Recent News
Dec. 8, 2025 — Company priced a private offering of $350.0 million aggregate principal amount of 6.500% senior notes due 2035. Dec. 22, 2025 — Issuance of the 2035 Senior Notes completed; net proceeds used, together with revolver borrowings, to fund redemption of the 5.875% senior notes due 2027, with redemption funds deposited and a scheduled redemption date of Jan. 7, 2026.
Technical Analysis
ADX at 29.0 indicates a strong underlying trend supporting directional moves; that strength raises the probability of sustained near-term follow-through.
DI+ at 23.86, increasing, signals bullish directional pressure; DI- at 11.79, decreasing, reduces downside directional influence. Together these readings bias the short-term price path higher.
MACD at 0.25, increasing, sits above its signal line at 0.11; this cross above the signal line constitutes a bullish momentum signal and supports continuation of recent upside impulses.
MRO at -8.78 (negative) signals the price trades below model target levels and therefore carries potential for an upward reversion toward fair value.
RSI at 56.61, increasing, registers momentum without extended overbought conditions, which supports further measured gains rather than an immediate pullback.
Price action sits at $20.22 above the 12-day EMA $19.42, the 20-day average $19.14, the 50-day average $18.97 and the 200-day average $18.44; the 12-day EMA trend shows further upward bias. The unit trades between the Bollinger upper 1x ($19.84) and upper 2x ($20.53) bands, indicating persistent upside pressure while leaving room before extreme band extension. The super trend lower support at $19.30 offers a nearby technical reference for momentum traders.
Volume on the latest session ~127,037 tracks close to the 10-day average ~124,516 and below longer-term averages, suggesting participation that supports the move without parabolic acceleration; low 42-day volatility and sub-1.0 beta readings (42-day beta 0.33; 52-week beta 0.47) favor steady, lower-volatility advances rather than sharp spikes.
Fundamental Analysis
Profitability shows operating strain: EBIT of -$17,384,000 and an EBIT margin of -8.224%, down 599.03% QoQ and down 34.83% YoY. EBITDA registers at $1,224,000, a modest positive relative to the negative operating profit. Net income at -$35,136,000 and EPS actual -$0.54 missed the estimate of -$0.51 by -5.88%.
Revenue dynamics present a mixed picture: total revenue $211,376,000 with year-over-year revenue growth of +3.84% but a quarter-over-quarter decline of -66.36%, reflecting seasonal or timing effects in volumes and commodity-facing sales.
Liquidity measures look strained. Cash on hand $405,000 and a cash ratio of 0.13% (0.00134) leave limited short-term cushion. Current ratio 0.55 and quick ratio 0.31 sit below the industry peer mean current ratio of 0.90 and quick ratio mean of 0.74, respectively, indicating tighter working-capital coverage relative to peers. Operating cash flow at $41,829,000 and free cash flow of $27,701,000 provide operating cash generation despite thin margins.
Leverage stands as the primary fundamental constraint. Total debt $1,329,758,000 and net debt $1,211,340,000 exceed market capitalization $1,202,160,563. Debt-to-equity sits at 2.22 and debt-to-EBITDA registers near 1,086x, reflecting EBITDA’s small absolute value; interest expense $17,205,000 produces a negative interest coverage ratio of -1.01. Year-over-year leverage metrics show large increases (debt-to-equity up 3,312.52% YoY), underscoring a materially heavier capital-structure burden versus prior periods.
Cash-flow valuation signals present offsetting positives. Free-cash-flow yield at 2.30% compares favorably with the industry peer mean of 1.17%, and operating cash flow covers reported distributions and capex more readily than reported earnings imply. Forward EPS of $0.5125 and forward P/E ~34.38 imply market expectations for recovery into positive earnings next year, while trailing P/E registers negative due to 12-month losses. Enterprise multiple reads very high at ~2,068x because enterprise value absorbs large net debt against minimal trailing EBITDA.
Dividend coverage and payout metrics reflect earnings weakness: dividend yield 1.77% with dividend rate $0.32317 per unit, dividend payout ratio -60.56% and dividend coverage ratio -165.12%, which follow from negative net income while distributions continued.
