WFG

MKT CAP:$5B

West Fraser Timber Co. Ltd.

Market Cap

$5B

Basic Materials·Paper, Lumber & Forest Products·🇨🇦 Canada·NYSE

Materials·Paper,·🇨🇦·NYSE

Stock Price

$65.59+$2.79 (+4.44%)

Apr 20, 2026

Company Details

West Fraser Timber Co. Ltd., a diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy. It off...

CEO

Sean McLaren

IPO Date

Feb 13, 2009

Website

www.westfraser.com

Key Metrics TTM

Revenue

$5.3B

-17.5% YoY

Net Income

-$986M

EPS (Diluted)

-$12.58

Free Cash Flow

-$514M

Revenue / Share

$68.22

Gross Margin

12.0%

Operating Margin

-7.7%

Net Margin

-18.5%

FCF Margin

-9.6%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 11, 2026

$5.6BEPS -$12.10

Q4 2025

Feb 11, 2026

$1.2B-15.6%EPS -$9.76

Q3 2025

Oct 22, 2025

$1.3B-10.1%EPS -$2.56

Q1 2025

Jul 23, 2025

$1.5B-10.3%EPS $0.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$657M	$157M	-$30M
Q4 20	$1.1B	$499M	$311M
Q1 21	$2.3B	$1.3B	$879M
Q4 21	$2.0B	$880M	$450M
Q1 22	$3.1B	$1.9B	$1.4B
Q2 22	$2.9B	$1.5B	$981M
Q3 22	$2.1B	$717M	$281M
Q2 23	$1.6B	$414M	-$196M
Q3 23	$1.7B	$577M	$184M
Q1 24	$1.6B	$509M	$48M
Q2 24	$1.7B	$572M	$132M
Q3 24	$1.4B	$365M	-$108M
Q4 24	$1.4B	$394M	-$65M
Q1 25	$1.5B	$478M	$64M
Q3 25	$1.3B	-$123M	-$186M
Q4 25	$1.2B	-$108M	-$223M

Valuation

Quarter	P/S	P/E
Q3 19	1.9x	—
Q4 20	1.6x	30.8x
Q1 21	1.0x	6.0x
Q4 21	0.8x	4.2x
Q1 22	0.6x	2.2x
Q2 22	0.5x	1.7x
Q3 22	0.5x	2.1x
Q2 23	0.5x	2.6x
Q3 23	0.6x	4.9x
Q1 24	0.7x	17.8x
Q2 24	0.7x	29.6x
Q3 24	0.8x	23.0x
Q4 24	0.8x	—
Q1 25	0.8x	2483.1x
Q3 25	0.9x	—
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$64M	-$9M
Q4 20	$234M	$194M
Q1 21	$462M	$400M
Q4 21	$277M	-$121M
Q1 22	$563M	$470M
Q2 22	$1.1B	$976M
Q3 22	$433M	$286M
Q2 23	$272M	$166M
Q3 23	$355M	$240M
Q1 24	-$33M	-$154M
Q2 24	$375M	$273M
Q3 24	$150M	$43M
Q4 24	$173M	$17M
Q1 25	-$75M	-$179M
Q3 25	$56M	-$34M
Q4 25	-$177M	-$317M

Capital Expenditures

Quarter	CapEx
Q3 19	$73M
Q4 20	$40M
Q1 21	$62M
Q4 21	$397M
Q1 22	$93M
Q2 22	$88M
Q3 22	$147M
Q2 23	$106M
Q3 23	$115M
Q1 24	$121M
Q2 24	$102M
Q3 24	$107M
Q4 24	$156M
Q1 25	$104M
Q3 25	$90M
Q4 25	$141M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	-29.4%	-7.9%
Q4 20	+99.2%	+36.2%
Q1 21	+245.0%	+117.3%
Q4 21	+178.0%	+103.6%
Q1 22	+373.4%	+145.1%
Q2 22	+167.1%	+147.6%
Q3 22	-10.9%	+23.4%
Q2 23	-21.1%	+13.6%
Q3 23	-45.2%	-9.6%
Q1 24	-43.6%	-17.2%
Q2 24	-18.3%	-12.9%
Q3 24	-10.6%	-14.4%
Q4 24	-17.6%	-3.4%
Q1 25	-10.3%	-11.7%
Q3 25	-24.2%	-6.0%
Q4 25	-17.5%	-8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$5M	0.3%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 19	$27M	$100M
Q4 20	$46M	$119M
Q1 21	$85M	$181M
Q4 21	$100M	$207M
Q1 22	$89M	$220M
Q2 22	$86M	$275M
Q3 22	$89M	$260M
Q2 23	$90M	$230M
Q3 23	$69M	$217M
Q1 24	$80M	$219M
Q2 24	$66M	$215M
Q3 24	$82M	$200M
Q4 24	$68M	$180M
Q1 25	$70M	$187M
Q3 25	$91M	$270M
Q4 25	$107M	$282M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.8B	$0	$1.8B
Q2 22	$1.3B	$0	$1.3B
Q3 22	$1.3B	$0	$1.3B
Q4 22	$1.2B	$0	$1.2B
Q1 23	$847M	$0	$847M
Q2 23	$992M	$0	$992M
Q3 23	$1.2B	$0	$1.2B
Q4 23	$900M	$0	$900M
Q1 24	$710M	$0	$710M
Q2 24	$1.0B	$0	$1.0B
Q3 24	$997M	$0	$997M
Q4 24	$641M	$0	$641M
Q1 25	$390M	$0	$390M
Q2 25	$647M	$0	$647M
Q3 25	$545M	$0	$545M
Q4 25	$203M	$0	$203M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	69M	-0.4%	-6.6%
Q4 20	69M	-0.2%	-1.7%
Q1 21	96M	+39.3%	+37.0%
Q4 21	106M	+11.3%	+54.1%
Q1 22	106M	-0.8%	+53.4%
Q2 22	100M	-5.4%	+45.5%
Q3 22	86M	-13.6%	-9.8%
Q2 23	84M	-3.2%	-21.5%
Q3 23	84M	+0.3%	-20.6%
Q1 24	82M	-2.5%	-18.3%
Q2 24	81M	-0.3%	-5.6%
Q3 24	80M	-1.4%	-3.8%
Q4 24	81M	+0.5%	-3.7%
Q1 25	80M	-1.1%	-2.2%
Q3 25	79M	-1.5%	-3.4%
Q4 25	78M	-0.5%	-2.5%

Shares Outstanding