Recent News
On January 21, 2026 the company announced the timing for its FY2026 second-quarter results release and a live webcast. On February 4, 2026 the company reported Q2 FY2026 results: revenue of $1.69B (up 17% year-over-year; pro forma +22% Y/Y), GAAP gross margin 36.9%, GAAP EPS $0.76 and non‑GAAP EPS $1.29, and management affirmed continued capacity investments to support datacenter, communications, and improving industrial demand.
Technical Analysis
ADX at 21.26 signals an emerging directional market, which supports a near-term price bias but lacks the strength of a well-established trend.
DI+ shows a dip-and-reversal, a bullish directional signal; DI- increases, a bearish pressure signal. The coexistence suggests a contested trend with short-term bullish impulses against rising downside pressure.
MACD currently sits above its signal line (MACD 10.64 vs signal 9.64), yet the MACD trend shows a peak-and-reversal, indicating waning upward momentum despite the positive crossover.
MRO reads positive at 28.7 with a dip-and-reversal trend; the positive MRO indicates the price sits above the model target and carries pressure to revert lower, while the dip-and-reversal implies a recent recovery in oscillator strength.
RSI at 60.24 with a dip-and-reversal places momentum above neutral, supporting continuation of the short-term advance without immediate overbought extremes.
Price sits above short-, medium- and long-term averages (close $223.69 vs 20-day $218.00, 50-day $194.74, 200-day $125.49), and the 12-day EMA shows a dip-and-reversal consistent with renewed upward bias; this alignment favors continued mean-seeking toward the upper Bollinger bands ($231.95 / $245.91), though elevated short-term beta (42-day 3.21) increases swing risk.
Volume sits below its 10-day average but near the 50-day average, implying limited participation in the latest session; watch volatility measures for confirmation of any directional break from the super trend support near $196.53.
Fundamental Analysis
Revenue totaled $1,685,629,000 for the period with revenue growth QoQ at 94.11% and revenue growth YoY at 2.71%, reflecting strong sequential expansion tied to datacenter and communications demand.
Gross margin of 36.95% improved 4.07 percentage points YoY and sits slightly below the industry peer mean of 38.721%. Operating margin stands at 11.78% and EBIT margin at 12.69%; EBIT margin declined QoQ by 27.18% and fell YoY by 5.50%, leaving EBIT margin below the industry peer median of 21.225% but above the industry peer low.
Net income reached $146,717,000 while EPS came in at $1.29, beating the estimate of $1.21 by $0.08 (an EPS surprise of 6.61%), supporting near-term earnings momentum after margin gains.
Cash and short-term investments total $863,739,000 against total debt $3,546,525,000 and net debt $2,488,127,000; debt to EBITDA stands at 10.43x while interest coverage measures 4.66x, indicating reduced leverage from recent paydowns but persistent absolute debt levels relative to operating cash flow.
Operating cash flow remained modest at $57,900,000 while free cash flow was negative $95,698,000 and free cash flow yield negative, reflecting ongoing capital investment: capital expenditures totaled $153,598,000 and management confirms continued ramp of capacity-related capex.
Liquidity ratios remain healthy: current ratio 2.25 and quick ratio 1.30. Working-capital dynamics show a cash conversion cycle of 120 days, modestly above the industry peer mean of 111.71 days, driven by elongated inventory days (158 days) and payables days (94 days).
