Recent News
On July 8, 2026 Kodiak and Baker Hughes announced a multi-year gas turbine order agreement to support U.S. data center growth, anchored by an initial award enabling roughly 1 GW of capacity with a pathway to 1.8 GW. In July 2026 the company exercised buyout options on operating lease agreements covering about 43,000 horsepower of compression equipment. In early August 2026 the board declared a quarterly cash dividend payable later in the month.
Technical Analysis
ADX at 20.76 signals an emerging trend strength; the directional indicators show DI+ at 17.02 with a peak-and-reversal (bearish) and DI- at 25.28 with a dip-and-reversal (bearish), implying directional pressure favors sellers in the near term and weighs against a sustained breakout.
MACD sits negative at -0.85 with a peak-and-reversal trend, indicating bearish momentum, though the indicator currently sits above its signal line (-1.37), which registers as a short-term bullish crossover signal against the broader weakening momentum.
MRO reads 4.61 and sits positive, indicating the market price stands modestly above the model target and therefore carries incremental downside potential toward that target in the near term.
RSI at 45.11 with a peak-and-reversal denotes fading internal momentum and supports a bias toward consolidation or pullback rather than immediate upside continuation.
Price dynamics show the last close at $60.60 below the 50-day average ($65.00) but above the 200-day average ($53.37), creating a technical picture where shorter-term averages apply downward pressure while longer-term trend remains supported; Bollinger bands place the price inside the 1x standard band, consistent with moderate volatility.
Fundamental Analysis
Total revenue reached $391,120,000 with EBIT of $123,298,000 and EBITDA of $201,948,000. YoY revenue movement shows a decline of approximately 7.36% while reported revenue growth (raw) appears at 13.12%; EBIT margin stands at 31.52%, a QoQ improvement of roughly 57.14% and a YoY improvement near 2.61%, placing operating profitability above the industry peer mean and median for EBIT margin.
EPS for the period printed $0.55 versus an estimate of $0.71, a negative surprise of about -22.54%, which reduces near-term earnings confidence despite strong operating margins. Cash flow patterns show operating cash flow of $99,465,000 but free cash flow of -$100,744,000 and a free cash flow yield of -1.55%, reflecting material cash outlays related to growth and equipment acquisition.
Liquidity and leverage present mixed signals: current ratio 1.45 and quick ratio 1.15 provide near-term coverage, while total debt at $2,817,494,000 yields a debt-to-EBITDA of ~13.95x and interest coverage near 2.46x, highlighting elevated leverage relative to the industry peer mean interest coverage and raising sensitivity to interest costs and cash conversion.
Valuation multiples appear rich: PE ~117.47x and PS ~16.67x both sit above the industry peer mean values, while P/B at 3.02x sits below the industry peer mean; enterprise multiple near 45.56x aligns slightly above the peer mean. Returns remain modest — ROE ~2.41% and ROA ~1.04% — which, combined with negative free cash flow and high leverage, weigh on valuation support.
WMDST values the stock as over-valued given stretched earnings multiples, negative free cash flow, and elevated leverage despite above-mean operating margins and recently secured power-supply agreements.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 94.4 M |
| Operating Cash Flow | $ 99.5 M | |
| Capital Expenditures | $ -200.21 M | |
| Change In Working Capital | $ -85.49 M | |
| Dividends Paid | $ -50.00 M | |
| Cash Flow Delta | $ 43.2 M | |
| End Period Cash Flow | $ 137.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 391.1 M | |
| Forward Revenue | $ 148.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 223.0 M | |
| Depreciation | $ 78.7 M | |
