# WSP Global (WSP.TO)

Canonical: https://gigainvestors.com/s/WSP.TO

Analysis as of: 2026-10-16T07:35:06.722Z. Financial observations: FY2006–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 165.48 per share; close as of 2026-10-15.

Estimated value: low CAD 97.22 per share, central CAD 110.33 per share, high CAD 127.78 per share. Buy at or below the central value CAD 110.33 per share. Valuation as of 2026-10-16T07:35:06.722Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 28.2%

- ROIC, second-lowest year: 24.8%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 15.3%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.1%

- FY2017: 24.8%

- FY2018: 33.9%

- FY2019: 22.2%

- FY2020: 28.7%

- FY2021: 33.9%

- FY2022: 24.9%

- FY2023: 30.2%

- FY2024: 27.7%

- FY2025: 30.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 4.5B

- Net income, five-year total: CAD 3.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.7 pp

- Working capital / revenue, final three-year average: 26.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.45×

- FY2022: 1.51×

- FY2023: 1.57×

- FY2024: 1.44×

- FY2025: 1.40×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.1% vs 30.2%

- Per-share earnings: 1.95 to 5.22 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: 2.9%

- Market cap gain: CAD 28B

- Cumulative retained earnings: CAD 2.6B

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 2.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.1%

- Per-share value change: CAD 3.26

- Per-share value, starting three-year median: CAD 1.95

- Per-share value, ending three-year median: CAD 5.22

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 3.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 8.0B

- Cumulative net income, 10 years: CAD 4.3B

- ROIC, first three-year median: 27.1%

- ROIC, last three-year median: 30.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 1.95

- FY2017: CAD 2.06

- FY2018: CAD 2.36

- FY2019: CAD 2.70

- FY2020: CAD 2.42

- FY2021: CAD 4.01

- FY2022: CAD 3.46

- FY2023: CAD 4.40

- FY2024: CAD 5.22

- FY2025: CAD 7.35

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -2.2%

- FY2018: -4.7%

- FY2019: -5.4%

- FY2020: -9.3%

- FY2021: -4.9%

- FY2022: -2.2%

- FY2023: -1.7%

- FY2024: -2.5%

- FY2025: -5.0%

## Holders

## Price story

Down 42% since Jul 2025 · sales +13.1%

Story as of 2026-10-16T10:00:03.657Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

- 2026-08-12: Why WSP Global (TSX:WSP) Is Up 10.1% After Raising 2026 Outlook On Record Backlog ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-wsp-global-tsx-wsp-054029620.html))

### Sales · FY2024–2025

sales +13.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CAD 6.4B 

- FY2017: CAD 6.9B 

- FY2018: CAD 7.9B 

- FY2019: CAD 8.9B 

- FY2020: CAD 8.8B 

- FY2021: CAD 10B 

- FY2022: CAD 12B 

- FY2023: CAD 14B 

- FY2024: CAD 16B 

- FY2025: CAD 18B 

### Gross margin · FY2025

gross margin 16.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.2% 

- FY2017: 15.5% 

- FY2018: 15.9% 

- FY2019: 14.1% 

- FY2020: 13.2% 

- FY2021: 14.6% 

- FY2022: 14.3% 

- FY2023: 15.1% 

- FY2024: 16.1% 

- FY2025: 16.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are CAD 18.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2025: revenue 18285000000; grossProfit 3040800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSP.TO: WSP Global Inc. operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally. The company 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. It also provides engineering and consultancy services, such as decarbonization strategies, digital building design, building engineering design, and advisory, as well as project and construction management services. In addition, the company works with and advises governments and private sector in earth sciences and environmental sustainability to conduct due diligence, permit approvals, regulatory compliance, waste/hazardous materials management, geotechnical and mining engineering, water resource management, environmental/social impact assessments, feasibility, and land remediation studies. Further, it offers clients integrated solutions on all kinds of energy projects, including large-scale power plants, and smaller on-site power generation and efficiency programs; clean energy investment, such as renewables; high-voltage direct current energy transmission; lower-carbon solutions, such as nuclear; substation design; electrical studies; protection and controls; advanced distribution management systems; and storage and distribution from pre-feasibility studies and community engagement through operation and decommissioning. Additionally, the company provides strategic advisory services comprising planning, technical, and strategic advisory; digital solutions; and sustainability services. WSP Global Inc. was formerly known as GENIVAR Inc. and changed its name to WSP Global Inc. in January 2014. The company was founded in 1993 and is headquartered in Montreal, Canada.

