Recent News
March 10, 2026 — Chairman and CEO Sardar Biglari made open-market purchases totaling roughly $1.0 million in early March. January 13, 2026 — additional insider purchases reported in mid-January. March 13–30, 2026 — short interest rose modestly through mid-March. Late January–March 2026 — coverage highlights management exploring equity financing options, including commentary about a potential large stock raise tied to recent operational momentum.
Technical Analysis
Directional Indicators (ADX/DI+/DI-): ADX at 15.79 indicates no established trend; however DI+ stands at 19.9 and shows an increasing trend while DI- sits at 23.4 and is decreasing, which implies directional bias toward buyers despite the low ADX strength.
MACD: MACD equals -9.77 with an increasing trend and sits above its signal line (-14.48), signaling a bullish momentum shift from negative momentum toward convergence with shorter-term price action.
MRO (Momentum/Regression Oscillator): MRO registers -35.85 (negative) with an increasing trend, indicating the price sits below the internal target and carries measurable upward potential as the oscillator moves toward zero.
RSI and Short-Term Momentum: RSI at 46.84 shows neutral-to-leaning-bullish momentum with a dip-and-reversal pattern, consistent with other indicators signaling early-stage renewal in buying interest.
Price Versus Moving Averages and Bands: Last close $332.80 sits above the 20-day average ($315.30) and the 12-day EMA ($321.83, dip & reversal), below the 50-day average ($360.79) and marginally below the 200-day average ($335.43). Bollinger band boundaries place the stock within normal volatility bands, suggesting the current move lacks extreme dispersion.
Fundamental Analysis
Profitability: EBIT equals -$57,078,000 translating to an EBIT margin of -57.15%. That margin improved QoQ by 9.93 percentage points and improved YoY by 2.22 percentage points but remains well below the industry peer mean of 9.964% and below the industry peer median of 8.692%.
Revenue and Operating Metrics: Total revenue stands at $99,869,000 with revenue growth near 0.13% YoY and a QoQ reading that indicates contraction; operating income sits at $3,576,000 producing an operating margin of 3.58%, which declined QoQ. Gross margin equals 36.52% with slight YoY contraction.
Liquidity and Capital Structure: Cash equals $268,782,000 with cash and short-term investments of $337,832,000. Current ratio 2.43x and quick ratio 2.40x demonstrate ample near-term liquidity; cash ratio 2.17x indicates liquid assets comfortably exceed short-term obligations. Total debt totals $358,637,000, yielding debt-to-equity of 0.69 and debt-to-assets of 0.35; interest coverage remains negative based on current losses, with interest expense of $6,980,000 lowering coverage metrics.
Capital Allocation and Cash Flow: Free cash flow equals $6,368,000 with a free cash flow yield near 0.55% and free cash growth showing contraction year-over-year. Capital expenditures registered as -$11,403,000; asset turnover remains low at 0.0949x, below the industry peer mean of 0.21006x, indicating low revenue generation per dollar of assets.
