Recent News
Nov 19, 2025 — BIPC filed for an “at‑the‑market” equity issuance program authorizing up to $400 million of shares to be sold from treasury over the distribution period. Nov 28, 2025 — BIPC and its parent renewed normal course issuer bids permitting repurchases of up to 10% of the public float of exchangeable shares and related unit repurchases for flexibility through Dec 1, 2026.
Technical Analysis
Directional indicators show bullish pressure: DI+ sits at 23.12 and is increasing while DI− sits at 14.45 and is decreasing, aligning with WMDST’s under‑valued conclusion and supporting near‑term upside potential. ADX at 22.58 indicates an emerging trend rather than an entrenched move.
MACD currently reads 0.40 with an increasing trend and a signal line at 0.05; MACD has crossed above its signal line, indicating bullish momentum that supports the valuation view over the coming weeks.
MRO stands at 20.14 and is increasing; the positive MRO implies price sits above WMDST’s target and therefore contains risk of a corrective move back toward target levels, which moderates otherwise bullish momentum.
RSI at 53.99 and increasing indicates neutral‑to‑mild bullish momentum, consistent with a controlled advance rather than an overbought condition.
Price sits above short‑ and long‑term averages: the close at $47.85 exceeds the 12‑day EMA ($46.20, increasing), the 20‑day average ($45.57) and the 200‑day average ($41.90), reinforcing short‑term bullish bias and aligning with the under‑valued determination. Price trades slightly above the 1x Bollinger upper band ($47.09) while below the 2x upper band ($48.60), suggesting near‑term stretch but not extreme extension. The SuperTrend lower support near $45.91 provides a nearby technical support reference for momentum confirmation.
Fundamental Analysis
Operating performance shows strong margin economics: EBIT $728,000,000 and EBITDA $895,000,000 combine with an EBIT margin of 79.39%, which stands well above the industry peer mean (25.39%) and peer high (34.33%), signaling unusually high operating profitability relative to the peer set. Operating margin registers 61.18%, also well above the industry peer mean (22.97%).
Revenue totaled $917,000,000 with YoY revenue growth of 12.35% and a QoQ decline of 1.87%, indicating healthy annual top‑line expansion alongside some quarter‑to‑quarter variability. Net income $82,000,000 contrasts with operating cash flow and free cash flow generation: operating cash flow $389,000,000 and free cash flow $389,000,000 produce a free cash flow yield of 36.63%, materially above the industry peer mean, underscoring strong cash conversion relative to market capitalization.
Earnings per share came in at $0.10 versus an estimate of −$1.65, producing an EPS surprise of +$1.75 or roughly +106.06%, a notable upside versus consensus expectations. The trailing PE sits at 428.85, while forward PE compresses to 14.94 on forward EPS of $2.8675, creating a large dispersion between trailing and forward multiples that reflects prior loss estimates and the updated earnings trajectory.
Capital structure exhibits leverage and balance‑sheet asymmetry: total debt $13.486 billion with net debt $13.106 billion versus total equity at $-1.2 billion and book value per share of $-10.08, producing a negative P/B of −4.25. Debt to assets at 56.21% sits above the industry peer high (~49.81%), and debt to EBITDA at 7.58x highlights leverage intensity. Interest coverage equals 2.33x, slightly below the industry peer mean (2.42x), meaning interest obligations remain serviceable but provide limited cushion.
Working‑capital dynamics show a long payables cycle: days payables outstanding 350.39 and a cash conversion cycle of −350.39 days, contrasting with the industry peer mean near +25 days; this drives strong cash retention but also reflects stretched supplier terms. Current ratio at 0.30 signals short‑term liquidity tightness relative to typical peer levels.
Dividends present a high nominal yield of 8.52% with a dividend payout ratio of 530.49% and dividend coverage of 18.85%, indicating the distribution exceeds conventional earnings coverage metrics and deserves monitoring alongside free cash generation and capital‑recycling plans. Free cash flow growth and asset sales activity provide sources to support distributions in the near term.
