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West Fraser Timber (WFG) USD

At a glance: strengths & risks
✗Revenue declining (-12%)✗Loss-making last FY✗Margins compressing (10%→-11%)

Sector: Lumber & wood products

Geography: Canada (BC, Alberta), US South, Europe (UK)

COMM_WFG

Price chart

66.1 USDDay 0.36%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
66.1 USD · 0.36%
Market cap
5.2 bn USD

Growth

Δ revenue y/y
-11.5%
Δ EBITDA y/y
-215.4%

Multiples

P/E (LTM)
—
P/B (FY)
0.9x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
34.9x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
-9.7%

Liquidity

Daily turnover (listing)
6 mln USD

Shares: yahoo_fundamentals_timeseries/WFG

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-10-02Q4 2026 (3M)OK1363.0
y/y —
-11.0
y/y —
128.0
y/y —
-16.0
y/y —
-19.0
y/y —
-120.012.07461.0
y/y —
5470.0
y/y —
-5.8%329.0Link
2026-06-30Q2 2026 (3M)OK1434.0
y/y -6.4%
-79.0
y/y —
133.0
y/y -0.7%
54.0
y/y -40.0%
-61.0
y/y —
192.0-65.07437.0
y/y -15.2%
5566.0
y/y -19.3%
-4.4%281.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK1334.0
y/y —
-210.0
y/y —
138.0
y/y —
-72.0
y/y —
-188.0
y/y —
-170.0-94.07670.0
y/y —
5638.0
y/y —
-13.1%422.0Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL1165.0
y/y —
-913.0
y/y —
143.0
y/y —
-770.0
y/y —
-751.0
y/y —
-172.0-138.07620.0
y/y -13.0%
5849.0
y/y -15.9%
-15.0%122.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK1307.0
y/y —
-275.0
y/y —
133.0
y/y —
-142.0
y/y —
-204.0
y/y —
58.0-90.08586.0
y/y —
6622.0
y/y —
-12.1%-246.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK1532.0
y/y —
-44.0
y/y —
134.0
y/y —
90.0
y/y —
-24.0
y/y —
285.0-78.08767.0
y/y —
6897.0
y/y —
-1.4%-346.0Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL6174.0
y/y -4.3%
7.0
y/y —
550.0
y/y 1.9%
557.0
y/y 117.6%
-5.0
y/y —
661.0-487.08760.0
y/y -7.0%
6954.0
y/y -3.7%
-0.1%-622.0Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL6454.0
y/y —
-284.0
y/y —
540.0
y/y —
256.0
y/y —
-167.0
y/y —
525.0-477.09415.0
y/y —
7223.0
y/y —
—-675.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-10-02

Short-term debt (incl. ST leases)32
Long-term debt (incl. LT leases)500
− Cash & equivalents203
Net debt329

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0008 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-400-20002004002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-750-500-25002505002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.16x of reported net profit; after capex, 0.93x. Loss years (2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.21x1.12x———
accruals, % of assets-5.8%-2.3%-7.3%-7.6%-13.6%
EBIT covers interest -62.5x · capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodSPF lumber production
MMfbm		SPF lumber shipments
MMfbm		SYP lumber production
MMfbm		SYP lumber shipments
MMfbm		OSB production
MMsf 3/8" basis		Lumber production
MMfbm
Q3 2026-09611
−6.0%		619
−9.5%		638
+6.7%		643
+4.0%		——
Q2 2026-06625654635634——
H1 2026-061 7901 828
−10.8%		1 902
+1.9%		1 880
+0.6%		——
FY 2025-12————6 351
−4.7%		5 008
−6.3%
Q3 2025-09650684598618——
H1 2025-06—2 0501 8671 869——
FY 2024-12————6 661
+4.3%		5 344
−3.7%
FY 2023-12————6 3895 548

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1402388/000140238826000008/exhibit991-q4x25newsrelease.htm; https://www.sec.gov/Archives/edgar/data/1402388/000140238826000009/exhibit991-q42025aif.htm; https://www.sec.gov/Archives/edgar/data/1402388/000140238826000030/exhibit992-q2x26interimmda.htm; https://www.sec.gov/Archives/edgar/data/1402388/000140238826000030/exhibit995-q2x26newsrelease.htm; https://www.sec.gov/Archives/edgar/data/1402388/000140238826000035/exhibit992-q3x26interimmda.htm; https://www.sec.gov/Archives/edgar/data/1402388/000140238826000035/exhibit995-q3x26newsrelease.htm

Key-commodity price — Lumber

Current 520spot vs LTM -10%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -335.2%

Main driver: Lumber -13% vs LTM; revenue ×0.90 vs costs ×1.02; EBITDA -903→-1 545; at 7.6× EV/EBITDA → -335%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Lumber (rev)+75%520.50601.51604.27-13%+0%
Lumber (input cost) (cost)-10%520.50601.51604.27-13%+0%
Northern bleached softwood kraft (pulp benchmark) (rev)+8%1 329.631 252.961 342.43+6%+7%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 240
LTM EBITDA-903
LTM cash costs (revenue − EBITDA)6 143
2 · Revenue projection
Revenue multiplier — spot×0.904 (-10%)
= Spot revenue4 736
Revenue multiplier — 3y price×1.009 (+1%)
= 3-year-price revenue5 288
3 · Costs projection
Cost multiplier — spot×1.023 (+2%)
= Spot cash costs6 281
Cost multiplier — 3y price×1.036 (+4%)
= 3-year-price cash costs6 367
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-1 545
= 3-year-price EBITDA-1 079
Conservative EBITDA = min(spot, avg)-1 545
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.6x
Target EV = EV/EBITDA × conservative EBITDA-11 711
Net debt281
Target market cap = EV − net debt-12 173
Current market cap5 176

Upside = target market cap ÷ current − 1 = -335.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY6 4546 089+6.0%337-322—
2024 FY6 1746 675-7.5%614313+96.3%
2025 FY5 4626 476-15.7%-608677-189.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -12% vs -4% the year before — a -7.2 pp move. 3-year CAGR -17%.
revenue growth by year: 2023 -33% · 2024 -4% · 2025 -12%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

As of 2025-12-29: 7.0x · 3-year 75th pct 16.4x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-290.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-06-250.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2025-06-260.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-12-270.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-09-260.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-06-260.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-12-280.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-09-260.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-06-200.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-12-290.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-09-210.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-06-210.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-03-170.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2021-12-230.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of West Fraser Timber (WFG) — from primary filings.

Frequently asked questions

What is West Fraser Timber (WFG)'s P/B ratio?
West Fraser Timber (WFG) trades at a P/B of 0.9x.
What is West Fraser Timber (WFG)'s dividend yield?
West Fraser Timber (WFG)'s trailing 12-month dividend yield is 1.5%.
What is West Fraser Timber (WFG)'s return on equity (ROE)?
West Fraser Timber (WFG)'s ROE is -5.8%.
What is West Fraser Timber (WFG)'s market capitalization?
West Fraser Timber (WFG)'s market cap is 5.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map