Recent News
On September 1, 2026 the company completed the previously announced acquisition of NCS Multistage, expanding its completions and multistage fracturing capabilities. Management called special shareholder meetings scheduled for early September to vote on a planned redomestication to Delaware, and proxy materials and filings show board-led steps to effect the scheme of arrangement. The company hosted a second-quarter 2026 conference call and furnished an SEC Form 8‑K announcing results for the quarter in late July 2026.
Technical Analysis
Directional indicators show an emerging trend: ADX at 22.55 indicates trend strength emerging rather than well-established. DI- sits at 27.92 and is increasing, which signals bearish directional pressure; DI+ at 17.58 and decreasing reinforces that the sellers hold a short-term edge.
MACD displays a dip & reversal, which signals developing bullish momentum; however MACD remains negative at -1.78 and sits below the signal line (-0.82), implying momentum has begun to turn but lacks confirmation from a crossover above the signal line.
MRO reads 14.78 and is decreasing, indicating the price sits above the model target with moderate mean-reversion pressure and that upside potential faces resistance while the oscillator moderates downward.
RSI at 45.71 and decreasing shows momentum slightly tilted toward sellers but not oversold, leaving room for mean reversion or consolidation rather than an immediate extremes-driven move.
Price trades below the short-, medium- and long-term averages: last close $84.13 versus the 20-day average $87.50, 50-day $88.46 and 200-day $92.90; the price below these averages aligns with the DI-/DI+ configuration and keeps near-term bias cautious relative to the WMDST fair-valued appraisal.
Ichimoku components (Tenkan $88.83; Kijun $89.50; Senkou A $87.22; Senkou B $94.86) place the price beneath Tenkan and Kijun, reinforcing short-term pressure while the cloud offers multi-week resistance near $87–$95. Bollinger bands place the 1x lower band at $81.49 so current price sits above the lower band, supporting a consolidation environment rather than an immediate breakdown.
Volume registers below the 10-, 50- and 200-day averages, which reduces conviction for directional breakouts and suggests that moves lack wide participation despite corporate activity.
Fundamental Analysis
Revenue and margin profile: total revenue for the period stands at $1,105,000,000 with YoY revenue contraction near -4.08% and an acute QoQ decline of -61.61% in reported growth metrics; gross profit totaled $333,000,000 and gross margin sits at 30.136% (down modestly YoY). Operating margin equals 10.498% and EBIT margin equals 9.231%; EBIT margin declined roughly -19.44% QoQ and -50.82% YoY, leaving margins materially below the industry peer mean (EBIT margin industry peer mean 27.525% and industry peer median 19.752%).
Earnings and cash flow: reported EPS came in at $0.61 versus an estimate of $0.90, an EPS surprise of -32.22%. Net income registered $39,000,000 while operating cash flow reached $175,000,000 and free cash flow came in at $133,000,000; free cash flow yield equals 2.005%, which sits above the industry peer mean free cash flow yield of 1.243%.
Leverage and liquidity: total debt $1,622,000,000 and net debt $316,000,000 produce a debt-to-EBITDA of 9.38 and an interest-coverage ratio near 3.78. Current ratio stands at 2.34 and quick ratio at 1.77, supported by cash and short-term investments of $1,100,000,000 and net working capital of $1,891,000,000; these working-capital dynamics support operational flexibility during integration of acquisitions.
Capital allocation and returns: return on equity equals 2.181% and return on invested capital 1.91%, both depressed year-over-year; retained earnings remain negative at -$1,022,000,000. Dividend yield registers 0.302% with a dividend payout ratio near 51.282% and dividend-coverage ratio 1.95, reflecting a modest cash return to shareholders while preserving liquidity.
