Technical Analysis
ADX / DI+ / DI-: ADX at 15.98 signals no established trend; directional movement remains muted. DI+ registered 23.73 with a peak-and-reversal pattern, which signals bearish directional pressure. DI- sits at 17.83 and is decreasing, which supports reduced downside pressure but does not offset the DI+ peak reversal.
MACD: MACD reads 9.83 with a signal line at 11.31 and a peak-and-reversal MACD_trend; MACD below its signal line indicates bearish momentum in the near term and suggests recent bullish momentum has rolled over.
MRO (Momentum/Regression Oscillator): MRO at 27.31 (dip & reversal) shows price sits above the model target and presents mean-reversion pressure; the positive MRO points to a greater likelihood of downward adjustment from current levels.
RSI: RSI at 56.86 with a decreasing trend shows fading short-term momentum while still sitting below overbought territory; RSI decline aligns with MACD weakness and increases the chance of a consolidation or pullback.
Price vs Moving Averages and Other Structure: Price closed at $392.50, above the 200-day average ($228.49) and above the 50-day average ($363.23), indicating long-term strength. Price sits slightly above the 20-day average ($387.46) while the 12-day EMA shows a peak-and-reversal, reinforcing short-term rollover risk. Bollinger bands place price between the 1x upper ($412.39) and lower ($362.52) bands, permitting room for mean reversion. High short-term betas (42-day 3.51; 52-week 3.0) imply amplified moves relative to the market, heightening sensitivity to the technical signals above.
Fundamental Analysis
Profitability: EBIT at $228,905,000 yields an EBIT margin of 12.68%. That margin sits below the industry peer mean EBIT margin of 16.07% but above the industry low; EBIT margin declined modestly QoQ by roughly 0.11 percentage point and expanded YoY by approximately 182.65% on the provided measure, reflecting strong year-over-year operational leverage.
Top-Line And Cash Flow: Total revenue reached $1,805,641,000 with revenue growth of 7.12% (current measure) and revenue growth YoY of 61.60%; QoQ revenue growth registers 8.01%. Operating cash flow registers negative at -$93,797,000, while free cash flow equals -$383,481,000 and free cash flow yield stands at -0.71%, indicating negative free cash conversion in the most recent period despite positive cash flow to earnings ratio (71.57%).
Balance Sheet And Liquidity: Cash and short-term investments total $2,417,730,000 and cash equals $1,592,730,000; current ratio measures 3.05 and quick ratio 2.04, both reflecting ample near-term liquidity. Net debt equals $1,601,051,000, producing debt-to-equity of 0.32 and debt-to-EBITDA of 9.47; interest coverage near 5.14 supports servicing costs but the debt-to-EBITDA level signals leverage that merits monitoring.
Margins And Returns: Gross margin measures 37.66% and operating margin 12.53%, with operating margin up QoQ and strongly positive YoY growth by the provided metric. Return on equity at 1.79% and return on assets at 1.18% remain modest relative to capital deployed, while return on invested capital reads 1.63%.
Valuation Metrics: P/E stands at 194.72, forward P/E at 112.64, PEG near 20.93, price-to-book 5.03 (below the industry peer mean book multiple of 8.37), price-to-sales 29.73, and enterprise value to revenue and multiples are elevated (enterprise multiple 151.18, EVR 30.29). WMDST values the stock as over-valued. Several multiples (trailing and forward P/E, PEG, PS, EV multiples) sit above the industry peer mean or median where comparable figures exist, indicating premium pricing versus peers in multiple metrics while P/B trades below the peer mean.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-06 |
| NEXT REPORT DATE: | 2026-08-05 |
| CASH FLOW | Begin Period Cash Flow | $ 1.5 B |
| Operating Cash Flow | $ -93.80 M | |
| Capital Expenditures | $ -289.68 M | |
| Change In Working Capital | $ -392.29 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 697.0 M | |
