Technical Analysis
ADX / DI+ / DI-: ADX at 13.08 indicates no established trend; directional lines show DI+ at 25.24 (dip & reversal → bullish) while DI- at 22.97 (peak & reversal → bullish). Those directional signals favor upside, but low ADX limits conviction in a sustained trend.
MACD: MACD currently reads 0.46 with a dip & reversal trend, signaling returning bullish momentum; the MACD remains below its signal line (0.46 vs 0.50), so momentum has not yet registered a confirming crossover.
MRO: MRO at 15.25 with a peak & reversal indicates the price sits above the modeled target and faces potential downward pressure; this creates a counterforce to the DI+/DI- bullish signals.
RSI: RSI at 53.2 with a dip & reversal denotes neutral-to-firmer internals leaning higher, not yet in overbought territory but showing upward bias after a recent dip.
Price Versus Moving Averages & Bands: Last close $48.77 sits above the 20-day average ($46.51), 50-day ($44.30) and 200-day ($44.31), supporting a short-term bullish price bias. Price lies just above the 1x upper Bollinger band ($48.21) and below the 2x upper band ($49.90), suggesting limited immediate upside before consolidation.
Volume & Volatility: Intraday volume (1,161,203) exceeded the 10-day average (757,310) and 50-day average (794,682), reinforcing recent directional moves; 42-day beta at 1.98 signals elevated short-term sensitivity to market moves.
Fundamental Analysis
Profitability & Margins: EBIT equals $147.0M with an EBIT margin of 11.44%. That margin sits above the industry peer low (7.08%) but below the industry peer mean (21.03%) and median (28.17%). EBIT margin fell QoQ by 9.77% yet rose YoY by 84.96%, a mixed but improving year-over-year operating profitability picture.
Earnings Per Share: Reported EPS $0.99 versus an estimate of $0.59 produced an EPS surprise of 67.8%, indicating stronger-than-expected near-term earnings performance to the period reported.
Cash Flow & Liquidity: Operating cash flow reached $128.0M and free cash flow $108.0M, producing a free-cash-flow yield of 3.01%, which sits above the industry peer mean of approximately 1.18%. Cash and short-term investments total $261.0M while the current ratio reads 3.10 and quick ratio 1.89, both consistent with ample near-term liquidity.
Leverage: Total debt stands at $7.395B with net debt $7.048B while market capitalization equals $3.585B; debt-to-assets measures 0.62 and debt-to-equity reads 6.18x, above the industry peer mean. Interest coverage near 2.01x provides limited but positive coverage of interest expense.
Top-Line & Growth Rates: Total revenue $1.285B. Revenue growth registers at -3.60% overall, with reported year-over-year revenue change at -66.00% and quarter-over-quarter at -241.88% per the provided figures; those year-over-year and sequential changes indicate material timing or comparability swings in reported revenue. YoY operating margin improved substantially (operating margin YoY +95.02%).
Efficiency & Working Capital: Asset turnover at 0.1095 sits near the industry peer mean. Cash conversion cycle stands at -154.77 days, reflecting outsized payables and negative working-capital timing versus the industry peer mean, which supports internal funding of operations but reflects the sector’s business model dynamics.
