Recent News
On January 29, 2026 PJT Partners published analysis forecasting a meaningful increase in secondaries activity for 2026, highlighting an anticipated surge in market volumes and demand for capital solutions. Additional commentary in January–February noted expansion in private capital solutions and Park Hill activity tied to secondary market dynamics.
Technical Analysis
ADX and Directional Indicators: ADX at 36.28 signals a strong trend environment; the directional setup shows DI+ increasing (18.42) while DI− decreases (26.61), which aligns with a bullish directional shift and strengthens the case for near-term upside pressure on price.
MACD: MACD sits at −3.78 and has turned higher, trading above its signal line (signal = −5.53); that crossing combined with the rising MACD indicates a transition toward bullish momentum despite the negative absolute MACD level.
MRO (Momentum/Regression Oscillator): MRO at −33.3 with a dip-and-reversal indicates the price sits below the model target and carries potential to rise toward fair-value levels; the reversal dynamic supports the short-term bounce thesis.
RSI: RSI of 39.9 and rising suggests building buying pressure without overbought conditions, consistent with a recovery phase rather than an extended run-up.
Price vs. Moving Averages and Bands: Latest close $140.79 sits above the 12-day EMA ($137.35) and 20-day average ($134.44) but below the 50-day ($151.51) and 200-day ($168.82), implying a short-term recovery inside a longer-term down-to-flat range. The price trades modestly above the 1× upper Bollinger band ($138.95), signaling near-term bullishness with nearby volatility.
Ichimoku & Support/Resistance: Price slightly exceeds the Kijun-sen ($140.71) and aligns near Tenkan-sen ($136.40), while the super-trend upper level ($142.08) sits above the close and offers nearby resistance; this structure favors a test-and-hold scenario if momentum persists.
Fundamental Analysis
Profitability & Margins: Operating (EBIT) margin equals 23.61%, up 9.62% QoQ and up 3.02% YoY, indicating margin improvement quarter-to-quarter. That margin falls below the industry peer mean of 40.15% and below the industry peer median of 39.02%.
Revenue & Earnings Growth: Reported total revenue reached $535.16M. Revenue change shows a very strong QoQ increase (approximately 99.3%) alongside a YoY decline of −57.4%, reflecting significant period-to-period volatility. Reported earnings metrics show EPS actual $2.55 versus estimate $2.40, producing a 6.25% EPS surprise; earnings growth for the latest period prints positive on a point-in-time basis but the YoY earnings growth reads −63.72%.
Liquidity & Cash Flow: Cash and short-term investments total $538.86M with a cash ratio of 6.91x and current ratio of 12.10x, indicating substantial near-term liquidity. Operating cash flow $155.71M and free cash flow $138.55M yield a free cash flow yield near 3.25%, though that yield contracted ~42% QoQ and ~39% YoY.
Leverage & Coverage: Total debt $413.92M produces debt-to-EBITDA of 3.08 and debt-to-equity of 1.3428; interest coverage around 7.44x signals adequate capacity to service debt without immediate pressure.
Returns & Capital Efficiency: Return on equity registers 17.31%, above the industry peer mean (5.35%) and above the provided industry peer high (16.43%); return on invested capital reads 33.07% but shows a sharp YoY contraction. Those returns indicate strong capital efficiency in the latest period, with notable year-over-year variability.
