Revenue growth remains inconsistent, fluctuating between a 7.5% contraction and a 24.4% expansion, while operating margins remain compressed at an average of 6.48% despite significant top-line activity.
| 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 |
|---|
| Sales/Revenue | 684.28M | 681.55M | 565.8M | 510.1M | 429.14M | 353.75M | 390.98M | 443.1M | 272.25M | 273.35M | 208.94M | 135.1M | 108.08M | 85.51M | 93.44M | 107.17M | 77.9M | 61.6M | 73.19M | 78.8M | 78.34M | 67.26M | 58.26M | 0 |
| Revenue Growth % | 14.87% | 20.46% | 10.92% | 18.87% | 21.31% | -9.52% | -11.76% | 62.75% | -0.4% | 30.83% | 54.65% | 25% | 26.39% | -8.49% | -12.8% | 37.57% | 26.44% | -15.83% | -7.12% | 0.59% | 16.47% | 15.45% | - | - |
| Cost of Goods Sold | 423.1M | 425.87M | 363.02M | 330.33M | 285.56M | 217.88M | 261.59M | 308.13M | 179.28M | 196.66M | 143.26M | 82.08M | 63.82M | 48.93M | 58.96M | 64.73M | 42.02M | 28.84M | 32.71M | 31.94M | 30.27M | 27.19M | 23.21M | 20.31M |
| COGS % of Revenue | - | 62.49% | 64.16% | 64.76% | 66.54% | 61.59% | 66.91% | 69.54% | 65.85% | 71.94% | 68.56% | 60.75% | 59.05% | 57.22% | 63.1% | 60.4% | 53.95% | 46.82% | 44.7% | 40.53% | 38.63% | 40.43% | 39.83% | - |
| Gross Profit | 261.18M | 255.68M | 202.78M | 179.77M | 143.58M | 135.87M | 129.39M | 134.97M | 92.97M | 76.69M | 65.68M | 53.02M | 44.26M | 36.58M | 34.48M | 42.44M | 35.87M | 32.76M | 40.48M | 46.86M | 48.07M | 40.07M | 35.05M | -20.31M |
| Gross Margin % | 38.17% | 37.51% | 35.84% | 35.24% | 33.46% | 38.41% | 33.09% | 30.46% | 34.15% | 28.06% | 31.44% | 39.25% | 40.95% | 42.78% | 36.9% | 39.6% | 46.05% | 53.18% | 55.3% | 59.47% | 61.37% | 59.57% | 60.17% | - |
| Gross Profit Growth % | - | 26.09% | 12.8% | 25.2% | 5.67% | 5.01% | -4.13% | 45.18% | 21.23% | 16.76% | 23.87% | 19.79% | 21% | 6.08% | -18.74% | 18.3% | 9.5% | -19.06% | -13.63% | -2.52% | 19.97% | 14.31% | 272.59% | - |
| Operating Expenses | 216.77M | 211.53M | 171.43M | 157.69M | 150.64M | 144.56M | 145.62M | 125.61M | 80.2M | 62.99M | 54.14M | 45.49M | 35.95M | 33.97M | 28.19M | 39.04M | 32.8M | 37.49M | 43.13M | 44.34M | 41.03M | 40.82M | 30.96M | 26.08M |
| OpEx % of Revenue | - | 31.04% | 30.3% | 30.91% | 35.1% | 40.87% | 37.24% | 28.35% | 29.46% | 23.04% | 25.91% | 33.67% | 33.27% | 39.73% | 30.17% | 36.43% | 42.11% | 60.86% | 58.93% | 56.27% | 52.37% | 60.68% | 53.13% | - |
| Selling, General & Admin | 216.77M | 211.53M | 171.43M | 141.26M | 133.15M | 127.42M | 97.82M | 86.98M | 57.11M | 43.93M | 36.41M | 30.76M | 26.03M | 25.39M | 27.52M | 27.67M | 31.83M | 35.68M | 41.15M | 41.54M | 40.49M | 36.87M | 29.9M | 26.08M |
| SG&A % of Revenue | - | 31.04% | 30.3% | 27.69% | 31.03% | 36.02% | 25.02% | 19.63% | 20.98% | 16.07% | 17.42% | 22.77% | 24.09% | 29.69% | 29.45% | 25.82% | 40.86% | 57.92% | 56.22% | 52.72% | 51.69% | 54.82% | 51.32% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 16.43M | 17.49M | 17.15M | 47.8M | 38.63M | 90K | 98K | 2K | 18K | 125K | 238K | 671K | 11.37M | 974K | 1.81M | 1.98M | 2.8M | 535K | 3.94M | 1.06M | 0 |