### Why customers stay

Margins ranged from 15.1% to 16.6% during 2023–25; it earns 28.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2023: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2024: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2025: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); 10-year return on capital observations [[2016,0.27058524269343814],[2017,0.24812584014062664],[2018,0.33855731180815224],[2019,0.22156411235035048],[2020,0.2874423896334402],[2021,0.3387158080592158],[2022,0.2489535919008255],[2023,0.30242832582361895],[2024,0.2772476586031839],[2025,0.3079478570217839]]; median 0.2823450241183121. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); Gross margin observations: [[2021,0.1459174441342141],[2022,0.14253031534664667],[2023,0.1507702324550467]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2016: growth capex 0; upkeep 108800000; owner earnings 249800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2017: growth capex 0; upkeep 79700000; owner earnings 302400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2018: growth capex 0; upkeep 98100000; owner earnings 344400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2019: growth capex 0; upkeep 122400000; owner earnings 407380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2020: growth capex 0; upkeep 72100000; owner earnings 476520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2021: growth capex 0; upkeep 100700000; owner earnings 687340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2022: growth capex 0; upkeep 130900000; owner earnings 651440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2023: growth capex 0; upkeep 159900000; owner earnings 862880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2024: growth capex 0; upkeep 148299999; owner earnings 979960001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); FY2025: growth capex 0; upkeep 141100000; owner earnings 1345600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); Dividend observations: [[2016,68000000],[2017,70400000],[2018,78100000],[2019,77600000],[2020,88300000],[2021,80600000],[2022,90100000],[2023,162200000],[2024,187100000],[2025,195700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSP.TO SharesStats.PercentInsiders = 0.053 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years; actual growth was 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.722Z); Ten-year compound average after fade. Initial solved rate 0.07390572757245917. Price 165.48; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.414857947762018 → FY2025 10.249910115235314. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 43.45 per share

