Recent News
On July 30, 2025 the company issued a corporate release describing stronger-than-expected sequential revenue driven by probe‑card demand and confirmed the closed purchase of a Farmers Branch, Texas manufacturing facility; August releases announced participation in multiple investor conferences in late August and early September 2025.
Technical Analysis
ADX & Directional Indicators: ADX reads 32.16, which denotes a strong trend environment; DI+ at 35.51 and showing an increasing trend points to bullish directional pressure, while DI‑ at 15.64 shows a dip & reversal pattern that signals renewed bearish attempts that the dominant DI+ currently overwhelms. Together, trend strength favors continuation of the recent upside bias in price action.
MACD: MACD sits at 1.43 and trends higher with the MACD line above the 0.83 signal line, representing a bullish momentum cross; that cross supports continued upward price bias over the near term so long as the MACD stays above its signal.
MRO: MRO equals 9.2 and trends higher; the positive MRO indicates the market price stands above the modeled target, implying a greater probability of consolidation or pullback pressure from current levels despite positive momentum.
RSI: RSI at 53.82 and rising signals constructive momentum without overbought extremes, supporting the case for additional gains while leaving room for further upside before momentum exhaustion.
Price Versus Moving Averages and Ichimoku: Last close $35.28 sits above the 12‑day EMA $34.30 (increasing), above the 20‑day average $33.37 and above the 50‑day average $31.22; Ichimoku Tenkan at $33.94 and Kijun at $32.83 sit below price. Price trading above short and medium moving averages and the Tenkan/Kijun lines corroborates the bullish momentum and favors continuation into the coming weeks.
Bollinger Bands & Volatility: Price near the 1x upper band ($36.80) while 20‑day standard deviation equals $3.42 indicates moderately elevated intraday range; combined with a 42‑day beta of 2.45, expect sharper directional moves and higher intraperiod risk.
Fundamental Analysis
Revenue & Margins: Total revenue $195,798,000. Reported revenue growth stands at 14.26% while year‑over‑year revenue growth registers -16.29%. Gross margin equals 37.25% and declined year‑over‑year by 15.35%. Operating margin equals 6.29%, with operating/EBIT margin improving QoQ by 229.40% but down YoY by 28.93%.
Earnings and Cash Flow: Reported EPS $0.27 versus an estimate of $0.30, a miss of $0.03 or -10.0% on the estimate. EBIT reached $12,306,000 and EBITDA $21,866,000. Free cash flow totaled negative $47,363,000 and free cash flow yield equals -1.97%, while operating cash flow registered $18,893,000; the operating-to-earnings relationship shows free cash flow lagging net income, with free cash to net income at -521.27%.
Balance Sheet & Liquidity: Cash and short‑term investments amount to $249,329,000 with cash $67,380,000; current ratio equals 4.24 and quick ratio 3.34, signaling ample near-term liquidity. Total debt remains modest at $35,915,000 with debt to assets of 3.04% and debt to EBITDA near 1.64, indicating low leverage.
Returns & Efficiency: Return on equity equals 0.92% and return on assets equals 0.78%, both depressed relative to typical semiconductor equipment returns; asset turnover equals 0.1675 and cash conversion cycle equals 90.94 days. Research & development investment $28,793,000 supports product leadership but current returns remain limited.
Peer Comparisons Where Available: Operating/EBIT margin at 6.29% sits well below the industry peer mean of 34.16% and industry peer median of 35.23%. Price-to-book at 2.43 lies below the industry peer mean of 8.25. Price-to-earnings at ~124.82 remains above the industry peer mean of ~79.69. Free cash flow yield at -1.97% trails the industry peer mean of 1.14%. These comparisons show valuation multiples and margin profiles that diverge from industry peer averages.
Valuation Summary: WMDST values the stock as over‑valued, reflecting rich earnings multiples, negative free cash flow yield, and margins that trail the industry peer mean despite revenue mix gains in probe cards and HBM shipments.