| End Period Cash Flow | $ 2.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 942.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | $ 62.4 M | |
| Depreciation and Amortization | $ 132.9 M | |
| Research and Development | $ 186.0 M | |
| Total Operating Expenses | $ 1.6 B | |
| PROFITABILITY | ||
| Gross Profit | $ 679.9 M | |
| EBITDA | $ 361.8 M | |
| EBIT | $ 228.9 M | |
| Operating Income | $ 226.3 M | |
| Interest Income | — | |
| Interest Expense | $ 44.6 M | |
| Net Interest Income | $ -44.56 M | |
| Income Before Tax | $ 184.3 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 1.451 % | |
| Net Income | $ 191.4 M | |
| Net Income From Continuing Operations | $ 181.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.39 | |
| EPS Actual | $ 1.41 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 1.439 % | |
| Forward EPS | $ 2.04 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 17.3 B | |
| Intangible Assets | $ 7.4 B | |
| Net Tangible Assets | $ 3.3 B | |
| Total Current Assets | $ 6.4 B | |
| Cash and Short-Term Investments | $ 2.4 B | |
| Cash | $ 1.6 B | |
| Net Receivables | $ 1.2 B | |
| Inventory | $ 2.1 B | |
| Long-Term Investments | $ 988.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.3 B | |
| Short-Term Debt | $ 9.0 M | |
| Total Current Liabilities | $ 2.1 B | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 3.4 B | |
| Total Liabilities | $ 6.3 B | |
| EQUITY | ||
| Total Equity | $ 10.7 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 54.60 | |
| Shares Outstanding | 195.546 M | |
| Revenue Per-Share | $ 9.23 | |
| VALUATION | Market Capitalization | $ 53.7 B |
| Enterprise Value | $ 54.7 B | |
| Enterprise Multiple | 151.181 | |
| Enterprise Multiple QoQ | 42.22 % | |
| Enterprise Multiple YoY | 133.192 % | |
| Enterprise Multiple IPRWA | high: 364.265 COHR: 151.181 mean: 83.781 median: 79.445 low: -215.509 |
|
| EV/R | 30.291 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.619 | |
| Asset To Liability | 2.757 | |
| Debt To Capital | 0.243 | |
| Debt To Assets | 0.198 | |
| Debt To Assets QoQ | -15.707 % | |
| Debt To Assets YoY | -27.443 % | |
| Debt To Assets IPRWA | high: 0.75 mean: 0.271 median: 0.241 COHR: 0.198 low: 0.001 |
|
| Debt To Equity | 0.321 | |
| Debt To Equity QoQ | -22.761 % | |
| Debt To Equity YoY | -56.469 % | |
| Debt To Equity IPRWA | high: 2.293 mean: 0.712 median: 0.447 COHR: 0.321 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.028 | |
| Price To Book QoQ | 28.352 % | |
| Price To Book YoY | 149.141 % | |
| Price To Book IPRWA | high: 17.465 mean: 8.367 median: 8.189 COHR: 5.028 low: -2.416 |
|
| Price To Earnings (P/E) | 194.716 | |
| Price To Earnings QoQ | 40.725 % | |
| Price To Earnings YoY | 154.179 % | |
| Price To Earnings IPRWA | high: 398.734 COHR: 194.716 median: 131.744 mean: 114.649 low: -220.021 |
|
| PE/G Ratio | 20.933 | |
| Price To Sales (P/S) | 29.733 | |
| Price To Sales QoQ | 49.816 % | |
| Price To Sales YoY | 312.261 % | |
| Price To Sales IPRWA | high: 99.122 COHR: 29.733 mean: 19.567 median: 19.416 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 112.639 | |
| Forward PE/G | 12.109 | |
| Forward P/S | 57.518 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.984 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.112 | |
| Asset Turnover Ratio QoQ | -1.44 % | |
| Asset Turnover Ratio YoY | 6.655 % | |
| Asset Turnover Ratio IPRWA | high: 0.534 mean: 0.201 median: 0.194 COHR: 0.112 low: 0.001 |
|
| Receivables Turnover | 1.61 | |
| Receivables Turnover Ratio QoQ | -0.553 % | |
| Receivables Turnover Ratio YoY | 2.234 % | |
| Receivables Turnover Ratio IPRWA | high: 2.612 COHR: 1.61 median: 1.439 mean: 1.421 low: 0.528 |
|
| Inventory Turnover | 0.566 | |
| Inventory Turnover Ratio QoQ | -7.252 % | |
| Inventory Turnover Ratio YoY | -20.129 % | |
| Inventory Turnover Ratio IPRWA | high: 2.507 median: 1.278 mean: 1.126 COHR: 0.566 low: 0.128 |
|
