Recent News
On February 19, 2026, shareholders approved governance changes at the annual meeting and the board selected J. Michael Nauman as Chairman of the Board. On April 29, 2026, the company declared a quarterly dividend of $0.255 per share.
Technical Analysis
ADX at 30.05 signals strong trend strength and implies technical momentum will influence near-term price movement; persistent trend strength raises the odds that the current directional bias extends into the coming weeks.
DI+ reads 33.27 with a peak & reversal, a bearish directional shift; DI- reads 15.71 with a dip & reversal, also signaling a directional move favoring sellers. Together these DI signals point to a recent shift from prior buying pressure toward increased selling pressure.
MACD sits at 0.57 above its signal line at 0.53, confirming a recent bullish crossover; however, MACD trend shows a peak & reversal, indicating momentum has started to roll over and that the prior bullish impulse may be losing steam.
MRO at 34.65 (positive) indicates price sits above the WMDST target and therefore carries a tendency to mean-revert downward; the oscillator’s level denotes a meaningful probability of price pressure to the downside if momentum fades.
RSI at 56.71 with a peak & reversal signals that strength recently peaked and a pullback remains plausible despite neither overbought nor oversold extremes.
Price resides at $28.58, above the 12-day EMA ($27.93) which shows an increasing short-term bias, and above the 20- and 50-day averages ($27.92 and $26.34), supporting near-term upside. Bollinger upper bands near $29.14–$29.91 act as immediate resistance, while the 200-day average at $25.33 offers longer-term support.
Fundamental Analysis
Total revenue stands at $284,763,000 with EBIT of $99,051,000 and EBITDA of $111,747,000. Gross margin equals 35.00% and EBIT margin equals 34.78%; EBIT margin exceeds the industry peer mean of 22.359% and approaches the industry peer high of 37.289%, indicating strong reported operating profitability at the EBIT line relative to peers.
Operating margin registers -5.51% with operating income of -$15,685,000; operating margin improved QoQ by 86.90% but declined YoY by 3.25 percentage points—this divergence between EBIT margin and operating margin reflects non-operating adjustments and amortization effects that materially affect GAAP operating results.
EPS came in at $0.37 versus an estimate of $0.15, an EPS surprise of +146.67%, a substantial beat that improved reported per-share performance for the period.
Revenue growth shows +6.44% YoY and +22.29% QoQ, demonstrating sequential acceleration in top-line activity while assets contracted by -8.36% year-over-year, implying tighter asset base supporting that revenue level.
Cash generation presents concerns: free cash flow equals -$57,249,000 and free cash flow yield equals -7.08%, despite operating cash flow of -$51,992,000; free cash flow declined sharply QoQ and remains a negative contributor to liquidity trends.
Leverage remains elevated: net debt totals $505,670,000 and debt-to-EBITDA equals 5.25x. Interest coverage stands at 6.77, below the industry peer mean of 14.65 and the industry peer median of 17.73, signaling a weaker cushion for interest expense relative to typical peers.
Balance-sheet and efficiency metrics: current ratio 1.51 and quick ratio 0.91 show working-capital coverage in line with the industry peer mean for current ratio (1.43); asset turnover at 0.175 sits below the industry peer mean of 0.2117, indicating lower revenue per dollar of assets than peers on average.
Market multiples show complexity: trailing P/E is negative at -136.82 while forward P/E reads 83.55; price-to-book equals 1.49, below the industry peer mean of 3.56 and the industry peer median of 4.48. The contrasting P/B and forward P/E suggest the market prices tangible book conservatively while assigning elevated multiple to forward expected earnings.
The current valuation as determined by WMDST: over-valued. WMDST’s view reflects the combination of negative free cash flow, elevated leverage, and a forward multiple that stretches implied future performance relative to current fundamentals.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| 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 | $ 15.7 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 | $ 0.15 | |
| EPS Actual | $ 0.37 | |
| EPS Difference | $ 0.22 | |
| EPS Surprise | 146.667 % | |
| Forward EPS | $ 0.31 | |
| 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: 78.084 mean: 77.282 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: 0.213 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: 0.536 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: 3.564 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: 119.446 median: 108.371 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: 6.12 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: 2.073 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: 5.458 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: 72.251 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: 1.433 median: 1.026 low: 0.302 |
|
| Quick Ratio | 0.914 | |
| Quick Ratio QoQ | 0.893 % | |
| Quick Ratio YoY | -5.302 % | |
| Quick Ratio IPRWA | high: 4.088 mean: 1.038 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: 14.651 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: 6.647 % 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: -4.816 % 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: 48.085 % 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: 22.359 % 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: 23.894 % 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: 1.119 % median: 0.553 % MATW: -7.075 % low: -18.087 % |
|
| 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: 27.266 % 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: 3.42 % 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: 4.564 % median: 3.706 % low: -10.593 % |
|