Recent News
Management scheduled investor engagement at Lake Street’s Best Ideas Growth conference on September 11, 2025, and maintained steady outreach through investor relations announcements in the fall.
Technical Analysis
ADX / DI+ / DI-: ADX at 15.9 signals no established trend; DI+ at 21.69 with a dip-and-reversal indicates renewed bullish directional pressure, while DI- at 17.01 and decreasing adds to the constructive directional tilt. Together these directional indicators imply a short-term bullish bias without a strong trend behind it, so momentum-driven moves need volume confirmation.
MACD: MACD sits negative at -0.53 but shows a dip-and-reversal, which signals building bullish momentum; MACD remains below the signal line (-0.41), so a confirmed bullish momentum shift requires a cross above the signal line.
MRO (Momentum/Regression Oscillator): MRO at -10.64 and decreasing places price below target and suggests potential upward pressure as the gap to target exists, though the decreasing MRO weakens that potential unless momentum reverses.
RSI: RSI at 49.6 with a decreasing trend places momentum near neutral-to-weak; the reading warns that bullish directional signals need support from volume or MACD confirmation to sustain an advance.
Price vs Moving Averages and Bands: Price closed at $27.03, below the 50-day average ($28.80) and above the 200-day average ($22.80). The 12-day EMA trends down, aligning with short-term pressure, while price sits near the 20-day mean ($27.03) and inside the 1x Bollinger band range—conditions that favor range-bound trade with a slightly bullish tilt if MACD and DI+ strengthen.
Ichimoku & Support/Resistance: Price below Tenkan (27.92) and Kijun (28.17) places near-term resistance at those levels; Senkou A at 29.41 and Senkou B at 24.85 frame the cloud, with current price tucked under Senkou A and above Senkou B, implying overhead resistance and a limited downside cushion.
Volume & Volatility: Daily volume (9,861) prints below 10/50/200-day averages, signaling low conviction for recent moves; 42-day volatility at 2% keeps expected intraday ranges tight, so a meaningful breakout requires a pickup in volume.
Fundamental Analysis
Profitability: EBIT of $7,163,000 yields an EBIT margin of 12.15%, below the industry peer mean (23.40%) and median (20.41%), while EBIT margin improved strongly YoY (+99.07%) yet declined QoQ (-13.17%). The mixed cadence—sharp YoY improvement but quarter-to-quarter contraction—suggests episodic margin recovery rather than steady expansion.
Top-Line & Cash Flow: Total revenue $58,958,000 shows revenue growth YoY of -64.50% and overall revenue growth of -2.38%; operating cash flow $2,283,000 and free cash flow $1,888,000 produce a free cash flow yield of 2.80%, which sits above the industry peer mean (1.02%). The company generated positive operating cash through recent quarters, supporting liquidity despite top-line pressure.
Leverage & Coverage: Total debt $345,139,000 produces debt-to-assets of 58.29% (above the industry peer mean of 50.89%) and debt-to-equity of 1.84 (above the industry peer mean of 0.21). Interest coverage at 1.36 falls well below the industry peer mean (16.94), and debt-to-EBITDA near 43.52 indicates elevated leverage versus earnings.
Efficiency & Working Capital: Asset turnover at 0.099 sits below the industry peer mean (0.2037), while cash conversion cycle at -30.26 days improves working-capital dynamics relative to many peers. Receivables turnover at 6.31 improved YoY (+26.79%), supporting cash flow despite a negative current ratio (0.51).
