Recent News
On June 16, 2026 Olin and Huntsman announced an all‑stock merger of equals to form a combined North American chemicals company, described publicly as creating a $12+ billion integrated business and identifying targeted synergies. A related registration statement and shareholder meeting scheduling followed, with filings indicating special meetings for shareholders to consider the transaction.
Technical Analysis
ADX reads 31.56, signaling a strong market trend strength that amplifies directional bias and increases the likelihood that recent momentum persists into the near term.
DI+ at 14.25 with a peak‑and‑reversal indicates bearish directional pressure; that contraction of upside directional force weighs on short‑term price bias relative to recent levels.
DI‑ at 31.27 with a peak‑and‑reversal indicates decreasing downward pressure, which provides some countervailing support to the sell‑side momentum.
MACD sits at -0.90 with a peak‑and‑reversal and remains below its signal line (-0.84), indicating bearish momentum and no bullish MACD crossover at present.
MRO equals -9.17 (negative) with a peak‑and‑reversal; price sits below WMDST’s target, implying upward mean‑reversion potential against the prevailing bearish momentum.
RSI at 38.64 and decreasing reflects below‑neutral momentum and proximity to oversold conditions, increasing the probability of short‑term mean reversion if buying interest returns.
Price trades beneath major moving averages: the 20‑day average at $18.59, 50‑day at $20.63, and 200‑day at $23.19, with the 12‑day EMA trending down — a technical profile consistent with a breakdown phase and resistance clustered near $18.6–$19.2 (20‑day and supertrend upper).
Bollinger bands place the lower 2× band near $17.42 while the close at $17.37 sits below that band, indicating an extreme short‑term deviation from recent volatility bands and a heightened probability of a corrective bounce toward the band center.
Fundamental Analysis
Revenue totaled $1,741.9M; YoY revenue growth equals 44.64% while sequential revenue shows a QoQ decline of 303.57%, reflecting significant seasonal or base‑comparison dynamics. Gross profit stands at $170.2M and gross margin at 9.771% (up 24.41% YoY), supporting operating leverage in higher‑margin segments.
EBIT equals $48.1M and EBIT margin reads 2.761%, down 158.20% QoQ but up 21.36% YoY. That EBIT margin sits below the industry peer mean of 8.117% and slightly below the industry peer median of 2.946%, indicating margin performance closer to the middle of the peer range but trailing the peer average.
EPS came in at $0.07 versus an estimate of $0.10, representing an EPS surprise of -30.0% (EPS undershoot). Forward EPS near $0.198 implies a forward PE of 110.5, while the trailing PE is negative due to a modest net loss of $13.3M; those multiples reflect limited near‑term earnings visibility.
Balance sheet and liquidity: total debt $3,407.5M with net debt $2,851.7M against cash $177.4M. Debt‑to‑assets at 45.80% sits above the industry peer mean of 37.24% and the debt‑to‑EBITDA ratio at ~20.0x indicates high leverage relative to operating cash generation, while interest coverage approx. 1.09 signals constrained headline coverage for interest expense.
Operating cash flow remained small at $7.9M and free cash flow registered negative $21.1M with a free cash flow yield of -0.79%; WMDST notes negative free cash flow and low operating cash generation as near‑term pressure points for funding integration and servicing leverage.
Asset efficiency shows an asset turnover ratio of 0.235 (slightly above the industry peer mean of 0.219), while return on equity and return on assets read roughly -0.78% and -0.18% respectively, with YoY improvements reported in the dataset. Book value per share approximates $15.01 and P/B equals 1.56, marginally above the industry peer mean of 1.21 but well inside the peer range.