Valuation conclusion: WMDST values the stock as under‑valued. The valuation outcome rests on substantial free cash flow yield and an attractively low forward PE relative to historical and forward expectations, tempered by elevated leverage, negative book value, and payout coverage metrics that require attention.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-07 |
| NEXT REPORT DATE: | 2026-02-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.2 B |
| Operating Cash Flow | $ 389.0 M | |
| Capital Expenditures | $ -1.01 B | |
| Change In Working Capital | $ 46.0 M | |
| Dividends Paid | $ -435.00 M | |
| Cash Flow Delta | $ 271.0 M | |
| End Period Cash Flow | $ 380.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 917.0 M | |
| Forward Revenue | $ 954.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 336.0 M | |
| Depreciation | $ 167.0 M | |
| Depreciation and Amortization | $ 167.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 356.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 581.0 M | |
| EBITDA | $ 895.0 M | |
| EBIT | $ 728.0 M | |
| Operating Income | $ 561.0 M | |
| Interest Income | — | |
| Interest Expense | $ 312.0 M | |
| Net Interest Income | $ -312.00 M | |
| Income Before Tax | $ 416.0 M | |
| Tax Provision | $ 96.0 M | |
| Tax Rate | 23.077 % | |
| Net Income | $ 82.0 M | |
| Net Income From Continuing Operations | $ 320.0 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.65 | |
| EPS Actual | $ 0.10 | |
| EPS Difference | $ 1.75 | |
| EPS Surprise | 106.061 % | |
| Forward EPS | $ 2.87 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 24.0 B | |
| Intangible Assets | $ 4.9 B | |
| Net Tangible Assets | $ -6.11 B | |
| Total Current Assets | $ 3.0 B | |
| Cash and Short-Term Investments | $ 438.0 M | |
| Cash | $ 380.0 M | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 1.7 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.1 B | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 7.2 B | |
| Net Debt | $ 13.1 B | |
| Total Debt | $ 13.5 B | |
| Total Liabilities | $ 21.8 B | |
| EQUITY | ||
| Total Equity | $ -1.20 B | |
| Retained Earnings | $ 503.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -10.08 | |
| Shares Outstanding | 119.067 M | |
| Revenue Per-Share | $ 7.70 | |
| VALUATION | Market Capitalization | $ 5.1 B |
| Enterprise Value | $ 18.2 B | |
| Enterprise Multiple | 10.243 | |
| Enterprise Multiple QoQ | -86.929 % | |
| Enterprise Multiple YoY | -144.987 % | |
| Enterprise Multiple IPRWA | high: 73.063 mean: 51.907 median: 47.92 low: 23.977 BIPC: 10.243 |
|
| EV/R | 19.86 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -19.995 | |
| Asset To Liability | 1.101 | |
| Debt To Capital | 1.098 | |
| Debt To Assets | 0.562 | |
| Debt To Assets QoQ | 1.418 % | |
| Debt To Assets YoY | 1406.863 % | |
| Debt To Assets IPRWA | BIPC: 0.562 high: 0.498 median: 0.435 mean: 0.423 low: 0.306 |
|
| Debt To Equity | -11.238 | |
| Debt To Equity QoQ | 4.996 % | |
| Debt To Equity YoY | 854.01 % | |
| Debt To Equity IPRWA | high: 2.092 median: 1.631 mean: 1.576 low: 0.014 BIPC: -11.238 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -4.255 | |
| Price To Book QoQ | 11.65 % | |
| Price To Book YoY | -38.644 % | |
| Price To Book IPRWA | high: 2.854 median: 2.193 mean: 2.092 low: 0.458 BIPC: -4.255 |
|
| Price To Earnings (P/E) | 428.848 | |
| Price To Earnings QoQ | 0.0 % | |
| Price To Earnings YoY | -7395.522 % | |
| Price To Earnings IPRWA | BIPC: 428.848 high: 222.397 mean: 85.235 median: 76.848 low: 52.412 |
|
| PE/G Ratio | -3.676 | |
| Price To Sales (P/S) | 5.568 | |
| Price To Sales QoQ | 2.204 % | |
| Price To Sales YoY | -4.154 % | |
| Price To Sales IPRWA | high: 18.03 mean: 12.431 median: 11.276 BIPC: 5.568 low: 1.895 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 14.942 | |
| Forward PE/G | -0.128 | |
| Forward P/S | 5.728 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 189.048 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.038 | |
| Asset Turnover Ratio QoQ | 2.738 % | |
| Asset Turnover Ratio YoY | 0.288 % | |
| Asset Turnover Ratio IPRWA | high: 0.069 mean: 0.046 median: 0.043 BIPC: 0.038 low: 0.03 |
