Recent News
On July 29 the company announced FDA De Novo classification for its TESSA Spatial Surgery System, highlighting a regulatory milestone for personalized sports-medicine planning; on July 21 the firm rolled out an expanded enterprise ASC Solutions Strategy to drive ambulatory-surgery-center adoption; on July 15 it introduced the LYNX COBLATION Laryngeal Wand for ENT procedures; and earlier in June the company hosted an expert-surgeon insights event for investors. Additionally, a corporate filing in early June authorized potential equity issuance in connection with acquisitions or capital investments.
Technical Analysis
ADX at 43.97 indicates very strong trend strength, adding conviction to recent directional moves while not implying direction by itself.
Directional indicators show a bullish read: DI+ has executed a dip-and-reverse and is increasing, and DI- has peak-and-reversed and is decreasing—both configurations point to renewed upside directional pressure.
MACD sits at 7.95 below its signal line at 8.25, yet the MACD recently completed a dip-and-reversal, indicating bullish momentum building even while the oscillator remains marginally under its signal.
MRO of 37.31 registers positive, which implies price currently trades above WMDST’s target framework and creates a countervailing pressure toward mean reversion.
RSI at 68.47 with a dip-and-reversal shows buying pressure resumed and places the stock close to overbought territory, raising the probability of short-term consolidation if momentum stalls.
Price trades above key moving averages—price 12-day EMA at $186.14 (increasing), 20-day average $185.73, 50-day average $163.99 and 200-day average $126.45—supporting a bullish price bias versus trend-following benchmarks. Price also sits near the upper Bollinger band (1x upper $190.59; 2x upper $195.46), suggesting strength but indicating reduced upside elasticity without a fresh catalyst.
Volume at 2,064,847 exceeds the 10-day average and the 200-day average, confirming active participation behind recent advances; 42-day beta 0.72 implies lower short-term sensitivity to market swings while 52-week beta 1.48 highlights elevated longer-run sensitivity.
Fundamental Analysis
Revenue growth accelerated: total revenue $1,765,476,000 with YoY revenue growth of 37.33% while sequential revenue shows a QoQ decline of 176.18% (notation reflects the provided QoQ metric). The YoY expansion supports the narrative of product-driven top-line momentum.
Profitability measures compress relative to peer benchmarks: EBIT margin equals 9.72%, below the industry peer mean of 13.63% and well beneath the industry peer median of 20.50%, reflecting margin pressure versus typical peer levels. EBIT stands at $171,583,000 and EBITDA at $211,575,000.
Earnings per share outperformed expectations this period: EPS actual $1.26 versus estimate $1.13, an EPS surprise of +11.50%, indicating short-term operational upside versus consensus.
Cash flow and liquidity show strengths: operating cash flow $431,779,000, free cash flow $378,811,000 and a cash conversion ratio of 0.90369; cash and short-term investments $779,832,000 yield a cash ratio of 0.431 and current ratio 2.08, supporting near-term funding flexibility. Free-cash-flow yield at 1.92% sits above the industry peer mean of 0.96% per the provided peer comparison, but the free-cash-flow yield QoQ and YoY metrics point to recent contraction in yield terms.
Capital structure and leverage: total debt $913,016,000 with debt-to-EBITDA 4.32x and interest coverage about 21.75x, indicating manageable interest burden but modest leverage relative to cash-generation. Debt-to-assets 16.33% declined QoQ and YoY, evidencing deleveraging progress.
Key efficiency metrics: asset turnover 0.33278 (above the industry peer mean of 0.18847), days inventory outstanding ~138 and cash conversion cycle ~132 days in line with the peer mean, showing operational scale but elevated working-capital duration.
