WSP Global (WSP) AI Stock Analysis

• Market Cap: C$36.20B
• Dividend Yield: 0.6%
• Average Volume (3M): 293.45K
• Price to Earnings (P/E): 40.0
• Beta (1Y): 0.92
• Revenue Growth: 18.85%
• EPS Growth: 29.60%
• Country: CA
• Employees: 72,600
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 2.82
• Shares Outstanding: 134,806,780
• 10 Day Avg. Volume: 260,759
• 30 Day Avg. Volume: 293,455
• PEG Ratio: 2.09
• Price to Book (P/B): 3.86
• Price to Sales (P/S): 1.97
• P/FCF Ratio: 30.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$335.00
• Price Target Upside: 28.93% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: C$304.00 ▲(17.00% Upside)

WSP Global's overall stock score is driven by its strong financial performance and positive earnings call, which highlight robust growth and profitability. However, the high valuation and mixed technical indicators temper the score, suggesting potential caution for investors.

Positive Factors

Free cash flow generation

Near-$900M free cash flow over nine months demonstrates durable cash conversion from projects and operations. This supports debt servicing, organic investment and M&A without dilutive financing, improving resilience through project timing variability and cyclical downturns.

Record adjusted EBITDA margin

A record 20.2% adjusted EBITDA margin signals structural operating leverage and pricing power across services. Sustained margin expansion implies efficient project delivery, successful integration of acquisitions and the ability to maintain profitability through varied regional demand.

Manageable leverage and balance sheet stability

A moderate 0.57 debt-to-equity ratio and healthy equity base indicate conservative financial structure. This balance allows continued investment in backlog capture and acquisitions while preserving flexibility to absorb project delays or fund working capital during slower field seasons.

Negative Factors

APAC execution risk

Client decision delays in Australia and broader APAC reduce backlog visibility and slow regional revenue conversion. Persistent hesitation by clients can depress utilization and growth, making near-term organic expansion harder and putting pressure on regional margins over several quarters.

Exposure to public-sector timing shocks

Material exposure to government contracts means shutdowns and public budgeting delays directly disrupt project starts and payments. Recurrent public-sector timing volatility can create lumpy revenue recognition and impair medium-term planning and resource allocation.

Deferred capital projects in Earth & Environment

Client deferrals in Earth & Environment slow field work and reduce near-term billable activity. If deferral trends persist, utilization and backlog replenishment will weaken, pressuring revenue growth and making it harder to sustain recently improved margins across affected service lines.

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, bridges, tunnels, water, maritime, and urban infrastructure for public and private clients, construction contractors, and other partners. The company also provides engineering and consultancy services, such as decarbonisation strategies, digital building design, structural and mechanical, electrical, and plumbing engineering services; and long-term operational management support services, including first feasibility studies; and advisory services, such as technical, financial, and environmental issues, as well as engineering design and energy simulations. In addition, it works with and advises businesses and governments in various areas of environmental consultancy, including environmental, social, and governance matters. Further, the company provides engineering and environmental services to companies operating in upstream exploration and production, midstream transportation and storage, and downstream refining and distribution; and a range of consulting and engineering services, such as strategic studies, concept design, and productivity analysis to the food and beverages, pharmaceutical and biotechnology, automotive, and chemicals industries. Additionally, it offers strategic advisory services comprising planning and advisory, management, and technology and sustainability services. The company was formerly known as GENIVAR Inc. and changed its name to WSP Global Inc. in January 2014. WSP Global Inc. was founded in 1885 and is headquartered in Montreal, Canada.

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 projects, environmental and sustainability consulting, and building design services. Additionally, WSP benefits from long-term contracts and framework agreements with government agencies and private enterprises, providing a steady flow of income. Significant partnerships with other firms and stakeholders in the construction and engineering sectors further enhance WSP's capacity to secure large projects, contributing to its overall earnings.

WSP Global Financial Statement Overview

Summary

WSP Global demonstrates strong financial performance with robust revenue growth and profitability. The income statement shows healthy margins, and the balance sheet reflects stability with manageable leverage. Cash flow generation is strong, supporting operations and growth initiatives.

Income Statement

WSP Global exhibits strong revenue growth with a 3.13% increase in the TTM period, supported by healthy gross and net profit margins of 16.27% and 4.83%, respectively. The EBIT and EBITDA margins are also robust at 8.13% and 12.31%, indicating efficient operational management. The consistent growth trajectory and profitability metrics reflect a solid financial performance in the engineering and construction sector.

Balance Sheet

The company's balance sheet is stable with a moderate debt-to-equity ratio of 0.57, suggesting a balanced approach to leveraging. The return on equity (ROE) stands at 10.31%, indicating effective use of equity to generate profits. The equity ratio is healthy, reflecting a strong asset base relative to liabilities. Overall, the balance sheet demonstrates financial stability with manageable leverage.

