Recent News
On September 2, 2025 the company announced a proposed private offering of $500 million aggregate principal amount of 0.00% convertible senior notes due 2030; the offering priced higher and was upsized to $650 million on September 3, 2025, with settlement expected September 5, 2025. Follow-on reporting indicates the offering expanded further and closed with a larger aggregate size including initial purchasers’ exercise.
Technical Analysis
ADX at 28.44 signals a strong underlying trend that supports continuation of recent directional moves and frames short-term momentum as meaningful relative to noise; that strength aligns with price remaining above key moving averages and near the mean of analyst targets.
DI+ sits at 36.8 with a dip-and-reversal, a bullish directional signal that supports further upward price pressure; DI- at 17.66 is decreasing, which reinforces the bullish directional bias and reduces downside directional momentum.
MACD at 13.73 has completed a dip-and-reversal and currently lies above its signal line at 11.40, which constitutes a bullish momentum confirmation and supports near-term continuation of the price advance.
MRO reads 23.56 (positive), indicating the current price levels sit above the model target and therefore carry an embedded potential for price consolidation or pullback from present levels; treat this as a countervailing force against purely trend-driven upside.
RSI at 61.31 and increasing places momentum in a bullish zone without extreme overbought readings, supporting the continuation case while leaving room for further short-term appreciation before overextension signals would appear.
Price trades at $329.00, above the 20-day average ($311.43), 50-day average ($277.17) and 200-day average ($235.80), and resides just below the 52-week high ($333.89); the proximity to the high plus elevated 42-day beta (3.39) implies higher short-term volatility around current levels. Volume on the session (680,794) exceeds recent 10-day and 50/200-day averages, lending conviction to recent moves. SuperTrend lower support sits near $307.49 while Bollinger upper bands cluster near $333.69–$333.89, framing the immediate trading corridor for price action.
Fundamental Analysis
Earnings: Reported diluted non-GAAP EPS of $2.20 exceeded the consensus estimate of $2.06, producing an EPS surprise ratio of 6.80%, and released alongside second-quarter revenue near $219,989,000. The beat on EPS and top line supports the company’s stated execution narrative.
Profitability and margins: Operating (EBIT) margin stands at 29.84%, up 2.60 percentage points YoY and up 0.68 percentage points QoQ; that margin sits below the industry peer mean of 37.56% and below the industry peer median of 42.57%, indicating solid profitability that nevertheless reads as lower than the industry peer mean and median.
Valuation multiples: Price-to-earnings at 112.83 and price-to-sales at 33.84 reflect rich market pricing; price-to-book equals 6.79, which registers below the industry peer mean P/B of 8.24 but above the industry peer median of 6.57. Forward PE approximates 114.07 and forward PS sits very high at 166.79; WMDST classifies the current valuation as over-valued.
Cash flow and balance sheet: Cash and short-term investments total $556,785,000 and cash stands at $160,563,000, producing a cash ratio of 1.59 and a current ratio of 2.57; free cash flow measured $42,923,000 with a free cash flow yield near 0.58%. Interest coverage exceeds 50x, and debt-to-equity sits around 0.19, indicating ample liquidity and low financial leverage to support operational plans and the recent capital raise.
Growth and operating efficiency: Reported revenue per share equals $7.48 and YoY revenue growth shows a decline per the provided YoY figure; operating leverage registers at 1.23. Asset turnover remains modest at 0.15 but improved YoY. Research and development spend totaled $35,446,000, reflecting continued product investment aligned with technology cycles in semiconductor metrology.
Short-term dynamics and valuation conclusion: strong profitability and a robust cash position coexist with elevated multiples and a notably high PE/PEG profile; given those inputs, WMDST values the stock as over-valued at present.
