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On February 12, 2026 the company issued $600 million of 7.500% senior notes due 2031 and $400 million of 7.875% senior notes due 2034; proceeds keyed a redemption of higher-cost debt and repayment of a term loan. On February 23, 2026 a major shareholder increased its open-market purchases, lifting ownership to roughly 70.8% of outstanding shares. On February 24, 2026 the company published an updated investor presentation outlining strategic priorities and capital allocation themes for 2026.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX sits at 17.0, signaling no prevailing trend; DI+ sits at 29.68 with a peak-and-reversal behavior, a bearish directional signal, while DI- at 21.42 decreasing produces an offsetting downward pressure signal. Together, these show short-term directional friction that favors a bias lower into any consolidation.
MACD: MACD reads 0.86 with a peak-and-reversal pattern; the MACD currently stands marginally above its 0.77 signal line but the peak-and-reversal pattern classifies momentum as bearish, indicating past bullish momentum faded.
MRO (Momentum/Regression Oscillator): MRO at 17.01 with a peak-and-reversal indicates the price sits above its modeled target and carries measurable downside potential as momentum has already reversed from a recent high.
RSI: RSI at 54.4 with a peak-and-reversal registers near neutral but the reversal from a local high aligns with weakening upside momentum and supports a near-term pullback bias rather than continued advances.
Price Versus Moving Averages & Support: The last close of $32.79 sits below the 12-day EMA ($33.00, peak-and-reversal) and slightly above the 20-day average ($32.34) and the 26-day EMA ($32.13). The 200-day average at $30.22 and the super-trend lower at $30.48 serve as nearby structural support; the picture favors consolidation toward those supports if selling reaccelerates.
Bands, volatility and volume: Price occupies the middle of the Bollinger band range ($30.52–$34.15). 10-day volume averaged below the 50- and 200-day averages, though daily volume of ~1.11 million shows episodic interest. Short-term beta reads negative over 42 days, reflecting recent inverse reactions to market moves and idiosyncratic volatility.
Fundamental Analysis
Profitability and margins: EBIT registers at -$131.0 million and an EBIT margin of -6.62% (QoQ change +27.40%, YoY change -15.58%). The EBIT margin sits below the industry peer mean (26.54%) and the industry peer median (15.18%), though it remains inside the industry peer range. Gross profit sits negative at -$105.0 million and operating margin equals return on sales at -7.32%, reflecting sustained margin pressure across refining and fertilizer operations.
Earnings per share: GAAP EPS of -$1.24 missed the consensus estimate of -$0.62 by $0.62, an EPS surprise ratio of -1.0 (−100%), signaling deeper-than-expected quarterly losses to date.
Cash flow and liquidity: Cash and short-term investments total $512.0 million and operating cash flow stands at $64.0 million; free cash flow amounts to $17.0 million (free cash flow yield approximately 0.57%). Current ratio equals 1.44 and quick ratio equals 0.89, indicating working-capital sufficiency but limited near-term liquidity cushion relative to leverage.
Leverage and capitalization: Total debt runs $1.801 billion with net debt $1.218 billion; debt-to-equity stands at 3.35x and debt-to-assets at 46.65%, both above the industry peer mean levels where provided. Recent note issuances in 2026 extend maturities but preserve high financial leverage and elevated interest cost exposure (interest expense $58.0 million; interest coverage negative).
Revenue and efficiency: Reported total revenue equals $1.98 billion; revenue growth reads 9.39% on one measure while revenue growth YoY shows a deep negative reading on the provided YoY field. Asset turnover at 0.523 and receivables turnover at 7.02 reflect operational throughput; inventory turnover at 4.07 trails the industry peer mean where indicated.
