WFG changes
Pick any two versions below to diff them.
- Price
- CA$92.78 → CA$94.46(+1.8%)
- Next earnings
- Oct 28, 2026 → Jan 28, 2027
- Next earnings is estimate
- No → Yes
- About
- West Fraser makes lumber, engineered wood products, and pulp and paper. Its main products are spruce-pine-fir (SPF) and southern yellow pine (SYP) lumber, oriented strand board (OSB), plywood, laminated veneer lumber (LVL) and medium density fiberboard (MDF). It has mills in Canada and the United States, and it makes OSB and other panels in the United Kingdom and Europe. Its headquarters are in Vancouver, and its shares trade on the TSX and the NYSE. It reports in U.S. dollars, and the price on this page is the TSX price in Canadian dollars. Sales were removed: $1.434 added: $1.363 billion in removed: Q2 added: Q3 2026. Sean McLaren is President and CEO.
- Thesis
- The market prices West Fraser for weak North American housing demand and for trade barriers. U.S. imports of Canadian lumber pay softwood lumber duties and, since October 14, 2025, a 10% Section 232 tariff. New U.S. tariffs of 50% under Section 338 on certain Canadian products started removed: on added: in August removed: 19, 2026, and they removed: can affect part of its plywood, LVL and MDF shipments. Results removed: were negative added: stayed weak in removed: the first half of 2026: removed: Q2 added: Q3 earnings were a loss of removed: $61 added: $80 million and adjusted EBITDA was removed: $59 added: $38 million, after added: $59 million in Q2 and negative removed: adjusted EBITDA of $66 million in Q1. Housing affordability removed: and mortgage rates keep added: keeps demand low. added: On October 28, 2026, West Fraser said it will curtail an OSB mill in Alabama and a lumber mill in Arkansas indefinitely, because it sees no near-term improvement in demand. For the gap to close, three things must be true. U.S. housing starts and repair spending must recover, so that lumber and OSB prices rise. The new Henderson, Texas sawmill and the mill closures added: and curtailments of 2025 and 2026 must lower costs. Trade costs must not rise further. The removed: Q3 added: Q4 2026 results removed: on October 28, 2026 added: and the 2027 shipment targets, expected in early 2027, give the next test. A recovery in housing over 2027 and 2028 is the main condition, so the gap will probably close only over several years. The main reason it may not close is a longer housing slowdown, which West Fraser cannot control.
- Risks
- Demand for lumber and panels depends on U.S. housing starts and repair spending. High mortgage rates and weak affordability keep demand low, and prices of wood products move quickly with demand. U.S. imports of Canadian lumber pay softwood lumber duties and a 10% Section 232 tariff, and new Section 338 tariffs added: of 50% apply to some Canadian wood products from August removed: 19, 2026. added: Changes from October 30, 2026 add thin MDF, about 15% of West Fraser's 2026 MDF shipments to the U.S. Higher trade costs reduce margins on Canadian production. West Fraser closed added: or curtailed mills in 2025 and 2026, such as the Augusta sawmill and the High Level OSB removed: mill. added: mill, and it curtails the Huguley OSB mill and the Leola sawmill in Q4 2026. Closures cause charges, added: such as the expected impairment loss of $200 million to $220 million in Q4 2026, and new mills such as Henderson must reach full output to lower costs. The conflict in the Middle East and its effect on inflation can reduce demand for engineered wood products in Europe and the United Kingdom.
- Balance sheet
- Cash: removed: $74M added: $203M Debt: removed: $355M added: $500M Net debt: removed: $281M added: $297M Undrawn credit line: removed: $945M, added: $1.0B, to May 2030 West Fraser has low debt. At removed: July 3, added: October 2, 2026, removed: it had added: its main debt was a removed: $300 added: $500 million term loan removed: and $55 added: that matures in September 2029. This loan replaced the $300 million removed: of borrowings on its added: term loan due in May 2028. Its $1 billion revolving credit facility, which matures in May removed: 2030. added: 2030, was undrawn, after West Fraser repaid $55 million of operating loans in Q3 2026. The release gives no total debt figure. Cash and short-term investments removed: fell to $74 added: were $203 million added: at October 2, 2026, up from removed: $202 added: $74 million at removed: December 31, 2025. added: July 3, 2026, and available liquidity was $1.2 billion. It also has a $20 million credit facility for its European operations. removed: On September 16, 2026, West Fraser entered into a new $500 added: Capital spending was $212 million removed: term loan that matures in removed: September 2029, and it uses part of the removed: money added: first nine months of 2026. West Fraser bought back no shares under its 2026 normal course issuer bid to removed: repay the $300 million term loan due 2028. added: October 2, 2026. All amounts are in U.S. dollars. As of removed: Jul 3, added: Oct 2, 2026.
- Checkpoints
- Oct 28, 2026: Q3 2026 results. removed: Pending. added: Failed. Watch: Positive adjusted EBITDA in the lumber, NA EWP and Europe EWP segments and shipments on track for the 2026 targets pass; negative adjusted EBITDA or lower shipment targets fail. removed: Feb added: Outcome: NA EWP adjusted EBITDA was negative $4 million, and West Fraser now expects 2026 lumber and North American OSB shipments at the low end of its ranges. Jan 28, 2027 (estimate): Q4 2026 results and 2027 targets. Pending. Watch: Higher 2027 shipment targets and positive adjusted EBITDA for 2026 pass; lower targets or new mill closures because of weak demand fail.
- Recent events
- Oct added: 28, 2026: West Fraser reported Q3 2026 results. Sales were $1.363 billion, earnings were a loss of $80 million, or $1.03 per diluted share, and adjusted EBITDA was $38 million. Lumber adjusted EBITDA was $34 million, with a $12 million favourable duties adjustment. NA EWP adjusted EBITDA was negative $4 million, and Europe EWP adjusted EBITDA was $4 million. West Fraser now expects 2026 lumber and North American OSB shipments at the low end of its guidance ranges. The final combined duty rate of the seventh administrative review is 20.02%. Liquidity was $1.2 billion at October 2, 2026. Oct 28, 2026: West Fraser said it will indefinitely curtail its Huguley OSB mill in Lanett, Alabama and its lumber mill in Leola, Arkansas in Q4 2026. This removes about 500 million square feet of OSB and 225 million board feet of SYP lumber capacity each year. It expects an asset impairment loss of $200 million to $220 million in Q4 2026. Oct 8, 2026: West Fraser said it will release Q3 2026 results on October 28, 2026 and hold a conference call on October 29, 2026. Sep 16, 2026: West Fraser entered into a new $500 million three-year term loan that matures in September 2029. It uses part of the money to retire its $300 million term loan due 2028. It also declared a quarterly dividend. Jul 29, 2026: West Fraser reported Q2 2026 results. Sales were $1.434 billion, earnings were a loss of $61 million, or $0.78 per diluted share, and adjusted EBITDA was $59 million. The Henderson, Texas sawmill more than doubled its output, and the High Level, Alberta OSB mill completed its wind-down. Cash from operations was $192 million, and West Fraser repaid $148 million of operating loans. Jul 20, 2026: The U.S. administration announced 50% tariffs on certain Canadian products under Section 338, effective August 19, 2026. West Fraser said its U.S. shipments of softwood lumber and OSB are not affected, but some plywood, LVL and MDF shipments can be. Jun 10, 2026: West Fraser declared a quarterly dividend of US$0.32 per share, payable on July 13, 2026.