Recent News
On November 14, 2025 the company’s board approved a 67% increase to the annual cash dividend, raising the regular payout to $0.25 per share and declaring a fourth-quarter cash dividend of $0.0625 per share payable December 18, 2025. Analysts and brokerages updated coverage in late October and early November, leaving the consensus recommendation in the “Moderate Buy” range with a twelve‑month average price target near $178.
Technical Analysis
ADX at 16.57 signals no trend, implying the price environment remains range-driven rather than trend-dominant; that reduces conviction for sustained directional moves despite mixed momentum cues.
DI+ sits at 19.34 with a decreasing trend, which reads as bearish pressure on directional strength and raises the probability of short-term sellers remaining active.
DI- stands at 27.89 and shows a peak-and-reversal, which corresponds to a shift toward bullish directional conditions as negative-direction pressure eases.
MACD at -3.12 with a dip-and-reversal indicates a developing bullish momentum pattern, but the MACD remains below its signal line (-1.72), so momentum recovery shows early-stage improvement rather than confirmed bullish dominance.
MRO reads -31.46 and shows a dip-and-reversal; the negative MRO implies price below model target and, coupled with the reversal, suggests potential upward convergence toward fair-value levels implied by momentum models.
RSI at 51.9 with a dip-and-reversal sits near neutral but tilts toward renewed upside momentum, supporting a scenario where buyers regain control if short-term resistances give way.
Price sits at $166.26, above the 200-day average ($130.57) but below the 20-day ($169.73) and 50-day ($175.92) averages, which frames the near-term bias as recovery-ready but capped by short-term moving-average resistance. The 12-day EMA at $165.72 shows a recent uptick consistent with the MACD and MRO reversals.
Bollinger bands range from $141.54 (lower 2×) to $197.92 (upper 2×); the current close near the middle band implies room on either side, while the super trend upper at $178.12 defines a proximate technical ceiling for momentum-driven moves.
Fundamental Analysis
Revenue totaled $2,675,800,000 with YoY revenue change shown at -76.88% while trailing revenue growth reads 1.43%; the divergence between headline growth and period-over-period measures requires attention when assessing top-line momentum.
Gross margin stands at 37.77%, slightly above the industry peer mean of 35.615% and close to the peer median of 38.28%, supporting healthy unit profitability across product and service lines.
Operating margin at 20.49% sits above the industry peer mean of 12.438% and above the peer median of 19.562%, indicating operational leverage and pricing power within critical infrastructure segments.
EBIT of $515,000,000 and EBITDA of $590,400,000 produce an EBIT margin of 19.25%, above the industry peer mean of 11.016% and effectively in line with the peer median of 19.204%, which reinforces the company’s relative margin strength.
Net income reached $398,500,000 and adjusted EPS printed $1.24 versus an estimate of $0.99, producing an EPS surprise of 25.25%, while earnings growth YoY at 127.25% reflects strong profitability expansion over the prior period.
Cash flow metrics show operating cash flow of $508,700,000 and free cash flow of $462,000,000, with a free cash flow yield of 0.83%—level comparable to the industry peer mean for free cash flow yield but modest in absolute yield terms for a company of this scale.
Balance-sheet and leverage readings offer mixed signals: total debt stands at $3,213,900,000 with net debt of $1,522,500,000, producing debt-to-EBITDA near 5.44x and debt-to-assets of 29.71% (slightly above the industry peer mean of 27.41%), while interest coverage at 22.59x surpasses the industry peer mean of 15.39x and indicates comfortable ability to service interest costs.
Market multiples show P/B at 15.94, above the industry peer mean of 6.34 and peer median of 7.58, and trailing PE at 117.98, which lies above the peer mean of 102.88 and just below the peer median of 119.76; forward PE sits at 152.13. These multiples reflect elevated market expectations relative to most peers.
