Recent News
On April 30 the company announced several corporate initiatives including sponsorship and experiential marketing plans tied to major events; in late May and early June management scheduled investor appearances, including a June fireside chat at a major travel & leisure conference, and the company reported multiple industry awards for its resort operations. These items present demand and branding catalysts through the summer months.
Technical Analysis
Directional indicators: ADX at 15.79 indicates a lack of a strong trend; DI+ at 23.76 shows a dip-and-reversal (bullish) while DI- at 17.80 shows a peak-and-reversal (bullish), producing a short-term directional bias but without trend strength to sustain an extended breakout.
MACD stands at 1.11 and trends higher with the MACD line above the 1.04 signal line, which constitutes a bullish momentum cross and supports continuation of the recent upside into the near term.
MRO reads 26.97 and the oscillator is decreasing; the positive value implies price currently trades above target and that mean-reversion pressure could cap rapid gains, so expect elevated probability of pullback attempts during any strong advance.
RSI at 59.07 and rising signals constructive momentum that has not reached overbought territory; rising EMA and short-term moving averages confirm price sits above the 20‑day, 50‑day and 200‑day references (price close $52.73 vs 200‑day $44.85), reinforcing a bullish posture for the next several weeks.
Bollinger placement shows the close near the upper 1‑standard band (upper ~ $52.37) and below the 2‑standard band, indicating price sits in an elevated band zone where volatility may expand; recent volume (1,858,931) exceeds the 10‑day average, lending conviction to the move but increasing the chance of short-term retracements.
Fundamental Analysis
Profitability: EBIT of $147,000,000 produces an EBIT margin of 11.44%, up 84.96% YoY but down 9.77% QoQ; the margin sits above the industry peer low but below the industry peer mean and median, implying improved operating efficiency year-over-year but room to close gaps with peers.
Revenue and earnings: total revenue equals $1,285,000,000 with reported revenue growth YoY of -66.00% and sequential revenue change of -3.60%; net income equals $66,000,000 while EPS came in at $0.99 versus an estimate of $0.59, a positive EPS surprise of approximately 67.8%.
Cash flow and liquidity: operating cash flow reached $128,000,000 and free cash flow totaled $108,000,000, delivering a free cash flow yield of 3.01%, which sits above the industry peer mean and supports the WMDST under-valued assessment; cash conversion cycle stands at -154.77 days, indicating significant cash collection efficiency relative to payables timing.
Leverage and coverage: total debt equals $7,395,000,000 with net debt $7,048,000,000 and debt-to-EBITDA about 33.92x; interest coverage sits at 2.01x, below the industry peer mean, reflecting material leverage that elevates financial risk even as operating cash generation remains positive.
Capital structure and returns: return on equity near 5.51% and return on assets near 0.56% reflect modest returns given scale; book value per share roughly $14.84 while price multiples trade at a PE near 44.90 and a forward PE near 30.83, both below certain industry peer averages, consistent with WMDST’s valuation view of the stock as under-valued.
Valuation summary: WMDST values the stock as under-valued, citing free cash flow yield above industry peer mean, forward earnings multiples below peer averages, and a price target mean near current levels; these fundamentals support the case for relative value while acknowledging elevated leverage and margin variability.
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 | $ 578.3 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 | $ 1.47 | |
| 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: 52.353 HGV: 49.169 low: -16.979 |
|
| 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: 5.881 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: 0.194 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: 10.018 HGV: 6.346 low: 1.348 |
|
| 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: 8.084 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: -11.229 median: -20.915 low: -74.342 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: 43.073 % HGV: 25.525 % low: -9.969 % |
|
| 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: 1.178 % 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: 1050.0 % median: 1050.0 % mean: 904.565 % HGV: -13.6 % low: -79.348 % |
|
| 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: -0.157 |
|
| 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 % |
|