Recent News
On May 7, 2026 the company announced third-quarter fiscal 2026 results and a $1.0 billion share repurchase authorization. On April 28, 2026 the company launched a new travel offering aimed at controlling SMB travel spend. On May 26, 2026 the company disclosed leadership reorganizations and additional workforce reductions as part of an operational restructuring plan.
Technical Analysis
ADX sits at 15.85, indicating no dominant trend; price action therefore looks susceptible to consolidation rather than a decisive breakout, which aligns with the current valuation backdrop.
DI+ shows a dip & reversal while DI- shows a peak & reversal; both signal bullish directional shifts. Those directional changes suggest buying pressure gained traction even though broader trend strength remains absent.
MACD records -1.25 with a dip & reversal pattern, implying a shift toward bullish momentum. The MACD remains below its signal line (-1.0), so momentum improvement exists but lacks confirmation from a crossover.
MRO reads 10.59 with a peak & reversal. A positive MRO indicates price currently sits above the model target and carries measurable downside potential; the peak & reversal pattern increases the short-term probability of mean reversion toward fair-value estimates.
RSI at 43.32 and trending lower reflects weakening buying pressure and supports a rangebound-to-slightly-bearish near-term bias unless momentum indicators cross into confirmatory bullish territory.
Price sits below multiple short- and medium-term averages: the 12-day EMA (34.44, decreasing) and 26-day EMA (35.79), and well below the 50-day (37.30) and 200-day (45.63) averages. The close ($33.68) trades near the lower Bollinger band boundary (1x lower: $32.65), indicating limited immediate downside cushion but continued pressure versus longer-term averages.
Fundamental Analysis
Profitability and earnings: EBIT equals $19,382,000 and EBITDA $47,764,000. EBIT margin stands at 4.77%, below the industry peer mean of 37.04% and industry peer median of 48.40%. QoQ, EBIT margin expanded by 557.52%; YoY it fell by 410.96%, indicating volatile margin dynamics while operating leverage remains subdued.
Reported EPS reached $0.68 versus an estimate of $0.55, producing a positive EPS surprise of 23.64%, which supports short-term fundamental momentum in reported profitability.
Revenue and growth: total revenue totaled $406,563,000 with YoY revenue growth of 63.46% and QoQ decline of 1.41%. Top-line expansion remains a primary driver of scale despite quarter-to-quarter moderation.
Cash flow and balance sheet: cash and short-term investments total $2,173,345,000 and free cash flow equals $84,732,000, for a free cash flow yield of 2.08% (above the industry peer mean of 0.48%). Operating cash flow at $102,674,000 and a cash conversion ratio of 14.03% signal healthy cash generation relative to net income, while the cash ratio at 0.50 and current ratio at 1.66 provide moderate near-term liquidity.
Margins and unit economics: gross margin measures 81.62%, above the industry peer mean of 70.40% and median of 67.63%, reflecting high incremental profitability on revenue. Operating margin at 1.14% and return on equity of 0.336% remain low, highlighting a gap between gross profitability and operating/return metrics.
Capital structure and leverage: total debt equals $1,885,854,000 with debt-to-equity of 49.59% and debt-to-assets of 18.71%; interest coverage approximates 4.21x. Debt metrics sit within conservative bounds relative to operational scale though net debt registers a meaningful figure ($840,182,000) versus cash holdings.
