Free cash flow swung from -$26.4M in 2026Q1 to $15.8M in 2026Q2, but working capital swings of -$28.3M in 2026Q2 and acquisition outflows of $50.5M highlight cash flow volatility and a growth-by-acquisition strategy.
Willdan Group, Inc. (WLDN) cash flow statement — 23-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jan'10 | Jan'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Cash from Operations | 46.51M | 80.08M | 72.07M | 39.21M | 9.43M | 9.8M | 47.02M | 11.62M | 7.57M | 11.07M | 21.6M | 8.1M | 12.62M | 1.21M | 5.27M | -683K | 97K | 2.15M | 3.55M | -263K | 6.27M | 4.57M | 3.88M | 0 |
| Operating CF Margin % | - | 11.75% | 12.74% | 7.69% | 2.2% | 2.77% | 12.03% | 2.62% | 2.78% | 4.05% | 10.34% | 6% | 11.68% | 1.42% | 5.64% | -0.64% | 0.12% | 3.5% | 4.84% | -0.33% | 8.01% | 6.79% | 6.66% | - |
| Operating CF Growth % | -828.94% | 11.12% | 83.79% | 315.71% | -3.78% | -79.15% | 304.66% | 53.55% | -31.63% | -48.75% | 166.6% | -35.81% | 940.48% | -76.99% | 871.74% | -804.12% | -95.5% | -39.26% | 1448.29% | -104.19% | 37.42% | 17.69% | - | - |
| Net Income | 65.31M | 52.56M | 22.57M | 10.93M | -8.45M | -8.42M | -14.5M | 4.84M | 10.03M | 12.13M | 8.3M | 4.26M | 9.42M | 2.63M | -17.3M | 1.83M | 2.72M | -5.58M | -1.6M | 2.14M | 6.29M | -1.38M | 3.77M | 1.51M |
| Depreciation & Amortization | 26.61M | 18.69M | 14.74M | 16.43M | 17.49M | 17.15M | 18.74M | 15.47M | 6.21M | 4.08M | 3.22M | 2.07M | 460K | 585K | 737K | 944K | 1.05M | 1.81M | 1.98M | 1.75M | 1.58M | 1.27M | 1.06M | 844K |
| Stock-Based Compensation | 18.41M | 11.82M | 7.39M | 5.32M | 8.37M | 16.56M | 16.11M | 12.11M | 6.26M | 2.77M | 1.24M | 777K | 258K | 150K | 227K | 201K | 235K | 272K | 214K | 38M | 38M | 0 | 0 | 0 |
| Deferred Taxes | -8.45M | -13.28M | 2.62M | 2.58M | -1.69M | 0 | -5.21M | -209K | -2.89M | 621K | 1.23M | 1.76M | -1.43M | -2.25B | -2.25M | 1.47M | 389K | 4.6M | -112M | 1.6B | 2.03B | 0 | 0 | 0 |
| Other Non-Cash Items | -5.68M | 3.94M | 805K | 2.21M | 3.35M | 1.04M | 9.02M | 741K | -968K | 994K | 241K | 1.13M | 530K | 2.25B | 15.93M | -689K | -65K | 707K | 113.49M | -1.64B | -2.07B | 3.08M | 275K | -2.35M |
| Working Capital Changes | -58.21M | 6.36M | 23.95M | 1.75M | -9.63M | -16.53M | 22.85M | -21.34M | -11.08M | -9.53M | 7.38M | -1.89M | 3.38M | -2.28M | 7.93M | -4.43M | -4.24M | 338K | 1.47M | -4.61M | -2.11M | 1.59M | -1.22M | 0 |
| Change in Receivables | -28.62M | -14.57M | 9.96M | -17.52M | -15.51M | -11.07M | 37.38M | -25.68M | 3.18M | -7.41M | 1.29M | -4.35M | -532K | 2.22M | 625K | -2.51M | -4.41M | 936K | 3.27M | -3.07B | -3.07B | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.34M | -3.61M | 3.75M | -2.23M | 2.98M | -11K | 8.62M | -4.52M | -3.47M | 328K | 0 | 2.84B | 2.84B | 0 | 0 | 0 |
| Change in Payables | 6.85M | 7.74M | -831K | 4.36M | -7.84M | 0 | 7.37M | -6.29M | -1.58M | 3.19M | 206K | 1.84M | -720K | -3.03M | -1.2M | 2.8M | 3.92M | -654K | -186K | 226M | 226M | 0 | 0 | 0 |
| Cash from Investing | -62.67M | -45.63M | -15.74M | -11.46M | -9.53M | -8.45M | -5.06M | -78.35M | -126.39M | -16.78M | -10.5M | -10.64M | -487K | -279K | -339K | -3.12M | -2.75M | -2.76M | -9.51M | -1.92M | -2.92M | -1.87M | -945K | 0 |
| Capital Expenditures | -10.56M | -9.39M | -8.41M | -9.93M | -9.6M | -8.5M | -5.08M | -6.64M | -2.1M | -2.18M | -1.66M | -2.48M | -492K | -306K | -359K | -395K | -685K | -386K | -552K | -654K | -2.82M | -1.89M | -981K | 0 |
