Recent News
On July 1, 2025 the company withdrew its prior 2025 GAAP and adjusted EPS guidance after preliminary Marketplace data indicated lower growth and materially higher morbidity, prompting a refiling of 2026 Marketplace rates. On August 8, 2025 a class-action complaint surfaced alleging misstatements tied to prior guidance disclosures. Coverage since June also highlighted the company’s decision to pull its 2025 outlook and the resulting market and analyst reactions.
Technical Analysis
ADX at 22.98 indicates an emerging trend strength; this level supports the notion that recent directional readings carry informational value for the near term.
DI+ shows a dip & reversal — bullish; DI- shows a dip & reversal — bearish. The simultaneous reversal in both directional indicators signals competing directional pressure, with neither side clearly dominant.
MACD sits at -0.71 and has crossed above its signal line (-1.35); that cross signals a shift toward bullish momentum despite MACD remaining below zero, aligning with a near-term momentum pickup.
MRO at -9.43 registers negative territory, indicating price sits below the oscillator target and that mean-reversion pressure could push price toward that target if momentum persists.
RSI at 37.15 with a peak & reversal pattern reads as downward pressure from recent highs and leaves room for a stabilizing rebound rather than immediate overbought risk.
Price trades below the 20-, 50- and 200-day averages ($29.05, $31.21 and $52.52 respectively), and the close of $28.65 sits within a dip & reversal inside the -2x Bollinger band context; moving-average placement and Bollinger position reflect residual selling with a nascent mean-reversion bias. Volume today (24.0M) exceeds the 10-day average (11.25M), supporting the visibility of recent directional moves.
Fundamental Analysis
Total revenue measured $48,742,000,000 for the period; revenue growth registers 4.55% while sequential revenue growth (QoQ) reads -68.06% and the reported year-over-year change shows -422.15%—the QoQ and YoY figures highlight volatile period-to-period comparisons that constrain near-term margin recovery plans.
Net income stood at -$253,000,000 and operating income at -$403,000,000; operating margin equals -0.827% and EBIT margin equals -0.178%, with EBIT margin below the industry peer mean of 6.562%.
Cash flows show strength: operating cash flow totaled $1,785,000,000 and free cash flow reached $1,577,000,000, producing a free cash flow yield of 8.98%, above the industry peer mean of 1.02% and supporting a valuation cushion versus reported operating losses.
Balance-sheet and leverage metrics display mixed signals: total debt equals $17,577,000,000 with net debt of $3,064,000,000; debt-to-equity sits at 64.14% and debt-to-EBITDA reads 77.09x, the latter indicating elevated leverage relative to typical operating earnings. Debt-to-assets equals 20.35% and current ratio equals 1.10, roughly in line with the industry peer mean current ratio of 1.08.
Return metrics remain negative: return on equity at -0.92% and return on assets at -0.29%. Book value per share stands at $55.80 while market capitalization equals $17,558,194,346 and enterprise value equals $17,854,194,346; the enterprise multiple sits near 78.31x.
Valuation context: WMDST values the stock as under-valued. The combination of a near-9% free cash flow yield and ample cash balances ($14,513,000,000) contrasts with negative operating margins and elevated leverage, producing a valuation that reflects risk-adjusted upside if margins stabilize and marketplace morbidity guidance clears.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-25 |
| NEXT REPORT DATE: | 2025-10-24 |
| CASH FLOW | Begin Period Cash Flow | $ 14.9 B |
| Operating Cash Flow | $ 1.8 B | |
| Capital Expenditures | $ -208.00 M | |
| Change In Working Capital | $ 1.7 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -288.00 M | |
| End Period Cash Flow | $ 14.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 48.7 B | |
| Forward Revenue | $ -41.63 B | |
| COSTS | ||
| Cost Of Revenue | $ 45.8 B | |
| Depreciation | $ 142.0 M | |
| Depreciation and Amortization | $ 315.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 49.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.9 B | |
| EBITDA | $ 228.0 M | |
| EBIT | $ -87.00 M | |
| Operating Income | $ -403.00 M | |
| Interest Income | — | |
| Interest Expense | $ 170.0 M | |
| Net Interest Income | $ -170.00 M | |
| Income Before Tax | $ -257.00 M | |
| Tax Provision | $ 2.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -253.00 M | |
| Net Income From Continuing Operations | $ -259.00 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 1.76 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 86.4 B | |
| Intangible Assets | $ 22.6 B | |
| Net Tangible Assets | $ 4.8 B | |
| Total Current Assets | $ 40.4 B | |
| Cash and Short-Term Investments | $ 17.3 B | |
| Cash | $ 14.5 B | |
| Net Receivables | $ 21.6 B | |
| Inventory | — | |
| Long-Term Investments | $ 2.5 B | |
| LIABILITIES | ||
| Accounts Payable | $ 13.5 B | |
| Short-Term Debt | $ 25.0 M | |
| Total Current Liabilities | $ 36.8 B | |
| Net Debt | $ 3.1 B | |
| Total Debt | $ 17.6 B | |
| Total Liabilities | $ 58.9 B | |
| EQUITY | ||
| Total Equity | $ 27.4 B | |
| Retained Earnings | $ 16.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 55.80 | |
| Shares Outstanding | 491.128 M | |
| Revenue Per-Share | $ 99.25 | |
| VALUATION | Market Capitalization | $ 17.6 B |
| Enterprise Value | $ 17.9 B | |
| Enterprise Multiple | 78.308 | |
| Enterprise Multiple QoQ | 458.445 % | |
| Enterprise Multiple YoY | 844.613 % | |
| Enterprise Multiple IPRWA | high: 109.942 CNC: 78.308 mean: 48.798 median: 42.564 low: -33.18 |
|
| EV/R | 0.366 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.152 | |
| Asset To Liability | 1.467 | |
| Debt To Capital | 0.391 | |
| Debt To Assets | 0.203 | |
| Debt To Assets QoQ | -3.335 % | |
| Debt To Assets YoY | 14970.37 % | |
| Debt To Assets IPRWA | high: 0.904 mean: 0.345 median: 0.25 CNC: 0.203 low: 0.002 |
|
| Debt To Equity | 0.641 | |
| Debt To Equity QoQ | -2.269 % | |
| Debt To Equity YoY | 15581.174 % | |
| Debt To Equity IPRWA | high: 4.335 mean: 1.026 median: 0.765 CNC: 0.641 low: -0.196 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.641 | |
| Price To Book QoQ | -40.879 % | |
| Price To Book YoY | -52.208 % | |
| Price To Book IPRWA | high: 7.262 mean: 2.042 median: 1.685 CNC: 0.641 low: -0.257 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 0.36 | |
| Price To Sales QoQ | -44.485 % | |
| Price To Sales YoY | -60.862 % | |
| Price To Sales IPRWA | high: 12.717 mean: 2.321 median: 1.192 CNC: 0.36 low: 0.067 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.735 | |
| Forward PE/G | — | |
| Forward P/S | -0.422 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -22.967 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.562 | |
| Asset Turnover Ratio QoQ | 2.172 % | |
