Recent News
On April 8, 2026 the company launched a private offering of multiple series of senior unsecured notes to qualified institutional buyers. On April 30, 2026 the board declared a quarterly common dividend of $0.2290 per share and announced distributions on preferred series. Commentary and summaries in late April/early May noted hedging of ~98% of 2026 volumes, $6.3 billion in share repurchases executed since 2021, and available liquidity of approximately $4,173 million as of March 31, 2026.
Technical Analysis
ADX registers 17.29, indicating no established trend; that low ADX suggests near-term moves may remain range-bound rather than trending decisively higher or lower.
Directional indicators show DI+ at 28.28 and increasing, which reads as bullish short-term directional pressure; DI‑ sits at 19.98 and has undergone a peak-and-reversal, which also reads as bullish because DI‑ has moved lower. Together these imply short-term buying pressure despite the lack of a confirmed trend.
MACD stands at 1.44, trending higher and above its signal line (-0.25), which constitutes a bullish momentum signal and supports potential near-term continuation of recent gains.
MRO reads -10.42 and is increasing; the negative value indicates price currently sits below the internal target and therefore carries technical potential to rise toward that target as the oscillator moves upward.
RSI at 52.65 and rising indicates neutral-to-mild bullish momentum without overbought extremes, leaving room for additional upside before technical exhaustion.
Price sits above short-term averages (20-day average $153.02, 50-day average $154.45, 12-day EMA $156.03 with a dip-and-reversal on the 12-day EMA) but below the 200-day average ($169.90), creating a short-term bullish bias with a nearby longer-term resistance level to clear.
Bollinger band placement shows the close near the 2x standard-deviation upper band boundary range (upper 1x $161.74; upper 2x $170.47), implying strength but also proximity to short-term volatility resistance. Volume matches recent averages, indicating the move contains typical participation rather than extreme conviction. Beta measures (42‑day 1.65, 52‑week 1.58) signal above-market volatility for intraday and swing moves.
Fundamental Analysis
Profitability: EBITDA totaled $2,173,000,000 and EBIT $1,455,000,000 for the period ending March 31, 2026; EBIT margin equals 25.80%, which sits above the industry peer mean (8.96%) but below the industry peer median (51.45%), indicating better-than-average operating conversion versus peers on a mean basis but not at the top of the peer distribution. EBIT margin quarter‑over‑quarter shows a change of +112.31% and year‑over‑year reported at -604.75% per the supplied metrics.
Revenue and margins: Total revenue reached $5,640,000,000 and gross margin registered 42.73%, with gross margin QoQ up ~26.21% and YoY up ~111.92% per the provided figures; operating margin measured 26.58% with operating margin QoQ +93.69% and YoY -620.02% per supplied values. Those margin levels support current valuation through strong operating economics, though the year‑over‑year dynamics require context from underlying period items.
Earnings and cash flow: Net income reached $1,029,000,000 and operating cash flow totaled $1,787,000,000. EPS came in at $2.87 versus an estimate of $1.87, a beat of $1.00 representing a 53.48% EPS surprise. Free cash flow totaled $316,000,000 for a free cash flow yield of 0.58%, and free cash flow growth shows a decline of -46.98% year-over-year in the provided figures, indicating cash generation but modest yield relative to market capitalization.
Leverage and coverage: Total debt measured $19,913,000,000 with net debt $19,279,000,000. Debt-to-EBITDA registers 9.16 and debt-to-equity 6.38, while interest coverage stands near 5.99x—above the industry peer mean interest coverage of 0.56x—indicating adequate earnings cushion for interest but materially elevated leverage metrics on an absolute basis.
Balance sheet and working capital: Cash and short-term investments total $634,000,000; current ratio sits at 0.90 and quick ratio 0.79, both near or slightly below typical peer medians. Net working capital records a negative $1,043,000,000, reflecting working capital absorption consistent with industry capital intensity and commodity exposure.
