Recent News
On May 26, 2026 the company announced two‑year time charter contract extensions for its modern 1,800 TEU feeders M/V Stephania K and M/V Pepi Star. The extensions increase charter coverage for the fleet through parts of 2026 and 2027. A separate report notes a time‑charter extension for the EM Kea commencing July 14, 2026, and other short‑term feeder contracts that will begin in late July and August 2026, adding near‑term revenue visibility for selected vessels.
Technical Analysis
Directional indicators show mixed bearish signals: DI+ reads 18.78 with a peak‑and‑reversal and DI‑ reads 15.48 with a dip‑and‑reversal. Both directional moves favor downside bias while ADX at 12.88 indicates no established trend, implying momentum exists but lacks strength to sustain an extended directional move; this supports a near‑term consolidation that can pressure price despite the stock’s valuation advantages.
MACD currently registers 0.74 with a peak‑and‑reversal and the signal line sits at 0.47; the peak‑and‑reversal in MACD signals bearish momentum even as the MACD remains above its signal line, so watch momentum decay rather than assume a fresh bullish impulse. This increases the probability that short‑term gains roll into mean reversion rather than continuation.
MRO stands at 23.48 and the MRO trend shows increasing values; a positive MRO indicates price sits above the target implied by momentum/regression and suggests potential for a corrective move back toward valuation anchors, adding weight to near‑term downside pressure consistent with other momentum indicators.
RSI at 53.72 with a peak‑and‑reversal signals a recent loss of upward momentum from neutral levels rather than an overbought condition; that pattern reinforces the likelihood of sideways to modestly lower price action until momentum indicators reset.
Price sits above key long‑term averages — the last close at $69.23 exceeds the 200‑day average of $61.34 — which provides structural support for rebounds. Shorter averages (20‑ and 50‑day) cluster near the current price and Ichimoku components center around $68–$70, so technical structure points to a tight trading range with downside vulnerability if MACD and the directional indicators continue to weaken.
Fundamental Analysis
Operational performance shows strong margins and liquidity but weakening top‑line and earnings momentum. Total revenue for the period registers $55,836,784, down 1.47% year‑over‑year and down 4.20% quarter‑over‑quarter, indicating modest contraction in cargo revenue in the latest period. Net income from continuing operations equals $32,520,256. Earnings per share came in at $4.70 versus an estimate of $4.29, a positive EPS surprise of approximately 9.56%.
Margins remain the most notable strength: EBIT equals $35,529,782 and EBIT margin equals 63.63%. That EBIT margin sits well above the industry peer mean of 17.27% and exceeds the reported industry peer high of 60.02%, indicating exceptional operational leverage or non‑recurring mix effects in the period. Gross margin at 67.57% and operating margin at 61.24% confirm unusually high profitability relative to peers.
Profitability trends show deterioration in growth rates: EBIT margin contracted QoQ by 16.87% and YoY by 12.17%; earnings growth YoY declined by 61.97% while earnings growth QoQ fell 16.90%, highlighting volatile period‑over‑period comparisons despite strong headline margins. Return on equity stands at 6.63% and return on assets at 4.57%, both positive but down materially YoY and QoQ.
Liquidity and capital structure present strength: cash and short‑term investments total $193,285,830, the current ratio equals 5.46 and the cash ratio equals 4.99, indicating substantial short‑term coverage. Net debt equals $57,088,686 with total debt of $211,541,336 and interest coverage about 11.81x, so leverage remains manageable and interest servicing carries strong coverage. Debt‑to‑EBITDA stands near 5.01x.
