Recent News
On April 23, 2026 the company’s Board declared a quarterly distribution of $0.325 per common unit, payable May 12, 2026 to holders of record as of May 5, 2026. On April 22, 2026 the CEO stated that U.S. propane demand remained stable amid the Iran conflict, noting increased market volatility but no change to core pricing strategy.
Technical Analysis
ADX / DI+ / DI-: ADX at 23.73 signals an emerging trend; DI+ increasing and DI- decreasing together indicate directional pressure favoring buyers, supporting near-term upside potential against the current valuation.
MACD: MACD sits at -0.06 and trends increasing while trading above its signal line (-0.16), which constitutes a bullish momentum crossover and supports further short-term rallies.
MRO (Momentum/Regression Oscillator): MRO at -27.85 indicates price below the WMDST target and implies upward pressure toward target levels, reinforcing the constructive momentum signal from MACD.
RSI: RSI at 50.5 with a dip-and-reversal indicates momentum stabilization and a resumption of buying interest from neutral levels, consistent with other momentum indicators.
Price vs. Moving Averages and Bands: Last close $20.00 sits near the 50-day average ($20.01) and above the 200-day average ($18.99); short-term EMA behavior (12-day EMA dip-and-reversal) confirms the shift toward positive short-term momentum while Bollinger bands remain narrow, implying contained volatility for swing trades.
Fundamental Analysis
Earnings & Cash Flow: Q1 reported EPS $0.70 versus estimate $0.75, an EPS surprise ratio of -6.67%, and net income $45,780,000. Adjusted EBITDA $82,631,000 and operating income $67,651,000 show operating strength, but free cash flow at -$67,471,000 and operating cash flow at -$47,666,000 indicate negative cash conversion over the period.
Margins & Profitability: EBIT margin 17.76% and operating margin 18.27% both improved YoY (EBIT margin YoY +67.415%; operating margin YoY +72.214%) yet sit below the industry peer mean for EBIT margin; gross margin equals 64.675%, a clear source of operating leverage that produced the reported earnings gains.
Leverage & Coverage: Total debt $1,434,945,000 produces debt-to-EBITDA of 17.37x and debt-to-equity of 2.29x; interest coverage ratio 3.33x remains below the peer mean. These metrics show material leverage pressure despite improved EBITDA, and net debt $1,321,221,000 contrasts with market capitalization $1,266,163,290.
Liquidity & Working Capital: Current ratio 0.866 and quick ratio 0.612 signal constrained near-term liquidity; cash and short-term investments $1,284,000 and cash ratio 0.471% reflect low immediate reserves. Cash conversion cycle 55.12 days increased slightly YoY, while change in working capital shows a large negative movement ($115,387,000), weighing on operating cash flow.
Returns & Growth: Return on equity 7.31% and return on assets 1.95% improved YoY, and revenue totaled $370,386,000 with revenue growth figures showing mixed periodic signals (overall revenue growth metrics vary by period). Dividend/distribution metrics: dividend rate $0.32263 and dividend yield 1.69% with distribution coverage ratio 2.14x provide numerical support for the declared payout but do not address sustainability beyond the coverage figure.
Valuation: WMDST values the stock as over-valued. Price multiples show P/E 27.27 and price-to-book 2.02 with an enterprise multiple 32.67; those multiples sit below some peer averages but the WMDST valuation judgment reflects the combination of elevated leverage, negative free cash flow, and limited liquidity relative to capital structure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 11.8 M |
| Operating Cash Flow | $ -47.67 M | |
| Capital Expenditures | $ -19.80 M | |
| Change In Working Capital | $ -115.39 M | |
| Dividends Paid | $ -21.40 M | |
| Cash Flow Delta | $ -196.00 K | |
| End Period Cash Flow | $ 11.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 370.4 M | |
| Forward Revenue | $ 62.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 130.8 M | |
| Depreciation | $ 16.9 M | |
| Depreciation and Amortization | $ 16.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 302.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 239.5 M | |
| EBITDA | $ 82.6 M | |
| EBIT | $ 65.8 M | |
| Operating Income | $ 67.7 M | |
| Interest Income | — | |
| Interest Expense | $ 19.8 M | |
| Net Interest Income | $ -19.76 M | |
| Income Before Tax | $ 46.0 M | |
| Tax Provision | $ 231.0 K | |
| Tax Rate | 0.502 % | |
| Net Income | $ 45.8 M | |
| Net Income From Continuing Operations | $ 45.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.75 | |
| EPS Actual | $ 0.70 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -6.667 % | |
| Forward EPS | $ 0.46 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.4 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ -1.26 B | |
| Total Current Assets | $ 236.0 M | |
| Cash and Short-Term Investments | $ 1.3 M | |
| Cash | $ 1.3 M | |
| Net Receivables | $ 129.3 M | |
| Inventory | $ 69.3 M | |
| Long-Term Investments | $ 79.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 47.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 272.6 M | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 1.4 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 626.2 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.44 | |
| Shares Outstanding | 66.329 M | |
| Revenue Per-Share | $ 5.58 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 32.673 | |
| Enterprise Multiple QoQ | -98.42 % | |
| Enterprise Multiple YoY | -29.889 % | |
| Enterprise Multiple IPRWA | high: 59.048 mean: 41.633 median: 39.238 SPH: 32.673 low: 10.34 |
|
| EV/R | 7.289 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.826 | |
| Asset To Liability | 1.354 | |
| Debt To Capital | 0.696 | |
| Debt To Assets | 0.599 | |
| Debt To Assets QoQ | 3.43 % | |
| Debt To Assets YoY | -0.864 % | |
| Debt To Assets IPRWA | high: 0.856 SPH: 0.599 mean: 0.514 median: 0.496 low: 0.0 |
|
| Debt To Equity | 2.291 | |
| Debt To Equity QoQ | 3.146 % | |
| Debt To Equity YoY | -13.297 % | |
| Debt To Equity IPRWA | high: 5.354 SPH: 2.291 mean: 1.63 median: 1.459 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.022 | |
| Price To Book QoQ | 0.674 % | |
| Price To Book YoY | -8.588 % | |
| Price To Book IPRWA | high: 5.955 mean: 3.069 median: 2.341 SPH: 2.022 low: 0.415 |
|
| Price To Earnings (P/E) | 27.27 | |
| Price To Earnings QoQ | -180.657 % | |
| Price To Earnings YoY | -56.244 % | |
| Price To Earnings IPRWA | high: 113.155 mean: 65.022 median: 51.118 SPH: 27.27 low: 17.853 |
|
| PE/G Ratio | -0.119 | |
| Price To Sales (P/S) | 3.418 | |
| Price To Sales QoQ | -39.892 % | |
| Price To Sales YoY | 5.843 % | |
| Price To Sales IPRWA | high: 39.081 mean: 12.434 median: 9.865 SPH: 3.418 low: 0.334 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.437 | |
| Forward PE/G | -0.159 | |
| Forward P/S | 18.415 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -6.358 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.158 | |
| Asset Turnover Ratio QoQ | 72.189 % | |
| Asset Turnover Ratio YoY | -1.522 % | |
| Asset Turnover Ratio IPRWA | high: 0.21 SPH: 0.158 mean: 0.114 median: 0.096 low: 0.031 |
|
| Receivables Turnover | 3.727 | |
| Receivables Turnover Ratio QoQ | 31.712 % | |
| Receivables Turnover Ratio YoY | -4.393 % | |
| Receivables Turnover Ratio IPRWA | high: 8.839 SPH: 3.727 mean: 2.77 median: 2.393 low: 0.769 |
|
| Inventory Turnover | 1.83 | |
| Inventory Turnover Ratio QoQ | 64.469 % | |
| Inventory Turnover Ratio YoY | -27.884 % | |
| Inventory Turnover Ratio IPRWA | high: 11.616 mean: 5.29 median: 3.642 low: 2.914 SPH: 1.83 |
|
| Days Sales Outstanding (DSO) | 24.485 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 55.118 | |
| Cash Conversion Cycle Days QoQ | -9.312 % | |
| Cash Conversion Cycle Days YoY | 218.475 % | |
| Cash Conversion Cycle Days IPRWA | high: 71.269 SPH: 55.118 mean: 20.701 median: 13.243 low: -61.052 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -10.117 | |
| CapEx To Revenue | -0.053 | |
| CapEx To Depreciation | -1.174 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.9 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ -1.26 B | |
| Net Working Capital | $ -36.61 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.005 | |
| Current Ratio | 0.866 | |
| Current Ratio QoQ | 57.664 % | |
| Current Ratio YoY | 23.986 % | |
| Current Ratio IPRWA | high: 3.035 mean: 0.907 SPH: 0.866 median: 0.783 low: 0.531 |
|
| Quick Ratio | 0.612 | |
| Quick Ratio QoQ | 100.118 % | |
| Quick Ratio YoY | 18.9 % | |
| Quick Ratio IPRWA | high: 2.981 mean: 0.733 median: 0.678 SPH: 0.612 low: 0.48 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.366 | |
| Cost Of Debt | 1.422 % | |
| Interest Coverage Ratio | 3.329 | |
| Interest Coverage Ratio QoQ | -429.47 % | |
| Interest Coverage Ratio YoY | 64.888 % | |
| Interest Coverage Ratio IPRWA | high: 8.945 mean: 4.245 median: 3.764 SPH: 3.329 low: 1.765 |
|
| Operating Cash Flow Ratio | 0.037 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.803 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.139 | |
| Dividend Payout Ratio | 0.467 | |
| Dividend Rate | $ 0.32 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.333 % | |
| Revenue Growth | 75.226 % | |
| Revenue Growth QoQ | -501.248 % | |
| Revenue Growth YoY | -4.698 % | |
| Revenue Growth IPRWA | SPH: 75.226 % high: 44.343 % mean: 11.798 % median: 9.408 % low: -11.584 % |
|
| Earnings Growth | -229.63 % | |
| Earnings Growth QoQ | -270.37 % | |
| Earnings Growth YoY | 60.045 % | |
| Earnings Growth IPRWA | high: 442.105 % mean: 21.223 % median: 4.027 % low: -30.921 % SPH: -229.63 % |
|
| MARGINS | ||
| Gross Margin | 64.675 % | |
| Gross Margin QoQ | -0.034 % | |
| Gross Margin YoY | 6.758 % | |
| Gross Margin IPRWA | high: 78.864 % SPH: 64.675 % median: 43.607 % mean: 39.892 % low: 5.66 % |
|
| EBIT Margin | 17.756 % | |
| EBIT Margin QoQ | -315.905 % | |
| EBIT Margin YoY | 67.415 % | |
| EBIT Margin IPRWA | high: 61.514 % mean: 31.034 % median: 30.257 % SPH: 17.756 % low: 1.264 % |
|
| Return On Sales (ROS) | 18.265 % | |
| Return On Sales QoQ | -330.415 % | |
| Return On Sales YoY | 72.214 % | |
| Return On Sales IPRWA | high: 50.481 % median: 30.257 % mean: 28.646 % SPH: 18.265 % low: 1.212 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -67.47 M | |
| Free Cash Flow Yield | -5.329 % | |
| Free Cash Flow Yield QoQ | -331.293 % | |
| Free Cash Flow Yield YoY | 326.661 % | |
| Free Cash Flow Yield IPRWA | high: 5.767 % median: 1.434 % mean: 0.929 % SPH: -5.329 % low: -6.341 % |
|
| Free Cash Growth | -343.569 % | |
| Free Cash Growth QoQ | 422.594 % | |
| Free Cash Growth YoY | 85.728 % | |
| Free Cash Growth IPRWA | high: 380.46 % median: -117.647 % mean: -156.312 % SPH: -343.569 % low: -694.761 % |
|
| Free Cash To Net Income | -1.474 | |
| Cash Flow Margin | 2.726 % | |
| Cash Flow To Earnings | 0.221 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.951 % | |
| Return On Assets QoQ | -228.018 % | |
| Return On Assets YoY | 133.933 % | |
| Return On Assets IPRWA | high: 7.511 % mean: 2.033 % SPH: 1.951 % median: 1.466 % low: 0.664 % |
|
| Return On Capital Employed (ROCE) | 3.098 % | |
| Return On Equity (ROE) | 0.073 | |
| Return On Equity QoQ | -224.549 % | |
| Return On Equity YoY | 105.25 % | |
| Return On Equity IPRWA | high: 0.091 SPH: 0.073 median: 0.055 mean: 0.05 low: 0.019 |
|
| DuPont ROE | 7.476 % | |
| Return On Invested Capital (ROIC) | 3.358 % | |
| Return On Invested Capital QoQ | -542.424 % | |
| Return On Invested Capital YoY | 25.345 % | |
| Return On Invested Capital IPRWA | high: 7.82 % SPH: 3.358 % mean: 2.832 % median: 2.504 % low: 1.318 % |
|