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 | $ 141.1 M |
| Operating Cash Flow | $ 45.7 M | |
| Capital Expenditures | $ -2.74 M | |
| Change In Working Capital | $ -15.97 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 19.8 M | |
| End Period Cash Flow | $ 160.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 220.0 M | |
| Forward Revenue | $ 45.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 92.7 M | |
| Depreciation | $ 3.2 M | |
| Depreciation and Amortization | $ 5.5 M | |
| Research and Development | $ 35.4 M | |
| Total Operating Expenses | $ 154.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 127.2 M | |
| EBITDA | $ 71.1 M | |
| EBIT | $ 65.6 M | |
| Operating Income | $ 65.6 M | |
| Interest Income | $ 15.2 M | |
| Interest Expense | — | |
| Net Interest Income | $ 15.2 M | |
| Income Before Tax | $ 80.8 M | |
| Tax Provision | $ 12.5 M | |
| Tax Rate | 15.502 % | |
| Net Income | $ 68.3 M | |
| Net Income From Continuing Operations | $ 68.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.06 | |
| EPS Actual | $ 2.20 | |
| EPS Difference | $ 0.14 | |
| EPS Surprise | 6.796 % | |
| Forward EPS | $ 1.89 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.5 B | |
| Intangible Assets | $ 141.1 M | |
| Net Tangible Assets | $ 955.3 M | |
| Total Current Assets | $ 901.4 M | |
| Cash and Short-Term Investments | $ 556.8 M | |
| Cash | $ 160.6 M | |
| Net Receivables | $ 138.4 M | |
| Inventory | $ 182.0 M | |
| Long-Term Investments | $ 22.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 53.6 M | |
| Short-Term Debt | $ 150.0 M | |
| Total Current Liabilities | $ 351.0 M | |
| Net Debt | — | |
| Total Debt | $ 209.2 M | |
| Total Liabilities | $ 437.2 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 931.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 37.29 | |
| Shares Outstanding | 29.652 M | |
| Revenue Per-Share | $ 7.48 | |
| VALUATION | Market Capitalization | $ 7.4 B |
| Enterprise Value | $ 7.1 B | |
| Enterprise Multiple | 99.791 | |
| Enterprise Multiple QoQ | 21.7 % | |
| Enterprise Multiple YoY | -12.041 % | |
| Enterprise Multiple IPRWA | high: 246.222 NVMI: 99.791 median: 77.751 mean: 71.437 low: -86.607 |
|
| EV/R | 32.258 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.399 | |
| Asset To Liability | 3.508 | |
| Debt To Capital | 0.16 | |
| Debt To Assets | 0.136 | |
| Debt To Assets QoQ | -15.282 % | |
| Debt To Assets YoY | -14.217 % | |
| Debt To Assets IPRWA | high: 0.594 median: 0.198 mean: 0.178 NVMI: 0.136 low: 0.006 |
|
| Debt To Equity | 0.191 | |
| Debt To Equity QoQ | -20.494 % | |
| Debt To Equity YoY | -18.923 % | |
| Debt To Equity IPRWA | high: 1.065 mean: 0.299 median: 0.21 NVMI: 0.191 low: -0.023 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.789 | |
| Price To Book QoQ | 13.153 % | |
| Price To Book YoY | -4.804 % | |
| Price To Book IPRWA | high: 12.365 mean: 8.236 NVMI: 6.789 median: 6.565 low: -3.361 |
|
| Price To Earnings (P/E) | 112.826 | |
| Price To Earnings QoQ | 22.205 % | |
| Price To Earnings YoY | -12.202 % | |
| Price To Earnings IPRWA | high: 442.069 NVMI: 112.826 mean: 99.533 median: 90.651 low: -85.349 |
|
| PE/G Ratio | 123.038 | |
| Price To Sales (P/S) | 33.838 | |
| Price To Sales QoQ | 22.512 % | |
| Price To Sales YoY | -11.677 % | |
| Price To Sales IPRWA | high: 73.382 median: 36.189 NVMI: 33.838 mean: 30.158 low: 2.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 114.068 | |
| Forward PE/G | 124.393 | |
| Forward P/S | 166.789 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.226 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.147 | |
| Asset Turnover Ratio QoQ | -1.813 % | |
| Asset Turnover Ratio YoY | 14.012 % | |
| Asset Turnover Ratio IPRWA | high: 0.318 median: 0.203 mean: 0.194 NVMI: 0.147 low: 0.091 |
|
| Receivables Turnover | 1.658 | |
| Receivables Turnover Ratio QoQ | 3.463 % | |
| Receivables Turnover Ratio YoY | 2.005 % | |
| Receivables Turnover Ratio IPRWA | high: 2.444 NVMI: 1.658 median: 1.566 mean: 1.473 low: 0.524 |
|
| Inventory Turnover | 0.52 | |
