Recent News
On March 23, 2026 the company announced selection of its Western Haynesville site to host a Texas natural gas–fired power generation hub to be developed and operated by NextEra under a U.S.–Japan trade framework; coverage highlights the project’s potential to anchor power-to-data‑center demand and to accelerate midstream and power development in 2026. Additional reporting describes ongoing project advancement and expanded well activity in the Western Haynesville tied to data‑center power plans.
Technical Analysis
Directional indicators show no established trend: ADX at 13.33 signals lack of a strong price trend, so momentum must confirm before conviction about directional moves.
DI+ stands at 24.07 while DI– reads 25.54 and DI+ trends downward; DI– shows a dip-and-reversal. The DI configuration and DI– reversal indicate a bearish tilt to directional pressure that weighs on near-term upside potential.
MACD at –0.16 with a decreasing MACD_trend and a signal line at 0.06 shows bearish momentum; MACD remains below its signal line, which represents a continued negative momentum bias until a clear MACD cross above its signal occurs.
MRO at –11.17 with a peak-and-reversal trend denotes price currently below WMDST’s target and therefore latent upside potential, though the oscillator’s reversal implies that potential may require a momentum reset to materialize.
RSI at 48.04 and declining signals weakening short-term momentum without oversold support; price sits below the 20‑ and 50‑day averages (price close $19.32 vs 20‑day $21.06 and 50‑day $20.76) and below the ichimoku cloud components (Tenkan $21.22, Kijun $20.77, Senkou A $20.96), reinforcing technical resistance above current levels.
Bollinger placement shows the close just below the 1x lower band ($19.60), suggesting compressed volatility and proximity to short-term support, while volume remains below shorter- and longer-term averages, reducing conviction in any immediate directional break.
Fundamental Analysis
Operating performance shows strong margin conversion: EBIT of $414,528,000 and EBITDA of $572,026,000 produce an EBIT margin of 83.678%. That margin sits substantially above the industry peer mean of 21.62% and the industry peer median of 17.265%, approaching the industry peer high of 91.583%, signaling unusually high profitability on reported measures.
Revenue totaled $495,383,000 with revenue growth of 10.121%; revenue growth quarter‑over‑quarter declined by 3.332% while year‑over‑year revenue change reads –50.324% in the provided metric, which reflects significant volatility in top‑line seasonality and production mix.
Earnings per share reported at $0.97 versus an estimate of $0.10 produced an EPS surprise of 870%, a material beat that drove improved reported profitability for the period; operating cash flow at $224,204,000 and cash flow margin 56.991% support the reported earnings quality, though free cash flow remained negative at –$141,248,000, yielding a free cash flow yield of –2.161%.
Leverage and liquidity present mixed signals: total debt $2,907,439,000 produces debt-to-EBITDA of 5.08 and net debt of $2,785,136,000; interest coverage at 7.39 indicates adequate coverage, but leverage levels imply sensitivity to commodity and capex plans. Current ratio equals 0.495, indicating limited near-term liquidity headroom in working capital terms.
Capital intensity appears high: capital expenditures of –$365,452,000 and capex-to-revenue of –73.772% reflect aggressive reinvestment. Asset turnover sits at 0.07155 (below the industry peer mean of 0.10454), implying large invested capital per dollar of revenue.
