Recent News
April 29, 2026 — Company scheduled first-quarter 2026 results release after market close with an earnings call planned April 30. Early April — multiple law firms and investor-advisory notices announced securities class-action and investor-deadline filings related to events covering April 29, 2025 through February 24, 2026. Mid-April — analyst reports and target revisions surfaced alongside regulatory and shareholder notices.
Technical Analysis
ADX at 17.78 signals no trend and supports the valuation view that the market lacks a sustained directional push; with the stock labeled over‑valued by WMDST, absence of a clear trend reduces likelihood of meaningful mean reversion toward fair value in the immediate term.
DI+ registered 23.16 with a peak-and-reversal (bearish), while DI‑ sat at 23.60 with a peak‑and‑reversal (bullish); the simultaneous peak reversals create offsetting directional signals, implying range-bound trading rather than a decisive trend breakout.
MACD sits negative at -0.17 with a peak‑and‑reversal trend, indicating bearish momentum; however the MACD currently crosses above its signal line (-0.26), which constitutes a short-term bullish signal that may produce a technical bounce inside an otherwise weak momentum environment.
MRO reads -12.83 (negative), which indicates the price remains below the implied target and therefore carries potential upside pressure; the negative MRO contrasts with the firm’s leverage and cash-flow profile, suggesting any upside may meet fundamental resistance.
RSI at 41.82 with a peak‑and‑reversal points to recent selling pressure and leaves room for further downside before oversold conditions emerge; this aligns with the over‑valued determination and the lack of trend strength.
Price trades below the 20‑day ($7.19), 50‑day ($7.62) and 200‑day ($12.49) averages, while the 12‑day EMA declines; the close ($6.81) sits near the lower Bollinger band and just below the superTrend lower level ($6.73), marking the current short‑term technical support zone. Volume remains below its 10‑ and 50‑day averages, reducing conviction for any breakout and favoring choppy, volatility‑driven moves given the stock’s elevated 42‑day and 52‑week betas (2.46 / 2.31).
Fundamental Analysis
Profitability and margins: Total revenue reached $1,173,559,000 while gross margin held at 28.82%. Operating income and EBIT remain negative with EBIT at -$56,723,000 and an EBIT margin of -4.83%, below the industry peer mean EBIT margin of 3.287% and below the industry peer median of 5.084%; EBIT margin declined QoQ by -138.43% but improved YoY by 216.71%, leaving margins negative in absolute terms.
Earnings and per‑share metrics: Reported EPS equaled -$1.07 versus an estimate of -$0.57, a miss of $0.50 and an EPS surprise of -87.7%, producing a negative trailing PE (-11.62) while forward PE equals 46.20. The negative trailing multiple reflects losses; the forward multiple implies market expectations of future earnings normalization but contrasts with the company’s current cash‑flow and leverage profile.
Cash flow and liquidity: Operating cash flow totaled -$227,221,000 and free cash flow registered -$272,533,000, with a free cash flow yield of -34.56%. Cash and short‑term investments stand at $215,043,000 versus total debt of $4,078,938,000, producing net debt of $2,860,159,000 and a debt‑to‑assets ratio of 80.86%, above the industry peer high of 70.656%—a material leverage imbalance relative to peers. Current ratio equals 1.20 and quick ratio 0.232, both below the industry peer means, indicating tighter near‑term liquidity coverage.
Operational efficiency and working capital: Inventory equals $2,111,900,000 with days inventory outstanding of 146.47 and an inventory turnover of 0.404, well below typical peer turnover; receivables turnover remains elevated at 11.06 but does not offset inventory build. Cash conversion cycle stands at 141.54 days, above the industry peer mean of 23.63 days, tying up working capital and pressuring cash generation.
Valuation: The current valuation as determined by WMDST: over‑valued. That assessment rests on negative earnings, steep net leverage, and persistent negative free cash flow despite pockets of YoY margin improvement; the market’s forward multiples embed recovery expectations that the balance sheet must support.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 230.5 M |
| Operating Cash Flow | $ -227.22 M | |
| Capital Expenditures | $ -45.31 M | |
| Change In Working Capital | $ -180.31 M | |
| Dividends Paid | $ -12.91 M | |
| Cash Flow Delta | $ -15.47 M | |
| End Period Cash Flow | $ 215.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ -72.24 M | |
| COSTS | ||
| Cost Of Revenue | $ 835.3 M | |
| Depreciation | $ 23.7 M | |
| Depreciation and Amortization | $ 23.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 338.2 M | |
| EBITDA | $ -33.01 M | |
| EBIT | $ -56.72 M | |
| Operating Income | $ -52.76 M | |
| Interest Income | — | |
| Interest Expense | $ 48.9 M | |
| Net Interest Income | $ -48.92 M | |
| Income Before Tax | $ -105.64 M | |
| Tax Provision | $ 3.5 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -67.30 M | |
| Net Income From Continuing Operations | $ -109.13 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.57 | |
| EPS Actual | $ -1.07 | |
| EPS Difference | $ -0.50 | |
| EPS Surprise | -87.719 % | |
| Forward EPS | $ 0.26 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.0 B | |
| Intangible Assets | $ 765.1 M | |
| Net Tangible Assets | $ -536.55 M | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 215.0 M | |
| Cash | $ 215.0 M | |
| Net Receivables | $ 89.8 M | |
| Inventory | $ 2.1 B | |
| Long-Term Investments | $ 36.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 147.7 M | |
| Short-Term Debt | $ 1.7 B | |
| Total Current Liabilities | $ 2.2 B | |
| Net Debt | $ 2.9 B | |
| Total Debt | $ 4.1 B | |
| Total Liabilities | $ 4.7 B | |
| EQUITY | ||
| Total Equity | $ 228.6 M | |
| Retained Earnings | $ 11.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.60 | |
| Shares Outstanding | 63.437 M | |
| Revenue Per-Share | $ 18.50 | |
| VALUATION | Market Capitalization | $ 788.5 M |
| Enterprise Value | $ 4.7 B | |
| Enterprise Multiple | -140.96 | |
| Enterprise Multiple QoQ | -879.022 % | |
| Enterprise Multiple YoY | -117.311 % | |
| Enterprise Multiple IPRWA | high: 98.341 median: 33.466 mean: 31.2 low: -53.382 CWH: -140.96 |
|
| EV/R | 3.964 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 22.067 | |
| Asset To Liability | 1.08 | |
| Debt To Capital | 0.947 | |
| Debt To Assets | 0.809 | |
| Debt To Assets QoQ | 6.982 % | |
| Debt To Assets YoY | 231.864 % | |
| Debt To Assets IPRWA | CWH: 0.809 high: 0.707 mean: 0.152 median: 0.107 low: 0.001 |
|
| Debt To Equity | 17.844 | |
| Debt To Equity QoQ | 39.889 % | |
| Debt To Equity YoY | 391.746 % | |
| Debt To Equity IPRWA | CWH: 17.844 high: 4.61 mean: 0.441 median: 0.179 low: -1.787 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.449 | |
| Price To Book QoQ | -0.455 % | |
| Price To Book YoY | -19.041 % | |
| Price To Book IPRWA | high: 5.468 CWH: 3.449 mean: 1.189 median: 1.123 low: -3.378 |
|
| Price To Earnings (P/E) | -11.616 | |
| Price To Earnings QoQ | -130.57 % | |
| Price To Earnings YoY | -75.474 % | |
| Price To Earnings IPRWA | high: 250.62 mean: 73.984 median: 47.288 CWH: -11.616 low: -128.535 |
|
| PE/G Ratio | 0.033 | |
| Price To Sales (P/S) | 0.672 | |
| Price To Sales QoQ | 18.226 % | |
| Price To Sales YoY | -41.837 % | |
| Price To Sales IPRWA | high: 11.284 mean: 1.407 median: 1.27 CWH: 0.672 low: 0.009 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 46.196 | |
| Forward PE/G | -0.132 | |
| Forward P/S | -10.879 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.568 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.234 | |
| Asset Turnover Ratio QoQ | -34.069 % | |
| Asset Turnover Ratio YoY | -7.752 % | |
| Asset Turnover Ratio IPRWA | high: 0.399 CWH: 0.234 mean: 0.186 median: 0.183 low: 0.053 |
|
| Receivables Turnover | 11.061 | |
| Receivables Turnover Ratio QoQ | -20.329 % | |
| Receivables Turnover Ratio YoY | -4.719 % | |
| Receivables Turnover Ratio IPRWA | high: 25.68 CWH: 11.061 median: 5.367 mean: 4.963 low: 0.307 |
|
| Inventory Turnover | 0.404 | |
| Inventory Turnover Ratio QoQ | -35.996 % | |