Valuation: WMDST values the stock as under-valued. Price-to-book at 0.36 sits well below the industry peer mean (7.55). Enterprise multiple at 49.93 comes in below the industry peer mean (65.77), and free cash flow yield at 2.80% exceeds the peer mean (1.02%), creating a valuation profile that looks inexpensive on cash-flow and book-value metrics even as leverage and coverage metrics remain stretched.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-11 |
| NEXT REPORT DATE: | 2026-02-10 |
| CASH FLOW | Begin Period Cash Flow | $ 35.2 M |
| Operating Cash Flow | $ 2.3 M | |
| Capital Expenditures | $ -395.00 K | |
| Change In Working Capital | $ -3.50 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 562.0 K | |
| End Period Cash Flow | $ 35.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 59.0 M | |
| Forward Revenue | $ -17.66 M | |
| COSTS | ||
| Cost Of Revenue | $ 37.7 M | |
| Depreciation | $ 758.0 K | |
| Depreciation and Amortization | $ 758.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 53.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 21.3 M | |
| EBITDA | $ 7.9 M | |
| EBIT | $ 7.2 M | |
| Operating Income | $ 5.9 M | |
| Interest Income | — | |
| Interest Expense | $ 5.3 M | |
| Net Interest Income | $ -5.27 M | |
| Income Before Tax | $ 1.9 M | |
| Tax Provision | $ 536.0 K | |
| Tax Rate | 28.3 % | |
| Net Income | $ 1.4 M | |
| Net Income From Continuing Operations | $ 1.4 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -0.66 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 592.1 M | |
| Intangible Assets | $ 188.8 M | |
| Net Tangible Assets | $ -1.22 M | |
| Total Current Assets | $ 51.4 M | |
| Cash and Short-Term Investments | $ 16.6 M | |
| Cash | $ 16.6 M | |
| Net Receivables | $ 9.2 M | |
| Inventory | $ 2.8 M | |
| Long-Term Investments | $ 15.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 22.2 M | |
| Short-Term Debt | $ 1.6 M | |
| Total Current Liabilities | $ 100.0 M | |
| Net Debt | $ 94.7 M | |
| Total Debt | $ 345.1 M | |
| Total Liabilities | $ 404.6 M | |
| EQUITY | ||
| Total Equity | $ 187.6 M | |
| Retained Earnings | $ 103.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 76.20 | |
| Shares Outstanding | 2.461 M | |
| Revenue Per-Share | $ 23.95 | |
| VALUATION | Market Capitalization | $ 67.4 M |
| Enterprise Value | $ 396.0 M | |
| Enterprise Multiple | 49.933 | |
| Enterprise Multiple QoQ | 26.787 % | |
| Enterprise Multiple YoY | -61.999 % | |
| Enterprise Multiple IPRWA | high: 190.151 mean: 65.77 median: 57.018 RGS: 49.933 low: -49.3 |
|
| EV/R | 6.717 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.157 | |
| Asset To Liability | 1.464 | |
| Debt To Capital | 0.648 | |
| Debt To Assets | 0.583 | |
| Debt To Assets QoQ | -0.464 % | |
| Debt To Assets YoY | -22.025 % | |
| Debt To Assets IPRWA | high: 1.606 RGS: 0.583 median: 0.538 mean: 0.509 low: 0.003 |
|
| Debt To Equity | 1.84 | |
| Debt To Equity QoQ | -2.617 % | |
| Debt To Equity YoY | -72.72 % | |
| Debt To Equity IPRWA | high: 11.641 RGS: 1.84 median: 0.265 mean: 0.205 low: -12.738 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.36 | |
| Price To Book QoQ | 30.728 % | |
| Price To Book YoY | -62.294 % | |
| Price To Book IPRWA | high: 21.244 median: 9.975 mean: 7.548 RGS: 0.36 low: -12.493 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 1.144 | |
| Price To Sales QoQ | 35.317 % | |
| Price To Sales YoY | -2.042 % | |
| Price To Sales IPRWA | high: 31.99 median: 17.023 mean: 15.091 RGS: 1.144 low: 0.093 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -36.063 | |
| Forward PE/G | — | |
| Forward P/S | -3.819 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.392 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.099 | |
| Asset Turnover Ratio QoQ | -9.016 % | |
| Asset Turnover Ratio YoY | 11.7 % | |
| Asset Turnover Ratio IPRWA | high: 0.573 mean: 0.204 median: 0.193 RGS: 0.099 low: 0.056 |
|
| Receivables Turnover | 6.308 | |
| Receivables Turnover Ratio QoQ | -3.643 % | |
| Receivables Turnover Ratio YoY | 26.79 % | |
