Recent News
On June 25, 2026 the company held its Annual General Meeting and approved director changes; the filings note corporate governance updates. In late July 2026 the company filed a Form 6‑K disclosing a net‑zero assessment milestone, and the company filed additional Form 6‑K disclosures on August 13, 2026 describing operational metrics and investments.
Technical Analysis
ADX / Directional Indicators: ADX at 13.01 signals no established trend; DI+ sits at 27.66 and shows an increasing trend (bullish), while DI− at 22.27 shows a dip & reversal (bearish). The directional indicators therefore conflict, implying short-term directional attempts without a sustained trend — this argues for contained rallies unless trend strength rises.
MACD: MACD at 0.30 sits above its signal line (−0.06), indicating a bullish cross, but the MACD trend registers a peak & reversal, signaling waning momentum. That combination suggests near-term pullback risk even as recent momentum pushed price above short EMAs.
MRO (Momentum/Regression Oscillator): MRO at 27.7 and increasing signals the current price sits above the model target and faces potential downward pressure; the rising MRO heightens the probability of mean reversion relative to the stated valuation.
RSI and Moving Averages: RSI at 48.36 and rising indicates neutral-to-rising momentum rather than overbought conditions. Price ($33.65) trades above short-term averages (12‑day EMA $33.29, 26‑day EMA $32.84, 20‑day avg $32.79, 50‑day avg $32.42) but remains below the 200‑day average ($37.87), establishing near-term support while leaving a longer-term resistance band above current levels.
Volatility, Volume, and Structural Bands: Price sits inside the Bollinger band range (lower ~$31.13, upper ~$34.46), volume (2,628,212) runs above the 10‑day average (2,129,702) and near the 50/200‑day averages, and 42/52‑week betas (1.41 / 2.06) indicate elevated sensitivity to market moves. Collectively, technicals favor episodic rallies capped by longer‑term resistance and mean‑reversion risk.
Fundamental Analysis
Profitability: EBIT of $1,004,177,000 produces an EBIT margin of 29.8%, which sits above the industry peer mean (13.7%), median (13.6%), and the reported industry peer high (20.7%). Gross margin equals 33.6% and operating margin equals 27.0%, both supporting the headline margin strength. QoQ and YoY margin series show volatility: EBIT margin QoQ moved −178.98% and YoY −43.33%, highlighting quarter-to-quarter swings in profitability metrics.
Earnings and Guidance Inputs: Reported EPS equals $3.53 versus an estimate of −$0.34, producing an EPS surprise of +1,138.2% and an EPS difference of $3.87. Forward EPS reads −$0.0077 with a forward PE of 1,038.7, reflecting a disconnect between trailing profitability and forward consensus expectations; earnings growth shows a positive point estimate but the YoY earnings growth metric lists −155.62%.
Revenue and Cash Flow: Total revenue equals $3,367,099,000 with reported revenue growth at 15.24%; revenue growth QoQ stands at 11.72% while revenue growth YoY shows −64.65%. Operating cash flow equals $447,691,000 and free cash flow stands at −$322,354,000 (free cash flow yield −0.47%), while cash and short‑term investments equal $14.822 billion. Cash‑flow margin reads 88.21% and cash flow to earnings 112.14%, indicating strong cash conversion on reported earnings but negative free cash flow in the period cited.
Leverage and Balance Sheet: Total debt equals $47,186,341,000 with net debt of $23,568,435,000; debt to EBITDA equals 25.70 and debt to equity equals 1.66. Current ratio equals 1.87 and cash ratio 1.17, providing short‑term liquidity cover, but elevated leverage metrics materially amplify risk if operating cash generation softens.
