Willdan Group, Inc.

WLDN

$87.07

-0.56%

N/A-$0.49

Industrials

Engineering & Construction

NASDAQ

Active Trading

Willdan Group, Inc., including its various subsidiaries, offers a wide array of expert, technical, and advisory services, primarily concentrating its operations within ...

Supply Chain of WLDN

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Energy Toolbase (ETB)

HelioScope (Aurora Solar)

AMS (Asset Management Software provider)

Diverse local/regional construction & electrical subcontractors

Specialized engineering subconsultants

Solar panel & equipment OEMs (e.g., Qcells, Enphase, SolarEdge)

HVAC equipment manufacturers (e.g., Carrier, Trane, Lennox)

Energy Toolbase (ETB)

TSX:PSI

Software platform provider for solar and energy storage project modeling, proposal generation, and asset monitoring. Integrated into Willdan's design-build and performance contracting workflow.

HelioScope (Aurora Solar)

Solar PV design and production modeling software integrated with Energy Toolbase for project estimating workflows.

AMS (Asset Management Software provider)

AI-powered energy asset optimization and trading software platform integrated with Energy Toolbase for dispatching energy storage assets.

Diverse local/regional construction & electrical subcontractors

Field installation subcontractors for HVAC, lighting, solar PV, battery storage, and EV charging infrastructure deployed under Willdan-managed performance contracts with school districts, municipalities, and utilities.

Specialized engineering subconsultants

Subconsultants providing specialized civil, structural, geotechnical, and traffic engineering services on Willdan-managed municipal infrastructure projects.

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Southern California Edison (Edison International)

Clark County School District (CCSD)

Pacific Gas & Electric (PG&E)

SoCalGas & San Diego Gas & Electric (Sempra Energy)

Alameda County, California

New York City Mayor's Office of Climate & Environmental Justice

NYSERDA (New York State Energy Research and Development Authority)

SoCalREN (Southern California Regional Energy Network)

Southern California Edison (Edison International)

NYSE:EIX

Primary utility client for multiple energy efficiency programs (CEEP, CEDA, School Energy Efficiency). Represents ~10.7%+ of Energy segment contract revenue. Long-standing multi-decade relationship. · 10.7%

Clark County School District (CCSD)

$102M energy savings performance contract (2024) for energy infrastructure upgrades across 300,000-student district. One of two top customers in FY2025 Energy segment. · 8.0%

Pacific Gas & Electric (PG&E)

NYSE:PCG

Utility partner for California Energy Design Assistance (CEDA) program and Healthcare Energy Efficiency Program (HEEP). Willdan delivers programs in PG&E territory.

SoCalGas & San Diego Gas & Electric (Sempra Energy)

NYSE:SRE

Utility partner for CEDA program in SoCalGas/SDG&E territories. Willdan administers energy efficiency programs on behalf of these utilities.

Alameda County, California

$97M energy savings performance contract (November 2025) for electrification, solar PV, EV charging, and HVAC upgrades across county facilities.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Tetra Tech, Inc.

Jacobs Solutions Inc.

AECOM

Sterling Infrastructure, Inc.

Tetra Tech, Inc.

NASDAQ:TTEK

Direct competitor in engineering and consulting to government and utility clients. Similar exposure to infrastructure and energy end-markets. Larger scale ($5.4B revenue) but comparable business model of professional services to public sector.

Jacobs Solutions Inc.

NYSE:J

Large engineering and consulting peer with energy, infrastructure, and government client base. Willdan competes with Jacobs in energy efficiency and municipal engineering.

AECOM

NYSE:ACM

Large infrastructure consulting peer. Willdan competes with AECOM for utility and municipal engineering contracts. Reveals how larger diversified firms perform in similar end-markets.

Sterling Infrastructure, Inc.

NASDAQ:STRL

Frequently compared peer in infrastructure services. Smaller cap, infrastructure-focused providing a useful size-comparable proxy for valuation and margin analysis.

Geographic

Region-level exposures that can distort the supply network.

