SOLV Energy, Inc. (MWH) Stock Price & How to Invest

SOLV Energy designs, builds, commissions, operates and repowers large power projects, mostly utility-scale solar farms, co-located and standalone battery storage, and the high-voltage substations and transmission connections that tie them to the grid. It does not own the plants. Developers, independent power producers and utilities hire it under engineering, procurement and construction contracts, and it then keeps many of those same sites on long-term operations and maintenance agreements. The scale is the point: roughly 21 GW built across more than 500 power plants, about 22 GW under O&M contract across roughly 150 plants, and around 2,600 employees from a San Diego headquarters. Third-party rankings put it second in the Americas in solar EPC, in battery storage EPC, and in solar and storage O&M. The ticker, MWH, is a megawatt-hour.

The investment picture is a contractor's, not a utility's. The business began in 2008 inside Swinerton Renewable Energy, was bought by private equity firm American Securities in 2021 and rebranded, then listed on Nasdaq on February 11, 2026 at $25 a share, raising about $513 million and closing roughly 20% higher on day one. Revenue went from $1.85 billion in 2024 to $2.49 billion in 2025 (up about 35%) and $676.8 million in the first quarter of 2026 alone (up about 66% year over year), with management guiding 2026 to $3.72 billion to $3.82 billion of revenue and $435 million to $455 million of adjusted EBITDA. Backlog stood at $8.2 billion, roughly three times trailing revenue. Against that, the share count is dominated by American Securities, the public float is only about 40 million of roughly 210 million shares, a 15 million share follow-on priced at $36.00 in late May 2026, and the stock has since traded down to $27.66. Two reported quarters is a short public record to underwrite.

This is project-based construction, so results are lumpy and seasonal: the first quarter of 2026 produced $93 million of adjusted EBITDA but a GAAP operating loss of about $7 million and a net loss near $23 million, because the adjusted figure excludes largely non-cash items such as share-based compensation and amortization. The 2025 federal tax law tightened the deadlines and sourcing rules attached to clean-energy credits, which can pull work forward into 2026 and 2027 and leave a harder comparison beyond that, and tariffs on imported cells and modules feed directly into fixed-price contract costs. American Securities still holds the large majority of the shares, the free float is roughly 40 million shares, and the May 2026 follow-on at $36.00 showed how sponsor selling can meet a thinner order book: the stock trades at $27.66 today. Revenue is concentrated among a modest number of large developers and utilities, so one cancelled or delayed program moves a quarter. There is also almost no public operating history to test the guidance against, with only two reported quarters since the February 2026 listing and second-quarter results not due until August 13, 2026.

11 analysts publish price targets on MWH, averaging $47.18 against a $27.66 price as of August 2026, or +70.6%. The published targets run from $32.00 to $55.00, a moderate spread, and the ratings split 10 buy, 1 hold, 0 sell. Over the last six months there have been 7 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full MWH forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on SOLV Energy, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Power demand pulling the build-out forward. US electricity load is growing again after two flat decades, and data centers are the loudest new source of it. The most optimistic published target, $55.00, assumes this works close to its best case.

The case against. This is project-based construction, so results are lumpy and seasonal: the first quarter of 2026 produced $93 million of adjusted EBITDA but a GAAP operating loss of about $7 million and a net loss near $23 million, because the adjusted figure excludes largely non-cash items such as share-based compensation and amortization. The most pessimistic target, $32.00, is roughly what MWH is worth if this bites instead.

Read the full bull and bear case on MWH, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see SOLV Energy, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.76 billion, up ~30% year over year
• Q1 2026 revenue: ~$677 million, up ~66% year over year
• Backlog: ~$8.2 billion, plus ~22 GW under O&M contract
• 2026 guidance: ~$3.72-3.82 billion revenue, ~$435-455 million adjusted EBITDA
• Net cash and free cash flow: ~$304 million net cash, ~$297 million FCF (TTM)
• Market cap / valuation: ~$5.8 billion at ~$27.66 a share, ~19x forward earnings

Trailing multiples and forward multiples tell different stories here, which is normal for a business growing revenue 50% in its first public year. On trailing numbers the stock screens at roughly 25 times earnings and about 20 times EV/EBITDA, but against the midpoint of 2026 adjusted EBITDA guidance the enterprise value of about $5.58 billion works out closer to 12 to 13 times. Eleven analysts cover the name with an average target of $47.18 and a range of $32 to $55, a spread that reflects genuine disagreement about how much of the backlog converts on schedule.

Other names that sit close to MWH: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MWH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MWH sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MWH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

SOLV Energy is a profitable, net-cash engineering and construction business levered to US power demand, priced by a market that is still deciding how durable the solar build-out is after the 2025 tax-credit changes.

Whether MWH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MWH a buy or a sell?, and where the stock could go from here in the MWH stock forecast.

For income investors, whether MWH pays a dividend and how the payout looks is covered in does MWH pay a dividend? And to weigh MWH against a peer, read the full side-by-side comparisons: MWH vs PRIM and MWH vs MYRG.