Recent News
On January 22, 2026 the company completed redemption of all outstanding 2027 senior secured second‑lien notes, removing $300.0M of that liability from the balance sheet.
On January 28, 2026 the Board declared a dividend of $0.255 per share payable February 23, 2026 to holders of record February 9, 2026.
On February 19, 2026 the company held its 2026 Annual Meeting and announced board and governance changes, including amendments to articles and director updates.
Technical Analysis
ADX at 19.86 indicates no strong trend; the market lacks a reliable directional follow-through and any breakout signals carry limited conviction.
Directional indicators show bearish reversal behavior: DI+ registered a peak-and-reverse (bearish) while DI- produced a dip-and-reverse that also reads as bearish; these readings apply downward pressure on the near-term directional bias.
MACD at 0.40 sits above its signal line (0.23) with an increasing MACD trend; that crossover represents a bullish momentum signal and supports short-term upside attempts.
MRO sits at 31.06 and rising, which implies price currently trades above the WMDST target and therefore faces potential downward reversion pressure despite momentum signals.
RSI at 53.48 with an increasing trend indicates mild upside momentum without extended overbought conditions.
Price trades above the 12‑day and 26‑day EMAs and above the 20‑, 50‑, and 200‑day averages (price close $27.16 vs 200‑day avg $25.16), signaling short-term strength anchored to moving‑average support; Ichimoku components (Tenkan 26.36, Kijun 25.88, SenkouA 26.54, SenkouB 26.93) place price above the cloud, reinforcing the near‑term bias toward buyers while directional reversals and a positive MRO temper that advance.
Fundamental Analysis
Revenue totaled $284,763,000 for the period, with net income of $43,629,000 and EBIT of $99,051,000; EBITDA measured $111,747,000. The company reported an EPS of -$0.19 versus an estimate of $0.05, a miss of 480% relative to the estimate.
Margins: gross margin stands at 35.00% and EBIT margin at 34.78%, above the industry peer mean (22.36%) and industry peer median (23.45%) but below the industry peer high (37.29%), indicating stronger-than-average operating profitability at the EBIT level. QoQ and YoY movement for EBIT margin shows a QoQ decline of 12.48% and a YoY gain of 13.19%, reflecting near-term compression from recent quarter dynamics alongside annual improvement.
Operating margin reads -5.51% (operating income -$15,685,000), a QoQ increase of 86.90% but a YoY decline of 3.25%, demonstrating divergent segment effects between reported operating results and EBIT adjustments.
Cash flow and liquidity show mixed mechanics: operating cash flow equaled -$51,992,000 and free cash flow totaled -$57,249,000, producing a free cash flow yield of -7.08%. The company holds $31,357,000 in cash and short‑term investments and carries net debt of $505,670,000; debt/EBITDA stands at 5.25x. Recent redemption activity reduced specific second‑lien exposure and supports the stated deleveraging objective.
Working capital and efficiency: cash conversion cycle equals 85.21 days, above the industry peer mean of 72.27 days and signaling a longer cash‑to‑cash conversion period; asset turnover at 0.175 implicates lower capital turnover relative to the industry peer mean of 0.21155. Current ratio sits at 1.51, slightly above the industry peer mean of 1.429, while quick ratio registers 0.91.
Returns: return on equity 8.03% and return on assets 2.69% provide positive returns but leave room for improvement relative to the company’s capital structure; interest coverage at 6.77x suggests ability to service interest but does not remove leverage sensitivity. Dividend policy remains active with a payout ratio of 21.72% and a yield near 1.17%.
