Recent News
On July 29, 2025, the Board declared a quarterly cash dividend of $0.15 per share payable on September 2, 2025. On July 30–31, 2025 the company published Q2 2025 results and slides showing record production growth while citing commodity-price pressure; management reported substantial shareholder returns via dividends and open-market repurchases during the quarter.
Technical Analysis
ADX at 12.08 indicates no established trend, which reduces conviction behind directional moves and increases the probability of range-bound price action near current levels; that complicates translation of operational strength into immediate upside against an over-valued backdrop.
Directional indicators present opposing signals: DI- shows a peak-and-reversal (bullish per directional rules), while DI+ is decreasing (a bearish sign). The coexistence of a DI- peak-and-reversal with a declining DI+ implies short-term countervailing pressure rather than a clear breakout bias.
MACD sits at -0.31 and trends downward while remaining below its signal line (-0.21); negative and declining MACD indicates bearish momentum that weighs on any near-term upside despite production strength.
MRO reads -28.78 (negative), indicating price below regression target and technical room for an increase; the negative MRO suggests mean-reversion potential if momentum shifts, but the current MRO trend remains decreasing.
RSI at 47.99 with a recent peak-and-reversal places the oscillator near neutral territory; RSI does not support an immediate oversold bounce nor clear breakout strength, reinforcing a likely consolidation phase.
Price sits below short- and long-term averages (close $22.82 vs 20-day $23.25 and 200-day $23.20), 12-day EMA trending down, and Ichimoku span values (Senkou A $24.20, Senkou B $23.70) remain above price—these align with short-term technical weakness. Bollinger bands put the close marginally above the 1x lower band ($22.68), suggesting limited downside cushion but not a robust reversal signal. Volume runs below 10-, 50- and 200-day averages, reducing conviction for directional moves.
Fundamental Analysis
Profitability and margins: EBIT $107,570,000 and operating margin 33.80% outpace the industry peer mean operating margin (17.894% implied by the provided industry figures) and the industry peer median; gross margin stands at 47.60%, also above the industry peer mean. High margins support intrinsic cash generation even as revenues compress.
Cash flow and returns: Operating cash flow $198,698,000 and free cash flow $98,411,000 translate to a free cash flow yield of 2.23%, above the industry peer mean free cash flow yield (1.26%). Cash conversion ratio equals 248.98%, and cashFlowToEarnings at 125.98% shows cash generation comparable to reported earnings—funds that funded dividends and repurchases referenced in recent announcements.
Growth and trends: Total revenue $318,981,000 with revenue growth at -8.94% (YoY). Earnings growth reads -19.23% (annual). Quarter-over-quarter and YoY growth fields include larger negative multipliers in the dataset; presented core indicators show contraction in topline and earnings versus comparable periods, which helps explain pressure on some forward multiples.
Balance-sheet and leverage: Current ratio 1.44x and cash plus short-term investments $251,761,000 indicate solid near-term liquidity. Total debt $411,628,000 yields debt/EBITDA ~1.92x and debt/equity ~0.21x; interest coverage of ~19.20x signals conservative leverage and ample capacity to service debt while returning cash to shareholders.
Valuation multiples: Reported PE ~54.97 and forward PE ~46.67 sit above many peer central tendencies; P/B ~2.27 exceeds the industry peer mean (1.55), and PS ~13.81 sits above the industry peer mean (6.05). WMDST values the stock as over-valued, a conclusion consistent with elevated multiples versus peer central measures and a price-target mean ($21.51) below the recent close ($22.82).