WMDST values the stock as under-valued based on available cash-flow yield and forward earnings assumptions, though valuation carries significant caveats tied to the company’s leverage and interest-coverage profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-13 |
| NEXT REPORT DATE: | 2026-02-12 |
| CASH FLOW | Begin Period Cash Flow | $ 1.3 M |
| Operating Cash Flow | $ 41.8 M | |
| Capital Expenditures | $ -14.13 M | |
| Change In Working Capital | $ 49.9 M | |
| Dividends Paid | $ -21.28 M | |
| Cash Flow Delta | $ -935.00 K | |
| End Period Cash Flow | $ 405.0 K | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 211.4 M | |
| Forward Revenue | $ -50.75 M | |
| COSTS | ||
| Cost Of Revenue | $ 74.6 M | |
| Depreciation | $ 18.6 M | |
| Depreciation and Amortization | $ 18.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 228.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 136.8 M | |
| EBITDA | $ 1.2 M | |
| EBIT | $ -17.38 M | |
| Operating Income | $ -16.75 M | |
| Interest Income | — | |
| Interest Expense | $ 17.2 M | |
| Net Interest Income | $ -17.20 M | |
| Income Before Tax | $ -34.59 M | |
| Tax Provision | $ 547.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -35.14 M | |
| Net Income From Continuing Operations | $ -35.14 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.51 | |
| EPS Actual | $ -0.54 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -5.882 % | |
| Forward EPS | $ 0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.3 B | |
| Intangible Assets | $ 1.2 B | |
| Net Tangible Assets | $ -1.24 B | |
| Total Current Assets | $ 166.3 M | |
| Cash and Short-Term Investments | $ 405.0 K | |
| Cash | $ 405.0 K | |
| Net Receivables | $ 69.5 M | |
| Inventory | $ 73.7 M | |
| Long-Term Investments | $ 77.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 45.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 302.8 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 598.6 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.09 | |
| Shares Outstanding | 65.845 M | |
| Revenue Per-Share | $ 3.21 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 2.5 B | |
| Enterprise Multiple | 2068.23 | |
| Enterprise Multiple QoQ | 1770.894 % | |
| Enterprise Multiple YoY | -1658.814 % | |
| Enterprise Multiple IPRWA | SPH: 2068.23 high: 81.226 mean: 44.782 median: 44.185 low: 9.451 |
|
| EV/R | 11.976 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.836 | |
| Asset To Liability | 1.353 | |
| Debt To Capital | 0.69 | |
| Debt To Assets | 0.579 | |
| Debt To Assets QoQ | -0.567 % | |
| Debt To Assets YoY | 3595.533 % | |
| Debt To Assets IPRWA | high: 0.877 SPH: 0.579 mean: 0.517 median: 0.502 low: 0.0 |
|
| Debt To Equity | 2.222 | |
| Debt To Equity QoQ | 6.48 % | |
| Debt To Equity YoY | 3312.519 % | |
| Debt To Equity IPRWA | high: 5.118 SPH: 2.222 mean: 1.569 median: 1.527 low: -2.376 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.008 | |
| Price To Book QoQ | 8.274 % | |
| Price To Book YoY | -3.787 % | |
| Price To Book IPRWA | high: 5.871 mean: 2.954 median: 2.314 SPH: 2.008 low: -1.391 |
|
| Price To Earnings (P/E) | -33.81 | |
| Price To Earnings QoQ | -58.556 % | |
| Price To Earnings YoY | 30.893 % | |
| Price To Earnings IPRWA | high: 121.258 mean: 69.561 median: 59.659 low: 18.671 SPH: -33.81 |
|
| PE/G Ratio | -0.251 | |
| Price To Sales (P/S) | 5.687 | |
| Price To Sales QoQ | 23.454 % | |
| Price To Sales YoY | 3.91 % | |
| Price To Sales IPRWA | high: 34.715 mean: 12.795 median: 11.855 SPH: 5.687 low: 0.344 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.379 | |
| Forward PE/G | 0.255 | |
| Forward P/S | -22.585 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 26.957 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.092 | |
| Asset Turnover Ratio QoQ | -16.917 % | |
| Asset Turnover Ratio YoY | 0.12 % | |
| Asset Turnover Ratio IPRWA | high: 0.159 mean: 0.102 SPH: 0.092 median: 0.073 low: 0.031 |
|
| Receivables Turnover | 2.829 | |
| Receivables Turnover Ratio QoQ | 25.312 % | |
| Receivables Turnover Ratio YoY | -4.907 % | |
| Receivables Turnover Ratio IPRWA | high: 8.65 SPH: 2.829 mean: 2.786 median: 2.318 low: 0.742 |
|
| Inventory Turnover | 1.113 | |