|
| Receivables Turnover | 0.93 | |
| Receivables Turnover Ratio QoQ | -7.374 % | |
| Receivables Turnover Ratio YoY | -11.893 % | |
| Receivables Turnover Ratio IPRWA | high: 2.509 mean: 1.979 median: 1.977 low: 1.131 BIPC: 0.93 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 98.116 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -350.394 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 166.283 mean: 24.958 median: 15.655 low: -52.238 BIPC: -350.394 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.217 | |
| CapEx To Revenue | -1.1 | |
| CapEx To Depreciation | -6.042 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 11.1 B | |
| Net Invested Capital | $ 12.3 B | |
| Invested Capital | $ 12.3 B | |
| Net Tangible Assets | $ -6.11 B | |
| Net Working Capital | $ -4.19 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.3 | |
| Current Ratio QoQ | -39.462 % | |
| Current Ratio YoY | -30.372 % | |
| Current Ratio IPRWA | high: 3.431 mean: 1.073 median: 0.899 low: 0.498 BIPC: 0.3 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.585 | |
| Cost Of Debt | 1.795 % | |
| Interest Coverage Ratio | 2.333 | |
| Interest Coverage Ratio QoQ | 938.328 % | |
| Interest Coverage Ratio YoY | -238.253 % | |
| Interest Coverage Ratio IPRWA | high: 3.88 mean: 2.423 median: 2.362 BIPC: 2.333 low: 0.85 |
|
| Operating Cash Flow Ratio | 0.176 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 350.394 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.189 | |
| Dividend Payout Ratio | 5.305 | |
| Dividend Rate | $ 3.65 | |
| Dividend Yield | 0.085 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.351 % | |
| Revenue Growth | 5.889 % | |
| Revenue Growth QoQ | -186.846 % | |
| Revenue Growth YoY | 1235.374 % | |
| Revenue Growth IPRWA | high: 49.057 % mean: 10.417 % BIPC: 5.889 % median: 5.033 % low: -2.005 % |
|
| Earnings Growth | -116.667 % | |
| Earnings Growth QoQ | 46.581 % | |
| Earnings Growth YoY | -60.962 % | |
| Earnings Growth IPRWA | high: 183.582 % mean: 54.897 % median: 41.333 % low: -88.0 % BIPC: -116.667 % |
|
| MARGINS | ||
| Gross Margin | 63.359 % | |
| Gross Margin QoQ | -2.543 % | |
| Gross Margin YoY | 0.844 % | |
| Gross Margin IPRWA | high: 78.325 % BIPC: 63.359 % mean: 46.445 % median: 43.345 % low: 21.702 % |
|
| EBIT Margin | 79.389 % | |
| EBIT Margin QoQ | 1045.915 % | |
| EBIT Margin YoY | -259.477 % | |
| EBIT Margin IPRWA | BIPC: 79.389 % high: 34.326 % median: 26.468 % mean: 25.392 % low: -3.146 % |
|
| Return On Sales (ROS) | 61.178 % | |
| Return On Sales QoQ | -2.431 % | |
| Return On Sales YoY | -222.894 % | |
| Return On Sales IPRWA | BIPC: 61.178 % high: 32.45 % mean: 22.968 % median: 21.722 % low: -3.146 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 389.0 M | |
| Free Cash Flow Yield | 36.627 % | |
| Free Cash Flow Yield QoQ | 542.354 % | |
| Free Cash Flow Yield YoY | 4876.495 % | |
| Free Cash Flow Yield IPRWA | BIPC: 36.627 % high: 2.766 % mean: -1.715 % median: -1.936 % low: -5.102 % |
|
| Free Cash Growth | 595.167 % | |
| Free Cash Growth QoQ | 299.243 % | |
| Free Cash Growth YoY | -1031.564 % | |
| Free Cash Growth IPRWA | high: 1291.785 % BIPC: 595.167 % median: -4.539 % mean: -34.401 % low: -2050.0 % |
|
| Free Cash To Net Income | 22.805 | |
| Cash Flow Margin | 115.485 % | |
| Cash Flow To Earnings | 12.915 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.342 % | |
| Return On Assets QoQ | -116.667 % | |
| Return On Assets YoY | -108.364 % | |
| Return On Assets IPRWA | high: 1.735 % median: 0.657 % mean: 0.608 % BIPC: 0.342 % low: -0.016 % |
|
| Return On Capital Employed (ROCE) | 4.053 % | |
| Return On Equity (ROE) | -0.068 | |
| Return On Equity QoQ | -117.734 % | |
| Return On Equity YoY | -105.343 % | |
| Return On Equity IPRWA | high: 0.054 median: 0.028 mean: 0.025 low: -0.001 BIPC: -0.068 |
|
| DuPont ROE | -6.726 % | |
| Return On Invested Capital (ROIC) | 4.558 % | |
| Return On Invested Capital QoQ | 1281.212 % | |
| Return On Invested Capital YoY | -109.462 % | |
| Return On Invested Capital IPRWA | BIPC: 4.558 % high: 3.299 % median: 1.453 % mean: 1.387 % low: -0.601 % |
|