Valuation context: WMDST values the stock as over‑valued. Market multiples show price/book at 1.49, price/sales at 2.84, and a negative trailing PE driven by reported negative EPS; forward PE equals 83.55 based on forward EPS $0.30, while the consensus price‑target mean sits at $29.97 versus the close at $27.16, indicating limited upside relative to current market pricing when viewed through forward earnings. Use of recent balance‑sheet actions and the earnings miss explains part of the elevated forward multiple.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 32.4 M |
| Operating Cash Flow | $ -51.99 M | |
| Capital Expenditures | $ -5.26 M | |
| Change In Working Capital | $ -2.05 M | |
| Dividends Paid | $ -9.47 M | |
| Cash Flow Delta | $ -1.08 M | |
| End Period Cash Flow | $ 31.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 284.8 M | |
| Forward Revenue | $ 15.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 185.1 M | |
| Depreciation | $ 9.7 M | |
| Depreciation and Amortization | $ 12.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 300.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 99.7 M | |
| EBITDA | $ 111.7 M | |
| EBIT | $ 99.1 M | |
| Operating Income | $ -15.69 M | |
| Interest Income | — | |
| Interest Expense | $ 14.6 M | |
| Net Interest Income | $ -14.63 M | |
| Income Before Tax | $ 84.4 M | |
| Tax Provision | $ 40.8 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 43.6 M | |
| Net Income From Continuing Operations | $ 43.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.05 | |
| EPS Actual | $ -0.19 | |
| EPS Difference | $ -0.24 | |
| EPS Surprise | -480.0 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.6 B | |
| Intangible Assets | $ 525.6 M | |
| Net Tangible Assets | $ 17.7 M | |
| Total Current Assets | $ 489.1 M | |
| Cash and Short-Term Investments | $ 31.4 M | |
| Cash | $ 31.4 M | |
| Net Receivables | $ 115.5 M | |
| Inventory | $ 192.4 M | |
| Long-Term Investments | $ 7.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 94.7 M | |
| Short-Term Debt | $ 7.3 M | |
| Total Current Liabilities | $ 324.9 M | |
| Net Debt | $ 505.7 M | |
| Total Debt | $ 586.4 M | |
| Total Liabilities | $ 1.0 B | |
| EQUITY | ||
| Total Equity | $ 543.2 M | |
| Retained Earnings | $ 600.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.45 | |
| Shares Outstanding | 31.126 M | |
| Revenue Per-Share | $ 9.15 | |
| VALUATION | Market Capitalization | $ 809.1 M |
| Enterprise Value | $ 1.4 B | |
| Enterprise Multiple | 12.207 | |
| Enterprise Multiple QoQ | -95.409 % | |
| Enterprise Multiple YoY | -52.403 % | |
| Enterprise Multiple IPRWA | high: 142.564 median: 101.918 mean: 77.528 MATW: 12.207 low: -99.977 |
|
| EV/R | 4.79 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.859 | |
| Asset To Liability | 1.538 | |
| Debt To Capital | 0.519 | |
| Debt To Assets | 0.378 | |
| Debt To Assets QoQ | -16.266 % | |
| Debt To Assets YoY | 9223.457 % | |
| Debt To Assets IPRWA | high: 0.671 MATW: 0.378 mean: 0.214 median: 0.144 low: 0.009 |
|
| Debt To Equity | 1.079 | |
| Debt To Equity QoQ | -32.061 % | |
| Debt To Equity YoY | 6046.982 % | |
| Debt To Equity IPRWA | high: 4.556 MATW: 1.079 mean: 0.538 median: 0.324 low: -2.644 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.49 | |
| Price To Book QoQ | -2.405 % | |
| Price To Book YoY | -28.071 % | |
| Price To Book IPRWA | high: 10.907 median: 4.48 mean: 3.559 MATW: 1.49 low: -1.952 |
|
| Price To Earnings (P/E) | -136.818 | |
| Price To Earnings QoQ | -387.007 % | |
| Price To Earnings YoY | -169.29 % | |
| Price To Earnings IPRWA | high: 200.469 mean: 119.772 median: 95.223 low: -94.98 MATW: -136.818 |
|
| PE/G Ratio | 0.991 | |
| Price To Sales (P/S) | 2.841 | |
| Price To Sales QoQ | 23.423 % | |
| Price To Sales YoY | 33.374 % | |
| Price To Sales IPRWA | high: 15.262 mean: 6.061 median: 5.144 MATW: 2.841 low: 0.129 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 83.55 | |
| Forward PE/G | -0.605 | |
| Forward P/S | 53.104 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 105.262 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.175 | |
| Asset Turnover Ratio QoQ | -6.479 % | |
| Asset Turnover Ratio YoY | -20.861 % | |
| Asset Turnover Ratio IPRWA | high: 0.436 median: 0.264 mean: 0.212 MATW: 0.175 low: 0.052 |
|
| Receivables Turnover | 2.293 | |
| Receivables Turnover Ratio QoQ | 4.921 % | |