| Inventory Turnover Ratio YoY | -12.105 % | |
| Inventory Turnover Ratio IPRWA | high: 3.57 mean: 1.713 median: 1.613 CWH: 0.404 low: 0.332 |
|
| Days Sales Outstanding (DSO) | 8.25 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 141.54 | |
| Cash Conversion Cycle Days QoQ | 13.595 % | |
| Cash Conversion Cycle Days YoY | 10.343 % | |
| Cash Conversion Cycle Days IPRWA | high: 304.954 CWH: 141.54 mean: 23.629 median: 13.988 low: -183.253 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.697 | |
| CapEx To Revenue | -0.039 | |
| CapEx To Depreciation | -1.91 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 3.3 B | |
| Invested Capital | $ 3.3 B | |
| Net Tangible Assets | $ -536.55 M | |
| Net Working Capital | $ 435.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.099 | |
| Current Ratio | 1.199 | |
| Current Ratio QoQ | -5.15 % | |
| Current Ratio YoY | -11.24 % | |
| Current Ratio IPRWA | high: 5.792 median: 2.164 mean: 2.039 CWH: 1.199 low: 0.031 |
|
| Quick Ratio | 0.232 | |
| Quick Ratio QoQ | -15.176 % | |
| Quick Ratio YoY | -13.251 % | |
| Quick Ratio IPRWA | high: 3.237 median: 1.774 mean: 1.652 low: 0.262 CWH: 0.232 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -123.585 | |
| Cost Of Debt | 0.984 % | |
| Interest Coverage Ratio | -1.16 | |
| Interest Coverage Ratio QoQ | -125.036 % | |
| Interest Coverage Ratio YoY | 211.64 % | |
| Interest Coverage Ratio IPRWA | high: 89.923 median: 14.894 mean: 13.788 CWH: -1.16 low: -115.028 |
|
| Operating Cash Flow Ratio | -0.079 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 13.178 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -5.213 | |
| Dividend Payout Ratio | -0.192 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.016 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.908 % | |
| Revenue Growth | -35.023 % | |
| Revenue Growth QoQ | 307.481 % | |
| Revenue Growth YoY | 16.062 % | |
| Revenue Growth IPRWA | high: 58.991 % mean: -8.379 % median: -11.369 % low: -24.28 % CWH: -35.023 % |
|
| Earnings Growth | -348.837 % | |
| Earnings Growth QoQ | 1320.288 % | |
| Earnings Growth YoY | -24.419 % | |
| Earnings Growth IPRWA | high: 126.667 % mean: -49.703 % median: -52.0 % low: -178.71 % CWH: -348.837 % |
|
| MARGINS | ||
| Gross Margin | 28.821 % | |
| Gross Margin QoQ | 0.678 % | |
| Gross Margin YoY | -7.9 % | |
| Gross Margin IPRWA | high: 54.33 % CWH: 28.821 % median: 20.116 % mean: 19.262 % low: -18.708 % |
|
| EBIT Margin | -4.833 % | |
| EBIT Margin QoQ | -138.427 % | |
| EBIT Margin YoY | 216.71 % | |
| EBIT Margin IPRWA | high: 36.112 % median: 5.084 % mean: 3.287 % CWH: -4.833 % low: -149.08 % |
|
| Return On Sales (ROS) | -4.496 % | |
| Return On Sales QoQ | -201.034 % | |
| Return On Sales YoY | 194.626 % | |
| Return On Sales IPRWA | high: 36.56 % median: 6.309 % mean: 4.522 % CWH: -4.496 % low: -156.248 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -272.53 M | |
| Free Cash Flow Yield | -34.564 % | |
| Free Cash Flow Yield QoQ | -745.694 % | |
| Free Cash Flow Yield YoY | 147.398 % | |
| Free Cash Flow Yield IPRWA | high: 10.715 % median: 0.086 % mean: -0.047 % CWH: -34.564 % low: -50.636 % |
|
| Free Cash Growth | -596.047 % | |
| Free Cash Growth QoQ | 890.803 % | |
| Free Cash Growth YoY | 263.832 % | |
| Free Cash Growth IPRWA | high: 269.569 % mean: -53.923 % median: -64.411 % low: -240.778 % CWH: -596.047 % |
|
| Free Cash To Net Income | 4.05 | |
| Cash Flow Margin | -14.782 % | |
| Cash Flow To Earnings | 2.578 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.01 | |
| Return On Assets (ROA) | -1.34 % | |
| Return On Assets QoQ | 68.766 % | |
| Return On Assets YoY | 101.504 % | |
| Return On Assets IPRWA | high: 3.974 % median: 0.619 % mean: 0.451 % CWH: -1.34 % low: -24.485 % |
|
| Return On Capital Employed (ROCE) | -1.982 % | |
| Return On Equity (ROE) | -0.294 | |
| Return On Equity QoQ | 115.646 % | |
| Return On Equity YoY | 204.227 % | |
| Return On Equity IPRWA | high: 0.363 median: 0.01 mean: 0.001 CWH: -0.294 low: -0.679 |
|
| DuPont ROE | -25.644 % | |
| Return On Invested Capital (ROIC) | -1.356 % | |
| Return On Invested Capital QoQ | -123.723 % | |
| Return On Invested Capital YoY | -18.017 % | |
| Return On Invested Capital IPRWA | high: 5.915 % median: 1.016 % mean: 0.862 % CWH: -1.356 % low: -17.898 % |
|