Recent News
On January 9, 2026 the board expanded the share repurchase authorization to $1.0 billion; the company also maintained public-facing participation at healthcare conferences in mid-January. Several outlets summarized the company’s preliminary fourth-quarter and full-year commentary and noted margin headwinds tied to biosimilar conversions reported around the same timeframe.
Technical Analysis
ADX sits at 45.06, indicating very strong directional strength and supporting the immediacy of the current directional move.
DI− shows a dip-and-reversal pattern (bearish), while DI+ reads 8.85 and is decreasing (bearish); together these directional indicators point toward a dominant downside directional bias.
MACD at −1.36 sits below its signal line (−1.23) with a peak-and-reversal pattern, signaling bearish momentum and continuation risk for near-term price weakness.
MRO at −39.27 places the price below the model target, implying technical upside potential from mean reversion; this technical potential, however, conflicts with the stated WMDST valuation and should be treated as a countervailing force rather than a confirmed reversal signal.
RSI at 37.48 and decreasing indicates weakening momentum and proximity to oversold conditions, which supports a continuing near-term downward bias until momentum stabilizes.
Price sits below the 12/26/50/200-period reference levels (price close $26.49; 20-day average $28.30; 50-day average $32.06; 200-day average $30.28) and below the super-trend upper band ($28.76), so moving averages and trend bands currently act as overhead resistance.
Fundamental Analysis
Revenue dynamics display a sharp QoQ rebound and a large YoY contraction: revenue growth quarter-over-quarter equals +58.64%, while year-over-year revenue growth equals −60.05%, indicating recent period-to-period volatility in top-line comparables.
Profitability: operating margin equals 6.244% and EBIT margin equals 6.431%, with the EBIT margin sitting near the industry peer mean of 6.544%, which implies operating profitability roughly in line with peer aggregate norms despite margin pressure.
Earnings per share printed at $0.46 versus an estimate of $0.47, generating an EPS surprise of −2.13%, a small miss that limits upside sentiment from the headline EPS result.
Liquidity and leverage: current ratio equals 1.525 and quick ratio equals 0.957, with debt-to-assets at 36.85% and debt-to-EBITDA at 11.11x; interest coverage equals 7.40x. These metrics show manageable interest coverage but elevated leverage on an earnings-multiple basis.
Cash generation weakened: free cash flow equals $22,245,000 with free cash flow yield at 0.43% and a quarter-over-quarter free cash flow yield decline of −85.13%, highlighting recent pressure on cash conversion despite positive operating cash flow.
Market multiples: P/E equals 89.78 (above the industry peer mean of 66.52), price-to-book equals 3.93 (above the industry peer mean of 3.05), while price-to-sales equals 3.56 (below the industry peer mean of 6.09). These mixed multiple signals accompany the WMDST valuation judgment.
Valuation conclusion: The current valuation as determined by WMDST classifies the stock as over-valued, reflecting elevated multiples and recent softness in cash conversion that contrast with profitability in line with peer mean.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 309.8 M |
| Operating Cash Flow | $ 35.9 M | |
| Capital Expenditures | $ -13.65 M | |
| Change In Working Capital | $ -65.45 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -77.20 M | |
| End Period Cash Flow | $ 232.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.5 B | |
| Forward Revenue | $ 522.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | $ 20.3 M | |
