Start here if you're new
what it is
Willdan helps utilities and governments save energy, manage infrastructure, and run technical projects.
how it gets paid
Last year Willdan made $682M in revenue.
why it's growing
Revenue grew 292.4% last year. The $174M quarter matters because it grew 21% vs. prior year while the business kept landing public work.
what just happened
Revenue hit $174M, and EPS was $1.23, up 132% vs. prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
39.7x trailing p/e — you're paying up for this one
8.4% return on capital — nothing to write home about
$1.58 fy2024 eps est
xvary composite: 55/100 — below average
What they do
Willdan helps utilities and governments save energy, manage infrastructure, and run technical projects.
Willdan wins because cities and utilities do not buy this work like sneakers. They buy a team that can handle audits, engineering, financing, and project delivery in one shot. It has 1,761 employees and a $112 million San Diego contract, so your vendor list stays short.
How they make money
$682M
annual revenue · their business grew +292.4% last year
total revenue
$682M
+292.4%
The products that matter
utility program administration
Energy Efficiency Programs
$364.8M · 53.5% of revenue
this segment generated $364.8M in 2025 and grew 23.1%. it is the biggest piece of the company, so if this slows, the whole story slows with it.
largest segment
engineering and project services
Infrastructure & Public Works
$316.8M · 46.5% of revenue
this segment brought in $316.8M in 2025 and grew 20.5%. it gives you direct exposure to utility and public-agency capital spending.
budget exposure
grid planning and modernization work
Grid Modernization
no standalone revenue breakout here
the bull case points to data-center power demand and grid upgrades, but this snapshot does not provide a separate revenue figure. you should watch contract wins, not just the narrative.
theme, not breakout
Key numbers
39.7x
price vs earnings
You pay 39.7 years of last year's earnings for a business that earned $1.58 a share in 2024. That is rich for a stock with an 8.1% core margin.
8.1%
core margin
Every $100 of sales left $8.10 after core costs. That is decent, but it is nowhere near cheap enough to ignore valuation.
8.4%
capital return
Each $100 tied up in the business produced $8.40 in operating profit. That tells you the company earns real money, just not enough for a blank check.
0.95
market wobble
The stock moves a bit less than the market. That helps if you want less drama than a 1.00-beta name.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $59M (5% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for WLDN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $174M, and EPS was $1.23, up 132% vs. prior year.
The top line rose 21% vs. prior year. Gross margin was reported at n/a, which is a strange number to see in a normal business.
$174M
revenue
$1.23
eps
n/a
gross margin
the number that mattered
The $174M quarter matters because it grew 21% vs. prior year while the business kept landing public work.
source: company earnings report, 2026
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What could go wrong
The top risk here is the 2026 revenue reset proving structural, not temporary.
med
the guide is not a trim. it is a cliff
Management guided 2026 net revenue to $390M–$405M versus $681.6M in 2025. That is a drop of roughly $277M–$292M in one year.
If that decline reflects lost demand instead of timing or mix, the old growth case is gone and the premium multiple has room to compress.
med
utility and public-agency budgets set the clock
WLDN sells into utilities, municipalities, and public infrastructure programs. Those customers do not spend on your schedule. They spend on budget cycles, approvals, and policy priorities.
That makes revenue lumpy. It also means a slowdown in project starts can hit both major segments at once.
med
the stock is still priced for recovery
At $110.37, WLDN trades at 39.7x trailing earnings and about 24x the midpoint of the $4.50–$4.70 2026 EPS guide.
That leaves less room for a second disappointment. If margins slip on top of the revenue reset, you do not have much valuation protection.
$277M–$292M of guided revenue disappearance is too large to wave away until the company proves it is timing rather than erosion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
revenue versus the $390M–$405M plan
The first question is simple: does management hold the guide, raise it, or cut it again. That is your scoreboard.
margin
whether 21.6% adjusted EBITDA margin survives the reset
If revenue falls and margins stay strong, WLDN starts to look like a smaller but better business. If both fall, the story gets worse fast.
demand
contract wins tied to grid and data-center load growth
The bull case leans on rising power demand and grid work. You want to see awards and backlog signals, not just conference-call optimism.
street
eps estimate revisions after the reset
The company guided to $4.50–$4.70 of 2026 EPS. If analyst models start moving below that range, the market will notice before management speaks again.
Analyst rankings
earnings predictability
20 / 100
This is low. In human-speak, analysts do not view WLDN as a smooth quarter-to-quarter story.
risk rank
3
Middle of the pack on safety. Safer than many small caps, but not the kind of stock you forget about for a year.
price stability
20 / 100
The stock swings. A 52-week range of $36–$137 makes that point without any dramatic language.
source: institutional data
Institutional activity
institutional ownership data for WLDN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$110
current price
n/a
target midpoint · n/a from current
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