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WLDN

Willdan Group, Inc.

WLDN

Willdan Group, Inc. • NASDAQ
$100.90 ▼ -0.03% (-0.03)
Market Cap $1.49 B
52w High $121.00
52w Low $30.43
Dividend Yield 0%
P/E 36.16
Volume 120.32K
Outstanding Shares 14.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $182.006M ▲ $52.227M ▼ $13.721M ▼ 7.539% ▼ $0.94 ▼ $19.105M ▲
Q2-2025 $173.473M ▲ $56.509M ▲ $15.436M ▲ 8.898% ▲ $1.07 ▲ $17.871M ▲
Q1-2025 $152.386M ▲ $50.625M ▲ $4.687M ▼ 3.076% ▼ $0.33 ▼ $11.435M ▼
Q4-2024 $144.061M ▼ $44.089M ▲ $7.688M ▲ 5.337% ▲ $0.55 ▲ $15.512M ▲
Q3-2024 $158.252M $42.927M $7.346M 4.642% $0.53 $13.153M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.109M ▲ $507.925M ▲ $224.833M ▲ $283.092M ▲
Q2-2025 $32.348M ▼ $484.851M ▲ $218.916M ▼ $265.935M ▲
Q1-2025 $38.364M ▼ $471.158M ▲ $225.642M ▼ $245.516M ▲
Q4-2024 $74.158M ▲ $464.863M ▲ $230.52M ▲ $234.343M ▲
Q3-2024 $53.106M $447.253M $223.292M $223.961M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.721M ▼ $12.18M ▼ $-698K ▲ $-10.721M ▲ $761K ▲ $9.773M ▼
Q2-2025 $15.436M ▲ $25.413M ▲ $-4.865M ▲ $-26.564M ▼ $-6.016M ▲ $23.206M ▲
Q1-2025 $4.687M ▼ $3.311M ▼ $-34.764M ▼ $-4.341M ▼ $-35.794M ▼ $1.001M ▼
Q4-2024 $7.688M ▲ $33.462M ▲ $-9.698M ▼ $-2.712M ▼ $21.052M ▲ $31.123M ▲
Q3-2024 $7.346M $10.773M $-1.943M $9K $8.839M $8.824M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Energy
Energy
 $130.00M ▲$120.00M ▼$130.00M ▲$150.00M ▲
Engineering Consulting Services
Engineering Consulting Services
 $20.00M ▲$20.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, recovering from earlier softness and now sitting clearly above pre‑pandemic levels. Profitability has improved meaningfully: the company has moved from consistent bottom‑line losses to modest, but positive, earnings. Gross margins have inched higher, and operating profitability has turned the corner, suggesting better pricing, scale, and cost control. That said, margins are still relatively thin for a consulting and engineering business, so earnings remain sensitive to contract mix, utilization, and any slowdown in new awards.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a mid‑sized services firm. Total assets and shareholder equity have both trended upward, reflecting the gradual build‑up of the business and retained profits in recent years. Debt levels have been fairly stable to slightly lower, so leverage does not appear excessive, though it is meaningful enough to matter if cash flow were to weaken. Cash on hand has improved recently from a low base, which adds some cushion but still requires disciplined working‑capital management, especially because the company depends on timely collections from public and utility clients.

Cash Flow

Cash Flow Cash generation has improved in line with earnings. Operating cash flow has been consistently positive in recent years and has grown as profitability recovered. Capital spending needs are modest, so most of the cash generated from the business flows through to free cash flow. This pattern suggests that recent profit gains are backed by real cash, not just accounting adjustments. However, the overall cash flow base is still not large relative to the size of the company, so maintaining contract momentum and controlling project execution risk remain important.

Competitive Edge

Competitive Edge Willdan occupies a specialized niche at the intersection of engineering, energy efficiency, and utility consulting. Its long‑standing relationships with major utilities and public agencies create meaningful “stickiness,” as these clients tend to sign multi‑year contracts and face high switching costs. The firm differentiates itself through a combination of deep regulatory and technical expertise, integrated service offerings, and the ability to manage complex, multi‑disciplinary projects. This positions it well against more generic engineering firms, but it also ties its fortunes closely to utility and government spending cycles and policy trends around decarbonization and infrastructure.

Innovation and R&D

Innovation and R&D Innovation is centered on proprietary software, data analytics, and targeted acquisitions rather than classic lab‑style R&D. Tools gained through earlier acquisitions give Willdan a sophisticated platform for grid planning, energy modeling, and program optimization, which is a clear edge in serving utilities and large energy users. The company continues to deepen capabilities in areas like microgrids, data centers, and smart city infrastructure, often by buying and integrating specialist firms. Its forward‑looking focus on AI‑driven data center demand, electrification, and grid modernization suggests ongoing investment in new analytical tools and engineering expertise, even if those costs are embedded in operating expenses rather than labeled as R&D.

Summary

Overall, Willdan looks like a niche engineering and consulting firm that has successfully shifted from a period of losses to consistent, though still modest, profitability. Its financial profile shows steady revenue growth, improving margins, and healthier cash flow, supported by a balance sheet that is sound but not idle, with a manageable level of debt. Strategically, the company is tightly aligned with long‑term themes such as decarbonization, electrification, and the build‑out of smart, resilient infrastructure. Its proprietary software, long‑term utility relationships, and integrated service offering provide differentiation, but its relatively thin margins and dependence on a concentrated set of end‑markets mean execution and contract wins remain critical drivers of future performance.

NEWS

November 21, 2025 · 11:45 AM UTC

Willdan Expands Financial Services With Acquisition of Compass Municipal Advisors

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November 12, 2025 · 9:15 AM UTC

Willdan to Design and Implement $97 Million in Energy and Infrastructure Upgrades for Alameda County

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November 6, 2025 · 4:08 PM UTC

Willdan Group Reports Third Quarter Results

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October 10, 2025 · 9:12 AM UTC

Willdan Announces Date of Third Quarter 2025 Earnings Release and Conference Call

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October 6, 2025 · 9:12 AM UTC

Willdan Continues Expansion of Energy Efficiency in MA with National Grid Small Business Program

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