Valuation context: price multiples show a trailing PE of 151.45 and forward PE of 53.66, price-to-book about 3.71 and enterprise multiple near 41.36. WMDST values the stock as fair-valued; that determination reflects a combination of above-mean free cash flow yield, capital structure improvement since prior periods, and remaining margin recovery needs following QoQ and YoY margin contractions.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-21 |
| NEXT REPORT DATE: | 2026-10-20 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 175.0 M | |
| Capital Expenditures | $ -42.00 M | |
| Change In Working Capital | $ 48.0 M | |
| Dividends Paid | $ -20.00 M | |
| Cash Flow Delta | $ 87.0 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 897.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 772.0 M | |
| Depreciation | $ 71.0 M | |
| Depreciation and Amortization | $ 71.0 M | |
| Research and Development | $ 20.0 M | |
| Total Operating Expenses | $ 989.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 333.0 M | |
| EBITDA | $ 173.0 M | |
| EBIT | $ 102.0 M | |
| Operating Income | $ 116.0 M | |
| Interest Income | $ 11.0 M | |
| Interest Expense | $ 27.0 M | |
| Net Interest Income | $ -16.00 M | |
| Income Before Tax | $ 75.0 M | |
| Tax Provision | $ 33.0 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 39.0 M | |
| Net Income From Continuing Operations | $ 42.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.90 | |
| EPS Actual | $ 0.61 | |
| EPS Difference | $ -0.29 | |
| EPS Surprise | -32.222 % | |
| Forward EPS | $ 1.76 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.1 B | |
| Intangible Assets | $ 265.0 M | |
| Net Tangible Assets | $ 1.5 B | |
| Total Current Assets | $ 3.3 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 811.0 M | |
| Long-Term Investments | $ 290.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 625.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.4 B | |
| Net Debt | $ 316.0 M | |
| Total Debt | $ 1.6 B | |
| Total Liabilities | $ 3.3 B | |
| EQUITY | ||
| Total Equity | $ 1.8 B | |
| Retained Earnings | $ -1.02 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 24.90 | |
| Shares Outstanding | 71.800 M | |
| Revenue Per-Share | $ 15.39 | |
| VALUATION | Market Capitalization | $ 6.6 B |
| Enterprise Value | $ 7.2 B | |
| Enterprise Multiple | 41.361 | |
| Enterprise Multiple QoQ | 13.081 % | |
| Enterprise Multiple YoY | 149.508 % | |
| Enterprise Multiple IPRWA | high: 107.267 median: 44.843 mean: 42.929 WFRD: 41.361 low: -46.434 |
|
| EV/R | 6.475 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.853 | |
| Asset To Liability | 1.54 | |
| Debt To Capital | 0.476 | |
| Debt To Assets | 0.318 | |
| Debt To Assets QoQ | -0.824 % | |
| Debt To Assets YoY | -6.448 % | |
| Debt To Assets IPRWA | high: 0.922 mean: 0.343 WFRD: 0.318 median: 0.309 low: 0.0 |
|
| Debt To Equity | 0.907 | |
| Debt To Equity QoQ | -2.16 % | |
| Debt To Equity YoY | -21.59 % | |
| Debt To Equity IPRWA | high: 4.75 mean: 1.169 WFRD: 0.907 median: 0.745 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.71 | |
| Price To Book QoQ | -3.667 % | |
| Price To Book YoY | 39.936 % | |
| Price To Book IPRWA | high: 13.257 mean: 4.739 WFRD: 3.71 median: 3.413 low: -0.514 |
|
| Price To Earnings (P/E) | 151.454 | |
| Price To Earnings QoQ | 139.654 % | |
| Price To Earnings YoY | 238.156 % | |
| Price To Earnings IPRWA | high: 169.653 WFRD: 151.454 median: 80.738 mean: 68.402 low: -202.033 |
|
| PE/G Ratio | -2.564 | |
| Price To Sales (P/S) | 6.003 | |
| Price To Sales QoQ | 2.144 % | |
| Price To Sales YoY | 80.544 % | |
| Price To Sales IPRWA | high: 30.807 mean: 11.362 median: 9.409 WFRD: 6.003 low: 0.258 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.657 | |
| Forward PE/G | -0.909 | |
| Forward P/S | 7.12 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.571 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.217 | |
| Asset Turnover Ratio QoQ | -3.186 % | |
| Asset Turnover Ratio YoY | -8.15 % | |
| Asset Turnover Ratio IPRWA | high: 0.57 WFRD: 0.217 mean: 0.151 median: 0.145 low: 0.014 |
|
| Receivables Turnover | 0.974 | |
| Receivables Turnover Ratio QoQ | 1.414 % | |
| Receivables Turnover Ratio YoY | -4.907 % | |
| Receivables Turnover Ratio IPRWA | high: 6.31 mean: 2.221 median: 1.884 WFRD: 0.974 low: 0.585 |
