Recent News
March 18, 2026: Board declared a quarterly cash dividend of $0.20 per share, payable June 15, 2026; March 19, 2026: company released fiscal 2026 third-quarter results; March 23, 2026: announced a modified Dutch-auction tender offer to repurchase up to $200 million of common stock; April 23, 2026: the company reported final results of the tender offer following its April 20, 2026 expiration.
Technical Analysis
Directional indicators show mixed momentum: DI+ at 25.71 with a peak-and-reversal indicates fading upside strength, while DI- at 19.76 with a peak-and-reversal indicates downward pressure recently eased; ADX at 19.2 signals no established trend, so directional readings point to a neutral-to-frail directional environment as cash returns compress supply-side risk.
MACD sits at 0.95 and trends increasing above its 0.75 signal line, indicating bullish momentum continuity and a recent bullish MACD crossover that supports further short-term upside pressure versus longer-term averages.
Momentum/Regression Oscillator at 25.0 registers positive territory, meaning the market price sits above the model target and therefore carries potential downward reversion pressure; that suggests upside may face mean-reversion risk even as momentum indicators support higher prices.
RSI at 61.18 with a peak-and-reversal points to exhausted buying pressure relative to recent runs, signaling that upside may decelerate and any follow-through will require renewed buying volume.
Price sits above short- and long-term averages: close $44.01 exceeds the 12-day and 26-day EMAs ($42.35 / $41.34), the 20-day average ($42.00) and the 50-day average ($40.25), confirming a near-term bullish bias; the super trend lower at $40.60 and Ichimoku support cluster (Kijun Sen $40.62; Senkou A $40.30) create a technical support band into which price may consolidate.
Fundamental Analysis
Revenue totaled $329.10M with year-over-year revenue growth of 4.87%, indicating modest top-line expansion versus the prior year. Gross margin held at 54.33%, supporting product-level profitability despite operating pressures.
Operating (EBIT) margin sits at -8.17%; the margin improved 16.17% year-over-year but deteriorated -149.23% quarter-over-quarter, reflecting volatile operating leverage across seasonal revenue and cost timing. The EBIT margin lies below the industry peer mean of 15.844% and below the industry peer median of 19.967%, while remaining above the industry peer low of -28.551%.
Net income reached $62.5M, while operating cash flow registered negative $30.5M and free cash flow totaled negative $43.9M, producing a free cash flow yield of -5.25% and a free-cash-to-net-income relationship of -70.24%. The cash conversion cycle extended to 134.40 days, indicating working capital intensity tied to inventory and receivables.
Liquidity and capital structure show $104.6M cash and short-term investments against $284.6M total debt. Current ratio equals 1.18 while quick ratio equals 0.73, below the industry peer mean current ratio of 2.11 and below the industry peer quick ratio median of 2.36, highlighting tighter near-term liquidity relative to typical peers. Debt-to-equity equals 0.33 (32.64%), and debt-to-assets equals 15.98%, reflecting a moderate leverage profile.
Market multiples: trailing P/E equals 12.90, above the industry peer mean P/E of 9.99; price-to-book equals 0.96, below the industry peer mean price-to-book of 1.70 and the industry peer median of 1.73. Forward P/E of 45.99 and forward EPS of $0.6675 imply stretched forward expectations relative to trailing earnings.
EPS came in at -$0.15 versus an estimate of -$0.36, producing an EPS beat of $0.21 and an EPS surprise ratio of 58.33%, indicating better-than-expected near-term earnings performance against consensus estimates. The company maintains a quarterly cash dividend of $0.20 per share (annualized ~$0.80) with a yield of 0.61%.