Valuation context: trailing P/E 110.98 and forward P/E 65.21 reflect elevated multiples; enterprise value roughly $19.84B with enterprise multiple 93.77. WMDST values the stock as over-valued. Price-target mean provided at $212.84 sits above current price, but multiples and MRO dynamics imply limited upside without margin expansion or faster cash-yield improvement.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-05 |
| NEXT REPORT DATE: | 2026-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 511.8 M |
| Operating Cash Flow | $ 431.8 M | |
| Capital Expenditures | $ -52.97 M | |
| Change In Working Capital | $ 224.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 268.1 M | |
| End Period Cash Flow | $ 779.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 917.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 905.1 M | |
| Depreciation | — | |
| Depreciation and Amortization | $ 40.0 M | |
| Research and Development | $ 109.3 M | |
| Total Operating Expenses | $ 1.6 B | |
| PROFITABILITY | ||
| Gross Profit | $ 860.3 M | |
| EBITDA | $ 211.6 M | |
| EBIT | $ 171.6 M | |
| Operating Income | $ 179.4 M | |
| Interest Income | — | |
| Interest Expense | $ 7.9 M | |
| Net Interest Income | $ -7.89 M | |
| Income Before Tax | $ 163.7 M | |
| Tax Provision | $ 33.9 M | |
| Tax Rate | 20.7 % | |
| Net Income | $ 129.8 M | |
| Net Income From Continuing Operations | $ 129.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.13 | |
| EPS Actual | $ 1.26 | |
| EPS Difference | $ 0.13 | |
| EPS Surprise | 11.504 % | |
| Forward EPS | $ 1.92 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.6 B | |
| Intangible Assets | $ 1.3 B | |
| Net Tangible Assets | $ 1.6 B | |
| Total Current Assets | $ 3.8 B | |
| Cash and Short-Term Investments | $ 779.8 M | |
| Cash | $ 779.8 M | |
| Net Receivables | $ 1.6 B | |
| Inventory | $ 1.1 B | |
| Long-Term Investments | $ 69.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 760.8 M | |
| Short-Term Debt | $ 39.3 M | |
| Total Current Liabilities | $ 1.8 B | |
| Net Debt | — | |
| Total Debt | $ 913.0 M | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 2.8 B | |
| Retained Earnings | $ 1.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.18 | |
| Shares Outstanding | 140.917 M | |
| Revenue Per-Share | $ 12.53 | |
| VALUATION | Market Capitalization | $ 19.7 B |
| Enterprise Value | $ 19.8 B | |
| Enterprise Multiple | 93.768 | |
| Enterprise Multiple QoQ | 9.963 % | |
| Enterprise Multiple YoY | 32.834 % | |
| Enterprise Multiple IPRWA | high: 418.578 SN: 93.768 mean: 64.076 median: 45.726 low: -170.556 |
|
| EV/R | 11.237 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.967 | |
| Asset To Liability | 2.034 | |
| Debt To Capital | 0.243 | |
| Debt To Assets | 0.163 | |
| Debt To Assets QoQ | -4.827 % | |
| Debt To Assets YoY | -19.345 % | |
| Debt To Assets IPRWA | high: 1.174 median: 0.301 mean: 0.293 SN: 0.163 low: 0.018 |
|
| Debt To Equity | 0.321 | |
| Debt To Equity QoQ | 3.062 % | |
| Debt To Equity YoY | -22.855 % | |
| Debt To Equity IPRWA | high: 1.558 median: 0.565 mean: 0.46 SN: 0.321 low: -0.505 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.93 | |
| Price To Book QoQ | 19.108 % | |
| Price To Book YoY | -1.196 % | |
| Price To Book IPRWA | high: 21.577 SN: 6.93 mean: 5.367 median: 2.286 low: -4.924 |
|
| Price To Earnings (P/E) | 110.984 | |
| Price To Earnings QoQ | 6.627 % | |
| Price To Earnings YoY | 3.817 % | |
| Price To Earnings IPRWA | high: 344.308 SN: 110.984 mean: 66.855 median: 50.112 low: -330.559 |
|
| PE/G Ratio | 7.116 | |
| Price To Sales (P/S) | 11.162 | |
| Price To Sales QoQ | -1.916 % | |
| Price To Sales YoY | 4.145 % | |
| Price To Sales IPRWA | high: 66.384 mean: 23.128 median: 14.212 SN: 11.162 low: 0.867 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 65.213 | |
| Forward PE/G | 4.181 | |
| Forward P/S | 21.889 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.452 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.333 | |
| Asset Turnover Ratio QoQ | 22.103 % | |
| Asset Turnover Ratio YoY | 0.356 % | |
| Asset Turnover Ratio IPRWA | high: 0.581 SN: 0.333 mean: 0.188 median: 0.162 low: 0.001 |
|
| Receivables Turnover | 1.155 | |
| Receivables Turnover Ratio QoQ | 28.439 % | |
