Western Forest Products Inc. WEF

MaterialsPaper & Forest ProductsCanada

Last close 15.64 CAD on Nov 1, 2026, +40.5% year to date

Quant rating

Quant rating C Rank 79 of 154 in Materials

Growth B 52 of 154
Valuation D 139 of 154
Quality B 58 of 154
Revisions C 98 of 154
Momentum C 79 of 154

Wall Street consensus Hold (3.00)Average target 18.75 CAD +19.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 163M
Enterprise value: 222M
52-week range: 10.16 – 19.95
3-year range: 10.16 – 23.70
Dividend yield: –
Beta (5 years): 0.67
Shares outstanding: 10.6M
Next earnings: Nov 5, 2026

About the company

Western Forest Products Inc. is a Canada-based integrated forest products company building a margin-focused log and lumber business to compete in global softwood markets. It manufactures wood products and engages in sustainable forest management and practices. It has a lumber capacity of 780 million board feet from six sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company's product categories include outdoor living, exterior appearance, LIFESTYLE CEDAR, interior living, structural, industrial and WFP engineered products. Its outdoor living products include decking, timbers and fencing products. Its LIFESTYLE CEDAR products include LIFESTYLE CEDAR Decking and LIFESTYLE CEDAR Fencing. Its WFP Engineered Products include curved and arched glulams, straight glulams, and fabricated trusses. It manufactures a range of glued laminated products in multiple species, including Douglas fir, southern yellow pine and yellow cedar.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	986	1,064	1,018	1,444	1,418	–
Revenue growth	−7.3%	4.6%	−29.5%	1.9%	46.9%	0.4%
EPS (basic, normalized)	−7.56	−3.00	−6.60	5.70	16.80	–
EPS growth	–	–	–	−66.1%	–	–
Gross margin	12.7%	13.4%	10.1%	20.9%	33.4%	18.1%
Net margin	−8.1%	−2.9%	−6.7%	4.3%	14.2%	0.2%
ROE	−15.4%	−5.4%	−11.3%	9.8%	36.1%	2.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	4.3
Current ratio	2.44x
Long-term debt (mil)	52.5
Net debt (mil)	59.1
Total equity (mil)	472
Net debt / equity	0.13x
Net debt / EBITDA	−0.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	986	−7.3%	0.2x	−68.2	−5,945.7%	−3.3x	−7.56	−152.0%	−2.1x
2026	900	−8.8%	0.2x	−16.1	+76.5%	−13.8x	−2.67	+64.7%	−5.9x
2027	1,008	+12.0%	0.2x	25.5	+258.6%	8.7x	−1.80	+32.6%	−8.7x
2028	997	−1.1%	0.2x	35.3	+38.6%	6.3x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	900	−0.4%	−2.1%	−1.9%	−2.67	+4.5%	+48.2%	+31.0%
2027	1,008	0.0%	−2.6%	−4.2%	−1.80	+25.5%	+33.2%	+25.3%
2028	997	0.0%	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	240	310	242	273	262	289	233	202	202	240
Sales mean (mil)	225	252	243	264	272	267	244	211	202	234
Surprise	+6.4%	+22.8%	−0.5%	+3.5%	−3.3%	+8.3%	−4.3%	−4.3%	−0.2%	+2.4%
EPS reported	−0.60	−0.30	−1.80	0.00	1.20	−1.62	−5.71	−1.55	−1.83	1.10
EPS mean	−1.27	−0.90	−1.50	−0.45	−0.60	−0.30	−1.52	–	–	–
Surprise	+52.9%	+66.7%	−20.0%	+100.0%	−300.0%	−440.0%	−275.7%	–	–	–

Peer comparison Paper & Forest Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WEF Western Forest Products Inc.	163M	−0.87x	−8.1%	0.35x	−5.9x	−8.7x	−13.8x	8.7x
SUZ Suzano SA	16.5B	–	–	–	5.9x	7.4x	–	–
SVCBY Svenska Cellulosa Aktiebolaget SCA	12.0B	–	–	–	–	–	–	–
WFG West Fraser Timber Co. Ltd.	7.1B	5.98x	−17.2%	0.96x	−16.4x	88.0x	26.7x	8.8x
LPX Louisiana-Pacific Corporation	7.2B	0.28x	5.4%	2.94x	67.4x	26.2x	18.9x	11.5x
SJ Stella-Jones Inc.	3.7B	2.28x	9.7%	1.67x	13.0x	10.9x	8.7x	7.9x
Mean		1.92x	−2.6%	1.48x	12.8x	24.8x	10.1x	9.2x
Median		1.28x	−1.3%	1.32x	5.9x	10.9x	13.8x	8.8x