Valuation: Price-to-earnings reads 55.85x with forward PE ~59.62x; price-to-book registers 17.36x, which stands well above the industry peer mean (1.35x) and median (2.34x). Enterprise value / revenue and enterprise multiple figures sit at EV ≈ $73.47 billion and an enterprise multiple of 33.81x. The current valuation as determined by WMDST: over‑valued, reflecting that strong operating metrics and an earnings beat coexist with high market multiples and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-08 |
| NEXT REPORT DATE: | 2026-08-07 |
| CASH FLOW | Begin Period Cash Flow | $ 822.0 M |
| Operating Cash Flow | $ 1.8 B | |
| Capital Expenditures | $ -883.00 M | |
| Change In Working Capital | $ -170.00 M | |
| Dividends Paid | $ -98.00 M | |
| Cash Flow Delta | $ -145.00 M | |
| End Period Cash Flow | $ 677.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.6 B | |
| Forward Revenue | $ 1.3 B | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 B | |
| Depreciation | $ 718.0 M | |
| Depreciation and Amortization | $ 718.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.4 B | |
| EBITDA | $ 2.2 B | |
| EBIT | $ 1.5 B | |
| Operating Income | $ 1.5 B | |
| Interest Income | $ 7.0 M | |
| Interest Expense | $ 243.0 M | |
| Net Interest Income | $ -272.00 M | |
| Income Before Tax | $ 1.2 B | |
| Tax Provision | $ 183.0 M | |
| Tax Rate | 15.1 % | |
| Net Income | $ 1.0 B | |
| Net Income From Continuing Operations | $ 1.0 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.87 | |
| EPS Actual | $ 2.87 | |
| EPS Difference | $ 1.00 | |
| EPS Surprise | 53.476 % | |
| Forward EPS | $ 2.74 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 41.3 B | |
| Intangible Assets | $ 5.2 B | |
| Net Tangible Assets | $ 424.0 M | |
| Total Current Assets | $ 9.0 B | |
| Cash and Short-Term Investments | $ 634.0 M | |
| Cash | $ 634.0 M | |
| Net Receivables | $ 2.0 B | |
| Inventory | $ 1.0 B | |
| Long-Term Investments | $ 1.6 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.4 B | |
| Short-Term Debt | $ 2.6 B | |
| Total Current Liabilities | $ 10.1 B | |
| Net Debt | $ 19.3 B | |
| Total Debt | $ 19.9 B | |
| Total Liabilities | $ 35.7 B | |
| EQUITY | ||
| Total Equity | $ 3.1 B | |
| Retained Earnings | $ 903.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.23 | |
| Shares Outstanding | 338.080 M | |
| Revenue Per-Share | $ 16.68 | |
| VALUATION | Market Capitalization | $ 54.2 B |
| Enterprise Value | $ 73.5 B | |
| Enterprise Multiple | 33.812 | |
| Enterprise Multiple QoQ | -42.995 % | |
| Enterprise Multiple YoY | -68.445 % | |
| Enterprise Multiple IPRWA | high: 100.362 median: 38.611 VST: 33.812 mean: 32.934 low: -13.125 |
|
| EV/R | 13.027 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 13.236 | |
| Asset To Liability | 1.157 | |
| Debt To Capital | 0.865 | |
| Debt To Assets | 0.482 | |
| Debt To Assets QoQ | -0.19 % | |
| Debt To Assets YoY | 4.202 % | |
| Debt To Assets IPRWA | high: 0.768 VST: 0.482 mean: 0.386 median: 0.385 low: 0.187 |
|
| Debt To Equity | 6.38 | |
| Debt To Equity QoQ | -16.669 % | |
| Debt To Equity YoY | -15.254 % | |
| Debt To Equity IPRWA | high: 7.013 VST: 6.38 median: 1.327 mean: 1.302 low: -5.708 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 17.364 | |
| Price To Book QoQ | -19.814 % | |
| Price To Book YoY | -7.425 % | |
| Price To Book IPRWA | VST: 17.364 high: 4.788 median: 2.34 mean: 1.355 low: -2.783 |
|
| Price To Earnings (P/E) | 55.854 | |
| Price To Earnings QoQ | -82.036 % | |
| Price To Earnings YoY | -140.054 % | |
| Price To Earnings IPRWA | high: 457.496 mean: 135.224 VST: 55.854 median: 18.839 low: -101.597 |
|
| PE/G Ratio | 0.129 | |
| Price To Sales (P/S) | 9.609 | |
| Price To Sales QoQ | -22.394 % | |
| Price To Sales YoY | -14.227 % | |
| Price To Sales IPRWA | high: 64.929 mean: 15.24 VST: 9.609 median: 3.253 low: 0.066 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 59.623 | |
| Forward PE/G | 0.138 | |
| Forward P/S | 42.706 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.998 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.136 | |
| Asset Turnover Ratio QoQ | 18.157 % | |
| Asset Turnover Ratio YoY | 31.536 % | |
| Asset Turnover Ratio IPRWA | VST: 0.136 high: 0.09 median: 0.061 mean: 0.059 low: 0.01 |
|
| Receivables Turnover | 2.619 | |
| Receivables Turnover Ratio QoQ | 32.835 % | |
| Receivables Turnover Ratio YoY | 30.051 % | |