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 | $ 133.3 M |
| Operating Cash Flow | $ 18.9 M | |
| Capital Expenditures | $ -66.26 M | |
| Change In Working Capital | $ -15.81 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -62.40 M | |
| End Period Cash Flow | $ 70.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 195.8 M | |
| Forward Revenue | $ 173.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 122.9 M | |
| Depreciation | $ 8.9 M | |
| Depreciation and Amortization | $ 9.6 M | |
| Research and Development | $ 28.8 M | |
| Total Operating Expenses | $ 183.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 72.9 M | |
| EBITDA | $ 21.9 M | |
| EBIT | $ 12.3 M | |
| Operating Income | $ 12.3 M | |
| Interest Income | $ 2.6 M | |
| Interest Expense | — | |
| Net Interest Income | $ 2.6 M | |
| Income Before Tax | $ 14.9 M | |
| Tax Provision | $ 2.4 M | |
| Tax Rate | 15.9 % | |
| Net Income | $ 9.1 M | |
| Net Income From Continuing Operations | $ 9.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.30 | |
| EPS Actual | $ 0.27 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -10.0 % | |
| Forward EPS | $ 0.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.2 B | |
| Intangible Assets | $ 209.9 M | |
| Net Tangible Assets | $ 780.1 M | |
| Total Current Assets | $ 525.3 M | |
| Cash and Short-Term Investments | $ 249.3 M | |
| Cash | $ 67.4 M | |
| Net Receivables | $ 115.2 M | |
| Inventory | $ 110.8 M | |
| Long-Term Investments | $ 5.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 59.9 M | |
| Short-Term Debt | $ 1.1 M | |
| Total Current Liabilities | $ 124.0 M | |
| Net Debt | — | |
| Total Debt | $ 35.9 M | |
| Total Liabilities | $ 191.6 M | |
| EQUITY | ||
| Total Equity | $ 990.0 M | |
| Retained Earnings | $ 136.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.84 | |
| Shares Outstanding | 77.111 M | |
| Revenue Per-Share | $ 2.54 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 2.2 B | |
| Enterprise Multiple | 100.39 | |
| Enterprise Multiple QoQ | -43.885 % | |
| Enterprise Multiple YoY | -38.383 % | |
| Enterprise Multiple IPRWA | high: 246.222 FORM: 100.39 mean: 66.14 median: 62.513 low: -86.607 |
|
| EV/R | 11.211 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.194 | |
| Asset To Liability | 6.168 | |
| Debt To Capital | 0.035 | |
| Debt To Assets | 0.03 | |
| Debt To Assets QoQ | -6.231 % | |
| Debt To Assets YoY | 3134.043 % | |
| Debt To Assets IPRWA | high: 0.594 mean: 0.243 median: 0.206 FORM: 0.03 low: 0.006 |
|
| Debt To Equity | 0.036 | |
| Debt To Equity QoQ | -6.519 % | |
| Debt To Equity YoY | 3054.783 % | |
| Debt To Equity IPRWA | high: 1.065 mean: 0.383 median: 0.307 FORM: 0.036 low: -0.023 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.433 | |
| Price To Book QoQ | -3.142 % | |
| Price To Book YoY | -46.07 % | |
| Price To Book IPRWA | high: 12.365 mean: 8.246 median: 6.565 FORM: 2.433 low: -3.361 |
|
| Price To Earnings (P/E) | 124.819 | |
| Price To Earnings QoQ | -8.793 % | |
| Price To Earnings YoY | -21.045 % | |
| Price To Earnings IPRWA | high: 442.069 FORM: 124.819 mean: 79.692 median: 68.389 low: -85.349 |
|
| PE/G Ratio | 7.177 | |
| Price To Sales (P/S) | 12.301 | |
| Price To Sales QoQ | -13.114 % | |
| Price To Sales YoY | -43.192 % | |
| Price To Sales IPRWA | high: 73.382 mean: 24.788 median: 23.58 FORM: 12.301 low: 2.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 77.454 | |
| Forward PE/G | 4.454 | |
| Forward P/S | 13.887 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 19.381 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.168 | |
| Asset Turnover Ratio QoQ | 12.536 % | |
| Asset Turnover Ratio YoY | -3.464 % | |
| Asset Turnover Ratio IPRWA | high: 0.318 mean: 0.209 median: 0.207 FORM: 0.168 low: 0.091 |
|
| Receivables Turnover | 1.832 | |
| Receivables Turnover Ratio QoQ | 8.436 % | |
| Receivables Turnover Ratio YoY | -2.759 % | |
| Receivables Turnover Ratio IPRWA | high: 2.444 FORM: 1.832 median: 1.435 mean: 1.385 low: 0.524 |
|
| Inventory Turnover | 1.113 | |
| Inventory Turnover Ratio QoQ | 10.254 % | |
| Inventory Turnover Ratio YoY | 12.537 % | |
| Inventory Turnover Ratio IPRWA | high: 1.171 FORM: 1.113 median: 0.585 mean: 0.547 low: 0.176 |
|
| Days Sales Outstanding (DSO) | 49.821 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 90.941 | |
| Cash Conversion Cycle Days QoQ | 4.038 % | |
| Cash Conversion Cycle Days YoY | 1.616 % | |
| Cash Conversion Cycle Days IPRWA | high: 481.513 mean: 209.612 median: 192.207 FORM: 90.941 low: -16.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.488 | |
| CapEx To Revenue | -0.338 | |
| CapEx To Depreciation | -7.449 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ 780.1 M | |
| Net Working Capital | $ 401.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.011 | |
| Current Ratio | 4.237 | |
| Current Ratio QoQ | -4.676 % | |
| Current Ratio YoY | -5.073 % | |
| Current Ratio IPRWA | high: 9.593 FORM: 4.237 mean: 2.681 median: 2.452 low: 0.842 |
|
| Quick Ratio | 3.343 | |
| Quick Ratio QoQ | -6.038 % | |
| Quick Ratio YoY | -8.093 % | |
| Quick Ratio IPRWA | high: 7.858 FORM: 3.343 mean: 1.922 median: 1.696 low: 0.609 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.643 | |
| Cost Of Debt | 3.89 % | |
| Interest Coverage Ratio | 7.252 | |
| Interest Coverage Ratio QoQ | 276.445 % | |
| Interest Coverage Ratio YoY | -29.527 % | |
| Interest Coverage Ratio IPRWA | high: 120.949 median: 35.147 mean: 33.843 FORM: 7.252 low: -14.178 |
|
| Operating Cash Flow Ratio | -0.027 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 53.156 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.2 % | |
| Revenue Growth | 14.264 % | |
| Revenue Growth QoQ | -249.096 % | |
| Revenue Growth YoY | -16.286 % | |
| Revenue Growth IPRWA | high: 44.515 % FORM: 14.264 % mean: 3.642 % median: 3.318 % low: -23.04 % |
|
| Earnings Growth | 17.391 % | |
| Earnings Growth QoQ | -217.388 % | |
| Earnings Growth YoY | -81.586 % | |
| Earnings Growth IPRWA | high: 144.444 % FORM: 17.391 % mean: 11.369 % median: 8.654 % low: -127.273 % |
|
| MARGINS | ||
| Gross Margin | 37.252 % | |
| Gross Margin QoQ | -1.068 % | |
| Gross Margin YoY | -15.348 % | |
| Gross Margin IPRWA | high: 89.444 % mean: 52.929 % median: 50.078 % FORM: 37.252 % low: 11.321 % |
|
| EBIT Margin | 6.285 % | |
| EBIT Margin QoQ | 229.403 % | |
| EBIT Margin YoY | -28.927 % | |
| EBIT Margin IPRWA | high: 44.159 % median: 35.228 % mean: 34.16 % FORM: 6.285 % low: -45.219 % |
|
| Return On Sales (ROS) | 6.285 % | |
| Return On Sales QoQ | 229.403 % | |
| Return On Sales YoY | -28.927 % | |
| Return On Sales IPRWA | high: 42.579 % median: 33.668 % mean: 33.294 % FORM: 6.285 % low: -49.982 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -47.36 M | |
| Free Cash Flow Yield | -1.966 % | |
| Free Cash Flow Yield QoQ | -1063.725 % | |
| Free Cash Flow Yield YoY | -724.127 % | |
| Free Cash Flow Yield IPRWA | high: 2.8 % mean: 1.136 % median: 0.925 % FORM: -1.966 % low: -5.198 % |
|
| Free Cash Growth | -1055.863 % | |
| Free Cash Growth QoQ | 1180.455 % | |
| Free Cash Growth YoY | 3290.697 % | |
| Free Cash Growth IPRWA | high: 408.013 % mean: 67.467 % median: 57.007 % low: -301.396 % FORM: -1055.863 % |
|
| Free Cash To Net Income | -5.213 | |
| Cash Flow Margin | -1.724 % | |
| Cash Flow To Earnings | -0.372 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.777 % | |
| Return On Assets QoQ | 39.748 % | |
| Return On Assets YoY | -54.401 % | |
| Return On Assets IPRWA | high: 8.327 % mean: 6.533 % median: 6.382 % FORM: 0.777 % low: -19.735 % |
|
| Return On Capital Employed (ROCE) | 1.164 % | |
| Return On Equity (ROE) | 0.009 | |
| Return On Equity QoQ | 38.462 % | |
| Return On Equity YoY | -55.132 % | |
| Return On Equity IPRWA | high: 0.256 mean: 0.155 median: 0.152 FORM: 0.009 low: -0.233 |
|
| DuPont ROE | 0.929 % | |
| Return On Invested Capital (ROIC) | 1.032 % | |
| Return On Invested Capital QoQ | 260.839 % | |
| Return On Invested Capital YoY | -123.412 % | |
| Return On Invested Capital IPRWA | high: 12.291 % median: 11.998 % mean: 9.727 % FORM: 1.032 % low: -9.445 % |
|