Recent News
On June 22, 2026 Aviat announced that Nextlink Internet expanded its agreement to deploy Aviat microwave, E‑Band and multi‑band systems as part of BEAD‑funded rural broadband buildouts across a 12‑state footprint, supporting thousands of unserved locations.
Technical Analysis
The Average Directional Index at 12.4 indicates no established trend; the market currently lacks directional strength, which raises the probability of rangebound trading rather than a sustained breakout or breakdown.
Directional indicators show bearish alignment: DI+ recorded a peak‑and‑reversal while DI‑ registered a dip‑and‑reversal, creating a conflict that resolves toward downside pressure given DI+ now decreasing and DI‑ increasing.
Momentum measures reinforce bearish momentum. MACD sits at -0.29, below the signal line (-0.05), with a peak‑and‑reversal pattern evident; that configuration denotes falling momentum and short‑term bearish bias.
MRO at -27.72 places price below the model target, signaling mean‑reversion upside potential from current levels; the decreasing MRO trend weakens that potential over the near term but preserves the possibility of short squeezes into resistance zones.
RSI at 48.7, coupled with a peak‑and‑reversal, aligns with weakening internals rather than oversold strength; the oscillator sits near neutral but favors downward momentum.
Price momentum versus averages reads bearish: the close at $19.32 sits below the 20‑day ($20.50), 50‑day ($20.84) and 200‑day ($21.44) averages, and the 12‑day EMA shows a peak‑and‑reversal. Bollinger bands place the close marginally below the 1× lower band ($19.43), suggesting short‑term oversold conditions inside a broader downward bias. SuperTrend upper resistance sits near $21.71 and forms a clear cap above current price.
Volatility and volume context: 42‑day beta of 2.19 signals elevated short‑term volatility; ten‑day average volume runs slightly above the most recent session, supporting episodic liquidity but not consistent buying pressure.
Fundamental Analysis
Profitability and margins present mixed signals relative to peers. Operating margin stands at 1.26% and EBIT margin at -0.46%. EBIT margin narrowed substantially QoQ (change of -105.12%) and YoY (change of -108.34%), reflecting margin compression over the last quarter and year. The company reported EBIT of $-461,000 and EBITDA of $964,000 for the period ending 2026‑03‑31.
Revenue and earnings: total revenue equals $100.0M for the period; reported EPS came in at $0.64 versus an estimate of $0.55, an EPS beat of $0.09 or +16.36% on that metric. Forward EPS of $0.7475 produces a forward P/E of 34.74.
- Valuation Metrics: trailing P/E 384.43; price/book 1.10; price/sales 2.98; enterprise value/revenue 3.27. WMDST values the stock as over‑valued given the combination of stretched P/E and enterprise multiple.
- Cash & Liquidity: cash and short‑term investments total $78.13M; current ratio 1.99; quick ratio 1.67—liquidity sits above the industry peer mean for current ratio but cash conversion shows strain (cash conversion cycle ~112.8 days).
- Leverage & Coverage: total debt $106.67M, debt/EBITDA ~110.65, and interest coverage negative, indicating limited near‑term cushion if operating cash flow weakens further.
Comparisons to industry peer measures where available: EBIT margin at -0.46% sits well below the industry peer mean (≈25.64%) and industry peer median (≈26.17%), and gross margin of 29.28% sits below the industry peer mean and median. Price/book at ~1.10 sits below the industry peer mean and median values reported for peers, while trailing P/E runs materially above the industry peer mean and approaches the high end of the peer range. These relative positions support WMDST’s over‑valued determination: valuation multiples incorporate growth expectations that current margin and free‑cash flow metrics do not yet substantiate.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-27 |
| NEXT REPORT DATE: | 2026-11-26 |
| CASH FLOW | Begin Period Cash Flow | $ 88.7 M |
| Operating Cash Flow | $ -1.70 M | |
| Capital Expenditures | $ -3.69 M | |
