WSP Global (TSE:WSP)
TSX:WSP
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WSP Global
(TSX:WSP)
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Rating:70Outperform
Price Target:
C$254.00
▲(10.95% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by strong financial performance (growth, margin improvement, and stronger 2025 cash generation) and a constructive earnings outlook with solid backlog and cash-conversion targets. These positives are tempered by weak technical momentum (price below key moving averages and negative MACD) and a premium valuation (P/E 31.3 with a low dividend yield).
Positive Factors
Revenue and Margin Expansion
Sustained multi-year top-line growth and steady margin expansion indicate a scalable services platform and improving pricing/mix. This durability suggests WSP can convert scale into higher operating profitability and sustain investment in capabilities and talent over multiple years.
Negative Factors
Elevated Pro-Forma Leverage
Higher pro‑forma leverage increases sensitivity to interest rates and financing conditions and limits near-term balance‑sheet optionality. While management targets progressive deleveraging, the current elevated ratio raises medium‑term refinancing and covenant risk if cash generation softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
Sustained multi-year top-line growth and steady margin expansion indicate a scalable services platform and improving pricing/mix. This durability suggests WSP can convert scale into higher operating profitability and sustain investment in capabilities and talent over multiple years.
Read all positive factors
WSP Global (WSP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$30.46B
Dividend Yield0.6%
Average Volume (3M)293.45K
Price to Earnings (P/E)33.7
Beta (1Y)0.78
Revenue Growth13.10%
EPS Growth36.47%
CountryCA
Employees72,600
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.65
Shares Outstanding134,816,640
10 Day Avg. Volume260,759
30 Day Avg. Volume293,455
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)3.30
Price to Sales (P/S)1.78
P/FCF Ratio17.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$314.38Price Target Upside37.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)11.36
Revenue Forecast (FY)C$16.60B
WSP Global Business Overview & Revenue Model
Company Description
WSP Global Inc. operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally. It advises, plans, designs, and manages projects for rail transit, aviation, highways, br...
How the Company Makes Money
WSP Global generates revenue primarily through the provision of consulting and engineering services, which are billed on a project basis or through hourly rates. The company has several key revenue streams, including large-scale infrastructure pro...
WSP Global Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong financial and operational achievements — double-digit top-line moves, record free cash flow and backlog, margin expansion, and clear strategic progress in Power & Energy and digital adoption. The principal negatives are short-term impacts from sizable acquisitions (higher pro-forma leverage and some margin drag), a still-recovering APAC region, and a few one-off comparability items. On balance the positive execution, cash generation and growth outlook outweigh the challenges.Positive Updates
Strong Revenue Growth
Full-year revenue increased 13% to $18.0B and net revenue increased 15% to $14.0B versus 2024, finishing at the high end of guidance.
Negative Updates
Increased Pro-Forma Leverage from Acquisitions
Pro forma net debt to adjusted EBITDA stands at ~2.3x following the TRC and other acquisitions, up from a pre-close ~0.9x and above the company’s historical target range.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full-year revenue increased 13% to $18.0B and net revenue increased 15% to $14.0B versus 2024, finishing at the high end of guidance.
Read all positive updates
Company Guidance
WSP’s 2026 guidance calls for net revenue of CAD 16.0–17.0 billion (midpoint implying >18% total growth and roughly CAD 3 billion of incremental revenue), adjusted EBITDA of CAD 3.0–3.18 billion (midpoint ~21% growth vs. 2024), and organic net‑revenue growth of 4–7%, with an expected ~40 basis‑point expansion in adjusted‑EBITDA margin; regionally management expects Canada and the Americas to deliver mid‑ to high‑single‑digit organic growth, EMEIA mid‑single‑digit, and APAC roughly stable versus 2025. Q1 2026 guidance is net revenue of CAD 3.575–3.775 billion and adjusted EBITDA CAD 590–630 million (with ~1.5% headwind to Q1 organic growth from fewer billable days); the outlook includes contributions from TRC and Ricardo, assumes ~CAD 150 million of annualized net‑revenue impact from 2025 disposals, and excludes any post‑call M&A/disposals. Management also reiterated targets of continued strong free‑cash‑flow conversion (well above 100%), balance‑sheet deleveraging from a pro‑forma net‑debt/EBITDA of ~2.3x (post‑TRC) toward ~1.6–1.7x by year‑end 2026, and pointed to healthy backlog/pipeline metrics (record backlog CAD 17 billion, U.S. sub‑backlog ~USD 8 billion, pipeline growth in key markets) supporting the outlook.WSP Global Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
