Loading financials from SEC filings…
Lumber & wood production · Basic Materials · Fiscal year ends Dec 31
West Fraser Timber reported revenue of $5.5B in the fiscal year ended Dec 2025, down 11.5% from the year before. Operating income was −$1.2B, an operating margin of −21.7%, and net income was −$937M. Operating cash flow of $96M less capital expenditure of $411M left free cash flow of −$315M. Net debt was $98M.
Ranks among the 5 lumber & wood production companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 10,518 | 9,701 | 6,454 | 6,174 | 5,462 |
| Cost of revenue | 4,645 | 5,142 | 4,685 | 4,333 | 4,184 |
| Gross profit | 5,873 | 4,559 | 1,769 | 1,841 | 1,278 |
| Selling, general & admin | 312 | 365 | 307 | 282 | 280 |
| Operating income | 3,945 | 2,559 | −284 | 7.0 | −1,187 |
| Interest expense | 48.0 | 24.0 | 24.0 | 26.0 | 19.0 |
| Pre-tax income | 3,898 | 2,593 | −228 | 38.0 | −1,171 |
| Income tax | 951 | 618 | −61.0 | 43.0 | −233 |
| Net income | 2,947 | 1,975 | −167 | −5.0 | −937 |
| Diluted EPS | 27.03 | 20.86 | −2.01 | −0.07 | −12.08 |
| Diluted shares | 109 | 94.2 | 83.2 | 81.1 | 79.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,568 | 1,162 | 900 | 641 | 202 |
| Receivables | 508 | 350 | 311 | 294 | 244 |
| Inventory | 1,061 | 1,032 | 851 | 844 | 828 |
| Current assets | 3,217 | 2,749 | 2,377 | 1,837 | 1,387 |
| Net PP&E | 4,100 | 3,982 | 3,835 | 3,842 | 3,593 |
| Goodwill | 1,975 | 1,944 | 1,949 | 1,879 | 1,471 |
| Total assets | 10,433 | 9,973 | 9,415 | 8,760 | 7,620 |
| Payables | 848 | 722 | 620 | 604 | 584 |
| Current liabilities | 1,206 | 792 | 1,050 | 934 | 651 |
| Short-term debt | 0.0 | 0.0 | 300 | 200 | 0.0 |
| Long-term debt | 499 | 499 | 199 | 0.0 | 300 |
| Total liabilities | 2,777 | 2,354 | 2,193 | 1,807 | 1,771 |
| Shareholders' equity | 7,656 | 7,619 | 7,223 | 6,954 | 5,849 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3,552 | 2,207 | 525 | 661 | 96.0 |
| Capital expenditure | 635 | 477 | 477 | 487 | 411 |
| Free cash flow | 2,917 | 1,730 | 48.0 | 174 | −315 |
| Stock-based compensation | 36.0 | 4.0 | 19.0 | 10.0 | −9.0 |
| Acquisitions | 302 | 0.0 | 100 | 0.0 | – |
| Share buybacks | 1,319 | 1,990 | 129 | 140 | 129 |
| Dividends paid | 75.0 | 99.0 | 100 | 101 | 101 |
| Dividend per share | – | 1.15 | 1.20 | 1.26 | 1.28 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.8% | −33.5% | −4.3% | −11.5% |
| Operating income growth (YoY) | – | −35.1% | −111.1% | – | −17057.1% |
| EPS growth (YoY) | – | −22.8% | −109.6% | – | – |
| Gross margin | 55.8% | 47.0% | 27.4% | 29.8% | 23.4% |
| Operating margin | 37.5% | 26.4% | −4.4% | 0.1% | −21.7% |
| Net margin | 28.0% | 20.4% | −2.6% | −0.1% | −17.2% |
| Return on equityBlank when equity is negative | 38.5% | 25.9% | −2.3% | −0.1% | −16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 42.8% | 27.9% | −3.4% | 0.1% | −17.0% |
| Free cash flow margin | 27.7% | 17.8% | 0.7% | 2.8% | −5.8% |
| Cash conversion (CFO ÷ net income) | 1.21x | 1.12x | −3.14x | −132x | −0.10x |
| Receivable days | 18 | 13 | 18 | 17 | 16 |
| Inventory days | 83 | 73 | 66 | 71 | 72 |
| Payable days | 67 | 51 | 48 | 51 | 51 |
| Interest cover | 82.2x | 107x | −11.8x | 0.27x | −62.5x |
| Debt ÷ equity | 0.07x | 0.07x | 0.07x | 0.03x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,069 | −663 | −401 | −441 | 98.0 |
| Current ratio | 2.67x | 3.47x | 2.26x | 1.97x | 2.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.