Valuation Brief: WMDST values the stock as under-valued. Market multiples show PE ~68.84 with a forward PE near 78.9, while price-to-book ~13.85 sits well above the industry peer mean of 1.68. Enterprise value metrics include an EV/Revenue multiple and enterprise multiple consistent with a premium on balance-sheet strength and expected future cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 400.5 M |
| Operating Cash Flow | $ 155.7 M | |
| Capital Expenditures | $ -17.15 M | |
| Change In Working Capital | $ 3.3 M | |
| Dividends Paid | $ -6.09 M | |
| Cash Flow Delta | $ 138.4 M | |
| End Period Cash Flow | $ 538.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 535.2 M | |
| Forward Revenue | $ 131.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 356.6 M | |
| Depreciation | $ 8.0 M | |
| Depreciation and Amortization | $ 8.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 408.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 178.5 M | |
| EBITDA | $ 134.4 M | |
| EBIT | $ 126.3 M | |
| Operating Income | $ 126.3 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 122.9 M | |
| Tax Provision | $ 23.7 M | |
| Tax Rate | 19.306 % | |
| Net Income | $ 53.4 M | |
| Net Income From Continuing Operations | $ 99.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.40 | |
| EPS Actual | $ 2.55 | |
| EPS Difference | $ 0.15 | |
| EPS Surprise | 6.25 % | |
| Forward EPS | $ 2.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | $ 199.1 M | |
| Net Tangible Assets | $ 109.2 M | |
| Total Current Assets | $ 943.2 M | |
| Cash and Short-Term Investments | $ 538.9 M | |
| Cash | $ 538.9 M | |
| Net Receivables | $ 404.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 159.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 34.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 77.9 M | |
| Net Debt | — | |
| Total Debt | $ 413.9 M | |
| Total Liabilities | $ 834.2 M | |
| EQUITY | ||
| Total Equity | $ 308.2 M | |
| Retained Earnings | $ 384.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.68 | |
| Shares Outstanding | 24.314 M | |
| Revenue Per-Share | $ 22.01 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 4.1 B | |
| Enterprise Multiple | 30.835 | |
| Enterprise Multiple QoQ | -24.988 % | |
| Enterprise Multiple YoY | 0.789 % | |
| Enterprise Multiple IPRWA | high: 149.949 median: 51.325 mean: 36.525 PJT: 30.835 low: -74.741 |
|
| EV/R | 7.741 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.98 | |
| Asset To Liability | 2.21 | |
| Debt To Capital | 0.573 | |
| Debt To Assets | 0.225 | |
| Debt To Assets QoQ | -6.573 % | |
| Debt To Assets YoY | 3.584 % | |
| Debt To Assets IPRWA | high: 0.663 PJT: 0.225 mean: 0.216 median: 0.213 low: 0.0 |
|
| Debt To Equity | 1.343 | |
| Debt To Equity QoQ | -25.715 % | |
| Debt To Equity YoY | -29.165 % | |
| Debt To Equity IPRWA | high: 3.044 PJT: 1.343 mean: 0.95 median: 0.725 low: -0.995 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.846 | |
| Price To Book QoQ | -25.846 % | |
| Price To Book YoY | -29.948 % | |
| Price To Book IPRWA | PJT: 13.846 high: 2.309 median: 2.309 mean: 1.678 low: 0.007 |
|
| Price To Earnings (P/E) | 68.836 | |
| Price To Earnings QoQ | -27.487 % | |
| Price To Earnings YoY | -16.133 % | |
| Price To Earnings IPRWA | high: 155.319 mean: 82.428 PJT: 68.836 median: 63.541 low: -56.417 |
|
| PE/G Ratio | 1.819 | |
| Price To Sales (P/S) | 7.975 | |
| Price To Sales QoQ | -16.46 % | |
| Price To Sales YoY | 2.976 % | |
| Price To Sales IPRWA | high: 71.015 mean: 26.104 median: 19.609 PJT: 7.975 low: -61.155 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 78.879 | |
| Forward PE/G | 2.085 | |
| Forward P/S | 32.27 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.585 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.3 | |
| Asset Turnover Ratio QoQ | 8.548 % | |
| Asset Turnover Ratio YoY | 0.559 % | |
| Asset Turnover Ratio IPRWA | PJT: 0.3 high: 0.27 mean: 0.042 median: 0.014 low: -0.067 |
