Recent News
On June 16, 2026 Universal issued $100 million of 7.75% Senior Unsecured Notes due 2031 and entered into registration-rights agreements tied to the private placement. On June 22, 2026 KBRA assigned a BBB long-term credit rating to the newly issued 2031 notes with a Stable outlook. The company completed its 2026–2027 reinsurance renewal effective June 1, 2026, extending treaty capacity for its insurance subsidiaries. Earlier in June Universal amended the indenture governing its 5.625% Senior Notes due 2026 via a First Supplemental Indenture to shorten redemption notice requirements and permit conditional redemptions.
Technical Analysis
ADX sits at 26.18, indicating a strong trend strength that validates recent directional momentum without implying directionality on its own.
Directional indicators show DI+ at 32.20 with a peak-and-reversal pattern, which signals a bearish directional shift; DI‑ stands at 20.73 and is decreasing, which reduces immediate downside pressure.
MACD reads 1.20 against a signal line of 0.93; the indicator has peaked and reversed (bearish momentum), yet MACD currently sits above the signal line, creating a short-term bullish crossover signal that conflicts with the peak reversal narrative.
MRO registers 32.73 and has peaked-and-reversed; being positive, the oscillator indicates price sits above WMDST’s target and therefore carries contractionary pressure toward the target level.
RSI at 58.44 with a peak-and-reversal trend signals loss of upside momentum while remaining below overbought territory, leaving room for mean reversion rather than an exhaustion move.
Price structure shows the close at $44.15 above the 200‑day average ($35.03) and above the 20‑ and 50‑day averages ($42.61 and $40.04), with the 12‑day EMA rising — evidence of a bullish longer-term bias while near-term momentum indicators signal weakening. The SuperTrend lower band at $41.31 and Ichimoku baselines near $40–$41 provide proximate support levels, while the upper Bollinger band near $45.67 caps immediate upside.
Fundamental Analysis
Profitability: EBIT totaled $81,144,000, producing an EBIT margin of 19.00% year-to-date. EBIT margin improved QoQ by 2.29% and rose YoY by 59.01%, placing the company roughly in line with industry peer median and slightly below the industry peer mean for EBIT margin (industry peer mean 20.11%, median 18.21%).
Earnings and cash flow: Reported EPS equaled $1.84 versus an estimate of $1.43, an EPS surprise of +28.67%. Earnings growth shows a modest QoQ increase of 2.12% but a YoY decline of 45.14%. Operating cash flow stood at $101,077,000 and free cash flow at $100,175,000; free cash flow yield registers 9.32%, meaningfully above the industry peer mean in the available peer set.
Capital structure and coverage: Total debt remained low at $97,852,000 against total assets of $3,306,164,000, producing a debt-to-assets ratio of 2.96%, below the industry peer mean. Interest expense remained modest ($1,529,000) and interest coverage exceeded 53x, reflecting ample capacity to service debt.
Balance sheet and liquidity: Cash and short-term investments totaled $703,841,000 and book value per share measured at $22.89; retained earnings reached $861,643,000. Asset growth ran 19.38% YoY while return on equity measured 9.29% and return on invested capital 8.20%, both showing sequential improvement QoQ.
Operational metrics: Total revenue equaled $427,033,000 with a slight revenue contraction YoY (‑3.63%). Receivables turnover improved nearly 99.2% YoY, and operating leverage measured 1.29, indicating operating scalability on incremental revenue. Days sales outstanding remained elevated at 57.7 days.
Valuation: The current valuation as determined by WMDST: under-valued. Forward EPS equals $1.125 with a forward PE of 33.97; WMDST’s target range yields a price target mean near $53.07 and a high at $75.37, reflecting WMDST’s valuation framework and not a market recommendation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-23 |
| NEXT REPORT DATE: | 2026-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 598.4 M |
| Operating Cash Flow | $ 101.1 M | |
| Capital Expenditures | $ -902.00 K | |
| Change In Working Capital | $ 41.9 M | |
| Dividends Paid | $ -4.41 M | |
| Cash Flow Delta | $ 2.4 M | |
| End Period Cash Flow | $ 600.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 427.0 M | |
| Forward Revenue | $ 56.5 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 347.4 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | $ 81.1 M | |
| Operating Income | — | |
| Interest Income | $ -466.00 K | |
| Interest Expense | $ 1.5 M | |
| Net Interest Income | $ -2.00 M | |
| Income Before Tax | $ 79.6 M | |
| Tax Provision | $ 20.4 M | |
| Tax Rate | 25.657 % | |
| Net Income | $ 59.2 M | |
| Net Income From Continuing Operations | $ 59.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.43 | |
| EPS Actual | $ 1.84 | |
| EPS Difference | $ 0.41 | |
| EPS Surprise | 28.671 % | |
| Forward EPS | $ 1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 637.2 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | $ 703.8 M | |