Market Multiples and Valuation: Market capitalization equals $68.18 billion and enterprise value equals $100.54 billion; enterprise multiple equals 54.76 and EVR sits at 29.86. Price‑to‑earnings equals 4.92 while price‑to‑book equals 2.40 (below the industry peer mean P/B of 3.54 and median 4.57). WMDST values the stock as over‑valued, driven principally by an elevated enterprise multiple and stretched forward expectations despite strong trailing margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-13 |
| NEXT REPORT DATE: | 2026-11-12 |
| CASH FLOW | Begin Period Cash Flow | $ 14.4 B |
| Operating Cash Flow | $ 447.7 M | |
| Capital Expenditures | $ -770.04 M | |
| Change In Working Capital | $ -1.02 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 416.5 M | |
| End Period Cash Flow | $ 14.9 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.4 B | |
| Forward Revenue | $ -3.90 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.2 B | |
| Depreciation | $ 831.8 M | |
| Depreciation and Amortization | $ 831.8 M | |
| Research and Development | $ 9.6 M | |
| Total Operating Expenses | $ 2.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.1 B | |
| EBITDA | $ 1.8 B | |
| EBIT | $ 1.0 B | |
| Operating Income | $ 908.0 M | |
| Interest Income | — | |
| Interest Expense | $ 379.8 M | |
| Net Interest Income | $ -379.85 M | |
| Income Before Tax | $ 624.3 M | |
| Tax Provision | $ 108.7 M | |
| Tax Rate | 17.412 % | |
| Net Income | $ 2.6 B | |
| Net Income From Continuing Operations | $ 2.7 B | |
| EARNINGS | ||
| EPS Estimate | $ -0.34 | |
| EPS Actual | $ 3.53 | |
| EPS Difference | $ 3.87 | |
| EPS Surprise | 1138.235 % | |
| Forward EPS | $ -0.01 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 84.1 B | |
| Intangible Assets | $ 5.4 B | |
| Net Tangible Assets | $ 26.1 B | |
| Total Current Assets | $ 23.6 B | |
| Cash and Short-Term Investments | $ 14.8 B | |
| Cash | $ 14.8 B | |
| Net Receivables | $ 3.0 B | |
| Inventory | — | |
| Long-Term Investments | $ 3.1 B | |
| LIABILITIES | ||
| Accounts Payable | $ 1.9 B | |
| Short-Term Debt | $ 7.5 B | |
| Total Current Liabilities | $ 12.6 B | |
| Net Debt | $ 23.6 B | |
| Total Debt | $ 47.2 B | |
| Total Liabilities | $ 51.7 B | |
| EQUITY | ||
| Total Equity | $ 28.4 B | |
| Retained Earnings | $ -2.45 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.73 | |
| Shares Outstanding | 1.603 B | |
| Revenue Per-Share | $ 2.10 | |
| VALUATION | Market Capitalization | $ 68.2 B |
| Enterprise Value | $ 100.5 B | |
| Enterprise Multiple | 54.763 | |
| Enterprise Multiple QoQ | -106.082 % | |
| Enterprise Multiple YoY | 61.885 % | |
| Enterprise Multiple IPRWA | high: 80.076 GDS: 54.763 median: 49.935 mean: 39.745 low: -25.47 |
|
| EV/R | 29.861 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.96 | |
| Asset To Liability | 1.628 | |
| Debt To Capital | 0.624 | |
| Debt To Assets | 0.561 | |
| Debt To Assets QoQ | -5.592 % | |
| Debt To Assets YoY | -6.115 % | |
| Debt To Assets IPRWA | high: 0.985 GDS: 0.561 mean: 0.227 median: 0.124 low: 0.004 |
|
| Debt To Equity | 1.66 | |
| Debt To Equity QoQ | -9.929 % | |
| Debt To Equity YoY | -12.1 % | |
| Debt To Equity IPRWA | high: 4.218 GDS: 1.66 mean: 0.593 median: 0.267 low: -2.621 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.399 | |
| Price To Book QoQ | -6.486 % | |
| Price To Book YoY | 35.457 % | |
| Price To Book IPRWA | high: 8.621 median: 4.569 mean: 3.535 GDS: 2.399 low: -0.609 |
|
| Price To Earnings (P/E) | 4.917 | |
| Price To Earnings QoQ | -29.926 % | |
| Price To Earnings YoY | -36.066 % | |
| Price To Earnings IPRWA | high: 161.745 mean: 60.317 median: 58.364 GDS: 4.917 low: -23.928 |
|
| PE/G Ratio | 0.104 | |
| Price To Sales (P/S) | 20.249 | |
| Price To Sales QoQ | -10.552 % | |
| Price To Sales YoY | 34.019 % | |
| Price To Sales IPRWA | GDS: 20.249 high: 8.708 median: 6.016 mean: 5.844 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 1038.725 | |
| Forward PE/G | 22.049 | |
| Forward P/S | 3340.082 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -12.53 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.041 | |
