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Willdan Group: Stronger Earnings, Higher Leverage, Still a Strong Buy

Writer: Felix Ouma
Felix Ouma
12 minutes ago
8 min read

Summary

  • Willdan reported Q2 contract revenue of $231.0Mn, net revenue of $117.2Mn, adjusted EBITDA of $33.0Mn, and adjusted EPS of $2.07. Organic net revenue grew 18%, while the adjusted EBITDA margin reached a quarterly record of 28.2%.


  • The original AI-power thesis strengthened. Data centers are Willdan's fastest-growing commercial activity, APG revenue is expected to approach $75Mn in 2026, and recent wins span utility efficiency, substations, storage, and microgrids.


  • My base case values the shares at $95, 32.7% above the October 15 close. It assumes $607.7Mn of 2027 net revenue, $150.5Mn of adjusted EBITDA, $5.33 of adjusted EPS, and full-year ownership of Mantis.

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Source: Seeking Alpha

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