WSP Global (TSE:WSP)
TSX:WSP
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WSP Global
(TSX:WSP)
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Rating:63Neutral
Price Target:
C$206.00
▲(6.41% Upside)
Action:Downgraded
Date:05/09/26
The score is driven by solid underlying financial performance and a constructive earnings outlook (growth, backlog, and margin expansion), but is meaningfully tempered by elevated leverage risk, weak technical momentum (below key moving averages), and a demanding valuation (high P/E with low yield).
Positive Factors
Scale and Record Backlog
A record $17B backlog and growing proposal pipeline provide durable revenue visibility and multi-year project flow. Large framework and program awards smooth billing, support repeat client relationships, and underpin predictable utilization of technical staff across markets, aiding stable growth.
Negative Factors
Elevated Pro-Forma Leverage
Leverage jumping to ~2.3x increases sensitivity to slower cash flow or higher financing costs and reduces financial flexibility. Higher debt elevates integration and refinancing risk during economic or project-cycle downturns, constraining the firm's ability to invest or respond to shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and Record Backlog
A record $17B backlog and growing proposal pipeline provide durable revenue visibility and multi-year project flow. Large framework and program awards smooth billing, support repeat client relationships, and underpin predictable utilization of technical staff across markets, aiding stable growth.
Read all positive factors
WSP Global (WSP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$26.10B
Dividend Yield0.6%
Average Volume (3M)293.45K
Price to Earnings (P/E)50.6
Beta (1Y)0.81
Revenue Growth8.70%
EPS Growth33.66%
CountryCA
Employees72,600
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)7.35
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$303.78Price Target Upside56.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)11.52
Revenue Forecast (FY)C$16.58B
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 primarily makes money by selling fee-based professional services (engineering, design, consulting, and advisory) to clients on a project-by-project and program basis. Revenue is generated from service contracts that are commonly structured as ...
WSP Global Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 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
82
Very Positive
Balance Sheet
66
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.45B | 18.29B | 16.17B | 14.44B | 11.93B | 10.28B |
| Gross Profit | 3.18B | 3.04B | 2.60B | 2.18B | 1.70B | 1.50B |
| EBITDA | 2.56B | 2.52B | 1.89B | 1.64B | 1.26B | 1.22B |
| Net Income | 964.30M | 964.30M | 681.40M | 550.00M | 431.80M | 473.60M |
Balance Sheet | ||||||
| Total Assets | 25.47B | 20.84B | 20.20B | 15.58B | 14.84B | 11.25B |
| Cash, Cash Equivalents and Short-Term Investments | 612.80M | 1.72B | 791.20M | 501.10M | 603.00M | 1.06B |
| Total Debt | 8.73B | 5.84B | 5.79B | 4.26B | 4.08B | 2.80B |
| Total Liabilities | 15.44B | 11.00B | 11.93B | 9.25B | 8.83B | 6.59B |
| Stockholders Equity | 10.04B | 9.84B | 8.27B | 6.33B | 6.01B | 4.66B |
Cash Flow | ||||||
| Free Cash Flow | 1.73B | 1.87B | 1.03B | 652.40M | 626.70M | 926.00M |
| Operating Cash Flow | 1.88B | 2.01B | 1.18B | 812.30M | 757.60M | 1.03B |
| Investing Cash Flow | -5.17B | -753.00M | -2.47B | -533.00M | -2.70B | -1.36B |
| Financing Cash Flow | 3.48B | -349.60M | 1.54B | -400.80M | 1.50B | 838.00M |
WSP Global Technical Analysis
Negative
193.59
Price Trends
220.63
Negative
235.80
Negative
251.77
Negative
Market Momentum
-7.04
Positive
23.93
Positive
7.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WSP, the sentiment is Negative. The current price of 193.59 is below the 20-day moving average (MA) of 219.30, below the 50-day MA of 220.63, and below the 200-day MA of 251.77, indicating a bearish trend. The MACD of -7.04 indicates Positive momentum. The RSI at 23.93 is Positive, neither overbought nor oversold. The STOCH value of 7.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | C$2.82B | 606.91 | 23.71% | 0.99% | 13.42% | 17.76% | |
66 Neutral | C$3.23B | 48.37 | 11.25% | 2.88% | 1.05% | -50.79% | |
65 Neutral | C$12.14B | 30.95 | 15.21% | 0.67% | 7.61% | 27.00% | |
64 Neutral | C$13.94B | 39.61 | 52.10% | 0.09% | 16.01% | 776.59% | |
64 Neutral | C$3.47B | -37.51 | 3.71% | 2.38% | 26.30% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | C$26.10B | 50.64 | 10.39% | 0.60% | 8.70% | 33.66% |
* Industrials Sector Average
TSE:WSP
WSP Global
193.59
-77.43
-28.57%
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WSP Global Corporate Events
Business Operations and StrategyPrivate Placements and Financing
WSP to Raise US$1.5 Billion in Private Notes to Refinance TRC Acquisition Debt
Positive
Mar 12, 2026
WSP Global Inc. has priced a US$1.5 billion private offering of senior unsecured notes, split between US$650 million due 2031 at 5.039% and US$850 million due 2036 at 5.714%. The notes, which are direct senior unsecured obligations ranking pari pa...
Business Operations and StrategyFinancial Disclosures
WSP Delivers Record 2025 Results, Enters 2026 With Strong Backlog and Balance Sheet
Positive
Mar 10, 2026
WSP Global posted strong fourth-quarter and full-year 2025 results, with revenues rising to $4.85 billion in Q4 and $18.29 billion for the year, and net revenues up 8.2% in the quarter as organic growth remained solid despite lower U.S. emergency-...
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...
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.