| Change In Working Capital | $ -418.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -8.42 M | |
| End Period Cash Flow | $ 80.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 100.0 M | |
| Forward Revenue | $ -116.92 M | |
| COSTS | ||
| Cost Of Revenue | $ 70.7 M | |
| Depreciation | $ 706.0 K | |
| Depreciation and Amortization | $ 1.4 M | |
| Research and Development | $ 7.7 M | |
| Total Operating Expenses | $ 98.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 29.3 M | |
| EBITDA | $ 964.0 K | |
| EBIT | $ -461.00 K | |
| Operating Income | $ 1.3 M | |
| Interest Income | — | |
| Interest Expense | $ 1.8 M | |
| Net Interest Income | $ -1.85 M | |
| Income Before Tax | $ -2.31 M | |
| Tax Provision | $ -244.00 K | |
| Tax Rate | 10.567 % | |
| Net Income | $ -2.06 M | |
| Net Income From Continuing Operations | $ -2.06 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.55 | |
| EPS Actual | $ 0.64 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 16.364 % | |
| Forward EPS | $ 0.75 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 616.5 M | |
| Intangible Assets | $ 43.9 M | |
| Net Tangible Assets | $ 227.9 M | |
| Total Current Assets | $ 450.4 M | |
| Cash and Short-Term Investments | $ 78.1 M | |
| Cash | $ 78.1 M | |
| Net Receivables | $ 187.6 M | |
| Inventory | $ 72.6 M | |
| Long-Term Investments | $ 14.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 112.1 M | |
| Short-Term Debt | $ 5.6 M | |
| Total Current Liabilities | $ 226.3 M | |
| Net Debt | $ 26.1 M | |
| Total Debt | $ 106.7 M | |
| Total Liabilities | $ 344.8 M | |
| EQUITY | ||
| Total Equity | $ 271.8 M | |
| Retained Earnings | $ -573.36 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.04 | |
| Shares Outstanding | 12.919 M | |
| Revenue Per-Share | $ 7.74 | |
| VALUATION | Market Capitalization | $ 298.0 M |
| Enterprise Value | $ 326.5 M | |
| Enterprise Multiple | 338.716 | |
| Enterprise Multiple QoQ | 1221.72 % | |
| Enterprise Multiple YoY | 927.841 % | |
| Enterprise Multiple IPRWA | AVNW: 338.716 high: 175.384 mean: 87.474 median: 68.042 low: -157.605 |
|
| EV/R | 3.265 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.269 | |
| Asset To Liability | 1.788 | |
| Debt To Capital | 0.282 | |
| Debt To Assets | 0.173 | |
| Debt To Assets QoQ | 5.276 % | |
| Debt To Assets YoY | 40.294 % | |
| Debt To Assets IPRWA | high: 0.642 mean: 0.246 median: 0.244 AVNW: 0.173 low: 0.01 |
|
| Debt To Equity | 0.392 | |
| Debt To Equity QoQ | -1.622 % | |
| Debt To Equity YoY | 29.724 % | |
| Debt To Equity IPRWA | high: 3.851 mean: 0.925 median: 0.63 AVNW: 0.392 low: -2.127 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.096 | |
| Price To Book QoQ | 7.433 % | |
| Price To Book YoY | 18.277 % | |
| Price To Book IPRWA | high: 29.004 mean: 9.768 median: 6.366 AVNW: 1.096 low: -8.728 |
|
| Price To Earnings (P/E) | 384.425 | |
| Price To Earnings QoQ | 849.887 % | |
| Price To Earnings YoY | 1708.458 % | |
| Price To Earnings IPRWA | high: 391.742 AVNW: 384.425 median: 130.165 mean: 124.879 low: -227.806 |
|
| PE/G Ratio | -4.325 | |
| Price To Sales (P/S) | 2.98 | |
| Price To Sales QoQ | 19.827 % | |
| Price To Sales YoY | 41.37 % | |
| Price To Sales IPRWA | high: 43.363 median: 19.792 mean: 17.64 AVNW: 2.98 low: 0.753 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.74 | |
| Forward PE/G | -0.391 | |
| Forward P/S | -2.749 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 10.166 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.157 | |
| Asset Turnover Ratio QoQ | -8.402 % | |
| Asset Turnover Ratio YoY | -14.938 % | |
| Asset Turnover Ratio IPRWA | high: 0.474 mean: 0.159 AVNW: 0.157 median: 0.132 low: 0.043 |
|
| Receivables Turnover | 0.512 | |
| Receivables Turnover Ratio QoQ | -11.93 % | |
| Receivables Turnover Ratio YoY | -21.675 % | |
| Receivables Turnover Ratio IPRWA | high: 3.425 mean: 2.013 median: 1.731 low: 0.53 AVNW: 0.512 |
|
| Inventory Turnover | 0.948 | |
| Inventory Turnover Ratio QoQ | 0.998 % | |
| Inventory Turnover Ratio YoY | 9.608 % | |