Asset efficiency remains low with an asset turnover ratio of 0.113, below the industry peer mean of 0.21, which compresses returns: return on equity stands at 1.72% and return on assets at 0.99%, both underperforming the industry peer means. WMDST notes the company trades at elevated market multiples (PE ~138x, PS ~19.85x, P/B ~3.92x); given current fundamentals and cash flow dynamics, WMDST values the stock as over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-04 |
| NEXT REPORT DATE: | 2026-05-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.6 B |
| Operating Cash Flow | $ 57.9 M | |
| Capital Expenditures | $ -153.60 M | |
| Change In Working Capital | $ -259.38 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -24.10 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.7 B | |
| Forward Revenue | $ 978.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | $ 55.5 M | |
| Depreciation and Amortization | $ 126.0 M | |
| Research and Development | $ 165.7 M | |
| Total Operating Expenses | $ 1.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 622.8 M | |
| EBITDA | $ 339.9 M | |
| EBIT | $ 213.9 M | |
| Operating Income | $ 198.6 M | |
| Interest Income | — | |
| Interest Expense | $ 45.9 M | |
| Net Interest Income | $ -45.94 M | |
| Income Before Tax | $ 168.0 M | |
| Tax Provision | $ 24.2 M | |
| Tax Rate | 14.39 % | |
| Net Income | $ 146.7 M | |
| Net Income From Continuing Operations | $ 143.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.21 | |
| EPS Actual | $ 1.29 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 6.612 % | |
| Forward EPS | $ 1.82 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 15.1 B | |
| Intangible Assets | $ 7.5 B | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 4.4 B | |
| Cash and Short-Term Investments | $ 863.7 M | |
| Cash | $ 863.7 M | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 1.8 B | |
| Long-Term Investments | $ 981.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.1 B | |
| Short-Term Debt | $ 106.5 M | |
| Total Current Liabilities | $ 2.0 B | |
| Net Debt | $ 2.5 B | |
| Total Debt | $ 3.5 B | |
| Total Liabilities | $ 6.2 B | |
| EQUITY | ||
| Total Equity | $ 8.5 B | |
| Retained Earnings | $ 922.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 45.56 | |
| Shares Outstanding | 187.422 M | |
| Revenue Per-Share | $ 8.99 | |
| VALUATION | Market Capitalization | $ 33.5 B |
| Enterprise Value | $ 36.1 B | |
| Enterprise Multiple | 106.301 | |
| Enterprise Multiple QoQ | 109.671 % | |
| Enterprise Multiple YoY | 149.351 % | |
| Enterprise Multiple IPRWA | high: 173.201 COHR: 106.301 mean: 69.017 median: 57.553 low: -19.351 |
|
| EV/R | 21.438 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.767 | |
| Asset To Liability | 2.434 | |
| Debt To Capital | 0.293 | |
| Debt To Assets | 0.235 | |
| Debt To Assets QoQ | -1.446 % | |
| Debt To Assets YoY | 12142.708 % | |
| Debt To Assets IPRWA | high: 0.558 COHR: 0.235 median: 0.223 mean: 0.203 low: 0.001 |
|
| Debt To Equity | 0.415 | |
| Debt To Equity QoQ | -30.933 % | |
| Debt To Equity YoY | 7795.817 % | |
| Debt To Equity IPRWA | high: 1.454 median: 0.44 mean: 0.431 COHR: 0.415 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.918 | |
| Price To Book QoQ | 30.316 % | |
| Price To Book YoY | 36.462 % | |
| Price To Book IPRWA | high: 7.479 median: 5.196 mean: 4.801 COHR: 3.918 low: 0.29 |
|
| Price To Earnings (P/E) | 138.367 | |
| Price To Earnings QoQ | 43.732 % | |
| Price To Earnings YoY | 37.272 % | |
| Price To Earnings IPRWA | high: 173.361 COHR: 138.367 mean: 96.158 median: 65.077 low: 32.203 |
|
| PE/G Ratio | 12.346 | |
| Price To Sales (P/S) | 19.846 | |
| Price To Sales QoQ | 79.065 % | |
| Price To Sales YoY | 91.903 % | |
| Price To Sales IPRWA | high: 21.289 COHR: 19.846 mean: 14.531 median: 14.454 low: 0.32 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 85.706 | |
| Forward PE/G | 7.648 | |
| Forward P/S | 34.448 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.395 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.113 | |
| Asset Turnover Ratio QoQ | 5.964 % | |
| Asset Turnover Ratio YoY | 13.978 % | |
| Asset Turnover Ratio IPRWA | high: 0.494 mean: 0.21 median: 0.184 COHR: 0.113 low: 0.094 |
|
| Receivables Turnover | 1.619 | |
| Receivables Turnover Ratio QoQ | 1.956 % | |
