WSP stock forecast
WSP's weighted forecast is C$188.89 in October 2027 and C$214.98 in October 2029, across 28% bear, 52% base and 20% bull scenarios. It hinges on funded power and infrastructure awards, TRC cross-selling and synergies, acquired-team retention, cash generation and debt reduction.
Where could WSP's shares be by October 2029?
The forecast points to moderate upside, but the range of outcomes is wide. The probability-weighted price is C$188.89 in October 2027. It rises to C$205.92 in October 2028 and C$214.98 in October 2029. Those figures imply total returns of 15% in 2027 and 26% in 2028. The 2029 return is 32%, including dividends, from today’s C$166.22.
By October 2029, the bear case reaches C$101.78 and the bull case C$355.59. The forecast therefore turns mainly on execution rather than on one precise target.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28 % | 116.75 (-29 %) | 109.15 (-33 %) | 101.78 (-37 %) |
| Base | 52 % | 204.02 (+24 %) | 221.22 (+35 %) | 221.85 (+36 %) |
| Bull | 20 % | 250.55 (+52 %) | 301.64 (+84 %) | 355.59 (+117 %) |
| Weighted | 100 % | 188.89 (+15 %) | 205.92 (+26 %) | 214.98 (+32 %) |
What this means. The weighted row is a probability-adjusted average of the bear, base, and bull cases, not a guaranteed share price.
What has to go right or wrong for WSP?
The bear requires public funding and client approvals to delay backlog. Fixed-fee overruns and integration costs then hold down margins, while weaker acquired returns keep cash conversion and deleveraging under pressure. The price falls to C$116.75 in 2027 and C$101.78 in 2029. Its 28% probability reflects weak recent organic growth and leverage above target, tempered by backlog and cash generation.
The bull requires funded power and infrastructure awards, TRC retention, cross-selling, realized synergies and debt reduction without further dilution. The price reaches C$250.55 in 2027 and C$355.59 in 2029. Its 20% probability reflects the demand opportunity and TRC’s capabilities, but several execution outcomes must arrive together.
How much cash does WSP really make?
This memo’s stricter free-cash-flow measure deducts capital spending, lease payments, interest, and stock pay from operating cash flow. That gives a more demanding view of what remains after operating and financing claims. WSP also publishes its own free-cash-flow measure, but its reconciliation adds back items, so the two figures answer different questions.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 2,246.0 | 1,381.9 | 986.3 | 814.8 | 1,060.1 |
| = Free cash flow | 1,483.7 | 626.5 | 254.3 | 263.4 | 608.4 |
| − Stock pay | 75.2 | 100.8 | 65.2 | 43.6 | 100.6 |
| = Real free cash flow | 1,408.5 | 525.7 | 189.1 | 219.8 | 507.8 |
| Free cash flow, % of revenue | 8.1% | 3.9% | 1.8% | 2.2% | 5.9% |
| Real free cash flow, % of revenue | 7.7% | 3.3% | 1.3% | 1.8% | 4.9% |
What this means. The company's own free cash flow is higher because it does not subtract interest paid and uses a different measure of capital spending, while our count includes the cash that actually left the business.
What does an investor pay for WSP today?
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 166.22 |
| Market value (calculated) | 22,409.2 |
| Enterprise value (calculated) | 29,302.1 |
| P/E, last 12 months (calculated) | 23.7x |
| P/E, next 12 months (calculated) | 12.7x |
| Real free cash flow yield (calculated) | 6.3% |
What this means. The lower price-to-earnings number for the next 12 months means analysts expect the company's profit per share to rise.