Recent News
On August 26, 2025 the board approved a $100 million share repurchase program effective through December 31, 2026, to be funded primarily from existing cash balances. On November 18, 2025 the company announced its annual general meeting for December 12, 2025 and the record date for shareholders of November 28, 2025.
Technical Analysis
The ADX at 29.44 indicates a strong trend environment; directional readings show DI+ (31.7) above DI- (16.6) but DI+ currently decreasing, signaling a weakening bullish directional drive even as trend strength remains material.
MACD sits at 1.32 and trends downward while the signal line sits at 1.38, a configuration that signals bearish momentum and recent downside pressure on price momentum.
The MRO registers 33.37 and is increasing, which indicates the market price sits meaningfully above the modeled target and that downside pressure versus the target has grown.
RSI at 56.76 with a decreasing trajectory suggests momentum erosion from a neutral-to-mildly-bullish level, leaving room for a drift lower if selling pressure accelerates.
Price relationships to averages show a mixed picture: the close at $31.26 sits below the 20-day average ($32.70) and below the 12-day EMA (which has peaked and reversed), signalling short-term weakness; the stock remains above the 50-day ($28.95) and 200-day ($21.02) averages, preserving a longer-term uptrend context. Bollinger bands compress with a 20-day stdev of $1.84, implying contained near-term volatility but a 42-day beta of 3.09 highlights outsized short-term sensitivity to market moves.
Volume trends show current trading below recent averages (today’s volume 812,938 vs. 10-day avg ~1.51M and 50/200-day averages >1.13M), indicating reduced participation on recent price moves and limiting conviction behind directional shifts.
Fundamental Analysis
Revenue totaled $244,601,000 with YoY revenue decline of -24.14% and QoQ change of -6.73%, reflecting continued top-line contraction versus the prior year. Gross margin stands at 3.95% and fell YoY by -112.93% (gross margin YoY -1.12926), showing margin compression driven by ASP declines in the industry.
Operating and EBIT margins both register -8.30%. EBIT margin compares below the industry peer mean of 24.72% and below the industry peer median of 27.23%, underscoring an operating shortfall relative to peers. QoQ EBIT margin moved -94.57% and YoY -83.19%, indicating sharp sequential and annual deterioration in operating profitability.
Net income for the period read -$14,918,000 and EPS actual came in at -$0.22 versus an estimate of -$0.60, producing an EPS surprise of +63.33%. Forward EPS sits at -$0.32, with forward PE reported at -73.70. The reported trailing PE of 502.77 signals a distorted profitability multiple driven by negative earnings and a low earnings base.
Liquidity and balance-sheet metrics present strength: cash and short-term investments total $2,017,377,000, the current ratio registers 5.65 and the cash ratio 4.36, all signaling ample near-term liquidity to absorb continued operational stress. The cash conversion cycle at 83.93 days sits below the industry peer mean of 120.94 days, indicating relatively efficient working capital relative to peer average.
Returns remain negative: ROA -0.24%, ROE -0.34%, and ROIC -0.35%, with sizable QoQ and YoY declines that reflect the earnings contraction. Free cash flow is positive at $22,922,000 despite negative operating leverage; free cash growth shows mixed signals with YoY +137.85% but severe QoQ volatility.
WMDST values the stock as over-valued, driven by negative margins and earnings coupled with a stretched trailing multiple; the balance sheet liquidity and the $100 million repurchase program moderate valuation pressure but do not offset persistent profitability deficits.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-27 |
| NEXT REPORT DATE: | 2026-01-26 |
| CASH FLOW | Begin Period Cash Flow | $ 598.6 M |
| Operating Cash Flow | $ 55.4 M | |
| Capital Expenditures | $ -32.50 M | |
| Change In Working Capital | $ -37.48 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -47.01 M | |
| End Period Cash Flow | $ 551.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 244.6 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 234.9 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 559.0 K | |
| Total Operating Expenses | $ 264.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 9.7 M | |
| EBITDA | $ -20.30 M | |
| EBIT | $ -20.30 M | |
| Operating Income | $ -20.30 M | |
| Interest Income | $ 2.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 2.9 M | |
| Income Before Tax | $ -11.89 M | |
| Tax Provision | $ 3.0 M | |
| Tax Rate | 25.0 % | |
| Net Income | $ -14.92 M | |
| Net Income From Continuing Operations | $ -14.84 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.60 | |
| EPS Actual | $ -0.22 | |
| EPS Difference | $ 0.38 | |
| EPS Surprise | 63.333 % | |
| Forward EPS | $ -0.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.3 B | |
| Intangible Assets | $ 154.2 M | |
| Net Tangible Assets | $ 4.2 B | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 2.0 B | |
| Cash | $ 551.6 M | |
| Net Receivables | $ 157.0 M | |
