Willdan Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Willdan Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	209	273	272	443	391	354	429	510	566	682
Cost of revenue	143	197	179	308	262	218	286	330	363	426
Gross profit	65.7	76.7	93	135	129	136	144	180	203	256
Operating expenses	54.1	63	80.2	126	146	145	151	158	171	212
Operating income	11.5	13.7	12.8	9.36	-16.2	-8.69	-7.06	22.1	31.4	44.1
Interest expense	0.18	0.11	0.7	4.9	5.07	3.87
Other non-operating income	-0.18	-0.01	-0.61	-4.71	-3.44	-3.71	-4.39	-7.48	-4.67	-4.15
Pre-tax income	11.4	13.7	12.2	4.66	-19.7	-12.4	-11.5	14.6	26.7	40
Income tax	3.07	1.56	2.13	-0.19	-5.17	-3.99	-3	3.67	4.11	-12.6
Net income	8.3	12.1	10	4.84	-14.5	-8.42	-8.45	10.9	22.6	52.6
EBITDA	14.8	17.8	19	24.8	2.52	8.46	10.4	38.5	46.1	62.8
EPS, basic	1.01	1.42	1.08	0.43	-1.23	-0.68	-0.65	0.82	1.63	3.63
EPS, diluted	0.97	1.32	1.03	0.41	-1.23	-0.68	-0.65	0.80	1.58	3.49
Shares, basic (weighted)	8.22	8.54	9.26	11.2	11.8	12.5	13	13.4	13.8	14.5
Shares, diluted (weighted)	8.57	9.16	9.76	11.8	11.8	12.5	13	13.6	14.2	15.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.7	14.4	15.3	5.45	28.4	11.2	8.81	23.4	74.2	65.9
Receivables	30.3	38.4	61.3	57.5	53.1	67.2	60.2	69.7	65.6	64.6
Other current assets	2.6	3.76	5.75	6.25	5.56	4.97	6.45	3.89	4.98	7.53
Total current assets	75.2	83.2	136	175	156	149	174	192	236	252
Property, plant and equipment	4.51	5.31	8	12.1	12.5	16.8	22.5	27.1	29.5	31.5
Lease right-of-use assets				22.3	20.1	15.2	12.4	12.5	14	16.6
Goodwill	21.9	38.2	97.7	128	130	130	130	131	141	180
Intangible assets	5.94	10.7	44.4	76.8	64.3	52.7	41.5	32	29.4	35.5
Other non-current assets	0.71	0.83	2.39	16.3	5.99	13.8	10.6	4.95	2.02	2.76
Total assets	108	138	301	440	403	394	410	416	465	544
Accounts payable	17.4	20.8	36.8	34	41.4	36.7	28.8	33.2	33.8	45.6
Accrued liabilities	19	23.3	37.4	67.6	34.5	35.7	59.1	54.1	62.8	82.4
Deferred revenue		7.32	5.08	5.56	7.43	13.5	12.6	13.2	21.6	21.6
Short-term debt						15	16.9	8.45	10.1	2.5
Total current liabilities	51.1	56.4	91.3	132	117	117	127	115	138	162
Long-term debt	2.07	2.5	62.2	117	98.2	85.5	90.5	89	79.4	46
Lease liabilities				18.4	15.6	10.8	8.6	9.76	9.94	13.8
Other non-current liabilities		0.36	0.53	0.53	0.13	0.08	0.26	1.14	0.46	0.07
Total liabilities	58.4	67.5	157	273	234	215	228	216	231	239
Total debt			70.8	130	113	101	107	97.4	89.5	48.5
Paid-in capital	42.4	51	114	133	149	167	178	186	197	215
Retained earnings	7.46	19.6	30.2	35	20.5	12.1	3.65	14.6	37.1	89.7
Other comprehensive income				-0.4	-0.49	-0.04		-0.66	-0.31	-0.27
Shareholders' equity	49.9	70.7	144	167	169	179	182	200	234	305
Total equity	49.9	70.7	144	167	169	179	182	200	234	305
Total liabilities and equity	108	138	301	440	403	394	410	416	465	544
Shares outstanding	8.35	8.8	11	11.5	12.2	12.8	13.3	13.7	14.2	14.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.3	12.1	10	4.84	-14.5	-8.42	-8.45	10.9	22.6	52.6
Depreciation and amortization	3.22	4.08	6.21	15.5	18.7	17.1	17.5	16.4	14.7	18.7
Stock-based compensation	1.24	2.77	6.26	12.1	16.1	16.6	8.37	5.32	7.39	11.8
Deferred income tax	1.23	0.62	-2.89	-0.21	-5.21	-2.74	-1.69	2.58	2.62	-13.3
Change in receivables	1.29	-7.41	3.18	11.6	3.07	-14.2	6.77	-10.3	5.32	7.75
Change in payables	0.21	3.19	-1.58	-6.29	7.37	-4.7	-7.84	4.36	-0.83	7.74
Cash from operations	21.6	11.1	7.57	11.6	47	9.8	9.43	39.2	72.1	80.1
Capital expenditures	-1.66	-2.18	-2.11	-6.64	-5.08	-8.5	-9.6	-9.93	-8.41	-9.39
Acquisitions	-8.86	-14.6	-124	-71.8				-1.6	-7.36	-36.3
Cash from investing	-10.5	-16.8	-126	-78.3	-5.06	-8.45	-9.53	-11.5	-15.7	-45.6
Stock issued	0.33	1.9	55.3	0.93	1.08	1.92	0.27	0.18	2.76	2.76
Cash from financing	-4.92	-2.53	120	56.9	-19	-18.5	8.36	-23.8	-5.57	-42.7
Net change in cash	6.18	-8.24	0.84	-9.81	23	-17.2	8.26	3.91	50.8	-8.24
Free cash flow	19.9	8.89	5.46	4.98	41.9	1.3	-0.17	29.3	63.7	70.7
Interest paid	0.18	0.11	0.49	4.17	5.03	3.55	5.07	10.2	7.52	5.41
Income taxes paid	1.88	2.75	3.16	4.05	0.17	-1.62	-1.12	-3.07	1.32	2.34

