Recent News
Feb 12, 2026 — Shareholders approved an all-cash acquisition by Aquarian Capital LLC at $70.00 per share, valuing the transaction at roughly $4.1 billion. Feb 17, 2026 — Company set preferred-stock distribution record date for March 10, 2026 with quarterly distribution payable March 25, 2026. Jan 7, 2026 — Analyst coverage aggregated to an average “reduce” recommendation in published reports.
Technical Analysis
Directional indicators show conviction: ADX registers 41.94, signaling a very strong trend environment while DI+ increases (12.64) and DI- decreases (32.45 decreasing), producing a directional tilt that favors buyers relative to sellers and supporting the valuation case for consolidation into the announced transaction.
MACD reads -0.88 with a peak-and-reversal pattern and the MACD line sitting slightly below the signal (-0.86), signaling bearish momentum and a recent loss of upward impulse despite directional strength.
MRO at 16.19 with a peak-and-reversal signal indicates price sits above the model target and therefore carries measurable downward pressure from a valuation-mean perspective.
RSI at 41.03 and falling indicates declining short-term buying momentum and room for further price contraction before hitting oversold extremes.
Price relationships show mixed proximity to averages: the close at $59.59 sits near the 20-day average ($60.13) and below the 50-day average ($62.88) while trading above the 200-day average ($56.49), implying short-term weakness inside a longer-term support band. Bollinger bands remain narrow (upper ~ $60.65, lower ~ $59.61), suggesting limited near-term volatility expansion. Volume trends track ten- and fifty-day averages without abnormal spikes.
Fundamental Analysis
Profitability: EBIT totals $188,000,000 and the EBIT margin registers 11.95%, down QoQ by -67.23% and down YoY by -85.24%. The EBIT margin sits below the industry peer mean (23.15%) and median (26.85%) while remaining above the industry peer low (-17.33%). Net income from continuing operations reached $137,000,000, and return on equity measures 2.02%, down sharply QoQ (-73.11%) and YoY (-85.04%), reflecting acute earnings compression.
Earnings and cash flow: Reported EPS equaled $3.70 versus an estimate of $5.19, producing an EPS surprise of -28.71% and an absolute EPS shortfall of $1.49. Operating cash flow and free cash flow both show weakness: operating cash flow at $-3,000,000 and free cash flow at $-3,000,000 with a free cash flow yield of -0.083%, and free cash flow contraction of roughly -102.56% YoY, indicating cash conversion stress relative to reported earnings.
Growth and revenue: Total revenue of $1,573,000,000 reflects revenue growth YoY of -82.49% and a sequential revenue change QoQ of -106.80% (reported as -1.06802), signaling substantial year-over-year and quarter-to-quarter declines in reported top-line flows tied to business mix and runoff activities.
Liquidity and capital structure: Cash and short-term investments total $88,598,000,000 while market capitalization stands at $3,595,294,308, producing a negative enterprise value ($-81,847,705,692) and implying cash and liquid assets materially exceed equity value on a headline basis. Debt measures remain modest: total debt $3,155,000,000, debt-to-assets 1.305%, and interest coverage ~4.95x, down QoQ and YoY but still above the industry peer low.
Valuation multiples: Trailing PE stands at 17.00, below the industry peer mean (37.15) and median (40.73). Price-to-book equals 0.53, below the industry peer mean (1.43) and median (1.37). Forward PE sits near 11.56, well below the industry peer mean (36.73). The current WMDST valuation stance: under-valued, supported by depressed market capitalization versus excess liquid assets and comparatively low multiples despite materially weakened operating margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-23 |
| NEXT REPORT DATE: | 2026-05-25 |
| CASH FLOW | Begin Period Cash Flow | $ 6.6 B |
| Operating Cash Flow | $ -3.00 M | |
| Capital Expenditures | $ -62.00 M | |
| Change In Working Capital | $ -140.00 M | |
| Dividends Paid | $ -25.00 M | |
| Cash Flow Delta | $ -1.22 B | |
| End Period Cash Flow | $ 5.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.6 B | |
| Forward Revenue | $ 857.7 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | $ 188.0 M | |
| Operating Income | — | |
| Interest Income | — | |
| Interest Expense | $ 38.0 M | |
| Net Interest Income | $ -38.00 M | |
| Income Before Tax | $ 150.0 M | |
| Tax Provision | $ 12.0 M | |
| Tax Rate | 8.0 % | |
| Net Income | $ 137.0 M | |
| Net Income From Continuing Operations | $ 137.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 5.19 | |
| EPS Actual | $ 3.70 | |
| EPS Difference | $ -1.49 | |
| EPS Surprise | -28.709 % | |
| Forward EPS | $ 5.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 241.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 6.8 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | $ 88.6 B | |
| Cash | $ 5.4 B | |
| Net Receivables | $ 21.6 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 235.0 B | |
| EQUITY | ||
| Total Equity | $ 6.8 B | |
