Recent News
On June 12, 2026 the company amended its credit agreement, increasing the aggregate principal to $105 million and raising the sublimit for letters of credit to $35 million to support general business and working capital needs.
Market coverage included a July note maintaining an equal-weight view from an independent research house, and several wire reports summarized the company’s corporate filings and capital updates during July 2026.
Technical Analysis
ADX at 36.65 signals a strong directional environment; the directional indicators combine into a bullish bias because DI+ has shown a dip-and-reversal while DI- has completed a peak-and-reversal, indicating shifting demand into the directional trend. That bullish tilt supports the valuation’s fair-valued premise for a near-term recovery.
MACD sits negative at -0.41 and shows a recent peak-and-reversal, consistent with weakening momentum, yet the MACD line currently trades just above its signal line (-0.41 versus -0.43), producing a short-term bullish crossover that conflicts with the broader momentum deterioration.
MRO at -19.16 indicates price below the model target and therefore scope for upward pressure; the MRO’s peak-and-reversal trend suggests the upside potential recently narrowed compared with earlier readings.
RSI near 39.8 with a dip-and-reversal implies regained upside momentum from recent oversold behavior, supporting the case for a measured bounce rather than a sustained breakout.
Price relationships show mixed signals: the $14.40 close sits slightly below the 20-day average and well below the 50-day average, signaling short-term weakness, while remaining above the 200-day average which provides structural support. The SuperTrend upper band near $14.77 registers as near-term resistance; average volume runs below 10/50/200-day norms, indicating low conviction behind recent moves.
Fundamental Analysis
Profitability remains compressed: operating (EBIT) margin equals 2.35%, up 26.59% quarter-over-quarter and up 18.43% year-over-year, yet well below the industry peer mean operating margin of 34.27%. The company produced EBIT of $5,243,000 and EBITDA of $30,005,000 for the period; the margin rebound QoQ contributes to improved operating leverage but magnitude stays modest versus peer benchmarks.
Earnings per share registered at $0.07 versus an estimate of $0.08, a miss of $0.01 (‑12.5%). Net income totaled $5,339,000 for the quarter. Those results align with the reported EPS shortfall and the top-line decline noted in filings.
Balance-sheet and cash-flow metrics remain strengths: cash and short-term investments total $103,980,000, the current ratio equals 250.33%, and the cash ratio equals 109.40%, reflecting ample near-term liquidity. Total debt registers at $119,000, producing a negligible debt-to-assets ratio of 0.01% and an interest-coverage ratio above 500x, underlining near-zero financial leverage and strong coverage.
Cash generation shows operating cash flow of $27,669,000 and free cash flow of $24,591,000 with a cash-flow margin of 13.54% and free-cash-flow yield of 1.82%. Free-cash growth remains positive but decelerating QoQ, consistent with the company’s modest revenue contraction and capital spending. Revenue totaled $223,543,000 with year-over-year revenue growth of 2.24% but a QoQ decline of 4.14%.
