Recent News
On February 17, 2026 Engle Capital disclosed a full liquidation of a 541,898-share stake in National Vision. In early March 2026 multiple brokers revised ratings and raised price targets, and on March 6, 2026 Chairman L. Reade Fahs disclosed a sale of 7,601 shares.
Technical Analysis
ADX 14.68 indicates no clear trend; momentum signals, not trend strength, will likely govern near-term moves and therefore valuation elasticity remains limited despite short-term setups.
DI+ shows a dip & reversal (bullish) while DI- shows a peak & reversal (bullish); those directional flips together signal a near-term tilt toward buying pressure that can support a tactical rebound versus the current valuation backdrop.
MACD -0.41 has dip & reversal characteristics and has crossed above its signal line (-0.46); the MACD cross constitutes a bullish momentum signal that aligns with the DI shifts and supports a short-term positive price bias.
MRO 8.28 sits positive, indicating price above WMDST’s target and potential downward pressure if momentum stalls; this implies any rally may meet mean-reversion risk relative to fundamental valuation.
RSI 47.99 with a dip & reversal reads near neutral; the oscillator leaves room for upward follow-through but does not confirm an extended breakout absent trend strength.
Price sits at $25.49, above the 20-day average ($25.12) but below the 50-day ($26.68) and 200-day ($26.14) averages, with the Ichimoku cloud (Senkou A/B ~ $27.55–$27.56) overhead—technical structure favors a short-term bounce toward defined resistance rather than an immediate sustained uptrend.
Bollinger bands place the price comfortably inside the range (lower ~ $24.25, upper ~ $25.99 at 1σ); volume runs near the 10-day average but below longer-term averages, suggesting the current signals require higher participation to extend momentum.
Fundamental Analysis
Total revenue $503,411,000 and gross profit $292,702,000 produce a gross margin of 58.14%, above the industry peer mean of 26.13% and the industry peer median of 24.15%, indicating structural product-level profitability benefits from vertical integration and mix. QoQ gross margin movement held roughly flat (QoQ change small).
EBIT $6,635,000 yields an EBIT margin of 1.32%, below the industry peer mean of 6.65% and below the industry peer median of 2.03%; EBIT margin contracted QoQ by approximately 33.16% and contracted YoY by about 122.54%, reflecting near-term pressure on operating leverage despite healthy gross margin.
Net income $3,317,000 and EPS $0.15 beat the estimate of $0.06 by $0.09; the EPS surprise equals +150%, which improved headline profitability metrics but did not meaningfully repair cash generation.
Operating cash flow $13,159,000 contrasts with free cash flow -$11,240,000 and a negative free cash flow yield of -0.52%, signaling working-capital or capex timing issues. Cash and short-term investments of $38,708,000 and a cash ratio of 9.39% provide a limited liquidity cushion versus total current liabilities $412,408,000; the current ratio stands at 0.55, below the industry peer mean of 1.29 and the industry peer median of 0.84.
Total debt $694,600,000 and net debt $197,780,000 produce debt metrics that press on flexibility: debt-to-EBITDA ~17.9x and interest-coverage ~1.56x, both indicating tighter interest-service capacity and elevated leverage relative to typical healthy thresholds.
Return on equity 0.38% and return on assets 0.17% remain minimal, while revenue growth shows a modest 3.3% year-over-year and a stronger quarter-over-quarter gain (~16.74%), implying near-term top-line momentum from mix or seasonal effects but limited conversion into returns.