- 2016-11: CAD 47.63 per share

- 2016-12: CAD 44.69 per share

- 2017-01: CAD 45.78 per share

- 2017-02: CAD 44.91 per share

- 2017-03: CAD 46.97 per share

- 2017-04: CAD 49.73 per share

- 2017-05: CAD 50.29 per share

- 2017-06: CAD 53.81 per share

- 2017-07: CAD 50.61 per share

- 2017-08: CAD 51.77 per share

- 2017-09: CAD 51.91 per share

- 2017-10: CAD 57.82 per share

- 2017-11: CAD 59.85 per share

- 2017-12: CAD 59.91 per share

- 2018-01: CAD 59.56 per share

- 2018-02: CAD 59.21 per share

- 2018-03: CAD 59.34 per share

- 2018-04: CAD 63.57 per share

- 2018-05: CAD 68.18 per share

- 2018-06: CAD 69.22 per share

- 2018-07: CAD 73.94 per share

- 2018-08: CAD 70.26 per share

- 2018-09: CAD 70.69 per share

- 2018-10: CAD 65.72 per share

- 2018-11: CAD 65.42 per share

- 2018-12: CAD 58.67 per share

- 2019-01: CAD 67.44 per share

- 2019-02: CAD 69.69 per share

- 2019-03: CAD 73.03 per share

- 2019-04: CAD 72.34 per share

- 2019-05: CAD 71.29 per share

- 2019-06: CAD 72.09 per share

- 2019-07: CAD 74.44 per share

- 2019-08: CAD 72.08 per share

- 2019-09: CAD 77.43 per share

- 2019-10: CAD 82.18 per share

- 2019-11: CAD 85.73 per share

- 2019-12: CAD 88.67 per share

- 2020-01: CAD 94.05 per share

- 2020-02: CAD 88.47 per share

- 2020-03: CAD 79.92 per share

- 2020-04: CAD 93.41 per share

- 2020-05: CAD 88.86 per share

- 2020-06: CAD 83.26 per share

- 2020-07: CAD 84.11 per share

- 2020-08: CAD 88.49 per share

- 2020-09: CAD 87.44 per share

- 2020-10: CAD 84.27 per share

- 2020-11: CAD 96.45 per share

- 2020-12: CAD 120.59 per share

- 2021-01: CAD 119.10 per share

- 2021-02: CAD 110.22 per share

- 2021-03: CAD 119.56 per share

- 2021-04: CAD 127.63 per share

- 2021-05: CAD 134.97 per share

- 2021-06: CAD 144.70 per share

- 2021-07: CAD 148.09 per share

- 2021-08: CAD 164.73 per share

- 2021-09: CAD 151.66 per share

- 2021-10: CAD 167.78 per share

- 2021-11: CAD 177.69 per share

- 2021-12: CAD 183.63 per share

- 2022-01: CAD 169.50 per share

- 2022-02: CAD 155.51 per share

- 2022-03: CAD 165.91 per share

- 2022-04: CAD 149.82 per share

- 2022-05: CAD 139.62 per share

- 2022-06: CAD 145.54 per share

- 2022-07: CAD 154.50 per share

- 2022-08: CAD 156.51 per share

- 2022-09: CAD 152.12 per share

- 2022-10: CAD 167.44 per share

- 2022-11: CAD 161.35 per share

- 2022-12: CAD 157.09 per share

- 2023-01: CAD 169.68 per share

- 2023-02: CAD 171.41 per share

- 2023-03: CAD 177.03 per share

- 2023-04: CAD 178.81 per share

- 2023-05: CAD 168.23 per share

- 2023-06: CAD 175.02 per share

- 2023-07: CAD 181.65 per share

- 2023-08: CAD 189.26 per share

- 2023-09: CAD 191.70 per share

- 2023-10: CAD 181.49 per share

- 2023-11: CAD 187.83 per share

- 2023-12: CAD 185.74 per share

- 2024-01: CAD 197.51 per share

- 2024-02: CAD 215.42 per share

- 2024-03: CAD 225.76 per share

- 2024-04: CAD 208.89 per share

- 2024-05: CAD 205.00 per share

- 2024-06: CAD 213.03 per share

- 2024-07: CAD 229.34 per share

- 2024-08: CAD 224.66 per share

- 2024-09: CAD 240.28 per share

- 2024-10: CAD 248.87 per share

- 2024-11: CAD 248.97 per share

- 2024-12: CAD 252.96 per share

- 2025-01: CAD 246.63 per share

- 2025-02: CAD 258.04 per share

- 2025-03: CAD 244.21 per share

- 2025-04: CAD 244.36 per share

- 2025-05: CAD 281.21 per share

- 2025-06: CAD 277.77 per share

- 2025-07: CAD 285.30 per share

- 2025-08: CAD 279.68 per share

- 2025-09: CAD 273.50 per share

- 2025-10: CAD 268.14 per share

- 2025-11: CAD 244.45 per share

- 2025-12: CAD 248.52 per share

- 2026-01: CAD 263.23 per share

- 2026-02: CAD 231.07 per share

- 2026-03: CAD 216.50 per share

- 2026-04: CAD 226.00 per share

- 2026-05: CAD 195.26 per share

- 2026-06: CAD 175.85 per share

- 2026-07: CAD 171.27 per share

- 2026-08: CAD 188.25 per share

- 2026-09: CAD 174.24 per share

- 2026-10: CAD 163.43 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 34.86 per share, central CAD 49.34 per share, high CAD 57.78 per share

- FY2017: low CAD 36.64 per share, central CAD 52.12 per share, high CAD 61.13 per share

- FY2018: low CAD 40.51 per share, central CAD 55.89 per share, high CAD 65.40 per share

- FY2019: low CAD 51.43 per share, central CAD 72.71 per share, high CAD 85.11 per share

- FY2020: low CAD 48.09 per share, central CAD 65.94 per share, high CAD 76.81 per share

- FY2021: low CAD 61.26 per share, central CAD 84.41 per share, high CAD 97.89 per share

- FY2022: low CAD 70.93 per share, central CAD 96.69 per share, high CAD 112.89 per share

- FY2023: low CAD 81.59 per share, central CAD 107.82 per share, high CAD 125.93 per share

- FY2024: low CAD 99.38 per share, central CAD 133.76 per share, high CAD 156.14 per share

- FY2025: low CAD 102.59 per share, central CAD 115.32 per share, high CAD 132.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:50.169Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.