| Depreciation and Amortization | $ 78.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 263.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 168.1 M | |
| EBITDA | $ 201.9 M | |
| EBIT | $ 123.3 M | |
| Operating Income | $ 127.2 M | |
| Interest Income | — | |
| Interest Expense | $ 50.1 M | |
| Net Interest Income | $ -50.06 M | |
| Income Before Tax | $ 73.2 M | |
| Tax Provision | $ 21.1 M | |
| Tax Rate | 28.801 % | |
| Net Income | $ 52.0 M | |
| Net Income From Continuing Operations | $ 52.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.71 | |
| EPS Actual | $ 0.55 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -22.535 % | |
| Forward EPS | $ 0.78 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.5 B | |
| Intangible Assets | $ 942.9 M | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 528.1 M | |
| Cash and Short-Term Investments | $ 137.6 M | |
| Cash | $ 137.6 M | |
| Net Receivables | $ 262.7 M | |
| Inventory | $ 107.1 M | |
| Long-Term Investments | $ 17.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 97.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 365.0 M | |
| Net Debt | $ 2.6 B | |
| Total Debt | $ 2.8 B | |
| Total Liabilities | $ 3.3 B | |
| EQUITY | ||
| Total Equity | $ 2.2 B | |
| Retained Earnings | $ -10.47 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.42 | |
| Shares Outstanding | 100.919 M | |
| Revenue Per-Share | $ 3.88 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 9.2 B | |
| Enterprise Multiple | 45.556 | |
| Enterprise Multiple QoQ | -19.561 % | |
| Enterprise Multiple YoY | 35.165 % | |
| Enterprise Multiple IPRWA | high: 107.267 KGS: 45.556 median: 44.843 mean: 43.104 low: -39.564 |
|
| EV/R | 23.522 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.545 | |
| Asset To Liability | 1.649 | |
| Debt To Capital | 0.566 | |
| Debt To Assets | 0.512 | |
| Debt To Assets QoQ | -19.062 % | |
| Debt To Assets YoY | -14.031 % | |
| Debt To Assets IPRWA | high: 0.865 KGS: 0.512 mean: 0.34 median: 0.309 low: 0.0 |
|
| Debt To Equity | 1.304 | |
| Debt To Equity QoQ | -46.313 % | |
| Debt To Equity YoY | -33.193 % | |
| Debt To Equity IPRWA | high: 4.75 KGS: 1.304 mean: 1.167 median: 0.745 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.017 | |
| Price To Book QoQ | -30.269 % | |
| Price To Book YoY | 35.707 % | |
| Price To Book IPRWA | high: 11.468 mean: 4.748 median: 3.413 KGS: 3.017 low: -0.296 |
|
| Price To Earnings (P/E) | 117.466 | |
| Price To Earnings QoQ | 18.076 % | |
| Price To Earnings YoY | 74.108 % | |
| Price To Earnings IPRWA | high: 302.331 KGS: 117.466 median: 80.738 mean: 71.666 low: -202.033 |
|
| PE/G Ratio | -17.325 | |
| Price To Sales (P/S) | 16.67 | |
| Price To Sales QoQ | 13.734 % | |
| Price To Sales YoY | 81.197 % | |
| Price To Sales IPRWA | high: 25.655 KGS: 16.67 mean: 10.913 median: 9.125 low: 0.524 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 86.529 | |
| Forward PE/G | -12.762 | |
| Forward P/S | 44.2 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.927 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.078 | |
| Asset Turnover Ratio QoQ | -0.268 % | |
| Asset Turnover Ratio YoY | 6.81 % | |
| Asset Turnover Ratio IPRWA | high: 0.46 mean: 0.15 median: 0.145 KGS: 0.078 low: 0.03 |
|
| Receivables Turnover | 1.561 | |
| Receivables Turnover Ratio QoQ | -1.577 % | |
| Receivables Turnover Ratio YoY | 15.646 % | |
| Receivables Turnover Ratio IPRWA | high: 3.739 mean: 1.815 KGS: 1.561 median: 1.399 low: 0.585 |
|
| Inventory Turnover | 2.114 | |
| Inventory Turnover Ratio QoQ | 13.348 % | |
| Inventory Turnover Ratio YoY | 16.996 % | |
| Inventory Turnover Ratio IPRWA | high: 14.393 mean: 2.69 KGS: 2.114 median: 1.616 low: 0.4 |
|
| Days Sales Outstanding (DSO) | 58.451 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 68.329 | |
| Cash Conversion Cycle Days QoQ | -4.905 % | |
| Cash Conversion Cycle Days YoY | -19.978 % | |