Market multiples look mixed: trailing P/E near 236x reflects low reported EPS versus market cap; forward P/E sits near 97x while price-to-book of 1.76 positions the equity below the industry peer mean price-to-book of 4.58. WMDST values the stock as fair-valued, reflecting the tradeoff between clean liquidity/low leverage and profitability metrics that trail peer means.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-23 |
| NEXT REPORT DATE: | 2026-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 74.8 M |
| Operating Cash Flow | $ 27.7 M | |
| Capital Expenditures | $ -3.08 M | |
| Change In Working Capital | $ -8.53 M | |
| Dividends Paid | $ -4.90 M | |
| Cash Flow Delta | $ 34.2 M | |
| End Period Cash Flow | $ 109.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 223.5 M | |
| Forward Revenue | $ 140.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 197.2 M | |
| Depreciation | $ 24.8 M | |
| Depreciation and Amortization | $ 24.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 218.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 26.3 M | |
| EBITDA | $ 30.0 M | |
| EBIT | $ 5.2 M | |
| Operating Income | $ 5.2 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 7.6 M | |
| Tax Provision | $ 2.3 M | |
| Tax Rate | 30.09 % | |
| Net Income | $ 5.3 M | |
| Net Income From Continuing Operations | $ 5.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.08 | |
| EPS Actual | $ 0.07 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -12.5 % | |
| Forward EPS | $ 0.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 955.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 766.0 M | |
| Total Current Assets | $ 237.9 M | |
| Cash and Short-Term Investments | $ 104.0 M | |
| Cash | $ 104.0 M | |
| Net Receivables | $ 92.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 28.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 95.0 M | |
| Net Debt | — | |
| Total Debt | $ 119.0 K | |
| Total Liabilities | $ 189.5 M | |
| EQUITY | ||
| Total Equity | $ 766.0 M | |
| Retained Earnings | $ 709.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.38 | |
| Shares Outstanding | 81.662 M | |
| Revenue Per-Share | $ 2.74 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 41.502 | |
| Enterprise Multiple QoQ | 4.029 % | |
| Enterprise Multiple YoY | 33.627 % | |
| Enterprise Multiple IPRWA | high: 81.407 median: 53.696 mean: 53.273 MRTN: 41.502 low: 29.012 |
|
| EV/R | 5.571 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.247 | |
| Asset To Liability | 5.042 | |
| Debt To Capital | 0.0 | |
| Debt To Assets | 0.0 | |
| Debt To Assets QoQ | -29.412 % | |
| Debt To Assets YoY | -62.5 % | |
| Debt To Assets IPRWA | high: 0.635 median: 0.368 mean: 0.314 low: 0.003 MRTN: 0.0 |
|
| Debt To Equity | 0.0 | |
| Debt To Equity QoQ | -23.81 % | |
| Debt To Equity YoY | -60.976 % | |
| Debt To Equity IPRWA | high: 1.375 median: 1.022 mean: 0.842 low: 0.004 MRTN: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.761 | |
| Price To Book QoQ | 25.318 % | |
| Price To Book YoY | 32.54 % | |
| Price To Book IPRWA | high: 10.07 mean: 4.578 median: 4.356 MRTN: 1.761 low: 1.664 |
|
| Price To Earnings (P/E) | 236.011 | |
| Price To Earnings QoQ | -64.144 % | |
| Price To Earnings YoY | 58.707 % | |
| Price To Earnings IPRWA | MRTN: 236.011 high: 131.375 median: 86.282 mean: 84.651 low: 27.667 |
|
| PE/G Ratio | 0.944 | |
| Price To Sales (P/S) | 6.035 | |
| Price To Sales QoQ | 14.359 % | |
| Price To Sales YoY | 35.482 % | |
| Price To Sales IPRWA | high: 29.467 median: 20.433 mean: 19.175 MRTN: 6.035 low: 3.168 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 97.07 | |
| Forward PE/G | 0.388 | |
| Forward P/S | 9.614 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 299.769 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.235 | |
| Asset Turnover Ratio QoQ | 9.502 % | |
| Asset Turnover Ratio YoY | 0.928 % | |
| Asset Turnover Ratio IPRWA | high: 0.329 MRTN: 0.235 mean: 0.113 median: 0.08 low: 0.047 |
