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WSP Global
(TSX:WSP)
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Rating:72Outperform
Price Target:
C$210.00
â–²(10.94% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by strong fundamentals and a constructive earnings call (upgraded outlook, record backlog, and margin/EBITDA growth). These positives are tempered by higher leverage and softer recent cash-flow momentum, while technicals are mixed (near-term rebound but still below longer-term moving averages and showing overbought signals). Valuation also provides only modest support given the mid-to-high P/E and low dividend yield.
Positive Factors
Revenue Growth and Record Backlog
Broad revenue growth and a record backlog provide substantial forward visibility for a project-based services business. Organic backlog expansion and contributions across segments indicate durable demand rather than reliance solely on acquisitions.
Negative Factors
Higher Leverage After Acquisition
The material increase in debt reduces financial flexibility and raises execution sensitivity during weaker industry conditions. Although management expects leverage to return to target, deleveraging depends on continued earnings growth and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Record Backlog
Broad revenue growth and a record backlog provide substantial forward visibility for a project-based services business. Organic backlog expansion and contributions across segments indicate durable demand rather than reliance solely on acquisitions.
Read all positive factors
WSP Global (WSP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$25.19B
Dividend Yield0.8%
Average Volume (3M)688.58K
Price to Earnings (P/E)26.5
Beta (1Y)0.87
Revenue Growth10.24%
EPS Growth14.12%
CountryCA
Employees84,600
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)7.04
Shares Outstanding134,816,640
10 Day Avg. Volume499,136
30 Day Avg. Volume688,582
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$275.13Price Target Upside45.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)11.45
Revenue Forecast (FY)C$16.67B
WSP Global Business Overview & Revenue Model
Company Description
WSP Global Inc., a professional services consultancy established in 1885 and headquartered in Montreal, Canada, operates internationally with a significant presence in the United States, Canada, the United Kingdom, Sweden, and Australia. (The comp...
How the Company Makes Money
WSP primarily makes money by providing fee-based professional services on projects where it is engaged as a consultant or engineer of record. Revenue is generated through contracts for advisory and technical consulting (e.g., feasibility studies, ...
WSP Global Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based growth: record backlog, double-digit EBITDA growth, margin expansion to 19.1%, and multiple high-growth end markets (Power & Energy, data centers, water, advanced manufacturing). While management flagged short-term items (timing-related cash inflows, slightly elevated leverage after TRC, integration/reorg costs and localized softness in New Zealand), these were presented as manageable and temporary versus the demonstrated revenue, backlog and margin momentum. The positives materially outweigh the near-term execution and timing challenges.Positive Updates
Strong Top-Line Growth
Net revenue increased ~23% year-over-year (revenues up ~20% YoY) and organic net revenue growth reached 5% for the quarter, with every reportable segment contributing; roughly $800 million of net revenues were added YoY (23%) largely from strategic acquisitions.
Negative Updates
Operating Cash Timing and Lower Near-Term Inflows
Cash inflows from operating activities for the six months were $554 million versus $822 million in the prior year period, primarily due to timing (prior year benefited from $195 million factoring inflow and incentive award timing).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Net revenue increased ~23% year-over-year (revenues up ~20% YoY) and organic net revenue growth reached 5% for the quarter, with every reportable segment contributing; roughly $800 million of net revenues were added YoY (23%) largely from strategic acquisitions.
Read all positive updates
Company Guidance
Management reiterated an upgraded 2026 financial outlook, now targeting net revenue of $16.2–$17.0 billion and adjusted EBITDA of $3.10–$3.18 billion, with Q3 2026 guidance of $4.15–$4.35 billion net revenue and $850–$890 million adjusted EBITDA; acquisition integration and reorganization costs are now expected to be $285–$305 million. They reiterated the 2025–2027 ambition of a 19–20% adjusted EBITDA margin (saying a path exists to reach that as early as 2026) after reporting Q2 adjusted EBITDA of $815 million (up ~29% YoY) and a Q2 margin of 19.1% (their best Q2 ever), adjusted net earnings of $389 million ($2.88/share, +23% YoY) and net revenue growth of ~23% (organic net revenue +5% in Q2). Backlog hit a record $20.1 billion (11.6 months of revenue), up ~23% YoY with 12‑month organic backlog growth of 5.7%; TRC hard and soft backlog were up ~30%/35% YoY. Cash metrics cited include trailing 12‑month free cash flow of $1.4 billion (1.5x net earnings), six‑month free cash flow of $255 million, operating cash inflows of $554 million for the six months, DSO of 71 days, and management expects leverage (currently slightly above target after TRC) to return to target by year‑end.WSP Global Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.34B | 18.29B | 16.17B | 14.44B | 11.93B | 10.28B |
| Gross Profit | 3.41B | 3.04B | 2.60B | 2.18B | 1.70B | 1.50B |
| EBITDA | 2.41B | 2.37B | 1.89B | 1.64B | 1.26B | 1.22B |
| Net Income | 931.00M | 964.30M | 681.40M | 550.00M | 431.80M | 473.60M |
Balance Sheet | ||||||
| Total Assets | 26.02B | 20.84B | 20.20B | 15.58B | 14.84B | 11.25B |
| Cash, Cash Equivalents and Short-Term Investments | 678.60M | 1.72B | 791.20M | 501.10M | 603.00M | 1.06B |
| Total Debt | 8.82B | 5.84B | 5.79B | 4.26B | 4.08B | 2.80B |
| Total Liabilities | 15.58B | 11.00B | 11.93B | 9.25B | 8.83B | 6.59B |
| Stockholders Equity | 10.44B | 9.84B | 8.27B | 6.33B | 6.01B | 4.66B |
Cash Flow | ||||||
| Free Cash Flow | 1.52B | 1.87B | 1.03B | 652.40M | 626.70M | 926.00M |
| Operating Cash Flow | 1.70B | 2.01B | 1.18B | 812.30M | 757.60M | 1.03B |
| Investing Cash Flow | -5.13B | -753.00M | -2.47B | -533.00M | -2.70B | -1.36B |
| Financing Cash Flow | 3.65B | -349.60M | 1.54B | -400.80M | 1.50B | 838.00M |
WSP Global Technical Analysis
Neutral
189.30
Price Trends
181.75
Positive
191.45
Negative
215.87
Negative
Market Momentum
0.64
Positive
50.10
Neutral
24.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WSP, the sentiment is Neutral. The current price of 189.3 is below the 20-day moving average (MA) of 191.06, above the 50-day MA of 181.75, and below the 200-day MA of 215.87, indicating a neutral trend. The MACD of 0.64 indicates Positive momentum. The RSI at 50.10 is Neutral, neither overbought nor oversold. The STOCH value of 24.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | C$13.96B | 33.31 | 7.89% | 0.09% | 14.82% | -82.14% | |
73 Outperform | C$11.44B | 22.98 | 15.26% | 0.92% | 9.97% | 15.80% | |
72 Outperform | C$25.19B | 26.54 | 9.52% | 0.80% | 10.24% | 14.12% | |
71 Outperform | C$3.89B | 65.04 | 13.41% | 1.20% | 7.38% | -39.80% | |
64 Neutral | C$2.84B | 28.67 | 24.14% | 0.91% | 16.24% | 10.17% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$3.09B | -49.52 | -6.76% | 1.70% | 21.48% | -323.81% |
* Industrials Sector Average
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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.