Valuation context: enterprise value multiples and EVR sit elevated (EVR ≈ 3.38; enterprise multiple ≈ 34.63) while WMDST currently values the stock as under‑valued given the combination of asset base, identified merger synergies, and the present discounted market pricing; however, leverage and weak free cash flow present tangible valuation risk until integration and cash conversion improve.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-30 |
| NEXT REPORT DATE: | 2026-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 192.2 M |
| Operating Cash Flow | $ 7.9 M | |
| Capital Expenditures | $ -29.00 M | |
| Change In Working Capital | $ -135.90 M | |
| Dividends Paid | $ -22.80 M | |
| Cash Flow Delta | $ -14.80 M | |
| End Period Cash Flow | $ 177.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.7 B | |
| Forward Revenue | $ -737.54 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 122.1 M | |
| Depreciation and Amortization | $ 122.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 170.2 M | |
| EBITDA | $ 170.2 M | |
| EBIT | $ 48.1 M | |
| Operating Income | $ 67.6 M | |
| Interest Income | — | |
| Interest Expense | $ 44.3 M | |
| Net Interest Income | $ -44.30 M | |
| Income Before Tax | $ 3.8 M | |
| Tax Provision | $ 17.1 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -13.30 M | |
| Net Income From Continuing Operations | $ -13.30 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.07 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -30.0 % | |
| Forward EPS | $ 0.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.4 B | |
| Intangible Assets | $ 1.6 B | |
| Net Tangible Assets | $ 128.1 M | |
| Total Current Assets | $ 2.2 B | |
| Cash and Short-Term Investments | $ 177.4 M | |
| Cash | $ 177.4 M | |
| Net Receivables | $ 895.6 M | |
| Inventory | $ 847.2 M | |
| Long-Term Investments | $ 68.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 910.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 2.9 B | |
| Total Debt | $ 3.4 B | |
| Total Liabilities | $ 5.7 B | |
| EQUITY | ||
| Total Equity | $ 1.7 B | |
| Retained Earnings | $ 2.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.01 | |
| Shares Outstanding | 113.980 M | |
| Revenue Per-Share | $ 15.28 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 5.9 B | |
| Enterprise Multiple | 34.627 | |
| Enterprise Multiple QoQ | -76.226 % | |
| Enterprise Multiple YoY | 7.189 % | |
| Enterprise Multiple IPRWA | high: 66.55 mean: 34.973 OLN: 34.627 median: 34.382 low: 10.245 |
|
| EV/R | 3.383 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.348 | |
| Asset To Liability | 1.299 | |
| Debt To Capital | 0.666 | |
| Debt To Assets | 0.458 | |
| Debt To Assets QoQ | 1.717 % | |
| Debt To Assets YoY | 6.928 % | |
| Debt To Assets IPRWA | high: 0.575 OLN: 0.458 mean: 0.372 median: 0.348 low: 0.003 |
|
| Debt To Equity | 1.991 | |
| Debt To Equity QoQ | 4.295 % | |
| Debt To Equity YoY | 18.66 % | |
| Debt To Equity IPRWA | high: 2.945 OLN: 1.991 mean: 1.389 median: 0.929 low: 0.004 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.556 | |
| Price To Book QoQ | -10.427 % | |
| Price To Book YoY | 25.439 % | |
| Price To Book IPRWA | high: 3.084 OLN: 1.556 mean: 1.215 median: 0.948 low: 0.809 |
|
| Price To Earnings (P/E) | -1168.401 | |
| Price To Earnings QoQ | 1357.39 % | |
| Price To Earnings YoY | -208.898 % | |
| Price To Earnings IPRWA | high: 55.498 median: 49.72 mean: 24.943 low: -13.515 OLN: -1168.401 |
|
| PE/G Ratio | 12.438 | |
| Price To Sales (P/S) | 1.529 | |
| Price To Sales QoQ | -19.673 % | |
| Price To Sales YoY | 10.718 % | |
| Price To Sales IPRWA | high: 6.738 mean: 1.82 OLN: 1.529 median: 1.309 low: 1.268 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 110.54 | |
| Forward PE/G | -1.177 | |
| Forward P/S | -3.165 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -16.343 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.235 | |
| Asset Turnover Ratio QoQ | 9.185 % | |
| Asset Turnover Ratio YoY | 2.606 % | |
| Asset Turnover Ratio IPRWA | high: 0.315 OLN: 0.235 median: 0.232 mean: 0.219 low: 0.094 |
|
| Receivables Turnover | 2.035 | |
| Receivables Turnover Ratio QoQ | 1.456 % | |
| Receivables Turnover Ratio YoY | 13.901 % | |
| Receivables Turnover Ratio IPRWA | high: 14.36 mean: 3.955 OLN: 2.035 median: 2.008 low: 1.526 |
|
