Recent News
Nov 12, 2025 — Board expanded the share-repurchase authorization from $50 million to $100 million and extended the program to June 30, 2027, after repurchasing $41.2 million through Nov. 11. Jan 7, 2026 — Citizens initiated coverage with a Market Perform recommendation and published a one-year price target cluster near the low-$20s. Recent commentary highlights sustained institutional ownership and renewed focus on capital returns and balance-sheet positioning.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 25.2 signals an emerging-to-strong trend environment. DI+ (24.95) shows a peak-and-reversal, and DI- (13.43) shows a dip-and-reversal; both patterns indicate a net bearish directional shift, implying near-term sellers hold momentum despite the trend strength.
MACD: MACD sits at 0.48 with a signal line at 0.34, placing the oscillator above its signal line; however, the MACD trend reads as a peak-and-reversal, which denotes bearish momentum emerging even while the indicator remains marginally elevated versus its signal.
MRO (Momentum/Regression Oscillator): MRO at 32.84 registers positive, which indicates price currently sits above the model target and creates downside pressure; the MRO trend shows increasing divergence from target, raising the probability of mean reversion toward intrinsic valuation metrics.
RSI: RSI at 50.58 with an increasing trend sits near neutral, implying neither extended overbought nor oversold conditions; the rising RSI provides limited bullish momentum but lacks the conviction of an overbought breakout.
Price vs moving averages and bands: Last close $20.49 sits above the 20-day average ($19.99) and 50-day average ($18.99) but below the 200-day average ($22.93). The 12-day EMA ($20.28) remains above the 26-day EMA ($19.75), showing short-term upside bias, while Bollinger bands (upper ~$21.17 / lower ~$18.82) contain the price inside the middle band range, consistent with consolidation.
Ichimoku & support structure: Price at $20.49 trades above the cloud top (SenkouB $20.20), and Tenkan/Kijun both near $19.66; that alignment signals short-term bullish structure but lacks confirmation from the directional indicators and MRO, which favor mean reversion risk. Average volume around current prints (today: 368k vs 10-day avg ~398k) shows lighter-than-average participation, reducing the chance of conviction breakouts absent fresh catalysts.
Fundamental Analysis
Profitability & margins: Operating (EBIT) stands at $59,279,000 with an operating margin of 6.11%. QoQ operating margin expanded ~21.49%, while YoY operating margin contracted ~35.70%. Operating margin sits below the industry peer mean of 14.25% and below the industry peer median of 14.12%, indicating margin pressure relative to peers despite recent sequential improvement.
Revenue and earnings: Total revenue $969,804,000 reflects modest YoY revenue growth of 2.39% but a sharp QoQ contraction signal in the provided quarterly metric. Reported EPS $0.47 missed the $0.50 estimate by $0.03 (-6%), producing an EPS surprise ratio of -6% that appears as part of sequential margin compression versus the prior year.
Cash flow and liquidity: Operating cash flow registered negative $130,981,000 and free cash flow at negative $135,729,000; free cash flow yield equals -5.76%. Cash on hand $251,044,000 offsets total debt $1,766,134,000 for net debt of $1,515,090,000. The current ratio of 1.55 and quick ratio of 0.27 run below the industry peer averages, reflecting a tighter near-term liquidity posture relative to peers.
Capital structure: Debt-to-assets at 46.05% and debt-to-equity at 1.286 exceed the industry peer mean debt-to-assets (~18.21%) and debt-to-equity (~0.3185), signaling heavier leverage. Interest coverage remains elevated numerically due to accounting factors, but net-debt magnitude and negative operating cash flow highlight refinancing and cash-conversion sensitivity.
