Recent News
On July 14 the company’s insider activity showed net insider sales totaling roughly $1.5m. On July 22 commentary flagged a one-month share decline of about 26% relative to prior gains. On August 28 a large asset manager trimmed its reported holdings in Antero Resources.
Technical Analysis
Directional indicators show ADX at 14.52, indicating no established trend; DI+ at 21.70 registered a dip & reversal, which reads bullish for near-term directional bias while DI- at 20.62 peaked and reversed, which reads bearish — the crossover behavior implies short-term buyer resolve against lingering selling pressure.
MACD sits at 0.02 with a MACD signal of -0.20 and a MACD trend labeled dip & reversal; MACD has crossed above its signal line, producing a bullish momentum signal that supports a near-term price lift narrative.
MRO equals -4.71 and shows an increasing trend; the negative MRO indicates price below its regression target and therefore technical potential for upward reversion, with the upward MRO trend reinforcing that corrective pressure may build.
RSI at 46.41 with a dip & reversal describes a rebound from lower momentum; the current RSI level does not indicate overbought conditions and supports limited upside without immediate exhaustion.
Price relationships: the close at $33.92 trades above the 20-day and 50-day averages ($32.62) and the 12-day EMA ($32.68), each labeled with short-term dip & reversal behavior, which favors intramonth strength. The close sits below the 200-day average ($36.14), preserving a longer-term cap on upside until the 200-day average yields. Bollinger upper/lower bands range roughly $31.30–$33.94, placing the current price near the upper band and within the one- to two-standard-deviation envelope.
Ichimoku components place price beneath Senkou A ($34.10) and Senkou B ($37.98), indicating resistance inside the cloud; the SuperTrend lower support sits at $31.62, which provides a nearby technical support floor for short-term rallies.
Fundamental Analysis
Revenue totaled $1,204,043,000 with YoY revenue growth of 10.58% and reported quarter-over-quarter movement per the data. Net income stood at $156,585,000 while EBIT measured $234,717,000 and EBITDA $423,248,000, producing an EBIT margin of 19.49%. EBIT margin fell QoQ by 8.67% and the year-over-year margin figure in the record indicates larger nominal change over the prior period.
EPS came in at $0.35 versus an estimate of $0.42, an EPS surprise of -16.67% and an EPS shortfall of $0.07. Forward EPS for the company sits at $0.5375, implying a forward P/E of 72.26x compared with the reported trailing P/E of 105.89x.
Capital allocation and cash generation present offsetting fundamentals. Free cash flow reached $465,149,000 producing a free cash flow yield of 4.36%, above the industry peer mean free cash flow yield of 0.57%. Management used free cash flow to reduce leverage and repurchase shares during the period, including notable debt paydown and buyback activity reported through late July.
Leverage metrics remain elevated: net debt equals $1,098,669,000 and debt-to-EBITDA measures 8.25x while debt-to-equity sits at 0.48, above the industry peer mean debt-to-equity near 0.29. Interest coverage reads 11.76x, which supports debt service despite the leverage multiple.
Profitability and efficiency skew below peer central tendencies: gross margin at 20.15% and operating margin at 14.28% both lie below the industry peer mean margins (gross margin mean ~55.96%, operating margin mean ~30.22%). Return on equity of 2.14% and return on assets of 1.21% fall beneath the industry peer means. Asset turnover at about 9.33% sits slightly below the industry peer mean of ~10.71%.
