Recent News
Feb 10, 2026 — DA Davidson reaffirmed a Buy on PDF Solutions ahead of quarterly results. Apr 29, 2026 — DA Davidson raised its price target; several sell-side shops updated coverage through late April and early May, including a new, higher price target reported on May 8. These headlines reflect active analyst engagement and upward revisions to targets over the past three months.
Technical Analysis
ADX / DI+ / DI-: ADX at 29.92 indicates a strong trend environment; DI+ shows a peak & reversal while DI- shows a dip & reversal, a configuration that produces a net bearish directional signal despite trend strength and increases the chance of short-term pullback toward support levels.
MACD: MACD stands above its signal line (MACD 3.27 vs signal 2.51), a bullish momentum confirmation that supports continuation of the recent advance in the near term.
MRO (Momentum/Regression Oscillator): MRO reads 29.88 (positive), indicating price sits above the target level and therefore carries susceptibility to downward mean reversion; the MRO trend shows decreasing momentum pressure.
RSI: RSI at 64.65 with an increasing trend signals persistent buying pressure but proximity to the overbought region raises the probability of consolidation or pullback if momentum fades.
Price vs Moving Averages & Ichimoku: Price closed at $55.09, above the 12-day EMA ($47.02) and well above the 200‑day average ($29.75), showing a strong bullish structural bias. Ichimoku Tenkan at $47.06 and Kijun at $44.20 sit below price, reinforcing short-term upside bias while also defining support bands.
Bollinger Bands & Volatility: Price trades slightly above the 2x upper Bollinger band (2x upper ≈ $54.95), indicating a stretched short-term range; 42‑day volatility (0.04) and elevated 42‑day beta (2.41) warn that moves may be amplified and retracements sharp.
Fundamental Analysis
Revenue & Growth: Total revenue equals $62,403,000 with YoY revenue growth of 16.89% and QoQ revenue contraction of 11.09%, showing solid annual expansion but quarter-to-quarter variability tied to timing of bookings and deliveries.
Profitability: EBIT equals $3,803,000 and EBIT margin sits at 6.09% (QoQ change -26.34%, YoY change +4.96%). That EBIT margin remains below the industry peer mean of 34.639% and the industry peer median of 35.306%, indicating materially lower operating leverage relative to peers.
Cash Flow & Liquidity: Operating cash flow reached $17,341,000 and free cash flow totaled $7,550,000, producing a free cash flow yield of 0.64%, which falls short of the industry peer mean free cash flow yield of 1.47%. Cash and short‑term investments total $42,220,000 and current ratio equals 2.28 (slightly above the industry peer mean of 2.16), signaling a comfortable near-term liquidity position.
Capital Structure & Returns: Total debt stands at $72,819,000 with debt to equity of 0.27 and interest coverage about 3.27. Return on equity and return on assets hover near zero (ROE ≈ -0.018%, ROA ≈ -0.012%), and earnings growth shows marked quarter-to-quarter decline (earnings growth QoQ -122.43%, earnings growth YoY -53.125%), reflecting transient pressures on profitability despite positive annual revenue momentum.
Valuation Multiples: Trailing PE near 100.21 and forward PE about 79.62 sit below the industry peer mean PE of ~138.77, while price-to-book at 4.39 sits well below the industry peer mean of 14.13. PS ratio equals 19.05 vs peer mean ~40.74. Those lower multiples relative to peer means reflect WMDST’s current valuation view and partially offset the stretched technicals.
Earnings Per Share: Reported EPS $0.31 exceeded the estimate of $0.23, producing an EPS surprise of +34.78% (EPS difference $0.08), which supports the firm’s short-term fundamentals and helps explain recent analyst upward revisions.
Valuation Note: The current valuation, as determined by WMDST, registers as under-valued relative to the combination of fundamentals and multiples presented; that valuation underpins a view that price may not require an extended slump to trade back toward intrinsic measures, though technical stretch increases correction risk.
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 | $ 35.9 M |
| Operating Cash Flow | $ 17.3 M | |
| Capital Expenditures | $ -9.79 M | |
| Change In Working Capital | $ 5.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 6.3 M | |
| End Period Cash Flow | $ 42.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 62.4 M | |
| Forward Revenue | $ -5.09 B | |
| COSTS | ||
| Cost Of Revenue | $ 16.9 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 3.5 M | |
| Research and Development | $ 19.3 M | |
| Total Operating Expenses | $ 58.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 45.5 M | |
| EBITDA | $ 7.3 M | |
| EBIT | $ 3.8 M | |
| Operating Income | $ 3.5 M | |
| Interest Income | $ 1.3 M | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ 145.0 K | |
| Income Before Tax | $ 2.6 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -48.00 K | |
| Net Income From Continuing Operations | $ -48.00 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.31 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 34.783 % | |
| Forward EPS | $ 0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 418.7 M | |
| Intangible Assets | $ 147.2 M | |
| Net Tangible Assets | $ 123.8 M | |
| Total Current Assets | $ 163.9 M | |
| Cash and Short-Term Investments | $ 42.2 M | |
| Cash | $ 42.2 M | |
| Net Receivables | $ 82.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 17.1 M | |
| Short-Term Debt | $ 2.2 M | |
| Total Current Liabilities | $ 71.9 M | |
| Net Debt | $ 24.8 M | |
| Total Debt | $ 72.8 M | |
| Total Liabilities | $ 147.7 M | |
| EQUITY | ||
| Total Equity | $ 271.0 M | |
| Retained Earnings | $ -94.63 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.85 | |
| Shares Outstanding | 39.541 M | |
| Revenue Per-Share | $ 1.58 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 166.642 | |
| Enterprise Multiple QoQ | 29.913 % | |
| Enterprise Multiple YoY | -66.521 % | |
| Enterprise Multiple IPRWA | high: 244.045 PDFS: 166.642 median: 114.544 mean: 106.546 low: -216.655 |
|
| EV/R | 19.539 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.545 | |
| Asset To Liability | 2.835 | |
| Debt To Capital | 0.212 | |
| Debt To Assets | 0.174 | |
| Debt To Assets QoQ | -4.208 % | |
| Debt To Assets YoY | 958.551 % | |
| Debt To Assets IPRWA | high: 0.455 median: 0.194 PDFS: 0.174 mean: 0.165 low: 0.003 |
|
| Debt To Equity | 0.269 | |
| Debt To Equity QoQ | -3.727 % | |
| Debt To Equity YoY | 1176.39 % | |
| Debt To Equity IPRWA | high: 0.96 PDFS: 0.269 mean: 0.266 median: 0.138 low: -0.408 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.386 | |
| Price To Book QoQ | 18.256 % | |
| Price To Book YoY | -2.797 % | |
| Price To Book IPRWA | high: 22.16 mean: 14.13 median: 11.172 PDFS: 4.386 low: 1.081 |
|
| Price To Earnings (P/E) | 100.21 | |
| Price To Earnings QoQ | 156.144 % | |
| Price To Earnings YoY | -12.527 % | |
| Price To Earnings IPRWA | high: 422.129 median: 146.908 mean: 138.771 PDFS: 100.21 low: -305.594 |
|
| PE/G Ratio | -1.886 | |
| Price To Sales (P/S) | 19.049 | |
| Price To Sales QoQ | 10.954 % | |
| Price To Sales YoY | -14.062 % | |
| Price To Sales IPRWA | high: 71.828 median: 45.349 mean: 40.743 PDFS: 19.049 low: 3.414 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 79.625 | |
| Forward PE/G | -1.499 | |
| Forward P/S | -0.27 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.108 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.151 | |
| Asset Turnover Ratio QoQ | 5.606 % | |
| Asset Turnover Ratio YoY | -5.98 % | |
| Asset Turnover Ratio IPRWA | high: 0.471 mean: 0.207 median: 0.203 PDFS: 0.151 low: 0.002 |
|
| Receivables Turnover | 0.79 | |
| Receivables Turnover Ratio QoQ | -0.203 % | |
| Receivables Turnover Ratio YoY | -5.053 % | |