| Receivables Turnover Ratio IPRWA | VST: 2.619 high: 2.448 median: 1.628 mean: 1.6 low: 1.032 |
|
| Inventory Turnover | 3.157 | |
| Inventory Turnover Ratio QoQ | 3.406 % | |
| Inventory Turnover Ratio YoY | -2.966 % | |
| Inventory Turnover Ratio IPRWA | high: 12.769 mean: 5.941 median: 4.506 low: 4.032 VST: 3.157 |
|
| Days Sales Outstanding (DSO) | 34.842 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 20.441 | |
| Cash Conversion Cycle Days QoQ | -33.843 % | |
| Cash Conversion Cycle Days YoY | -27.802 % | |
| Cash Conversion Cycle Days IPRWA | high: 58.932 VST: 20.441 median: -2.301 mean: -19.537 low: -229.515 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -5.407 | |
| CapEx To Revenue | -0.157 | |
| CapEx To Depreciation | -1.23 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 22.9 B | |
| Net Invested Capital | $ 23.0 B | |
| Invested Capital | $ 23.0 B | |
| Net Tangible Assets | $ 424.0 M | |
| Net Working Capital | $ -1.04 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.896 | |
| Current Ratio QoQ | 15.361 % | |
| Current Ratio YoY | 3.698 % | |
| Current Ratio IPRWA | high: 1.403 median: 1.005 VST: 0.896 mean: 0.84 low: 0.333 |
|
| Quick Ratio | 0.794 | |
| Quick Ratio QoQ | 14.901 % | |
| Quick Ratio YoY | 3.656 % | |
| Quick Ratio IPRWA | high: 1.024 median: 0.935 VST: 0.794 mean: 0.792 low: 0.331 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.164 | |
| Cost Of Debt | 1.032 % | |
| Interest Coverage Ratio | 5.988 | |
| Interest Coverage Ratio QoQ | 167.67 % | |
| Interest Coverage Ratio YoY | -823.881 % | |
| Interest Coverage Ratio IPRWA | VST: 5.988 high: 2.387 median: 1.686 mean: 0.557 low: -5.228 |
|
| Operating Cash Flow Ratio | 0.178 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 45.189 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 10.5 | |
| Dividend Payout Ratio | 0.095 | |
| Dividend Rate | $ 0.29 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.582 % | |
| Revenue Growth | 23.037 % | |
| Revenue Growth QoQ | -395.915 % | |
| Revenue Growth YoY | -994.293 % | |
| Revenue Growth IPRWA | high: 46.325 % VST: 23.037 % median: 9.482 % mean: 6.426 % low: -28.169 % |
|
| Earnings Growth | 431.481 % | |
| Earnings Growth QoQ | -724.041 % | |
| Earnings Growth YoY | -316.894 % | |
| Earnings Growth IPRWA | VST: 431.481 % high: 94.03 % mean: 39.29 % median: 21.212 % low: -4.938 % |
|
| MARGINS | ||
| Gross Margin | 42.73 % | |
| Gross Margin QoQ | 26.207 % | |
| Gross Margin YoY | 111.923 % | |
| Gross Margin IPRWA | high: 71.704 % VST: 42.73 % median: 41.188 % mean: 40.745 % low: -10.71 % |
|
| EBIT Margin | 25.798 % | |
| EBIT Margin QoQ | 112.312 % | |
| EBIT Margin YoY | -604.754 % | |
| EBIT Margin IPRWA | high: 60.241 % median: 51.446 % VST: 25.798 % mean: 8.959 % low: -220.838 % |
|
| Return On Sales (ROS) | 26.578 % | |
| Return On Sales QoQ | 93.689 % | |
| Return On Sales YoY | -620.016 % | |
| Return On Sales IPRWA | high: 52.164 % median: 31.887 % mean: 27.433 % VST: 26.578 % low: -31.137 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 316.0 M | |
| Free Cash Flow Yield | 0.583 % | |
| Free Cash Flow Yield QoQ | -44.476 % | |
| Free Cash Flow Yield YoY | -251.823 % | |
| Free Cash Flow Yield IPRWA | high: 0.988 % VST: 0.583 % median: -1.884 % mean: -2.027 % low: -5.462 % |
|
| Free Cash Growth | -46.98 % | |
| Free Cash Growth QoQ | 14.776 % | |
| Free Cash Growth YoY | -60.291 % | |
| Free Cash Growth IPRWA | high: -12.075 % VST: -46.98 % mean: -125.013 % median: -138.848 % low: -369.729 % |
|
| Free Cash To Net Income | 0.307 | |
| Cash Flow Margin | 31.684 % | |
| Cash Flow To Earnings | 1.737 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.484 % | |
| Return On Assets QoQ | 323.891 % | |
| Return On Assets YoY | -452.34 % | |
| Return On Assets IPRWA | VST: 2.484 % high: 0.931 % median: 0.442 % mean: -0.404 % low: -4.688 % |
|
| Return On Capital Employed (ROCE) | 4.656 % | |
| Return On Equity (ROE) | 0.33 | |
| Return On Equity QoQ | 270.866 % | |
| Return On Equity YoY | -388.982 % | |
| Return On Equity IPRWA | VST: 0.33 high: 0.11 median: 0.071 mean: 0.055 low: -0.078 |
|
| DuPont ROE | 35.843 % | |
| Return On Invested Capital (ROIC) | 5.363 % | |
| Return On Invested Capital QoQ | 188.799 % | |
| Return On Invested Capital YoY | -972.033 % | |
| Return On Invested Capital IPRWA | VST: 5.363 % high: 3.118 % mean: 1.876 % median: 1.008 % low: -0.371 % |
|