Willdan Group, Inc.
willdan.comWhat Do They Do?
Provides energy-efficiency programs and energy and infrastructure services to utilities, public agencies, and businesses.
10-K for FY2025, filed Feb 27, 2026Our Energy segment provides specialized, innovative, and comprehensive energy solutions to businesses, utilities, state agencies…View ↗
Willdan provides public agencies with a comprehensive suite of engineering, building and safety, and financial consulting services designed…View ↗
Our clients primarily consist of investor and municipal owned energy utilities, public and governmental agencies including cities…View ↗
How Do They Make Money?
Utilities, public agencies and businesses pay for energy programs and engineering work through fixed-price, hourly and unit-priced contracts. Bills follow project costs, milestones or agreed schedules; most services generate revenue as work is performed, while unit-priced products do so at delivery and licenses when clients can use them.
10-K for FY2025, filed Feb 27, 2026Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or pre-agreed…View ↗
The Company enters into contracts with its clients that contain various types of pricing provisions, including fixed price…View ↗
Revenue on the vast majority of the Company’s contracts is recognized over time because of the continuous transfer of control to the…View ↗
Revenue on time-and-materials and unit-based contracts is recognized as the work is performed in accordance with the specific rates and…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by reportable segment ↗
$681.6M
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10-K for FY2025, filed Feb 27, 2026
$681.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Energy
|
85%
FY2023: 84%
|
Energy, FY2025
$576.1M Sources
|
|
|
Engineering and Consulting
Recurring
10-K for FY2025, filed Feb 27, 2026 |
15%
FY2023: 16%
|
Engineering and Consulting, FY2025
$105.5M Sources
|
Recurring |
Who Are Their Customers?
Utilities and public agencies contract with Willdan for energy programs and infrastructure work; it also serves commercial and industrial businesses, including through utility-run programs.
10-K for FY2025, filed Feb 27, 2026Our Engineering and Consulting Services include civil engineering and construction management; building and safety services; city…View ↗
Our clients primarily consist of investor and municipal owned energy utilities, public and governmental agencies including cities…View ↗
We collaborate with Southern California Edison (“SCE”) who has contracted with us to develop, implement, and offer their commercial energy…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Aug 6, 2026
Willdan raised its financial targets
Management cited second-quarter performance and confidence in demand for energy solutions.
Sources
8-K, filed Aug 6, 2026
“We delivered strong performance in the second quarter of 2026,” said Mike Bieber, Willdan's President and Chief Executive Officer. "Net…View ↗
Growing. Revenue grew 59% in 4 years, from $429.1M in FY2022 to $681.6M in FY2025, about 12% a year.
AI data center power
The latest Energy services description adds power solutions for AI data centers, alongside audits, program design, engineering, and construction management.
10-K for FY2022, filed Mar 10, 2023 10-K for FY2025, filed Feb 27, 2026Our Energy segment provides specialized, innovative, comprehensive energy solutions to businesses, utilities, state agencies…View ↗
Our Energy segment provides specialized, innovative, and comprehensive energy solutions to businesses, utilities, state agencies…View ↗
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