| Operating Income | 44.4M | 44.15M | 31.35M | 22.07M | -7.06M | -8.69M | -16.23M | 9.36M | 12.77M | 13.7M | 11.54M | 7.53M | 8.31M | 2.61M | -19.25M | 3.4M | 3.07M | -7.49M | -2.8M | 2.52M | 7.04M | -745K | 4.1M | 2.04M |
| Operating Margin % | 6.49% | 6.48% | 5.54% | 4.33% | -1.65% | -2.46% | -4.15% | 2.11% | 4.69% | 5.01% | 5.53% | 5.57% | 7.69% | 3.05% | -20.61% | 3.17% | 3.95% | -12.16% | -3.83% | 3.2% | 8.99% | -1.11% | 7.03% | - |
| Operating Income Growth % | - | 40.81% | 42.04% | 412.53% | 18.73% | 46.44% | -273.31% | -26.69% | -6.81% | 18.71% | 53.31% | -9.38% | 218.6% | 113.54% | -666.16% | 10.64% | 141.03% | -167.61% | -211.02% | -64.2% | 1045.5% | -118.18% | 101.23% | - |
| EBITDA | 64.09M | 62.83M | 46.1M | 38.51M | 10.43M | 8.46M | 2.52M | 24.84M | 18.98M | 17.79M | 14.76M | 9.6M | 8.77M | 3.19M | -18.52M | 4.34M | 4.13M | -5.68M | -822K | 4.28M | 8.63M | 529K | 5.15M | 2.88M |
| EBITDA Margin % | 9.37% | 9.22% | 8.15% | 7.55% | 2.43% | 2.39% | 0.64% | 5.6% | 6.97% | 6.51% | 7.07% | 7.11% | 8.11% | 3.73% | -19.82% | 4.05% | 5.3% | -9.22% | -1.12% | 5.43% | 11.01% | 0.79% | 8.84% | - |
| EBITDA Growth % | 31.83% | 36.3% | 19.72% | 269.32% | 23.31% | 236.05% | -89.87% | 30.83% | 6.72% | 20.47% | 53.76% | 9.5% | 174.63% | 117.24% | -526.19% | 5.28% | 172.67% | -590.88% | -119.22% | -50.43% | 1531% | -89.73% | 78.92% | - |
| D&A (Non-Cash Add-back) | 19.69M | 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 |
| EBIT | 46.04M | 45.74M | 34.48M | 24M | -6.12M | -8.54M | -14.6M | 9.56M | 12.77M | 13.8M | 11.55M | 7.55M | 8.44M | 2.86M | -19.28M | 3.41M | 3.12M | -7.47M | -2.5M | 4.19M | 7.04M | -745K | 4.1M | 0 |
| Net Interest Income | -3.11M | -5.75M | -7.8M | -9.41M | -5.33M | -3.87M | -5.07M | -4.9M | -700K | -111K | -179K | -207K | -8K | -84K | -100K | -72K | -42K | -8K | 280K | 194K | -773K | -630K | -272K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 10K | 6K | 5K | 12K | 30K | 313K | 499K | 0 | 0 | 0 | 0 |
| Interest Expense | 3.11M | 5.75M | 7.8M | 9.41M | 5.33M | 3.87M | 5.07M | 4.9M | 700K | 111K | 179K | 207K | 16K | 94K | 106K | 77K | 54K | 38K | 33K | 499K | 773K | 630K | 272K | 0 |
| Other Income/Expense | -2.35M | -4.15M | -4.67M | -7.48M | -4.39M | -3.71M | -3.44M | -4.71M | -610K | -13K | -177K | -189K | 117K | 154K | -15.36M | -71K | -10K | -2.36M | 265K | 1.17M | 1.7M | -619K | -278K | -496K |
| Pretax Income | 42.05M | 39.99M | 26.68M | 14.59M | -11.45M | -12.4M | -19.67M | 4.66M | 12.16M | 13.69M | 11.37M | 7.34M | 8.43M | 2.76M | -19.38M | 3.33M | 3.06M | -7.51M | -2.54M | 3.69M | 8.74M | -1.36M | 3.82M | 1.54M |
| Pretax Margin % | 6.15% | 5.87% | 4.72% | 2.86% | -2.67% | -3.51% | -5.03% | 1.05% | 4.47% | 5.01% | 5.44% | 5.43% | 7.8% | 3.23% | -20.74% | 3.11% | 3.93% | -12.18% | -3.46% | 4.68% | 11.16% | -2.03% | 6.55% | - |
| Income Tax | -14.35M | -12.56M | 4.11M | 3.67M | -3M | -3.99M | -5.17M | -185K | 2.13M | 1.56M | 3.07M | 3.08M | -990K | 132K | -2.08M | 1.5M | 344K | -1.93M | -930K | 1.54M | 2.45M | 17K | 47K | 34K |