| Receivables Turnover Ratio YoY | 15.614 % | |
| Receivables Turnover Ratio IPRWA | high: 3.25 MATW: 2.293 mean: 2.076 median: 1.927 low: 0.992 |
|
| Inventory Turnover | 0.937 | |
| Inventory Turnover Ratio QoQ | -4.636 % | |
| Inventory Turnover Ratio YoY | -18.683 % | |
| Inventory Turnover Ratio IPRWA | high: 38.326 mean: 5.478 MATW: 0.937 median: 0.845 low: 0.405 |
|
| Days Sales Outstanding (DSO) | 39.801 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 85.215 | |
| Cash Conversion Cycle Days QoQ | -0.042 % | |
| Cash Conversion Cycle Days YoY | 2.292 % | |
| Cash Conversion Cycle Days IPRWA | high: 193.343 median: 125.577 MATW: 85.215 mean: 72.274 low: -135.154 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.733 | |
| CapEx To Revenue | -0.018 | |
| CapEx To Depreciation | -0.54 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ 17.7 M | |
| Net Working Capital | $ 164.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.097 | |
| Current Ratio | 1.506 | |
| Current Ratio QoQ | 1.454 % | |
| Current Ratio YoY | -4.422 % | |
| Current Ratio IPRWA | high: 3.816 MATW: 1.506 mean: 1.429 median: 1.026 low: 0.302 |
|
| Quick Ratio | 0.914 | |
| Quick Ratio QoQ | 0.893 % | |
| Quick Ratio YoY | -5.302 % | |
| Quick Ratio IPRWA | high: 3.798 mean: 1.023 MATW: 0.914 median: 0.905 low: 0.26 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.247 | |
| Cost Of Debt | 1.712 % | |
| Interest Coverage Ratio | 6.769 | |
| Interest Coverage Ratio QoQ | -1187.044 % | |
| Interest Coverage Ratio YoY | 977.458 % | |
| Interest Coverage Ratio IPRWA | high: 23.386 median: 17.726 mean: 14.665 MATW: 6.769 low: -34.429 |
|
| Operating Cash Flow Ratio | 0.248 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 43.407 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.605 | |
| Dividend Payout Ratio | 0.217 | |
| Dividend Rate | $ 0.30 | |
| Dividend Yield | 0.012 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -8.355 % | |
| Revenue Growth | -10.688 % | |
| Revenue Growth QoQ | 22.288 % | |
| Revenue Growth YoY | 6.444 % | |
| Revenue Growth IPRWA | high: 31.015 % mean: 6.664 % median: 3.012 % MATW: -10.688 % low: -35.435 % |
|
| Earnings Growth | -138.0 % | |
| Earnings Growth QoQ | -275.637 % | |
| Earnings Growth YoY | 85.123 % | |
| Earnings Growth IPRWA | high: 45.161 % median: 0.833 % mean: -4.864 % low: -115.753 % MATW: -138.0 % |
|
| MARGINS | ||
| Gross Margin | 35.002 % | |
| Gross Margin QoQ | -3.653 % | |
| Gross Margin YoY | 11.903 % | |
| Gross Margin IPRWA | high: 89.385 % median: 50.446 % mean: 48.072 % MATW: 35.002 % low: -10.605 % |
|
| EBIT Margin | 34.784 % | |
| EBIT Margin QoQ | -1247.608 % | |
| EBIT Margin YoY | 1318.597 % | |
| EBIT Margin IPRWA | high: 37.289 % MATW: 34.784 % median: 23.449 % mean: 22.363 % low: -61.357 % |
|
| Return On Sales (ROS) | -5.508 % | |
| Return On Sales QoQ | 86.902 % | |
| Return On Sales YoY | -324.633 % | |
| Return On Sales IPRWA | high: 37.289 % mean: 23.902 % median: 23.418 % MATW: -5.508 % low: -54.444 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -57.25 M | |
| Free Cash Flow Yield | -7.075 % | |
| Free Cash Flow Yield QoQ | -5852.033 % | |
| Free Cash Flow Yield YoY | 75.341 % | |
| Free Cash Flow Yield IPRWA | high: 12.861 % mean: 1.108 % median: 0.553 % MATW: -7.075 % low: -18.966 % |
|
| Free Cash Growth | -6439.867 % | |
| Free Cash Growth QoQ | 6099.81 % | |
| Free Cash Growth YoY | 2534.162 % | |
| Free Cash Growth IPRWA | high: 321.059 % median: 35.98 % mean: 27.125 % low: -171.538 % MATW: -6439.867 % |
|
| Free Cash To Net Income | -1.312 | |
| Cash Flow Margin | 28.253 % | |
| Cash Flow To Earnings | 1.844 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.687 % | |
| Return On Assets QoQ | -266.275 % | |
| Return On Assets YoY | -1506.806 % | |
| Return On Assets IPRWA | high: 5.205 % median: 3.906 % mean: 3.417 % MATW: 2.687 % low: -5.228 % |
|
| Return On Capital Employed (ROCE) | 8.066 % | |
| Return On Equity (ROE) | 0.08 | |
| Return On Equity QoQ | -240.616 % | |
| Return On Equity YoY | -1056.19 % | |
| Return On Equity IPRWA | high: 0.245 MATW: 0.08 mean: 0.068 median: 0.064 low: -0.22 |
|
| DuPont ROE | 8.52 % | |
| Return On Invested Capital (ROIC) | 7.244 % | |
| Return On Invested Capital QoQ | -1230.109 % | |
| Return On Invested Capital YoY | -132.173 % | |
| Return On Invested Capital IPRWA | high: 8.039 % MATW: 7.244 % mean: 4.548 % median: 3.706 % low: -10.593 % |
|