Recent News
On May 5, 2026, coverage highlighted Q1 management commentary emphasizing M&A integration, rapid synergy capture from recent acquisitions, and deployment of AI productivity tools as central drivers of near-term margin recovery. On May 4, 2026 the company filed its quarterly report for the period ended March 31, 2026, disclosing transformation and integration initiatives tied to a multi-year productivity program.
Technical Analysis
ADX / DI+ / DI- — ADX at 7.37 indicates no definable trend; directional indicators show DI+ falling (bearish pressure) while DI- also falls (waning selling pressure), implying muddled directional conviction that favors range-bound price action against the stated fair valuation.
MACD — MACD at -0.60 with a dip & reversal and a recent cross above its -0.63 signal line registers as a bullish momentum shift despite a negative absolute MACD value; the signal increases the probability of a short-term momentum push toward valuation support levels set by the forward estimates.
MRO — MRO at -11.29 (dip & reversal) shows price sitting below WMDST’s target and implies upside potential as momentum reverses, supporting the idea that technical pressure may relieve before longer-term indicators realign.
RSI — RSI 43.34 with a dip & reversal indicates recovery from short-term weakness but leaves ample room for strength before reaching overbought levels; momentum must continue to confirm any breakout from the current consolidation band.
Price Structure & Moving Averages — The close at $19.36 sits under the 50-day ($21.57) and 200-day ($24.09) averages while tracking near the 20-day average ($19.57) and below the 12-day EMA ($19.59, decreasing). That alignment suggests short-term weakness inside a longer-term recovery framework; a sustained MACD and MRO improvement would provide the most direct path back toward the longer averages and the mean price target of $20.51.
Bollinger / Ichimoku — Price trades between the 1x Bollinger bands and just above the lower 1x band, implying limited immediate downside from current levels. Ichimoku components place price below the Tenkan and Kijun lines, consistent with the short-to-intermediate corrective bias until momentum indicators confirm strength.
Fundamental Analysis
Revenue & Growth — Total revenue $528,445,000 with year-over-year revenue growth of 105.68% and quarter-over-quarter revenue change of -10.95% present a mixed growth profile: robust YoY expansion paired with shorter-term sequential compression that management attributes to integration timing and partnership commission adjustments.
Profitability — Operating (EBIT) of $-99,297,000 yields an operating margin of -18.79%. That margin sits above the industry peer low of -24.70% but materially below the industry peer mean (24.44%) and median (22.75%), indicating the company remains in a loss-making operating posture even as margin improvement initiatives progress.
Earnings Per Share — Reported EPS $0.63 matched guidance and consensus; the EPS surprise ratio registers 0.44%, reflecting alignment with expectations that supports the current fair-valued assessment.
Cash, Conversion & Liquidity — Cash and short-term investments $146,409,000 and an end-period operating cash-flow increase produced an end-period cash flow balance of $456,121,000. The cash conversion cycle at -88.23 days compares favorably to the industry peer mean of -5.16 days, indicating strong working-capital efficiency and rapid cash collection dynamics that help offset negative free cash flow of $-18,737,000.
Leverage & Coverage — Net debt $2,329,564,000 with total debt $2,572,773,000 and debt-to-equity of 2.67x (267%) reflect significant leverage relative to industry peer mean debt-to-equity of 0.49x; interest coverage is negative at -3.15x due to operating losses, underscoring financing risk until margins recover.
Returns — Return on equity 0.24% and return on assets 0.048% remain near zero and declined QoQ and YoY, indicating limited capital returns despite strong top-line gains; earnings growth metrics show a YoY decline in some returns even as revenue expanded.
Valuation — The current valuation as determined by WMDST: fair-valued. Market multiples sit at PE ~36.01x and P/B ~2.27, with a price-target mean at $20.51 and a high/low analyst range of $36.62 / $10.75; enterprise-value metrics include an EVR of 8.74. Valuation reflects revenue growth and cash conversion strength tempered by negative operating margins and elevated leverage.
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 | 0.2 % | |
| 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 | $ 0.62 | |
| 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: 205.993 median: 87.096 mean: 85.322 low: -29.992 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: 1.622 mean: 0.674 median: 0.625 BWIN: 0.433 low: 0.003 |
|
| 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: 0.491 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: 18.76 median: 10.414 BWIN: 2.275 mean: 2.196 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: 95.484 BWIN: 36.009 low: -170.635 |
|
| 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: 22.776 BWIN: 4.149 low: 0.178 |
|
| 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: 0.683 mean: 0.175 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: 41.741 mean: 6.987 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: 38.929 median: -1.197 mean: -5.157 BWIN: -88.233 low: -89.953 |
|
| 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: 2.341 BWIN: 1.081 mean: 0.964 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: 8.609 median: 7.355 BWIN: -3.148 low: -13.758 |
|
| 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: 34.416 % mean: -5.096 % median: -7.006 % low: -26.819 % |
|
| Earnings Growth | 103.226 % | |
| Earnings Growth QoQ | -147.059 % | |
| Earnings Growth YoY | -26.655 % | |
| Earnings Growth IPRWA | high: 233.333 % BWIN: 103.226 % median: -9.295 % mean: -12.988 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 33.713 % | |
| Gross Margin QoQ | 27.459 % | |
| Gross Margin YoY | -4.809 % | |
| Gross Margin IPRWA | high: 78.305 % mean: 42.335 % median: 39.043 % BWIN: 33.713 % low: -0.222 % |
|
| EBIT Margin | -18.79 % | |
| EBIT Margin QoQ | 309.636 % | |
| EBIT Margin YoY | -219.796 % | |
| EBIT Margin IPRWA | high: 45.143 % mean: 24.44 % median: 22.748 % BWIN: -18.79 % low: -24.703 % |
|
| 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: 24.445 % BWIN: -18.79 % low: -45.058 % |
|
| 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: 5.154 % mean: 0.937 % median: 0.794 % BWIN: -0.855 % low: -7.886 % |
|
| 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: 39.291 % median: 5.617 % low: -329.958 % |
|
| 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: 2.465 % median: 2.339 % BWIN: 0.048 % low: -1.371 % |
|
| 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: -0.196 |
|
| 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: 6.298 % median: 5.912 % BWIN: -1.732 % low: -2.438 % |
|