Willdan Group, Inc. (WLDN)

Price$80.28Cached quoteAs of 2026-09-18 18:59 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already carries a meaningful premium.

At the observed quote, 15.2 million shares imply a stock-market value near $1.25 billion. Adding about $54 million of debt after cash gives enterprise value—what buyers effectively pay for the operations—near $1.30 billion. That is roughly 12–13 times management’s $103–$107 million adjusted cash-profit target, or about 16 times its $5.00–$5.15 adjusted per-share earnings target. Those multiples suit rapid growth but offer no obvious bargain, especially because the forecast assumes no income-tax expense and excludes recurring stock compensation.

Big pictureProfits are improving quickly, but project timing makes cash generation uneven.

Revenue rose 20.5% in 2025, while operating income reached $44.1 million after a $7.1 million loss in 2022. Free cash flow—cash left after operations and equipment spending—was $70.7 million in 2025, up from $63.7 million in 2024. Yet first-half 2026 free cash flow fell to $15.8 million from $24.2 million as receivables and unbilled contract work absorbed cash. Energy supplied 85% of 2025 sales, and the top ten clients supplied 47% in the latest half, so utility programs and public-project timing still create swings.

Business strengthDebt is manageable, but acquisitions and steady share growth reduce the safety cushion.

At July 3, Willdan held $34.9 million of cash against $89.2 million of debt; near-term assets of $269.9 million exceeded near-term obligations of $196.7 million. That provides adequate liquidity, though not a fortress balance sheet. Acquisition spending reached $50.5 million during the first half, and goodwill represented one-third of assets. Outstanding shares climbed about 11% from 13.68 million at the end of 2023 to 15.20 million. Stock compensation was $8.5 million in the latest half, while no dividends or repurchases offset dilution.

What could change the storyThe valuation works only if fast growth turns into dependable cash.

Fair pricing assumes Willdan broadly delivers $415–$430 million of 2026 net revenue, which excludes pass-through subcontracting, and maintains its improved profit margin. The bull case strengthens if internally generated growth remains in double digits and annual free cash flow returns near 2025 levels after acquisition spending. The bear case strengthens if growth becomes mainly purchased, tax benefits fade, or contract assets keep absorbing cash. At roughly 16 times adjusted earnings, investors are already assuming successful acquisition integration and continued demand from utilities, data centers, and public-energy projects.

AI: News

Outlook Raised After Strong QuarterA standout quarter and raised outlook sharply improved expectations for this year’s profit.

On August 6, Willdan reported second-quarter revenue of $231.0 million, up 33.2%, while net revenue grew 23.5%, including 18% internally generated growth. Adjusted cash operating profit rose 50.6% to $33.0 million. Management raised its 2026 target to $103–$107 million from $85–$90 million and lifted adjusted per-share earnings guidance to $5.00–$5.15. Shares closed about 17% higher the next session; the timing strongly suggests the report mattered, although it does not prove causation.

KCS Engineering AcquisitionWilldan added specialist engineers to serve growing data-center, battery, and power-grid work.

On August 17, Willdan acquired substantially all assets of KCS Corporation, a Chicago-area power-delivery engineering consultant. KCS brings a 15-person team experienced with substations, transmission lines, renewable projects, battery storage, and backup power for data centers. The team had already worked with Willdan’s APG unit, which may ease integration and expand delivery capacity. However, Willdan did not disclose the purchase price, revenue, or profit contribution, so the acquisition’s immediate financial value remains uncertain.

Renewable Energy Contract WinA large wastewater-energy project added revenue visibility and demonstrated Willdan’s broader technical reach.