Valuation metrics show contrast: P/E equals 14.29, P/B equals 0.97 (below the industry peer mean of 1.398), and free cash flow yield equals 6.04% (above the industry peer mean of 1.93%), supporting a value case. PS ratio runs higher at 8.49 versus an industry peer mean of 6.79. WMDST values the stock as under‑valued, citing robust margins, strong free cash flow and a conservative balance sheet despite weakening growth rates.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-21 |
| NEXT REPORT DATE: | 2026-08-20 |
| CASH FLOW | Begin Period Cash Flow | $ 183.3 M |
| Operating Cash Flow | $ 38.4 M | |
| Capital Expenditures | $ -9.79 M | |
| Change In Working Capital | $ -2.06 M | |
| Dividends Paid | $ -5.22 M | |
| Cash Flow Delta | $ -21.96 M | |
| End Period Cash Flow | $ 161.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 55.8 M | |
| Forward Revenue | $ 11.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 18.1 M | |
| Depreciation | $ 6.7 M | |
| Depreciation and Amortization | $ 6.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 21.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 37.7 M | |
| EBITDA | $ 42.2 M | |
| EBIT | $ 35.5 M | |
| Operating Income | $ 34.2 M | |
| Interest Income | $ 1.7 M | |
| Interest Expense | $ 3.0 M | |
| Net Interest Income | $ -1.31 M | |
| Income Before Tax | $ 32.5 M | |
| Tax Provision | — | |
| Tax Rate | 40.0 % | |
| Net Income | $ 32.5 M | |
| Net Income From Continuing Operations | $ 32.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.29 | |
| EPS Actual | $ 4.70 | |
| EPS Difference | $ 0.41 | |
| EPS Surprise | 9.557 % | |
| Forward EPS | $ 3.70 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 722.7 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 490.7 M | |
| Total Current Assets | $ 211.7 M | |
| Cash and Short-Term Investments | $ 193.3 M | |
| Cash | $ 154.5 M | |
| Net Receivables | $ 12.3 M | |
| Inventory | $ 3.0 M | |
| Long-Term Investments | $ 6.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 4.2 M | |
| Short-Term Debt | $ 18.3 M | |
| Total Current Liabilities | $ 38.8 M | |
| Net Debt | $ 57.1 M | |
| Total Debt | $ 211.5 M | |
| Total Liabilities | $ 232.0 M | |
| EQUITY | ||
| Total Equity | $ 490.7 M | |
| Retained Earnings | $ 230.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 69.54 | |
| Shares Outstanding | 7.056 M | |
| Revenue Per-Share | $ 7.91 | |
| VALUATION | Market Capitalization | $ 474.0 M |
| Enterprise Value | $ 492.3 M | |
| Enterprise Multiple | 11.662 | |
| Enterprise Multiple QoQ | 34.648 % | |
| Enterprise Multiple YoY | 40.024 % | |
| Enterprise Multiple IPRWA | high: 52.378 median: 31.149 mean: 24.103 ESEA: 11.662 low: -23.211 |
|
| EV/R | 8.816 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.473 | |
| Asset To Liability | 3.115 | |
| Debt To Capital | 0.301 | |
| Debt To Assets | 0.293 | |
| Debt To Assets QoQ | -5.431 % | |
| Debt To Assets YoY | -21.476 % | |
| Debt To Assets IPRWA | high: 0.804 mean: 0.328 ESEA: 0.293 median: 0.27 low: 0.077 |
|
| Debt To Equity | 0.431 | |
| Debt To Equity QoQ | -7.849 % | |
| Debt To Equity YoY | -32.749 % | |
| Debt To Equity IPRWA | high: 2.593 mean: 0.628 ESEA: 0.431 median: 0.347 low: 0.122 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.966 | |
| Price To Book QoQ | 12.272 % | |
| Price To Book YoY | 43.767 % | |
| Price To Book IPRWA | high: 2.104 mean: 1.398 median: 1.124 ESEA: 0.966 low: 0.029 |
|
| Price To Earnings (P/E) | 14.293 | |
| Price To Earnings QoQ | 13.308 % | |
| Price To Earnings YoY | 48.55 % | |
| Price To Earnings IPRWA | high: 163.124 mean: 44.547 median: 39.812 ESEA: 14.293 low: -36.305 |
|
| PE/G Ratio | 2.91 | |
| Price To Sales (P/S) | 8.489 | |
| Price To Sales QoQ | 22.173 % | |
| Price To Sales YoY | 88.7 % | |
| Price To Sales IPRWA | high: 18.9 ESEA: 8.489 median: 8.214 mean: 6.786 low: 0.258 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 16.511 | |
| Forward PE/G | 3.362 | |
| Forward P/S | 42.327 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.073 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.078 | |
| Asset Turnover Ratio QoQ | -5.979 % | |
| Asset Turnover Ratio YoY | -13.655 % | |
| Asset Turnover Ratio IPRWA | high: 0.182 median: 0.129 mean: 0.117 ESEA: 0.078 low: 0.025 |
|
| Receivables Turnover | 4.982 | |
| Receivables Turnover Ratio QoQ | -19.884 % | |
| Receivables Turnover Ratio YoY | -58.436 % | |