| Effective Tax Rate % | -34.12% | -31.41% | 15.4% | 25.12% | 26.23% | 32.14% | 26.3% | -3.97% | 17.52% | 11.41% | 26.99% | 41.98% | -11.75% | 4.78% | 10.75% | 45.05% | 11.23% | 25.73% | 36.69% | 41.85% | 28.05% | -1.25% | 1.23% | 2.21% |
| Net Income | 56.4M | 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 |
| Net Margin % | 8.24% | 7.71% | 3.99% | 2.14% | -1.97% | -2.38% | -3.71% | 1.09% | 3.68% | 4.44% | 3.97% | 3.15% | 8.71% | 3.08% | -18.51% | 1.71% | 3.49% | -9.05% | -2.19% | 2.72% | 8.03% | -2.05% | 6.47% | - |
| Net Income Growth % | 131.96% | 132.86% | 106.57% | 229.33% | -0.37% | 41.94% | -399.44% | -51.73% | -17.31% | 46.15% | 94.86% | -54.77% | 258.02% | 115.2% | -1045.36% | -32.72% | 148.79% | -247.35% | -174.86% | -65.91% | 555.39% | -136.61% | 150.46% | - |
| Net Income (Continuing) | 56.4M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.66 | 3.49 | 1.58 | 0.80 | -0.65 | -0.68 | -1.23 | 0.41 | 1.03 | 1.32 | 0.97 | 0.52 | 1.22 | 0.35 | -2.37 | 0.24 | 0.37 | -0.78 | -0.22 | 0.30 | 1.28 | -0.35 | 1.03 | 0.42 |
| EPS Growth % | 119.53% | 120.89% | 97.5% | 223.08% | 4.41% | 44.72% | -400% | -60.19% | -21.97% | 36.08% | 86.54% | -57.38% | 248.57% | 114.77% | -1087.5% | -35.14% | 147.44% | -254.55% | -173.33% | -76.56% | 465.71% | -133.98% | 145.24% | - |
| EPS (Basic) | - | 3.63 | 1.63 | 0.82 | -0.65 | -0.68 | -1.23 | 0.43 | 1.03 | 1.42 | 1.01 | 0.54 | 1.26 | 0.36 | -2.37 | 0.25 | 0.38 | -0.78 | -0.22 | 0.30 | 1.28 | -0.35 | 1.03 | 0.42 |
| Diluted Shares Outstanding | 15.39M | 15.07M | 14.24M | 13.61M | 13.01M | 12.46M | 11.79M | 11.77M | 9.76M | 9.15M | 8.56M | 8.11M | 7.74M | 7.5M | 7.31M | 7.49M | 7.31M | 7.19M | 7.16M | 7.15M | 4.9M | 3.99M | 3.65M | 3.57M |
| Basic Shares Outstanding | 14.74M | 14.46M | 13.82M | 13.39M | 13.01M | 12.46M | 11.79M | 11.16M | 9.74M | 8.54M | 8.22M | 7.83M | 7.49M | 7.36M | 7.3M | 7.26M | 7.23M | 7.19M | 7.16M | 7.15M | 4.9M | 3.99M | 3.65M | 3.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 146.92% | 87.2% | - | 28.76% | - |
Operating margin compression risks
According to historical income statement data, Willdan Group experienced a revenue growth rate of 20.46% year-over-year in recent periods, though quarterly performance remains inconsistent, fluctuating from a 7.5% contraction in 2024Q4 to a 24.4% expansion in 2025Q1, reflecting the lumpy nature of project-based municipal engineering contracts.
The revenue trajectory appears heavily influenced by the timing of large-scale utility energy efficiency programs, which can create significant quarter-to-quarter variance. While the long-term trend suggests a positive capture of decarbonization mandates, investors should monitor whether this growth is sustainable or merely a reflection of timing differences in project recognition.
