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On March 27, 2026 a U.S. appeals court overturned a prior $16.1 billion judgment against Argentina related to YPF nationalization, returning the case to lower courts and prompting statements of government support. On January 23, 2026 YPF completed a $550 million reopening of its 8.25% senior notes due 2034. Multiple company and market reports in Q1 2026 note continued heavy investment in Vaca Muerta and an expected final investment decision for Argentina LNG activity in 2026, with infrastructure contributions to VMOS/SESA advancing.
Technical Analysis
ADX at 31.12 indicates a strong price trend, implying directional conviction supports near-term moves and valuation re-rating potential.
DI+ (29.64) decreasing while DI- (15.85) increasing signals waning bullish directional pressure and growing bearish pressure; that combination suggests shorter-term sellers exert more influence despite the broader trend strength.
MACD sits at 1.36 and trends downward below its signal line (1.53), indicating bearish momentum and a risk of further short-term downside until momentum stabilizes.
MRO shows a dip & reversal, which suggests recent downside pressure has begun to reverse relative to the oscillator’s reference — an alignment that may temper near-term downside relative to WMDST’s valuation view.
RSI at 58.12 and decreasing shows momentum cooling from above-neutral levels while remaining above 50, consistent with consolidation rather than a decisive breakdown.
Price action relative to moving averages presents a mixed timeframe picture: last close $43.51 sits below the 20-day average ($44.08) and beneath the 12-day EMA’s peak & reversal signal, implying short-term resistance near recent averages; price remains comfortably above the 200-day average ($34.23), preserving a longer-term positive context.
Ichimoku short-term lines place Tenkan-sen (45.15) above price, indicating nearby resistance; Senkou span components cluster in the $36.56–$36.80 band, setting a lower technical base. The super trend lower at $42.57 provides an immediate technical support level just below the close.
Bollinger band width tightness (20-day stdev 1.34 with upper/lower ~ $45.42/$42.75) suggests a compressed volatility regime, increasing the probability of a directional breakout as trend drivers (legal clarity, capex cadence) unfold.
Fundamental Analysis
Scale and profitability: total revenue $4.544 billion with EBITDA $1.38 billion and EBIT $606 million; EBIT margin stands at 13.34%, above the industry peer mean of 11.34%, reflecting stronger operating conversion on current volumes and pricing. QoQ, EBIT margin rose by 3.887 percentage points; YoY the metric shows a -324.97% change as reported. WMDST treats the higher-than-peer EBIT margin as supportive of the firm’s intrinsic value estimate.
Profitability signal discord: net income registered a loss of $654 million and EPS actual of -$1.67 versus an estimate of $0.78, producing an EPS surprise of -314.10%, a sizable negative earnings beat that pressures near-term investor sentiment and trailing valuation multiples.
Cash and leverage: operating cash flow $1.738 billion and free cash flow $318 million produce a free cash flow yield of 2.23%, above the industry peer mean of 1.388%, indicating modest cash generation relative to market value. Net debt sits at $9.648 billion with debt/EBITDA ~8.08 and interest coverage about 2.85, showing material leverage and constrained debt service headroom relative to operating earnings.
Liquidity and working capital: current ratio 0.87 and quick ratio 0.676 remain below the industry peer mean current ratio of 1.221, signaling tighter short-term liquidity that management must manage alongside capital deployment to Vaca Muerta and LNG infrastructure.
Growth and capital allocation: capital expenditures were -$1.42 billion with capex-to-revenue reading -31.25% and capex-to-depreciation at -187.58%, matching the company’s stated strategy of heavy shale investment; guidance and market reports cite major contributions to VMOS/SESA and potential Argentina LNG FID in 2026, which would shift long-term cash generation profiles if executed as planned.
