Technical Analysis
ADX at 22.82 indicates an emerging trend; directional indicators show DI+ rising (22.25) while DI- falls (19.36), a bullish directional setup that supports continued short-term price support relative to current valuation.
MACD stands at 0.78 with the MACD line above the signal line (signal = -0.30) and the MACD trend increasing, which constitutes a bullish momentum signal and aligns with the recent move above short-term averages.
MRO registers 21.33 and is increasing; because MRO sits positive, the price sits above WMDST’s target framework and, all else equal, carries pressure toward reversion rather than sustained acceleration from these levels.
RSI at 50.96 and rising places momentum near the mid-point of its range, indicating neither overbought nor oversold immediate conditions while supporting the case for continued consolidation or modest appreciation alongside other bullish signals.
Price sits above near-term averages: 12-day EMA (74.43), 20-day average (73.54) and 50-day average (74.09), and above the 200-day average (67.65). The close at $77.04 exceeds the 1x Bollinger upper band ($76.91), signaling short-term strength but limited room before wider-band resistance.
Ichimoku components present a split picture: price exceeds the Tenkan (73.36) and Kijun (71.03) but remains below the projected cloud (Senkou A 79.25, Senkou B 82.22), so short-term trend strength exists while the cloud caps higher continuation without further momentum expansion.
Volume on the most recent session (472,214) sits below the 10- and 50-day averages, indicating the recent ascent occurred on lighter-than-average participation; the super-trend lower band near $71.76 provides a defined near-term support reference under current price action.
Fundamental Analysis
Revenue for the period totaled $326.2M with YoY revenue growth of -6.91% and QoQ growth of +148.22% (quarter-to-quarter). Gross profit totaled $92.655M and gross margin stood at 28.40%, down modestly YoY.
Operating income and EBIT read $59.096M and $57.77M respectively, producing an EBIT margin of 17.71%. That EBIT margin sits above the industry peer mean (11.41%) but below the industry peer median (20.65%). QoQ the EBIT margin contracted about 14.25%, and YoY it contracted approximately 30.34%.
EPS came in at $0.13 against an estimate of $0.70, an EPS shortfall of $0.57 or roughly -81.43% versus consensus; the reported EPS surprise materially reduced trailing profitability metrics and inflated the trailing PE to 605.65. Forward EPS and forward PE sit at $1.56585 and 46.73 respectively, reflecting analysts’ higher forward earnings expectations versus the depressed trailing result.
Balance-sheet and liquidity metrics show strength in coverage and short-term liquidity: cash and short-term investments total $552.28M, the current ratio equals 3.33 (up ~14.93% QoQ) and the cash ratio equals 2.05. Net debt reads $102.10M, yielding a debt-to-EBITDA of 6.80 and debt-to-equity of 0.48, indicating modest leverage on a book basis but elevated coverage sensitivity to earnings swings.
Cash flow generation shows operating cash flow of $19.18M and free cash flow of $4.29M; free cash flow yield sits at 0.11% with a very large QoQ contraction in free cash flow yield. Cash flow to earnings equals ~508.84%, reflecting timing and non-cash differences between reported net income and cash conversion.
Returns remain compressed: return on equity approximates 0.45% and return on assets about 0.26%, both down materially YoY. Asset turnover remains low at 0.138, roughly in line with the industry peer mean for asset intensity but down from prior periods.
Valuation context: enterprise value/ revenue (EVR) reads 12.32 and enterprise multiple at 41.73. Market multiples show divergence—trailing PE extremely elevated at ~605.7 (driven by low trailing EPS), while forward PE of ~46.7 implies meaningful earnings recovery priced in. Book multiple (P/B) equals 2.86, below the industry peer mean (4.06). WMDST values the stock as over-valued given the combination of elevated multiples, compressed cash conversion, and reliance on forward earnings to justify current market pricing.
