Willdan Group: The Q2 Beat-And-Raise Confirms The Inflection

Willdan Group: The Q2 Beat-And-Raise Confirms The Inflection

Willdan Group delivered a strong Q2, with contract revenue up 33% YoY and organic net revenue growth accelerating to 18%. The raised FY26 guidance remains conservative, with upside potential tied to the $110M LADWP contract expansion and commercial mix inflection. Adjusted EBITDA margin hit a record 28.2%; balance sheet strength and 70%+ FCF conversion support further growth and M&A flexibility. We maintain a buy rating and raise the 12-month price target to $130, reflecting confidence in WLDN’s multi-year operating leverage story.

Introduction We issued a bullish call on Willdan Group ( WLDN ) back in July . The price target was $117, and shares were trading at $72. Since then, the stock has rallied roughly 20% and now trades around $85. Q2 delivered a