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On July 24, 2025 the Board declared a quarterly distribution of $0.325 per common unit for the three months ended June 28, 2025, an annualized rate of $1.30 per common unit, payable August 12, 2025 to holders of record as of August 5, 2025.
Technical Analysis
ADX / DI+/DI-: ADX at 11.93 indicates no established trend; directional indicators diverge from that backdrop: DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal, both mapping to near-term bearish directional pressure. That directional weakness increases the chance of sideways-to-lower price action despite supportive valuation signals.
MACD: MACD sits at 0.02 below its signal line (0.05) and shows a peak-and-reversal, signaling bearish momentum. The lack of a MACD cross above the signal line reduces conviction for immediate bullish follow-through.
MRO (Momentum/Regression Oscillator): MRO at -14.71 indicates the model target lies above the current price, implying potential upward pressure toward fair-value levels; that suggests mean-reversion upside even while momentum indicators trend lower.
RSI: RSI near 49.9 with a peak-and-reversal indicates falling relative strength from the midpoint, reinforcing near-term bearish momentum rather than overbought conditions.
Price vs. Moving Averages & Bands: Close at $18.17 trades below the 200-day average ($18.81) and near shorter-term EMAs/averages ($18.36–$18.47) which show peak-and-reversal behavior. The price sits just below the 1x lower Bollinger band ($18.25) but above the 2x lower band ($18.04), suggesting limited immediate downside under current volatility. Volume runs slightly above the 10-day average while below the 200-day average, supporting a consolidation-biased near-term profile.
Fundamental Analysis
Profitability: EBIT of $4,288,000 produces an EBIT margin of 1.65%. That margin sits notably below the industry peer mean of 28.69% and industry peer median of 28.28%, reflecting lower operating profitability versus peers. Year-over-year, EBIT margin improved by 183.16%.
Earnings & Coverage: Reported EPS equaled -$0.23 versus an estimate of -$0.19, an EPS surprise of -21.05% and an EPS difference of -$0.04. Forward EPS stands at $0.5375, yielding a forward P/E of 35.60, while the reported trailing P/E appears negative due to the current loss.
Cash Flow & Distribution: Operating cash flow equals $95,543,000 and free cash flow equals $80,863,000, translating to a free cash flow yield of 6.75%, which sits above the industry peer mean of 1.60%. Free cash flow generation supports the declared quarterly distribution ($0.325 per unit) and aligns with WMDST’s valuation stance.
Leverage and Liquidity: Total debt equals $1,348,011,000 with net debt of $1,224,003,000 and debt-to-EBITDA of 58.6x, indicating heavy leverage relative to operating cash flow. Debt-to-assets equals 58.24%, above the industry peer mean of 50.61%. Interest coverage near 0.23x signals narrow margin to service interest expense. Current ratio at 0.70 sits below the industry peer mean of 0.83, while quick ratio of 0.46 approximates the industry peer low, highlighting compressed near-term liquidity.
Revenue and Margins Dynamics: Total revenue equals $260,150,000. Revenue growth year-over-year measures +14.01%, while revenue growth quarter-over-quarter registers -197.07%, reflecting large seasonal or period-to-period swings. Operating margin equals 2.15% with operating margin QoQ down -91.99% but operating margin YoY improved by 269.24%.
