Recent News
On June 25 the company reported an additional repurchase of approximately 1.05 million Class A shares under its ongoing buyback program. On June 5 the company completed a repurchase of roughly 234,600 shares at a reported cost of about HK$9.99 million. The company cancelled over 31.3 million repurchased Class A shares on June 8, modestly shrinking the outstanding share count and confirming continued buyback execution.
Technical Analysis
Directional indicators show DI+ at 36.53 and increasing while DI- sits at 26.53 and decreasing; that combination signals bullish directional pressure even though ADX at 17.23 indicates insufficient trend strength to call a durable move.
MACD sits at 0.27 with the MACD line above the signal line (0.17) and an increasing MACD trend; the cross above the signal line constitutes a bullish momentum confirmation for the near term.
MRO reads -4.36 with a dip-and-reversal pattern; the negative MRO implies the current price sits below the model target and contains upside potential as momentum reverts toward fair value.
RSI at 54.15 with a peak-and-reversal characteristic suggests short-horizon momentum loss following a recent elevated reading, which tempers the bullish signals from DI+ and MACD and points to limited follow-through risk.
Price sits at $17.14 above the 200-day average ($16.59) and above short-term EMAs (12-day EMA $16.72, 26-day EMA $16.41); that placement supports a constructive bias but the low ADX cautions that any advance may lack sustained conviction.
Ichimoku components place the lead span A at $16.38 and span B at $17.16; the current price trades above span A but near span B, indicating short-term support beneath price while a higher cloud boundary caps immediate strength.
Fundamental Analysis
Profitability: Operating (EBIT) stands at $1,272,720,000 and operating margin registers 6.74%. That operating margin sits above the industry peer mean of 3.11% and the industry peer median of 1.995%, indicating a relative advantage on current margin conversion.
Earnings: Reported EPS came in at $1.42 versus an estimate of $0.91, an EPS surprise of +56.04% (difference $0.51). Earnings growth year-over-year equals 3,239.14%, with a large sequential contraction quarter-over-quarter of -454.15% (QoQ), reflecting high variability in period comparisons.
Top-line: Revenue fell 40.69% year-over-year while showing a QoQ increase of 296.53%; the sharp YoY decline contrasts with a material sequential rebound, suggesting lumpy revenue timing across reporting periods rather than steady contraction.
Cash and leverage: Cash and short-term investments total $44.99B against a market capitalization of $56.93B, yielding a cash ratio of 109.60% and a current ratio of 1.63. Total debt equals $16.27B and debt-to-assets equals 14.49%, below the industry peer mean of 29.15%, reflecting a conservative balance-sheet leverage posture versus peers.
Cash flow: Free cash flow registered negative $1.47B and a free cash flow yield of -2.58%, trailing the industry peer mean free cash flow yield of -1.47%. Operating cash flow also came in negative, signaling that cash generation lags accounting profitability and remains the principal short-term valuation constraint.
Margins and returns: Gross margin stands at 24.14% while return on equity equals 1.95% and return on assets 1.10%, showing profitable operations but modest capital returns given asset intensity. Interest coverage remains robust at 45.21x.