As reported in financial statements, Willdan's gross margin has fluctuated between 32% and 40.7% over the last ten quarters, indicating that the company's reliance on subcontracted labor in its energy segment may be preventing the realization of more consistent, higher-margin profitability typical of pure-play consulting firms.
The variability in gross margins suggests that the company's service mix is sensitive to the proportion of pass-through costs versus high-value engineering work. Without a shift toward proprietary software-driven revenue, the company may continue to struggle with margin volatility inherent in its current project-based business model.
Based on the provided income statement data, Willdan's operating margin has remained compressed, averaging roughly 6.48% despite significant revenue growth, which suggests that the company is failing to achieve meaningful economies of scale as administrative and business development expenses rise in tandem with top-line expansion.
The lack of clear operating leverage implies that the company's cost structure is largely variable, requiring additional headcount or subcontracting to support every incremental dollar of revenue. This dynamic warrants further investigation into whether management can successfully decouple revenue growth from rising SG&A costs in future periods.
Analysis of recent filings reveals that Willdan's net margin of 7.71% frequently exceeds its operating margin of 6.48%, a discrepancy that suggests non-operating items, such as tax benefits or interest income, are providing a disproportionate contribution to the bottom line relative to core operational performance.
Investors should be cautious of relying on headline EPS figures, as the gap between operating and net income may mask underlying operational inefficiencies. The reliance on non-operating items to bolster profitability could lead to earnings disappointment if these favorable tax or financial conditions do not persist.
Based on the reported figures, skeptics might argue that Willdan's reliance on low-margin energy services and the potential for rising labor costs in the engineering sector pose a significant threat to the company's ability to maintain its current profitability levels in a more challenging economic environment.
The company's vulnerability to labor inflation and the potential for regulatory shifts in California utility spending represent material risks that could compress margins further. If the company cannot successfully transition toward higher-margin software solutions, the current valuation may be difficult to justify against more diversified engineering peers.
Quick answers to the most common questions about buying WLDN stock.
For fiscal year 2025, Willdan Group, Inc. (WLDN) reported total revenue of $681.6M.
Willdan Group, Inc. (WLDN) is profitable, generating $52.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.7%.
Willdan Group, Inc. (WLDN) reported an operating income of $44.1M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Willdan Group, Inc. (WLDN) generated $255.7M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.