Valuation multiples present divergence: P/E ~180.5x sits well above the industry peer mean ~65.8x and median ~71.5x; price-to-book ~2.47x sits below the industry peer mean ~3.05x but above the industry peer median ~1.80x; price-to-sales ~4.27x sits between the industry peer mean ~6.04x and median ~3.66x. The enterprise multiple ~72.24x slightly exceeds the industry peer mean ~62.83x. WMDST values the stock as over-valued given stretched earnings multiple relative to realized cash conversion and leverage metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-04 |
| NEXT REPORT DATE: | 2026-06-03 |
| CASH FLOW | Begin Period Cash Flow | $ 57.6 M |
| Operating Cash Flow | $ 13.2 M | |
| Capital Expenditures | $ -24.40 M | |
| Change In Working Capital | $ -30.50 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -17.27 M | |
| End Period Cash Flow | $ 40.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 503.4 M | |
| Forward Revenue | $ 944.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 210.7 M | |
| Depreciation | $ 32.2 M | |
| Depreciation and Amortization | $ 32.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 495.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 292.7 M | |
| EBITDA | $ 38.8 M | |
| EBIT | $ 6.6 M | |
| Operating Income | $ 8.1 M | |
| Interest Income | — | |
| Interest Expense | $ 4.2 M | |
| Net Interest Income | $ -4.25 M | |
| Income Before Tax | $ 2.4 M | |
| Tax Provision | $ -929.00 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ 3.3 M | |
| Net Income From Continuing Operations | $ 3.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.06 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 150.0 % | |
| Forward EPS | $ 0.31 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 948.7 M | |
| Net Tangible Assets | $ -79.21 M | |
| Total Current Assets | $ 225.7 M | |
| Cash and Short-Term Investments | $ 38.7 M | |
| Cash | $ 38.7 M | |
| Net Receivables | $ 42.6 M | |
| Inventory | $ 89.3 M | |
| Long-Term Investments | $ 69.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 79.0 M | |
| Short-Term Debt | $ 13.2 M | |
| Total Current Liabilities | $ 412.4 M | |
| Net Debt | $ 197.8 M | |
| Total Debt | $ 694.6 M | |
| Total Liabilities | $ 1.1 B | |
| EQUITY | ||
| Total Equity | $ 869.5 M | |
| Retained Earnings | $ 255.7 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.95 | |
| Shares Outstanding | 79.416 M | |
| Revenue Per-Share | $ 6.34 | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.8 B | |
| Enterprise Multiple | 72.239 | |
| Enterprise Multiple QoQ | -13.436 % | |
| Enterprise Multiple YoY | -72.021 % | |
| Enterprise Multiple IPRWA | high: 269.619 EYE: 72.239 mean: 62.835 median: 51.214 low: -93.578 |
|
| EV/R | 5.574 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.281 | |
| Asset To Liability | 1.78 | |
| Debt To Capital | 0.444 | |
| Debt To Assets | 0.35 | |
| Debt To Assets QoQ | -1.124 % | |
| Debt To Assets YoY | 617.247 % | |
| Debt To Assets IPRWA | high: 1.021 EYE: 0.35 mean: 0.33 median: 0.315 low: 0.001 |
|
| Debt To Equity | 0.799 | |
| Debt To Equity QoQ | -1.092 % | |
| Debt To Equity YoY | 565.24 % | |
| Debt To Equity IPRWA | high: 2.453 mean: 1.081 median: 1.063 EYE: 0.799 low: -1.878 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.473 | |
| Price To Book QoQ | 5.352 % | |
| Price To Book YoY | 124.422 % | |
| Price To Book IPRWA | high: 12.592 mean: 3.054 EYE: 2.473 median: 1.796 low: -1.198 |
|
| Price To Earnings (P/E) | 180.499 | |
| Price To Earnings QoQ | -7.732 % | |
| Price To Earnings YoY | -163.232 % | |
| Price To Earnings IPRWA | high: 374.681 EYE: 180.499 median: 71.489 mean: 65.8 low: -183.818 |
|
| PE/G Ratio | 11.732 | |
| Price To Sales (P/S) | 4.271 | |
| Price To Sales QoQ | 3.266 % | |
| Price To Sales YoY | 107.645 % | |
| Price To Sales IPRWA | high: 27.104 mean: 6.04 EYE: 4.271 median: 3.664 low: 0.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 85.728 | |
| Forward PE/G | 5.572 | |
| Forward P/S | 2.278 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.377 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.255 | |
| Asset Turnover Ratio QoQ | 2.897 % | |
| Asset Turnover Ratio YoY | 17.631 % | |
| Asset Turnover Ratio IPRWA | high: 0.934 median: 0.38 mean: 0.345 EYE: 0.255 low: 0.001 |
|