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 | $ 247.6 M |
| Operating Cash Flow | $ 198.7 M | |
| Capital Expenditures | $ -100.29 M | |
| Change In Working Capital | $ -15.50 M | |
| Dividends Paid | $ -28.35 M | |
| Cash Flow Delta | $ 4.2 M | |
| End Period Cash Flow | $ 251.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 319.0 M | |
| Forward Revenue | $ 92.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 167.2 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 211.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 151.8 M | |
| EBITDA | $ 214.7 M | |
| EBIT | $ 107.6 M | |
| Operating Income | $ 107.8 M | |
| Interest Income | — | |
| Interest Expense | $ 5.6 M | |
| Net Interest Income | $ -5.60 M | |
| Income Before Tax | $ 102.0 M | |
| Tax Provision | $ 20.9 M | |
| Tax Rate | 20.5 % | |
| Net Income | $ 78.1 M | |
| Net Income From Continuing Operations | $ 81.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.40 | |
| EPS Actual | $ 0.42 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 5.0 % | |
| Forward EPS | $ 0.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.9 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.9 B | |
| Total Current Assets | $ 416.7 M | |
| Cash and Short-Term Investments | $ 251.8 M | |
| Cash | $ 251.8 M | |
| Net Receivables | $ 160.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 32.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 165.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 288.6 M | |
| Net Debt | $ 141.1 M | |
| Total Debt | $ 411.6 M | |
| Total Liabilities | $ 862.3 M | |
| EQUITY | ||
| Total Equity | $ 1.9 B | |
| Retained Earnings | $ 878.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.35 | |
| Shares Outstanding | 185.505 M | |
| Revenue Per-Share | $ 1.70 | |
| VALUATION | Market Capitalization | $ 4.4 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 21.265 | |
| Enterprise Multiple QoQ | 14.877 % | |
| Enterprise Multiple YoY | 5.315 % | |
| Enterprise Multiple IPRWA | high: 75.659 mean: 30.372 median: 28.835 MGY: 21.265 low: -7.608 |
|
| EV/R | 14.31 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.473 | |
| Asset To Liability | 3.317 | |
| Debt To Capital | 0.175 | |
| Debt To Assets | 0.144 | |
| Debt To Assets QoQ | 0.321 % | |
| Debt To Assets YoY | 3.787 % | |
| Debt To Assets IPRWA | high: 0.609 mean: 0.236 median: 0.212 MGY: 0.144 low: 0.002 |
|
| Debt To Equity | 0.212 | |
| Debt To Equity QoQ | -0.357 % | |
| Debt To Equity YoY | -2.2 % | |
| Debt To Equity IPRWA | high: 1.807 mean: 0.726 median: 0.442 MGY: 0.212 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.269 | |
| Price To Book QoQ | 1.268 % | |
| Price To Book YoY | -12.806 % | |
| Price To Book IPRWA | high: 3.756 MGY: 2.269 median: 1.768 mean: 1.551 low: 0.005 |
|
| Price To Earnings (P/E) | 54.967 | |
| Price To Earnings QoQ | 29.739 % | |
| Price To Earnings YoY | 22.651 % | |
| Price To Earnings IPRWA | high: 185.623 MGY: 54.967 mean: 51.992 median: 48.382 low: -96.671 |
|
| PE/G Ratio | -2.858 | |
| Price To Sales (P/S) | 13.808 | |
| Price To Sales QoQ | 11.655 % | |
| Price To Sales YoY | -1.706 % | |
| Price To Sales IPRWA | high: 30.921 MGY: 13.808 mean: 6.046 median: 5.84 low: 0.012 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 46.675 | |
| Forward PE/G | -2.427 | |
| Forward P/S | 47.161 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.405 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.111 | |
| Asset Turnover Ratio QoQ | -9.574 % | |
| Asset Turnover Ratio YoY | -6.57 % | |
| Asset Turnover Ratio IPRWA | high: 0.422 median: 0.165 mean: 0.154 MGY: 0.111 low: 0.002 |
|
| Receivables Turnover | 2.005 | |