| Receivables Turnover Ratio YoY | -3.408 % | |
| Receivables Turnover Ratio IPRWA | high: 2.536 COHR: 1.619 mean: 1.516 median: 1.359 low: 0.985 |
|
| Inventory Turnover | 0.611 | |
| Inventory Turnover Ratio QoQ | -6.45 % | |
| Inventory Turnover Ratio YoY | -9.885 % | |
| Inventory Turnover Ratio IPRWA | high: 1.59 median: 1.037 mean: 0.949 COHR: 0.611 low: 0.172 |
|
| Days Sales Outstanding (DSO) | 56.349 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 120.455 | |
| Cash Conversion Cycle Days QoQ | 3.528 % | |
| Cash Conversion Cycle Days YoY | -2.741 % | |
| Cash Conversion Cycle Days IPRWA | high: 281.301 COHR: 120.455 mean: 111.711 median: 89.012 low: 57.092 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.69 | |
| CapEx To Revenue | -0.091 | |
| CapEx To Depreciation | -2.767 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 11.8 B | |
| Net Invested Capital | $ 11.9 B | |
| Invested Capital | $ 11.9 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 2.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.443 | |
| Current Ratio | 2.252 | |
| Current Ratio QoQ | -3.289 % | |
| Current Ratio YoY | -15.704 % | |
| Current Ratio IPRWA | high: 3.175 COHR: 2.252 mean: 2.084 median: 1.701 low: 0.717 |
|
| Quick Ratio | 1.305 | |
| Quick Ratio QoQ | -5.998 % | |
| Quick Ratio YoY | -20.657 % | |
| Quick Ratio IPRWA | high: 3.104 mean: 1.463 COHR: 1.305 median: 1.069 low: 0.65 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.433 | |
| Cost Of Debt | 1.115 % | |
| Interest Coverage Ratio | 4.657 | |
| Interest Coverage Ratio QoQ | -0.779 % | |
| Interest Coverage Ratio YoY | 55.353 % | |
| Interest Coverage Ratio IPRWA | high: 164.603 median: 33.033 mean: 21.717 COHR: 4.657 low: -119.778 |
|
| Operating Cash Flow Ratio | 0.1 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 94.348 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.646 % | |
| Revenue Growth | 6.592 % | |
| Revenue Growth QoQ | 94.111 % | |
| Revenue Growth YoY | 2.711 % | |
| Revenue Growth IPRWA | high: 15.822 % COHR: 6.592 % mean: 3.045 % median: 1.085 % low: -3.338 % |
|
| Earnings Growth | 11.207 % | |
| Earnings Growth QoQ | -29.956 % | |
| Earnings Growth YoY | -60.508 % | |
| Earnings Growth IPRWA | high: 42.515 % COHR: 11.207 % median: 4.301 % mean: 3.324 % low: -75.0 % |
|
| MARGINS | ||
| Gross Margin | 36.949 % | |
| Gross Margin QoQ | 0.882 % | |
| Gross Margin YoY | 4.073 % | |
| Gross Margin IPRWA | high: 87.538 % mean: 38.721 % median: 37.246 % COHR: 36.949 % low: 0.581 % |
|
| EBIT Margin | 12.691 % | |
| EBIT Margin QoQ | -27.18 % | |
| EBIT Margin YoY | -5.503 % | |
| EBIT Margin IPRWA | high: 24.665 % median: 21.225 % mean: 16.495 % COHR: 12.691 % low: -10.65 % |
|
| Return On Sales (ROS) | 11.783 % | |
| Return On Sales QoQ | 8.18 % | |
| Return On Sales YoY | -12.264 % | |
| Return On Sales IPRWA | high: 24.313 % median: 15.292 % mean: 14.514 % COHR: 11.783 % low: -10.65 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -95.70 M | |
| Free Cash Flow Yield | -0.286 % | |
| Free Cash Flow Yield QoQ | -13.595 % | |
| Free Cash Flow Yield YoY | -151.906 % | |
| Free Cash Flow Yield IPRWA | high: 4.766 % median: 0.899 % mean: 0.8 % COHR: -0.286 % low: -1.21 % |
|
| Free Cash Growth | 65.022 % | |
| Free Cash Growth QoQ | -98.782 % | |
| Free Cash Growth YoY | 91.596 % | |
| Free Cash Growth IPRWA | COHR: 65.022 % high: 59.101 % median: -47.217 % mean: -55.541 % low: -584.048 % |
|
| Free Cash To Net Income | -0.652 | |
| Cash Flow Margin | 11.549 % | |
| Cash Flow To Earnings | 1.327 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.985 % | |
| Return On Assets QoQ | -35.579 % | |
| Return On Assets YoY | 37.57 % | |
| Return On Assets IPRWA | high: 3.588 % median: 2.962 % mean: 2.248 % COHR: 0.985 % low: -2.638 % |
|
| Return On Capital Employed (ROCE) | 1.628 % | |
| Return On Equity (ROE) | 0.017 | |
| Return On Equity QoQ | -55.744 % | |
| Return On Equity YoY | -14.1 % | |
| Return On Equity IPRWA | high: 0.059 median: 0.052 mean: 0.041 COHR: 0.017 low: -0.081 |
|
| DuPont ROE | 2.042 % | |
| Return On Invested Capital (ROIC) | 1.54 % | |
| Return On Invested Capital QoQ | -35.376 % | |
| Return On Invested Capital YoY | -109.001 % | |
| Return On Invested Capital IPRWA | high: 5.587 % median: 4.143 % mean: 3.3 % COHR: 1.54 % low: -3.415 % |
|