| Receivables Turnover | 11.351 | |
| Receivables Turnover Ratio QoQ | 7.254 % | |
| Receivables Turnover Ratio YoY | -8.957 % | |
| Receivables Turnover Ratio IPRWA | EYE: 11.351 high: 6.521 mean: 3.958 median: 2.824 low: 0.053 |
|
| Inventory Turnover | 2.376 | |
| Inventory Turnover Ratio QoQ | 3.889 % | |
| Inventory Turnover Ratio YoY | 16.582 % | |
| Inventory Turnover Ratio IPRWA | high: 10.112 mean: 5.19 median: 4.822 EYE: 2.376 low: 0.836 |
|
| Days Sales Outstanding (DSO) | 8.039 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 13.443 | |
| Cash Conversion Cycle Days QoQ | -22.486 % | |
| Cash Conversion Cycle Days YoY | -52.887 % | |
| Cash Conversion Cycle Days IPRWA | high: 105.119 mean: 19.055 median: 15.429 EYE: 13.443 low: -49.824 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.697 | |
| CapEx To Revenue | -0.048 | |
| CapEx To Depreciation | -0.758 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ -79.21 M | |
| Net Working Capital | $ -186.69 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.094 | |
| Current Ratio | 0.547 | |
| Current Ratio QoQ | 3.647 % | |
| Current Ratio YoY | 2.59 % | |
| Current Ratio IPRWA | high: 9.13 mean: 1.293 median: 0.842 EYE: 0.547 low: 0.244 |
|
| Quick Ratio | 0.331 | |
| Quick Ratio QoQ | 4.338 % | |
| Quick Ratio YoY | -0.661 % | |
| Quick Ratio IPRWA | high: 6.629 mean: 0.997 low: 0.625 median: 0.625 EYE: 0.331 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.882 | |
| Cost Of Debt | 0.367 % | |
| Interest Coverage Ratio | 1.562 | |
| Interest Coverage Ratio QoQ | -33.024 % | |
| Interest Coverage Ratio YoY | -128.251 % | |
| Interest Coverage Ratio IPRWA | high: 77.342 mean: 3.074 median: 2.72 EYE: 1.562 low: -124.431 |
|
| Operating Cash Flow Ratio | 0.103 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.413 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.287 % | |
| Revenue Growth | 3.3 % | |
| Revenue Growth QoQ | 1674.194 % | |
| Revenue Growth YoY | -204.662 % | |
| Revenue Growth IPRWA | high: 19.662 % EYE: 3.3 % median: 2.743 % mean: 2.428 % low: -6.762 % |
|
| Earnings Growth | 15.385 % | |
| Earnings Growth QoQ | -155.386 % | |
| Earnings Growth YoY | -111.539 % | |
| Earnings Growth IPRWA | high: 220.0 % EYE: 15.385 % median: -31.875 % mean: -34.489 % low: -224.49 % |
|
| MARGINS | ||
| Gross Margin | 58.144 % | |
| Gross Margin QoQ | -0.274 % | |
| Gross Margin YoY | 0.782 % | |
| Gross Margin IPRWA | high: 81.41 % EYE: 58.144 % mean: 26.131 % median: 24.146 % low: -5.777 % |
|
| EBIT Margin | 1.318 % | |
| EBIT Margin QoQ | -33.164 % | |
| EBIT Margin YoY | -122.538 % | |
| EBIT Margin IPRWA | high: 33.321 % mean: 6.645 % median: 2.026 % EYE: 1.318 % low: -87.897 % |
|
| Return On Sales (ROS) | 1.614 % | |
| Return On Sales QoQ | -18.154 % | |
| Return On Sales YoY | -127.599 % | |
| Return On Sales IPRWA | high: 30.502 % mean: 7.695 % median: 5.622 % EYE: 1.614 % low: -100.812 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -11.24 M | |
| Free Cash Flow Yield | -0.523 % | |
| Free Cash Flow Yield QoQ | -134.82 % | |
| Free Cash Flow Yield YoY | 170.984 % | |
| Free Cash Flow Yield IPRWA | high: 11.812 % median: 1.531 % mean: 0.977 % EYE: -0.523 % low: -29.019 % |
|
| Free Cash Growth | -137.135 % | |
| Free Cash Growth QoQ | 378.957 % | |
| Free Cash Growth YoY | -4.015 % | |
| Free Cash Growth IPRWA | high: 358.233 % median: -27.332 % mean: -73.383 % EYE: -137.135 % low: -534.944 % |
|
| Free Cash To Net Income | -3.389 | |
| Cash Flow Margin | 8.448 % | |
| Cash Flow To Earnings | 12.821 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.168 % | |
| Return On Assets QoQ | -2.326 % | |
| Return On Assets YoY | -111.831 % | |
| Return On Assets IPRWA | high: 9.352 % median: 1.157 % mean: 1.131 % EYE: 0.168 % low: -16.801 % |
|
| Return On Capital Employed (ROCE) | 0.422 % | |
| Return On Equity (ROE) | 0.004 | |
| Return On Equity QoQ | -3.053 % | |
| Return On Equity YoY | -110.879 % | |
| Return On Equity IPRWA | high: 0.294 mean: 0.041 median: 0.039 EYE: 0.004 low: -0.444 |
|
| DuPont ROE | 0.384 % | |
| Return On Invested Capital (ROIC) | 0.36 % | |
| Return On Invested Capital QoQ | -32.075 % | |
| Return On Invested Capital YoY | -100.348 % | |
| Return On Invested Capital IPRWA | high: 13.153 % median: 1.21 % mean: 1.19 % EYE: 0.36 % low: -17.767 % |
|