Valuation context: WMDST values the stock as under-valued. The valuation thesis rests on robust free cash flow generation and active capital returns that have materially reduced net debt, while elevated leverage ratios and compressed margins justify a cautious fundamental ceiling until margins and leverage show sustained improvement.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ 492.4 M | |
| Capital Expenditures | $ -27.21 M | |
| Change In Working Capital | $ 116.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ 320.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 961.4 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.0 B | |
| PROFITABILITY | ||
| Gross Profit | $ 242.7 M | |
| EBITDA | $ 423.2 M | |
| EBIT | $ 234.7 M | |
| Operating Income | $ 171.9 M | |
| Interest Income | — | |
| Interest Expense | $ 20.0 M | |
| Net Interest Income | $ -19.95 M | |
| Income Before Tax | $ 214.8 M | |
| Tax Provision | $ 48.2 M | |
| Tax Rate | 22.0 % | |
| Net Income | $ 156.6 M | |
| Net Income From Continuing Operations | $ 166.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.42 | |
| EPS Actual | $ 0.35 | |
| EPS Difference | $ -0.07 | |
| EPS Surprise | -16.667 % | |
| Forward EPS | $ 0.54 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 7.3 B | |
| Total Current Assets | $ 427.5 M | |
| Cash and Short-Term Investments | — | |
| Cash | — | |
| Net Receivables | $ 31.6 M | |
| Inventory | — | |
| Long-Term Investments | $ 35.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 39.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.4 B | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 3.5 B | |
| Total Liabilities | $ 5.3 B | |
| EQUITY | ||
| Total Equity | $ 7.3 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.53 | |
| Shares Outstanding | 309.869 M | |
| Revenue Per-Share | $ 3.88 | |
| VALUATION | Market Capitalization | $ 10.7 B |
| Enterprise Value | $ 14.2 B | |
| Enterprise Multiple | 33.438 | |
| Enterprise Multiple QoQ | 7.672 % | |
| Enterprise Multiple YoY | -47.423 % | |
| Enterprise Multiple IPRWA | high: 116.188 AR: 33.438 mean: 28.147 median: 22.553 low: -28.513 |
|
| EV/R | 11.754 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.747 | |
| Asset To Liability | 2.417 | |
| Debt To Capital | 0.323 | |
| Debt To Assets | 0.274 | |
| Debt To Assets QoQ | -6.252 % | |
| Debt To Assets YoY | 598.086 % | |
| Debt To Assets IPRWA | high: 0.47 AR: 0.274 mean: 0.145 median: 0.099 low: 0.003 |
|
| Debt To Equity | 0.478 | |
| Debt To Equity QoQ | -9.382 % | |
| Debt To Equity YoY | 535.136 % | |
| Debt To Equity IPRWA | high: 1.386 AR: 0.478 mean: 0.292 median: 0.157 low: -0.274 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.459 | |
| Price To Book QoQ | -6.286 % | |
| Price To Book YoY | 3.864 % | |
| Price To Book IPRWA | high: 40.027 median: 2.223 mean: 2.14 AR: 1.459 low: -0.64 |
|
| Price To Earnings (P/E) | 105.894 | |
| Price To Earnings QoQ | 128.499 % | |
| Price To Earnings YoY | -163.759 % | |
| Price To Earnings IPRWA | AR: 105.894 high: 84.878 median: 50.88 mean: 49.145 low: 8.944 |
|
| PE/G Ratio | -1.921 | |
| Price To Sales (P/S) | 8.854 | |
| Price To Sales QoQ | 9.7 % | |
| Price To Sales YoY | -16.266 % | |
| Price To Sales IPRWA | high: 47.131 median: 12.14 mean: 11.691 AR: 8.854 low: 1.605 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 72.261 | |
| Forward PE/G | -1.311 | |
| Forward P/S | 33.226 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.553 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.093 | |
| Asset Turnover Ratio QoQ | -12.725 % | |
| Asset Turnover Ratio YoY | 35.503 % | |
| Asset Turnover Ratio IPRWA | high: 0.179 median: 0.115 mean: 0.107 AR: 0.093 low: 0.002 |
|