| Receivables Turnover Ratio QoQ | -12.497 % | |
| Receivables Turnover Ratio YoY | 10.577 % | |
| Receivables Turnover Ratio IPRWA | high: 6.047 MGY: 2.005 mean: 1.94 median: 1.804 low: 0.322 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.513 | |
| 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 | 2.49 | |
| CapEx To Revenue | -0.314 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ 1.9 B | |
| Net Working Capital | $ 128.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.872 | |
| Current Ratio | 1.444 | |
| Current Ratio QoQ | 8.252 % | |
| Current Ratio YoY | 12.925 % | |
| Current Ratio IPRWA | high: 5.453 MGY: 1.444 median: 1.249 mean: 1.198 low: 0.329 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.918 | |
| Cost Of Debt | 1.082 % | |
| Interest Coverage Ratio | 19.195 | |
| Interest Coverage Ratio QoQ | -26.434 % | |
| Interest Coverage Ratio YoY | -50.154 % | |
| Interest Coverage Ratio IPRWA | high: 22.447 MGY: 19.195 mean: 6.94 median: 6.558 low: -6.198 |
|
| Operating Cash Flow Ratio | 0.238 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 91.843 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.755 | |
| Dividend Payout Ratio | 0.363 | |
| Dividend Rate | $ 0.15 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.278 % | |
| Revenue Growth | -8.941 % | |
| Revenue Growth QoQ | -223.256 % | |
| Revenue Growth YoY | -264.994 % | |
| Revenue Growth IPRWA | high: 43.755 % median: -3.774 % mean: -5.013 % MGY: -8.941 % low: -35.032 % |
|
| Earnings Growth | -19.231 % | |
| Earnings Growth QoQ | -340.387 % | |
| Earnings Growth YoY | -234.614 % | |
| Earnings Growth IPRWA | high: 122.222 % MGY: -19.231 % median: -21.739 % mean: -23.69 % low: -180.0 % |
|
| MARGINS | ||
| Gross Margin | 47.595 % | |
| Gross Margin QoQ | -8.603 % | |
| Gross Margin YoY | -10.556 % | |
| Gross Margin IPRWA | high: 82.166 % MGY: 47.595 % mean: 24.852 % median: 22.581 % low: -39.892 % |
|
| EBIT Margin | 33.723 % | |
| EBIT Margin QoQ | -13.796 % | |
| EBIT Margin YoY | -16.133 % | |
| EBIT Margin IPRWA | high: 95.08 % MGY: 33.723 % mean: 17.182 % median: 13.652 % low: -39.515 % |
|
| Return On Sales (ROS) | 33.8 % | |
| Return On Sales QoQ | -13.599 % | |
| Return On Sales YoY | -15.941 % | |
| Return On Sales IPRWA | high: 90.781 % MGY: 33.8 % mean: 13.894 % median: 11.212 % low: -39.515 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 98.4 M | |
| Free Cash Flow Yield | 2.234 % | |
| Free Cash Flow Yield QoQ | 3.714 % | |
| Free Cash Flow Yield YoY | -32.467 % | |
| Free Cash Flow Yield IPRWA | high: 8.634 % MGY: 2.234 % median: 1.276 % mean: 1.261 % low: -11.931 % |
|
| Free Cash Growth | 5.453 % | |
| Free Cash Growth QoQ | -12.738 % | |
| Free Cash Growth YoY | -94.744 % | |
| Free Cash Growth IPRWA | high: 300.833 % MGY: 5.453 % mean: -16.361 % median: -24.008 % low: -616.098 % |
|
| Free Cash To Net Income | 1.26 | |
| Cash Flow Margin | 21.572 % | |
| Cash Flow To Earnings | 0.881 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.727 % | |
| Return On Assets QoQ | -24.627 % | |
| Return On Assets YoY | -19.367 % | |
| Return On Assets IPRWA | high: 4.797 % MGY: 2.727 % mean: 1.195 % median: 0.982 % low: -3.385 % |
|
| Return On Capital Employed (ROCE) | 4.182 % | |
| Return On Equity (ROE) | 0.04 | |
| Return On Equity QoQ | -24.404 % | |
| Return On Equity YoY | -23.44 % | |
| Return On Equity IPRWA | high: 0.111 MGY: 0.04 mean: 0.029 median: 0.027 low: -0.087 |
|
| DuPont ROE | 4.032 % | |
| Return On Invested Capital (ROIC) | 3.662 % | |
| Return On Invested Capital QoQ | -23.18 % | |
| Return On Invested Capital YoY | -95.98 % | |
| Return On Invested Capital IPRWA | high: 6.932 % MGY: 3.662 % mean: 2.633 % median: 2.373 % low: -4.078 % |
|