| Receivables Turnover Ratio IPRWA | high: 44.676 mean: 16.908 median: 7.658 RGS: 6.308 low: 0.907 |
|
| Inventory Turnover | 13.586 | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | high: 66.049 mean: 33.914 median: 26.534 RGS: 13.586 low: 0.4 |
|
| Days Sales Outstanding (DSO) | 14.466 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -30.262 | |
| Cash Conversion Cycle Days QoQ | -14.934 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 121.811 mean: -0.72 median: -4.939 RGS: -30.262 low: -127.896 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.214 | |
| CapEx To Revenue | -0.007 | |
| CapEx To Depreciation | -0.521 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 297.2 M | |
| Net Invested Capital | $ 298.8 M | |
| Invested Capital | $ 298.8 M | |
| Net Tangible Assets | $ -1.22 M | |
| Net Working Capital | $ -48.55 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.166 | |
| Current Ratio | 0.514 | |
| Current Ratio QoQ | 3.587 % | |
| Current Ratio YoY | 46.557 % | |
| Current Ratio IPRWA | high: 4.471 mean: 1.146 median: 1.083 RGS: 0.514 low: 0.031 |
|
| Quick Ratio | 0.487 | |
| Quick Ratio QoQ | 3.798 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 4.447 mean: 1.163 median: 1.15 RGS: 0.487 low: 0.027 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 43.518 | |
| Cost Of Debt | 1.086 % | |
| Interest Coverage Ratio | 1.359 | |
| Interest Coverage Ratio QoQ | -12.024 % | |
| Interest Coverage Ratio YoY | 134.273 % | |
| Interest Coverage Ratio IPRWA | high: 55.684 mean: 16.935 median: 8.562 RGS: 1.359 low: -11.431 |
|
| Operating Cash Flow Ratio | 0.038 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 51.349 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.142 % | |
| Revenue Growth | -2.384 % | |
| Revenue Growth QoQ | -139.464 % | |
| Revenue Growth YoY | -64.503 % | |
| Revenue Growth IPRWA | high: 26.865 % mean: 4.215 % median: 1.869 % RGS: -2.384 % low: -26.062 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 36.065 % | |
| Gross Margin QoQ | -1.722 % | |
| Gross Margin YoY | -7.868 % | |
| Gross Margin IPRWA | high: 88.469 % median: 41.646 % mean: 41.58 % RGS: 36.065 % low: -34.618 % |
|
| EBIT Margin | 12.149 % | |
| EBIT Margin QoQ | -13.172 % | |
| EBIT Margin YoY | 99.066 % | |
| EBIT Margin IPRWA | high: 52.4 % mean: 23.398 % median: 20.409 % RGS: 12.149 % low: -25.213 % |
|
| Return On Sales (ROS) | 10.043 % | |
| Return On Sales QoQ | -16.759 % | |
| Return On Sales YoY | 64.558 % | |
| Return On Sales IPRWA | high: 47.382 % mean: 22.86 % median: 20.409 % RGS: 10.043 % low: -27.119 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.9 M | |
| Free Cash Flow Yield | 2.8 % | |
| Free Cash Flow Yield QoQ | -77.06 % | |
| Free Cash Flow Yield YoY | -210.716 % | |
| Free Cash Flow Yield IPRWA | high: 7.297 % RGS: 2.8 % median: 1.243 % mean: 1.02 % low: -12.37 % |
|
| Free Cash Growth | -69.705 % | |
| Free Cash Growth QoQ | -1247.03 % | |
| Free Cash Growth YoY | -45.002 % | |
| Free Cash Growth IPRWA | high: 271.747 % median: 21.034 % mean: 5.965 % RGS: -69.705 % low: -516.758 % |
|
| Free Cash To Net Income | 1.392 | |
| Cash Flow Margin | 6.396 % | |
| Cash Flow To Earnings | 2.781 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.01 | |
| Return On Assets (ROA) | 0.228 % | |
| Return On Assets QoQ | -98.914 % | |
| Return On Assets YoY | -239.024 % | |
| Return On Assets IPRWA | high: 8.233 % mean: 2.943 % median: 2.639 % RGS: 0.228 % low: -8.455 % |
|
| Return On Capital Employed (ROCE) | 1.455 % | |
| Return On Equity (ROE) | 0.007 | |
| Return On Equity QoQ | -98.848 % | |
| Return On Equity YoY | -147.817 % | |
| Return On Equity IPRWA | high: 0.405 median: 0.061 mean: 0.04 RGS: 0.007 low: -0.352 |
|
| DuPont ROE | 0.727 % | |
| Return On Invested Capital (ROIC) | 1.719 % | |
| Return On Invested Capital QoQ | -23.668 % | |
| Return On Invested Capital YoY | 4.245 % | |
| Return On Invested Capital IPRWA | high: 14.048 % median: 7.931 % mean: 7.448 % RGS: 1.719 % low: -12.836 % |
|