Valuation multiples: P/E at 54.0 sits slightly above the industry peer mean of 53.20 but near the peer median, while price-to-book at 1.71 sits below the industry peer mean of 2.46. Enterprise multiple (EV/EBIT) near 58.8 exceeds the industry peer mean of ~39.52, reinforcing a stretched valuation on an enterprise basis. WMDST values the stock as over-valued given current cash-flow dynamics, leverage profile, and the premium implied by enterprise multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 258.4 M |
| Operating Cash Flow | $ -130.98 M | |
| Capital Expenditures | $ -4.75 M | |
| Change In Working Capital | $ -201.35 M | |
| Dividends Paid | $ -3.38 M | |
| Cash Flow Delta | $ 31.8 M | |
| End Period Cash Flow | $ 290.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 969.8 M | |
| Forward Revenue | $ 215.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 801.0 M | |
| Depreciation | $ 6.5 M | |
| Depreciation and Amortization | $ 6.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 910.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 168.8 M | |
| EBITDA | $ 65.8 M | |
| EBIT | $ 59.3 M | |
| Operating Income | $ 59.3 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 60.8 M | |
| Tax Provision | $ 13.7 M | |
| Tax Rate | 22.542 % | |
| Net Income | $ 47.0 M | |
| Net Income From Continuing Operations | $ 47.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.50 | |
| EPS Actual | $ 0.47 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -6.0 % | |
| Forward EPS | $ 0.45 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.8 B | |
| Intangible Assets | $ 375.1 M | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 251.0 M | |
| Cash | $ 251.0 M | |
| Net Receivables | $ 53.0 M | |
| Inventory | $ 2.1 B | |
| Long-Term Investments | $ 294.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 165.3 M | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 1.7 B | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.3 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.81 | |
| Shares Outstanding | 92.755 M | |
| Revenue Per-Share | $ 10.46 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | 58.812 | |
| Enterprise Multiple QoQ | 0.946 % | |
| Enterprise Multiple YoY | 46.545 % | |
| Enterprise Multiple IPRWA | DFH: 58.812 high: 56.389 median: 43.224 mean: 39.521 low: 26.861 |
|
| EV/R | 3.99 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.793 | |
| Asset To Liability | 1.68 | |
| Debt To Capital | 0.563 | |
| Debt To Assets | 0.461 | |
| Debt To Assets QoQ | 6.358 % | |
| Debt To Assets YoY | 31.828 % | |
| Debt To Assets IPRWA | high: 0.48 DFH: 0.461 mean: 0.182 median: 0.17 low: 0.002 |
|
| Debt To Equity | 1.286 | |
| Debt To Equity QoQ | 8.562 % | |
| Debt To Equity YoY | 23.475 % | |
| Debt To Equity IPRWA | high: 1.452 DFH: 1.286 mean: 0.319 median: 0.249 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.715 | |
| Price To Book QoQ | -6.499 % | |
| Price To Book YoY | -37.092 % | |
| Price To Book IPRWA | high: 5.472 mean: 2.463 median: 1.935 DFH: 1.715 low: 0.571 |
|
| Price To Earnings (P/E) | 54.015 | |
| Price To Earnings QoQ | 20.921 % | |
| Price To Earnings YoY | 16.291 % | |
| Price To Earnings IPRWA | high: 92.96 DFH: 54.015 mean: 53.197 median: 52.279 low: 30.727 |
|
| PE/G Ratio | -3.361 | |
| Price To Sales (P/S) | 2.428 | |
| Price To Sales QoQ | 14.185 % | |
| Price To Sales YoY | -19.561 % | |
| Price To Sales IPRWA | high: 14.419 mean: 5.631 median: 4.836 DFH: 2.428 low: 1.863 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.218 | |
| Forward PE/G | -2.005 | |
| Forward P/S | 5.858 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.154 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.259 | |
| Asset Turnover Ratio QoQ | -19.618 % | |
| Asset Turnover Ratio YoY | -18.807 % | |
| Asset Turnover Ratio IPRWA | high: 0.437 mean: 0.29 median: 0.269 DFH: 0.259 low: 0.073 |
|
| Receivables Turnover | 20.015 | |
| Receivables Turnover Ratio QoQ | -34.926 % | |
| Receivables Turnover Ratio YoY | -37.179 % | |
| Receivables Turnover Ratio IPRWA | DFH: 20.015 high: 14.207 mean: 6.213 median: 4.799 low: 1.737 |
|
| Inventory Turnover | 0.387 | |
| Inventory Turnover Ratio QoQ | -22.302 % | |