|
| Receivables Turnover | 2.431 | |
| Receivables Turnover Ratio QoQ | 6.12 % | |
| Receivables Turnover Ratio YoY | -1.325 % | |
| Receivables Turnover Ratio IPRWA | high: 4.872 median: 3.669 mean: 3.212 MRTN: 2.431 low: 1.458 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 37.542 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 27.415 mean: 0.702 MRTN: 0 median: -3.397 low: -43.383 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.565 | |
| CapEx To Revenue | -0.014 | |
| CapEx To Depreciation | -0.124 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 766.0 M | |
| Net Invested Capital | $ 766.0 M | |
| Invested Capital | $ 766.0 M | |
| Net Tangible Assets | $ 766.0 M | |
| Net Working Capital | $ 142.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.094 | |
| Current Ratio | 2.503 | |
| Current Ratio QoQ | 20.62 % | |
| Current Ratio YoY | 87.467 % | |
| Current Ratio IPRWA | MRTN: 2.503 high: 2.095 mean: 0.954 median: 0.831 low: 0.594 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.004 | |
| Cost Of Debt | 3.84 % | |
| Interest Coverage Ratio | 524.3 | |
| Interest Coverage Ratio QoQ | 2948.256 % | |
| Interest Coverage Ratio YoY | 15.18 % | |
| Interest Coverage Ratio IPRWA | MRTN: 524.3 high: 62.267 mean: 8.621 median: 6.734 low: 3.084 |
|
| Operating Cash Flow Ratio | 0.318 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 14.173 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.09 | |
| Dividend Payout Ratio | 0.918 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.872 % | |
| Revenue Growth | 9.835 % | |
| Revenue Growth QoQ | -413.916 % | |
| Revenue Growth YoY | 224.16 % | |
| Revenue Growth IPRWA | high: 18.638 % mean: 13.152 % median: 13.01 % MRTN: 9.835 % low: -1.402 % |
|
| Earnings Growth | 250.0 % | |
| Earnings Growth QoQ | -516.667 % | |
| Earnings Growth YoY | 212.5 % | |
| Earnings Growth IPRWA | high: 290.625 % MRTN: 250.0 % mean: 35.34 % median: 25.581 % low: 15.556 % |
|
| MARGINS | ||
| Gross Margin | 11.783 % | |
| Gross Margin QoQ | 0.349 % | |
| Gross Margin YoY | -17.214 % | |
| Gross Margin IPRWA | high: 41.49 % median: 37.374 % mean: 35.699 % low: 13.392 % MRTN: 11.783 % |
|
| EBIT Margin | 2.345 % | |
| EBIT Margin QoQ | 2658.824 % | |
| EBIT Margin YoY | 18.434 % | |
| EBIT Margin IPRWA | high: 40.878 % median: 38.329 % mean: 34.271 % low: 4.235 % MRTN: 2.345 % |
|
| Return On Sales (ROS) | 2.345 % | |
| Return On Sales QoQ | 2658.824 % | |
| Return On Sales YoY | 18.434 % | |
| Return On Sales IPRWA | high: 38.272 % median: 36.537 % mean: 33.363 % low: 2.746 % MRTN: 2.345 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 24.6 M | |
| Free Cash Flow Yield | 1.823 % | |
| Free Cash Flow Yield QoQ | -7.274 % | |
| Free Cash Flow Yield YoY | -178.375 % | |
| Free Cash Flow Yield IPRWA | MRTN: 1.823 % high: 1.522 % mean: 0.949 % median: 0.87 % low: -1.165 % |
|
| Free Cash Growth | 16.468 % | |
| Free Cash Growth QoQ | -106.54 % | |
| Free Cash Growth YoY | -106.946 % | |
| Free Cash Growth IPRWA | high: 357.274 % mean: 63.611 % MRTN: 16.468 % median: 10.896 % low: -353.817 % |
|
| Free Cash To Net Income | 4.606 | |
| Cash Flow Margin | 13.541 % | |
| Cash Flow To Earnings | 5.67 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.561 % | |
| Return On Assets QoQ | 284.247 % | |
| Return On Assets YoY | -22.94 % | |
| Return On Assets IPRWA | high: 2.587 % median: 1.818 % mean: 1.763 % MRTN: 0.561 % low: 0.361 % |
|
| Return On Capital Employed (ROCE) | 0.609 % | |
| Return On Equity (ROE) | 0.007 | |
| Return On Equity QoQ | 285.083 % | |
| Return On Equity YoY | -25.215 % | |
| Return On Equity IPRWA | high: 0.086 median: 0.057 mean: 0.051 MRTN: 0.007 low: 0.006 |
|
| DuPont ROE | 0.698 % | |
| Return On Invested Capital (ROIC) | 0.479 % | |
| Return On Invested Capital QoQ | 3093.333 % | |
| Return On Invested Capital YoY | 14.868 % | |
| Return On Invested Capital IPRWA | high: 3.527 % median: 3.149 % mean: 2.748 % low: 0.674 % MRTN: 0.479 % |
|