| Retained Earnings | $ -686.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 118.38 | |
| Shares Outstanding | 57.171 M | |
| Revenue Per-Share | $ 27.51 | |
| VALUATION | Market Capitalization | $ 3.6 B |
| Enterprise Value | $ -81.85 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | -52.033 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 35.727 | |
| Asset To Liability | 1.029 | |
| Debt To Capital | 0.318 | |
| Debt To Assets | 0.013 | |
| Debt To Assets QoQ | 1.241 % | |
| Debt To Assets YoY | -1.361 % | |
| Debt To Assets IPRWA | high: 0.121 mean: 0.041 median: 0.03 BHF: 0.013 low: 0.012 |
|
| Debt To Equity | 0.466 | |
| Debt To Equity QoQ | -5.986 % | |
| Debt To Equity YoY | -26.73 % | |
| Debt To Equity IPRWA | high: 0.858 mean: 0.492 BHF: 0.466 median: 0.339 low: 0.173 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.531 | |
| Price To Book QoQ | 19.306 % | |
| Price To Book YoY | -13.412 % | |
| Price To Book IPRWA | high: 1.929 mean: 1.427 median: 1.369 BHF: 0.531 low: 0.101 |
|
| Price To Earnings (P/E) | 16.996 | |
| Price To Earnings QoQ | 170.521 % | |
| Price To Earnings YoY | 66.062 % | |
| Price To Earnings IPRWA | high: 49.95 median: 40.732 mean: 37.148 BHF: 16.996 low: 16.63 |
|
| PE/G Ratio | -0.919 | |
| Price To Sales (P/S) | 2.286 | |
| Price To Sales QoQ | 37.791 % | |
| Price To Sales YoY | -19.088 % | |
| Price To Sales IPRWA | high: 11.634 median: 6.248 mean: 6.232 BHF: 2.286 low: 0.437 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 11.564 | |
| Forward PE/G | -0.625 | |
| Forward P/S | 4.192 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 8.834 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.006 | |
| Asset Turnover Ratio QoQ | -7.703 % | |
| Asset Turnover Ratio YoY | 45.393 % | |
| Asset Turnover Ratio IPRWA | high: 0.057 mean: 0.023 median: 0.016 BHF: 0.006 low: 0.005 |
|
| Receivables Turnover | 0.073 | |
| Receivables Turnover Ratio QoQ | -8.585 % | |
| Receivables Turnover Ratio YoY | 42.632 % | |
| Receivables Turnover Ratio IPRWA | high: 5.798 mean: 2.097 median: 0.352 BHF: 0.073 low: 0.073 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 1242.085 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 1242.085 | |
| Cash Conversion Cycle Days QoQ | 9.402 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | BHF: 1242.085 high: 1242.085 median: 457.814 mean: 455.204 low: 8.656 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.039 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 9.9 B | |
| Net Invested Capital | $ 9.9 B | |
| Invested Capital | $ 9.9 B | |
| Net Tangible Assets | $ 6.8 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 | 1.108 % | |
| Interest Coverage Ratio | 4.947 | |
| Interest Coverage Ratio QoQ | -69.823 % | |
| Interest Coverage Ratio YoY | -78.44 % | |
| Interest Coverage Ratio IPRWA | high: 12.296 mean: 7.06 median: 5.704 BHF: 4.947 low: 1.692 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.48 | |
| Dividend Payout Ratio | 0.182 | |
| Dividend Rate | $ 0.44 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.177 % | |
| Revenue Growth | -7.904 % | |
| Revenue Growth QoQ | -106.802 % | |
| Revenue Growth YoY | -82.488 % | |
| Revenue Growth IPRWA | high: 42.476 % median: 8.454 % mean: -5.153 % BHF: -7.904 % low: -55.537 % |
|
| Earnings Growth | -18.502 % | |
| Earnings Growth QoQ | -114.229 % | |
| Earnings Growth YoY | -69.007 % | |
| Earnings Growth IPRWA | high: 57.143 % mean: -10.636 % median: -14.286 % BHF: -18.502 % low: -30.444 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 11.952 % | |
| EBIT Margin QoQ | -67.232 % | |
| EBIT Margin YoY | -85.238 % | |
| EBIT Margin IPRWA | high: 33.388 % median: 26.848 % mean: 23.146 % BHF: 11.952 % low: -17.326 % |
|
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -3.00 M | |
| Free Cash Flow Yield | -0.083 % | |
| Free Cash Flow Yield QoQ | -102.01 % | |
| Free Cash Flow Yield YoY | -97.86 % | |
| Free Cash Flow Yield IPRWA | high: 28.889 % median: 7.936 % mean: 7.498 % BHF: -0.083 % low: -0.437 % |
|
| Free Cash Growth | -102.564 % | |
| Free Cash Growth QoQ | -99.131 % | |
| Free Cash Growth YoY | -82.665 % | |
| Free Cash Growth IPRWA | high: 231.548 % median: -9.753 % mean: -14.92 % BHF: -102.564 % low: -179.508 % |
|
| Free Cash To Net Income | -0.022 | |
| Cash Flow Margin | -12.587 % | |
| Cash Flow To Earnings | -0.022 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.056 % | |
| Return On Assets QoQ | -71.574 % | |
| Return On Assets YoY | -79.783 % | |
| Return On Assets IPRWA | high: 1.155 % mean: 0.386 % median: 0.181 % BHF: 0.056 % low: -0.058 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.02 | |
| Return On Equity QoQ | -73.114 % | |
| Return On Equity YoY | -85.042 % | |
| Return On Equity IPRWA | high: 0.081 mean: 0.038 median: 0.035 BHF: 0.02 low: -0.022 |
|
| DuPont ROE | 2.088 % | |
| Return On Invested Capital (ROIC) | 1.743 % | |
| Return On Invested Capital QoQ | -67.614 % | |
| Return On Invested Capital YoY | -307.995 % | |
| Return On Invested Capital IPRWA | high: 5.02 % median: 3.28 % mean: 3.019 % BHF: 1.743 % low: -1.875 % |
|