Recent News
On April filings the company disclosed the acquisition of Cobbs Allen Capital Holdings, LLC effective January 1, 2026, aimed at expanding specialty capabilities and analytics integration. On February 26 the company reported Q4 results showing revenue growth but wider losses. In early May the company issued Q2 2026 guidance and commentary on continued M&A integration and productivity initiatives tied to AI and cross-sell opportunities. Several market write-ups in April–May highlighted revenue expansion driven by recent acquisitions and noted mixed margin performance.
Technical Analysis
Directional indicators (ADX/DI+ /DI-): ADX at 12.79 signals no established trend; both DI+ and DI- display reversal patterns (DI+ dip & reversal; DI- peak & reversal), which technically register as bullish signals but lack strength given the low ADX, implying a low-conviction bullish initiation rather than a sustained trend.
MACD and momentum: MACD sits at -0.65 with a decreasing trend and the MACD line below the signal line (-0.38), indicating bearish momentum and that momentum has been weakening; this offsets the DI reversal readings and favors downward pressure over the near term.
MRO and target relation: MRO registers 1.64 and shows a decreasing trend; the positive but small MRO implies the current price sits slightly above the model target and carries weak downward potential toward that target if momentum re-accelerates.
RSI and volatility context: RSI at 45.98 and decreasing places the stock below neutral 50 and moving toward oversold territory without triggering extreme readings; combined with low 42-day beta (0.03) and subdued 52-week beta (0.37), price swings show limited volatility, reducing the range available to swing traders.
Price vs averages and bands: Close $19.86 trades below the 12-day EMA ($20.74), the 20-day average ($20.76), the 50-day average ($22.04), and the 200-day average ($25.04), while remaining just above the 1x Bollinger lower band ($19.73). The position below short- and long-term averages and inside the lower Bollinger band area signals downside bias with nearby support at the lower band and the supertrend upper at $22.39 acting as nearer resistance.
Ichimoku and trend structure: Price sits beneath Tenkan ($21.74), Kijun ($23.25) and the cloud (Senkou A $21.71 / Senkou B $21.35), indicating the price remains below the short- and medium-term equilibrium and that any bullish DI reversal requires confirmation from momentum and a clear break above the Tenkan/Kijun levels.
Fundamental Analysis
Top line and growth: Trailing revenue totals $528,445,000 with revenue growth recorded at 54.11% and a YoY revenue growth figure of 105.68%; however quarter-over-quarter revenue contracted by 10.95%, reflecting integration timing effects from recent acquisitions rather than sustained organic acceleration.
Profitability and margins: Operating (EBIT) loss stands at -$99,297,000 and operating margin at -18.79%. The operating margin compares to an industry peer mean of 24.78% (industry peer range low -2.06% to high 45.14%) and therefore registers well below peers; QoQ operating margin improved by 309.64% (operating margin QoQ +3.09636 as reported) but remains deeply negative on a trailing basis.
Earnings and cash flow: Reported EPS $0.63 matched the estimate $0.63 with an EPS surprise of approximately 0.44%. Net income shows $2,341,000 positive while operating cash flow registers negative at -$6,073,000 and free cash flow at -$18,737,000, producing a negative free cash flow yield of -0.86% and indicating cash conversion weakness despite reported net income, with cash conversion ratio at 4.40.
Balance sheet and leverage: Total debt $2,572,773,000 against total equity $963,940,000 yields debt-to-equity ~2.67, which sits above the industry peer mean of 0.47 (industry peer range low -7.93 to high 15.35) and highlights comparatively high leverage. Cash and short-term investments $146,409,000 provide limited near-term liquidity; current ratio 1.08 sits slightly above the industry peer mean 0.96.
Return metrics and margins: Return on equity 0.24% and return on assets 0.05% remain near zero, inconsistent with the industry peer mean ROE around 1.06%; gross margin holds at 33.71% while operating and EBIT margins remain negative, constraining valuation upside until margins return to positive territory.
Valuation: WMDST values the stock as fair-valued. The valuation reflects robust revenue growth from M&A and distribution expansion offset by negative operating margins, weak cash generation, and elevated leverage—conditions that justify a neutral valuation stance until margin recovery and cash flow improvement materialize.
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: 150.145 median: 87.096 mean: 85.875 low: 10.711 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: 1.456 mean: 0.679 median: 0.625 BWIN: 0.433 low: 0.016 |
|
| 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: 0.465 median: 0.332 low: -7.932 |
|
| 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 median: 10.414 mean: 2.449 BWIN: 2.275 low: -22.122 |
|
| Price To Earnings (P/E) | 36.009 | |
| Price To Earnings QoQ | -49.922 % | |
| Price To Earnings YoY | -44.34 % | |
| Price To Earnings IPRWA | high: 285.278 median: 108.358 mean: 95.419 BWIN: 36.009 low: -71.726 |
|
| 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: 33.432 median: 25.858 mean: 23.091 BWIN: 4.149 low: 0.276 |
|
| 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: 0.646 mean: 0.173 median: 0.109 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: 49.935 mean: 7.126 median: 2.661 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: 27.684 median: -1.197 mean: -5.684 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: 2.172 BWIN: 1.081 mean: 0.957 median: 0.933 low: 0.26 |
|
| 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: 21.267 mean: 8.75 median: 7.355 low: -0.222 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: 11.526 % mean: -5.215 % median: -7.006 % low: -25.079 % |
|
| Earnings Growth | 103.226 % | |
| Earnings Growth QoQ | -147.059 % | |
| Earnings Growth YoY | -26.655 % | |
| Earnings Growth IPRWA | BWIN: 103.226 % high: 66.667 % median: -9.295 % mean: -12.459 % low: -186.667 % |
|
| MARGINS | ||
| Gross Margin | 33.713 % | |
| Gross Margin QoQ | 27.459 % | |
| Gross Margin YoY | -4.809 % | |
| Gross Margin IPRWA | high: 78.305 % mean: 42.74 % median: 39.043 % BWIN: 33.713 % low: 11.09 % |
|
| EBIT Margin | -18.79 % | |
| EBIT Margin QoQ | 309.636 % | |
| EBIT Margin YoY | -219.796 % | |
| EBIT Margin IPRWA | high: 45.143 % mean: 24.783 % median: 22.748 % 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: 44.253 % median: 24.817 % mean: 24.796 % low: -2.841 % 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: 0.917 % median: 0.794 % BWIN: -0.855 % low: -2.013 % |
|
| 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: 371.18 % mean: 41.8 % median: 5.617 % 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: 7.852 % mean: 2.496 % median: 2.339 % BWIN: 0.048 % low: -0.915 % |
|
| 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 median: 0.021 mean: 0.011 BWIN: 0.002 low: -0.158 |
|
| 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: 6.379 % median: 5.912 % low: -0.432 % BWIN: -1.732 % |
|