WMDST values the stock as over‑valued given current market multiples versus earnings and book-value metrics, despite operational margin improvements and robust cash generation that underpin near-term fundamental strength.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-22 |
| NEXT REPORT DATE: | 2026-01-21 |
| CASH FLOW | Begin Period Cash Flow | $ 1.7 B |
| Operating Cash Flow | $ 508.7 M | |
| Capital Expenditures | $ -46.70 M | |
| Change In Working Capital | $ -45.50 M | |
| Dividends Paid | $ -14.20 M | |
| Cash Flow Delta | $ -211.80 M | |
| End Period Cash Flow | $ 1.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.7 B | |
| Forward Revenue | $ 847.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.7 B | |
| Depreciation | $ 24.5 M | |
| Depreciation and Amortization | $ 75.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.0 B | |
| EBITDA | $ 590.4 M | |
| EBIT | $ 515.0 M | |
| Operating Income | $ 548.3 M | |
| Interest Income | — | |
| Interest Expense | $ 22.8 M | |
| Net Interest Income | $ -22.80 M | |
| Income Before Tax | $ 492.2 M | |
| Tax Provision | $ 93.7 M | |
| Tax Rate | 19.0 % | |
| Net Income | $ 398.5 M | |
| Net Income From Continuing Operations | $ 398.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.99 | |
| EPS Actual | $ 1.24 | |
| EPS Difference | $ 0.25 | |
| EPS Surprise | 25.253 % | |
| Forward EPS | $ 1.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.8 B | |
| Intangible Assets | $ 3.0 B | |
| Net Tangible Assets | $ 556.7 M | |
| Total Current Assets | $ 6.5 B | |
| Cash and Short-Term Investments | $ 1.9 B | |
| Cash | $ 1.4 B | |
| Net Receivables | $ 2.8 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 74.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.7 B | |
| Short-Term Debt | $ 20.9 M | |
| Total Current Liabilities | $ 3.6 B | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 7.3 B | |
| EQUITY | ||
| Total Equity | $ 3.5 B | |
| Retained Earnings | $ 606.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.18 | |
| Shares Outstanding | 382.259 M | |
| Revenue Per-Share | $ 7.00 | |
| VALUATION | Market Capitalization | $ 55.9 B |
| Enterprise Value | $ 57.2 B | |
| Enterprise Multiple | 96.876 | |
| Enterprise Multiple QoQ | 1.151 % | |
| Enterprise Multiple YoY | 4.622 % | |
| Enterprise Multiple IPRWA | high: 238.157 VRT: 96.876 median: 95.909 mean: 79.265 low: -194.359 |
|
| EV/R | 21.375 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.083 | |
| Asset To Liability | 1.48 | |
| Debt To Capital | 0.478 | |
| Debt To Assets | 0.297 | |
| Debt To Assets QoQ | -2.781 % | |
| Debt To Assets YoY | 12384.454 % | |
| Debt To Assets IPRWA | high: 0.576 VRT: 0.297 median: 0.276 mean: 0.274 low: 0.002 |
|
| Debt To Equity | 0.916 | |
| Debt To Equity QoQ | -9.986 % | |
| Debt To Equity YoY | 7735.586 % | |
| Debt To Equity IPRWA | high: 1.903 VRT: 0.916 median: 0.596 mean: 0.55 low: -0.111 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 15.938 | |
| Price To Book QoQ | 3.888 % | |
| Price To Book YoY | -18.465 % | |
| Price To Book IPRWA | VRT: 15.938 high: 13.378 median: 7.578 mean: 6.342 low: -2.447 |
|
| Price To Earnings (P/E) | 117.98 | |
| Price To Earnings QoQ | -16.175 % | |
| Price To Earnings YoY | -5.097 % | |
| Price To Earnings IPRWA | high: 276.29 median: 119.759 VRT: 117.98 mean: 102.884 low: -111.167 |
|
| PE/G Ratio | 3.865 | |
| Price To Sales (P/S) | 20.899 | |
| Price To Sales QoQ | 14.985 % | |
| Price To Sales YoY | 22.229 % | |
| Price To Sales IPRWA | high: 136.276 VRT: 20.899 median: 20.435 mean: 19.451 low: 1.381 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 152.133 | |
| Forward PE/G | 4.984 | |
| Forward P/S | 101.336 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.483 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.252 | |
| Asset Turnover Ratio QoQ | -5.096 % | |
| Asset Turnover Ratio YoY | 3.37 % | |
| Asset Turnover Ratio IPRWA | high: 0.47 VRT: 0.252 median: 0.172 mean: 0.171 low: 0.002 |
|
| Receivables Turnover | 0.949 | |
| Receivables Turnover Ratio QoQ | -7.564 % | |
| Receivables Turnover Ratio YoY | 4.014 % | |
| Receivables Turnover Ratio IPRWA | high: 2.016 mean: 1.351 median: 1.266 VRT: 0.949 low: 0.589 |
|
| Inventory Turnover | 1.168 | |