| Depreciation and Amortization | $ 20.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 282.9 M | |
| EBITDA | $ 114.6 M | |
| EBIT | $ 94.2 M | |
| Operating Income | $ 91.5 M | |
| Interest Income | — | |
| Interest Expense | $ 12.7 M | |
| Net Interest Income | $ -12.73 M | |
| Income Before Tax | $ 81.5 M | |
| Tax Provision | $ 23.0 M | |
| Tax Rate | 28.23 % | |
| Net Income | $ 58.5 M | |
| Net Income From Continuing Operations | $ 58.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.47 | |
| EPS Actual | $ 0.46 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -2.128 % | |
| Forward EPS | $ 0.53 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.5 B | |
| Intangible Assets | $ 1.9 B | |
| Net Tangible Assets | $ -589.53 M | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 232.6 M | |
| Cash | $ 232.6 M | |
| Net Receivables | $ 473.6 M | |
| Inventory | $ 471.1 M | |
| Long-Term Investments | $ 44.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 639.8 M | |
| Short-Term Debt | $ 6.8 M | |
| Total Current Liabilities | $ 829.3 M | |
| Net Debt | $ 928.2 M | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 2.1 B | |
| EQUITY | ||
| Total Equity | $ 1.3 B | |
| Retained Earnings | $ 876.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.46 | |
| Shares Outstanding | 156.858 M | |
| Revenue Per-Share | $ 9.34 | |
| VALUATION | Market Capitalization | $ 5.2 B |
| Enterprise Value | $ 6.3 B | |
| Enterprise Multiple | 54.565 | |
| Enterprise Multiple QoQ | -0.65 % | |
| Enterprise Multiple YoY | 36.954 % | |
| Enterprise Multiple IPRWA | high: 269.619 mean: 63.381 OPCH: 54.565 median: 51.214 low: -93.578 |
|
| EV/R | 4.266 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.605 | |
| Asset To Liability | 1.623 | |
| Debt To Capital | 0.49 | |
| Debt To Assets | 0.368 | |
| Debt To Assets QoQ | 0.472 % | |
| Debt To Assets YoY | 19293.158 % | |
| Debt To Assets IPRWA | high: 1.021 OPCH: 0.368 mean: 0.329 median: 0.315 low: 0.005 |
|
| Debt To Equity | 0.96 | |
| Debt To Equity QoQ | 2.204 % | |
| Debt To Equity YoY | 20589.871 % | |
| Debt To Equity IPRWA | high: 2.453 mean: 1.083 median: 1.063 OPCH: 0.96 low: -1.878 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.928 | |
| Price To Book QoQ | 17.7 % | |
| Price To Book YoY | 15.778 % | |
| Price To Book IPRWA | high: 12.592 OPCH: 3.928 mean: 3.046 median: 1.745 low: -1.198 |
|
| Price To Earnings (P/E) | 89.78 | |
| Price To Earnings QoQ | 42.645 % | |
| Price To Earnings YoY | 9.649 % | |
| Price To Earnings IPRWA | high: 374.681 OPCH: 89.78 median: 71.489 mean: 66.523 low: -183.818 |
|
| PE/G Ratio | 5.746 | |
| Price To Sales (P/S) | 3.556 | |
| Price To Sales QoQ | 12.519 % | |
| Price To Sales YoY | 0.477 % | |
| Price To Sales IPRWA | high: 27.104 mean: 6.093 median: 3.664 OPCH: 3.556 low: 0.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 56.763 | |
| Forward PE/G | 3.633 | |
| Forward P/S | 9.957 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.319 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.423 | |
| Asset Turnover Ratio QoQ | 1.047 % | |
| Asset Turnover Ratio YoY | 7.488 % | |
| Asset Turnover Ratio IPRWA | high: 1.095 OPCH: 0.423 median: 0.38 mean: 0.345 low: 0.001 |
|
| Receivables Turnover | 3.091 | |
| Receivables Turnover Ratio QoQ | 2.948 % | |
| Receivables Turnover Ratio YoY | -3.717 % | |
| Receivables Turnover Ratio IPRWA | high: 6.521 mean: 3.99 OPCH: 3.091 median: 2.824 low: 0.75 |
|
| Inventory Turnover | 2.667 | |
| Inventory Turnover Ratio QoQ | -5.999 % | |
| Inventory Turnover Ratio YoY | -13.576 % | |
| Inventory Turnover Ratio IPRWA | high: 10.112 mean: 5.234 median: 4.822 OPCH: 2.667 low: 0.836 |
|
| Days Sales Outstanding (DSO) | 29.517 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.566 | |
| Cash Conversion Cycle Days QoQ | 0.29 % | |
| Cash Conversion Cycle Days YoY | 146.272 % | |
| Cash Conversion Cycle Days IPRWA | high: 105.119 mean: 19.185 median: 15.429 OPCH: 14.566 low: -49.824 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.364 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.672 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.5 B | |
| Net Invested Capital | $ 2.5 B | |
| Invested Capital | $ 2.5 B | |
| Net Tangible Assets | $ -589.53 M | |
| Net Working Capital | $ 435.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.28 | |
| Current Ratio | 1.525 | |
| Current Ratio QoQ | -2.034 % | |
| Current Ratio YoY | -10.033 % | |
| Current Ratio IPRWA | high: 6.761 OPCH: 1.525 mean: 1.268 median: 0.842 low: 0.244 |
|
| Quick Ratio | 0.957 | |
| Quick Ratio QoQ | -9.046 % | |
| Quick Ratio YoY | -20.094 % | |
| Quick Ratio IPRWA | high: 6.629 mean: 0.99 OPCH: 0.957 median: 0.625 low: 0.331 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 11.115 | |
| Cost Of Debt | 0.717 % | |
| Interest Coverage Ratio | 7.401 | |
| Interest Coverage Ratio QoQ | 25.974 % | |
| Interest Coverage Ratio YoY | -12.409 % | |
| Interest Coverage Ratio IPRWA | high: 77.342 OPCH: 7.401 mean: 2.985 median: 2.72 low: -124.431 |
|
| Operating Cash Flow Ratio | 0.044 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 49.77 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.692 % | |
| Revenue Growth | 2.121 % | |
| Revenue Growth QoQ | 58.639 % | |
| Revenue Growth YoY | -60.049 % | |
| Revenue Growth IPRWA | high: 19.662 % median: 2.743 % mean: 2.458 % OPCH: 2.121 % low: -6.762 % |
|
| Earnings Growth | 15.625 % | |
| Earnings Growth QoQ | 60.158 % | |
| Earnings Growth YoY | 21.096 % | |
| Earnings Growth IPRWA | high: 300.0 % OPCH: 15.625 % median: -31.875 % mean: -33.983 % low: -224.49 % |
|
| MARGINS | ||
| Gross Margin | 19.305 % | |
| Gross Margin QoQ | 1.514 % | |
| Gross Margin YoY | -3.151 % | |
| Gross Margin IPRWA | high: 81.41 % mean: 26.347 % median: 26.079 % OPCH: 19.305 % low: -5.777 % |
|
| EBIT Margin | 6.431 % | |
| EBIT Margin QoQ | 11.032 % | |
| EBIT Margin YoY | -5.814 % | |
| EBIT Margin IPRWA | high: 25.323 % mean: 6.544 % OPCH: 6.431 % median: 2.026 % low: -43.293 % |
|
| Return On Sales (ROS) | 6.244 % | |
| Return On Sales QoQ | 6.028 % | |
| Return On Sales YoY | -8.553 % | |
| Return On Sales IPRWA | high: 24.787 % mean: 7.621 % OPCH: 6.244 % median: 4.732 % low: -43.484 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.2 M | |
| Free Cash Flow Yield | 0.427 % | |
| Free Cash Flow Yield QoQ | -85.132 % | |
| Free Cash Flow Yield YoY | -21.072 % | |
| Free Cash Flow Yield IPRWA | high: 9.635 % median: 1.531 % mean: 0.928 % OPCH: 0.427 % low: -15.65 % |
|
| Free Cash Growth | -82.92 % | |
| Free Cash Growth QoQ | -237.462 % | |
| Free Cash Growth YoY | 0.03 % | |
| Free Cash Growth IPRWA | high: 358.233 % median: -27.332 % mean: -78.011 % OPCH: -82.92 % low: -702.48 % |
|
| Free Cash To Net Income | 0.38 | |
| Cash Flow Margin | 2.476 % | |
| Cash Flow To Earnings | 0.62 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.687 % | |
| Return On Assets QoQ | 11.722 % | |
| Return On Assets YoY | -3.929 % | |
| Return On Assets IPRWA | high: 9.352 % OPCH: 1.687 % median: 1.157 % mean: 1.112 % low: -16.801 % |
|
| Return On Capital Employed (ROCE) | 3.589 % | |
| Return On Equity (ROE) | 0.044 | |
| Return On Equity QoQ | 15.653 % | |
| Return On Equity YoY | 3.013 % | |
| Return On Equity IPRWA | high: 0.294 OPCH: 0.044 mean: 0.04 median: 0.039 low: -0.268 |
|
| DuPont ROE | 4.358 % | |
| Return On Invested Capital (ROIC) | 2.72 % | |
| Return On Invested Capital QoQ | 9.855 % | |
| Return On Invested Capital YoY | -116.193 % | |
| Return On Invested Capital IPRWA | high: 13.153 % OPCH: 2.72 % median: 1.21 % mean: 1.168 % low: -7.147 % |
|