| CapEx % of Revenue | 1.42% | 1.38% | 1.49% | 1.95% | 2.24% | 2.4% | 1.3% | 1.5% | 0.77% | 0.8% | 0.8% | 1.83% | 0.46% | 0.36% | 0.38% | 0.37% | 0.88% | 0.63% | 0.75% | 0.83% | 3.6% | 2.8% | 1.68% | - |
| Acquisitions | -52.17M | -36.29M | -7.36M | -1.6M | 75K | 0 | 0 | -71.76M | -124.34M | -14.6M | -8.86M | -8.17M | 0 | 0 | -2.73B | -2.73M | -2.1M | -2.37M | -10.24M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 69K | 46K | 34K | 68K | 0 | 46K | 17K | 45K | 59K | 0 | 15K | 7K | 5K | 27K | 2.73B | 6K | 40K | 0 | -26K | 35K | -95K | 13K | 36K | 0 |
| Cash from Financing | -9.32M | -42.69M | -5.57M | -23.84M | -2.32M | -18.53M | -19.01M | 56.92M | 119.66M | -2.53M | -4.92M | 848K | 103K | -2.81M | 2.07M | 164K | 849K | 906K | -1.4M | -2.94M | 14.21M | 107K | -3.17M | 0 |
| Debt Issued (Net) | 4.81M | -43.22M | -9.76M | -10.81M | 5.57M | -13.38M | -17.61M | 57.52M | 68.46M | -3.55M | -4.17M | 166K | -423K | -2.89M | 1.94M | 64K | 759K | 822K | -1.47M | 175K | -667K | -1.47M | -1.96M | 0 |
| Equity Issued (Net) | 6.13M | 6.01M | 0 | 0 | 3.31M | -3.12M | 0 | 0 | -442K | 0 | 0 | 170K | 76K | 73K | 120K | 93K | 87K | 84K | 75K | 25K | 22.66M | 3.56M | 612K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.15M | -5.48M | -1.72M | -1.08M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -3.12M | 0 | 0 | -442K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -20.26M | -5.48M | 4.19M | -13.04M | -11.2M | -2.04M | -1.4M | -599K | 51.64M | 1.02M | -748K | 512K | 450K | -276K | 600K | 7K | 3K | 0 | 0 | 10K | -2.3M | -264K | -733K | 0 |
| Net Change in Cash | -25.48M | -8.24M | 50.76M | 3.91M | 8.26M | -17.18M | 22.95M | -9.81M | 835K | -8.24M | 6.18M | -1.69M | 12.24M | -1.87M | 7M | -3.64M | -1.8M | 301K | -7.37M | -5.12M | 17.57M | 2.8M | -232K | 0 |
| Free Cash Flow | 35.95M | 70.7M | 63.66M | 29.29M | -169K | 1.3M | 41.95M | 4.98M | 5.46M | 8.89M | 19.94M | 5.63M | 12.13M | 907K | 4.91M | -1.08M | -588K | 1.77M | 2.99M | -917K | 3.45M | 2.68M | 2.9M | 0 |
| FCF Margin % | 4.85% | 10.37% | 11.25% | 5.74% | -0.04% | 0.37% | 10.73% | 1.12% | 2.01% | 3.25% | 9.54% | 4.17% | 11.22% | 1.06% | 5.26% | -1.01% | -0.75% | 2.87% | 4.09% | -1.16% | 4.41% | 3.98% | 4.97% | - |
| FCF Growth % | -43.97% | 11.05% | 117.35% | 17430.77% | -112.96% | -96.89% | 741.67% | -8.77% | -38.56% | -55.41% | 254.33% | -53.61% | 1237.27% | -81.53% | 555.66% | -83.33% | -133.26% | -40.95% | 426.5% | -126.57% | 28.77% | -7.52% | - | - |
| FCF per Share | 2.33 | 4.69 | 4.47 | 2.15 | -0.01 | 0.10 | 3.56 | 0.42 | 0.56 | 0.97 | 2.33 | 0.69 | 1.57 | 0.12 | 0.67 | -0.14 | -0.08 | 0.25 | 0.42 | -0.13 | 0.70 | 0.67 | 0.79 | - |
| FCF Conversion (FCF/Net Income) | 0.55x | 1.52x | 3.19x | 3.59x | -1.12x | -1.16x | -3.24x | 2.40x | 0.75x | 0.91x | 2.60x | 1.90x | 1.34x | 0.46x | -0.30x | -0.37x | 0.04x | -0.39x | -2.21x | -0.12x | 1.00x | -3.31x | 1.03x | - |
| Interest Paid | 2.03M | 0 | 7.52M | 10.19M | 0 | 3.54M | 5.03M | 4.17M | 494K | 111K | 179K | 203K | 16K | 100K | 106K | 77K | 52K | 40K | 34K | 84K | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.26M | 0 | 1.32M | 0 | 0 | 0 | 174K | 4.05M | 3.16M | 2.75M | 1.88M | 949K | 134K | 324K | 139K | 139K | 48K | 3K | 853K | 902K | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WLDN stock.
