Solv Energy

MWH · NASDAQ

$22.93−$0.92 (−3.86%)TodayMarket closed · Oct 20, 7:43 PM ET

Prev close $23.85

MWH analyst rating

BuyConsensus of 12 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy11
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $45.59 (+98.8% upside)

Low: $35.35
Now: $22.93
High: $57.75

Upgrades and downgrades

The latest rating actions, newest first

MWH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 19, 2026	Maintains	Overweight	$43.00 → $34.00	48%
Keybanc	Oct 15, 2026	Maintains	Overweight	$43.00 → $35.00	47%
TD Cowen	Aug 25, 2026	Maintains	Buy	$32.00 → $35.00	51%
Baird	Aug 14, 2026	Maintains	Outperform	$50.00 → $42.00	53%
Guggenheim	May 26, 2026	Maintains	Buy	$37.00 → $50.00	55%
UBS	May 14, 2026	Downgrade	Buy → Neutral	$42.00 → $50.00	45%
Evercore ISI Group	May 13, 2026	Maintains	Outperform	$49.00 → $51.00	17%
Keybanc	May 13, 2026	Maintains	Overweight	$36.00 → $50.00	47%
Baird	May 13, 2026	Maintains	Outperform	$36.00 → $50.00	53%
CIBC	Apr 20, 2026	Maintains	Outperformer	$37.00 → $38.00	50%

The case for and against

Updated Oct 15, 2026

Bull case

SOLV Energy is viewed positively because its 2Q results significantly outperformed expectations, with revenue of $951MM and adjusted EBITDA of $117MM beating consensus by 33% and 60%, respectively, driven by strong new construction activity and visibility from projects that were less than 50% complete. Backlog rose ~8.5% sequentially to $8.86B, implied awards were about $1.65B for a book-to-bill ratio above 1.7x, and roughly $2.5B of backlog is tied to storage or hybrid projects, supporting multi-quarter revenue and margin visibility. The raised 2026 guidance to $3.87B-$3.97B of revenue and $485MM-$505MM of adjusted EBITDA, plus larger projects that should improve fixed-cost operating leverage, reinforces the view that demand, execution, and profitability are all trending favorably.

Bear case

SOLV Energy is exposed to a weakening fundamental profile because changes in government subsidies and regulations can directly impair utility-scale solar economics, while FEOC rules effective January 1, 2026 and any Section 232 tariffs on polysilicon could raise costs, reduce tax-credit eligibility, and delay or cancel projects. Its reliance on fixed-price EPC contracts leaves it vulnerable to cost overruns, and with typical EPC margins only 10% to 15%, material inflation, labor shortages, and subcontractor constraints can quickly compress profitability. Revenue concentration, milestone-based billing, and the risk of backlog slippage, customer cancellations, and higher interest rates further threaten cash flow consistency and working-capital needs.

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