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $78.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.8%	Gross profit / revenue.
Operating margin	7.1%	Operating income / revenue.
EBITDA margin	9.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	8.8%	Net income / revenue.
FCF margin	8.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Effective tax rate	-28.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	40.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	36.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	82.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	90.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	132.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	120.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	11.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	104.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	11.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.6%	Total debt / total assets.
Liabilities / assets	44.8%	Total liabilities / total assets.
Net debt	$32.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$73.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$69.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.17x	Revenue / average total assets.
Fixed asset turnover	25.1x	Revenue / average property, plant and equipment.
Receivables turnover	8.81x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
FCF conversion	95.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$48.10	Revenue / diluted weighted shares.
FCF per share	$4.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.60	Cash from operations / diluted weighted shares.
Book value per share	$23.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.56	Tangible book value / shares outstanding.
Cash per share	$2.29	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$1.23B	Market cap + total debt - cash - short-term investments.
P/E	18.4x	Market cap / net income. Only when net income is positive.
P/S	1.62x	Market cap / revenue.
P/B	3.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.3x	Market cap / tangible book value, when positive.
P/FCF	19.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.0x	Market cap / cash from operations, when positive.
EV/Sales	1.66x	Enterprise value / revenue.
EV/EBIT	23.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).

What was Willdan Group, Inc.'s revenue in fiscal 2025?

Willdan Group, Inc. reported revenue of $681.6M for fiscal 2025, 20.5% higher than the year before.

Was Willdan Group, Inc. profitable in fiscal 2025?

Yes. Net income was $52.6M, a net margin of 7.7%.

How much free cash flow did Willdan Group, Inc. generate in fiscal 2025?

Cash from operations of $80.1M minus capital expenditures of $9.4M left free cash flow of $70.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Willdan Group, Inc.