WLDNWilldan Group, Inc.

Services-Engineering Services

Revenue: $682M; 20% YoY
Operating margin: 6.5%; 17% YoY
EBITDA: $63M; 36% YoY
Market cap: $1.1B
Employees: 300,000; $2K revenue each
Net debt / EBITDA: 1.1×; $66M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
152% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$2K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$429M	$510M	$566M	$682M	20%
Operating income	−$7M	$22M	$31M	$44M	41%
Net income	−$8M	$11M	$23M	$53M	133%
Operating cash flow	$9M	$39M	$72M	$80M	11%
Capex	$10M	$10M	$8M	$9M	12%
Stock-based comp	$8M	$5M	$7M	$12M	60%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 11, 2024	Forager Fund, L.P.	SC 13D/A	9.1%	Passive
May 3, 2024	Forager Fund, L.P.	SC 13D/A	12.0%	Passive
Jun 6, 2023	Forager Fund, L.P.	SC 13D	14.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 10
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$4M	$11M	156	-36
FY2024	$2M	$5M	-8	-34
FY2023	$2M	$3M	-48	-35
FY2022	$2M	−$1M	-57	-37
FY2021	$3M	$960K	-16	-25