Willdan Sees 23% Net Revenue Growth, Guides $390–405M for 2026
Willdan’s fiscal 2025 contract revenues rose 20.5% to $681.6 million and net revenues climbed 23.1% to $364.8 million, powered by energy efficiency and grid modernization services. It forecasts fiscal 2026 net revenues of $390–405 million and adjusted EBITDA of $85–90 million as AI data center growth boosts electricity demand.
1. Fiscal 2025 Results
Willdan recorded contract revenues of $681.6 million in fiscal 2025, up 20.5% year over year, and net revenues of $364.8 million, a 23.1% increase, with energy efficiency program management and grid modernization consulting accounting for about 85% of total business.
2. Demand Drivers and Guidance
Structural demand from AI data center expansion and broader electrification is driving electricity consumption and grid complexity, leading Willdan to forecast fiscal 2026 net revenues of $390 million to $405 million and adjusted EBITDA of $85 million to $90 million.
3. Competitive Positioning
In the energy transition services market, Willdan differentiates itself from larger firms like AECOM and Jacobs by targeting high-growth niches in energy efficiency programs and distributed energy solutions, leveraging specialized expertise and utility relationships.
4. Stock Performance and Valuation
Shares have surged 96.8% over the past year, and the stock trades at a forward 12-month P/E of about 18.2x, while fiscal 2026 earnings estimates remain unchanged, implying a 7.4% year-over-year decline and reflecting investor expectations.