Geographic

California

Nevada

New York

Southern California Edison (Edison International)

Pacific Gas & Electric (PG&E)

SoCalGas / San Diego Gas & Electric (Sempra Energy)

Alameda County

Clark County School District (CCSD)

NYC Mayor's Office of Climate & Environmental Justice

NYSERDA

California

Revenue concentration — majority of utility and municipal contracts are California-based. Subject to CA regulatory (CPUC), climate (wildfires, droughts), and budgetary risks.

Southern California Edison (Edison International)NYSE:EIXLargest single customer; ~10.7%+ of Energy segment revenue

Pacific Gas & Electric (PG&E)NYSE:PCGMajor utility partner across multiple energy efficiency programs

SoCalGas / San Diego Gas & Electric (Sempra Energy)NYSE:SREUtility partner for CEDA and other programs

Nevada

Large single contract concentration with Clark County School District ($102M). Dependent on school district bond funding and Nevada energy policy.

Clark County School District (CCSD)$102M energy savings performance contract; one of top 2 customers in FY2025

New York

Growing exposure via NYC Accelerator ($27M), NYSERDA programs, and expanding Northeast footprint. Subject to NY state/local policy and budget cycles.

NYC Mayor's Office of Climate & Environmental Justice$27M contract for NYC Accelerator program (2026-2029)

NYSERDALong-standing client for clean energy programs

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Top 10 customers account for 50.7% of consolidated contract revenues. Two customers (Southern California Edison and Clark County School District) represented 27.4% of Energy segment revenues in FY2025. Loss of either would materially impact revenue.

Customer

High

Heavy reliance on California utility contracts (SCE, PG&E, SoCalGas/SDG&E). Regulatory changes or budget cuts at these utilities could reduce program funding.

Other

Medium

Business model relies on subcontractor availability and performance. Shortage of qualified subcontractors (construction labor, HVAC, electrical) could delay projects and increase costs.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Energy

84.5%

$0.6B

Drives demand for subcontractors in energy efficiency installation (HVAC, lighting, solar PV, EV charging), software platforms (project modeling, monitoring), and equipment vendors. Segment relies heavily on utility program contracts and performance contracting. Key customer concentration risk with Southern California Edison and Clark County School District.

Engineering & Consulting Services

15.5%

$0.1B

Drives demand for specialized subconsultants (civil, structural, traffic engineering), GIS/software tools, and building code expertise. Lower subcontractor intensity than Energy segment. Clients are primarily municipalities and public agencies.

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

Willdan Group, Inc.

Supply Chain of WLDN

Upstream

Energy Toolbase (ETB)

HelioScope (Aurora Solar)

AMS (Asset Management Software provider)

Diverse local/regional construction & electrical subcontractors

Specialized engineering subconsultants

Solar panel & equipment OEMs (e.g., Qcells, Enphase, SolarEdge)

HVAC equipment manufacturers (e.g., Carrier, Trane, Lennox)

Downstream

Southern California Edison (Edison International)

Clark County School District (CCSD)

Pacific Gas & Electric (PG&E)

SoCalGas & San Diego Gas & Electric (Sempra Energy)

Alameda County, California

New York City Mayor's Office of Climate & Environmental Justice

NYSERDA (New York State Energy Research and Development Authority)

SoCalREN (Southern California Regional Energy Network)

View More

Proxies

Tetra Tech, Inc.

Jacobs Solutions Inc.

AECOM

Sterling Infrastructure, Inc.

Geographic

California

Nevada

New York

Supply Chain of WLDN

Upstream

Energy Toolbase (ETB)

HelioScope (Aurora Solar)

AMS (Asset Management Software provider)

Diverse local/regional construction & electrical subcontractors

Specialized engineering subconsultants

Solar panel & equipment OEMs (e.g., Qcells, Enphase, SolarEdge)

HVAC equipment manufacturers (e.g., Carrier, Trane, Lennox)

Downstream

Southern California Edison (Edison International)

Clark County School District (CCSD)

Pacific Gas & Electric (PG&E)

SoCalGas & San Diego Gas & Electric (Sempra Energy)

Alameda County, California

New York City Mayor's Office of Climate & Environmental Justice

NYSERDA (New York State Energy Research and Development Authority)

SoCalREN (Southern California Regional Energy Network)

View More

Proxies

Tetra Tech, Inc.

Jacobs Solutions Inc.

AECOM

Sterling Infrastructure, Inc.

Geographic

California

Nevada

New York