West Fraser - Public Comps and Valuation Multiples

West Fraser Overview

About West Fraser

West Fraser Timber is a softwood lumber company that also produces wood panels and pulp products. The company produces its wood products globally, with lumber mills in British Columbia, Alberta, Europe, and the Southeastern United States. Following its acquisition of Norbord in 2021, West Fraser is now one of the largest oriented strand board producers in the world.

Founded

1966

HQ

Employees

9.7K+

Website

westfraser.com

Sectors

Paper & Forest Products

Financials

LTM Revenue $8.3B

LTM EBITDA $618M

EV

$5.0B

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West Fraser Financials

As of September 2025, West Fraser reported last 12-month revenue of $8.3B and EBITDA of $618M.

In the same period, West Fraser generated $2.0B in LTM gross profit and -$146M in net income.

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West Fraser P&L

In the most recent fiscal year, West Fraser reported revenue of $4.4B and EBITDA of $440M.

West Fraser expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$8.3B	XXX	$4.4B	XXX	XXX	XXX
Gross Profit	$2.0B	XXX	$1.3B	XXX	XXX	XXX
Gross Margin	24%	XXX	30%	XXX	XXX	XXX
EBITDA	$618M	XXX	$440M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	10%	XXX	XXX	XXX
EBIT	-$207M	XXX	$78.2M	XXX	XXX	XXX
EBIT Margin	-2%	XXX	2%	XXX	XXX	XXX
Net Profit	-$146M	XXX	-$3.6M	XXX	XXX	XXX
Net Margin	-2%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for West Fraser including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $8.3B. EBITDA for the last twelve months was $618M. In the most recent fiscal year, West Fraser achieved $4.4B in revenue and $440M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$8.3B	Analyst estimates available to subscribers	$4.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.0B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	23.9% gross margin	Analyst estimates available to subscribers	29.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$618M	Analyst estimates available to subscribers	$440M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	7.5% EBITDA margin	Analyst estimates available to subscribers	9.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$207M	Analyst estimates available to subscribers	$78.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-2.5% EBIT margin	Analyst estimates available to subscribers	1.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$146M	Analyst estimates available to subscribers	-$3.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1.8% net profit margin	Analyst estimates available to subscribers	-0.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for West Fraser

This financial data table provides comprehensive performance metrics for West Fraser, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

West Fraser generated $8.3B in revenue over the last twelve months.
The company achieved $618M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.0B.
Net income over the last twelve months reached -$146M.

Fiscal Year Performance

In the most recent fiscal year, West Fraser reported $4.4B in total revenue.
Fiscal year EBITDA was $440M.
The company maintained a gross profit margin of 29.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.9%.
Net profit margin reached -0.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for West Fraser. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

West Fraser Stock Performance

West Fraser has current market cap of CAD 7.4B (or $5.3B), and EV of CAD 6.9B (or $5.0B).

Market Cap Evolution

West Fraser Stock Data

As of October 1, 2025, West Fraser's stock price is CAD 93 (or $67).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.0B	$5.3B	XXX	XXX	XXX	XXX	$-1.20

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West Fraser Valuation Multiples

West Fraser's trades at 1.1x EV/Revenue multiple, and 11.3x EV/EBITDA.

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West Fraser Financial Valuation Multiples

As of October 1, 2025, West Fraser has market cap of $5.3B and EV of $5.0B.

Equity research analysts estimate West Fraser's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

West Fraser has a P/E ratio of -50.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.3B	XXX	$5.3B	XXX	XXX	XXX
EV (current)	$5.0B	XXX	$5.0B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	11.2x	XXX	11.3x	XXX	XXX	XXX
EV/EBIT	-33.4x	XXX	63.4x	XXX	XXX	XXX
EV/Gross Profit	3.5x	XXX	n/a	XXX	XXX	XXX
P/E	-50.4x	XXX	-1471.5x	XXX	XXX	XXX
EV/FCF	400.8x	XXX	39.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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West Fraser Margins & Growth Rates

West Fraser's last 12 month revenue growth is 8%

West Fraser's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

West Fraser's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

West Fraser's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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West Fraser Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	22%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	52%	XXX	22%	XXX	XXX	XXX
Rule of 40	13%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	27%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	13%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	28%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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