Recent News
Dec. 3, 2025: Board raised the quarterly common dividend to $0.54 per share and authorized a $2.0 billion common stock repurchase program; Series B preferred shares scheduled for redemption in early January 2026. Jan. 15, 2026: Raymond James agreed to acquire Clark Capital Management Group, a $46 billion asset manager, with closing expected by the third calendar quarter of 2026.
Technical Analysis
Directional indicators show a clear bearish tilt: ADX at 25.77 signals a strong directional market, while DI− at 26.79 (increasing) and DI+ at 12.73 (decreasing) indicate that sellers presently dominate directional force and strengthen the near-term downside bias.
MACD sits negative at −2.37 and trends downward; the MACD line remains below the signal line (MACD signal −1.13), indicating ongoing bearish momentum and little immediate bullish crossover risk.
MRO reads −17.29 with a reported dip & reversal. The negative MRO implies price sits below the model target and carries potential for mean reversion higher; the dip & reversal suggests a recent shift toward corrective upward pressure, which could produce transient rallies against the prevailing bearish momentum.
RSI at 47.33 and decreasing reflects weakening internal momentum without reaching classical oversold territory, supporting a cautious outlook for sustained rallies until RSI stabilizes above mid-range readings.
Price sits below most trend averages: close $153.13 trades beneath the 20‑day ($162.22), 50‑day ($165.32) and 200‑day ($160.95) averages, with the 12‑day EMA declining. This alignment places short- and medium-term moving averages above price, reinforcing downside pressure against the valuation backdrop.
Price resides under the 1× Bollinger lower band ($155.08), which highlights short-term dispersion and the potential for a technical bounce; however, the broader combination of declining EMAs, negative MACD, and ADX-confirmed trend argues that such bounces may remain corrective rather than trend-defining.
Volume at 1,379,402 sits below the 10‑day average (1,927,363) while above the 200‑day average (1,189,868), suggesting lower participation into recent moves; lower-than-short-term-average volume on downward pressure typically reduces conviction for immediate trend reversals.
Fundamental Analysis
Earnings: Reported EPS $2.86 versus estimate $2.83, a 1.06% beat (EPS surprise ratio 0.0106) on the report dated 2026‑01‑28; trailing twelve‑month net income $563,000,000. Forward EPS stands at $3.44 with a forward PE of 47.35.
Revenue and growth: Trailing revenue $3,672,000,000 with YoY revenue growth 3.61% and QoQ revenue growth −47.53%, reflecting marked seasonality or quarter-to-quarter timing effects rather than outright secular decline; analysts and traders should treat the QoQ drop as a seasonality flag to reconcile with annualized trends.
Profitability and returns: Return on equity 4.51% and return on assets 0.64%, both down QoQ (ROE QoQ −7.30%; ROA QoQ −8.88%) and down YoY (ROE YoY −11.03%; ROA YoY −12.40%), indicating compressing operating leverage versus the prior period despite positive YoY earnings growth of 10.86%.
Cash flow and balance sheet: Operating cash flow near breakeven ($‑10,000,000) and free cash flow negative at −$56,000,000 produce a free cash flow yield of −0.17%; cash holdings total $9,890,000,000 with total debt $4,221,000,000 and debt‑to‑assets 4.76%, leaving capital structure relatively conservative but showing a negative free cash conversion trend QoQ and YoY.
Capital returns and coverage: Dividend payout ratio 19.89% with dividend coverage 5.03, and dividends paid $‑112,000,000. The recent dividend increase and $2.0 billion buyback authorization (see news) raise near‑term cash outflow requirements that intersect with negative free cash flow and lower conversion metrics.
Valuation context: Trailing PE 57.68 sits below the industry peer mean PE of 80.08 but above the industry peer median PE of 42.17. Price‑to‑book of 2.60 exceeds the industry peer mean of 1.00 and tops the industry peer high of 1.29, indicating material premium to peers on a book basis. WMDST values the stock as over‑valued based on these inputs and the firm’s cash‑flow trajectory.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-28 |
| NEXT REPORT DATE: | 2026-04-29 |
| CASH FLOW | Begin Period Cash Flow | $ 14.8 B |
| Operating Cash Flow | $ -10.00 M | |
| Capital Expenditures | $ -46.00 M | |
| Change In Working Capital | $ -838.00 M | |
| Dividends Paid | $ -112.00 M | |
| Cash Flow Delta | $ -1.22 B | |
| End Period Cash Flow | $ 13.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.7 B | |
| Forward Revenue | $ 1.1 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 49.0 M | |
| Depreciation and Amortization | $ 49.0 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 1.0 B | |
| Interest Expense | $ 441.0 M | |
| Net Interest Income | $ 566.0 M | |
| Income Before Tax | $ 728.0 M | |