Valuation Summary: Enterprise multiple sits at 110.55 and market cap approximates $1.198 billion. WMDST values the stock as under-valued, driven primarily by a comparatively high free cash flow yield and continued distributions, offset by low trailing profitability and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-07 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 3.9 M |
| Operating Cash Flow | $ 95.5 M | |
| Capital Expenditures | $ -14.68 M | |
| Change In Working Capital | $ 88.7 M | |
| Dividends Paid | $ -21.11 M | |
| Cash Flow Delta | $ -2.54 M | |
| End Period Cash Flow | $ 1.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 260.1 M | |
| Forward Revenue | $ -154.16 M | |
| COSTS | ||
| Cost Of Revenue | $ 99.6 M | |
| Depreciation | $ 18.7 M | |
| Depreciation and Amortization | $ 18.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 254.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 160.6 M | |
| EBITDA | $ 23.0 M | |
| EBIT | $ 4.3 M | |
| Operating Income | $ 5.6 M | |
| Interest Income | — | |
| Interest Expense | $ 18.9 M | |
| Net Interest Income | $ -18.88 M | |
| Income Before Tax | $ -14.59 M | |
| Tax Provision | $ 242.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -14.84 M | |
| Net Income From Continuing Operations | $ -14.84 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.19 | |
| EPS Actual | $ -0.23 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -21.053 % | |
| Forward EPS | $ 0.54 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.3 B | |
| Intangible Assets | $ 1.2 B | |
| Net Tangible Assets | $ -1.25 B | |
| Total Current Assets | $ 175.2 M | |
| Cash and Short-Term Investments | $ 1.3 M | |
| Cash | $ 1.3 M | |
| Net Receivables | $ 79.9 M | |
| Inventory | $ 60.4 M | |
| Long-Term Investments | $ 80.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 26.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 250.6 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 646.1 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.95 | |
| Shares Outstanding | 65.420 M | |
| Revenue Per-Share | $ 4.00 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 2.5 B | |
| Enterprise Multiple | 110.548 | |
| Enterprise Multiple QoQ | 616.183 % | |
| Enterprise Multiple YoY | 62.441 % | |
| Enterprise Multiple IPRWA | SPH: 110.548 high: 57.658 mean: 45.162 median: 44.572 low: 7.055 |
|
| EV/R | 9.783 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.582 | |
| Asset To Liability | 1.387 | |
| Debt To Capital | 0.676 | |
| Debt To Assets | 0.582 | |
| Debt To Assets QoQ | -1.774 % | |
| Debt To Assets YoY | 1774.445 % | |
| Debt To Assets IPRWA | high: 0.875 SPH: 0.582 mean: 0.506 median: 0.493 low: 0.045 |
|
| Debt To Equity | 2.086 | |
| Debt To Equity QoQ | -1.497 % | |
| Debt To Equity YoY | 1685.341 % | |
| Debt To Equity IPRWA | high: 4.919 SPH: 2.086 mean: 1.489 median: 1.487 low: -2.559 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.855 | |
| Price To Book QoQ | -3.143 % | |
| Price To Book YoY | -2.004 % | |
| Price To Book IPRWA | high: 5.728 mean: 2.867 median: 2.262 SPH: 1.855 low: -1.71 |
|
| Price To Earnings (P/E) | -81.58 | |
| Price To Earnings QoQ | -958.785 % | |
| Price To Earnings YoY | 22.742 % | |
| Price To Earnings IPRWA | high: 130.319 mean: 74.892 median: 61.799 low: 11.891 SPH: -81.58 |
|
| PE/G Ratio | 0.735 | |
| Price To Sales (P/S) | 4.607 | |
| Price To Sales QoQ | 110.425 % | |
| Price To Sales YoY | 2.051 % | |
| Price To Sales IPRWA | high: 33.78 mean: 12.909 median: 12.041 SPH: 4.607 low: 0.375 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 35.603 | |
| Forward PE/G | -0.321 | |
| Forward P/S | -7.829 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.746 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.11 | |
| Asset Turnover Ratio QoQ | -55.074 % | |
| Asset Turnover Ratio YoY | 0.154 % | |
| Asset Turnover Ratio IPRWA | high: 0.153 SPH: 0.11 mean: 0.098 median: 0.073 low: 0.031 |
|
| Receivables Turnover | 2.258 | |
| Receivables Turnover Ratio QoQ | -47.053 % | |
| Receivables Turnover Ratio YoY | -12.743 % | |
| Receivables Turnover Ratio IPRWA | high: 8.107 mean: 2.517 SPH: 2.258 median: 2.07 low: 0.998 |
|
| Inventory Turnover | 1.678 | |