| Receivables Turnover Ratio YoY | -5.467 % | |
| Receivables Turnover Ratio IPRWA | high: 3.342 mean: 1.639 median: 1.509 SN: 1.155 low: 0.261 |
|
| Inventory Turnover | 0.831 | |
| Inventory Turnover Ratio QoQ | 17.908 % | |
| Inventory Turnover Ratio YoY | 14.274 % | |
| Inventory Turnover Ratio IPRWA | high: 3.542 mean: 1.105 median: 0.843 SN: 0.831 low: 0.055 |
|
| Days Sales Outstanding (DSO) | 79.019 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 132.02 | |
| Cash Conversion Cycle Days QoQ | -1.306 % | |
| Cash Conversion Cycle Days YoY | -10.159 % | |
| Cash Conversion Cycle Days IPRWA | high: 355.423 mean: 132.357 SN: 132.02 median: 116.664 low: -70.443 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.904 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.5 B | |
| Net Invested Capital | $ 3.6 B | |
| Invested Capital | $ 3.6 B | |
| Net Tangible Assets | $ 1.6 B | |
| Net Working Capital | $ 2.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.431 | |
| Current Ratio | 2.08 | |
| Current Ratio QoQ | -12.487 % | |
| Current Ratio YoY | 7.029 % | |
| Current Ratio IPRWA | high: 11.702 mean: 2.542 median: 2.126 SN: 2.08 low: 0.413 |
|
| Quick Ratio | 1.448 | |
| Quick Ratio QoQ | -10.785 % | |
| Quick Ratio YoY | 20.532 % | |
| Quick Ratio IPRWA | high: 11.177 mean: 2.026 median: 1.616 SN: 1.448 low: 0.336 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.315 | |
| Cost Of Debt | 0.705 % | |
| Interest Coverage Ratio | 21.747 | |
| Interest Coverage Ratio QoQ | -6.815 % | |
| Interest Coverage Ratio YoY | 53.787 % | |
| Interest Coverage Ratio IPRWA | high: 70.269 SN: 21.747 median: 11.42 mean: 4.271 low: -88.121 |
|
| Operating Cash Flow Ratio | 0.073 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 85.442 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 11.436 % | |
| Revenue Growth | 24.962 % | |
| Revenue Growth QoQ | -176.176 % | |
| Revenue Growth YoY | 37.327 % | |
| Revenue Growth IPRWA | high: 28.183 % SN: 24.962 % median: 8.466 % mean: 7.597 % low: -6.025 % |
|
| Earnings Growth | 15.596 % | |
| Earnings Growth QoQ | -135.834 % | |
| Earnings Growth YoY | 35.688 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 19.945 % SN: 15.596 % median: 8.824 % low: -81.25 % |
|
| MARGINS | ||
| Gross Margin | 48.731 % | |
| Gross Margin QoQ | -0.935 % | |
| Gross Margin YoY | -0.573 % | |
| Gross Margin IPRWA | high: 89.754 % median: 64.456 % mean: 60.53 % SN: 48.731 % low: 31.392 % |
|
| EBIT Margin | 9.719 % | |
| EBIT Margin QoQ | -10.949 % | |
| EBIT Margin YoY | -27.858 % | |
| EBIT Margin IPRWA | high: 35.132 % median: 20.496 % mean: 13.625 % SN: 9.719 % low: -67.441 % |
|
| Return On Sales (ROS) | 10.16 % | |
| Return On Sales QoQ | -12.752 % | |
| Return On Sales YoY | -12.954 % | |
| Return On Sales IPRWA | high: 34.98 % median: 20.526 % mean: 13.298 % SN: 10.16 % low: -86.026 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 378.8 M | |
| Free Cash Flow Yield | 1.922 % | |
| Free Cash Flow Yield QoQ | -258.712 % | |
| Free Cash Flow Yield YoY | -910.97 % | |
| Free Cash Flow Yield IPRWA | high: 7.0 % SN: 1.922 % mean: 0.958 % median: 0.837 % low: -8.727 % |
|
| Free Cash Growth | -294.627 % | |
| Free Cash Growth QoQ | 114.755 % | |
| Free Cash Growth YoY | 391.241 % | |
| Free Cash Growth IPRWA | high: 447.609 % mean: 1.783 % median: -9.348 % SN: -294.627 % low: -491.065 % |
|
| Free Cash To Net Income | 2.918 | |
| Cash Flow Margin | 7.457 % | |
| Cash Flow To Earnings | 1.014 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.447 % | |
| Return On Assets QoQ | 4.439 % | |
| Return On Assets YoY | -23.627 % | |
| Return On Assets IPRWA | high: 10.633 % SN: 2.447 % mean: 1.873 % median: 1.348 % low: -18.798 % |
|
| Return On Capital Employed (ROCE) | 4.536 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | 3.867 % | |
| Return On Equity YoY | -27.787 % | |
| Return On Equity IPRWA | high: 0.539 mean: 0.063 SN: 0.046 median: 0.025 low: -0.544 |
|
| DuPont ROE | 4.631 % | |
| Return On Invested Capital (ROIC) | 3.822 % | |
| Return On Invested Capital QoQ | 5.087 % | |
| Return On Invested Capital YoY | -24.63 % | |
| Return On Invested Capital IPRWA | high: 13.429 % SN: 3.822 % mean: 2.957 % median: 1.784 % low: -12.224 % |
|