| Days Sales Outstanding (DSO) | 56.663 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 121.607 | |
| Cash Conversion Cycle Days QoQ | 0.957 % | |
| Cash Conversion Cycle Days YoY | 0.924 % | |
| Cash Conversion Cycle Days IPRWA | high: 308.893 COHR: 121.607 mean: 98.559 median: 82.542 low: -44.852 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.417 | |
| CapEx To Revenue | -0.16 | |
| CapEx To Depreciation | -4.642 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 13.9 B | |
| Net Invested Capital | $ 13.9 B | |
| Invested Capital | $ 13.9 B | |
| Net Tangible Assets | $ 3.3 B | |
| Net Working Capital | $ 4.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.144 | |
| Current Ratio | 3.05 | |
| Current Ratio QoQ | 35.433 % | |
| Current Ratio YoY | 23.391 % | |
| Current Ratio IPRWA | high: 14.867 COHR: 3.05 mean: 2.578 median: 1.714 low: 0.634 |
|
| Quick Ratio | 2.043 | |
| Quick Ratio QoQ | 56.616 % | |
| Quick Ratio YoY | 32.512 % | |
| Quick Ratio IPRWA | high: 13.913 mean: 2.06 COHR: 2.043 median: 1.259 low: 0.449 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.467 | |
| Cost Of Debt | 1.26 % | |
| Interest Coverage Ratio | 5.137 | |
| Interest Coverage Ratio QoQ | 10.314 % | |
| Interest Coverage Ratio YoY | 338.088 % | |
| Interest Coverage Ratio IPRWA | high: 69.571 mean: 11.353 median: 8.916 COHR: 5.137 low: -197.838 |
|
| Operating Cash Flow Ratio | 0.065 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 105.685 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 14.575 % | |
| Revenue Growth | 7.12 % | |
| Revenue Growth QoQ | 8.01 % | |
| Revenue Growth YoY | 61.598 % | |
| Revenue Growth IPRWA | high: 20.926 % median: 10.728 % mean: 8.53 % COHR: 7.12 % low: -56.837 % |
|
| Earnings Growth | 9.302 % | |
| Earnings Growth QoQ | -16.998 % | |
| Earnings Growth YoY | -320.898 % | |
| Earnings Growth IPRWA | high: 207.143 % COHR: 9.302 % median: 9.278 % mean: 3.729 % low: -186.111 % |
|
| MARGINS | ||
| Gross Margin | 37.657 % | |
| Gross Margin QoQ | 1.916 % | |
| Gross Margin YoY | 6.892 % | |
| Gross Margin IPRWA | high: 99.349 % mean: 38.622 % COHR: 37.657 % median: 36.748 % low: -36.179 % |
|
| EBIT Margin | 12.677 % | |
| EBIT Margin QoQ | -0.11 % | |
| EBIT Margin YoY | 182.653 % | |
| EBIT Margin IPRWA | high: 212.511 % median: 20.531 % mean: 16.071 % COHR: 12.677 % low: -371.12 % |
|
| Return On Sales (ROS) | 12.534 % | |
| Return On Sales QoQ | 6.374 % | |
| Return On Sales YoY | 179.465 % | |
| Return On Sales IPRWA | high: 40.821 % median: 20.489 % mean: 16.7 % COHR: 12.534 % low: -176.472 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -383.48 M | |
| Free Cash Flow Yield | -0.714 % | |
| Free Cash Flow Yield QoQ | 149.65 % | |
| Free Cash Flow Yield YoY | -250.951 % | |
| Free Cash Flow Yield IPRWA | high: 5.592 % median: 0.483 % mean: 0.331 % COHR: -0.714 % low: -18.584 % |
|
| Free Cash Growth | 300.72 % | |
| Free Cash Growth QoQ | 362.49 % | |
| Free Cash Growth YoY | -903.957 % | |
| Free Cash Growth IPRWA | COHR: 300.72 % high: 246.091 % mean: -27.776 % median: -43.487 % low: -399.154 % |
|
| Free Cash To Net Income | -2.004 | |
| Cash Flow Margin | 7.586 % | |
| Cash Flow To Earnings | 0.716 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.182 % | |
| Return On Assets QoQ | 20.0 % | |
| Return On Assets YoY | 974.545 % | |
| Return On Assets IPRWA | high: 12.143 % median: 2.381 % mean: 2.294 % COHR: 1.182 % low: -20.105 % |
|
| Return On Capital Employed (ROCE) | 1.509 % | |
| Return On Equity (ROE) | 0.018 | |
| Return On Equity QoQ | 4.366 % | |
| Return On Equity YoY | 509.864 % | |
| Return On Equity IPRWA | high: 0.162 median: 0.065 mean: 0.054 COHR: 0.018 low: -0.303 |
|
| DuPont ROE | 1.992 % | |
| Return On Invested Capital (ROIC) | 1.626 % | |
| Return On Invested Capital QoQ | 5.584 % | |
| Return On Invested Capital YoY | 266.216 % | |
| Return On Invested Capital IPRWA | high: 7.857 % median: 3.398 % mean: 2.987 % COHR: 1.626 % low: -10.75 % |
|