Willdan Group, Inc. WLDN

IndustrialsProfessional & Commercial ServicesUnited States of America

Last close 72.02 USD on Nov 2, 2026, −30.5% year to date

Quant rating

Quant rating B Rank 172 of 486 in Industrials

Growth C 219 of 486
Valuation A 34 of 486
Quality C 236 of 486
Revisions C 296 of 486
Momentum B 189 of 486

Wall Street consensus Buy (1.67)Average target 140.00 USD +94.4%

Historical valuation

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

Key data

Market cap: 1.1B
Enterprise value: 1.1B
52-week range: 64.96 – 136.99
3-year range: 17.40 – 136.99
Dividend yield: –
Beta (5 years): 1.31
Shares outstanding: 15.2M
Next earnings: Nov 5, 2026

About the company

Willdan Group, Inc. is a technical services company focused on energy and infrastructure solutions. The Company’s segments include Energy and Engineering and Consulting. Its Energy segment addresses power grid resiliency, efficiency, and reliability. Services include in-depth energy planning studies, economic analysis, modeling and forecasting software, decarbonization, program design and implementation, energy efficiency, turnkey energy and infrastructure projects, grid modernization, and utility-scale electrical engineering and construction management. Its Engineering & Consulting segment addresses sustainability and growth in civil infrastructure. It often serves as a municipality's engineering department. Services include municipal and civil engineering, building and safety, code enforcement, fire plan and inspection, city engineering, construction management, design engineering, planning, and financial and municipal advisory services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	682	566	510	429	354	–
Revenue growth	20.5%	10.9%	18.9%	21.3%	−9.5%	11.8%
EPS (basic, normalized)	4.89	2.43	1.75	0.88	1.55	–
EPS growth	101.2%	38.9%	98.9%	−43.2%	–	–
Gross margin	37.5%	35.8%	35.2%	33.5%	38.4%	36.1%
Net margin	7.7%	4.0%	2.1%	−2.0%	−2.4%	1.9%
ROE	19.5%	10.4%	5.7%	−4.7%	−4.8%	5.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	34.9
Current ratio	1.37x
Long-term debt (mil)	65.7
Net debt (mil)	34.4
Total equity (mil)	350
Net debt / equity	0.10x
Net debt / EBITDA	0.43x

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	682	+20.5%	1.7x	79.5	+50.6%	14.2x	4.89	+101.2%	14.7x
2026	426	−37.4%	2.7x	103	+30.0%	10.9x	5.08	+4.0%	14.2x
2027	477	+11.9%	2.4x	132	+27.5%	8.6x	5.52	+8.5%	13.1x

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	426	0.0%	+3.3%	+6.8%	5.08	−0.5%	+3.2%	+11.0%
2027	477	0.0%	+1.9%	+6.6%	5.52	+3.7%	+7.3%	+19.8%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	68.9	72.5	158	79.3	85.3	95.0	95.0	89.5	92.4	117
Sales mean (mil)	62.9	63.7	72.6	75.5	74.0	83.5	86.3	90.5	92.2	102
Surprise	+9.5%	+13.8%	+118.0%	+5.0%	+15.2%	+13.8%	+10.1%	−1.0%	+0.3%	+14.6%
EPS reported	0.40	0.55	0.73	0.75	0.63	1.50	1.21	1.57	0.91	2.07
EPS mean	0.19	0.29	0.55	0.57	0.44	0.71	0.83	0.84	0.83	1.30
Surprise	+110.5%	+89.7%	+32.7%	+31.6%	+43.2%	+109.8%	+45.8%	+86.9%	+9.6%	+59.6%

Peer comparison Professional & Commercial Services

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
WLDN Willdan Group, Inc.	1.1B	0.43x	7.7%	3.12x	14.2x	13.1x	10.9x	8.6x
TTEK Tetra Tech, Inc.	10.1B	0.86x	4.6%	5.47x	25.1x	23.0x	16.3x	15.5x
EXPO Exponent, Inc.	4.1B	−0.45x	18.2%	13.37x	36.7x	31.9x	22.0x	19.8x
ICFI ICF International, Inc.	1.8B	1.94x	4.9%	1.68x	13.9x	12.8x	10.1x	9.5x
CRAI CRA International Inc	1.2B	2.04x	7.3%	6.78x	23.3x	20.6x	14.3x	13.4x
RHLD Resolute Holdings Management, Inc	930M	–	−1.3%	−29.56x	–	–	–	–
Mean		0.96x	6.9%	0.14x	22.6x	20.3x	14.7x	13.3x
Median		0.86x	6.1%	4.30x	23.3x	20.6x	14.3x	13.4x

Technical analysis

1M−2.1%
3M+5.1%
1Y−23.8%
3Y+313.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Willdan Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	682	566	510	429	354	391
Cost of revenue	426	363	330	286	218	262
Gross profit	256	203	180	144	136	129
Selling, general & administrative expenses	147	122	110	99.5	100	97.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	18.7	14.7	16.4	17.5	17.1	18.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	45.6	34.2	30.8	33.7	27.1	29.1
Operating income	44.1	31.4	22.1	−7.1	−8.7	−16.2
Net interest income (expense)	−5.7	−7.8	−9.4	−5.3	−3.9	−5.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.6	3.1	1.9	0.9	0.2	1.6
Net income before taxes	40.0	26.7	14.6	−11.5	−12.4	−19.7
Provision for taxes	−12.6	4.1	3.7	−3.0	−4.0	−5.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	52.6	22.6	10.9	−8.4	−8.4	−14.5
Extraordinary items	–	–	–	–	–	–
Net income	52.6	22.6	10.9	−8.4	−8.4	−14.5
EBIT, normalized	44.1	31.4	22.1	−7.1	−8.7	−16.2
EBITDA, normalized	64.2	47.6	39.8	11.6	8.5	2.5
Basic EPS, normalized	4.89	2.43	1.75	0.88	1.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Willdan Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	65.9	74.2	23.4	8.8	11.2	28.4
Receivables	178	156	165	148	133	122
Total inventory	–	–	–	–	–	–
Prepaid expenses	7.5	5.0	3.9	6.5	5.0	5.6
Other current assets	0	0	0	10.7	0	0
Total current assets	252	236	192	174	149	156
Property, plant & equipment	48.1	43.6	39.6	34.9	31.9	32.6
Goodwill	180	141	131	130	130	130
Intangibles	35.5	29.4	32.0	41.5	52.7	64.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	29.4	15.4	20.9	29.2	30.7	20.1
Total assets	544	465	416	410	394	403
Liabilities
Accounts payable	45.6	33.8	33.2	28.8	36.7	41.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	87.1	68.6	58.7	63.7	41.3	40.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.7	11.3	9.6	18.0	15.6	15.2
Other current liabilities	25.3	24.1	13.2	16.6	23.7	19.8
Total current liabilities	162	138	115	127	117	117
Long-term debt	47.1	80.7	90.2	92.1	86.3	98.4
Minority interest	–	–	–	–	–	–
Other liabilities	30.5	12.1	10.9	8.9	11.7	18.8
Total liabilities	239	231	216	228	215	234
Shareholders' equity
Preferred stock	–	–	0	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	215	197	186	178	167	149
Retained earnings (accumulated deficit)	89.7	37.1	14.6	3.7	12.1	20.5
Treasury stock	–	–	–	–	–	–
Other equity	−0.3	−0.3	−0.7	0	0	−0.5
Total equity	305	234	200	182	179	169
Total liabilities & shareholders' equity	544	465	416	410	394	403

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Willdan Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	52.6	22.6	10.9	−8.4	−8.4	−14.5
Depreciation, depletion & amortization	18.7	14.7	16.4	17.5	17.1	18.7
Deferred taxes	−13.3	2.6	2.6	−1.7	−2.7	−5.2
Non-cash items	15.8	8.2	6.1	11.7	19.0	25.1
Changes in working capital	6.4	23.9	3.2	−9.6	−15.2	22.9
Cash from operations	80.1	72.1	39.2	9.4	9.8	47.0
Investing activities
Capital expenditures	−9.4	−8.4	−9.9	−9.6	−8.5	−5.1
Other investing cash flows	−36.2	−7.3	−1.5	0.1	0	0
Cash from investing	−45.6	−15.7	−11.5	−9.5	−8.5	−5.1
Financing activities
Financing cash flow items	−0.3	–	−15.8	0.3	−6.6	−1.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−42.4	−5.6	−8.1	8.1	−11.9	−17.3
Cash from financing	−42.7	−5.6	−23.8	8.4	−18.5	−19.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−8.2	50.8	3.9	8.3	−17.2	23.0
Free cash flow	70.7	63.7	29.3	−0.2	1.3	41.9

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.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.