Valuation Metrics: Price-to-book equals 2.99 (below the industry peer mean of ~5.88), trailing P/E about 44.90 (below the industry peer mean), forward P/E roughly 30.83 (near the industry peer low), and enterprise multiple about 49.17. WMDST values the stock as under-valued based on these multiples combined with current free-cash-flow yield and the company’s cash generation profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 571.0 M |
| Operating Cash Flow | $ 128.0 M | |
| Capital Expenditures | $ -20.00 M | |
| Change In Working Capital | $ -108.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -19.00 M | |
| End Period Cash Flow | $ 552.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 590.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 957.0 M | |
| Depreciation | $ 71.0 M | |
| Depreciation and Amortization | $ 71.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 328.0 M | |
| EBITDA | $ 218.0 M | |
| EBIT | $ 147.0 M | |
| Operating Income | $ 155.0 M | |
| Interest Income | — | |
| Interest Expense | $ 73.0 M | |
| Net Interest Income | $ -73.00 M | |
| Income Before Tax | $ 74.0 M | |
| Tax Provision | $ 6.0 M | |
| Tax Rate | 8.108 % | |
| Net Income | $ 66.0 M | |
| Net Income From Continuing Operations | $ 68.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.59 | |
| EPS Actual | $ 0.99 | |
| EPS Difference | $ 0.40 | |
| EPS Surprise | 67.797 % | |
| Forward EPS | $ 1.50 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 11.9 B | |
| Intangible Assets | $ 3.6 B | |
| Net Tangible Assets | $ -2.42 B | |
| Total Current Assets | $ 6.5 B | |
| Cash and Short-Term Investments | $ 261.0 M | |
| Cash | $ 261.0 M | |
| Net Receivables | $ 205.0 M | |
| Inventory | $ 2.5 B | |
| Long-Term Investments | $ 818.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.3 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 2.1 B | |
| Net Debt | $ 7.0 B | |
| Total Debt | $ 7.4 B | |
| Total Liabilities | $ 10.6 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -5.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.84 | |
| Shares Outstanding | 80.656 M | |
| Revenue Per-Share | $ 15.93 | |
| VALUATION | Market Capitalization | $ 3.6 B |
| Enterprise Value | $ 10.7 B | |
| Enterprise Multiple | 49.169 | |
| Enterprise Multiple QoQ | 12.279 % | |
| Enterprise Multiple YoY | -33.536 % | |
| Enterprise Multiple IPRWA | high: 61.865 median: 56.393 mean: 52.366 HGV: 49.169 low: 18.45 |
|
| EV/R | 8.342 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 9.971 | |
| Asset To Liability | 1.128 | |
| Debt To Capital | 0.861 | |
| Debt To Assets | 0.62 | |
| Debt To Assets QoQ | -2.742 % | |
| Debt To Assets YoY | 3.862 % | |
| Debt To Assets IPRWA | high: 0.841 HGV: 0.62 mean: 0.54 median: 0.519 low: 0.516 |
|
| Debt To Equity | 6.178 | |
| Debt To Equity QoQ | 8.345 % | |
| Debt To Equity YoY | 39.054 % | |
| Debt To Equity IPRWA | high: 10.534 HGV: 6.178 mean: 2.498 median: 2.221 low: -5.63 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.995 | |
| Price To Book QoQ | 1.771 % | |
| Price To Book YoY | 38.016 % | |
| Price To Book IPRWA | high: 16.535 median: 7.689 mean: 5.882 HGV: 2.995 low: -4.431 |
|
| Price To Earnings (P/E) | 44.895 | |
| Price To Earnings QoQ | -13.413 % | |
| Price To Earnings YoY | -120.762 % | |
| Price To Earnings IPRWA | high: 87.855 median: 78.13 mean: 74.369 HGV: 44.895 low: 23.86 |
|
| PE/G Ratio | 3.592 | |
| Price To Sales (P/S) | 2.79 | |
| Price To Sales QoQ | -1.962 % | |
| Price To Sales YoY | -6.764 % | |
| Price To Sales IPRWA | high: 6.304 median: 6.304 mean: 5.511 HGV: 2.79 low: 1.836 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 30.833 | |
| Forward PE/G | 2.467 | |
| Forward P/S | 6.453 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.615 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.109 | |
| Asset Turnover Ratio QoQ | -4.65 % | |
| Asset Turnover Ratio YoY | 10.786 % | |
| Asset Turnover Ratio IPRWA | high: 0.191 mean: 0.114 HGV: 0.109 median: 0.106 low: 0.101 |
|
| Receivables Turnover | 6.346 | |
| Receivables Turnover Ratio QoQ | 14.013 % | |
| Receivables Turnover Ratio YoY | 860.695 % | |
| Receivables Turnover Ratio IPRWA | high: 11.186 median: 11.186 mean: 10.019 HGV: 6.346 low: 4.596 |
