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On April 23, 2026 the Board declared a quarterly cash distribution of $0.325 per common unit payable May 12, 2026 to holders of record May 5, 2026, maintaining the prior quarterly payout level.
Technical Analysis
Directional indicators present a bearish setup: DI+ shows a peak-and-reversal while DI– displays a dip-and-reversal, a combination that indicates selling pressure recently strengthened and bullish breadth cooled; ADX at 22.18 signals an emerging trend rather than a strong directional conviction, which limits the follow-through scope for trending moves.
MACD registers negative momentum and a peak-and-reversal, consistent with waning bullish momentum; however, the MACD value sits modestly above its signal line, representing a short-lived bullish crossover amid an otherwise weakening MACD profile, increasing the probability of range-bound price action rather than a sustained breakout.
MRO reads -30.1, indicating the current price sits below the model target and therefore carries measurable upside potential if fundamental drivers reassert themselves; the magnitude suggests moderate catch-up potential to valuation levels. Relating this to the valuation, upside implied by the oscillator collides with WMDST’s determination that the stock trades over-valued, implying any rally would need substantive fundamental validation to persist.
RSI near 49 with a peak-and-reversal shows momentum cooled from recent highs and lacks immediate directional bias; the indicator’s neutrality argues for consolidation near current levels unless directional indicators re-accelerate.
Price sits slightly above the 20-day average but below the 50-day average, with the 12-day EMA showing a recent peak-and-reversal. That structure, combined with volume above recent averages, favors a capped range; the super trend lower level around $19.00 provides a near-term technical support reference while the mean analyst price target at $18.53 sits below current price, reinforcing limited upside ambition from a technical perspective.
Fundamental Analysis
Revenue and margins: total revenue reached $370.39M. YoY revenue change shows a small decline of -4.70% and QoQ revenue contraction of -5.01%, reflecting near-term top-line pressure. Gross margin at 64.675% remains robust and expanded YoY by 6.758 percentage points, supporting operating leverage in core distribution activities.
Profitability: EBIT stands at $65.77M, giving an EBIT margin of 17.76%, which increased YoY by 67.42% but declined QoQ by -3.16 percentage points; compare that to the industry peer mean EBIT margin of 31.03% and industry peer median of 30.26%, where Suburban Propane ranks below the peer mean and median while comfortably above the industry low. Operating margin of 18.265% improved YoY by 72.21% but fell QoQ by -3.30%.
Earnings and cash flow: reported EPS $2.08 topped the prior estimate of $1.98 by $0.10, an EPS surprise of 5.05%. Net income totaled $45.78M. Free cash flow registered negative $67.47M, producing a free cash flow yield of -5.33%, materially below the industry peer mean free cash flow yield of 0.93%, and signaling operating cash conversion stress despite positive accounting earnings in the period. Operating cash flow totaled negative $47.67M and free cash flow growth shows contraction QoQ.
Leverage and liquidity: total debt $1.435B produces net debt roughly $1.321B and a debt-to-EBITDA ratio near 17.4x, reflecting a highly leveraged capital structure relative to cash flow coverage; debt-to-equity at 2.29x exceeds the industry peer mean of 1.63x. Interest coverage sits at 3.33x, below the industry peer mean of 4.25x, indicating tighter margin for interest obligations. Current ratio 0.87 and quick ratio 0.61 show liquidity below one, though current ratio remains similar to the industry peer mean (0.91). Dividend yield equals 1.69% with a payout ratio near 46.75% and a dividend coverage ratio of 2.14x, indicating distributions remain covered by earnings but cash flow metrics warrant monitoring.
Returns: return on equity stands at 7.31%, above the industry peer mean of 4.98%, demonstrating that equity-level returns outpace peers even as capital structure amplifies risk. Asset turnover at ~0.16x remains a structural characteristic of the business model and sits above the industry peer mean turnover of 0.1137x, supporting revenue generation from invested capital.
Valuation: WMDST values the stock as over-valued. Market multiples show a P/E around 27.3x and a price-to-book near 2.02x, with price-to-book below the industry peer mean of 3.07x but the enterprise multiple at ~32.67x sitting between industry peer low and mean—these mixed signals reflect solid operating margins but elevated leverage and negative free cash flow that compress the fundamental justification for the current market price.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| 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 | $ 1.98 | |
| EPS Actual | $ 2.08 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 5.051 % | |
| 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 % |
|