| Inventory Turnover Ratio QoQ | -33.683 % | |
| Inventory Turnover Ratio YoY | -29.836 % | |
| Inventory Turnover Ratio IPRWA | high: 11.628 mean: 5.203 median: 3.579 low: 2.55 SPH: 1.113 |
|
| Days Sales Outstanding (DSO) | 32.25 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 60.777 | |
| Cash Conversion Cycle Days QoQ | 20.802 % | |
| Cash Conversion Cycle Days YoY | 22.497 % | |
| Cash Conversion Cycle Days IPRWA | high: 83.102 SPH: 60.777 median: 19.111 mean: 9.344 low: -81.1 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.548 | |
| CapEx To Revenue | -0.067 | |
| CapEx To Depreciation | -0.759 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ -1.24 B | |
| Net Working Capital | $ -136.55 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.001 | |
| Current Ratio | 0.549 | |
| Current Ratio QoQ | -21.456 % | |
| Current Ratio YoY | 6.694 % | |
| Current Ratio IPRWA | high: 3.099 mean: 0.9 median: 0.88 SPH: 0.549 low: 0.422 |
|
| Quick Ratio | 0.306 | |
| Quick Ratio QoQ | -33.272 % | |
| Quick Ratio YoY | -8.379 % | |
| Quick Ratio IPRWA | high: 3.055 mean: 0.739 median: 0.603 low: 0.359 SPH: 0.306 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1086.404 | |
| Cost Of Debt | 1.077 % | |
| Interest Coverage Ratio | -1.01 | |
| Interest Coverage Ratio QoQ | -544.895 % | |
| Interest Coverage Ratio YoY | -30.731 % | |
| Interest Coverage Ratio IPRWA | high: 6.813 mean: 3.825 median: 3.497 low: 1.278 SPH: -1.01 |
|
| Operating Cash Flow Ratio | -0.004 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 32.948 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -1.651 | |
| Dividend Payout Ratio | -0.606 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.018 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.792 % | |
| Revenue Growth | -18.748 % | |
| Revenue Growth QoQ | -66.36 % | |
| Revenue Growth YoY | 3.838 % | |
| Revenue Growth IPRWA | high: 9.471 % median: 4.197 % mean: 4.183 % low: -16.341 % SPH: -18.748 % |
|
| Earnings Growth | 134.783 % | |
| Earnings Growth QoQ | -221.479 % | |
| Earnings Growth YoY | -13.354 % | |
| Earnings Growth IPRWA | SPH: 134.783 % high: 47.573 % mean: 9.251 % median: 8.654 % low: -90.909 % |
|
| MARGINS | ||
| Gross Margin | 64.697 % | |
| Gross Margin QoQ | 4.806 % | |
| Gross Margin YoY | 8.842 % | |
| Gross Margin IPRWA | high: 79.299 % SPH: 64.697 % median: 39.642 % mean: 38.249 % low: 5.781 % |
|
| EBIT Margin | -8.224 % | |
| EBIT Margin QoQ | -599.029 % | |
| EBIT Margin YoY | -34.828 % | |
| EBIT Margin IPRWA | high: 62.857 % mean: 30.245 % median: 25.639 % low: 1.318 % SPH: -8.224 % |
|
| Return On Sales (ROS) | -7.927 % | |
| Return On Sales QoQ | -468.869 % | |
| Return On Sales YoY | -37.182 % | |
| Return On Sales IPRWA | high: 49.363 % median: 25.639 % mean: 25.136 % low: 1.306 % SPH: -7.927 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 27.7 M | |
| Free Cash Flow Yield | 2.304 % | |
| Free Cash Flow Yield QoQ | -65.851 % | |
| Free Cash Flow Yield YoY | 48.454 % | |
| Free Cash Flow Yield IPRWA | high: 2.716 % SPH: 2.304 % mean: 1.165 % median: 1.017 % low: -0.614 % |
|
| Free Cash Growth | -65.743 % | |
| Free Cash Growth QoQ | -122.757 % | |
| Free Cash Growth YoY | 5.871 % | |
| Free Cash Growth IPRWA | high: 48.843 % median: 1.598 % mean: -27.051 % SPH: -65.743 % low: -128.871 % |
|
| Free Cash To Net Income | -0.788 | |
| Cash Flow Margin | -0.564 % | |
| Cash Flow To Earnings | 0.034 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -1.524 % | |
| Return On Assets QoQ | 142.289 % | |
| Return On Assets YoY | -22.126 % | |
| Return On Assets IPRWA | high: 3.812 % mean: 1.633 % median: 1.157 % low: 0.217 % SPH: -1.524 % |
|
| Return On Capital Employed (ROCE) | -0.872 % | |
| Return On Equity (ROE) | -0.059 | |
| Return On Equity QoQ | 155.662 % | |
| Return On Equity YoY | -27.984 % | |
| Return On Equity IPRWA | high: 0.052 median: 0.043 mean: 0.037 low: -0.009 SPH: -0.059 |
|
| DuPont ROE | -5.646 % | |
| Return On Invested Capital (ROIC) | -0.759 % | |
| Return On Invested Capital QoQ | -519.337 % | |
| Return On Invested Capital YoY | -98.818 % | |
| Return On Invested Capital IPRWA | high: 4.563 % mean: 2.497 % median: 2.174 % low: 1.312 % SPH: -0.759 % |
|