Webuild SpA IMPJY

IndustrialsConstruction & EngineeringItaly

Last close 4.96 USD on Nov 3, 2026, −40.0% year to date

Quant rating

Quant rating C Rank 198 of 418 in Industrials

Growth C 223 of 418
Valuation B 111 of 418
Quality C 291 of 418
Revisions B 110 of 418
Momentum C 259 of 418

Wall Street consensus Buy (2.33)Average target 3.98 USD −19.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 3.7B
52-week range: 4.05 – 8.88
3-year range: 3.79 – 10.50
Dividend yield: 3.78%
Beta (5 years): −0.61
Shares outstanding: 1,019M
Next earnings: Nov 12, 2026

About the company

Webuild SpA, formerly known as Salini Impregilo SpA, is an Italy- based construction company that specializes in infrastructure sectors, such as sustainable mobility, hydropower, water management and green buildings. Projects include roads, bridges, rail and metro lines, dams, hydraulic tunnels, desalination and water treatment plants, stadiums, cultural centers and corporate headquarters. The Company operates globally, in Europe, North America and Australia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,841	11,417	10,253	8,193	6,796	–
Revenue growth	30.0%	11.4%	25.1%	20.6%	31.0%	23.4%
EPS (basic, normalized)	0.33	0.27	0.25	0.13	−0.07	–
EPS growth	20.1%	8.3%	96.8%	–	–	–
Gross margin	48.4%	50.4%	49.2%	50.5%	48.7%	49.4%
Net margin	2.0%	1.7%	1.4%	0.4%	−5.1%	0.1%
ROE	14.9%	11.7%	8.7%	1.8%	−20.3%	3.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14,841	+30.0%	0.2x	1,340	+35.2%	2.8x	0.33	+20.1%	15.2x
2026	15,776	+6.3%	0.2x	1,407	+5.1%	2.6x	0.36	+9.4%	13.9x
2027	16,064	+1.8%	0.2x	1,433	+1.8%	2.6x	0.40	+13.3%	12.3x
2028	15,290	−4.8%	0.2x	1,378	−3.8%	2.7x	0.43	+6.6%	11.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	15,776	0.0%	0.0%	−0.2%	0.36	0.0%	0.0%	−8.8%
2027	16,064	0.0%	0.0%	−0.3%	0.40	0.0%	0.0%	−0.5%
2028	15,290	−4.1%	−4.1%	−2.8%	0.43	0.0%	0.0%	+8.6%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IMPJY Webuild SpA	2.5B	–	2.0%	1.21x	13.9x	12.3x	2.6x	2.6x
ARE Aecon Group Inc.	2.8B	1.49x	0.3%	3.91x	33.6x	24.6x	11.8x	10.0x
TNISY Tecnicas Reunidas SA	2.6B	−0.71x	2.4%	3.65x	2.6x	1.7x	5.9x	4.5x
BFLBY Bilfinger SE	2.5B	–	3.2%	1.65x	–	–	–	–
CDLR Cadeler A/S	2.4B	–	45.2%	1.24x	39.8x	20.5x	7.3x	4.7x
CTRI Centuri Holdings Inc	2.2B	2.80x	0.8%	2.55x	32.7x	21.9x	10.1x	8.7x
Mean		1.19x	9.0%	2.37x	24.5x	16.2x	7.6x	6.1x
Median		1.49x	2.2%	2.10x	32.7x	20.5x	7.3x	4.7x