77
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.29B | 16.17B | 14.44B | 11.93B | 10.28B |
| Gross Profit | 3.04B | 2.60B | 2.18B | 1.70B | 1.50B |
| EBITDA | 2.52B | 1.89B | 1.64B | 1.26B | 1.22B |
| Net Income | 964.30M | 681.40M | 550.00M | 431.80M | 473.60M |
Balance Sheet | |||||
| Total Assets | 20.84B | 20.20B | 15.58B | 14.84B | 11.25B |
| Cash, Cash Equivalents and Short-Term Investments | 1.72B | 791.20M | 501.10M | 603.00M | 1.06B |
| Total Debt | 5.84B | 5.79B | 4.26B | 4.08B | 2.80B |
| Total Liabilities | 11.00B | 11.93B | 9.25B | 8.83B | 6.59B |
| Stockholders Equity | 9.84B | 8.27B | 6.33B | 6.01B | 4.66B |
Cash Flow | |||||
| Free Cash Flow | 1.87B | 1.03B | 652.40M | 626.70M | 926.00M |
| Operating Cash Flow | 2.01B | 1.18B | 812.30M | 757.60M | 1.03B |
| Investing Cash Flow | -753.00M | -2.47B | -533.00M | -2.70B | -1.36B |
| Financing Cash Flow | -349.60M | 1.54B | -400.80M | 1.50B | 838.00M |
WSP Global Technical Analysis
Positive
228.93
Price Trends
226.95
Positive
240.43
Negative
258.00
Negative
Market Momentum
-0.16
Negative
57.00
Neutral
77.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WSP, the sentiment is Positive. The current price of 228.93 is above the 20-day moving average (MA) of 220.17, above the 50-day MA of 226.95, and below the 200-day MA of 258.00, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 57.00 is Neutral, neither overbought nor oversold. The STOCH value of 77.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:WSP.
WSP Global Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$14.98B | 5.72 | 52.10% | 0.09% | 14.48% | 839.84% | |
70 Outperform | C$30.46B | 33.67 | 10.86% | 0.60% | 13.10% | 36.47% | |
70 Outperform | C$3.26B | 130.21 | 1.66% | 2.38% | 28.09% | ― | |
69 Neutral | C$13.93B | 30.82 | 15.28% | 0.67% | 8.59% | 31.27% | |
65 Neutral | C$2.15B | 41.05 | 25.34% | 0.99% | 13.69% | 27.27% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$2.62B | 33.32 | 21.42% | 2.88% | -0.02% | -53.20% |
* Industrials Sector Average
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WSP Global
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-6.46%
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WSP Global Corporate Events
Business Operations and StrategyFinancial Disclosures
WSP Delivers Record 2025 Results and Strengthens Balance Sheet With Robust Cash Flow
Positive
Feb 26, 2026
WSP reported a strong fourth quarter and full year 2025, with revenues rising to $4.85 billion in Q4 and $18.29 billion for the year, while net revenues reached $3.67 billion and $13.96 billion, respectively. Adjusted EBITDA grew 9.4% in the quart...
Business Operations and StrategyM&A Transactions
WSP Closes TRC Acquisition, Becomes Top U.S. Engineering Firm by Revenue
Positive
Feb 24, 2026
WSP Global has completed its acquisition of TRC Companies, a major U.S. Power Energy brand with around 8,000 professionals and more than five decades of sector experience. The deal is closely aligned with WSP’s 2025–2027 strategic pla...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
WSP Global Prices US$1 Billion Private Senior Notes to Help Fund TRC Acquisition
Positive
Jan 20, 2026
WSP Global Inc. has priced a private placement of US$1 billion in senior unsecured notes, split evenly between US$500 million of 4.003% notes maturing in 2032 and US$500 million of 4.586% notes maturing in 2036, with closing expected around Januar...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
WSP Raises $977.5 Million to Help Fund TRC Acquisition
Positive
Dec 22, 2025
WSP Global has raised approximately $977.5 million through a combination of a bought deal public offering and a concurrent private placement of common shares, including full exercise of both the over-allotment and additional subscription options. ...
Business Operations and StrategyM&A Transactions
WSP Global to Acquire TRC, Strengthening U.S. Market Position
Positive
Dec 15, 2025
WSP Global Inc. has announced its agreement to acquire TRC Companies for $3.3 billion, a move that will position WSP as the largest engineering and design firm in the U.S. by revenue. This acquisition is expected to enhance WSP’s capabilitie...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.