Valuation context: WMDST values the stock as over‑valued. Market multiples show a trailing P/E of 139.38 and EV/Revenue (EVR) ~19.01, while forward P/E at ~70.02 and a price target mean of $18.46 sit slightly below the current close of $19.32, supporting WMDST’s stated over‑valuation conclusion given negative free cash flow and elevated multiples against the company’s capital intensity and leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-11 |
| NEXT REPORT DATE: | 2026-05-13 |
| CASH FLOW | Begin Period Cash Flow | $ 19.2 M |
| Operating Cash Flow | $ 224.2 M | |
| Capital Expenditures | $ -365.45 M | |
| Change In Working Capital | $ 1.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.7 M | |
| End Period Cash Flow | $ 23.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 495.4 M | |
| Forward Revenue | $ 41.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 365.6 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 380.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 129.8 M | |
| EBITDA | $ 572.0 M | |
| EBIT | $ 414.5 M | |
| Operating Income | $ 114.7 M | |
| Interest Income | — | |
| Interest Expense | $ 56.1 M | |
| Net Interest Income | $ -56.06 M | |
| Income Before Tax | $ 358.5 M | |
| Tax Provision | $ 71.7 M | |
| Tax Rate | 20.002 % | |
| Net Income | $ 305.5 M | |
| Net Income From Continuing Operations | $ 286.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.97 | |
| EPS Difference | $ 0.87 | |
| EPS Surprise | 870.0 % | |
| Forward EPS | $ 0.35 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.0 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.3 B | |
| Total Current Assets | $ 360.9 M | |
| Cash and Short-Term Investments | $ 23.9 M | |
| Cash | $ 23.9 M | |
| Net Receivables | $ 242.5 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 501.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 729.5 M | |
| Net Debt | $ 2.8 B | |
| Total Debt | $ 2.9 B | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 2.6 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.03 | |
| Shares Outstanding | 293.055 M | |
| Revenue Per-Share | $ 1.69 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 9.4 B | |
| Enterprise Multiple | 16.466 | |
| Enterprise Multiple QoQ | -33.207 % | |
| Enterprise Multiple YoY | -75.226 % | |
| Enterprise Multiple IPRWA | high: 68.211 median: 29.526 mean: 28.107 CRK: 16.466 low: -16.072 |
|
| EV/R | 19.013 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.647 | |
| Asset To Liability | 1.733 | |
| Debt To Capital | 0.523 | |
| Debt To Assets | 0.415 | |
| Debt To Assets QoQ | -11.466 % | |
| Debt To Assets YoY | -12.556 % | |
| Debt To Assets IPRWA | CRK: 0.415 high: 0.371 mean: 0.184 median: 0.162 low: 0.003 |
|
| Debt To Equity | 1.098 | |
| Debt To Equity QoQ | -19.136 % | |
| Debt To Equity YoY | -18.713 % | |
| Debt To Equity IPRWA | high: 1.344 CRK: 1.098 mean: 0.333 median: 0.282 low: -0.685 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.469 | |
| Price To Book QoQ | 6.7 % | |
| Price To Book YoY | 9.582 % | |
| Price To Book IPRWA | high: 10.642 CRK: 2.469 median: 2.011 mean: 1.842 low: -0.398 |
|
| Price To Earnings (P/E) | 139.381 | |
| Price To Earnings QoQ | -32.695 % | |
| Price To Earnings YoY | 29.074 % | |
| Price To Earnings IPRWA | CRK: 139.381 high: 129.503 mean: 52.991 median: 49.163 low: -25.889 |
|
| PE/G Ratio | -2.323 | |
| Price To Sales (P/S) | 13.193 | |
| Price To Sales QoQ | 8.656 % | |
| Price To Sales YoY | -4.246 % | |
| Price To Sales IPRWA | high: 65.219 CRK: 13.193 median: 10.615 mean: 10.536 low: 2.995 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 70.02 | |
| Forward PE/G | -1.167 | |
| Forward P/S | 169.507 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.292 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.072 | |
| Asset Turnover Ratio QoQ | 7.643 % | |
| Asset Turnover Ratio YoY | 23.918 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 median: 0.109 mean: 0.105 CRK: 0.072 low: 0.0 |