Valuation: WMDST values the stock as under-valued; enterprise multiples and forward P/E appear elevated versus trailing earnings but the margin recovery, substantial cash balance, and ongoing buybacks temper headline multiple risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-19 |
| NEXT REPORT DATE: | 2026-08-18 |
| CASH FLOW | Begin Period Cash Flow | $ 15.9 B |
| Operating Cash Flow | $ -1.47 B | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -2.73 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.0 B | |
| End Period Cash Flow | $ 20.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 18.9 B | |
| Forward Revenue | $ 3.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 14.3 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 492.6 M | |
| Total Operating Expenses | $ 17.6 B | |
| PROFITABILITY | ||
| Gross Profit | $ 4.6 B | |
| EBITDA | $ 1.3 B | |
| EBIT | $ 1.3 B | |
| Operating Income | $ 1.3 B | |
| Interest Income | $ 134.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 134.9 M | |
| Income Before Tax | $ 1.8 B | |
| Tax Provision | $ 576.6 M | |
| Tax Rate | 31.481 % | |
| Net Income | $ 1.3 B | |
| Net Income From Continuing Operations | $ 1.3 B | |
| EARNINGS | ||
| EPS Estimate | $ 0.91 | |
| EPS Actual | $ 1.42 | |
| EPS Difference | $ 0.51 | |
| EPS Surprise | 56.044 % | |
| Forward EPS | $ 0.28 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 112.3 B | |
| Intangible Assets | $ 5.4 B | |
| Net Tangible Assets | $ 59.0 B | |
| Total Current Assets | $ 67.1 B | |
| Cash and Short-Term Investments | $ 45.0 B | |
| Cash | $ 11.1 B | |
| Net Receivables | $ 4.0 B | |
| Inventory | $ 2.8 B | |
| Long-Term Investments | $ 1.9 B | |
| LIABILITIES | ||
| Accounts Payable | $ 5.0 B | |
| Short-Term Debt | $ 817.5 M | |
| Total Current Liabilities | $ 41.0 B | |
| Net Debt | — | |
| Total Debt | $ 16.3 B | |
| Total Liabilities | $ 47.9 B | |
| EQUITY | ||
| Total Equity | $ 64.4 B | |
| Retained Earnings | $ 2.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 19.13 | |
| Shares Outstanding | 3.366 B | |
| Revenue Per-Share | $ 5.61 | |
| VALUATION | Market Capitalization | $ 56.9 B |
| Enterprise Value | $ 28.2 B | |
| Enterprise Multiple | 22.168 | |
| Enterprise Multiple QoQ | 72.45 % | |
| Enterprise Multiple YoY | -72.838 % | |
| Enterprise Multiple IPRWA | high: 218.433 median: 88.276 mean: 87.475 BEKE: 22.168 low: -182.291 |
|
| EV/R | 1.493 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.745 | |
| Asset To Liability | 2.345 | |
| Debt To Capital | 0.202 | |
| Debt To Assets | 0.145 | |
| Debt To Assets QoQ | -9.979 % | |
| Debt To Assets YoY | -15.301 % | |
| Debt To Assets IPRWA | high: 1.342 median: 0.299 mean: 0.291 BEKE: 0.145 low: 0.0 |
|
| Debt To Equity | 0.253 | |
| Debt To Equity QoQ | -10.552 % | |
| Debt To Equity YoY | -22.122 % | |
| Debt To Equity IPRWA | high: 4.543 median: 0.956 mean: 0.94 BEKE: 0.253 low: -2.299 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.884 | |
| Price To Book QoQ | 0.751 % | |
| Price To Book YoY | -13.664 % | |
| Price To Book IPRWA | high: 8.558 mean: 2.813 median: 2.463 BEKE: 0.884 low: -1.436 |
|
| Price To Earnings (P/E) | 11.911 | |
| Price To Earnings QoQ | -68.308 % | |
| Price To Earnings YoY | -29.832 % | |
| Price To Earnings IPRWA | high: 353.676 mean: 103.561 median: 90.79 BEKE: 11.911 low: -104.727 |
|
| PE/G Ratio | 0.057 | |
| Price To Sales (P/S) | 3.013 | |
| Price To Sales QoQ | 14.648 % | |
| Price To Sales YoY | -0.297 % | |
| Price To Sales IPRWA | high: 62.054 mean: 9.936 median: 4.066 BEKE: 3.013 low: 0.033 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.206 | |
| Forward PE/G | 0.288 | |
| Forward P/S | 16.059 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.028 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.165 | |
| Asset Turnover Ratio QoQ | -12.261 % | |
| Asset Turnover Ratio YoY | -6.716 % | |
| Asset Turnover Ratio IPRWA | high: 0.56 mean: 0.201 BEKE: 0.165 median: 0.13 low: 0.002 |
|
| Receivables Turnover | 4.738 | |
| Receivables Turnover Ratio QoQ | -17.628 % | |
| Receivables Turnover Ratio YoY | 5.992 % | |