Technical analysis

1M+6.2%
3M−5.4%
1Y−44.8%
3Y+45.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Webuild SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14,841	11,417	10,253	8,193	6,796	5,187
Cost of revenue	7,659	5,663	5,206	4,057	3,486	2,532
Gross profit	7,182	5,753	5,046	4,137	3,310	2,655
Selling, general & administrative expenses	6,320	5,062	4,376	3,609	3,036	2,458
Research & development	–	–	–	–	–	–
Depreciation/amortization	572	416	385	364	341	196
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	34.8	70.5	−34.0	126	42.2	−444
Other operating expenses	−507	−336	−178	−175	−71.6	−43.0
Operating income	762	540	496	213	−38.3	488
Net interest income (expense)	−245	−103	−134	−87.0	−101	−266
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−67.6	−62.0	−71.2	−7.6	−26.0	−20.2
Net income before taxes	449	375	291	119	−165	202
Provision for taxes	223	168	138	81.6	152	33.2
Minority interest	69.2	−11.3	−4.8	−7.1	−29.8	6.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	296	195	148	29.8	−347	175
Extraordinary items	−13.8	6.1	−11.1	−19.2	0.3	−6.2
Net income	282	201	137	10.6	−347	169
EBIT, normalized	806	611	465	339	9.7	44.3
EBITDA, normalized	1,379	1,027	851	703	351	241
Basic EPS, normalized	0.33	0.27	0.25	0.13	−0.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Webuild SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,875	3,331	3,380	2,073	3,055	3,414
Receivables	12,137	10,474	10,401	7,883	7,059	6,964
Total inventory	355	251	253	266	247	242
Prepaid expenses	721	794	557	412	381	405
Other current assets	276	349	1.3	2.4	0	0
Total current assets	16,363	15,199	14,593	10,637	10,742	11,025
Property, plant & equipment	2,594	1,760	1,156	882	898	784
Goodwill	89.2	87.9	88.6	88.7	89.2	85.5
Intangibles	242	290	423	400	530	727
Long-term investments	898	806	734	853	863	804
Note receivable	239	301	382	534	450	371
Other long-term assets	471	450	460	386	445	463
Total assets	20,898	18,893	17,836	13,781	14,017	14,260
Liabilities
Accounts payable	7,038	5,831	5,169	4,165	3,648	3,304
Payable/accrued	–	–	–	–	–	–
Accrued expenses	468	330	333	276	316	310
Short-term debt	8.0	14.2	36.3	22.5	39.0	156
Current portion of long-term debt	831	813	832	392	811	1,558
Other current liabilities	7,332	7,336	7,160	4,120	4,526	3,289
Total current liabilities	15,677	14,325	13,529	8,976	9,340	8,617
Long-term debt	2,765	2,217	2,011	2,388	2,168	2,632
Minority interest	144	244	197	381	310	794
Other liabilities	345	333	430	346	396	483
Total liabilities	18,931	17,119	16,167	12,092	12,213	12,526
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	705	621	662	642	682	733
Additional paid-in capital	432	381	406	394	418	799
Retained earnings (accumulated deficit)	1,128	843	900	813	897	502
Treasury stock	−69.7	−52.2	−46.3	–	–	–
Other equity	−228	−18.6	−253	−159	−193	−300
Total equity	1,967	1,774	1,669	1,690	1,804	1,735
Total liabilities & shareholders' equity	20,898	18,893	17,836	13,781	14,017	14,260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Webuild SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	226	207	153	36.9	−317	180
Depreciation, depletion & amortization	572	416	385	364	341	197
Deferred taxes	2.9	−5.3	−65.6	12.5	−0.3	−28.2
Non-cash items	603	435	356	205	510	−127
Changes in working capital	−1,043	103	1,260	−591	846	18.9
Cash from operations	362	1,155	2,089	28.4	1,380	239
Investing activities
Capital expenditures	−1,021	−854	−487	−292	−233	−202
Other investing cash flows	−108	−63.6	−12.8	32.0	−0.7	473
Cash from investing	−1,129	−918	−500	−260	−234	271
Financing activities
Financing cash flow items	137	−175	−117	−85.6	−105	118
Cash dividends paid	−109	−77.0	−69.7	−66.2	−60.2	−36.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7.0	155	−125	−109	−1,062	1,223
Cash from financing	20.9	−96.9	−312	−261	−1,227	1,305
Foreign exchange effects	−156	39.2	−43.7	23.5	46.9	−49.8
Net change in cash	−902	180	1,233	−469	−34.0	1,766
Free cash flow	−659	301	1,602	−263	1,147	37.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.