Returns and valuation metrics: Return on equity registers -35.69% and return on assets -5.08%, both negative and materially below industry peer means. Book value per share stands at $5.35 while price-to-book is 5.55x, above the industry peer mean (1.91x) and median (2.11x). Trailing P/E appears negative; forward P/E reads 113.9x on low forward EPS, producing valuation dispersion. The current WMDST valuation rates the stock as over-valued given negative profitability, high leverage, and above-peer price multiples on several measures.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 511.0 M |
| Operating Cash Flow | $ 64.0 M | |
| Capital Expenditures | $ -47.00 M | |
| Change In Working Capital | $ -30.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.0 M | |
| End Period Cash Flow | $ 512.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.0 B | |
| Forward Revenue | $ -63.69 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.1 B | |
| Depreciation | $ 79.0 M | |
| Depreciation and Amortization | $ 79.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ -105.00 M | |
| EBITDA | $ -52.00 M | |
| EBIT | $ -131.00 M | |
| Operating Income | $ -145.00 M | |
| Interest Income | — | |
| Interest Expense | $ 58.0 M | |
| Net Interest Income | $ -58.00 M | |
| Income Before Tax | $ -189.00 M | |
| Tax Provision | $ -29.00 M | |
| Tax Rate | 15.344 % | |
| Net Income | $ -192.00 M | |
| Net Income From Continuing Operations | $ -160.00 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.62 | |
| EPS Actual | $ -1.24 | |
| EPS Difference | $ -0.62 | |
| EPS Surprise | -100.0 % | |
| Forward EPS | $ 0.25 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.9 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 538.0 M | |
| Total Current Assets | $ 1.5 B | |
| Cash and Short-Term Investments | $ 512.0 M | |
| Cash | $ 512.0 M | |
| Net Receivables | $ 329.0 M | |
| Inventory | $ 553.0 M | |
| Long-Term Investments | $ 364.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 532.0 M | |
| Short-Term Debt | $ 11.0 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ 538.0 M | |
| Retained Earnings | $ -969.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.35 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 19.70 | |
| VALUATION | Market Capitalization | $ 3.0 B |
| Enterprise Value | $ 4.3 B | |
| Enterprise Multiple | -82.161 | |
| Enterprise Multiple QoQ | -206.15 % | |
| Enterprise Multiple YoY | 59.863 % | |
| Enterprise Multiple IPRWA | high: 47.168 mean: 29.67 median: 19.727 low: -23.719 CVI: -82.161 |
|
| EV/R | 2.158 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.177 | |
| Asset To Liability | 1.235 | |
| Debt To Capital | 0.77 | |
| Debt To Assets | 0.466 | |
| Debt To Assets QoQ | -2.936 % | |
| Debt To Assets YoY | 2.53 % | |
| Debt To Assets IPRWA | high: 0.493 CVI: 0.466 median: 0.385 mean: 0.333 low: 0.012 |
|
| Debt To Equity | 3.348 | |
| Debt To Equity QoQ | 37.211 % | |
| Debt To Equity YoY | 0.393 % | |
| Debt To Equity IPRWA | CVI: 3.348 high: 1.505 median: 1.148 mean: 0.898 low: -0.686 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.545 | |
| Price To Book QoQ | 51.192 % | |
| Price To Book YoY | 69.629 % | |
| Price To Book IPRWA | CVI: 5.545 high: 2.459 median: 2.107 mean: 1.911 low: -0.213 |
|
| Price To Earnings (P/E) | -23.932 | |
| Price To Earnings QoQ | -28.112 % | |
| Price To Earnings YoY | -26.403 % | |
| Price To Earnings IPRWA | high: 128.629 mean: 45.829 median: 32.573 low: 22.484 CVI: -23.932 |
|
| PE/G Ratio | -0.435 | |
| Price To Sales (P/S) | 1.507 | |
| Price To Sales QoQ | 1.859 % | |
| Price To Sales YoY | 30.802 % | |
| Price To Sales IPRWA | high: 93.213 mean: 7.379 median: 5.533 CVI: 1.507 low: 1.234 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 113.921 | |
| Forward PE/G | 2.071 | |
| Forward P/S | -46.843 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.191 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.523 | |
| Asset Turnover Ratio QoQ | 11.285 % | |
| Asset Turnover Ratio YoY | 35.344 % | |
| Asset Turnover Ratio IPRWA | CVI: 0.523 high: 0.511 median: 0.143 mean: 0.122 low: 0.001 |
|
| Receivables Turnover | 7.021 | |
| Receivables Turnover Ratio QoQ | -5.348 % | |