|
| Inventory Turnover | 0.378 | |
| Inventory Turnover Ratio QoQ | 8.989 % | |
| Inventory Turnover Ratio YoY | -4.374 % | |
| Inventory Turnover Ratio IPRWA | high: 9.158 median: 8.4 mean: 8.086 HGV: 0.378 low: 0.059 |
|
| Days Sales Outstanding (DSO) | 14.38 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -154.768 | |
| Cash Conversion Cycle Days QoQ | -178.573 % | |
| Cash Conversion Cycle Days YoY | -154.239 % | |
| Cash Conversion Cycle Days IPRWA | high: 59.837 mean: -11.217 low: -20.915 median: -20.915 HGV: -154.768 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.292 | |
| CapEx To Revenue | -0.016 | |
| CapEx To Depreciation | -0.282 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 8.5 B | |
| Net Invested Capital | $ 8.5 B | |
| Invested Capital | $ 8.5 B | |
| Net Tangible Assets | $ -2.42 B | |
| Net Working Capital | $ 4.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.125 | |
| Current Ratio | 3.104 | |
| Current Ratio QoQ | -24.366 % | |
| Current Ratio YoY | -7.324 % | |
| Current Ratio IPRWA | high: 3.388 HGV: 3.104 mean: 0.402 low: 0.199 median: 0.199 |
|
| Quick Ratio | 1.89 | |
| Quick Ratio QoQ | -25.318 % | |
| Quick Ratio YoY | -10.567 % | |
| Quick Ratio IPRWA | high: 2.671 HGV: 1.89 mean: 0.333 low: 0.175 median: 0.175 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 33.922 | |
| Cost Of Debt | 0.91 % | |
| Interest Coverage Ratio | 2.014 | |
| Interest Coverage Ratio QoQ | -9.443 % | |
| Interest Coverage Ratio YoY | 118.387 % | |
| Interest Coverage Ratio IPRWA | high: 7.026 median: 4.511 mean: 3.581 HGV: 2.014 low: 1.649 |
|
| Operating Cash Flow Ratio | 0.632 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | -60.019 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.45 % | |
| Revenue Growth | -3.601 % | |
| Revenue Growth QoQ | -241.883 % | |
| Revenue Growth YoY | -66.003 % | |
| Revenue Growth IPRWA | high: 4.556 % median: 4.556 % mean: 1.828 % HGV: -3.601 % low: -6.244 % |
|
| Earnings Growth | 12.5 % | |
| Earnings Growth QoQ | -73.214 % | |
| Earnings Growth YoY | -106.597 % | |
| Earnings Growth IPRWA | high: 28.571 % median: 28.571 % HGV: 12.5 % mean: 7.833 % low: -212.885 % |
|
| MARGINS | ||
| Gross Margin | 25.525 % | |
| Gross Margin QoQ | -27.607 % | |
| Gross Margin YoY | 17.211 % | |
| Gross Margin IPRWA | high: 92.924 % median: 49.528 % mean: 43.083 % HGV: 25.525 % low: 24.818 % |
|
| EBIT Margin | 11.44 % | |
| EBIT Margin QoQ | -9.765 % | |
| EBIT Margin YoY | 84.964 % | |
| EBIT Margin IPRWA | high: 32.069 % median: 28.167 % mean: 21.028 % HGV: 11.44 % low: 7.08 % |
|
| Return On Sales (ROS) | 12.062 % | |
| Return On Sales QoQ | -42.576 % | |
| Return On Sales YoY | 95.02 % | |
| Return On Sales IPRWA | high: 31.965 % median: 26.101 % mean: 19.902 % HGV: 12.062 % low: 7.637 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 108.0 M | |
| Free Cash Flow Yield | 3.013 % | |
| Free Cash Flow Yield QoQ | -8.558 % | |
| Free Cash Flow Yield YoY | 1621.714 % | |
| Free Cash Flow Yield IPRWA | high: 3.707 % HGV: 3.013 % median: 1.768 % mean: 1.18 % low: -6.74 % |
|
| Free Cash Growth | -13.6 % | |
| Free Cash Growth QoQ | -99.578 % | |
| Free Cash Growth YoY | -84.457 % | |
| Free Cash Growth IPRWA | high: 5708.333 % mean: 2015.206 % median: 1050.0 % HGV: -13.6 % low: -3012.994 % |
|
| Free Cash To Net Income | 1.636 | |
| Cash Flow Margin | 102.957 % | |
| Cash Flow To Earnings | 20.045 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.562 % | |
| Return On Assets QoQ | 36.077 % | |
| Return On Assets YoY | -484.932 % | |
| Return On Assets IPRWA | high: 3.696 % median: 2.251 % mean: 1.607 % HGV: 0.562 % low: 0.227 % |
|
| Return On Capital Employed (ROCE) | 1.494 % | |
| Return On Equity (ROE) | 0.055 | |
| Return On Equity QoQ | 48.067 % | |
| Return On Equity YoY | -613.408 % | |
| Return On Equity IPRWA | high: 0.096 median: 0.096 mean: 0.062 HGV: 0.055 low: -0.077 |
|
| DuPont ROE | 5.309 % | |
| Return On Invested Capital (ROIC) | 1.588 % | |
| Return On Invested Capital QoQ | 1.665 % | |
| Return On Invested Capital YoY | 217.6 % | |
| Return On Invested Capital IPRWA | high: 8.146 % median: 3.947 % mean: 3.102 % HGV: 1.588 % low: 0.725 % |
|