| Receivables Turnover | 33.429 | |
| Receivables Turnover Ratio QoQ | -10.223 % | |
| Receivables Turnover Ratio YoY | 14.675 % | |
| Receivables Turnover Ratio IPRWA | AR: 33.429 high: 2.676 median: 2.09 mean: 2.002 low: 1.041 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 2.73 | |
| 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 | -1.232 | |
| CapEx To Revenue | -0.023 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 8.4 B | |
| Net Invested Capital | $ 8.4 B | |
| Invested Capital | $ 8.4 B | |
| Net Tangible Assets | $ 7.3 B | |
| Net Working Capital | $ -977.20 M | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | 0.304 | |
| Current Ratio QoQ | -21.35 % | |
| Current Ratio YoY | 4.627 % | |
| Current Ratio IPRWA | high: 6.346 median: 1.786 mean: 1.569 AR: 0.304 low: 0.065 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.25 | |
| Cost Of Debt | 0.424 % | |
| Interest Coverage Ratio | 11.763 | |
| Interest Coverage Ratio QoQ | -7.522 % | |
| Interest Coverage Ratio YoY | -1035.152 % | |
| Interest Coverage Ratio IPRWA | high: 126.768 median: 35.333 mean: 27.073 AR: 11.763 low: -50.859 |
|
| Operating Cash Flow Ratio | 0.107 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 4.473 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.171 % | |
| Revenue Growth | -13.539 % | |
| Revenue Growth QoQ | -164.011 % | |
| Revenue Growth YoY | 10.577 % | |
| Revenue Growth IPRWA | high: 12.94 % median: -8.336 % mean: -8.501 % AR: -13.539 % low: -36.994 % |
|
| Earnings Growth | -55.128 % | |
| Earnings Growth QoQ | -259.87 % | |
| Earnings Growth YoY | -85.158 % | |
| Earnings Growth IPRWA | high: 144.444 % mean: -9.397 % median: -19.164 % AR: -55.128 % low: -55.693 % |
|
| MARGINS | ||
| Gross Margin | 20.154 % | |
| Gross Margin QoQ | -33.483 % | |
| Gross Margin YoY | 734.534 % | |
| Gross Margin IPRWA | high: 80.13 % median: 64.444 % mean: 55.959 % AR: 20.154 % low: 14.551 % |
|
| EBIT Margin | 19.494 % | |
| EBIT Margin QoQ | -8.668 % | |
| EBIT Margin YoY | -540.145 % | |
| EBIT Margin IPRWA | high: 114.608 % mean: 34.606 % median: 33.651 % AR: 19.494 % low: -68.326 % |
|
| Return On Sales (ROS) | 14.278 % | |
| Return On Sales QoQ | -33.105 % | |
| Return On Sales YoY | -422.375 % | |
| Return On Sales IPRWA | high: 93.565 % median: 31.354 % mean: 30.218 % AR: 14.278 % low: 4.668 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 465.1 M | |
| Free Cash Flow Yield | 4.363 % | |
| Free Cash Flow Yield QoQ | 14.907 % | |
| Free Cash Flow Yield YoY | 244.085 % | |
| Free Cash Flow Yield IPRWA | high: 7.604 % AR: 4.363 % mean: 0.57 % median: 0.368 % low: -7.353 % |
|
| Free Cash Growth | 9.004 % | |
| Free Cash Growth QoQ | -86.599 % | |
| Free Cash Growth YoY | -119.816 % | |
| Free Cash Growth IPRWA | high: 28.866 % AR: 9.004 % mean: -70.083 % median: -70.347 % low: -203.311 % |
|
| Free Cash To Net Income | 2.971 | |
| Cash Flow Margin | 12.454 % | |
| Cash Flow To Earnings | 0.958 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.213 % | |
| Return On Assets QoQ | -23.997 % | |
| Return On Assets YoY | -349.076 % | |
| Return On Assets IPRWA | high: 22.476 % median: 2.884 % mean: 2.466 % AR: 1.213 % low: -11.591 % |
|
| Return On Capital Employed (ROCE) | 2.066 % | |
| Return On Equity (ROE) | 0.021 | |
| Return On Equity QoQ | -25.616 % | |
| Return On Equity YoY | -327.979 % | |
| Return On Equity IPRWA | high: 0.39 median: 0.046 mean: 0.039 AR: 0.021 low: -0.277 |
|
| DuPont ROE | 2.156 % | |
| Return On Invested Capital (ROIC) | 2.166 % | |
| Return On Invested Capital QoQ | -22.67 % | |
| Return On Invested Capital YoY | -1.501 % | |
| Return On Invested Capital IPRWA | high: 8.04 % median: 4.145 % mean: 3.712 % AR: 2.166 % low: -9.134 % |
|