|
| Receivables Turnover | 2.385 | |
| Receivables Turnover Ratio QoQ | -8.171 % | |
| Receivables Turnover Ratio YoY | 7.581 % | |
| Receivables Turnover Ratio IPRWA | high: 3.935 CRK: 2.385 median: 2.109 mean: 2.033 low: 0.153 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 38.267 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 64.739 CRK: 0 median: -2.729 mean: -5.495 low: -12463.195 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.344 | |
| CapEx To Revenue | -0.738 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.5 B | |
| Net Invested Capital | $ 5.5 B | |
| Invested Capital | $ 5.5 B | |
| Net Tangible Assets | $ 2.3 B | |
| Net Working Capital | $ -368.58 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.033 | |
| Current Ratio | 0.495 | |
| Current Ratio QoQ | 19.582 % | |
| Current Ratio YoY | 6.754 % | |
| Current Ratio IPRWA | high: 16.721 mean: 1.636 median: 1.632 CRK: 0.495 low: 0.06 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.083 | |
| Cost Of Debt | 1.552 % | |
| Interest Coverage Ratio | 7.394 | |
| Interest Coverage Ratio QoQ | 116.819 % | |
| Interest Coverage Ratio YoY | -600.569 % | |
| Interest Coverage Ratio IPRWA | high: 281.257 mean: 15.439 median: 14.788 CRK: 7.394 low: -26.844 |
|
| Operating Cash Flow Ratio | 0.387 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 115.191 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.428 % | |
| Revenue Growth | 10.121 % | |
| Revenue Growth QoQ | -333.203 % | |
| Revenue Growth YoY | -50.324 % | |
| Revenue Growth IPRWA | high: 64.987 % CRK: 10.121 % mean: -0.048 % median: -1.378 % low: -20.225 % |
|
| Earnings Growth | -60.0 % | |
| Earnings Growth QoQ | -24.571 % | |
| Earnings Growth YoY | -69.091 % | |
| Earnings Growth IPRWA | high: 168.75 % mean: 5.494 % median: -16.236 % low: -37.021 % CRK: -60.0 % |
|
| MARGINS | ||
| Gross Margin | 26.199 % | |
| Gross Margin QoQ | 66.438 % | |
| Gross Margin YoY | 1062.85 % | |
| Gross Margin IPRWA | high: 79.215 % median: 58.871 % mean: 52.524 % CRK: 26.199 % low: -71.273 % |
|
| EBIT Margin | 83.678 % | |
| EBIT Margin QoQ | 94.591 % | |
| EBIT Margin YoY | -480.13 % | |
| EBIT Margin IPRWA | high: 91.583 % CRK: 83.678 % mean: 21.62 % median: 17.265 % low: -105.14 % |
|
| Return On Sales (ROS) | 23.147 % | |
| Return On Sales QoQ | 97.567 % | |
| Return On Sales YoY | -205.152 % | |
| Return On Sales IPRWA | high: 91.583 % median: 29.489 % mean: 27.167 % CRK: 23.147 % low: -7.535 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -141.25 M | |
| Free Cash Flow Yield | -2.161 % | |
| Free Cash Flow Yield QoQ | -37.344 % | |
| Free Cash Flow Yield YoY | 747.451 % | |
| Free Cash Flow Yield IPRWA | high: 3.535 % median: 1.595 % mean: 1.5 % CRK: -2.161 % low: -5.705 % |
|
| Free Cash Growth | -25.031 % | |
| Free Cash Growth QoQ | -99.544 % | |
| Free Cash Growth YoY | -72.239 % | |
| Free Cash Growth IPRWA | high: 0.184 % CRK: -25.031 % median: -33.909 % mean: -49.928 % low: -208.358 % |
|
| Free Cash To Net Income | -0.462 | |
| Cash Flow Margin | 56.991 % | |
| Cash Flow To Earnings | 0.924 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 4.412 % | |
| Return On Assets QoQ | 168.697 % | |
| Return On Assets YoY | -693.011 % | |
| Return On Assets IPRWA | high: 19.923 % CRK: 4.412 % mean: 1.593 % median: 1.348 % low: -20.698 % |
|
| Return On Capital Employed (ROCE) | 6.603 % | |
| Return On Equity (ROE) | 0.115 | |
| Return On Equity QoQ | 145.178 % | |
| Return On Equity YoY | -647.581 % | |
| Return On Equity IPRWA | high: 0.19 CRK: 0.115 mean: 0.026 median: 0.024 low: -0.1 |
|
| DuPont ROE | 12.204 % | |
| Return On Invested Capital (ROIC) | 6.078 % | |
| Return On Invested Capital QoQ | 99.54 % | |
| Return On Invested Capital YoY | -388.193 % | |
| Return On Invested Capital IPRWA | CRK: 6.078 % high: 5.424 % mean: 2.209 % median: 1.997 % low: -14.634 % |
|