| Asset Turnover Ratio YoY | 16.942 % | |
| Asset Turnover Ratio IPRWA | high: 1.251 CNC: 0.562 mean: 0.519 median: 0.412 low: 0.07 |
|
| Receivables Turnover | 2.216 | |
| Receivables Turnover Ratio QoQ | 0.181 % | |
| Receivables Turnover Ratio YoY | -7.064 % | |
| Receivables Turnover Ratio IPRWA | high: 7.227 median: 3.879 mean: 3.615 CNC: 2.216 low: 0.428 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 41.175 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 13.528 | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -1.465 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 45.0 B | |
| Net Invested Capital | $ 45.0 B | |
| Invested Capital | $ 45.0 B | |
| Net Tangible Assets | $ 4.8 B | |
| Net Working Capital | $ 3.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.47 | |
| Current Ratio | 1.098 | |
| Current Ratio QoQ | -1.229 % | |
| Current Ratio YoY | -6.435 % | |
| Current Ratio IPRWA | high: 2.697 CNC: 1.098 mean: 1.08 median: 0.976 low: 0.025 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 77.092 | |
| Cost Of Debt | 0.748 % | |
| Interest Coverage Ratio | -0.512 | |
| Interest Coverage Ratio QoQ | -104.541 % | |
| Interest Coverage Ratio YoY | -105.323 % | |
| Interest Coverage Ratio IPRWA | high: 34.501 mean: 8.611 median: 6.997 CNC: -0.512 low: -13.311 |
|
| Operating Cash Flow Ratio | 0.014 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 30.258 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.746 % | |
| Revenue Growth | 4.552 % | |
| Revenue Growth QoQ | -68.058 % | |
| Revenue Growth YoY | -422.151 % | |
| Revenue Growth IPRWA | high: 14.746 % CNC: 4.552 % mean: 3.127 % median: 2.641 % low: -8.99 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 6.046 % | |
| Gross Margin QoQ | -45.815 % | |
| Gross Margin YoY | -45.62 % | |
| Gross Margin IPRWA | high: 96.718 % mean: 27.519 % median: 16.688 % CNC: 6.046 % low: -3.758 % |
|
| EBIT Margin | -0.178 % | |
| EBIT Margin QoQ | -104.331 % | |
| EBIT Margin YoY | -104.191 % | |
| EBIT Margin IPRWA | high: 20.811 % mean: 6.562 % median: 3.507 % CNC: -0.178 % low: -12.746 % |
|
| Return On Sales (ROS) | -0.827 % | |
| Return On Sales QoQ | -120.122 % | |
| Return On Sales YoY | -119.473 % | |
| Return On Sales IPRWA | high: 17.775 % mean: 7.673 % median: 3.264 % CNC: -0.827 % low: -33.294 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.6 B | |
| Free Cash Flow Yield | 8.982 % | |
| Free Cash Flow Yield QoQ | 97.624 % | |
| Free Cash Flow Yield YoY | 65.567 % | |
| Free Cash Flow Yield IPRWA | high: 10.465 % CNC: 8.982 % median: 1.538 % mean: 1.02 % low: -16.999 % |
|
| Free Cash Growth | 14.691 % | |
| Free Cash Growth QoQ | -105.145 % | |
| Free Cash Growth YoY | -103.435 % | |
| Free Cash Growth IPRWA | high: 530.898 % mean: 21.138 % CNC: 14.691 % median: -66.168 % low: -877.035 % |
|
| Free Cash To Net Income | -6.233 | |
| Cash Flow Margin | 1.063 % | |
| Cash Flow To Earnings | -2.047 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.292 % | |
| Return On Assets QoQ | -118.875 % | |
| Return On Assets YoY | -121.114 % | |
| Return On Assets IPRWA | high: 4.764 % mean: 1.383 % median: 1.014 % CNC: -0.292 % low: -5.726 % |
|
| Return On Capital Employed (ROCE) | -0.175 % | |
| Return On Equity (ROE) | -0.009 | |
| Return On Equity QoQ | -119.655 % | |
| Return On Equity YoY | -122.029 % | |
| Return On Equity IPRWA | high: 0.216 median: 0.013 CNC: -0.009 mean: -0.104 low: -0.777 |
|
| DuPont ROE | -0.915 % | |
| Return On Invested Capital (ROIC) | -0.153 % | |
| Return On Invested Capital QoQ | -104.904 % | |
| Return On Invested Capital YoY | -97.595 % | |
| Return On Invested Capital IPRWA | high: 7.951 % mean: 3.073 % median: 2.711 % CNC: -0.153 % low: -10.982 % |
|