On July 15, Willdan announced a $31 million design-and-build contract for Encina Wastewater Authority. The project will turn wastewater biogas into electricity and combine new generators with battery storage and a microgrid controller. Its stated value equals about 4.5% of Willdan’s 2025 revenue, supporting future workload. However, contract revenue includes equipment and subcontractor costs passed through to customers, so the project’s eventual profit contribution should be much smaller than its headline value and depends on successful execution.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$681.6M	$565.8M	$510.1M	$429.1M	$353.8M	$391.0M	$443.1M	$272.3M	$273.4M	$208.9M	$135.1M	$108.1M	$85.5M	$93.4M	$107.2M	$77.9M	$61.6M
Gross profit	$255.7M	$202.8M	$179.8M	$143.6M	$135.9M	$129.4M	$135.0M	$93.0M	$76.7M	$65.7M	$53.0M	$44.3M	$36.6M	$34.5M	$42.4M	$35.9M	$32.8M
Gross margin	37.51%	35.84%	35.24%	33.46%	38.41%	33.09%	30.46%	34.15%	28.06%	31.44%	39.25%	40.95%	42.78%	36.90%	39.60%	46.05%	53.18%
Operating expenses	$211.5M	$171.4M	$157.7M	$150.6M	$144.6M	$145.6M	$125.6M	$80.2M	$63.0M	$54.1M	$45.5M	$36.0M	$34.0M	$53.7M	$39.0M	$32.8M	$40.3M
Operating income	$44.1M	$31.4M	$22.1M	−$7.1M	−$8.7M	−$16.2M	$9.4M	$12.8M	$13.7M	$11.5M	$7.5M	$8.3M	$2.6M	−$19.3M	$3.4M	$3.1M	−$7.5M
Operating margin	6.48%	5.54%	4.33%	−1.65%	−2.46%	−4.15%	2.11%	4.69%	5.01%	5.53%	5.57%	7.69%	3.05%	−20.61%	3.17%	3.95%	−12.16%
EBITDA	$62.8M	$46.1M	$38.5M	$10.4M	$8.5M	$2.5M	$24.8M	$19.0M	$17.8M	$14.8M	$9.6M	$8.8M	$3.2M	−$18.5M	$4.3M	$4.1M	−$5.7M
EBITDA margin	9.22%	8.15%	7.55%	2.43%	2.39%	0.64%	5.60%	6.97%	6.51%	7.07%	7.11%	8.11%	3.73%	−19.82%	4.05%	5.30%	−9.22%
Net income	$52.6M	$22.6M	$10.9M	−$8.4M	−$8.4M	−$14.5M	$4.8M	$10.0M	$12.1M	$8.3M	$4.3M	—	—	—	—	—	—
Net profit margin	7.71%	3.99%	2.14%	−1.97%	−2.38%	−3.71%	1.09%	3.68%	4.44%	3.97%	3.15%	—	—	—	—	—	—
Basic EPSper basic share	$3.63	$1.63	$0.82	-$0.65	-$0.68	-$1.23	$0.43	$1.08	$1.42	$1.01	$0.54	$1.26	$0.36	-$2.37	$0.25	$0.38	-$0.78
Diluted EPSper diluted share	$3.49	$1.58	$0.80	-$0.65	-$0.68	-$1.23	$0.41	$1.03	$1.32	$0.97	$0.52	$1.22	$0.35	-$2.37	$0.24	$0.37	-$0.78

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of WLDN
Holder	Shares held
BlackRock, Inc.	1.44M
Divisadero Street Capital Management, LP	1.32M
VANGUARD CAPITAL MANAGEMENT LLC	632.92K
NEUMEIER POMA INVESTMENT COUNSEL LLC	530.21K
VANGUARD PORTFOLIO MANAGEMENT LLC	527.25K
Allspring Global Investments Holdings, LLC	390.72K
GEODE CAPITAL MANAGEMENT, LLC	383.4K
FIRST TRUST ADVISORS LP	361.08K
ALTA FOX CAPITAL MANAGEMENT, LLC	359.81K
Swedbank AB	349.7K
STATE STREET CORP	337.45K
DIMENSIONAL FUND ADVISORS LP	320.86K
Conversant Capital LLC	294.5K
WASATCH ADVISORS LP	287.05K
Ranger Investment Management, L.P.	275.19K
OBERWEIS ASSET MANAGEMENT INC/	262.7K
AMERIPRISE FINANCIAL INC	260.47K
WELLINGTON MANAGEMENT GROUP LLP	210.9K
Nuveen, LLC	210.77K
Handelsbanken Fonder AB	191.53K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)57$65.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 14, 2026Form 4	BIEBER MICHAEL APRESIDENT AND CEO	SellCommon Stock	276	$93.74	$25.9K	249.5K
May 14, 2026Form 4	BIEBER MICHAEL APRESIDENT AND CEO	SellCommon Stock	8.0K	$92.65	$737.1K	249.8K
May 14, 2026Form 4	BIEBER MICHAEL APRESIDENT AND CEO	SellCommon Stock	23.0K	$91.95	$2.12M	257.8K
May 14, 2026Form 4	BIEBER MICHAEL APRESIDENT AND CEO	SellCommon Stock	25.4K	$90.88	$2.31M	280.8K
May 13, 2026Form 4	BIEBER MICHAEL APRESIDENT AND CEO	SellCommon Stock	10.0K	$92.65	$925.7K	249.5K

Review ownership filings at SEC.gov ↗

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Willdan Group, Inc. (WLDN)

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