| Asset Turnover Ratio QoQ | 11.374 % | |
| Asset Turnover Ratio YoY | 10.832 % | |
| Asset Turnover Ratio IPRWA | high: 0.554 median: 0.263 mean: 0.253 low: 0.057 GDS: 0.041 |
|
| Receivables Turnover | 1.241 | |
| Receivables Turnover Ratio QoQ | 13.35 % | |
| Receivables Turnover Ratio YoY | 37.932 % | |
| Receivables Turnover Ratio IPRWA | high: 4.795 mean: 1.571 median: 1.266 GDS: 1.241 low: 0.356 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 73.507 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -2.442 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 93.482 mean: 44.46 median: 42.935 GDS: -2.442 low: -31.316 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.308 | |
| CapEx To Revenue | -0.229 | |
| CapEx To Depreciation | -0.926 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 62.4 B | |
| Net Invested Capital | $ 66.8 B | |
| Invested Capital | $ 66.8 B | |
| Net Tangible Assets | $ 26.1 B | |
| Net Working Capital | $ 10.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.173 | |
| Current Ratio | 1.866 | |
| Current Ratio QoQ | -28.271 % | |
| Current Ratio YoY | 27.275 % | |
| Current Ratio IPRWA | high: 4.157 GDS: 1.866 mean: 1.511 median: 1.336 low: 0.681 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 25.701 | |
| Cost Of Debt | 0.662 % | |
| Interest Coverage Ratio | 2.644 | |
| Interest Coverage Ratio QoQ | -235.855 % | |
| Interest Coverage Ratio YoY | -18.554 % | |
| Interest Coverage Ratio IPRWA | high: 65.133 median: 26.312 mean: 25.741 GDS: 2.644 low: -2.188 |
|
| Operating Cash Flow Ratio | 0.235 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 75.949 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.17 % | |
| Revenue Growth | 15.244 % | |
| Revenue Growth QoQ | 1172.454 % | |
| Revenue Growth YoY | -64.653 % | |
| Revenue Growth IPRWA | high: 24.483 % GDS: 15.244 % mean: -0.994 % median: -3.02 % low: -23.829 % |
|
| Earnings Growth | 47.109 % | |
| Earnings Growth QoQ | -43.364 % | |
| Earnings Growth YoY | -155.62 % | |
| Earnings Growth IPRWA | high: 68.0 % GDS: 47.109 % mean: -13.478 % median: -25.635 % low: -158.14 % |
|
| MARGINS | ||
| Gross Margin | 33.605 % | |
| Gross Margin QoQ | 60.322 % | |
| Gross Margin YoY | 41.919 % | |
| Gross Margin IPRWA | high: 77.164 % GDS: 33.605 % mean: 29.953 % median: 29.678 % low: -1.85 % |
|
| EBIT Margin | 29.823 % | |
| EBIT Margin QoQ | -178.978 % | |
| EBIT Margin YoY | -43.326 % | |
| EBIT Margin IPRWA | GDS: 29.823 % high: 20.745 % mean: 13.699 % median: 13.561 % low: -3.536 % |
|
| Return On Sales (ROS) | 26.966 % | |
| Return On Sales QoQ | 99.852 % | |
| Return On Sales YoY | -48.755 % | |
| Return On Sales IPRWA | GDS: 26.966 % high: 20.513 % mean: 13.354 % median: 12.227 % low: -4.12 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -322.35 M | |
| Free Cash Flow Yield | -0.473 % | |
| Free Cash Flow Yield QoQ | 2152.381 % | |
| Free Cash Flow Yield YoY | -15.081 % | |
| Free Cash Flow Yield IPRWA | high: 15.167 % median: 2.572 % mean: 1.433 % GDS: -0.473 % low: -14.236 % |
|
| Free Cash Growth | 2273.042 % | |
| Free Cash Growth QoQ | -2419.005 % | |
| Free Cash Growth YoY | -2254.542 % | |
| Free Cash Growth IPRWA | GDS: 2273.042 % high: 263.938 % mean: 39.173 % median: -14.516 % low: -330.782 % |
|
| Free Cash To Net Income | -0.122 | |
| Cash Flow Margin | 88.212 % | |
| Cash Flow To Earnings | 1.121 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.228 % | |
| Return On Assets QoQ | -648.048 % | |
| Return On Assets YoY | 211.283 % | |
| Return On Assets IPRWA | high: 7.862 % GDS: 3.228 % median: 2.77 % mean: 2.175 % low: -4.758 % |
|
| Return On Capital Employed (ROCE) | 1.404 % | |
| Return On Equity (ROE) | 0.093 | |
| Return On Equity QoQ | -614.578 % | |
| Return On Equity YoY | 183.77 % | |
| Return On Equity IPRWA | high: 0.186 GDS: 0.093 median: 0.058 mean: 0.055 low: -0.091 |
|
| DuPont ROE | 9.773 % | |
| Return On Invested Capital (ROIC) | 1.241 % | |
| Return On Invested Capital QoQ | -196.351 % | |
| Return On Invested Capital YoY | -37.481 % | |
| Return On Invested Capital IPRWA | high: 11.32 % median: 4.249 % mean: 4.242 % GDS: 1.241 % low: -1.984 % |
|