Recent News
On June 12, 2026 shareholders approved board re-elections and share-authority items at the annual general meeting; subsequently the company commenced an equity buyback for 349,377,597 shares under that authorization. Markets recorded analyst activity and price-target updates through late August, and the company scheduled and later announced second-quarter 2026 unaudited results for reporting in August.
Technical Analysis
Directional indicators show mixed structure: ADX at 19.76 signals no dominant trend, yet DI+ at 37.08 increasing constitutes a bullish directional development while DI- at 23.03 peak-and-reversal also signals a bullish shift; together they indicate constructive directional pressure without a strong trend backbone.
MACD sits at 0.32 and has crossed above its 0.27 signal line with an increasing MACD trend, confirming bullish momentum on the price oscillator and supporting near-term upward bias tied to the introduction of buyback activity and improving profitability.
MRO at 19.66 reads positive, which reflects price sitting above the WMDST target and implies potential downside pressure from stretched short-term momentum; the MRO peak-and-reverse trend suggests that upside momentum may moderate from current levels.
RSI at 55.62 and increasing indicates neutral-to-modestly bullish momentum without overbought conditions, compatible with a steady continuation rather than an extended breakout move.
Price sits above short- and long-term averages: close $17.87 exceeds the 12-day and 26-day EMAs ($17.43 / $17.08) and the 50-/200-day averages ($16.30 / $16.59), a configuration that supports modest bullish bias. Price trades near the upper Bollinger band (upper 1σ $17.78), with superTrend lower support at $17.01; intraday volume slightly above 10- and 50-day averages confirms active participation on recent moves.
Fundamental Analysis
Profitability shows meaningful improvement on an absolute basis: operating income (EBIT) $1,272,720,000 and EBIT margin 6.74%. EBIT margin sits above the industry peer mean of 3.11% and above the industry peer median of 1.995%, supporting the valuation context that the business currently generates higher operating profitability than typical peers.
Earnings per share landed at $2.85 versus an estimate of $2.12, an EPS beat of $0.73 representing a 34.43% surprise. That beat materially lifted trailing profitability metrics even as revenue trends diverge.
Top-line dynamics show mixed timing: total revenue $18,891,977,000 with reported revenue growth YoY at -40.69% and revenue growth QoQ at 296.53%, indicating a year-over-year contraction but a strong sequential rebound in the most recent quarter; operating margin YoY rose 166.07% while operating margin QoQ fell 35.40%, reflecting volatile margin swings across periods.
Liquidity and balance-sheet metrics remain robust: cash and short-term investments total $44.99 billion and the cash ratio stands at 1.10; total debt $16.27 billion yields debt-to-assets 14.49% and debt-to-equity 0.25, while interest coverage near 45.21x demonstrates comfortable coverage of interest expense.
Cash flow shows stress in free cash flow: free cash flow -$1.47 billion and free cash flow yield -2.58%, with free cash growth negative year-over-year; operating cash flow also recorded negative in the most recent reporting period, creating a caution point despite large cash balances.
Valuation picture: trailing P/E about 11.91 with forward P/E around 60.21 driven by a low forward EPS disposition; price-to-book stands at 0.88, below the industry peer mean of 2.81 and below the industry peer median of 2.46, aligning with WMDST’s determination that the current valuation reads as under-valued relative to book multiples. Enterprise metrics show EVR ~1.49 and enterprise multiple 22.17x.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-21 |
| NEXT REPORT DATE: | 2026-11-20 |
| 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 | $ 3.9 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 | $ 2.12 | |
| EPS Actual | $ 2.85 | |
| EPS Difference | $ 0.73 | |
| EPS Surprise | 34.434 % | |
| Forward EPS | $ 0.31 | |
| 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 % |
|