| Receivables Turnover Ratio IPRWA | high: 16.221 ESEA: 4.982 mean: 4.844 median: 3.48 low: 1.672 |
|
| Inventory Turnover | 6.193 | |
| Inventory Turnover Ratio QoQ | -10.357 % | |
| Inventory Turnover Ratio YoY | -9.781 % | |
| Inventory Turnover Ratio IPRWA | high: 10.139 ESEA: 6.193 mean: 3.832 median: 3.391 low: 1.536 |
|
| Days Sales Outstanding (DSO) | 18.317 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 12.872 | |
| Cash Conversion Cycle Days QoQ | 88.433 % | |
| Cash Conversion Cycle Days YoY | -1582.894 % | |
| Cash Conversion Cycle Days IPRWA | high: 78.866 mean: 27.8 median: 22.999 ESEA: 12.872 low: -4.571 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.323 | |
| CapEx To Revenue | -0.175 | |
| CapEx To Depreciation | -1.466 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 683.9 M | |
| Net Invested Capital | $ 702.2 M | |
| Invested Capital | $ 702.2 M | |
| Net Tangible Assets | $ 490.7 M | |
| Net Working Capital | $ 172.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 4.988 | |
| Current Ratio | 5.462 | |
| Current Ratio QoQ | 11.741 % | |
| Current Ratio YoY | 213.461 % | |
| Current Ratio IPRWA | high: 8.661 ESEA: 5.462 mean: 2.121 median: 1.592 low: 0.317 |
|
| Quick Ratio | 5.384 | |
| Quick Ratio QoQ | 11.778 % | |
| Quick Ratio YoY | 219.559 % | |
| Quick Ratio IPRWA | high: 8.403 ESEA: 5.384 mean: 2.201 median: 1.545 low: 0.904 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.012 | |
| Cost Of Debt | 0.843 % | |
| Interest Coverage Ratio | 11.806 | |
| Interest Coverage Ratio QoQ | -7.827 % | |
| Interest Coverage Ratio YoY | 13.003 % | |
| Interest Coverage Ratio IPRWA | high: 12.841 ESEA: 11.806 mean: 4.842 median: 4.693 low: -3.976 |
|
| Operating Cash Flow Ratio | 0.959 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 19.529 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.228 | |
| Dividend Payout Ratio | 0.161 | |
| Dividend Rate | $ 0.74 | |
| Dividend Yield | 0.011 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.173 % | |
| Revenue Growth | -2.702 % | |
| Revenue Growth QoQ | -419.763 % | |
| Revenue Growth YoY | -147.412 % | |
| Revenue Growth IPRWA | high: 29.104 % median: -0.901 % ESEA: -2.702 % mean: -2.814 % low: -26.438 % |
|
| Earnings Growth | 4.911 % | |
| Earnings Growth QoQ | -16.904 % | |
| Earnings Growth YoY | -61.969 % | |
| Earnings Growth IPRWA | high: 107.143 % ESEA: 4.911 % mean: -4.961 % median: -10.714 % low: -94.118 % |
|
| MARGINS | ||
| Gross Margin | 67.568 % | |
| Gross Margin QoQ | 0.87 % | |
| Gross Margin YoY | 11.947 % | |
| Gross Margin IPRWA | ESEA: 67.568 % high: 59.965 % mean: 26.067 % median: 25.747 % low: 4.096 % |
|
| EBIT Margin | 63.631 % | |
| EBIT Margin QoQ | -16.866 % | |
| EBIT Margin YoY | -12.171 % | |
| EBIT Margin IPRWA | ESEA: 63.631 % high: 60.024 % mean: 17.271 % median: 13.619 % low: -19.782 % |
|
| Return On Sales (ROS) | 61.243 % | |
| Return On Sales QoQ | 3.577 % | |
| Return On Sales YoY | -15.467 % | |
| Return On Sales IPRWA | ESEA: 61.243 % high: 51.19 % mean: 16.378 % median: 12.584 % low: -8.819 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 28.6 M | |
| Free Cash Flow Yield | 6.04 % | |
| Free Cash Flow Yield QoQ | -36.8 % | |
| Free Cash Flow Yield YoY | -199.065 % | |
| Free Cash Flow Yield IPRWA | high: 10.624 % ESEA: 6.04 % mean: 1.931 % median: 0.93 % low: -11.962 % |
|
| Free Cash Growth | -24.879 % | |
| Free Cash Growth QoQ | -115.393 % | |
| Free Cash Growth YoY | -87.949 % | |
| Free Cash Growth IPRWA | high: 115.335 % ESEA: -24.879 % mean: -47.167 % median: -62.157 % low: -176.705 % |
|
| Free Cash To Net Income | 0.88 | |
| Cash Flow Margin | 66.594 % | |
| Cash Flow To Earnings | 1.143 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 4.57 % | |
| Return On Assets QoQ | -22.398 % | |
| Return On Assets YoY | -23.245 % | |
| Return On Assets IPRWA | high: 5.56 % ESEA: 4.57 % median: 1.339 % mean: 1.285 % low: -0.797 % |
|
| Return On Capital Employed (ROCE) | 5.195 % | |
| Return On Equity (ROE) | 0.066 | |
| Return On Equity QoQ | -24.159 % | |
| Return On Equity YoY | -32.274 % | |
| Return On Equity IPRWA | high: 0.083 ESEA: 0.066 median: 0.024 mean: 0.021 low: -0.022 |
|
| DuPont ROE | 6.817 % | |
| Return On Invested Capital (ROIC) | 3.036 % | |
| Return On Invested Capital QoQ | -39.714 % | |
| Return On Invested Capital YoY | -40.968 % | |
| Return On Invested Capital IPRWA | high: 5.741 % ESEA: 3.036 % median: 2.03 % mean: 2.027 % low: 0.315 % |
|