Valuation: Market capitalization $1,157,970,432 and enterprise value $1,178,775,432 produce an enterprise multiple near 11.80. Price-to-book stands at about 2.21x, below the industry peer mean of 3.81x. WMDST values the stock as under-valued based on the current combination of strong liquidity, asset base, and the firm’s valuation multiples despite negative operating margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-06 |
| NEXT REPORT DATE: | 2026-05-08 |
| CASH FLOW | Begin Period Cash Flow | $ 273.2 M |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -11.40 M | |
| Change In Working Capital | $ 4.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.70 M | |
| End Period Cash Flow | $ 269.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 99.9 M | |
| Forward Revenue | $ 2.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 63.4 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 96.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 36.5 M | |
| EBITDA | $ -46.37 M | |
| EBIT | $ -57.08 M | |
| Operating Income | $ 3.6 M | |
| Interest Income | — | |
| Interest Expense | $ 7.0 M | |
| Net Interest Income | $ -6.98 M | |
| Income Before Tax | $ -64.06 M | |
| Tax Provision | $ -14.21 M | |
| Tax Rate | 22.175 % | |
| Net Income | $ -49.85 M | |
| Net Income From Continuing Operations | $ -49.85 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -1.86 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.0 B | |
| Intangible Assets | $ 76.2 M | |
| Net Tangible Assets | $ 447.2 M | |
| Total Current Assets | $ 378.5 M | |
| Cash and Short-Term Investments | $ 337.8 M | |
| Cash | $ 268.8 M | |
| Net Receivables | $ 23.3 M | |
| Inventory | $ 3.8 M | |
| Long-Term Investments | $ 9.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 34.2 M | |
| Short-Term Debt | $ 33.1 M | |
| Total Current Liabilities | $ 156.0 M | |
| Net Debt | — | |
| Total Debt | $ 358.6 M | |
| Total Liabilities | $ 502.0 M | |
| EQUITY | ||
| Total Equity | $ 523.4 M | |
| Retained Earnings | $ 590.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 168.69 | |
| Shares Outstanding | 3.103 M | |
| Revenue Per-Share | $ 32.19 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | -25.419 | |
| Enterprise Multiple QoQ | -110.844 % | |
| Enterprise Multiple YoY | -74.478 % | |
| Enterprise Multiple IPRWA | high: 276.862 mean: 159.096 median: 154.946 BH: -25.419 low: -33.859 |
|
| EV/R | 11.803 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.959 | |
| Asset To Liability | 2.043 | |
| Debt To Capital | 0.407 | |
| Debt To Assets | 0.35 | |
| Debt To Assets QoQ | 8.756 % | |
| Debt To Assets YoY | 765.528 % | |
| Debt To Assets IPRWA | high: 1.008 mean: 0.412 median: 0.362 BH: 0.35 low: 0.005 |
|
| Debt To Equity | 0.685 | |
| Debt To Equity QoQ | 14.523 % | |
| Debt To Equity YoY | 1021.575 % | |
| Debt To Equity IPRWA | high: 4.88 mean: 0.754 BH: 0.685 median: 0.598 low: -1.724 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.212 | |
| Price To Book QoQ | 23.796 % | |
| Price To Book YoY | 80.04 % | |
| Price To Book IPRWA | high: 10.958 median: 9.437 mean: 3.813 BH: 2.212 low: -9.729 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 11.595 | |
| Price To Sales QoQ | 11.521 % | |
| Price To Sales YoY | 50.059 % | |
| Price To Sales IPRWA | high: 40.799 median: 26.756 mean: 23.368 BH: 11.595 low: 0.242 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -176.214 | |
| Forward PE/G | — | |
| Forward P/S | 400.079 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7571.688 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.095 | |
| Asset Turnover Ratio QoQ | -7.569 % | |
| Asset Turnover Ratio YoY | -9.852 % | |
| Asset Turnover Ratio IPRWA | high: 0.453 mean: 0.21 median: 0.205 BH: 0.095 low: 0.053 |
|
| Receivables Turnover | 4.486 | |
| Receivables Turnover Ratio QoQ | -4.819 % | |
| Receivables Turnover Ratio YoY | 14.645 % | |
| Receivables Turnover Ratio IPRWA | high: 150.923 mean: 28.576 median: 27.14 BH: 4.486 low: 0.972 |
