Recent News
Feb 24–25, 2026 reports show substantial insider purchases by Carl Icahn and increased stake disclosures; the company announced a $75 million term‑loan prepayment and outlined 2026 capital expenditure plans; a private placement of senior notes was priced and expected to close in mid‑February 2026.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 34.46 signals a strong trend presence and recent DI+ at 39.86 has undergone a peak‑and‑reversal, which by definition reads as a bearish shift in directional momentum even while the ADX confirms trend strength. DI‑ at 15.6 trending lower reads as a supportive element for the prior DI+ strength, but the DI+ peak‑and‑reverse dominates near‑term directional interpretation.
MACD sits at 2.10 with the signal line at 1.52 and the MACD trend increasing; the MACD has crossed above its signal line, providing a bullish momentum signal that aligns with recent price strength and moving average positioning.
MRO registers 25.9 and is increasing; a positive MRO indicates the market price sits above modeled target levels and therefore carries a measurable risk of mean reversion or a pullback despite the bullish MACD signal.
RSI at 54.18 and rising places momentum in neutral‑to‑favorable territory without overbought readings, which supports the case for continued upside room before momentum exhaustion.
Price sits above short‑ and long‑term averages: the 12‑day EMA at $30.76, 26‑day EMA at $28.40, 50‑day average at $25.26 and 200‑day average at $29.62, while the closing price registers $32.69—this alignment of price over moving averages confirms an uptrend posture. Bollinger band width and current bands (upper ~ $33.16 / $36.43, lower ~ $26.63 / $23.37) show room near the first standard deviation but increasingly tight dispersion over longer horizons.
Volume activity confirms participation: intraday volume ~2.04M exceeds 10‑day average ~1.88M and 200‑day average ~1.43M, indicating above‑average trade interest supporting the breakout momentum. Short‑term beta sits negative (42‑day -0.61) while 52‑week beta reads 0.88; the short‑term beta anomaly suggests recent decoupling from the market but the 52‑week beta indicates broadly market‑correlated returns over a full year.
Fundamental Analysis
Profitability metrics show operating stress: EBIT stands at -$94.0M and EBITDA at $51.0M, producing an EBIT margin of -5.19%. Quarter‑over‑quarter change in EBIT margin equals -119.64% and year‑over‑year change equals -306.32%, which reflects notable deterioration versus recent periods. The EBIT margin sits above the industry peer low but below the industry peer mean and median for refining and marketing.
EPS reported at -$0.80 versus an estimate of -$0.83 produced an EPS surprise ratio of 3.61%, a modest positive variance that reduces immediate downside from expectations but does not change negative earnings delivery. Forward EPS of $0.232 and forward P/E near 126 reflect low near‑term earnings power priced into forward expectations.
Revenue totaled $1,810,000,000 with reported revenue growth of -6.89%; revenue growth quarter‑over‑quarter shows -166.33% and year‑over‑year reads -210.84% per the supplied figures, indicating material top‑line contraction relative to the prior reference periods.
Liquidity and capital structure show mixed signals: cash and short‑term investments total $511.0M, current ratio 1.79 and quick ratio 1.13 provide working capital cover; the cash ratio equals 72.38%. Net debt stands roughly $1.199B and debt to equity equals 243.97%, with debt to EBITDA near 34.9x—leverage sits well above typical peer medians and remains the primary fundamental constraint on valuation.
Cash flow metrics report negative free cash flow of -$56.0M and free cash flow yield of -2.09%; operating cash flow reached $68.0M but free cash growth shows declines QoQ and YoY. Gross profit registers negative $59.0M and gross margin at -3.26%, reflecting margin compression in refining and fertilizer operations.
Balance‑sheet efficiency shows asset turnover of 0.47, which runs above the industry peer mean of 0.358, indicating relatively efficient asset use for revenue generation. Return on assets equals -2.86%, return on equity -15.07%, and return on invested capital negative—profitability metrics remain below what investors typically expect for sustained value creation.
Valuation: The current valuation as determined by WMDST registers as over‑valued, reflecting heavy leverage, negative margins, and negative free cash flow despite active insider support and recent financing moves that aim at deleveraging.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 670.0 M |
| Operating Cash Flow | $ 68.0 M | |
| Capital Expenditures | $ -56.00 M | |
| Change In Working Capital | $ -24.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -159.00 M | |
| End Period Cash Flow | $ 511.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ -96.07 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 B | |
| Depreciation | $ 145.0 M | |
| Depreciation and Amortization | $ 145.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ -59.00 M | |
| EBITDA | $ 51.0 M | |
| EBIT | $ -94.00 M | |
| Operating Income | $ -99.00 M | |
| Interest Income | — | |
| Interest Expense | $ 29.0 M | |
| Net Interest Income | $ -29.00 M | |
| Income Before Tax | $ -123.00 M | |
| Tax Provision | $ -7.00 M | |
| Tax Rate | 5.691 % | |
| Net Income | $ -110.00 M | |
| Net Income From Continuing Operations | $ -116.00 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.83 | |
| EPS Actual | $ -0.80 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 3.614 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 730.0 M | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 511.0 M | |
| Cash | $ 511.0 M | |
| Net Receivables | $ 235.0 M | |
| Inventory | $ 472.0 M | |
| Long-Term Investments | $ 389.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 415.0 M | |
| Short-Term Debt | $ 14.0 M | |
| Total Current Liabilities | $ 706.0 M | |
| Net Debt | $ 1.2 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 730.0 M | |
| Retained Earnings | $ -777.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.26 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 18.00 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | 77.401 | |
| Enterprise Multiple QoQ | 973.26 % | |
| Enterprise Multiple YoY | 852.251 % | |
| Enterprise Multiple IPRWA | high: 96.728 CVI: 77.401 median: 46.587 mean: 22.952 low: -113.353 |
|
| EV/R | 2.181 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.077 | |
| Asset To Liability | 1.32 | |
| Debt To Capital | 0.709 | |
| Debt To Assets | 0.481 | |
| Debt To Assets QoQ | 3.308 % | |
| Debt To Assets YoY | 17002.135 % | |
| Debt To Assets IPRWA | high: 0.915 mean: 0.545 median: 0.524 CVI: 0.481 low: 0.233 |
|
| Debt To Equity | 2.44 | |
| Debt To Equity QoQ | 10.36 % | |
| Debt To Equity YoY | 14192.501 % | |
| Debt To Equity IPRWA | CVI: 2.44 high: 1.855 median: 1.855 mean: 1.665 low: 0.359 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.668 | |
| Price To Book QoQ | -7.413 % | |
| Price To Book YoY | 30.568 % | |
| Price To Book IPRWA | CVI: 3.668 high: 1.293 median: 1.293 mean: 1.252 low: 0.968 |
|
| Price To Earnings (P/E) | -33.291 | |
| Price To Earnings QoQ | -140.231 % | |
| Price To Earnings YoY | -77.968 % | |
| Price To Earnings IPRWA | high: 62.479 CVI: -33.291 mean: -39.775 median: -53.798 low: -98.062 |
|
| PE/G Ratio | 0.111 | |
| Price To Sales (P/S) | 1.479 | |
| Price To Sales QoQ | -13.581 % | |
| Price To Sales YoY | 45.844 % | |
| Price To Sales IPRWA | high: 1.933 CVI: 1.479 mean: 1.329 median: 1.204 low: 0.738 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 125.977 | |
| Forward PE/G | -0.42 | |
| Forward P/S | -25.409 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 17.161 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.47 | |
| Asset Turnover Ratio QoQ | -3.531 % | |
| Asset Turnover Ratio YoY | -1.687 % | |
| Asset Turnover Ratio IPRWA | high: 0.542 CVI: 0.47 median: 0.372 mean: 0.358 low: 0.065 |
|
| Receivables Turnover | 7.418 | |
| Receivables Turnover Ratio QoQ | -4.985 % | |
| Receivables Turnover Ratio YoY | 9.727 % | |
| Receivables Turnover Ratio IPRWA | CVI: 7.418 high: 5.931 median: 5.931 mean: 5.507 low: 3.591 |
|
| Inventory Turnover | 3.81 | |
| Inventory Turnover Ratio QoQ | 39.11 % | |