Technical analysis

1M−15.6%
3M−13.3%
1Y+30.3%
3Y−29.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Western Forest Products Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	986	1,064	1,018	1,444	1,418	965
Cost of revenue	861	921	915	1,142	944	751
Gross profit	125	143	102	302	474	214
Selling, general & administrative expenses	193	134	132	166	176	113
Research & development	–	–	–	–	–	–
Depreciation/amortization	50.3	54.7	53.7	50.2	50.9	53.5
Interest expense (income), operating	5.3	−7.0	1.5	−2.5	0.4	0.8
Unusual expense (income)	−18.0	6.1	7.7	3.9	−20.6	−7.1
Other operating expenses	−7.0	−0.1	−0.5	1.0	0.5	−0.1
Operating income	−98.7	−45.4	−92.1	84.3	267	53.9
Net interest income (expense)	−6.1	−10.2	−5.8	−2.0	−2.1	−7.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−9.4	3.5	2.8	2.1	0.2	1.8
Net income before taxes	−114	−52.1	−95.1	84.4	265	48.0
Provision for taxes	−31.8	−17.6	−25.0	22.6	62.4	14.6
Minority interest	2.6	4.1	1.6	−0.1	−1.4	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−79.8	−30.4	−68.5	61.7	201	33.1
Extraordinary items	–	–	–	–	–	–
Net income	−79.8	−30.4	−68.5	61.7	201	33.1
EBIT, normalized	−111	−45.6	−82.9	85.7	247	47.6
EBITDA, normalized	−61.1	9.1	−29.2	136	298	101
Basic EPS, normalized	−7.56	−3.00	−6.60	5.70	16.80	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Western Forest Products Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4.3	7.9	2.3	15.8	130	2.9
Receivables	75.0	66.7	74.4	77.4	57.4	66.8
Total inventory	182	217	214	225	207	178
Prepaid expenses	28.0	35.0	33.9	21.8	16.4	16.1
Other current assets	11.5	7.4	10.8	0	0	0
Total current assets	301	334	335	340	411	264
Property, plant & equipment	330	398	404	414	392	437
Goodwill	7.1	7.5	6.9	7.0	–	–
Intangibles	84.2	88.2	92.3	96.3	100	105
Long-term investments	–	–	–	–	10.0	8.8
Note receivable	–	–	–	–	43.0	36.7
Other long-term assets	15.7	87.5	77.6	75.9	2.4	1.1
Total assets	738	916	915	933	959	852
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	88.9	111	103	108	113	109
Accrued expenses	–	–	–	–	–	–
Short-term debt	0.4	0	0.9	0	0	0.2
Current portion of long-term debt	7.3	6.7	6.9	6.8	5.5	6.6
Other current liabilities	8.9	9.6	10.4	10.5	76.0	10.1
Total current liabilities	106	127	121	126	194	126
Long-term debt	51.4	98.3	96.8	16.4	12.8	86.9
Minority interest	5.5	8.1	2.9	4.5	5.1	1.1
Other liabilities	99.0	124	130	139	135	134
Total liabilities	261	357	350	286	347	348
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	405	405	405	405	421	480
Additional paid-in capital	8.9	8.9	8.8	9.1	9.0	10.4
Retained earnings (accumulated deficit)	57.5	136	149	229	184	16.1
Treasury stock	–	–	–	–	–	–
Other equity	4.8	8.1	1.9	3.6	−2.2	−1.9
Total equity	477	558	565	647	612	504
Total liabilities & shareholders' equity	738	916	915	933	959	852

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Western Forest Products Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−82.4	−34.5	−70.1	61.8	203	33.4
Depreciation, depletion & amortization	50.3	54.7	53.7	50.2	50.9	53.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	26.7	−18.6	−29.1	−2.8	51.0	−8.8
Changes in working capital	22.4	18.5	11.7	−120	−23.1	2.3
Cash from operations	17.0	20.1	−33.8	−10.3	282	80.4
Investing activities
Capital expenditures	−31.0	−33.4	−44.4	−46.5	−33.1	−18.7
Other investing cash flows	74.7	36.4	5.8	−13.4	71.8	4.2
Cash from investing	43.7	3.0	−38.6	−59.9	38.7	−14.5
Financing activities
Financing cash flow items	−7.1	−9.1	−4.7	−0.9	−2.3	−6.0
Cash dividends paid	–	0	−11.9	−15.3	−14.3	−8.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−57.2	−8.4	75.5	−27.8	−177	−50.7
Cash from financing	−64.3	−17.5	58.9	−44.0	−193	−65.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−3.6	5.6	−13.5	−114	127	0.8
Free cash flow	−14.0	−13.3	−78.2	−56.8	249	61.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.