| Inventory Turnover Ratio QoQ | -6.185 % | |
| Inventory Turnover Ratio YoY | 4.623 % | |
| Inventory Turnover Ratio IPRWA | high: 2.805 VRT: 1.168 median: 0.938 mean: 0.916 low: 0.265 |
|
| Days Sales Outstanding (DSO) | 96.196 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 83.789 | |
| Cash Conversion Cycle Days QoQ | 2.635 % | |
| Cash Conversion Cycle Days YoY | -16.917 % | |
| Cash Conversion Cycle Days IPRWA | high: 432.662 mean: 116.693 median: 88.63 VRT: 83.789 low: -11.304 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.9 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -1.906 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.4 B | |
| Net Invested Capital | $ 6.4 B | |
| Invested Capital | $ 6.4 B | |
| Net Tangible Assets | $ 556.7 M | |
| Net Working Capital | $ 3.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.543 | |
| Current Ratio | 1.831 | |
| Current Ratio QoQ | 5.018 % | |
| Current Ratio YoY | 32.973 % | |
| Current Ratio IPRWA | high: 6.647 VRT: 1.831 mean: 1.827 median: 1.28 low: 0.101 |
|
| Quick Ratio | 1.429 | |
| Quick Ratio QoQ | 5.672 % | |
| Quick Ratio YoY | 40.5 % | |
| Quick Ratio IPRWA | high: 6.355 VRT: 1.429 mean: 1.151 median: 0.794 low: 0.098 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.444 | |
| Cost Of Debt | 0.578 % | |
| Interest Coverage Ratio | 22.588 | |
| Interest Coverage Ratio QoQ | 8.752 % | |
| Interest Coverage Ratio YoY | 166.393 % | |
| Interest Coverage Ratio IPRWA | high: 44.025 VRT: 22.588 median: 20.03 mean: 15.393 low: -62.913 |
|
| Operating Cash Flow Ratio | 0.163 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 87.084 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 28.063 | |
| Dividend Payout Ratio | 0.036 | |
| Dividend Rate | $ 0.04 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.941 % | |
| Revenue Growth | 1.429 % | |
| Revenue Growth QoQ | -95.168 % | |
| Revenue Growth YoY | -76.881 % | |
| Revenue Growth IPRWA | high: 73.291 % mean: 3.988 % VRT: 1.429 % median: -0.569 % low: -52.991 % |
|
| Earnings Growth | 30.526 % | |
| Earnings Growth QoQ | 2.826 % | |
| Earnings Growth YoY | 127.246 % | |
| Earnings Growth IPRWA | high: 150.0 % VRT: 30.526 % mean: 7.13 % median: 4.068 % low: -65.517 % |
|
| MARGINS | ||
| Gross Margin | 37.772 % | |
| Gross Margin QoQ | 11.137 % | |
| Gross Margin YoY | 3.545 % | |
| Gross Margin IPRWA | high: 44.059 % median: 38.28 % VRT: 37.772 % mean: 35.615 % low: -67.869 % |
|
| EBIT Margin | 19.247 % | |
| EBIT Margin QoQ | 14.77 % | |
| EBIT Margin YoY | 31.11 % | |
| EBIT Margin IPRWA | high: 21.612 % VRT: 19.247 % median: 19.204 % mean: 11.016 % low: -667.042 % |
|
| Return On Sales (ROS) | 20.491 % | |
| Return On Sales QoQ | 21.041 % | |
| Return On Sales YoY | 39.584 % | |
| Return On Sales IPRWA | high: 22.513 % VRT: 20.491 % median: 19.562 % mean: 12.438 % low: -654.394 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 462.0 M | |
| Free Cash Flow Yield | 0.826 % | |
| Free Cash Flow Yield QoQ | 42.907 % | |
| Free Cash Flow Yield YoY | -13.598 % | |
| Free Cash Flow Yield IPRWA | high: 13.007 % VRT: 0.826 % median: 0.821 % mean: 0.82 % low: -10.764 % |
|
| Free Cash Growth | 66.787 % | |
| Free Cash Growth QoQ | 1313.182 % | |
| Free Cash Growth YoY | 3875.417 % | |
| Free Cash Growth IPRWA | high: 286.648 % VRT: 66.787 % median: 63.827 % mean: 34.279 % low: -374.035 % |
|
| Free Cash To Net Income | 1.159 | |
| Cash Flow Margin | 21.833 % | |
| Cash Flow To Earnings | 1.466 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.755 % | |
| Return On Assets QoQ | 15.008 % | |
| Return On Assets YoY | 80.703 % | |
| Return On Assets IPRWA | high: 8.858 % VRT: 3.755 % median: 2.489 % mean: 0.769 % low: -36.697 % |
|
| Return On Capital Employed (ROCE) | 7.114 % | |
| Return On Equity (ROE) | 0.114 | |
| Return On Equity QoQ | 9.486 % | |
| Return On Equity YoY | 16.638 % | |
| Return On Equity IPRWA | high: 0.513 VRT: 0.114 median: 0.054 mean: 0.027 low: -0.583 |
|
| DuPont ROE | 12.014 % | |
| Return On Invested Capital (ROIC) | 6.49 % | |
| Return On Invested Capital QoQ | 15.214 % | |
| Return On Invested Capital YoY | -128.758 % | |
| Return On Invested Capital IPRWA | high: 7.515 % VRT: 6.49 % median: 3.608 % mean: 3.083 % low: -10.193 % |
|