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%), then $676.8 million in the first quarter of 2026 (up about 66%) and $951.2 million in the second quarter (up about 77%, against roughly $723 million expected). Backlog rose to about $8.9 billion, up 44% year over year, with around $2.5 billion of it in storage. Management lifted 2026 guidance to $3.87 billion to $3.97 billion of revenue and $485 million to $505 million of adjusted EBITDA. 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 closed at $24.02 on October 16, 2026, below the IPO price. Third-quarter results are expected around November 12, 2026. Two reported quarters is still 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 net loss near $23 million, while the second quarter swung to $66.8 million of net income on $117 million of adjusted EBITDA. Trailing net margin is only about 3.8%, and the trailing P/E of about 51 reflects that uneven start. With the second-quarter results management also trimmed adjusted gross margin guidance to 16%-16.6% from 16.4%-17%, partly from reclassifying incentive pay. 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 Section 232 tariffs on modules feed into customer decisions and 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 $24.02 today, about 22% lower year to date. Revenue is concentrated among a modest number of large developers and utilities, so one cancelled or delayed program moves a quarter, and the revenue raise was modest next to backlog growth because of conversion timing. There is also little public operating history to test the guidance against, with only two reported quarters since the February 2026 listing.

11 analysts publish price targets on MWH, averaging $40.91 against a $24.07 price as of November 2026, or +70.0%. The published targets run from $34.00 to $55.00, a moderate spread, and the ratings split 10 buy, 1 hold, 0 sell. Over the last six months there have been 6 raises and 3 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 net loss near $23 million, while the second quarter swung to $66.8 million of net income on $117 million of adjusted EBITDA. The most pessimistic target, $34.00, 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.

No. SOLV Energy, Inc. (MWH) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

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): ~$3.17 billion; Q2 2026 revenue ~$951 million, up ~77% year over year
• Margins (TTM): ~17.5% gross, ~8.0% operating, ~3.8% net
• Net income / EPS (TTM): ~$119 million, ~$0.47 per share; Q2 EPS $0.33 vs ~$0.24 expected
• Backlog: ~$8.9 billion, up ~44% year over year, plus ~22 GW under O&M contract
• 2026 guidance (raised August): ~$3.87-3.97 billion revenue, ~$485-505 million adjusted EBITDA
• Cash and debt: ~$364 million cash, ~$84 million debt
• P/E: ~51x trailing, ~14x forward
• Market cap: ~$4.9 billion at ~$24.02 a share; no dividend

Trailing and forward multiples tell different stories here, which is normal for a business whose revenue grew about 77% in its latest quarter. On trailing numbers the stock screens at roughly 51 times earnings and under 10 times EV/EBITDA, while on next year's consensus EPS of about $1.70 it trades near 14 times. Eleven analysts cover the name with an average target of about $43, well above the $24.02 close, a gap that reflects genuine disagreement about margins and 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. It beat and raised in its second public quarter, yet the shares sit below the $25 IPO price, so the market is still deciding how durable the solar build-out is after the 2025 tax-credit changes and new module tariffs.

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.