Recent News
On May 4, 2026 the company filed its quarterly report covering the period ended March 31, 2026, disclosing a material release of deferred tax valuation allowances and the recognition of tax receivable agreement liabilities; the filing accompanies quarterly results and related disclosures. On February 26, 2026 management published results for the prior quarter and provided 2026 revenue and adjusted EBITDA guidance.
Technical Analysis
ADX at 14.86 registers below 20 and signals no established trend; price action remains range-bound rather than trending decisively, which limits directional conviction for short-term momentum trades.
DI+ measures 21.86 and records a decreasing trend, which signals a bearish directional push from buyers fading relative strength.
DI– sits at 21.31 and shows a peak-and-reverse pattern; that peak-and-reverse in DI– signals a bullish flip for selling pressure but currently coexists with weakening DI+ strength, producing mixed directional inputs.
MACD registers -0.26 and trends downward while remaining below its signal line (signal 0.24); this combination denotes bearish momentum and a lack of bullish crossover.
MRO reads 17.61 and trends downward; the positive MRO indicates price sits above WMDST’s target framework and therefore carries a statistical bias toward mean reversion (downside pressure) while its decreasing trajectory reduces that immediate pressure over time.
RSI at 48 decreasing shows loss of upward momentum without reaching oversold territory, consistent with consolidation and potential additional weakness if selling intensifies.
Price sits at $20.18, below the 200‑day average ($25.67) and below the 20‑day average ($23.12); the 12‑ and 26‑day EMAs and the 50‑day average all trend lower, reinforcing a short-term bearish bias. The close trades under the 1× lower Bollinger band ($20.83), indicating near-term technical weakness relative to recent volatility bands. SuperTrend upper band at $23.50 provides a nearby technical resistance reference above the current close.
Fundamental Analysis
Profitability: Operating income reads -$99,297,000 and operating margin stands at -18.79%. QoQ operating margin shows a reported change of +309.64% and YoY operating margin shows -219.80%. The company records negative EBITDA (-$42,219,000) while net income remains small at $2,341,000, yielding an EPS of $0.63 versus an estimate of $0.63 and an EPS surprise of 0.44%.
Margins and peers: Gross margin equals 33.71%, modestly above the industry peer mean of 30.699% and near the industry peer median of 29.043%. Operating/EBIT margin at -18.79% sits well below the industry peer mean of 19.579% and the industry peer median of 23.153%, indicating substantial margin compression relative to peer profit margins.
Revenue and growth: Total revenue during the period reads $528,445,000. Reported revenue growth shows 54.11% on the provided growth metric and year‑over‑year revenue growth equals 105.68%; reported quarter-over-quarter revenue growth reads -1,095.26% per the supplied QoQ figure. The large YoY revenue gains coexist with persistent margin deterioration, which points to revenue scale not yet translating into operating profitability.
Cash flow and liquidity: Cash and short‑term investments total $146.4M while free cash flow registers -$18.737M and free cash flow yield shows -0.855%. Cash conversion cycle stands at -88.23 days, indicating rapid collection and long payable duration that supports working capital; however operating cash flow reads negative at -$6.073M and operating cash flow ratio registers -49.09%, a signal of cash generation challenges despite strong cash balances.
Leverage and coverage: Total debt totals $2.573B with debt-to-equity at 2.67x and debt-to-assets at 0.433. Interest coverage reads -3.15, showing operating earnings fail to cover interest expense on a trailing basis. Net debt equals $2.33B, materially above cash on hand and producing high financial leverage which constrains flexibility.
Valuation context: Reported PE sits at 36.01x with forward PE at 34.80x; WMDST values the stock as over-valued. Price-to-book equals 2.27x while enterprise multiple records -109.40 (negative enterprise multiple reflects atypical earnings and capital structure effects). Price target mean from analysts stands at $23.01 versus the current close of $20.18, and the consensus target range spans $12.08–$41.25. The combination of stretched leverage, negative operating margins, and negative free cash flow underlies the WMDST over-valued classification despite pockets of top-line growth.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-04 |
| NEXT REPORT DATE: | 2026-08-03 |
| CASH FLOW | Begin Period Cash Flow | $ 346.9 M |
| Operating Cash Flow | $ -6.07 M | |
| Capital Expenditures | $ -12.66 M | |
| Change In Working Capital | $ -70.67 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 109.2 M | |
| End Period Cash Flow | $ 456.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 528.4 M | |
| Forward Revenue | $ 3.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 350.3 M | |
| Depreciation | $ 2.0 M | |
| Depreciation and Amortization | $ 57.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 627.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 178.2 M | |
| EBITDA | $ -42.22 M | |
| EBIT | $ -99.30 M | |
| Operating Income | $ -99.30 M | |
| Interest Income | $ -38.90 M | |
| Interest Expense | — | |
| Net Interest Income | $ -38.90 M | |
| Income Before Tax | $ -146.42 M | |
| Tax Provision | $ -144.52 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 2.3 M | |
| Net Income From Continuing Operations | $ -1.90 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.63 | |
| EPS Actual | $ 0.63 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 0.44 % | |
| Forward EPS | $ 0.63 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.9 B | |
| Intangible Assets | $ 4.1 B | |
| Net Tangible Assets | $ -3.17 B | |
| Total Current Assets | $ 1.6 B | |
| Cash and Short-Term Investments | $ 146.4 M | |
| Cash | $ 146.4 M | |
| Net Receivables | $ 447.6 M | |
| Inventory | — | |
| Long-Term Investments | $ 96.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 93.4 M | |
| Short-Term Debt | $ 131.6 M | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 2.3 B | |
| Total Debt | $ 2.6 B | |
| Total Liabilities | $ 4.4 B | |
| EQUITY | ||
| Total Equity | $ 963.9 M | |
| Retained Earnings | $ -274.87 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.97 | |
| Shares Outstanding | 96.647 M | |
| Revenue Per-Share | $ 5.47 | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | -109.403 | |
| Enterprise Multiple QoQ | -184.046 % | |
| Enterprise Multiple YoY | -322.19 % | |
| Enterprise Multiple IPRWA | high: 114.522 median: 92.114 mean: 87.544 low: 35.469 BWIN: -109.403 |
|
| EV/R | 8.741 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.165 | |
| Asset To Liability | 1.353 | |
| Debt To Capital | 0.727 | |
| Debt To Assets | 0.433 | |
| Debt To Assets QoQ | -5.554 % | |
| Debt To Assets YoY | -6.068 % | |
| Debt To Assets IPRWA | high: 0.938 mean: 0.655 median: 0.631 BWIN: 0.433 low: 0.018 |
|
| Debt To Equity | 2.669 | |
| Debt To Equity QoQ | -9.515 % | |
| Debt To Equity YoY | 1.111 % | |
| Debt To Equity IPRWA | high: 15.351 BWIN: 2.669 mean: 0.778 median: -1.641 low: -5.69 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.275 | |
| Price To Book QoQ | -14.677 % | |
| Price To Book YoY | -52.282 % | |
| Price To Book IPRWA | high: 36.049 BWIN: 2.275 mean: 1.79 median: -5.72 low: -12.042 |
|
| Price To Earnings (P/E) | 36.009 | |
| Price To Earnings QoQ | -49.922 % | |
| Price To Earnings YoY | -44.34 % | |
| Price To Earnings IPRWA | high: 249.745 mean: 131.035 median: 125.732 BWIN: 36.009 low: 28.512 |
|
| PE/G Ratio | 0.349 | |
| Price To Sales (P/S) | 4.149 | |
| Price To Sales QoQ | -11.085 % | |
| Price To Sales YoY | -42.612 % | |
| Price To Sales IPRWA | high: 24.211 median: 18.742 mean: 16.578 BWIN: 4.149 low: 0.815 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.798 | |
| Forward PE/G | 0.337 | |
| Forward P/S | 0.64 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 9.82 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.108 | |
| Asset Turnover Ratio QoQ | 20.328 % | |
| Asset Turnover Ratio YoY | -6.554 % | |
| Asset Turnover Ratio IPRWA | high: 0.533 median: 0.251 mean: 0.232 BWIN: 0.108 low: 0.078 |
|
| Receivables Turnover | 1.338 | |
| Receivables Turnover Ratio QoQ | 34.373 % | |
| Receivables Turnover Ratio YoY | 69.266 % | |
| Receivables Turnover Ratio IPRWA | high: 28.617 mean: 9.755 median: 2.467 BWIN: 1.338 low: 1.107 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 68.186 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -88.233 | |
| Cash Conversion Cycle Days QoQ | 79.397 % | |
| Cash Conversion Cycle Days YoY | 452.48 % | |
| Cash Conversion Cycle Days IPRWA | high: 24.74 mean: 1.994 median: -0.731 low: -46.176 BWIN: -88.233 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.402 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -6.235 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.3 B | |
| Net Invested Capital | $ 3.4 B | |
| Invested Capital | $ 3.4 B | |
| Net Tangible Assets | $ -3.17 B | |
| Net Working Capital | $ 120.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.099 | |
| Current Ratio | 1.081 | |
| Current Ratio QoQ | -6.908 % | |
| Current Ratio YoY | -4.396 % | |
| Current Ratio IPRWA | high: 1.46 BWIN: 1.081 mean: 0.706 median: 0.651 low: 0.387 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -60.939 | |
| Cost Of Debt | 0.872 % | |
| Interest Coverage Ratio | -3.148 | |
| Interest Coverage Ratio QoQ | 531.376 % | |
| Interest Coverage Ratio YoY | -254.963 % | |
| Interest Coverage Ratio IPRWA | high: 16.515 mean: 5.4 median: 4.198 low: 0.115 BWIN: -3.148 |
|
| Operating Cash Flow Ratio | -0.491 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 156.419 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 53.866 % | |
| Revenue Growth | 54.112 % | |
| Revenue Growth QoQ | -1095.255 % | |
| Revenue Growth YoY | 105.679 % | |
| Revenue Growth IPRWA | BWIN: 54.112 % high: 9.738 % mean: -4.02 % median: -4.859 % low: -18.131 % |
|
| Earnings Growth | 103.226 % | |
| Earnings Growth QoQ | -147.059 % | |
| Earnings Growth YoY | -26.655 % | |
| Earnings Growth IPRWA | BWIN: 103.226 % high: 50.0 % mean: -6.828 % median: -13.295 % low: -133.784 % |
|
| MARGINS | ||
| Gross Margin | 33.713 % | |
| Gross Margin QoQ | 27.459 % | |
| Gross Margin YoY | -4.809 % | |
| Gross Margin IPRWA | high: 54.743 % BWIN: 33.713 % mean: 30.698 % median: 29.043 % low: 11.09 % |
|
| EBIT Margin | -18.79 % | |
| EBIT Margin QoQ | 309.636 % | |
| EBIT Margin YoY | -219.796 % | |
| EBIT Margin IPRWA | high: 34.862 % median: 23.153 % mean: 19.579 % low: -2.057 % BWIN: -18.79 % |
|
| Return On Sales (ROS) | -18.79 % | |
| Return On Sales QoQ | 309.636 % | |
| Return On Sales YoY | -219.796 % | |
| Return On Sales IPRWA | high: 37.003 % median: 23.085 % mean: 19.21 % low: -2.784 % BWIN: -18.79 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -18.74 M | |
| Free Cash Flow Yield | -0.855 % | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | -65.371 % | |
| Free Cash Flow Yield IPRWA | high: 4.364 % mean: 1.121 % median: 0.826 % BWIN: -0.855 % low: -1.116 % |
|
| Free Cash Growth | 22205.952 % | |
| Free Cash Growth QoQ | -22248.145 % | |
| Free Cash Growth YoY | -1334.159 % | |
| Free Cash Growth IPRWA | BWIN: 22205.952 % high: 296.696 % mean: 125.855 % median: 106.235 % low: -196.027 % |
|
| Free Cash To Net Income | -8.004 | |
| Cash Flow Margin | -136.972 % | |
| Cash Flow To Earnings | -309.194 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.048 % | |
| Return On Assets QoQ | -107.101 % | |
| Return On Assets YoY | -87.817 % | |
| Return On Assets IPRWA | high: 5.266 % mean: 2.834 % median: 2.376 % BWIN: 0.048 % low: -0.379 % |
|
| Return On Capital Employed (ROCE) | -2.222 % | |
| Return On Equity (ROE) | 0.002 | |
| Return On Equity QoQ | -105.639 % | |
| Return On Equity YoY | -89.2 % | |
| Return On Equity IPRWA | high: 0.315 mean: 0.024 BWIN: 0.002 median: -0.059 low: -0.065 |
|
| DuPont ROE | 0.299 % | |
| Return On Invested Capital (ROIC) | -1.732 % | |
| Return On Invested Capital QoQ | 220.148 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 18.09 % mean: 8.749 % median: 8.456 % low: -0.432 % BWIN: -1.732 % |
|