| Receivables Turnover Ratio IPRWA | high: 20.641 BEKE: 4.738 mean: 3.166 median: 1.578 low: 0.281 |
|
| Inventory Turnover | 5.069 | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | high: 44.428 mean: 10.31 BEKE: 5.069 median: 1.057 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 19.258 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.126 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -140.502 % | |
| Cash Conversion Cycle Days IPRWA | high: 167.532 mean: 31.443 median: 9.285 BEKE: 5.126 low: -50.366 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.726 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 65.1 B | |
| Net Invested Capital | $ 66.0 B | |
| Invested Capital | $ 66.0 B | |
| Net Tangible Assets | $ 59.0 B | |
| Net Working Capital | $ 26.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.096 | |
| Current Ratio | 1.634 | |
| Current Ratio QoQ | 1.741 % | |
| Current Ratio YoY | 22.893 % | |
| Current Ratio IPRWA | high: 10.921 mean: 1.811 BEKE: 1.634 median: 1.384 low: 0.471 |
|
| Quick Ratio | 1.566 | |
| Quick Ratio QoQ | 1.757 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 11.239 mean: 1.907 BEKE: 1.566 median: 1.492 low: 0.448 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.784 | |
| Cost Of Debt | 0.106 % | |
| Interest Coverage Ratio | 45.207 | |
| Interest Coverage Ratio QoQ | -44.995 % | |
| Interest Coverage Ratio YoY | 115.509 % | |
| Interest Coverage Ratio IPRWA | BEKE: 45.207 high: 21.15 median: 3.119 mean: 2.771 low: -38.698 |
|
| Operating Cash Flow Ratio | 0.004 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.932 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.73 % | |
| Revenue Growth | -14.858 % | |
| Revenue Growth QoQ | 296.531 % | |
| Revenue Growth YoY | -40.687 % | |
| Revenue Growth IPRWA | high: 79.044 % mean: -3.085 % median: -5.215 % BEKE: -14.858 % low: -82.107 % |
|
| Earnings Growth | 208.696 % | |
| Earnings Growth QoQ | -454.148 % | |
| Earnings Growth YoY | 3239.136 % | |
| Earnings Growth IPRWA | BEKE: 208.696 % high: 163.636 % median: -41.026 % mean: -42.805 % low: -123.529 % |
|
| MARGINS | ||
| Gross Margin | 24.137 % | |
| Gross Margin QoQ | 12.6 % | |
| Gross Margin YoY | 16.801 % | |
| Gross Margin IPRWA | high: 100.0 % mean: 41.799 % median: 38.306 % BEKE: 24.137 % low: -50.277 % |
|
| EBIT Margin | 6.737 % | |
| EBIT Margin QoQ | -35.395 % | |
| EBIT Margin YoY | 166.074 % | |
| EBIT Margin IPRWA | high: 61.604 % BEKE: 6.737 % mean: 3.111 % median: 1.995 % low: -58.12 % |
|
| Return On Sales (ROS) | 6.737 % | |
| Return On Sales QoQ | 226.88 % | |
| Return On Sales YoY | 166.074 % | |
| Return On Sales IPRWA | high: 41.436 % BEKE: 6.737 % mean: 5.985 % median: 3.287 % low: -70.996 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.47 B | |
| Free Cash Flow Yield | -2.584 % | |
| Free Cash Flow Yield QoQ | -215.564 % | |
| Free Cash Flow Yield YoY | -54.054 % | |
| Free Cash Flow Yield IPRWA | high: 20.933 % mean: -1.472 % median: -2.117 % BEKE: -2.584 % low: -11.83 % |
|
| Free Cash Growth | -212.827 % | |
| Free Cash Growth QoQ | -499.961 % | |
| Free Cash Growth YoY | 8.235 % | |
| Free Cash Growth IPRWA | high: 507.935 % mean: -48.9 % median: -164.903 % BEKE: -212.827 % low: -498.104 % |
|
| Free Cash To Net Income | -1.172 | |
| Cash Flow Margin | 0.841 % | |
| Cash Flow To Earnings | 0.126 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.097 % | |
| Return On Assets QoQ | 1382.432 % | |
| Return On Assets YoY | 69.029 % | |
| Return On Assets IPRWA | high: 2.387 % BEKE: 1.097 % median: 0.627 % mean: 0.456 % low: -4.297 % |
|
| Return On Capital Employed (ROCE) | 1.786 % | |
| Return On Equity (ROE) | 0.019 | |
| Return On Equity QoQ | 1377.273 % | |
| Return On Equity YoY | 56.879 % | |
| Return On Equity IPRWA | high: 0.037 BEKE: 0.019 mean: 0.013 median: 0.01 low: -0.097 |
|
| DuPont ROE | 1.92 % | |
| Return On Invested Capital (ROIC) | 1.322 % | |
| Return On Invested Capital QoQ | -48.52 % | |
| Return On Invested Capital YoY | 149.905 % | |
| Return On Invested Capital IPRWA | high: 3.815 % BEKE: 1.322 % median: 0.96 % mean: 0.581 % low: -4.039 % |
|