|
| Inventory Turnover | 0.944 | |
| Inventory Turnover Ratio QoQ | -3.472 % | |
| Inventory Turnover Ratio YoY | 0.813 % | |
| Inventory Turnover Ratio IPRWA | high: 35.616 mean: 4.12 median: 1.616 WFRD: 0.944 low: 0.022 |
|
| Days Sales Outstanding (DSO) | 93.727 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 115.079 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | 4.812 % | |
| Cash Conversion Cycle Days IPRWA | high: 289.787 WFRD: 115.079 median: 68.717 mean: 60.855 low: -115.305 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.584 | |
| CapEx To Revenue | -0.038 | |
| CapEx To Depreciation | -0.592 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.2 B | |
| Net Invested Capital | $ 3.2 B | |
| Invested Capital | $ 3.2 B | |
| Net Tangible Assets | $ 1.5 B | |
| Net Working Capital | $ 1.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.782 | |
| Current Ratio | 2.344 | |
| Current Ratio QoQ | 1.489 % | |
| Current Ratio YoY | 5.86 % | |
| Current Ratio IPRWA | high: 6.932 WFRD: 2.344 median: 2.018 mean: 2.004 low: 0.162 |
|
| Quick Ratio | 1.768 | |
| Quick Ratio QoQ | 2.262 % | |
| Quick Ratio YoY | 8.569 % | |
| Quick Ratio IPRWA | high: 6.224 WFRD: 1.768 median: 1.499 mean: 1.456 low: 0.148 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.376 | |
| Cost Of Debt | 0.996 % | |
| Interest Coverage Ratio | 3.778 | |
| Interest Coverage Ratio QoQ | -22.727 % | |
| Interest Coverage Ratio YoY | -41.495 % | |
| Interest Coverage Ratio IPRWA | high: 25.702 mean: 8.528 median: 5.247 WFRD: 3.778 low: -20.962 |
|
| Operating Cash Flow Ratio | 0.128 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 70.516 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.95 | |
| Dividend Payout Ratio | 0.513 | |
| Dividend Rate | $ 0.28 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.334 % | |
| Revenue Growth | -4.08 % | |
| Revenue Growth QoQ | -61.611 % | |
| Revenue Growth YoY | -542.516 % | |
| Revenue Growth IPRWA | high: 44.489 % mean: 4.015 % median: 2.353 % WFRD: -4.08 % low: -24.423 % |
|
| Earnings Growth | -59.06 % | |
| Earnings Growth QoQ | 168.577 % | |
| Earnings Growth YoY | -606.953 % | |
| Earnings Growth IPRWA | high: 238.462 % median: 10.345 % mean: -0.668 % WFRD: -59.06 % low: -255.556 % |
|
| MARGINS | ||
| Gross Margin | 30.136 % | |
| Gross Margin QoQ | 2.107 % | |
| Gross Margin YoY | -3.243 % | |
| Gross Margin IPRWA | high: 88.918 % mean: 36.765 % median: 33.191 % WFRD: 30.136 % low: -5.561 % |
|
| EBIT Margin | 9.231 % | |
| EBIT Margin QoQ | -19.436 % | |
| EBIT Margin YoY | -50.823 % | |
| EBIT Margin IPRWA | high: 103.646 % mean: 27.525 % median: 19.752 % WFRD: 9.231 % low: -61.181 % |
|
| Return On Sales (ROS) | 10.498 % | |
| Return On Sales QoQ | -11.079 % | |
| Return On Sales YoY | -28.991 % | |
| Return On Sales IPRWA | high: 94.961 % mean: 26.236 % median: 16.652 % WFRD: 10.498 % low: -63.756 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 133.0 M | |
| Free Cash Flow Yield | 2.005 % | |
| Free Cash Flow Yield QoQ | 65.566 % | |
| Free Cash Flow Yield YoY | 8.496 % | |
| Free Cash Flow Yield IPRWA | high: 18.566 % WFRD: 2.005 % mean: 1.243 % median: 0.763 % low: -12.123 % |
|
| Free Cash Growth | 62.195 % | |
| Free Cash Growth QoQ | -199.973 % | |
| Free Cash Growth YoY | 349.191 % | |
| Free Cash Growth IPRWA | high: 627.16 % WFRD: 62.195 % mean: 55.568 % median: 0.393 % low: -604.506 % |
|
| Free Cash To Net Income | 3.41 | |
| Cash Flow Margin | 16.29 % | |
| Cash Flow To Earnings | 4.615 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.766 % | |
| Return On Assets QoQ | -63.541 % | |
| Return On Assets YoY | -71.289 % | |
| Return On Assets IPRWA | high: 11.102 % mean: 2.318 % median: 2.249 % WFRD: 0.766 % low: -8.387 % |
|
| Return On Capital Employed (ROCE) | 2.76 % | |
| Return On Equity (ROE) | 0.022 | |
| Return On Equity QoQ | -64.496 % | |
| Return On Equity YoY | -75.786 % | |
| Return On Equity IPRWA | high: 0.246 mean: 0.068 median: 0.034 WFRD: 0.022 low: -0.254 |
|
| DuPont ROE | 2.199 % | |
| Return On Invested Capital (ROIC) | 1.91 % | |
| Return On Invested Capital QoQ | -23.478 % | |
| Return On Invested Capital YoY | -66.201 % | |
| Return On Invested Capital IPRWA | high: 12.909 % mean: 4.207 % median: 2.91 % WFRD: 1.91 % low: -10.101 % |
|