| Inventory | $ 121.4 M | |
| Long-Term Investments | $ 130.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 83.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 462.3 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 497.3 M | |
| EQUITY | ||
| Total Equity | $ 4.4 B | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.457 | |
| Asset To Liability | 12.752 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 502.775 | |
| Price To Earnings QoQ | -2287.734 % | |
| Price To Earnings YoY | -6950.726 % | |
| Price To Earnings IPRWA | DQ: 502.775 high: 430.348 mean: 84.806 median: 42.881 low: -318.395 |
|
| PE/G Ratio | -4.752 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -73.699 | |
| Forward PE/G | 0.696 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.365 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | 224.644 % | |
| Asset Turnover Ratio YoY | 36.469 % | |
| Asset Turnover Ratio IPRWA | high: 0.269 mean: 0.155 median: 0.136 DQ: 0.039 low: 0.003 |
|
| Receivables Turnover | 2.374 | |
| Receivables Turnover Ratio QoQ | 76.633 % | |
| Receivables Turnover Ratio YoY | -1.191 % | |
| Receivables Turnover Ratio IPRWA | high: 5.079 mean: 2.452 DQ: 2.374 median: 1.847 low: 0.657 |
|
| Inventory Turnover | 1.626 | |
| Inventory Turnover Ratio QoQ | 52.362 % | |
| Inventory Turnover Ratio YoY | 25.133 % | |
| Inventory Turnover Ratio IPRWA | DQ: 1.626 high: 1.217 mean: 0.747 median: 0.724 low: 0.139 |
|
| Days Sales Outstanding (DSO) | 38.435 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 83.931 | |
| Cash Conversion Cycle Days QoQ | -27.445 % | |
| Cash Conversion Cycle Days YoY | 14.446 % | |
| Cash Conversion Cycle Days IPRWA | high: 349.652 median: 133.463 mean: 120.944 DQ: 83.931 low: -5.982 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.114 | |
| CapEx To Revenue | -0.133 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.4 B | |
| Net Invested Capital | $ 4.4 B | |
| Invested Capital | $ 4.4 B | |
| Net Tangible Assets | $ 4.2 B | |
| Net Working Capital | $ 2.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 4.363 | |
| Current Ratio | 5.653 | |
| Current Ratio QoQ | 0.136 % | |
| Current Ratio YoY | 22.735 % | |
| Current Ratio IPRWA | high: 16.531 DQ: 5.653 mean: 3.142 median: 2.325 low: 0.671 |
|
| Quick Ratio | 5.391 | |
| Quick Ratio QoQ | 2.279 % | |
| Quick Ratio YoY | 26.031 % | |
| Quick Ratio IPRWA | high: 13.289 DQ: 5.391 mean: 2.439 median: 1.788 low: 0.613 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 157.19 % | |
| Interest Coverage Ratio | -2.84 | |
| Interest Coverage Ratio QoQ | -82.342 % | |
| Interest Coverage Ratio YoY | -79.29 % | |
| Interest Coverage Ratio IPRWA | high: 236.673 mean: 22.023 median: 10.787 DQ: -2.84 low: -521.143 |
|
| Operating Cash Flow Ratio | 0.12 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 38.718 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.83 % | |
| Revenue Growth | 225.315 % | |
| Revenue Growth QoQ | -673.0 % | |
| Revenue Growth YoY | -2413.533 % | |
| Revenue Growth IPRWA | DQ: 225.315 % high: 55.53 % mean: 13.035 % median: 9.101 % low: -3.519 % |
|
| Earnings Growth | -105.814 % | |
| Earnings Growth QoQ | -1510.853 % | |
| Earnings Growth YoY | -312.803 % | |
| Earnings Growth IPRWA | high: 166.667 % mean: 23.044 % median: 10.811 % DQ: -105.814 % low: -165.957 % |
|
| MARGINS | ||
| Gross Margin | 3.946 % | |
| Gross Margin QoQ | -103.645 % | |
| Gross Margin YoY | -112.926 % | |
| Gross Margin IPRWA | high: 88.05 % median: 54.826 % mean: 49.815 % DQ: 3.946 % low: -39.177 % |
|
| EBIT Margin | -8.301 % | |
| EBIT Margin QoQ | -94.572 % | |
| EBIT Margin YoY | -83.194 % | |
| EBIT Margin IPRWA | high: 78.707 % median: 27.23 % mean: 24.722 % DQ: -8.301 % low: -57.907 % |
|
| Return On Sales (ROS) | -8.301 % | |
| Return On Sales QoQ | -94.572 % | |
| Return On Sales YoY | -83.194 % | |
| Return On Sales IPRWA | high: 57.635 % median: 25.806 % mean: 23.743 % DQ: -8.301 % low: -74.543 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.9 M | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | -123.697 % | |
| Free Cash Growth QoQ | -55321.875 % | |
| Free Cash Growth YoY | 137.847 % | |
| Free Cash Growth IPRWA | high: 384.007 % mean: 32.066 % median: 13.357 % low: -120.618 % DQ: -123.697 % |
|
| Free Cash To Net Income | -1.537 | |
| Cash Flow Margin | -17.602 % | |
| Cash Flow To Earnings | -3.715 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -0.236 % | |
| Return On Assets QoQ | -80.56 % | |
| Return On Assets YoY | -72.811 % | |
| Return On Assets IPRWA | high: 7.396 % median: 0.578 % mean: 0.151 % DQ: -0.236 % low: -20.562 % |
|
| Return On Capital Employed (ROCE) | -0.345 % | |
| Return On Equity (ROE) | -0.003 | |
| Return On Equity QoQ | -80.6 % | |
| Return On Equity YoY | -73.411 % | |
| Return On Equity IPRWA | high: 0.185 median: 0.008 DQ: -0.003 mean: -0.016 low: -0.336 |
|
| DuPont ROE | -0.344 % | |
| Return On Invested Capital (ROIC) | -0.35 % | |
| Return On Invested Capital QoQ | -85.743 % | |
| Return On Invested Capital YoY | -109.547 % | |
| Return On Invested Capital IPRWA | high: 20.288 % median: 4.743 % mean: 4.189 % DQ: -0.35 % low: -12.969 % |
|