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Italian construction group building large-scale infrastructure such as dams, tunnels, bridges and high-speed rail worldwide.
Italian construction group building large-scale infrastructure such as dams, tunnels, bridges and high-speed rail worldwide.
Wins large civil-engineering contracts, mostly from governments, and books revenue as work progresses, so its order backlog and cost control matter more than any single year's activity. The group grew through consolidation of Italy's builders, including the 2020 rescue of Astaldi.
In one line: An Italian Bechtel/Fluor for major civil infrastructure construction.
Moat: narrow (process know-how, installed base, scale). Deep large-scale civil-engineering execution track record globally, but a project-based, competitively-tendered, execution-risk-heavy business.
Headquarters: Milan, Italy · Founded: 1906 · Employees: 39,566
Size Webuild (WBD.MI) is an Italy Industrials company (Engineering & Construction) with a market value of $2.39B, the 58th largest of 123 Italy companies the cockpit tracks. Shares closed at €2.13 on 6 Nov 2026.
Performance Over six months the shares fell 21.7%, against -7.8% for the median peer and +3.1% for the Italy market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +8.9%); the operating margin is -1.2% (peer median 6.0%).
Valuation It trades at 6.5× forward earnings against a peer median of 16.1× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.0 points below its cost of capital (7.4% WACC).
Credit Webuild has 6 bonds outstanding ($2.82B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 162 bp.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €12.4B | €12.6B | €11.0B | €9.29B | €7.66B |
| Revenue growth | — | +15% | +19% | +21% | — |
| Gross profit | €2.72B | €2.88B | €2.65B | €2.12B | €1.72B |
| EBITDA | €352M | €446M | €403M | €319M | €261M |
| Net income | €242M | €240M | €194M | €124M | €9.89M |
| Free cash flow | €263M | -€557M | €302M | €1.47B | -€230M |
| Capital expenditure | €670M | €876M | €826M | €444M | €278M |
| Total debt | n/a | €3.07B | €2.94B | €2.61B | €2.62B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Webuild WBD.MI | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WBD.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.9% | -0.9% | 2nd highest of 21 |
| 6-month return | -21.7% | -7.8% | 6th lowest of 21 |
| Distance from 52-week high | -42.2% | -26.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +2.3% | +8.9% | 4th lowest of 21 |
| Operating margin | -1.2% | 6.0% | 2nd lowest of 21 |
| Forward P/E | 6.5× | 16.1× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.1% | 3.4% | 6th least demanding of 17 |
| Growth delivered (Del g) | +24.4% | +10.1% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -26.4 pp | -5.8 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | -11.0 pp | +4.4 pp | lowest of 20 |
| Net debt / EBITDA | 2.7× | 0.0× | 4th most indebted of 19 |
| Bond spread | 162 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 45.6× | n/a | n/a |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
Webuild has 6 bonds outstanding with $2.82B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 4.89%, a spread of 162 bp over government bonds.