| Receivables Turnover Ratio YoY | 31.169 % | |
| Receivables Turnover Ratio IPRWA | CVI: 7.021 high: 4.015 median: 2.88 mean: 2.853 low: 0.51 |
|
| Inventory Turnover | 4.068 | |
| Inventory Turnover Ratio QoQ | 6.768 % | |
| Inventory Turnover Ratio YoY | 27.149 % | |
| Inventory Turnover Ratio IPRWA | high: 7.131 median: 7.131 mean: 6.967 CVI: 4.068 low: 0.931 |
|
| Days Sales Outstanding (DSO) | 12.996 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.9 | |
| Cash Conversion Cycle Days QoQ | -9.955 % | |
| Cash Conversion Cycle Days YoY | -2.828 % | |
| Cash Conversion Cycle Days IPRWA | high: 141.82 CVI: 14.9 median: -4.124 mean: -24.072 low: -1860.616 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.449 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -0.595 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 538.0 M | |
| Net Working Capital | $ 445.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.504 | |
| Current Ratio | 1.438 | |
| Current Ratio QoQ | -19.848 % | |
| Current Ratio YoY | 9.386 % | |
| Current Ratio IPRWA | high: 2.23 CVI: 1.438 mean: 0.66 median: 0.658 low: 0.077 |
|
| Quick Ratio | 0.894 | |
| Quick Ratio QoQ | -20.644 % | |
| Quick Ratio YoY | 5.318 % | |
| Quick Ratio IPRWA | high: 1.551 CVI: 0.894 mean: 0.589 low: 0.564 median: 0.564 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -34.635 | |
| Cost Of Debt | 2.742 % | |
| Interest Coverage Ratio | -2.259 | |
| Interest Coverage Ratio QoQ | -30.319 % | |
| Interest Coverage Ratio YoY | -56.228 % | |
| Interest Coverage Ratio IPRWA | high: 74.441 mean: 11.954 median: 3.326 CVI: -2.259 low: -15.341 |
|
| Operating Cash Flow Ratio | -0.168 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.118 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.182 % | |
| Revenue Growth | 9.392 % | |
| Revenue Growth QoQ | -236.254 % | |
| Revenue Growth YoY | -160.75 % | |
| Revenue Growth IPRWA | high: 59.066 % median: 35.658 % mean: 29.352 % CVI: 9.392 % low: -77.547 % |
|
| Earnings Growth | 55.0 % | |
| Earnings Growth QoQ | -118.333 % | |
| Earnings Growth YoY | -84.111 % | |
| Earnings Growth IPRWA | high: 158.889 % mean: 55.678 % CVI: 55.0 % median: -10.843 % low: -118.182 % |
|
| MARGINS | ||
| Gross Margin | -5.303 % | |
| Gross Margin QoQ | 62.669 % | |
| Gross Margin YoY | -6.142 % | |
| Gross Margin IPRWA | high: 80.204 % mean: 42.945 % median: 39.824 % low: 3.834 % CVI: -5.303 % |
|
| EBIT Margin | -6.616 % | |
| EBIT Margin QoQ | 27.402 % | |
| EBIT Margin YoY | -15.58 % | |
| EBIT Margin IPRWA | high: 87.233 % mean: 26.544 % median: 15.18 % CVI: -6.616 % low: -716.813 % |
|
| Return On Sales (ROS) | -7.323 % | |
| Return On Sales QoQ | 33.876 % | |
| Return On Sales YoY | -6.559 % | |
| Return On Sales IPRWA | high: 87.233 % mean: 33.392 % median: 28.558 % CVI: -7.323 % low: -658.296 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 17.0 M | |
| Free Cash Flow Yield | 0.57 % | |
| Free Cash Flow Yield QoQ | -127.247 % | |
| Free Cash Flow Yield YoY | -103.74 % | |
| Free Cash Flow Yield IPRWA | high: 9.921 % median: 4.674 % mean: 2.788 % CVI: 0.57 % low: -11.047 % |
|
| Free Cash Growth | -130.357 % | |
| Free Cash Growth QoQ | -11.12 % | |
| Free Cash Growth YoY | -85.56 % | |
| Free Cash Growth IPRWA | high: 379.182 % mean: 117.558 % median: 89.147 % CVI: -130.357 % low: -266.253 % |
|
| Free Cash To Net Income | -0.089 | |
| Cash Flow Margin | -8.636 % | |
| Cash Flow To Earnings | 0.891 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -5.075 % | |
| Return On Assets QoQ | 77.572 % | |
| Return On Assets YoY | 75.666 % | |
| Return On Assets IPRWA | high: 4.608 % mean: 1.989 % median: 1.148 % CVI: -5.075 % low: -9.572 % |
|
| Return On Capital Employed (ROCE) | -4.603 % | |
| Return On Equity (ROE) | -0.357 | |
| Return On Equity QoQ | 136.846 % | |
| Return On Equity YoY | 68.284 % | |
| Return On Equity IPRWA | high: 0.177 mean: 0.036 median: 0.035 low: -0.293 CVI: -0.357 |
|
| DuPont ROE | -30.284 % | |
| Return On Invested Capital (ROIC) | -4.89 % | |
| Return On Invested Capital QoQ | 34.6 % | |
| Return On Invested Capital YoY | 36.174 % | |
| Return On Invested Capital IPRWA | high: 6.584 % mean: 3.225 % median: 1.981 % CVI: -4.89 % low: -11.321 % |
|