| Receivables Turnover Ratio IPRWA | high: 2.317 mean: 1.785 median: 1.515 PDFS: 0.79 low: 0.498 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 115.437 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 596.302 median: 270.338 mean: 255.66 low: 62.399 PDFS: 0 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.678 | |
| CapEx To Revenue | -0.157 | |
| CapEx To Depreciation | -6.762 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 335.8 M | |
| Net Invested Capital | $ 338.0 M | |
| Invested Capital | $ 338.0 M | |
| Net Tangible Assets | $ 123.8 M | |
| Net Working Capital | $ 92.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.587 | |
| Current Ratio | 2.28 | |
| Current Ratio QoQ | 3.096 % | |
| Current Ratio YoY | -32.993 % | |
| Current Ratio IPRWA | high: 10.619 PDFS: 2.28 median: 2.256 mean: 2.162 low: 1.126 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.952 | |
| Cost Of Debt | 1.323 % | |
| Interest Coverage Ratio | 3.267 | |
| Interest Coverage Ratio QoQ | -14.396 % | |
| Interest Coverage Ratio YoY | 864.197 % | |
| Interest Coverage Ratio IPRWA | high: 99.429 mean: 34.189 median: 32.93 PDFS: 3.267 low: -8.388 |
|
| Operating Cash Flow Ratio | -0.029 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 91.391 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.026 % | |
| Revenue Growth | 9.259 % | |
| Revenue Growth QoQ | -11.091 % | |
| Revenue Growth YoY | 16.892 % | |
| Revenue Growth IPRWA | high: 40.838 % mean: 12.608 % PDFS: 9.259 % median: 2.725 % low: -9.892 % |
|
| Earnings Growth | -53.125 % | |
| Earnings Growth QoQ | -122.431 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 150.0 % mean: 17.038 % median: 0.794 % PDFS: -53.125 % low: -85.714 % |
|
| MARGINS | ||
| Gross Margin | 72.851 % | |
| Gross Margin QoQ | 0.81 % | |
| Gross Margin YoY | 6.738 % | |
| Gross Margin IPRWA | high: 90.758 % PDFS: 72.851 % median: 52.156 % mean: 52.084 % low: 9.383 % |
|
| EBIT Margin | 6.094 % | |
| EBIT Margin QoQ | -26.339 % | |
| EBIT Margin YoY | 496.282 % | |
| EBIT Margin IPRWA | high: 46.775 % median: 35.306 % mean: 34.639 % PDFS: 6.094 % low: -49.18 % |
|
| Return On Sales (ROS) | 5.541 % | |
| Return On Sales QoQ | -34.434 % | |
| Return On Sales YoY | 442.172 % | |
| Return On Sales IPRWA | high: 69.122 % median: 35.306 % mean: 33.989 % PDFS: 5.541 % low: -49.18 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.5 M | |
| Free Cash Flow Yield | 0.635 % | |
| Free Cash Flow Yield QoQ | -304.839 % | |
| Free Cash Flow Yield YoY | -266.23 % | |
| Free Cash Flow Yield IPRWA | high: 2.925 % mean: 1.47 % median: 1.229 % PDFS: 0.635 % low: -3.047 % |
|
| Free Cash Growth | -348.519 % | |
| Free Cash Growth QoQ | 347.445 % | |
| Free Cash Growth YoY | 82.834 % | |
| Free Cash Growth IPRWA | high: 182.087 % median: -0.341 % mean: -14.445 % PDFS: -348.519 % low: -372.545 % |
|
| Free Cash To Net Income | -157.292 | |
| Cash Flow Margin | -3.365 % | |
| Cash Flow To Earnings | 43.75 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.012 % | |
| Return On Assets QoQ | -103.692 % | |
| Return On Assets YoY | -106.936 % | |
| Return On Assets IPRWA | high: 12.607 % mean: 6.008 % median: 5.937 % PDFS: -0.012 % low: -7.635 % |
|
| Return On Capital Employed (ROCE) | 1.097 % | |
| Return On Equity (ROE) | -0.0 | |
| Return On Equity QoQ | -103.681 % | |
| Return On Equity YoY | -108.219 % | |
| Return On Equity IPRWA | high: 0.21 median: 0.145 mean: 0.14 PDFS: -0.0 low: -0.241 |
|
| DuPont ROE | -0.018 % | |
| Return On Invested Capital (ROIC) | 0.889 % | |
| Return On Invested Capital QoQ | -20.978 % | |
| Return On Invested Capital YoY | -340.921 % | |
| Return On Invested Capital IPRWA | high: 11.139 % median: 10.618 % mean: 8.922 % PDFS: 0.889 % low: -2.702 % |
|