| Cash | $ 532.2 M | |
| Net Receivables | $ 262.4 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 627.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 97.9 M | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 637.2 M | |
| Retained Earnings | $ 861.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.89 | |
| Shares Outstanding | 27.830 M | |
| Revenue Per-Share | $ 15.34 | |
| VALUATION | Market Capitalization | $ 1.1 B |
| Enterprise Value | $ 468.4 M | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 1.097 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.189 | |
| Asset To Liability | 1.239 | |
| Debt To Capital | 0.133 | |
| Debt To Assets | 0.03 | |
| Debt To Assets QoQ | -18.255 % | |
| Debt To Assets YoY | -3.865 % | |
| Debt To Assets IPRWA | high: 0.234 median: 0.067 mean: 0.066 UVE: 0.03 low: 0.022 |
|
| Debt To Equity | 0.154 | |
| Debt To Equity QoQ | -10.454 % | |
| Debt To Equity YoY | -30.292 % | |
| Debt To Equity IPRWA | high: 0.603 mean: 0.264 median: 0.244 UVE: 0.154 low: 0.109 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.686 | |
| Price To Book QoQ | 5.856 % | |
| Price To Book YoY | 13.014 % | |
| Price To Book IPRWA | high: 7.201 median: 3.571 mean: 2.949 UVE: 1.686 low: 0.985 |
|
| Price To Earnings (P/E) | 20.982 | |
| Price To Earnings QoQ | 25.712 % | |
| Price To Earnings YoY | 1.93 % | |
| Price To Earnings IPRWA | high: 120.77 mean: 43.199 median: 37.926 low: 29.366 UVE: 20.982 |
|
| PE/G Ratio | -2.623 | |
| Price To Sales (P/S) | 2.516 | |
| Price To Sales QoQ | 6.304 % | |
| Price To Sales YoY | 47.382 % | |
| Price To Sales IPRWA | high: 16.469 mean: 5.948 median: 5.195 UVE: 2.516 low: 2.275 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 33.966 | |
| Forward PE/G | -4.246 | |
| Forward P/S | 19.026 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.292 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.141 | |
| Asset Turnover Ratio QoQ | 0.171 % | |
| Asset Turnover Ratio YoY | 5.225 % | |
| Asset Turnover Ratio IPRWA | high: 0.379 median: 0.148 mean: 0.146 UVE: 0.141 low: 0.049 |
|
| Receivables Turnover | 1.581 | |
| Receivables Turnover Ratio QoQ | 17.784 % | |
| Receivables Turnover Ratio YoY | 99.226 % | |
| Receivables Turnover Ratio IPRWA | high: 1.94 UVE: 1.581 mean: 0.811 median: 0.584 low: 0.13 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 57.728 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.002 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 735.0 M | |
| Net Invested Capital | $ 735.0 M | |
| Invested Capital | $ 735.0 M | |
| Net Tangible Assets | $ 637.2 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.069 % | |
| Interest Coverage Ratio | 53.07 | |
| Interest Coverage Ratio QoQ | 2.932 % | |
| Interest Coverage Ratio YoY | 58.82 % | |
| Interest Coverage Ratio IPRWA | high: 67.146 UVE: 53.07 median: 42.387 mean: 35.868 low: 2.452 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 13.412 | |
| Dividend Payout Ratio | 0.075 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 19.382 % | |
| Revenue Growth | -3.52 % | |
| Revenue Growth QoQ | -303.233 % | |
| Revenue Growth YoY | -363.473 % | |
| Revenue Growth IPRWA | high: 23.705 % mean: 4.509 % median: 1.92 % UVE: -3.52 % low: -8.981 % |
|
| Earnings Growth | -8.0 % | |
| Earnings Growth QoQ | 2.119 % | |
| Earnings Growth YoY | -45.142 % | |
| Earnings Growth IPRWA | high: 78.205 % mean: 8.535 % median: -2.308 % UVE: -8.0 % low: -31.905 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 19.002 % | |
| EBIT Margin QoQ | 2.293 % | |
| EBIT Margin YoY | 59.013 % | |
| EBIT Margin IPRWA | high: 40.678 % mean: 20.106 % UVE: 19.002 % median: 18.208 % low: 6.954 % |
|
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 100.2 M | |
| Free Cash Flow Yield | 9.323 % | |
| Free Cash Flow Yield QoQ | -43.329 % | |
| Free Cash Flow Yield YoY | -39.489 % | |
| Free Cash Flow Yield IPRWA | UVE: 9.323 % high: 8.117 % mean: 2.875 % median: 2.829 % low: -1.289 % |
|
| Free Cash Growth | -34.63 % | |
| Free Cash Growth QoQ | -106.752 % | |
| Free Cash Growth YoY | -19.979 % | |
| Free Cash Growth IPRWA | high: 650.943 % mean: 7.795 % median: -12.83 % UVE: -34.63 % low: -267.428 % |
|
| Free Cash To Net Income | 1.692 | |
| Cash Flow Margin | 132.69 % | |
| Cash Flow To Earnings | 9.573 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.948 % | |
| Return On Assets QoQ | 0.62 % | |
| Return On Assets YoY | 66.212 % | |
| Return On Assets IPRWA | high: 5.201 % median: 2.622 % mean: 2.127 % UVE: 1.948 % low: 0.461 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.093 | |
| Return On Equity QoQ | 0.043 % | |
| Return On Equity YoY | 21.187 % | |
| Return On Equity IPRWA | high: 0.14 UVE: 0.093 mean: 0.077 median: 0.077 low: 0.022 |
|
| DuPont ROE | 9.687 % | |
| Return On Invested Capital (ROIC) | 8.203 % | |
| Return On Invested Capital QoQ | 1.497 % | |
| Return On Invested Capital YoY | 26.687 % | |
| Return On Invested Capital IPRWA | high: 8.373 % UVE: 8.203 % median: 7.14 % mean: 6.301 % low: 2.051 % |
|