| Inventory Turnover Ratio QoQ | -5.4 % | |
| Inventory Turnover Ratio YoY | 23.316 % | |
| Inventory Turnover Ratio IPRWA | high: 2.241 NVMI: 0.52 mean: 0.459 median: 0.379 low: 0.176 |
|
| Days Sales Outstanding (DSO) | 55.029 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 179.33 | |
| Cash Conversion Cycle Days QoQ | 3.386 % | |
| Cash Conversion Cycle Days YoY | -22.607 % | |
| Cash Conversion Cycle Days IPRWA | high: 481.513 mean: 209.468 median: 192.207 NVMI: 179.33 low: -16.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.4 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -0.845 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 955.3 M | |
| Net Working Capital | $ 550.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.586 | |
| Current Ratio | 2.568 | |
| Current Ratio QoQ | 17.831 % | |
| Current Ratio YoY | 10.842 % | |
| Current Ratio IPRWA | high: 9.593 NVMI: 2.568 median: 2.21 mean: 2.176 low: 0.842 |
|
| Quick Ratio | 2.05 | |
| Quick Ratio QoQ | 17.492 % | |
| Quick Ratio YoY | 9.913 % | |
| Quick Ratio IPRWA | high: 7.858 NVMI: 2.05 median: 1.554 mean: 1.47 low: 0.609 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.942 | |
| Cost Of Debt | 0.495 % | |
| Interest Coverage Ratio | 50.378 | |
| Interest Coverage Ratio QoQ | 3.813 % | |
| Interest Coverage Ratio YoY | 43.897 % | |
| Interest Coverage Ratio IPRWA | high: 120.949 NVMI: 50.378 median: 35.147 mean: 33.398 low: -14.178 |
|
| Operating Cash Flow Ratio | 0.152 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 54.511 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.771 % | |
| Revenue Growth | 3.109 % | |
| Revenue Growth QoQ | -67.428 % | |
| Revenue Growth YoY | -70.728 % | |
| Revenue Growth IPRWA | high: 44.515 % NVMI: 3.109 % mean: 1.926 % median: -0.643 % low: -23.04 % |
|
| Earnings Growth | 0.917 % | |
| Earnings Growth QoQ | -92.588 % | |
| Earnings Growth YoY | -94.206 % | |
| Earnings Growth IPRWA | high: 144.444 % mean: 6.139 % NVMI: 0.917 % median: 0.42 % low: -127.273 % |
|
| MARGINS | ||
| Gross Margin | 57.842 % | |
| Gross Margin QoQ | 0.905 % | |
| Gross Margin YoY | -1.978 % | |
| Gross Margin IPRWA | high: 89.444 % NVMI: 57.842 % mean: 52.679 % median: 52.572 % low: 11.321 % |
|
| EBIT Margin | 29.839 % | |
| EBIT Margin QoQ | 0.682 % | |
| EBIT Margin YoY | 2.603 % | |
| EBIT Margin IPRWA | high: 44.159 % median: 42.567 % mean: 37.558 % NVMI: 29.839 % low: -45.219 % |
|
| Return On Sales (ROS) | 29.839 % | |
| Return On Sales QoQ | 0.682 % | |
| Return On Sales YoY | 2.603 % | |
| Return On Sales IPRWA | high: 42.579 % median: 40.796 % mean: 36.315 % NVMI: 29.839 % low: -49.982 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 42.9 M | |
| Free Cash Flow Yield | 0.577 % | |
| Free Cash Flow Yield QoQ | -43.04 % | |
| Free Cash Flow Yield YoY | -40.145 % | |
| Free Cash Flow Yield IPRWA | high: 2.8 % median: 0.852 % mean: 0.716 % NVMI: 0.577 % low: -5.198 % |
|
| Free Cash Growth | -28.093 % | |
| Free Cash Growth QoQ | 2292.93 % | |
| Free Cash Growth YoY | -1376.955 % | |
| Free Cash Growth IPRWA | high: 408.013 % median: 7.629 % NVMI: -28.093 % mean: -31.597 % low: -301.396 % |
|
| Free Cash To Net Income | 0.629 | |
| Cash Flow Margin | 24.317 % | |
| Cash Flow To Earnings | 0.783 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.557 % | |
| Return On Assets QoQ | 0.33 % | |
| Return On Assets YoY | 22.996 % | |
| Return On Assets IPRWA | high: 8.327 % median: 6.382 % mean: 6.29 % NVMI: 4.557 % low: -8.909 % |
|
| Return On Capital Employed (ROCE) | 5.55 % | |
| Return On Equity (ROE) | 0.062 | |
| Return On Equity QoQ | -5.621 % | |
| Return On Equity YoY | 16.278 % | |
| Return On Equity IPRWA | high: 0.256 mean: 0.154 median: 0.152 NVMI: 0.062 low: -0.233 |
|
| DuPont ROE | 6.571 % | |
| Return On Invested Capital (ROIC) | 36.986 % | |
| Return On Invested Capital QoQ | 24.302 % | |
| Return On Invested Capital YoY | -426.731 % | |
| Return On Invested Capital IPRWA | NVMI: 36.986 % high: 12.291 % median: 11.998 % mean: 9.678 % low: -9.445 % |
|