WMDST values the stock as over-valued; the combination of a positive MRO (price above target), negative free cash flow, and stretched forward multiples supports that valuation stance while buyback activity and the dividend reallocate capital that could tighten supply and support the multiple in the near term.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-02-28 |
| REPORT DATE: | 2026-03-19 |
| NEXT REPORT DATE: | 2026-06-18 |
| CASH FLOW | Begin Period Cash Flow | $ 99.3 M |
| Operating Cash Flow | $ -30.50 M | |
| Capital Expenditures | $ -13.40 M | |
| Change In Working Capital | $ -14.60 M | |
| Dividends Paid | $ -5.10 M | |
| Cash Flow Delta | $ 5.3 M | |
| End Period Cash Flow | $ 104.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 329.1 M | |
| Forward Revenue | $ 19.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 150.3 M | |
| Depreciation | $ 23.2 M | |
| Depreciation and Amortization | $ 23.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 356.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 178.8 M | |
| EBITDA | $ -3.70 M | |
| EBIT | $ -26.90 M | |
| Operating Income | $ -26.90 M | |
| Interest Income | $ -800.00 K | |
| Interest Expense | — | |
| Net Interest Income | $ -800.00 K | |
| Income Before Tax | $ 91.8 M | |
| Tax Provision | $ 29.3 M | |
| Tax Rate | 31.9 % | |
| Net Income | $ 62.5 M | |
| Net Income From Continuing Operations | $ 62.5 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.36 | |
| EPS Actual | $ -0.15 | |
| EPS Difference | $ 0.21 | |
| EPS Surprise | 58.333 % | |
| Forward EPS | $ 0.67 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | $ 282.0 M | |
| Net Tangible Assets | $ 589.9 M | |
| Total Current Assets | $ 735.3 M | |
| Cash and Short-Term Investments | $ 104.6 M | |
| Cash | $ 104.6 M | |
| Net Receivables | $ 248.3 M | |
| Inventory | $ 282.5 M | |
| Long-Term Investments | $ 97.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 128.5 M | |
| Short-Term Debt | $ 5.6 M | |
| Total Current Liabilities | $ 621.1 M | |
| Net Debt | — | |
| Total Debt | $ 284.6 M | |
| Total Liabilities | $ 908.9 M | |
| EQUITY | ||
| Total Equity | $ 871.9 M | |
| Retained Earnings | $ 1.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 34.27 | |
| Shares Outstanding | 21.742 M | |
| Revenue Per-Share | $ 12.94 | |
| VALUATION | Market Capitalization | $ 837.0 M |
| Enterprise Value | $ 1.0 B | |
| Enterprise Multiple | -274.874 | |
| Enterprise Multiple QoQ | -3166.621 % | |
| Enterprise Multiple YoY | -360.474 % | |
| Enterprise Multiple IPRWA | high: 137.3 median: 137.3 mean: 116.361 low: -36.86 SCHL: -274.874 |
|
| EV/R | 3.09 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.042 | |
| Asset To Liability | 1.959 | |
| Debt To Capital | 0.246 | |
| Debt To Assets | 0.16 | |
| Debt To Assets QoQ | -17.444 % | |
| Debt To Assets YoY | 5299.324 % | |
| Debt To Assets IPRWA | high: 1.73 median: 0.391 mean: 0.386 SCHL: 0.16 low: 0.001 |
|
| Debt To Equity | 0.326 | |
| Debt To Equity QoQ | -21.277 % | |
| Debt To Equity YoY | 5198.864 % | |
| Debt To Equity IPRWA | high: 5.909 mean: 1.039 median: 0.934 SCHL: 0.326 low: -5.424 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.96 | |
| Price To Book QoQ | 25.921 % | |
| Price To Book YoY | 60.285 % | |
| Price To Book IPRWA | high: 2.697 median: 1.731 mean: 1.697 SCHL: 0.96 low: -0.475 |
|
| Price To Earnings (P/E) | 12.902 | |
| Price To Earnings QoQ | 18.828 % | |
| Price To Earnings YoY | -103.054 % | |
| Price To Earnings IPRWA | high: 137.735 SCHL: 12.902 mean: 9.992 median: 1.545 low: -45.776 |
|
| PE/G Ratio | 0.737 | |
| Price To Sales (P/S) | 2.543 | |
| Price To Sales QoQ | 97.438 % | |
| Price To Sales YoY | 51.311 % | |
| Price To Sales IPRWA | high: 17.816 median: 5.913 mean: 5.656 SCHL: 2.543 low: 0.008 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 45.993 | |
| Forward PE/G | 2.626 | |
| Forward P/S | 35.704 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.212 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.174 | |
| Asset Turnover Ratio QoQ | -37.534 % | |
| Asset Turnover Ratio YoY | 3.916 % | |
| Asset Turnover Ratio IPRWA | high: 0.243 SCHL: 0.174 mean: 0.079 median: 0.064 low: 0.063 |
|
| Receivables Turnover | 1.208 | |
| Receivables Turnover Ratio QoQ | -47.002 % | |
| Receivables Turnover Ratio YoY | -1.14 % | |
| Receivables Turnover Ratio IPRWA | high: 3.782 median: 2.634 mean: 2.481 SCHL: 1.208 low: 0.407 |