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 | $ 581.6 M |
| Operating Cash Flow | $ 19.2 M | |
| Capital Expenditures | $ -14.88 M | |
| Change In Working Capital | $ -70.39 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -26.48 M | |
| End Period Cash Flow | $ 555.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 326.2 M | |
| Forward Revenue | $ 1.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 233.6 M | |
| Depreciation | $ 38.5 M | |
| Depreciation and Amortization | $ 38.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 267.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 92.7 M | |
| EBITDA | $ 96.3 M | |
| EBIT | $ 57.8 M | |
| Operating Income | $ 59.1 M | |
| Interest Income | $ 2.2 M | |
| Interest Expense | $ 16.9 M | |
| Net Interest Income | $ -14.70 M | |
| Income Before Tax | $ 40.9 M | |
| Tax Provision | $ 34.9 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 6.1 M | |
| Net Income From Continuing Operations | $ 6.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.70 | |
| EPS Actual | $ 0.13 | |
| EPS Difference | $ -0.57 | |
| EPS Surprise | -81.429 % | |
| Forward EPS | $ 1.57 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 899.6 M | |
| Cash and Short-Term Investments | $ 552.3 M | |
| Cash | $ 552.3 M | |
| Net Receivables | $ 299.7 M | |
| Inventory | $ 29.4 M | |
| Long-Term Investments | $ 33.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 58.2 M | |
| Short-Term Debt | $ 5.8 M | |
| Total Current Liabilities | $ 269.9 M | |
| Net Debt | $ 102.1 M | |
| Total Debt | $ 654.4 M | |
| Total Liabilities | $ 976.7 M | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ -299.02 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 27.52 | |
| Shares Outstanding | 49.729 M | |
| Revenue Per-Share | $ 6.56 | |
| VALUATION | Market Capitalization | $ 3.9 B |
| Enterprise Value | $ 4.0 B | |
| Enterprise Multiple | 41.733 | |
| Enterprise Multiple QoQ | 38.615 % | |
| Enterprise Multiple YoY | 113.03 % | |
| Enterprise Multiple IPRWA | high: 163.309 median: 46.527 TDW: 41.733 mean: 36.756 low: -109.769 |
|
| EV/R | 12.315 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.711 | |
| Asset To Liability | 2.397 | |
| Debt To Capital | 0.324 | |
| Debt To Assets | 0.28 | |
| Debt To Assets QoQ | -1.76 % | |
| Debt To Assets YoY | -9.18 % | |
| Debt To Assets IPRWA | high: 1.002 mean: 0.32 median: 0.318 TDW: 0.28 low: 0.0 |
|
| Debt To Equity | 0.478 | |
| Debt To Equity QoQ | -3.869 % | |
| Debt To Equity YoY | -16.266 % | |
| Debt To Equity IPRWA | high: 6.1 mean: 1.245 TDW: 0.478 median: 0.443 low: -3.458 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.862 | |
| Price To Book QoQ | 24.72 % | |
| Price To Book YoY | 49.555 % | |
| Price To Book IPRWA | high: 12.327 mean: 4.063 median: 3.029 TDW: 2.862 low: -1.624 |
|
| Price To Earnings (P/E) | 605.651 | |
| Price To Earnings QoQ | 331.227 % | |
| Price To Earnings YoY | 1099.714 % | |
| Price To Earnings IPRWA | TDW: 605.651 high: 281.53 median: 94.577 mean: 90.725 low: -114.835 |
|
| PE/G Ratio | -8.517 | |
| Price To Sales (P/S) | 12.002 | |
| Price To Sales QoQ | 29.037 % | |
| Price To Sales YoY | 87.823 % | |
| Price To Sales IPRWA | high: 36.094 TDW: 12.002 mean: 10.704 median: 9.113 low: 0.187 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 46.727 | |
| Forward PE/G | -0.657 | |
| Forward P/S | 3.93 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.395 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.138 | |
| Asset Turnover Ratio QoQ | -7.475 % | |
| Asset Turnover Ratio YoY | -14.301 % | |
| Asset Turnover Ratio IPRWA | high: 0.431 median: 0.153 mean: 0.147 TDW: 0.138 low: 0.014 |
|
| Receivables Turnover | 1.115 | |
| Receivables Turnover Ratio QoQ | 2.299 % | |
| Receivables Turnover Ratio YoY | 6.462 % | |
| Receivables Turnover Ratio IPRWA | high: 5.97 mean: 2.134 median: 1.51 TDW: 1.115 low: 0.552 |
|
| Inventory Turnover | 6.881 | |
| Inventory Turnover Ratio QoQ | -4.476 % | |
| Inventory Turnover Ratio YoY | -14.787 % | |
| Inventory Turnover Ratio IPRWA | high: 39.716 TDW: 6.881 mean: 4.638 median: 1.434 low: 0.015 |
|
| Days Sales Outstanding (DSO) | 81.832 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 71.006 | |
| Cash Conversion Cycle Days QoQ | -6.256 % | |
| Cash Conversion Cycle Days YoY | -4.944 % | |
| Cash Conversion Cycle Days IPRWA | high: 283.844 TDW: 71.006 mean: 66.722 median: 60.333 low: -88.487 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.518 | |
| CapEx To Revenue | -0.046 | |
| CapEx To Depreciation | -0.387 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.0 B | |
| Net Invested Capital | $ 2.0 B | |
| Invested Capital | $ 2.0 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 629.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.046 | |
| Current Ratio | 3.333 | |
| Current Ratio QoQ | 14.932 % | |
| Current Ratio YoY | 61.125 % | |
| Current Ratio IPRWA | high: 6.859 TDW: 3.333 mean: 1.88 median: 1.401 low: 0.13 |
|
| Quick Ratio | 3.224 | |
| Quick Ratio QoQ | 16.061 % | |
| Quick Ratio YoY | 61.193 % | |
| Quick Ratio IPRWA | high: 5.535 TDW: 3.224 mean: 1.372 median: 1.083 low: 0.113 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.798 | |
| Cost Of Debt | 1.52 % | |
| Interest Coverage Ratio | 3.42 | |
| Interest Coverage Ratio QoQ | -17.805 % | |
| Interest Coverage Ratio YoY | -34.06 % | |
| Interest Coverage Ratio IPRWA | high: 25.845 median: 6.471 mean: 5.66 TDW: 3.42 low: -26.862 |
|
| Operating Cash Flow Ratio | 0.116 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.789 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.937 % | |
| Revenue Growth | -3.14 % | |
| Revenue Growth QoQ | 148.221 % | |
| Revenue Growth YoY | -6.908 % | |
| Revenue Growth IPRWA | high: 48.677 % median: -0.965 % mean: -2.868 % TDW: -3.14 % low: -43.885 % |
|
| Earnings Growth | -71.111 % | |
| Earnings Growth QoQ | 171.106 % | |
| Earnings Growth YoY | -482.914 % | |
| Earnings Growth IPRWA | high: 350.0 % mean: 19.961 % median: -8.571 % TDW: -71.111 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 28.402 % | |
| Gross Margin QoQ | -2.251 % | |
| Gross Margin YoY | -6.79 % | |
| Gross Margin IPRWA | high: 94.558 % TDW: 28.402 % median: 23.481 % mean: 20.773 % low: -57.055 % |
|
| EBIT Margin | 17.709 % | |
| EBIT Margin QoQ | -14.246 % | |
| EBIT Margin YoY | -30.343 % | |
| EBIT Margin IPRWA | high: 96.462 % median: 20.647 % TDW: 17.709 % mean: 11.411 % low: -86.631 % |
|
| Return On Sales (ROS) | 18.115 % | |
| Return On Sales QoQ | -9.262 % | |
| Return On Sales YoY | -28.746 % | |
| Return On Sales IPRWA | high: 96.462 % TDW: 18.115 % median: 12.569 % mean: 10.34 % low: -59.441 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 4.3 M | |
| Free Cash Flow Yield | 0.11 % | |
| Free Cash Flow Yield QoQ | -97.669 % | |
| Free Cash Flow Yield YoY | -96.904 % | |
| Free Cash Flow Yield IPRWA | high: 9.108 % mean: 0.338 % median: 0.28 % TDW: 0.11 % low: -13.958 % |
|
| Free Cash Growth | -97.095 % | |
| Free Cash Growth QoQ | -149.065 % | |
| Free Cash Growth YoY | 661.589 % | |
| Free Cash Growth IPRWA | high: 408.108 % mean: -69.424 % median: -87.237 % TDW: -97.095 % low: -398.203 % |
|
| Free Cash To Net Income | 0.699 | |
| Cash Flow Margin | 9.577 % | |
| Cash Flow To Earnings | 5.088 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.26 % | |
| Return On Assets QoQ | -97.33 % | |
| Return On Assets YoY | -87.379 % | |
| Return On Assets IPRWA | high: 5.411 % median: 1.833 % mean: 0.761 % TDW: 0.26 % low: -10.202 % |
|
| Return On Capital Employed (ROCE) | 2.79 % | |
| Return On Equity (ROE) | 0.004 | |
| Return On Equity QoQ | -97.212 % | |
| Return On Equity YoY | -88.277 % | |
| Return On Equity IPRWA | high: 0.25 mean: 0.052 median: 0.033 TDW: 0.004 low: -0.135 |
|
| DuPont ROE | 0.449 % | |
| Return On Invested Capital (ROIC) | 1.714 % | |
| Return On Invested Capital QoQ | -36.985 % | |
| Return On Invested Capital YoY | -42.79 % | |
| Return On Invested Capital IPRWA | high: 7.2 % mean: 2.865 % median: 2.822 % TDW: 1.714 % low: -5.257 % |
|