power.
The grid is the binding constraint. Generation, distribution, and the companies building the energy infrastructure that AI demands.
PowerWLDN
Willdan Group: The Grid's Consulting Layer Is Printing Cash
Willdan Group grew net revenue 23% and expanded EBITDA margins above 20% for the first time in FY2025, generating $71 million in free cash flow. At 16x forward earnings with a net cash balance sheet, this picks-and-shovels play on electrification and data center load growth is still mispriced.
PowerPOWL
Powell Industries: The $6 Billion Switchgear Company Sitting at the Center of Three Supercycles
Powell Industries builds custom switchgear for the grid, LNG terminals, and data centers. Three years ago it was a sleepy oil-field supplier at 8x earnings. Today it sits on a record $1.6 billion backlog with zero debt and 29% gross margins. The valuation at 34x is real, but the order book says the growth is too.