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Willdan Group, Inc. gets most of its revenue from energy services. Utilities, public agencies and businesses hire it to assess energy use, plan efficiency improvements and manage their implementation, including installation work performed by subcontractors. Customers pay for hours and costs, specified units of work or a fixed-price project; on fixed-price work, profit depends on keeping delivery costs within the agreed price.
Its smaller Engineering and Consulting business helps public agencies design infrastructure, manage construction, support building and safety functions, and address economic and financial questions.
Clark County School District and Southern California Edison are major customers, and revenue is concentrated among a relatively small group of clients. The energy business depends on utility relationships, renewed contracts and delivery of promised energy savings. Utility budgets and regulatory efficiency requirements shape demand, while public-agency work depends partly on government funding. Some customers can end work on short notice and pay only for completed work and agreed commitments or settlement expenses.
New York law also limits how Willdan provides professional engineering services through Genesys Engineering, P.C.: licensed engineers must own Genesys, and Willdan neither owns its shares nor controls its professional engineering decisions. Willdan manages the business and provides nonprofessional support.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Willdan’s results hinge on utility efficiency and electrification budgets and government projects: Southern California Edison and Clark County School District each contributed more than 10% of fiscal 2025 revenue.
Willdan depends on Consolidated Edison, a regulated electricity, gas and steam delivery utility, to buy its work implementing New York small-business and multifamily efficiency and electrification programs. Watch renewals or changes to these material contracts: both run through the end of 2026, but Consolidated Edison can terminate them at any time for any reason.
Duke Energy, which sells electricity to utility customers, hires Willdan to manage its Small Business Energy Saver program, so renewal or modification can materially affect Willdan’s operations. Watch changes to the program’s lighting, refrigeration and heating-and-cooling retrofits for eligible commercial customers in North Carolina, South Carolina, Indiana and Kentucky.
Tetra Tech competes with Willdan for government and commercial clients paying for energy and sustainable-infrastructure consulting, engineering and project delivery. Its work for those clients is worth watching for signs of competition for the same project budgets.
Stantec competes with Willdan for U.S. public agencies and private clients buying engineering, energy consulting and project-management services. Watch its U.S. revenue rather than its Canadian or other international business when assessing this overlap.
AECOM competes with Willdan for public and private clients paying for infrastructure planning, engineering and construction management. Watch planning and consulting contracts that expand into broader project work at AECOM, since that is another route to competing for these clients’ spending.
Fed Interest Rate Decision
Willdan’s Fed policy rate affects what it pays on variable-rate debt, so higher rates can raise interest costs and reduce profit.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can increase interest expense on Willdan’s variable-rate term loan and any revolving-facility borrowing, leaving less profit after debt costs.
If it comes in below expectations
Lower rates can reduce interest expense on Willdan’s variable-rate term loan and any revolving-facility borrowing, leaving more profit after debt costs.
Willdan Group, Inc. earningsThis company
Energy generates about 85% of Willdan Group’s revenue, and fixed-price contracts make up nearly half of contract revenue; this report will show whether project revenue is turning into gross profit.
Read contract revenue growth alongside gross margin, the share of revenue left after direct costs. Growth with a stable or higher margin suggests Willdan Group is keeping project costs in line as work expands. Growth with a falling margin means labor, subcontracting or other delivery costs are consuming more revenue, making fixed-price project estimates and execution the key concern.
Duke Energy Corporation earningsDUK
Duke Energy’s report can show whether its small-business efficiency program in four states is continuing or changing, work that Willdan Group manages.
Watch what Duke Energy says about the Small Business Energy Saver program and its lighting, refrigeration and heating-and-cooling retrofits. A continuing or expanding program means work remains for Willdan Group to manage; a cutback or change would mean less or different work under this relationship.
Consolidated Edison, Inc. earningsED
Consolidated Edison’s report may show whether its New York efficiency and electrification contracts are renewed or changed, contracts that bring work to Willdan Group.
Watch for updates on Consolidated Edison’s small-business and multifamily efficiency and electrification contracts. Both run through the end of 2026, but can be terminated at any time. Renewal or continued work would preserve a source of projects for Willdan Group; termination or a smaller scope would put that work at risk.
Tetra Tech Inc earningsTTEK
Tetra Tech’s report can show how much government and commercial clients are spending on energy and sustainable-infrastructure consulting, engineering and project delivery—the work Willdan Group also competes for.
Watch whether Tetra Tech’s work for government and commercial clients in these services strengthens or weakens. More work suggests those clients are still paying for services Willdan Group also offers; less work points to tighter budgets and a harder contest for the same contracts.