|
| Inventory Turnover | 0.524 | |
| Inventory Turnover Ratio QoQ | -28.764 % | |
| Inventory Turnover Ratio YoY | -6.241 % | |
| Inventory Turnover Ratio IPRWA | high: 24.768 median: 15.477 mean: 13.837 SCHL: 0.524 low: 0.304 |
|
| Days Sales Outstanding (DSO) | 75.529 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 134.4 | |
| Cash Conversion Cycle Days QoQ | -7.158 % | |
| Cash Conversion Cycle Days YoY | 5.845 % | |
| Cash Conversion Cycle Days IPRWA | high: 160.345 SCHL: 134.4 mean: -77.657 low: -102.184 median: -102.184 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.882 | |
| CapEx To Revenue | -0.041 | |
| CapEx To Depreciation | -0.578 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 871.9 M | |
| Net Invested Capital | $ 877.5 M | |
| Invested Capital | $ 877.5 M | |
| Net Tangible Assets | $ 589.9 M | |
| Net Working Capital | $ 114.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.168 | |
| Current Ratio | 1.184 | |
| Current Ratio QoQ | -29.093 % | |
| Current Ratio YoY | -3.554 % | |
| Current Ratio IPRWA | high: 2.896 median: 2.387 mean: 2.11 SCHL: 1.184 low: 0.401 |
|
| Quick Ratio | 0.729 | |
| Quick Ratio QoQ | -41.292 % | |
| Quick Ratio YoY | -7.529 % | |
| Quick Ratio IPRWA | high: 2.645 median: 2.363 mean: 2.354 low: 1.091 SCHL: 0.729 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -76.919 | |
| Cost Of Debt | 0.893 % | |
| Interest Coverage Ratio | -6.114 | |
| Interest Coverage Ratio QoQ | -129.399 % | |
| Interest Coverage Ratio YoY | 13.983 % | |
| Interest Coverage Ratio IPRWA | high: 3.652 median: 1.752 mean: 1.648 SCHL: -6.114 low: -13.464 |
|
| Operating Cash Flow Ratio | 0.188 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 57.051 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 12.255 | |
| Dividend Payout Ratio | 0.082 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -10.71 % | |
| Revenue Growth | -40.283 % | |
| Revenue Growth QoQ | -127.92 % | |
| Revenue Growth YoY | 4.865 % | |
| Revenue Growth IPRWA | high: 17.106 % median: -0.245 % mean: -2.008 % SCHL: -40.283 % low: -44.154 % |
|
| Earnings Growth | 17.512 % | |
| Earnings Growth QoQ | -108.67 % | |
| Earnings Growth YoY | -117.044 % | |
| Earnings Growth IPRWA | high: 134.615 % SCHL: 17.512 % mean: -151.747 % low: -189.45 % median: -189.45 % |
|
| MARGINS | ||
| Gross Margin | 54.33 % | |
| Gross Margin QoQ | -8.015 % | |
| Gross Margin YoY | 0.787 % | |
| Gross Margin IPRWA | high: 97.934 % SCHL: 54.33 % mean: 42.624 % median: 39.074 % low: 15.882 % |
|
| EBIT Margin | -8.174 % | |
| EBIT Margin QoQ | -149.232 % | |
| EBIT Margin YoY | 16.174 % | |
| EBIT Margin IPRWA | high: 31.042 % median: 19.967 % mean: 15.844 % SCHL: -8.174 % low: -28.551 % |
|
| Return On Sales (ROS) | -8.174 % | |
| Return On Sales QoQ | -149.232 % | |
| Return On Sales YoY | 16.174 % | |
| Return On Sales IPRWA | high: 25.326 % mean: 11.758 % median: 11.175 % SCHL: -8.174 % low: -42.683 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -43.90 M | |
| Free Cash Flow Yield | -5.245 % | |
| Free Cash Flow Yield QoQ | -158.919 % | |
| Free Cash Flow Yield YoY | -19.641 % | |
| Free Cash Flow Yield IPRWA | high: 18.513 % mean: 0.904 % median: 0.201 % SCHL: -5.245 % low: -18.904 % |
|
| Free Cash Growth | -169.462 % | |
| Free Cash Growth QoQ | 0.365 % | |
| Free Cash Growth YoY | 5.238 % | |
| Free Cash Growth IPRWA | high: 251.322 % median: 251.322 % mean: 177.682 % SCHL: -169.462 % low: -360.87 % |
|
| Free Cash To Net Income | -0.702 | |
| Cash Flow Margin | 35.552 % | |
| Cash Flow To Earnings | 1.872 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.311 % | |
| Return On Assets QoQ | 16.955 % | |
| Return On Assets YoY | -1939.444 % | |
| Return On Assets IPRWA | SCHL: 3.311 % high: 3.003 % median: 0.454 % mean: 0.339 % low: -5.963 % |
|
| Return On Capital Employed (ROCE) | -2.32 % | |
| Return On Equity (ROE) | 0.072 | |
| Return On Equity QoQ | 19.407 % | |
| Return On Equity YoY | -1976.44 % | |
| Return On Equity IPRWA | high: 0.081 SCHL: 0.072 median: 0.011 mean: 0.008 low: -0.134 |
|
| DuPont ROE | 6.933 % | |
| Return On Invested Capital (ROIC) | -2.087 % | |
| Return On Invested Capital QoQ | -137.556 % | |
| Return On Invested Capital YoY | -113.103 % | |
| Return On Invested Capital IPRWA | high: 4.237 % mean: 1.45 % median: 1.392 % SCHL: -2.087 % low: -2.908 % |
|