Valuation context: price multiples show a forward P/E near 56.94 and a trailing P/E near 59.93, with a price-to-sales ratio of 10.02 and an enterprise multiple of 79.27. The current valuation as determined by WMDST: under-valued. Consensus price target mean sits at $48.03, while analyst targets range from $19.86 to $73.31, reflecting dispersion in expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 3.7 B |
| Operating Cash Flow | $ 102.7 M | |
| Capital Expenditures | $ -17.94 M | |
| Change In Working Capital | $ -2.71 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -307.81 M | |
| End Period Cash Flow | $ 3.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 406.6 M | |
| Forward Revenue | $ 660.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 74.7 M | |
| Depreciation | $ 5.3 M | |
| Depreciation and Amortization | $ 28.4 M | |
| Research and Development | $ 74.4 M | |
| Total Operating Expenses | $ 401.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 331.9 M | |
| EBITDA | $ 47.8 M | |
| EBIT | $ 19.4 M | |
| Operating Income | $ 4.6 M | |
| Interest Income | $ 21.9 M | |
| Interest Expense | $ 4.6 M | |
| Net Interest Income | $ 15.7 M | |
| Income Before Tax | $ 14.8 M | |
| Tax Provision | $ 2.0 M | |
| Tax Rate | 13.462 % | |
| Net Income | $ 12.8 M | |
| Net Income From Continuing Operations | $ 12.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.55 | |
| EPS Actual | $ 0.68 | |
| EPS Difference | $ 0.13 | |
| EPS Surprise | 23.636 % | |
| Forward EPS | $ 0.83 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.1 B | |
| Intangible Assets | $ 2.6 B | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 7.3 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 994.7 M | |
| Net Receivables | $ 32.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 32.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 4.4 B | |
| Net Debt | $ 840.2 M | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 6.3 B | |
| EQUITY | ||
| Total Equity | $ 3.8 B | |
| Retained Earnings | $ -1.77 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.04 | |
| Shares Outstanding | 99.581 M | |
| Revenue Per-Share | $ 4.07 | |
| VALUATION | Market Capitalization | $ 4.1 B |
| Enterprise Value | $ 3.8 B | |
| Enterprise Multiple | 79.269 | |
| Enterprise Multiple QoQ | -33.467 % | |
| Enterprise Multiple YoY | -74.053 % | |
| Enterprise Multiple IPRWA | high: 375.591 BILL: 79.269 mean: 76.014 median: 64.356 low: -302.255 |
|
| EV/R | 9.313 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.65 | |
| Asset To Liability | 1.606 | |
| Debt To Capital | 0.332 | |
| Debt To Assets | 0.187 | |
| Debt To Assets QoQ | 0.408 % | |
| Debt To Assets YoY | 1.607 % | |
| Debt To Assets IPRWA | high: 1.194 mean: 0.192 BILL: 0.187 median: 0.082 low: 0.001 |
|
| Debt To Equity | 0.496 | |
| Debt To Equity QoQ | 0.042 % | |
| Debt To Equity YoY | 8.206 % | |
| Debt To Equity IPRWA | high: 3.164 mean: 0.529 BILL: 0.496 median: 0.137 low: -2.058 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.071 | |
| Price To Book QoQ | -17.263 % | |
| Price To Book YoY | -21.39 % | |
| Price To Book IPRWA | high: 21.975 mean: 8.759 median: 7.357 BILL: 1.071 low: -12.497 |
|
| Price To Earnings (P/E) | 59.927 | |
| Price To Earnings QoQ | -22.213 % | |
| Price To Earnings YoY | -41.651 % | |
| Price To Earnings IPRWA | high: 332.506 mean: 98.339 median: 95.036 BILL: 59.927 low: -222.082 |
|
| PE/G Ratio | 9.588 | |
| Price To Sales (P/S) | 10.02 | |
| Price To Sales QoQ | -15.703 % | |
| Price To Sales YoY | -31.95 % | |
| Price To Sales IPRWA | high: 90.538 mean: 37.182 median: 36.777 BILL: 10.02 low: 0.499 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 56.941 | |
| Forward PE/G | 9.111 | |
| Forward P/S | 6.607 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -278.727 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.04 | |
| Asset Turnover Ratio QoQ | -1.614 % | |
| Asset Turnover Ratio YoY | 8.434 % | |
| Asset Turnover Ratio IPRWA | high: 0.489 mean: 0.132 median: 0.122 BILL: 0.04 low: 0.0 |
|
| Receivables Turnover | 11.093 | |
| Receivables Turnover Ratio QoQ | -1.991 % | |
| Receivables Turnover Ratio YoY | -13.954 % | |
| Receivables Turnover Ratio IPRWA | BILL: 11.093 high: 8.186 mean: 1.78 median: 1.422 low: 0.049 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 8.226 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 1.571 | |
| Cash Conversion Cycle Days QoQ | 69.557 % | |
| Cash Conversion Cycle Days YoY | -148.899 % | |
| Cash Conversion Cycle Days IPRWA | high: 227.479 BILL: 1.571 mean: -30.44 median: -63.272 low: -265.752 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.14 | |
| CapEx To Revenue | -0.044 | |
| CapEx To Depreciation | -3.387 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.6 B | |
| Net Invested Capital | $ 5.6 B | |
| Invested Capital | $ 5.6 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.496 | |
| Current Ratio | 1.661 | |
| Current Ratio QoQ | 0.44 % | |
| Current Ratio YoY | -1.933 % | |
| Current Ratio IPRWA | high: 8.529 mean: 1.718 BILL: 1.661 median: 1.283 low: 0.04 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 39.483 | |
| Cost Of Debt | 0.211 % | |
| Interest Coverage Ratio | 4.207 | |
| Interest Coverage Ratio QoQ | 609.948 % | |
| Interest Coverage Ratio YoY | -468.006 % | |
| Interest Coverage Ratio IPRWA | high: 200.8 median: 41.303 mean: 32.247 BILL: 4.207 low: -190.057 |
|
| Operating Cash Flow Ratio | 0.012 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 6.655 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.47 % | |
| Revenue Growth | -1.955 % | |
| Revenue Growth QoQ | -140.874 % | |
| Revenue Growth YoY | 63.462 % | |
| Revenue Growth IPRWA | high: 35.104 % mean: 2.447 % median: 1.985 % BILL: -1.955 % low: -44.405 % |
|
| Earnings Growth | 6.25 % | |
| Earnings Growth QoQ | 27.084 % | |
| Earnings Growth YoY | -158.335 % | |
| Earnings Growth IPRWA | high: 200.0 % BILL: 6.25 % median: 3.14 % mean: -1.827 % low: -230.0 % |
|
| MARGINS | ||
| Gross Margin | 81.624 % | |
| Gross Margin QoQ | 2.232 % | |
| Gross Margin YoY | 0.476 % | |
| Gross Margin IPRWA | high: 94.94 % BILL: 81.624 % mean: 70.398 % median: 67.633 % low: -20.664 % |
|
| EBIT Margin | 4.767 % | |
| EBIT Margin QoQ | 557.517 % | |
| EBIT Margin YoY | -410.959 % | |
| EBIT Margin IPRWA | high: 99.775 % median: 48.401 % mean: 37.042 % BILL: 4.767 % low: -293.61 % |
|
| Return On Sales (ROS) | 1.143 % | |
| Return On Sales QoQ | -126.831 % | |
| Return On Sales YoY | -174.56 % | |
| Return On Sales IPRWA | high: 78.153 % median: 46.326 % mean: 35.896 % BILL: 1.143 % low: -229.108 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 84.7 M | |
| Free Cash Flow Yield | 2.08 % | |
| Free Cash Flow Yield QoQ | 12.493 % | |
| Free Cash Flow Yield YoY | 21.212 % | |
| Free Cash Flow Yield IPRWA | high: 15.109 % BILL: 2.08 % median: 0.518 % mean: 0.48 % low: -21.837 % |
|
| Free Cash Growth | -7.024 % | |
| Free Cash Growth QoQ | -165.134 % | |
| Free Cash Growth YoY | -122.694 % | |
| Free Cash Growth IPRWA | high: 425.342 % mean: 71.535 % median: 37.023 % BILL: -7.024 % low: -462.157 % |
|
| Free Cash To Net Income | 6.627 | |
| Cash Flow Margin | 12.863 % | |
| Cash Flow To Earnings | 4.09 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.127 % | |
| Return On Assets QoQ | -588.462 % | |
| Return On Assets YoY | -205.833 % | |
| Return On Assets IPRWA | high: 17.087 % median: 4.675 % mean: 3.781 % BILL: 0.127 % low: -24.775 % |
|
| Return On Capital Employed (ROCE) | 0.34 % | |
| Return On Equity (ROE) | 0.003 | |
| Return On Equity QoQ | -594.118 % | |
| Return On Equity YoY | -212.375 % | |
| Return On Equity IPRWA | high: 0.261 median: 0.077 mean: 0.063 BILL: 0.003 low: -0.411 |
|
| DuPont ROE | 0.336 % | |
| Return On Invested Capital (ROIC) | 0.298 % | |
| Return On Invested Capital QoQ | 609.524 % | |
| Return On Invested Capital YoY | -482.051 % | |
| Return On Invested Capital IPRWA | high: 16.031 % median: 7.128 % mean: 6.037 % BILL: 0.298 % low: -17.501 % |
|