| Tax Provision | $ 165.0 M | |
| Tax Rate | 22.665 % | |
| Net Income | $ 563.0 M | |
| Net Income From Continuing Operations | $ 563.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.83 | |
| EPS Actual | $ 2.86 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 1.06 % | |
| Forward EPS | $ 3.44 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 88.8 B | |
| Intangible Assets | $ 1.8 B | |
| Net Tangible Assets | $ 10.7 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 9.9 B | |
| Net Receivables | $ 3.0 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 6.1 B | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 4.2 B | |
| Total Liabilities | $ 76.2 B | |
| EQUITY | ||
| Total Equity | $ 12.5 B | |
| Retained Earnings | $ 14.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 63.40 | |
| Shares Outstanding | 197.032 M | |
| Revenue Per-Share | $ 18.64 | |
| VALUATION | Market Capitalization | $ 32.5 B |
| Enterprise Value | $ 36.7 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 10.001 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.106 | |
| Asset To Liability | 1.165 | |
| Debt To Capital | 0.253 | |
| Debt To Assets | 0.048 | |
| Debt To Assets QoQ | -0.564 % | |
| Debt To Assets YoY | 26.692 % | |
| Debt To Assets IPRWA | high: 0.639 median: 0.264 mean: 0.258 RJF: 0.048 low: 0.001 |
|
| Debt To Equity | 0.338 | |
| Debt To Equity QoQ | -0.515 % | |
| Debt To Equity YoY | 29.566 % | |
| Debt To Equity IPRWA | high: 1.851 mean: 0.573 median: 0.529 RJF: 0.338 low: -0.995 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.602 | |
| Price To Book QoQ | -0.819 % | |
| Price To Book YoY | -3.567 % | |
| Price To Book IPRWA | RJF: 2.602 high: 1.289 mean: 1.002 median: 0.982 low: 0.766 |
|
| Price To Earnings (P/E) | 57.678 | |
| Price To Earnings QoQ | 9.041 % | |
| Price To Earnings YoY | 8.182 % | |
| Price To Earnings IPRWA | high: 155.319 mean: 80.083 RJF: 57.678 median: 42.167 low: 13.973 |
|
| PE/G Ratio | -7.175 | |
| Price To Sales (P/S) | 8.851 | |
| Price To Sales QoQ | -0.421 % | |
| Price To Sales YoY | -3.506 % | |
| Price To Sales IPRWA | high: 71.015 mean: 26.629 median: 25.567 RJF: 8.851 low: -39.474 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 47.351 | |
| Forward PE/G | -5.89 | |
| Forward P/S | 29.42 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.041 | |
| Asset Turnover Ratio QoQ | -2.1 % | |
| Asset Turnover Ratio YoY | -1.589 % | |
| Asset Turnover Ratio IPRWA | high: 0.186 mean: 0.063 median: 0.058 RJF: 0.041 low: -0.007 |
|
| Receivables Turnover | 1.27 | |
| Receivables Turnover Ratio QoQ | -0.626 % | |
| Receivables Turnover Ratio YoY | -2.278 % | |
| Receivables Turnover Ratio IPRWA | high: 10.353 mean: 4.396 median: 2.35 RJF: 1.27 low: 0.188 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 71.842 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.013 | |
| CapEx To Depreciation | -0.939 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 16.8 B | |
| Net Invested Capital | $ 16.7 B | |
| Invested Capital | $ 16.7 B | |
| Net Tangible Assets | $ 10.7 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 10.763 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.027 | |
| Dividend Payout Ratio | 0.199 | |
| Dividend Rate | $ 0.57 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.601 % | |
| Revenue Growth | 9.725 % | |
| Revenue Growth QoQ | -4753.11 % | |
| Revenue Growth YoY | 360.9 % | |
| Revenue Growth IPRWA | high: 29.123 % RJF: 9.725 % median: 3.258 % mean: 1.225 % low: -54.736 % |
|
| Earnings Growth | -8.039 % | |
| Earnings Growth QoQ | -118.844 % | |
| Earnings Growth YoY | 1085.693 % | |
| Earnings Growth IPRWA | high: 45.455 % mean: 3.779 % median: -2.041 % RJF: -8.039 % low: -27.966 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -56.00 M | |
| Free Cash Flow Yield | -0.172 % | |
| Free Cash Flow Yield QoQ | -107.456 % | |
| Free Cash Flow Yield YoY | -106.966 % | |
| Free Cash Flow Yield IPRWA | high: 16.184 % mean: 3.071 % median: 1.7 % RJF: -0.172 % low: -7.326 % |
|
| Free Cash Growth | -107.447 % | |
| Free Cash Growth QoQ | -677.3 % | |
| Free Cash Growth YoY | -250.229 % | |
| Free Cash Growth IPRWA | high: 252.632 % mean: 88.469 % median: 8.471 % RJF: -107.447 % low: -224.824 % |
|
| Free Cash To Net Income | -0.099 | |
| Cash Flow Margin | 19.145 % | |
| Cash Flow To Earnings | 1.249 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.636 % | |
| Return On Assets QoQ | -8.883 % | |
| Return On Assets YoY | -12.397 % | |
| Return On Assets IPRWA | high: 6.764 % median: 0.945 % mean: 0.726 % RJF: 0.636 % low: -2.335 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.045 | |
| Return On Equity QoQ | -7.302 % | |
| Return On Equity YoY | -11.034 % | |
| Return On Equity IPRWA | high: 0.094 RJF: 0.045 median: 0.029 mean: 0.019 low: -0.045 |
|
| DuPont ROE | 4.519 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |