Ratio YoY | -19.154 % | |
| Receivables Turnover Ratio IPRWA | high: 4.698 SBAC: 4.369 mean: 2.627 median: 2.256 low: 0.167 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 20.884 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -49.494 | |
| Cash Conversion Cycle Days QoQ | -11.315 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 501.736 mean: 23.511 median: -8.895 low: -18.527 SBAC: -49.494 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.378 | |
| CapEx To Revenue | -0.087 | |
| CapEx To Depreciation | -0.78 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.1 B | |
| Net Invested Capital | $ 8.0 B | |
| Invested Capital | $ 8.0 B | |
| Net Tangible Assets | $ -7.74 B | |
| Net Working Capital | $ -1.90 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.101 | |
| Current Ratio | 0.289 | |
| Current Ratio QoQ | -42.744 % | |
| Current Ratio YoY | -73.76 % | |
| Current Ratio IPRWA | high: 9.212 mean: 1.245 median: 1.102 SBAC: 0.289 low: 0.255 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 24.112 | |
| Cost Of Debt | 0.693 % | |
| Interest Coverage Ratio | 4.524 | |
| Interest Coverage Ratio QoQ | 33.275 % | |
| Interest Coverage Ratio YoY | 92.164 % | |
| Interest Coverage Ratio IPRWA | high: 8.427 SBAC: 4.524 median: 3.197 mean: 2.802 low: -0.677 |
|
| Operating Cash Flow Ratio | 0.109 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 70.379 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.132 | |
| Dividend Payout Ratio | 0.319 | |
| Dividend Rate | $ 1.12 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.795 % | |
| Revenue Growth | -1.74 % | |
| Revenue Growth QoQ | -136.47 % | |
| Revenue Growth YoY | -144.501 % | |
| Revenue Growth IPRWA | high: 133.084 % median: 3.642 % mean: 2.257 % SBAC: -1.74 % low: -33.817 % |
|
| Earnings Growth | 57.727 % | |
| Earnings Growth QoQ | 996.846 % | |
| Earnings Growth YoY | -275.371 % | |
| Earnings Growth IPRWA | high: 200.0 % SBAC: 57.727 % mean: 2.534 % median: -3.846 % low: -163.636 % |
|
| MARGINS | ||
| Gross Margin | 75.622 % | |
| Gross Margin QoQ | 2.076 % | |
| Gross Margin YoY | -3.136 % | |
| Gross Margin IPRWA | high: 141.102 % SBAC: 75.622 % mean: 60.647 % median: 55.376 % low: 10.448 % |
|
| EBIT Margin | 77.119 % | |
| EBIT Margin QoQ | 37.813 % | |
| EBIT Margin YoY | 97.432 % | |
| EBIT Margin IPRWA | high: 116.153 % SBAC: 77.119 % mean: 31.237 % median: 18.76 % low: -13.072 % |
|
| Return On Sales (ROS) | 54.116 % | |
| Return On Sales QoQ | -0.836 % | |
| Return On Sales YoY | 38.542 % | |
| Return On Sales IPRWA | high: 90.826 % SBAC: 54.116 % mean: 30.752 % median: 21.956 % low: -25.87 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 241.3 M | |
| Free Cash Flow Yield | 1.189 % | |
| Free Cash Flow Yield QoQ | -0.834 % | |
| Free Cash Flow Yield YoY | 4.207 % | |
| Free Cash Flow Yield IPRWA | high: 3.308 % SBAC: 1.189 % median: 1.006 % mean: 0.552 % low: -6.695 % |
|
| Free Cash Growth | -6.466 % | |
| Free Cash Growth QoQ | -62.79 % | |
| Free Cash Growth YoY | -205.344 % | |
| Free Cash Growth IPRWA | high: 139.344 % mean: 20.849 % median: 10.123 % SBAC: -6.466 % low: -369.244 % |
|
| Free Cash To Net Income | 0.652 | |
| Cash Flow Margin | 40.421 % | |
| Cash Flow To Earnings | 0.785 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.243 % | |
| Return On Assets QoQ | 50.837 % | |
| Return On Assets YoY | 101.93 % | |
| Return On Assets IPRWA | SBAC: 3.243 % high: 2.939 % mean: 0.822 % median: 0.678 % low: 0.201 % |
|
| Return On Capital Employed (ROCE) | 6.238 % | |
| Return On Equity (ROE) | -0.076 | |
| Return On Equity QoQ | 58.937 % | |
| Return On Equity YoY | 124.514 % | |
| Return On Equity IPRWA | high: 0.058 median: 0.004 mean: -0.027 SBAC: -0.076 low: -0.18 |
|
| DuPont ROE | -7.566 % | |
| Return On Invested Capital (ROIC) | 5.91 % | |
| Return On Invested Capital QoQ | 34.747 % | |
| Return On Invested Capital YoY | -79.472 % | |
| Return On Invested Capital IPRWA | SBAC: 5.91 % high: 3.109 % median: 1.879 % mean: 1.677 % low: -0.955 % |
|