Recent News
On May 4, 2026 the company announced an expanded enterprise relationship with Anthropic to deploy the Claude AI assistant across the firm, citing pilot results that improved productivity and workflow efficiency; multiple press reports and a Business Wire release summarized the scaled deployment and integration plans.
Technical Analysis
ADX (18.54) indicates no established trend; the directional system shows DI+ at 26.5 with a peak-and-reversal (bearish) while DI- at 20.9 is increasing (bearish), which together point to growing downward directional pressure despite a weak overall trend.
MACD reads 0.47 with a peak-and-reversal and sits below its signal line (0.72), signaling contracting bullish momentum and a bearish momentum shift.
MRO stands positive at 27.95 with a peak-and-reversal, indicating price currently sits above the model target and faces downside pressure to re-align with intrinsic trajectory.
RSI at 51.08 with a peak-and-reversal shows recent loss of upward momentum toward a neutral-to-bearish stance rather than an overbought condition.
Price structure: last close $22.03 sits below the 20-day average ($24.19) and 200-day average ($26.18) but near the 50-day average ($21.91); the 12-day EMA and short-term EMA behavior show peak-and-reversal, reinforcing short-term weakness while the Bollinger band outer lines ($21.00–$27.38) define a still-broad intraday range.
Fundamental Analysis
Revenue totaled $342,897,000 with YoY revenue growth of 44.91% and QoQ growth of 73.93%, reflecting strong top-line expansion over both horizons. Gross profit reached $90,697,000, producing a gross margin of 26.45% that improved YoY by 90.18%.
Operating results remain pressured: EBIT loss of $15,727,000 produces an EBIT margin of -4.59%, a YoY contraction of -46.44% and a QoQ movement reported at -420.10% on the supplied series; the EBIT margin lies below the industry peer mean of 23.22% and below the industry peer median of 19.24% while inside the industry peer range.
Net income stood at -$25,861,000 and EPS came in at -$0.37 versus an estimate of -$0.25 (EPS surprise -48.00%), reflecting an earnings shortfall relative to consensus expectations for the reported period. EBITDA remained positive at $24,943,000, and operating cash flow reached $10,269,000 while free cash flow registered near break-even at -$84,000.
Balance sheet and leverage: total debt equals $1,770,442,000 with net debt $1,571,034,000; debt-to-equity sits at 294.97% (2.95x), above the industry peer mean of 46.80% and above the industry peer median of 25.21%. Interest coverage remains negative (interest coverage ratio -0.50), consistent with current operating losses and elevated net interest outflow.
Efficiency metrics show low asset turnover at 0.0896, below the industry peer mean of 0.1864 and below the industry peer median of 0.1227, signaling capital-intensive operations relative to sales. Return on equity registers -4.31%, below the industry peer mean and median.
Valuation context: trailing P/E sits at 71.91 with forward P/E at 40.94 and a consensus price-target mean of $24.81 versus the last close $22.03; WMDST values the stock as fair-valued given the mix of revenue growth, constrained margins, and elevated leverage.
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 | $ 325.9 M |
| Operating Cash Flow | $ 10.3 M | |
| Capital Expenditures | $ -10.35 M | |
| Change In Working Capital | $ -4.54 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 21.0 M | |
| End Period Cash Flow | $ 346.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 342.9 M | |
| Forward Revenue | $ -149.22 M | |
| COSTS | ||
| Cost Of Revenue | $ 252.2 M | |
| Depreciation | $ 1.6 M | |
| Depreciation and Amortization | $ 40.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 358.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 90.7 M | |
| EBITDA | $ 24.9 M | |
| EBIT | $ -15.73 M | |
| Operating Income | $ -15.73 M | |
| Interest Income | $ -29.00 M | |
| Interest Expense | — | |
| Net Interest Income | $ -29.00 M | |
| Income Before Tax | $ -42.63 M | |
| Tax Provision | $ 1.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -25.86 M | |
| Net Income From Continuing Operations | $ -43.67 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.25 | |
| EPS Actual | $ -0.37 | |
| EPS Difference | $ -0.12 | |
| EPS Surprise | -48.0 % | |
| Forward EPS | $ 0.63 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | $ 2.5 B | |
| Net Tangible Assets | $ -1.90 B | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 123.7 M | |
| Cash | $ 123.7 M | |
| Net Receivables | $ 342.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 82.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 771.2 M | |
| Short-Term Debt | $ 21.6 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 600.2 M | |
| Retained Earnings | $ -245.24 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.36 | |
| Shares Outstanding | 71.780 M | |
| Revenue Per-Share | $ 4.78 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | 130.17 | |
| Enterprise Multiple QoQ | 30.465 % | |
| Enterprise Multiple YoY | -98.754 % | |
| Enterprise Multiple IPRWA | BWIN: 130.17 high: 123.675 median: 81.693 mean: 80.333 low: -2.827 |
|
| EV/R | 9.469 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.435 | |
| Asset To Liability | 1.39 | |
| Debt To Capital | 0.747 | |