|
| Inventory Turnover | 16.459 | |
| Inventory Turnover Ratio QoQ | 12.647 % | |
| Inventory Turnover Ratio YoY | 15.735 % | |
| Inventory Turnover Ratio IPRWA | high: 57.684 mean: 18.135 BH: 16.459 median: 9.08 low: 5.615 |
|
| Days Sales Outstanding (DSO) | 20.34 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -20.478 | |
| Cash Conversion Cycle Days QoQ | 44.399 % | |
| Cash Conversion Cycle Days YoY | 33.714 % | |
| Cash Conversion Cycle Days IPRWA | high: 6.004 mean: -1.47 median: -2.434 low: -8.265 BH: -20.478 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.449 | |
| CapEx To Revenue | -0.114 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 737.3 M | |
| Net Invested Capital | $ 770.4 M | |
| Invested Capital | $ 770.4 M | |
| Net Tangible Assets | $ 447.2 M | |
| Net Working Capital | $ 222.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.166 | |
| Current Ratio | 2.427 | |
| Current Ratio QoQ | -14.165 % | |
| Current Ratio YoY | 109.516 % | |
| Current Ratio IPRWA | high: 4.385 median: 2.65 BH: 2.427 mean: 2.112 low: 0.293 |
|
| Quick Ratio | 2.402 | |
| Quick Ratio QoQ | -14.185 % | |
| Quick Ratio YoY | 112.451 % | |
| Quick Ratio IPRWA | high: 4.349 BH: 2.402 mean: 1.585 median: 1.283 low: 0.14 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -7.734 | |
| Cost Of Debt | 1.539 % | |
| Interest Coverage Ratio | -8.177 | |
| Interest Coverage Ratio QoQ | 266.453 % | |
| Interest Coverage Ratio YoY | -8.972 % | |
| Interest Coverage Ratio IPRWA | high: 17.111 median: 5.197 BH: -8.177 mean: -276.769 low: -7134.143 |
|
| Operating Cash Flow Ratio | 0.114 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.61 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.013 % | |
| Revenue Growth | 0.131 % | |
| Revenue Growth QoQ | -114.954 % | |
| Revenue Growth YoY | -83.269 % | |
| Revenue Growth IPRWA | high: 9.179 % BH: 0.131 % mean: 0.07 % median: -0.024 % low: -9.977 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 36.524 % | |
| Gross Margin QoQ | -6.748 % | |
| Gross Margin YoY | -4.947 % | |
| Gross Margin IPRWA | high: 49.257 % BH: 36.524 % mean: 31.636 % median: 24.15 % low: 0.084 % |
|
| EBIT Margin | -57.153 % | |
| EBIT Margin QoQ | 993.001 % | |
| EBIT Margin YoY | 222.225 % | |
| EBIT Margin IPRWA | high: 26.641 % mean: 9.964 % median: 8.692 % low: -32.178 % BH: -57.153 % |
|
| Return On Sales (ROS) | 3.581 % | |
| Return On Sales QoQ | -60.735 % | |
| Return On Sales YoY | -120.189 % | |
| Return On Sales IPRWA | high: 26.657 % mean: 10.305 % median: 7.655 % BH: 3.581 % low: -26.795 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 6.4 M | |
| Free Cash Flow Yield | 0.55 % | |
| Free Cash Flow Yield QoQ | -74.419 % | |
| Free Cash Flow Yield YoY | -64.47 % | |
| Free Cash Flow Yield IPRWA | high: 6.917 % BH: 0.55 % mean: 0.136 % median: 0.114 % low: -25.861 % |
|
| Free Cash Growth | -71.444 % | |
| Free Cash Growth QoQ | 64.379 % | |
| Free Cash Growth YoY | -136.529 % | |
| Free Cash Growth IPRWA | high: 109.038 % mean: -15.882 % median: -44.083 % BH: -71.444 % low: -466.647 % |
|
| Free Cash To Net Income | -0.128 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | -0.356 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -4.737 % | |
| Return On Assets QoQ | 769.174 % | |
| Return On Assets YoY | 299.073 % | |
| Return On Assets IPRWA | high: 3.784 % mean: 1.263 % median: 0.721 % BH: -4.737 % low: -6.166 % |
|
| Return On Capital Employed (ROCE) | -6.565 % | |
| Return On Equity (ROE) | -0.095 | |
| Return On Equity QoQ | 944.298 % | |
| Return On Equity YoY | 431.177 % | |
| Return On Equity IPRWA | high: 0.15 median: 0.006 mean: 0.005 BH: -0.095 low: -0.173 |
|
| DuPont ROE | -9.033 % | |
| Return On Invested Capital (ROIC) | -5.766 % | |
| Return On Invested Capital QoQ | 1187.054 % | |
| Return On Invested Capital YoY | -144.57 % | |
| Return On Invested Capital IPRWA | high: 7.053 % median: 4.098 % mean: 3.197 % BH: -5.766 % low: -13.96 % |
|