| Cash Conversion Cycle Days IPRWA | high: 289.787 median: 78.168 KGS: 68.329 mean: 64.273 low: -88.914 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.397 | |
| CapEx To Revenue | -0.512 | |
| CapEx To Depreciation | -2.546 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.9 B | |
| Net Invested Capital | $ 4.9 B | |
| Invested Capital | $ 4.9 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 163.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.377 | |
| Current Ratio | 1.447 | |
| Current Ratio QoQ | 13.345 % | |
| Current Ratio YoY | 31.209 % | |
| Current Ratio IPRWA | high: 6.932 mean: 2.027 median: 2.018 KGS: 1.447 low: 0.162 |
|
| Quick Ratio | 1.154 | |
| Quick Ratio QoQ | 16.77 % | |
| Quick Ratio YoY | 47.813 % | |
| Quick Ratio IPRWA | high: 5.317 median: 1.499 mean: 1.458 KGS: 1.154 low: 0.148 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.952 | |
| Cost Of Debt | 1.548 % | |
| Interest Coverage Ratio | 2.463 | |
| Interest Coverage Ratio QoQ | 73.076 % | |
| Interest Coverage Ratio YoY | 13.62 % | |
| Interest Coverage Ratio IPRWA | high: 25.702 mean: 8.761 median: 5.247 KGS: 2.463 low: -1.804 |
|
| Operating Cash Flow Ratio | 0.353 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 40.382 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.039 | |
| Dividend Payout Ratio | 0.962 | |
| Dividend Rate | $ 0.50 | |
| Dividend Yield | 0.008 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 22.382 % | |
| Revenue Growth | 13.119 % | |
| Revenue Growth QoQ | 238.817 % | |
| Revenue Growth YoY | -735.919 % | |
| Revenue Growth IPRWA | high: 41.85 % KGS: 13.119 % mean: 3.307 % median: 2.315 % low: -24.034 % |
|
| Earnings Growth | -6.78 % | |
| Earnings Growth QoQ | -106.124 % | |
| Earnings Growth YoY | -148.592 % | |
| Earnings Growth IPRWA | high: 238.462 % median: 10.345 % mean: -1.683 % KGS: -6.78 % low: -255.556 % |
|
| MARGINS | ||
| Gross Margin | 42.983 % | |
| Gross Margin QoQ | -3.621 % | |
| Gross Margin YoY | -1.901 % | |
| Gross Margin IPRWA | high: 86.321 % KGS: 42.983 % mean: 36.87 % median: 33.191 % low: -5.561 % |
|
| EBIT Margin | 31.524 % | |
| EBIT Margin QoQ | 57.141 % | |
| EBIT Margin YoY | 2.611 % | |
| EBIT Margin IPRWA | high: 78.229 % KGS: 31.524 % mean: 26.608 % median: 19.752 % low: -54.293 % |
|
| Return On Sales (ROS) | 32.521 % | |
| Return On Sales QoQ | 4.044 % | |
| Return On Sales YoY | -1.263 % | |
| Return On Sales IPRWA | high: 74.843 % KGS: 32.521 % mean: 26.04 % median: 16.652 % low: -28.155 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -100.74 M | |
| Free Cash Flow Yield | -1.545 % | |
| Free Cash Flow Yield QoQ | 65.951 % | |
| Free Cash Flow Yield YoY | -148.539 % | |
| Free Cash Flow Yield IPRWA | high: 8.358 % mean: 1.121 % median: 0.763 % KGS: -1.545 % low: -12.123 % |
|
| Free Cash Growth | 113.495 % | |
| Free Cash Growth QoQ | -185.191 % | |
| Free Cash Growth YoY | -27.763 % | |
| Free Cash Growth IPRWA | high: 627.16 % KGS: 113.495 % mean: 55.084 % median: 0.393 % low: -604.506 % |
|
| Free Cash To Net Income | -1.938 | |
| Cash Flow Margin | 32.987 % | |
| Cash Flow To Earnings | 2.483 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.04 % | |
| Return On Assets QoQ | 157.426 % | |
| Return On Assets YoY | 16.071 % | |
| Return On Assets IPRWA | high: 7.329 % median: 2.337 % mean: 2.308 % KGS: 1.04 % low: -3.517 % |
|
| Return On Capital Employed (ROCE) | 2.401 % | |
| Return On Equity (ROE) | 0.024 | |
| Return On Equity QoQ | 58.224 % | |
| Return On Equity YoY | -18.64 % | |
| Return On Equity IPRWA | high: 0.209 mean: 0.067 median: 0.034 KGS: 0.024 low: -0.147 |
|
| DuPont ROE | 3.119 % | |
| Return On Invested Capital (ROIC) | 1.798 % | |
| Return On Invested Capital QoQ | 18.445 % | |
| Return On Invested Capital YoY | -5.962 % | |
| Return On Invested Capital IPRWA | high: 11.567 % mean: 3.14 % median: 2.91 % KGS: 1.798 % low: -3.654 % |
|