| Debt To Assets | 0.458 | |
| Debt To Assets QoQ | 0.0 % | |
| Debt To Assets YoY | 932.2 % | |
| Debt To Assets IPRWA | high: 1.609 median: 0.72 mean: 0.69 BWIN: 0.458 low: 0.019 |
|
| Debt To Equity | 2.95 | |
| Debt To Equity QoQ | 5.099 % | |
| Debt To Equity YoY | 995.843 % | |
| Debt To Equity IPRWA | high: 12.912 BWIN: 2.95 mean: 0.468 median: 0.252 low: -8.585 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.666 | |
| Price To Book QoQ | -20.041 % | |
| Price To Book YoY | -45.102 % | |
| Price To Book IPRWA | high: 26.123 median: 6.554 BWIN: 2.666 mean: 1.504 low: -26.316 |
|
| Price To Earnings (P/E) | 71.907 | |
| Price To Earnings QoQ | -22.945 % | |
| Price To Earnings YoY | -53.397 % | |
| Price To Earnings IPRWA | high: 247.068 mean: 108.02 median: 88.315 BWIN: 71.907 low: -96.27 |
|
| PE/G Ratio | -0.328 | |
| Price To Sales (P/S) | 4.666 | |
| Price To Sales QoQ | -18.101 % | |
| Price To Sales YoY | -46.708 % | |
| Price To Sales IPRWA | high: 31.537 median: 21.736 mean: 19.42 BWIN: 4.666 low: 0.273 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.942 | |
| Forward PE/G | -0.187 | |
| Forward P/S | -10.47 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 74.066 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.09 | |
| Asset Turnover Ratio QoQ | -6.959 % | |
| Asset Turnover Ratio YoY | -2.045 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 mean: 0.186 median: 0.123 BWIN: 0.09 low: 0.063 |
|
| Receivables Turnover | 0.996 | |
| Receivables Turnover Ratio QoQ | -4.407 % | |
| Receivables Turnover Ratio YoY | 109.108 % | |
| Receivables Turnover Ratio IPRWA | high: 47.268 mean: 7.681 median: 5.657 low: 1.083 BWIN: 0.996 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 91.624 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -49.183 | |
| Cash Conversion Cycle Days QoQ | -177.166 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 84.283 mean: 4.519 median: 2.075 BWIN: -49.183 low: -80.186 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.054 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -6.313 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ -1.90 B | |
| Net Working Capital | $ 167.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.12 | |
| Current Ratio | 1.162 | |
| Current Ratio QoQ | 0.783 % | |
| Current Ratio YoY | 19.554 % | |
| Current Ratio IPRWA | high: 2.73 BWIN: 1.162 mean: 0.976 median: 0.955 low: 0.36 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 70.98 | |
| Cost Of Debt | 1.42 % | |
| Interest Coverage Ratio | -0.499 | |
| Interest Coverage Ratio QoQ | -402.671 % | |
| Interest Coverage Ratio YoY | -43.222 % | |
| Interest Coverage Ratio IPRWA | high: 40.588 mean: 8.812 median: 6.502 BWIN: -0.499 low: -12.905 |
|
| Operating Cash Flow Ratio | 0.699 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 140.807 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.804 % | |
| Revenue Growth | -5.437 % | |
| Revenue Growth QoQ | 73.928 % | |
| Revenue Growth YoY | 44.909 % | |
| Revenue Growth IPRWA | high: 27.02 % median: -1.058 % mean: -1.215 % BWIN: -5.437 % low: -38.858 % |
|
| Earnings Growth | -219.355 % | |
| Earnings Growth QoQ | 737.553 % | |
| Earnings Growth YoY | 1106.44 % | |
| Earnings Growth IPRWA | high: 256.238 % median: -8.333 % mean: -8.921 % low: -215.0 % BWIN: -219.355 % |
|
| MARGINS | ||
| Gross Margin | 26.45 % | |
| Gross Margin QoQ | 6.016 % | |
| Gross Margin YoY | 90.178 % | |
| Gross Margin IPRWA | high: 82.469 % mean: 40.349 % median: 39.908 % BWIN: 26.45 % low: -4.539 % |
|
| EBIT Margin | -4.587 % | |
| EBIT Margin QoQ | -420.098 % | |
| EBIT Margin YoY | -46.439 % | |
| EBIT Margin IPRWA | high: 58.736 % mean: 23.219 % median: 19.242 % BWIN: -4.587 % low: -35.819 % |
|
| Return On Sales (ROS) | -4.587 % | |
| Return On Sales QoQ | -420.098 % | |
| Return On Sales YoY | -46.439 % | |
| Return On Sales IPRWA | high: 45.049 % mean: 23.799 % median: 20.789 % BWIN: -4.587 % low: -37.15 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -84.00 K | |
| Free Cash Flow Yield | 0.0 % | |
| Free Cash Flow Yield QoQ | -100.0 % | |
| Free Cash Flow Yield YoY | -100.0 % | |
| Free Cash Flow Yield IPRWA | high: 7.195 % mean: 1.178 % median: 0.802 % BWIN: 0.0 % low: -4.042 % |
|
| Free Cash Growth | -100.261 % | |
| Free Cash Growth QoQ | -53.243 % | |
| Free Cash Growth YoY | -34.502 % | |
| Free Cash Growth IPRWA | high: 149.518 % mean: -7.041 % median: -31.246 % BWIN: -100.261 % low: -365.169 % |
|
| Free Cash To Net Income | 0.003 | |
| Cash Flow Margin | 210.458 % | |
| Cash Flow To Earnings | -27.905 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.676 % | |
| Return On Assets QoQ | 36.016 % | |
| Return On Assets YoY | 18.596 % | |
| Return On Assets IPRWA | high: 6.953 % mean: 2.332 % median: 1.828 % BWIN: -0.676 % low: -1.777 % |
|
| Return On Capital Employed (ROCE) | -0.556 % | |
| Return On Equity (ROE) | -0.043 | |
| Return On Equity QoQ | 42.588 % | |
| Return On Equity YoY | 24.646 % | |
| Return On Equity IPRWA | high: 0.437 median: 0.042 mean: 0.024 BWIN: -0.043 low: -0.363 |
|
| DuPont ROE | -4.24 % | |
| Return On Invested Capital (ROIC) | -0.541 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -99.825 % | |
| Return On Invested Capital IPRWA | high: 20.375 % mean: 6.487 % median: 6.096 % BWIN: -0.541 % low: -5.359 % |
|