| Inventory Turnover Ratio YoY | -5.296 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 mean: 0.599 DFH: 0.387 median: 0.292 low: 0.085 |
|
| Days Sales Outstanding (DSO) | 4.559 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 185.412 | |
| Cash Conversion Cycle Days QoQ | -9.561 % | |
| Cash Conversion Cycle Days YoY | -5.342 % | |
| Cash Conversion Cycle Days IPRWA | high: 889.05 mean: 222.148 DFH: 185.412 median: 80.111 low: 46.208 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.046 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.728 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.1 B | |
| Net Invested Capital | $ 3.1 B | |
| Invested Capital | $ 3.1 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 926.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.15 | |
| Current Ratio | 1.553 | |
| Current Ratio QoQ | 16.007 % | |
| Current Ratio YoY | 2.286 % | |
| Current Ratio IPRWA | high: 17.394 mean: 9.463 median: 6.11 low: 1.865 DFH: 1.553 |
|
| Quick Ratio | 0.273 | |
| Quick Ratio QoQ | 9.69 % | |
| Quick Ratio YoY | 2.022 % | |
| Quick Ratio IPRWA | high: 4.511 median: 3.154 mean: 2.628 low: 0.47 DFH: 0.273 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 26.841 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | 5927.9 | |
| Interest Coverage Ratio QoQ | 2.422 % | |
| Interest Coverage Ratio YoY | -38.068 % | |
| Interest Coverage Ratio IPRWA | DFH: 5927.9 high: 601.482 mean: 57.819 median: 28.941 low: 1.167 |
|
| Operating Cash Flow Ratio | -0.071 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 16.16 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 13.925 | |
| Dividend Payout Ratio | 0.072 | |
| Dividend Rate | $ 0.04 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.073 % | |
| Revenue Growth | -15.706 % | |
| Revenue Growth QoQ | -196.783 % | |
| Revenue Growth YoY | 239.222 % | |
| Revenue Growth IPRWA | high: 7.522 % median: 2.354 % mean: 2.054 % DFH: -15.706 % low: -19.304 % |
|
| Earnings Growth | -16.071 % | |
| Earnings Growth QoQ | -533.882 % | |
| Earnings Growth YoY | 18.343 % | |
| Earnings Growth IPRWA | high: 9.896 % median: -2.31 % mean: -3.481 % DFH: -16.071 % low: -41.667 % |
|
| MARGINS | ||
| Gross Margin | 17.404 % | |
| Gross Margin QoQ | 3.979 % | |
| Gross Margin YoY | -11.317 % | |
| Gross Margin IPRWA | high: 41.838 % mean: 24.309 % median: 22.682 % DFH: 17.404 % low: 16.745 % |
|
| EBIT Margin | 6.112 % | |
| EBIT Margin QoQ | 21.487 % | |
| EBIT Margin YoY | -35.704 % | |
| EBIT Margin IPRWA | high: 23.986 % mean: 14.248 % median: 14.12 % DFH: 6.112 % low: 5.417 % |
|
| Return On Sales (ROS) | 6.112 % | |
| Return On Sales QoQ | 21.487 % | |
| Return On Sales YoY | -35.704 % | |
| Return On Sales IPRWA | high: 23.986 % median: 14.12 % mean: 14.022 % DFH: 6.112 % low: 5.214 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -135.73 M | |
| Free Cash Flow Yield | -5.764 % | |
| Free Cash Flow Yield QoQ | 78.951 % | |
| Free Cash Flow Yield YoY | -21.278 % | |
| Free Cash Flow Yield IPRWA | high: 5.211 % mean: 3.213 % median: 2.654 % low: -1.138 % DFH: -5.764 % |
|
| Free Cash Growth | 72.258 % | |
| Free Cash Growth QoQ | 11.884 % | |
| Free Cash Growth YoY | -26.23 % | |
| Free Cash Growth IPRWA | high: 250.563 % median: 157.39 % mean: 122.417 % DFH: 72.258 % low: -254.593 % |
|
| Free Cash To Net Income | -2.888 | |
| Cash Flow Margin | -12.286 % | |
| Cash Flow To Earnings | -2.535 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.256 % | |
| Return On Assets QoQ | -20.757 % | |
| Return On Assets YoY | -43.904 % | |
| Return On Assets IPRWA | high: 5.723 % mean: 3.184 % median: 2.585 % DFH: 1.256 % low: 0.49 % |
|
| Return On Capital Employed (ROCE) | 2.746 % | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | -19.311 % | |
| Return On Equity YoY | -45.991 % | |
| Return On Equity IPRWA | high: 0.086 mean: 0.047 median: 0.044 DFH: 0.034 low: 0.009 |
|
| DuPont ROE | 3.472 % | |
| Return On Invested Capital (ROIC) | 1.463 % | |
| Return On Invested Capital QoQ | -3.496 % | |
| Return On Invested Capital YoY | -81.14 % | |
| Return On Invested Capital IPRWA | high: 7.144 % mean: 3.888 % median: 3.27 % DFH: 1.463 % low: 0.412 % |
|