Cash Flow

WSP Global shows a positive trend in cash flow with a 1.92% growth in free cash flow. The operating cash flow to net income ratio of 0.32 and a high free cash flow to net income ratio of 0.92 indicate strong cash generation relative to earnings. The cash flow metrics highlight the company's ability to generate sufficient cash to support operations and growth initiatives.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.10B	16.17B	14.44B	11.93B	10.28B	8.80B
Gross Profit	2.94B	2.60B	2.18B	1.70B	1.50B	1.16B
EBITDA	2.23B	1.89B	1.64B	1.26B	1.22B	937.90M
Net Income	874.90M	681.40M	550.00M	431.80M	473.60M	276.00M
Balance Sheet
Total Assets	19.34B	20.20B	15.58B	14.84B	11.25B	8.84B
Cash, Cash Equivalents and Short-Term Investments	413.70M	791.20M	501.10M	603.00M	1.06B	553.40M
Total Debt	4.98B	5.79B	4.26B	4.08B	2.80B	1.59B
Total Liabilities	10.56B	11.93B	9.25B	8.83B	6.59B	4.76B
Stockholders Equity	8.79B	8.27B	6.33B	6.01B	4.66B	4.08B
Cash Flow
Free Cash Flow	1.67B	1.03B	652.40M	626.70M	926.00M	1.02B
Operating Cash Flow	1.82B	1.18B	812.30M	757.60M	1.03B	1.09B
Investing Cash Flow	-2.40B	-2.47B	-533.00M	-2.70B	-1.36B	-204.70M
Financing Cash Flow	-385.90M	1.54B	-400.80M	1.50B	838.00M	-696.50M

WSP Global Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 259.83
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 259.83 is below the 20-day moving average (MA) of 267.40, above the 50-day MA of 254.93, and below the 200-day MA of 268.47, indicating a neutral trend. The MACD of 2.59 indicates Positive momentum. The RSI at 45.29 is Neutral, neither overbought nor oversold. The STOCH value of 51.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:WSP.

WSP Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATRL	82 Outperform	$17.14B	6.97	56.38%	0.09%	13.97%	715.65%
WSP	75 Outperform	C$36.20B	40.04	11.21%	0.60%	18.85%	29.60%
STN	70 Outperform	C$15.72B	32.51	15.96%	0.67%	11.73%	41.17%
BDT	69 Neutral	C$1.71B	18.22	21.68%	2.88%	6.26%	0.52%
BDGI	66 Neutral	$2.37B	27.79	22.05%	0.99%	13.02%	52.88%
ARE	65 Neutral	C$2.27B	271.29	0.92%	2.38%	25.68%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

WSP Global Corporate Events

WSP Global Prices US$1 Billion Private Senior Notes to Help Fund TRC Acquisition

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 January 22, 2026. The proceeds are earmarked primarily to help finance WSP’s pending acquisition of TRC Companies and to lessen its reliance on incremental bank facilities, with a contingency plan to redeem the 2036 notes and repay existing debt if the deal fails to close. Rated BBB (high) with a stable trend by DBRS and ranking pari passu with WSP’s other senior unsecured debt, the notes are being placed privately in Canada under prospectus exemptions and will not be registered for public sale in Canada or the United States, underscoring the company’s continued use of the private debt market to support its acquisition-driven growth strategy while managing balance sheet flexibility.

The most recent analyst rating on (TSE:WSP) stock is a Buy with a C$306.00 price target. To see the full list of analyst forecasts on WSP Global stock, see the TSE:WSP Stock Forecast page.

WSP Raises $977.5 Million to Help Fund TRC Acquisition

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. The proceeds will be used to help finance WSP’s previously announced acquisition of TRC Companies and reduce reliance on new term loan commitments, with completion of the transaction targeted for the first quarter of 2026, subject to regulatory approvals; the deal strengthens WSP’s balance sheet and underscores support from major shareholder La Caisse, which will hold about 13.9% of outstanding shares following the financing.

The most recent analyst rating on (TSE:WSP) stock is a Buy with a C$277.00 price target. To see the full list of analyst forecasts on WSP Global stock, see the TSE:WSP Stock Forecast page.

WSP Global to Acquire TRC, Strengthening U.S. Market Position

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 capabilities in the Power & Energy sector and provide significant growth opportunities through expanded service offerings and cross-selling potential, aligning with its 2025-2027 Global Strategic Action Plan.

The most recent analyst rating on (TSE:WSP) stock is a Buy with a C$268.00 price target. To see the full list of analyst forecasts on WSP Global stock, see the TSE:WSP Stock Forecast page.

WSP Global Reports Strong Q3 2025 Financial Results and Strategic Growth

WSP Global Inc. reported strong financial results for the third quarter of 2025, showcasing significant growth in net revenues, adjusted EBITDA, and net earnings. The company’s performance was bolstered by the successful integration of POWER Engineers, which contributed to organic growth, and the recent acquisition of Ricardo plc. These developments have strengthened WSP’s market position and operational efficiency, resulting in increased margins and robust free cash flow generation. The company’s backlog also saw an increase, indicating sustained demand for its services.

The most recent analyst rating on (TSE:WSP) stock is a Buy with a C$318.00 price target. To see the full list of analyst forecasts on WSP Global stock, see the TSE:WSP Stock Forecast page.