| Inventory Turnover Ratio IPRWA | high: 2.855 median: 1.25 mean: 1.093 AVNW: 0.948 low: 0.204 |
|
| Days Sales Outstanding (DSO) | 178.273 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 112.758 | |
| Cash Conversion Cycle Days QoQ | 48.317 % | |
| Cash Conversion Cycle Days YoY | 32.33 % | |
| Cash Conversion Cycle Days IPRWA | high: 380.347 AVNW: 112.758 mean: 101.937 median: 63.709 low: -108.637 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.446 | |
| CapEx To Revenue | -0.037 | |
| CapEx To Depreciation | -5.22 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 370.4 M | |
| Net Invested Capital | $ 376.0 M | |
| Invested Capital | $ 376.0 M | |
| Net Tangible Assets | $ 227.9 M | |
| Net Working Capital | $ 224.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.345 | |
| Current Ratio | 1.99 | |
| Current Ratio QoQ | 7.638 % | |
| Current Ratio YoY | 22.955 % | |
| Current Ratio IPRWA | high: 6.25 AVNW: 1.99 mean: 1.739 median: 1.071 low: 0.73 |
|
| Quick Ratio | 1.669 | |
| Quick Ratio QoQ | 6.868 % | |
| Quick Ratio YoY | 29.566 % | |
| Quick Ratio IPRWA | high: 3.505 AVNW: 1.669 mean: 1.402 median: 0.858 low: 0.548 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 110.651 | |
| Cost Of Debt | 1.537 % | |
| Interest Coverage Ratio | -0.249 | |
| Interest Coverage Ratio QoQ | -104.745 % | |
| Interest Coverage Ratio YoY | -106.238 % | |
| Interest Coverage Ratio IPRWA | high: 48.917 mean: 11.72 median: 10.854 AVNW: -0.249 low: -29.31 |
|
| Operating Cash Flow Ratio | -0.064 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 155.86 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -6.493 % | |
| Revenue Growth | -10.289 % | |
| Revenue Growth QoQ | -365.934 % | |
| Revenue Growth YoY | 118.868 % | |
| Revenue Growth IPRWA | high: 33.034 % median: 3.131 % mean: -1.169 % AVNW: -10.289 % low: -71.127 % |
|
| Earnings Growth | -88.889 % | |
| Earnings Growth QoQ | -447.481 % | |
| Earnings Growth YoY | -1314.828 % | |
| Earnings Growth IPRWA | high: 100.0 % median: 4.0 % mean: -4.673 % AVNW: -88.889 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 29.282 % | |
| Gross Margin QoQ | -9.584 % | |
| Gross Margin YoY | -16.064 % | |
| Gross Margin IPRWA | high: 74.628 % median: 61.897 % mean: 56.028 % AVNW: 29.282 % low: 16.069 % |
|
| EBIT Margin | -0.461 % | |
| EBIT Margin QoQ | -105.123 % | |
| EBIT Margin YoY | -108.341 % | |
| EBIT Margin IPRWA | high: 43.259 % median: 26.165 % mean: 25.644 % AVNW: -0.461 % low: -43.884 % |
|
| Return On Sales (ROS) | 1.262 % | |
| Return On Sales QoQ | -80.75 % | |
| Return On Sales YoY | -77.167 % | |
| Return On Sales IPRWA | high: 42.739 % mean: 25.02 % median: 24.868 % AVNW: 1.262 % low: -43.884 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -5.39 M | |
| Free Cash Flow Yield | -1.808 % | |
| Free Cash Flow Yield QoQ | -122.299 % | |
| Free Cash Flow Yield YoY | 266.734 % | |
| Free Cash Flow Yield IPRWA | high: 5.14 % mean: 0.611 % median: 0.507 % AVNW: -1.808 % low: -22.413 % |
|
| Free Cash Growth | -123.972 % | |
| Free Cash Growth QoQ | -53.546 % | |
| Free Cash Growth YoY | 16.502 % | |
| Free Cash Growth IPRWA | high: 215.137 % mean: -22.219 % median: -46.729 % AVNW: -123.972 % low: -229.917 % |
|
| Free Cash To Net Income | 2.609 | |
| Cash Flow Margin | -14.462 % | |
| Cash Flow To Earnings | 7.003 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.324 % | |
| Return On Assets QoQ | -136.902 % | |
| Return On Assets YoY | -156.153 % | |
| Return On Assets IPRWA | high: 4.977 % mean: 2.667 % median: 2.597 % AVNW: -0.324 % low: -5.098 % |
|
| Return On Capital Employed (ROCE) | -0.118 % | |
| Return On Equity (ROE) | -0.008 | |
| Return On Equity QoQ | -136.105 % | |
| Return On Equity YoY | -155.152 % | |
| Return On Equity IPRWA | high: 0.239 mean: 0.073 median: 0.067 AVNW: -0.008 low: -0.295 |
|
| DuPont ROE | -0.76 % | |
| Return On Invested Capital (ROIC) | -0.11 % | |
| Return On Invested Capital QoQ | -105.873 % | |
| Return On Invested Capital YoY | -107.719 % | |
| Return On Invested Capital IPRWA | high: 6.911 % median: 4.495 % mean: 4.256 % AVNW: -0.11 % low: -8.258 % |
|