Recent News
On February 13, 2026 the company filed a prospectus for an exchange offer registering up to $60.0 million of 6.875% fixed‑to‑floating rate subordinated notes due 2035. On February 20, 2026 analysts published refreshed coverage including an updated Q1 outlook and investor materials. In late February the company circulated an investor presentation updating strategy and capital priorities. In March filings the exchange/registration process for the subordinated notes continued, reflecting ongoing capital‑management steps.
Technical Analysis
Directional indicators show no established trend: ADX sits at 9.9, indicating a lack of directional strength, while DI+ (19.82) is decreasing and DI‑ (19.49) is increasing — a net directional tilt that favors downside pressure against the current valuation and near‑term outlook.
Momentum measures weaken: MACD stands at 0.11 and trends downward, with the MACD below its signal line (0.18), indicating waning bullish momentum and a bearish short‑term bias relative to recent price action.
MRO sits at −5.41 with a peak‑and‑reversal pattern; the negative MRO indicates price sits below the model target and therefore carries potential upward pressure from valuation mean reversion even as momentum shows fatigue.
RSI reads 50.26 and is decreasing, implying neutral internal strength with a slight downward tilt; combined with a price that trades beneath the 20‑day average ($24.59) but roughly in line with the 50‑ and 200‑day averages ($23.78 and $23.79), the technical picture favors consolidation near current levels rather than directional expansion.
Price sits just above the superTrend lower band at $23.72 (close $23.82) and below the 1× Bollinger midpoint; lower than short‑term volatility and reduced daily volume (current volume 90,656 vs. 10‑day average 95,076) suggest muted participation that may delay decisive moves despite the valuation impetus. Beta metrics (42‑day 0.61, 52‑week 0.98) confirm below‑market recent volatility.
Fundamental Analysis
Earnings: Q1 results delivered diluted EPS of $0.61 vs. an estimate of $0.53, generating a roughly 15.1% upside to consensus. Net income for the quarter totaled $13.675 million and retained cash and capital levels increased modestly on the period.
Profitability and returns: Return on assets registers 0.41% and return on equity 4.07%, both above the industry peer mean values provided, reflecting efficient use of equity and asset bases relative to regional peers. Earnings growth shows divergent signals: the provided year‑over‑year earnings change measures negative (‑54.51% YoY) while other trailing indicators note positive operating momentum; revenue grew ~5.97% YoY and ~5.04% QoQ, supporting top‑line expansion.
Capital structure and liquidity: Debt levels remain low—debt to assets at 2.79% and debt to equity near 27.85%—both below the industry peer means, while cash balances of $154.9 million and operating cash flow of $27.2 million support near‑term liquidity. The company has progressed registration/exchange activity around $60.0 million of subordinated notes as part of capital management.
Valuation and cash generation: P/B stands at 1.60, above the industry peer mean (≈1.27) and median (≈1.22) but below the peer high; P/E at 39.65 sits below the industry peer mean (≈50.65) and slightly above the peer median (≈38.27). Free cash flow yield measures ~4.52%, notably above the industry peer mean (~1.09%), supporting the WMDST valuation view. Book value per share approximates $15.10; dividend yield of ~0.66% carries a payout ratio near 26.0% with coverage of ~3.84x. WMDST values the stock as under‑valued given cash‑flow yield, conservative leverage, and above‑peer returns on capital.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 145.9 M |
| Operating Cash Flow | $ 27.2 M | |
| Capital Expenditures | $ -2.89 M | |
| Change In Working Capital | $ -8.07 M | |
| Dividends Paid | $ -3.56 M | |
| Cash Flow Delta | $ 9.0 M | |
| End Period Cash Flow | $ 154.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 49.5 M | |
| Forward Revenue | $ 13.9 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 855.0 K | |
| Depreciation and Amortization | $ 855.0 K | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 44.6 M | |
| Interest Expense | $ 10.2 M | |
| Net Interest Income | $ 34.4 M | |
| Income Before Tax | $ 18.0 M | |
| Tax Provision | $ 4.3 M | |
| Tax Rate | 23.85 % | |