|
| Receivables Turnover | 1.38 | |
| Receivables Turnover Ratio QoQ | 12.697 % | |
| Receivables Turnover Ratio YoY | -3.961 % | |
| Receivables Turnover Ratio IPRWA | high: 10.536 mean: 2.294 PJT: 1.38 median: 0.332 low: 0.063 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 66.127 | |
| 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 | 0.619 | |
| CapEx To Revenue | -0.032 | |
| CapEx To Depreciation | -2.136 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 308.2 M | |
| Net Invested Capital | $ 308.2 M | |
| Invested Capital | $ 308.2 M | |
| Net Tangible Assets | $ 109.2 M | |
| Net Working Capital | $ 865.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 6.914 | |
| Current Ratio | 12.102 | |
| Current Ratio QoQ | 22.558 % | |
| Current Ratio YoY | 20.191 % | |
| Current Ratio IPRWA | PJT: 12.102 high: 5.476 mean: 2.223 median: 1.74 low: 0.009 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.081 | |
| Cost Of Debt | 3.379 % | |
| Interest Coverage Ratio | 7.443 | |
| Interest Coverage Ratio QoQ | 31.213 % | |
| Interest Coverage Ratio YoY | 15.516 % | |
| Interest Coverage Ratio IPRWA | high: 98.413 median: 14.74 mean: 11.27 PJT: 7.443 low: -57.496 |
|
| Operating Cash Flow Ratio | 0.414 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.654 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 8.768 | |
| Dividend Payout Ratio | 0.114 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.22 % | |
| Revenue Growth | 19.698 % | |
| Revenue Growth QoQ | 99.332 % | |
| Revenue Growth YoY | -57.42 % | |
| Revenue Growth IPRWA | high: 84.981 % PJT: 19.698 % median: 4.854 % mean: 3.903 % low: -133.911 % |
|
| Earnings Growth | 37.838 % | |
| Earnings Growth QoQ | 87.968 % | |
| Earnings Growth YoY | -63.722 % | |
| Earnings Growth IPRWA | high: 88.889 % PJT: 37.838 % median: 6.154 % mean: 0.425 % low: -101.351 % |
|
| MARGINS | ||
| Gross Margin | 33.357 % | |
| Gross Margin QoQ | 3.738 % | |
| Gross Margin YoY | 5.254 % | |
| Gross Margin IPRWA | high: 96.325 % median: 71.531 % mean: 62.175 % PJT: 33.357 % low: 13.011 % |
|
| EBIT Margin | 23.606 % | |
| EBIT Margin QoQ | 9.622 % | |
| EBIT Margin YoY | 3.024 % | |
| EBIT Margin IPRWA | high: 98.387 % mean: 40.15 % median: 39.015 % PJT: 23.606 % low: -78.156 % |
|
| Return On Sales (ROS) | 23.606 % | |
| Return On Sales QoQ | 9.622 % | |
| Return On Sales YoY | 3.024 % | |
| Return On Sales IPRWA | high: 76.618 % mean: 33.867 % median: 30.65 % PJT: 23.606 % low: -37.724 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 138.6 M | |
| Free Cash Flow Yield | 3.246 % | |
| Free Cash Flow Yield QoQ | -42.488 % | |
| Free Cash Flow Yield YoY | -38.569 % | |
| Free Cash Flow Yield IPRWA | high: 21.601 % PJT: 3.246 % mean: -0.447 % median: -0.536 % low: -22.099 % |
|
| Free Cash Growth | -42.484 % | |
| Free Cash Growth QoQ | -222.62 % | |
| Free Cash Growth YoY | -552.825 % | |
| Free Cash Growth IPRWA | high: 297.862 % median: -22.892 % PJT: -42.484 % mean: -96.384 % low: -490.706 % |
|
| Free Cash To Net Income | 2.597 | |
| Cash Flow Margin | 6.036 % | |
| Cash Flow To Earnings | 0.605 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.996 % | |
| Return On Assets QoQ | 21.492 % | |
| Return On Assets YoY | -6.725 % | |
| Return On Assets IPRWA | high: 6.764 % PJT: 2.996 % mean: 0.94 % median: 0.514 % low: -7.906 % |
|
| Return On Capital Employed (ROCE) | 7.156 % | |
| Return On Equity (ROE) | 0.173 | |
| Return On Equity QoQ | -0.671 % | |
| Return On Equity YoY | -36.897 % | |
| Return On Equity IPRWA | PJT: 0.173 high: 0.164 mean: 0.053 median: 0.043 low: -0.153 |
|
| DuPont ROE | 19.88 % | |
| Return On Invested Capital (ROIC) | 33.071 % | |
| Return On Invested Capital QoQ | -4.725 % | |
| Return On Invested Capital YoY | -144.226 % | |
| Return On Invested Capital IPRWA | PJT: 33.071 % high: 19.071 % mean: 3.872 % median: 3.589 % low: -5.125 % |
|