Valuation context: trailing PE negative due to losses (PE -21.75) while forward PE based on consensus forward EPS of $1.33055 sits at 25.55; enterprise multiple 17.54. Given the mix of near-term earnings volatility, positive operational margins, and material leverage, WMDST values the stock as under-valued relative to the firm’s adjusted cash-flow prospects and the company’s execution pathway.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-27 |
| NEXT REPORT DATE: | 2026-05-29 |
| CASH FLOW | Begin Period Cash Flow | $ 799.0 M |
| Operating Cash Flow | $ 1.7 B | |
| Capital Expenditures | $ -1.42 B | |
| Change In Working Capital | $ -88.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 134.0 M | |
| End Period Cash Flow | $ 933.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.5 B | |
| Forward Revenue | $ -906.93 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 B | |
| Depreciation | $ 757.0 M | |
| Depreciation and Amortization | $ 774.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.3 B | |
| EBITDA | $ 1.4 B | |
| EBIT | $ 606.0 M | |
| Operating Income | $ 449.0 M | |
| Interest Income | $ 25.0 M | |
| Interest Expense | $ 213.0 M | |
| Net Interest Income | $ -249.00 M | |
| Income Before Tax | $ 393.0 M | |
| Tax Provision | $ 1.0 B | |
| Tax Rate | 35.0 % | |
| Net Income | $ -654.00 M | |
| Net Income From Continuing Operations | $ -649.00 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.78 | |
| EPS Actual | $ -1.67 | |
| EPS Difference | $ -2.45 | |
| EPS Surprise | -314.103 % | |
| Forward EPS | $ 1.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 29.4 B | |
| Intangible Assets | $ 432.0 M | |
| Net Tangible Assets | $ 10.4 B | |
| Total Current Assets | $ 6.5 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 933.0 M | |
| Net Receivables | $ 2.2 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 2.2 B | |
| Short-Term Debt | $ 2.4 B | |
| Total Current Liabilities | $ 7.4 B | |
| Net Debt | $ 9.6 B | |
| Total Debt | $ 11.2 B | |
| Total Liabilities | $ 18.4 B | |
| EQUITY | ||
| Total Equity | $ 10.8 B | |
| Retained Earnings | $ -756.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 27.56 | |
| Shares Outstanding | 392.411 M | |
| Revenue Per-Share | $ 11.58 | |
| VALUATION | Market Capitalization | $ 14.3 B |
| Enterprise Value | $ 24.2 B | |
| Enterprise Multiple | 17.542 | |
| Enterprise Multiple QoQ | -52.498 % | |
| Enterprise Multiple YoY | -127.534 % | |
| Enterprise Multiple IPRWA | high: 50.173 median: 33.466 mean: 27.698 YPF: 17.542 low: -72.641 |
|
| EV/R | 5.328 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.722 | |
| Asset To Liability | 1.6 | |
| Debt To Capital | 0.508 | |
| Debt To Assets | 0.379 | |
| Debt To Assets QoQ | -0.308 % | |
| Debt To Assets YoY | 493.483 % | |
| Debt To Assets IPRWA | high: 0.65 YPF: 0.379 mean: 0.209 median: 0.204 low: 0.006 |
|
| Debt To Equity | 1.031 | |
| Debt To Equity QoQ | 4.668 % | |
| Debt To Equity YoY | 540.534 % | |
| Debt To Equity IPRWA | high: 2.421 YPF: 1.031 mean: 0.657 median: 0.434 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.318 | |
| Price To Book QoQ | 27.471 % | |
| Price To Book YoY | 6.542 % | |
| Price To Book IPRWA | high: 4.744 median: 1.895 mean: 1.851 YPF: 1.318 low: -1.67 |
|
| Price To Earnings (P/E) | -21.747 | |
| Price To Earnings QoQ | -55.022 % | |
| Price To Earnings YoY | -56.091 % | |
| Price To Earnings IPRWA | high: 140.369 mean: 66.556 median: 62.75 YPF: -21.747 low: -120.105 |
|
| PE/G Ratio | -0.128 | |
| Price To Sales (P/S) | 3.136 | |
| Price To Sales QoQ | 23.509 % | |
| Price To Sales YoY | 3.514 % | |
| Price To Sales IPRWA | high: 39.166 mean: 7.659 median: 6.546 YPF: 3.136 low: -2.28 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 25.55 | |
| Forward PE/G | 0.151 | |
| Forward P/S | -15.634 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.787 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.154 | |
| Asset Turnover Ratio QoQ | -2.839 % | |
| Asset Turnover Ratio YoY | -5.868 % | |
| Asset Turnover Ratio IPRWA | high: 0.548 median: 0.17 mean: 0.163 YPF: 0.154 low: -0.206 |
|
| Receivables Turnover | 2.208 | |
| Receivables Turnover Ratio QoQ | -11.524 % | |
| Receivables Turnover Ratio YoY | -58.574 % | |
| Receivables Turnover Ratio IPRWA | high: 5.614 YPF: 2.208 mean: 2.134 median: 1.976 low: 0.195 |
|
| Inventory Turnover | 2.172 | |
| Inventory Turnover Ratio QoQ | -1.476 % | |
| Inventory Turnover Ratio YoY | -5.768 % | |
| Inventory Turnover Ratio IPRWA | high: 22.495 mean: 3.144 median: 2.518 YPF: 2.172 low: 0.238 |
|
| Days Sales Outstanding (DSO) | 41.328 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 19.677 | |
| Cash Conversion Cycle Days QoQ | 90.205 % | |
| Cash Conversion Cycle Days YoY | -243.824 % | |
| Cash Conversion Cycle Days IPRWA | high: 120.172 YPF: 19.677 median: 10.799 mean: 2.353 low: -122.473 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -4.704 | |
| CapEx To Revenue | -0.312 | |
| CapEx To Depreciation | -1.876 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.0 B | |
| Net Invested Capital | $ 21.4 B | |
| Invested Capital | $ 21.4 B | |
| Net Tangible Assets | $ 10.4 B | |
| Net Working Capital | $ -966.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.161 | |
| Current Ratio | 0.87 | |
| Current Ratio QoQ | 16.505 % | |
| Current Ratio YoY | 11.144 % | |
| Current Ratio IPRWA | high: 8.027 median: 1.263 mean: 1.221 YPF: 0.87 low: 0.33 |
|
| Quick Ratio | 0.676 | |
| Quick Ratio QoQ | 24.441 % | |
| Quick Ratio YoY | 11.745 % | |
| Quick Ratio IPRWA | high: 3.705 median: 0.914 mean: 0.907 YPF: 0.676 low: 0.398 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.081 | |
| Cost Of Debt | 1.533 % | |
| Interest Coverage Ratio | 2.845 | |
| Interest Coverage Ratio QoQ | 22.682 % | |
| Interest Coverage Ratio YoY | -329.018 % | |
| Interest Coverage Ratio IPRWA | high: 28.951 median: 6.462 mean: 6.039 YPF: 2.845 low: -29.945 |
|
| Operating Cash Flow Ratio | -0.027 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 62.561 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.44 % | |
| Revenue Growth | -2.132 % | |
| Revenue Growth QoQ | -5058.14 % | |
| Revenue Growth YoY | -79.086 % | |
| Revenue Growth IPRWA | high: 53.032 % mean: -1.715 % YPF: -2.132 % median: -3.951 % low: -63.186 % |
|
| Earnings Growth | 169.355 % | |
| Earnings Growth QoQ | -129.355 % | |
| Earnings Growth YoY | -241.444 % | |
| Earnings Growth IPRWA | high: 462.5 % YPF: 169.355 % mean: 0.788 % median: -19.048 % low: -194.231 % |
|
| MARGINS | ||
| Gross Margin | 28.873 % | |
| Gross Margin QoQ | 1.252 % | |
| Gross Margin YoY | 37.21 % | |
| Gross Margin IPRWA | high: 69.391 % YPF: 28.873 % mean: 21.501 % median: 19.958 % low: -22.31 % |
|
| EBIT Margin | 13.336 % | |
| EBIT Margin QoQ | 3.887 % | |
| EBIT Margin YoY | -324.966 % | |
| EBIT Margin IPRWA | high: 95.267 % YPF: 13.336 % mean: 11.34 % median: 10.815 % low: -130.344 % |
|
| Return On Sales (ROS) | 9.881 % | |
| Return On Sales QoQ | -17.638 % | |
| Return On Sales YoY | -266.684 % | |
| Return On Sales IPRWA | high: 95.267 % mean: 9.99 % YPF: 9.881 % median: 7.5 % low: -56.401 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 318.0 M | |
| Free Cash Flow Yield | 2.231 % | |
| Free Cash Flow Yield QoQ | -78.527 % | |
| Free Cash Flow Yield YoY | -100.194 % | |
| Free Cash Flow Yield IPRWA | high: 9.376 % YPF: 2.231 % mean: 1.388 % median: 1.02 % low: -9.877 % |
|
| Free Cash Growth | 312.987 % | |
| Free Cash Growth QoQ | -135.757 % | |
| Free Cash Growth YoY | -256.73 % | |
| Free Cash Growth IPRWA | YPF: 312.987 % high: 241.448 % median: -10.314 % mean: -10.317 % low: -255.102 % |
|
| Free Cash To Net Income | -0.486 | |
| Cash Flow Margin | -4.423 % | |
| Cash Flow To Earnings | 0.307 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.217 % | |
| Return On Assets QoQ | 215.363 % | |
| Return On Assets YoY | 122.367 % | |
| Return On Assets IPRWA | high: 9.669 % median: 0.997 % mean: 0.803 % YPF: -2.217 % low: -7.748 % |
|
| Return On Capital Employed (ROCE) | 2.755 % | |
| Return On Equity (ROE) | -0.06 | |
| Return On Equity QoQ | 234.884 % | |
| Return On Equity YoY | 142.989 % | |
| Return On Equity IPRWA | high: 0.14 median: 0.024 mean: 0.01 YPF: -0.06 low: -0.197 |
|
| DuPont ROE | -5.885 % | |
| Return On Invested Capital (ROIC) | 1.841 % | |
| Return On Invested Capital QoQ | -49.575 % | |
| Return On Invested Capital YoY | -103.696 % | |
| Return On Invested Capital IPRWA | high: 14.758 % median: 1.981 % mean: 1.857 % YPF: 1.841 % low: -11.925 % |
|