Willdan Group, Inc. (WLDN) generated $80.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Willdan Group, Inc. (WLDN) generated $70.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Willdan Group, Inc. (WLDN) spent $9.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
Operating cash flow trailed net income in 2026Q2, with OCF/NI at 0.80, per the cash flow statement, as a $28.3M working capital outflow offset strong earnings.
The gap between net income and operating cash flow in 2026Q2 appears driven by working capital absorption, not accrual manipulation, given the $28.3M outflow. Historically, OCF/NI has swung from 9.16 in 2024Q1 to -2.86 in 2026Q1, indicating that quarterly conversion is highly sensitive to project timing. Investors should monitor whether the working capital drag persists, as it may signal collection issues or project prepayments.
Free Cash Flow Volatility Masks Underlying Growth
Free cash flow swung from -$26.4M in 2026Q1 to $15.8M in 2026Q2, per reported figures, with FCF margin improving to 6.9% from -17.0% sequentially.
The sequential recovery in FCF is encouraging, but the quarterly swings are extreme, with FCF margins ranging from -17.0% to 21.6% over the past year. This volatility appears tied to working capital timing rather than fundamental profitability, as net income has been consistently positive. The 2026Q2 FCF of $15.8M still lags net income of $24.3M, suggesting that cash generation has not yet caught up with reported earnings.
Working Capital Swings Dominate Cash Flow
Working capital changes ranged from -$41.1M to +$20.8M over the last five quarters, per the cash flow statement, indicating significant project-driven timing effects.
The working capital line is the primary driver of cash flow variability, with large outflows in 2026Q1 and 2026Q2 offset by inflows in 2025Q4 and 2024Q4. This pattern suggests that Willdan's project cycle involves substantial prepayments or receivables build-up, which may be a function of the company's growth acceleration. The negative working capital impact in 2026Q2, despite strong revenue, warrants attention as it could indicate slower collections or increased inventory for project materials.
Capital Expenditures Remain Modest and Stable
Capital expenditures averaged roughly $2.4M per quarter, or about 1.4% of revenue, per the cash flow statement, indicating a low capital intensity business.
CapEx has been remarkably stable, ranging from $1.9M to $3.7M, and does not appear to be a major cash drain. The low CapEx/Revenue ratio suggests that Willdan's growth is not asset-heavy, which is typical for engineering services. However, the modest CapEx may also imply that the company is not investing heavily in organic growth, potentially relying on acquisitions to expand, as evidenced by the $50.5M acquisition outflow in 2026Q2.
Acquisitions Absorb Cash While Returns to Shareholders Remain Absent
Cash outflows for acquisitions totaled $50.5M in 2026Q2, per the cash flow statement, while no dividends or buybacks were paid, indicating a growth-by-acquisition strategy.
The $50.5M acquisition outflow in 2026Q2 is the largest cash deployment item, dwarfing CapEx and representing a significant use of cash. This aligns with the revenue surge in the same quarter, suggesting that the growth acceleration may be acquisition-driven rather than organic. With no dividends or buybacks, investors are relying on the company to generate returns through M&A, which carries integration risk as highlighted in the income statement analysis.
Cash Flow Statement Obscures Acquisition Impact
The cash flow statement shows a $50.5M acquisition outflow in 2026Q2, but the income statement includes non-operating gains, per reported data, potentially masking the true cost of growth.
The acquisition activity may be inflating reported net income through bargain purchase gains or other non-operating items, as suggested by the $4.6M excess of net income over operating income in 2026Q2. This could overstate the quality of earnings, as the cash outflow for acquisitions is not reflected in net income. Investors should scrutinize the sustainability of the acquisition pipeline and whether the working capital drag is a result of integrating new businesses.