| Inventory Turnover | 1.877 | |
| Inventory Turnover Ratio QoQ | 0.375 % | |
| Inventory Turnover Ratio YoY | 3.953 % | |
| Inventory Turnover Ratio IPRWA | OLN: 1.877 high: 1.558 median: 1.558 mean: 1.134 low: 0.536 |
|
| Days Sales Outstanding (DSO) | 44.834 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 40.375 | |
| Cash Conversion Cycle Days QoQ | -5.072 % | |
| Cash Conversion Cycle Days YoY | -24.598 % | |
| Cash Conversion Cycle Days IPRWA | high: 177.432 mean: 85.64 median: 48.789 OLN: 40.375 low: -2.025 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.701 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -0.238 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.7 B | |
| Net Invested Capital | $ 4.7 B | |
| Invested Capital | $ 4.7 B | |
| Net Tangible Assets | $ 128.1 M | |
| Net Working Capital | $ 644.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.115 | |
| Current Ratio | 1.418 | |
| Current Ratio QoQ | 4.39 % | |
| Current Ratio YoY | -4.147 % | |
| Current Ratio IPRWA | high: 9.024 mean: 2.646 median: 2.549 OLN: 1.418 low: 1.325 |
|
| Quick Ratio | 0.869 | |
| Quick Ratio QoQ | 5.651 % | |
| Quick Ratio YoY | -1.788 % | |
| Quick Ratio IPRWA | high: 7.273 mean: 1.672 OLN: 0.869 median: 0.813 low: 0.781 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 20.021 | |
| Cost Of Debt | 0.791 % | |
| Interest Coverage Ratio | 1.086 | |
| Interest Coverage Ratio QoQ | -162.458 % | |
| Interest Coverage Ratio YoY | 27.036 % | |
| Interest Coverage Ratio IPRWA | high: 17.124 mean: 4.114 median: 2.13 OLN: 1.086 low: -0.196 |
|
| Operating Cash Flow Ratio | 0.005 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 55.145 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -0.583 | |
| Dividend Payout Ratio | -1.714 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.009 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.18 % | |
| Revenue Growth | 10.038 % | |
| Revenue Growth QoQ | -303.569 % | |
| Revenue Growth YoY | 44.64 % | |
| Revenue Growth IPRWA | high: 17.113 % median: 14.211 % mean: 11.761 % OLN: 10.038 % low: -2.805 % |
|
| Earnings Growth | -93.939 % | |
| Earnings Growth QoQ | 93.937 % | |
| Earnings Growth YoY | 181.82 % | |
| Earnings Growth IPRWA | high: 188.235 % mean: 30.663 % median: 22.941 % OLN: -93.939 % low: -300.0 % |
|
| MARGINS | ||
| Gross Margin | 9.771 % | |
| Gross Margin QoQ | 104.073 % | |
| Gross Margin YoY | 24.408 % | |
| Gross Margin IPRWA | high: 35.622 % mean: 17.298 % median: 14.732 % OLN: 9.771 % low: 6.336 % |
|
| EBIT Margin | 2.761 % | |
| EBIT Margin QoQ | -158.2 % | |
| EBIT Margin YoY | 21.363 % | |
| EBIT Margin IPRWA | high: 29.505 % mean: 8.117 % median: 2.946 % OLN: 2.761 % low: -1.267 % |
|
| Return On Sales (ROS) | 3.881 % | |
| Return On Sales QoQ | -188.79 % | |
| Return On Sales YoY | 59.843 % | |
| Return On Sales IPRWA | high: 29.388 % mean: 6.51 % OLN: 3.881 % median: 1.443 % low: -1.959 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -21.10 M | |
| Free Cash Flow Yield | -0.792 % | |
| Free Cash Flow Yield QoQ | -74.143 % | |
| Free Cash Flow Yield YoY | -110.608 % | |
| Free Cash Flow Yield IPRWA | high: 15.0 % median: 5.451 % mean: 3.153 % OLN: -0.792 % low: -4.134 % |
|
| Free Cash Growth | -77.14 % | |
| Free Cash Growth QoQ | -43.162 % | |
| Free Cash Growth YoY | -65.408 % | |
| Free Cash Growth IPRWA | high: 12.16 % median: -1.099 % OLN: -77.14 % mean: -79.593 % low: -349.569 % |
|
| Free Cash To Net Income | 1.586 | |
| Cash Flow Margin | 0.471 % | |
| Cash Flow To Earnings | -0.617 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.18 % | |
| Return On Assets QoQ | -84.085 % | |
| Return On Assets YoY | 958.824 % | |
| Return On Assets IPRWA | high: 1.922 % median: -0.084 % OLN: -0.18 % mean: -0.237 % low: -2.848 % |
|
| Return On Capital Employed (ROCE) | 0.816 % | |
| Return On Equity (ROE) | -0.008 | |
| Return On Equity QoQ | -83.765 % | |
| Return On Equity YoY | 1077.273 % | |
| Return On Equity IPRWA | high: 0.056 median: -0.002 OLN: -0.008 mean: -0.02 low: -0.147 |
|
| DuPont ROE | -0.772 % | |
| Return On Invested Capital (ROIC) | 0.609 % | |
| Return On Invested Capital QoQ | -154.668 % | |
| Return On Invested Capital YoY | -4.545 % | |
| Return On Invested Capital IPRWA | high: 13.387 % mean: 2.714 % median: 0.615 % OLN: 0.609 % low: -0.15 % |
|