| Inventory Turnover Ratio QoQ | -58.87 % | |
| Inventory Turnover Ratio YoY | -2.907 % | |
| Inventory Turnover Ratio IPRWA | high: 14.263 mean: 5.044 median: 3.833 low: 2.539 SPH: 1.678 |
|
| Days Sales Outstanding (DSO) | 40.413 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 50.312 | |
| Cash Conversion Cycle Days QoQ | 160.308 % | |
| Cash Conversion Cycle Days YoY | 18.24 % | |
| Cash Conversion Cycle Days IPRWA | high: 77.024 SPH: 50.312 mean: 13.913 median: 10.228 low: -44.381 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.45 | |
| CapEx To Revenue | -0.056 | |
| CapEx To Depreciation | -0.784 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.9 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ -1.25 B | |
| Net Working Capital | $ -75.41 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.005 | |
| Current Ratio | 0.699 | |
| Current Ratio QoQ | -34.125 % | |
| Current Ratio YoY | 7.106 % | |
| Current Ratio IPRWA | high: 3.867 mean: 0.834 median: 0.773 SPH: 0.699 low: 0.536 |
|
| Quick Ratio | 0.458 | |
| Quick Ratio QoQ | -43.732 % | |
| Quick Ratio YoY | 1.914 % | |
| Quick Ratio IPRWA | high: 3.73 mean: 0.68 median: 0.619 SPH: 0.458 low: 0.457 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 58.551 | |
| Cost Of Debt | 1.077 % | |
| Interest Coverage Ratio | 0.227 | |
| Interest Coverage Ratio QoQ | -97.038 % | |
| Interest Coverage Ratio YoY | 182.616 % | |
| Interest Coverage Ratio IPRWA | high: 5.431 mean: 3.797 median: 3.541 low: 1.487 SPH: 0.227 |
|
| Operating Cash Flow Ratio | 0.239 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 12.445 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -0.703 | |
| Dividend Payout Ratio | -1.423 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.554 % | |
| Revenue Growth | -55.731 % | |
| Revenue Growth QoQ | -197.072 % | |
| Revenue Growth YoY | 14.011 % | |
| Revenue Growth IPRWA | high: 12.393 % median: -8.459 % mean: -10.049 % low: -26.296 % SPH: -55.731 % |
|
| Earnings Growth | -110.952 % | |
| Earnings Growth QoQ | -118.492 % | |
| Earnings Growth YoY | -4.102 % | |
| Earnings Growth IPRWA | high: 116.923 % mean: -7.364 % median: -11.111 % SPH: -110.952 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | 61.73 % | |
| Gross Margin QoQ | 5.058 % | |
| Gross Margin YoY | -1.898 % | |
| Gross Margin IPRWA | high: 79.612 % SPH: 61.73 % median: 43.651 % mean: 39.055 % low: 5.886 % |
|
| EBIT Margin | 1.648 % | |
| EBIT Margin QoQ | -93.858 % | |
| EBIT Margin YoY | 183.162 % | |
| EBIT Margin IPRWA | high: 59.871 % mean: 28.69 % median: 28.278 % SPH: 1.648 % low: 1.289 % |
|
| Return On Sales (ROS) | 2.149 % | |
| Return On Sales QoQ | -91.991 % | |
| Return On Sales YoY | 269.244 % | |
| Return On Sales IPRWA | high: 51.09 % median: 28.278 % mean: 26.117 % SPH: 2.149 % low: 1.309 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 80.9 M | |
| Free Cash Flow Yield | 6.747 % | |
| Free Cash Flow Yield QoQ | 317.512 % | |
| Free Cash Flow Yield YoY | 65.855 % | |
| Free Cash Flow Yield IPRWA | SPH: 6.747 % high: 3.713 % median: 1.662 % mean: 1.6 % low: -0.418 % |
|
| Free Cash Growth | 288.895 % | |
| Free Cash Growth QoQ | -221.354 % | |
| Free Cash Growth YoY | -1364.366 % | |
| Free Cash Growth IPRWA | SPH: 288.895 % high: 182.182 % mean: 33.627 % median: 4.038 % low: -107.189 % |
|
| Free Cash To Net Income | -5.451 | |
| Cash Flow Margin | 23.032 % | |
| Cash Flow To Earnings | -4.039 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.629 % | |
| Return On Assets QoQ | -110.973 % | |
| Return On Assets YoY | -15.457 % | |
| Return On Assets IPRWA | high: 3.884 % mean: 1.53 % median: 1.172 % low: 0.663 % SPH: -0.629 % |
|
| Return On Capital Employed (ROCE) | 0.208 % | |
| Return On Equity (ROE) | -0.023 | |
| Return On Equity QoQ | -111.249 % | |
| Return On Equity YoY | -18.898 % | |
| Return On Equity IPRWA | high: 0.113 mean: 0.042 median: 0.039 low: 0.023 SPH: -0.023 |
|
| DuPont ROE | -2.251 % | |
| Return On Invested Capital (ROIC) | 0.181 % | |
| Return On Invested Capital QoQ | -97.144 % | |
| Return On Invested Capital YoY | -89.78 % | |
| Return On Invested Capital IPRWA | high: 5.254 % mean: 2.516 % median: 2.297 % low: 1.457 % SPH: 0.181 % |
|