| Inventory Turnover Ratio YoY | 0.751 % | |
| Inventory Turnover Ratio IPRWA | high: 6.227 median: 4.478 mean: 3.967 CVI: 3.81 low: 1.183 |
|
| Days Sales Outstanding (DSO) | 12.301 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 16.548 | |
| Cash Conversion Cycle Days QoQ | 14.068 % | |
| Cash Conversion Cycle Days YoY | 23.032 % | |
| Cash Conversion Cycle Days IPRWA | high: 91.409 mean: 18.798 CVI: 16.548 low: 10.44 median: 10.44 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.226 | |
| CapEx To Revenue | -0.031 | |
| CapEx To Depreciation | -0.386 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ 730.0 M | |
| Net Working Capital | $ 561.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.724 | |
| Current Ratio | 1.795 | |
| Current Ratio QoQ | -8.326 % | |
| Current Ratio YoY | 8.032 % | |
| Current Ratio IPRWA | high: 2.109 CVI: 1.795 mean: 1.381 median: 1.38 low: 0.735 |
|
| Quick Ratio | 1.126 | |
| Quick Ratio QoQ | -12.262 % | |
| Quick Ratio YoY | -6.474 % | |
| Quick Ratio IPRWA | high: 1.582 CVI: 1.126 mean: 0.812 median: 0.784 low: 0.562 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 34.922 | |
| Cost Of Debt | 1.504 % | |
| Interest Coverage Ratio | -3.241 | |
| Interest Coverage Ratio QoQ | -115.765 % | |
| Interest Coverage Ratio YoY | -238.916 % | |
| Interest Coverage Ratio IPRWA | high: 14.134 median: 1.894 mean: 1.073 CVI: -3.241 low: -10.404 |
|
| Operating Cash Flow Ratio | 0.096 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.047 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -7.164 % | |
| Revenue Growth | -6.893 % | |
| Revenue Growth QoQ | -166.33 % | |
| Revenue Growth YoY | -210.838 % | |
| Revenue Growth IPRWA | high: 117.712 % median: 42.573 % mean: 32.173 % CVI: -6.893 % low: -15.662 % |
|
| Earnings Growth | -300.0 % | |
| Earnings Growth QoQ | 9.524 % | |
| Earnings Growth YoY | 305.405 % | |
| Earnings Growth IPRWA | high: 112.5 % median: -85.938 % mean: -108.197 % CVI: -300.0 % low: -315.0 % |
|
| MARGINS | ||
| Gross Margin | -3.26 % | |
| Gross Margin QoQ | -111.357 % | |
| Gross Margin YoY | -213.352 % | |
| Gross Margin IPRWA | high: 46.536 % mean: 9.314 % median: 8.198 % low: -0.289 % CVI: -3.26 % |
|
| EBIT Margin | -5.193 % | |
| EBIT Margin QoQ | -119.641 % | |
| EBIT Margin YoY | -306.317 % | |
| EBIT Margin IPRWA | high: 10.009 % median: 3.523 % mean: 1.15 % CVI: -5.193 % low: -20.367 % |
|
| Return On Sales (ROS) | -5.47 % | |
| Return On Sales QoQ | -120.608 % | |
| Return On Sales YoY | -317.322 % | |
| Return On Sales IPRWA | high: 10.896 % median: 2.023 % mean: 0.366 % CVI: -5.47 % low: -11.82 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -56.00 M | |
| Free Cash Flow Yield | -2.092 % | |
| Free Cash Flow Yield QoQ | -158.014 % | |
| Free Cash Flow Yield YoY | -214.756 % | |
| Free Cash Flow Yield IPRWA | high: 8.36 % mean: 3.094 % median: 2.25 % low: 1.84 % CVI: -2.092 % |
|
| Free Cash Growth | -146.667 % | |
| Free Cash Growth QoQ | -85.664 % | |
| Free Cash Growth YoY | -173.333 % | |
| Free Cash Growth IPRWA | high: 587.417 % mean: 43.21 % median: -4.508 % CVI: -146.667 % low: -707.133 % |
|
| Free Cash To Net Income | 0.509 | |
| Cash Flow Margin | 3.757 % | |
| Cash Flow To Earnings | -0.618 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.858 % | |
| Return On Assets QoQ | -130.476 % | |
| Return On Assets YoY | -501.404 % | |
| Return On Assets IPRWA | high: 3.001 % median: -0.489 % mean: -0.649 % CVI: -2.858 % low: -4.6 % |
|
| Return On Capital Employed (ROCE) | -3.133 % | |
| Return On Equity (ROE) | -0.151 | |
| Return On Equity QoQ | -133.842 % | |
| Return On Equity YoY | -465.285 % | |
| Return On Equity IPRWA | high: 0.093 mean: -0.007 median: -0.014 low: -0.143 CVI: -0.151 |
|
| DuPont ROE | -14.012 % | |
| Return On Invested Capital (ROIC) | -3.633 % | |
| Return On Invested Capital QoQ | -122.755 % | |
| Return On Invested Capital YoY | -8.489 % | |
| Return On Invested Capital IPRWA | high: 6.931 % median: 0.961 % mean: 0.299 % CVI: -3.633 % low: -6.081 % |
|