| Net Income | $ 13.7 M | |
| Net Income From Continuing Operations | $ 13.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.53 | |
| EPS Actual | $ 0.61 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 15.094 % | |
| Forward EPS | $ 0.69 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.4 B | |
| Intangible Assets | $ 79.2 M | |
| Net Tangible Assets | $ 256.6 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 154.9 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 93.5 M | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 335.8 M | |
| Retained Earnings | $ 319.7 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.10 | |
| Shares Outstanding | 22.245 M | |
| Revenue Per-Share | $ 2.23 | |
| VALUATION | Market Capitalization | $ 538.0 M |
| Enterprise Value | $ 631.5 M | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 12.747 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 9.991 | |
| Asset To Liability | 1.111 | |
| Debt To Capital | 0.218 | |
| Debt To Assets | 0.028 | |
| Debt To Assets QoQ | 4.578 % | |
| Debt To Assets YoY | 181.231 % | |
| Debt To Assets IPRWA | high: 0.102 median: 0.066 mean: 0.065 NRIM: 0.028 low: 0.001 |
|
| Debt To Equity | 0.278 | |
| Debt To Equity QoQ | 3.717 % | |
| Debt To Equity YoY | 150.256 % | |
| Debt To Equity IPRWA | high: 1.386 median: 0.612 mean: 0.612 NRIM: 0.278 low: 0.011 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.602 | |
| Price To Book QoQ | -8.742 % | |
| Price To Book YoY | 8.155 % | |
| Price To Book IPRWA | high: 1.989 NRIM: 1.602 mean: 1.269 median: 1.216 low: 0.287 |
|
| Price To Earnings (P/E) | 39.647 | |
| Price To Earnings QoQ | -17.419 % | |
| Price To Earnings YoY | 30.998 % | |
| Price To Earnings IPRWA | high: 85.229 mean: 50.649 NRIM: 39.647 median: 38.267 low: 28.296 |
|
| PE/G Ratio | 3.058 | |
| Price To Sales (P/S) | 10.86 | |
| Price To Sales QoQ | 24.778 % | |
| Price To Sales YoY | 19.231 % | |
| Price To Sales IPRWA | high: 21.108 mean: 14.376 median: 13.922 NRIM: 10.86 low: 2.931 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 35.047 | |
| Forward PE/G | 2.704 | |
| Forward P/S | 38.842 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | -25.263 % | |
| Asset Turnover Ratio YoY | 1.291 % | |
| Asset Turnover Ratio IPRWA | NRIM: 0.015 high: 0.014 mean: 0.01 median: 0.01 low: 0.007 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.058 | |
| CapEx To Depreciation | -3.381 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 417.5 M | |
| Net Invested Capital | $ 417.5 M | |
| Invested Capital | $ 417.5 M | |
| Net Tangible Assets | $ 256.6 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 13.606 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.845 | |
| Dividend Payout Ratio | 0.26 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.964 % | |
| Revenue Growth | 25.765 % | |
| Revenue Growth QoQ | 504.245 % | |
| Revenue Growth YoY | 596.54 % | |
| Revenue Growth IPRWA | NRIM: 25.765 % high: 20.29 % mean: 5.281 % median: -1.203 % low: -18.912 % |
|
| Earnings Growth | 12.963 % | |
| Earnings Growth QoQ | -154.139 % | |
| Earnings Growth YoY | -54.511 % | |
| Earnings Growth IPRWA | high: 41.86 % NRIM: 12.963 % mean: -3.248 % median: -11.702 % low: -43.519 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 24.3 M | |
| Free Cash Flow Yield | 4.522 % | |
| Free Cash Flow Yield QoQ | -19.794 % | |
| Free Cash Flow Yield YoY | 14.742 % | |
| Free Cash Flow Yield IPRWA | high: 6.259 % NRIM: 4.522 % mean: 1.088 % median: 0.918 % low: -2.878 % |
|
| Free Cash Growth | -24.739 % | |
| Free Cash Growth QoQ | -61.385 % | |
| Free Cash Growth YoY | -55.675 % | |
| Free Cash Growth IPRWA | high: 290.796 % NRIM: -24.739 % median: -50.617 % mean: -71.07 % low: -309.536 % |
|
| Free Cash To Net Income | 1.779 | |
| Cash Flow Margin | 29.33 % | |
| Cash Flow To Earnings | 1.063 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.412 % | |
| Return On Assets QoQ | 9.284 % | |
| Return On Assets YoY | -4.408 % | |
| Return On Assets IPRWA | high: 0.513 % NRIM: 0.412 % mean: 0.225 % median: 0.205 % low: 0.065 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.041 | |
| Return On Equity QoQ | 6.877 % | |
| Return On Equity YoY | -14.508 % | |
| Return On Equity IPRWA | high: 0.041 NRIM: 0.041 mean: 0.02 median: 0.018 low: 0.005 |
|
| DuPont ROE | 4.129 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |