Recent News
On May 28, 2026 the company completed placement of its combined 2026–2027 reinsurance program for its insurance entities, effective June 1, 2026. On June 22, 2026 a credit rating agency assigned a BBB long-term rating to newly issued senior unsecured notes while the company issued $100 million of 7.75% senior unsecured notes due 2031. On July 8, 2026 the Board declared a $0.16 per-share cash dividend payable August 7, 2026 to shareholders of record July 31, 2026.
Technical Analysis
ADX at 17.17 indicates no trend, implying limited directional conviction; that lack of a clear trend supports a near-term range and keeps valuation-driven catalysts more important for directional moves.
DI+ stands at 27.47 while trending lower, a bearish directional signal that raises the probability of short-term downward pressure relative to recent highs.
DI- at 22.77 shows a peak-and-reversal pattern (DI- retreating), a bullish internal development that counters the DI+ weakness and favors rotation rather than sustained selloff.
MACD sits below its signal line (MACD 0.66 vs signal 0.84) and declines, a bearish momentum profile that aligns with the shorter-term moving-average weakness and argues for near-term consolidation rather than breakout.
The momentum/regression oscillator reads 27.17 and positive, which indicates the price sits above the model target and therefore creates downside potential toward mean levels in the near term.
RSI at 56.4 and falling signals mild loss of buying momentum; that dynamic supports a neutral-to-bearish short-window bias until buyers re-assert above the 20-day band.
Price sits above the 200-day average ($42.91 > $35.35), supporting the longer-term bullish valuation case, while price trading just below the 20-day average ($42.91 < $43.60) signals short-term weakness and potential re-test of near support at the recorded SuperTrend lower ($41.12).
Ichimoku components place price above the Kijun-sen ($40.78) and within the cloud boundary, implying structural support that limits downside scope relative to intrinsic valuation.
Fundamental Analysis
Operating performance shows clear improvement: EBIT equals $81,144,000 and the EBIT margin at 19.00% improved QoQ by 2.29% and rose YoY by 59.01%; that margin sits slightly below the industry peer mean of 20.91% and just under the industry peer median of 19.25%, indicating competitive operating efficiency but room to catch the peer mean.
Earnings per share delivered $1.84 against an estimate of $1.43, a beat of $0.41 or about 28.7%, as disclosed with second-quarter results. The EPS beat, combined with operating leverage and an interest-coverage ratio near 53.07, underpins the company’s earnings resilience and supports the current WMDST valuation.
Revenue trends show contraction: total revenue stands at $427,033,000 with YoY revenue decline of 3.63% and QoQ decline of roughly 3.03%, indicating near-term top-line pressure even as underwriting margins improve.
Cash flow profile remains strong: free cash flow equals $100,175,000 and free-cash-flow yield at 9.32% places the company above the industry peer mean free-cash-flow yield of 3.24% and inside the industry peer range; however free-cash-flow fell YoY by about 39.5%, reflecting volatility in cash conversion despite healthy absolute cash generation.
Return measures exceed peer central tendencies: return on assets at 1.95% sits above the industry peer mean of 1.84%, and return on equity at 9.29% sits above the industry peer mean of 6.86% and above the industry peer median; those returns support an equity valuation that rates below replacement-cost multiples.
Balance sheet metrics show conservative leverage: debt to assets equals 2.96% and debt to equity equals 15.36%, both below the industry peer mean leverage levels, while cash and short-term investments total $703,841,000, supporting liquidity and capital deployment flexibility.
Valuation conclusion: The current valuation as determined by WMDST values the stock as under-valued based on a combination of above-peer returns on capital, strong cash generation, and conservative leverage, offset by recent revenue declines and shrinking free-cash growth.
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: 0.135 median: 0.062 mean: 0.061 UVE: 0.03 low: 0.004 |
|
| 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: 0.251 median: 0.244 UVE: 0.154 low: 0.011 |
|
| 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: 4.924 mean: 2.348 median: 2.089 UVE: 1.686 low: 0.285 |
|
| Price To Earnings (P/E) | 20.982 | |
| Price To Earnings QoQ | 25.712 % | |
| Price To Earnings YoY | 1.93 % | |
| Price To Earnings IPRWA | high: 74.319 mean: 40.396 median: 38.765 UVE: 20.982 low: 12.893 |
|
| 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: 17.773 mean: 5.61 median: 5.195 UVE: 2.516 low: 1.475 |
|
| 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: 0.275 UVE: 0.141 mean: 0.116 median: 0.087 low: 0.008 |
|
| 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: 0.72 median: 0.581 low: 0.103 |
|
| 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: 103.374 UVE: 53.07 mean: 32.853 median: 27.705 low: -51.472 |
|
| 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 % median: 6.069 % mean: 4.542 % UVE: -3.52 % low: -8.981 % |
|
| Earnings Growth | -8.0 % | |
| Earnings Growth QoQ | 2.119 % | |
| Earnings Growth YoY | -45.142 % | |
| Earnings Growth IPRWA | high: 114.286 % mean: 4.926 % median: -2.308 % UVE: -8.0 % low: -50.8 % |
|
| 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: 45.417 % mean: 20.914 % median: 19.249 % UVE: 19.002 % 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 | high: 10.897 % UVE: 9.323 % mean: 3.242 % median: 2.829 % low: -4.064 % |
|
| Free Cash Growth | -34.63 % | |
| Free Cash Growth QoQ | -106.752 % | |
| Free Cash Growth YoY | -19.979 % | |
| Free Cash Growth IPRWA | high: 827.586 % mean: 1.058 % median: -19.401 % UVE: -34.63 % low: -767.445 % |
|
| 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 % UVE: 1.948 % mean: 1.836 % median: 1.545 % low: -2.187 % |
|
| 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: 0.069 median: 0.067 low: -0.087 |
|
| 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: 11.67 % UVE: 8.203 % mean: 5.764 % median: 5.447 % low: 0.798 % |
|