Black Diamond Group (TSE:BDI)
TSX:BDI
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Black Diamond
(TSX:BDI)
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Rating:60Neutral
Price Target:
C$17.50
â–²(0.81% Upside)
Action:Reiterated
Date:05/04/26
The score is driven primarily by steady profitability and operating cash flow but constrained by weak TTM free cash flow and higher leverage. Earnings-call commentary was upbeat with strong growth and backlog/visibility, while technicals are mixed and valuation is a meaningful headwind due to the very high P/E and low yield.
Positive Factors
Multi-year compounding revenue and EBITDA growth
Sustained multi-year CAGRs across revenue and adjusted EBITDA indicate a scalable, compounding business model driven by recurring rental income and operational leverage. This durable growth trend supports reinvestment, margin resilience and long-term return generation beyond near-term cycles.
Negative Factors
Elevated leverage after acquisitions
A materially higher leverage profile increases sensitivity to demand slowdowns and refinancing risk in a cyclical rental industry. Elevated debt limits flexibility for opportunistic investments, raises fixed financing costs and can constrain capital allocation if cash flows weaken during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year compounding revenue and EBITDA growth
Sustained multi-year CAGRs across revenue and adjusted EBITDA indicate a scalable, compounding business model driven by recurring rental income and operational leverage. This durable growth trend supports reinvestment, margin resilience and long-term return generation beyond near-term cycles.
Read all positive factors
Black Diamond (BDI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.14B
Dividend Yield0.93%
Average Volume (3M)150.52K
Price to Earnings (P/E)101.4
Beta (1Y)1.01
Revenue Growth12.29%
EPS Growth-0.37%
CountryCA
Employees507
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)0.49
Shares Outstanding67,803,000
10 Day Avg. Volume106,824
30 Day Avg. Volume150,516
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)2.35
Price to Sales (P/S)2.04
P/FCF Ratio57.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$20.25Price Target Upside16.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.74
Revenue Forecast (FY)C$567.00M
Black Diamond Business Overview & Revenue Model
Company Description
Black Diamond Group Limited rents and sells modular space and workforce accommodation solutions. It operates through two segments, Modular Space Solutions and Workforce Solutions. The Modular Space Solutions segment provides modular space rentals ...
How the Company Makes Money
null...
Black Diamond Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial tone: strong revenue (+27%) and adjusted EBITDA (+21%) growth, robust segment performances (WFS +54% revenue, MSS stability), healthy free cash flow (+5%), an enlarged credit facility and a large bid pipeline supporting future upside. Key strategic initiatives (LodgeLink 3.0, Royal Camp integration, ERP rollout) are progressing. Principal negatives are near-term EPS dilution from acquisition-related D&A and equity impacts, underutilized WFS capacity (56.5%) pending project timing, margin mix pressure from certain acquired travel revenues, and timing uncertainty for nation-building project deployments, but management presents these as timing or integration risks rather than structural weaknesses.Positive Updates
Strong Consolidated Top-Line and Profit Growth
Consolidated revenue of $130.0 million, up 27% year-over-year, and adjusted EBITDA of $32.0 million, up 21% year-over-year, demonstrating broad-based platform growth.
Negative Updates
Earnings Per Share Decline
EPS declined by $0.06 versus the comparative quarter; management attributes the decrease to $0.075 of additional depreciation and amortization from the Royal Camp acquisition, shares issued in the bought deal and acquisition, and higher stock-based compensation.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Top-Line and Profit Growth
Consolidated revenue of $130.0 million, up 27% year-over-year, and adjusted EBITDA of $32.0 million, up 21% year-over-year, demonstrating broad-based platform growth.
Read all positive updates
Company Guidance
Management's guidance was constructive and focused on steady near‑term performance with upside later in 2026: they reported consolidated revenue of $130.0M (+27%) and adjusted EBITDA of $32.0M (+21%) and said they expect similar steady results through H1 with meaningful improvements in H2 and a potential positive inflection as early as late‑2026 driven by nation‑building, education and construction activity. Key operating and balance‑sheet metrics underpinning that view include consolidated rental revenue of $43.8M (+16%) and contracted future rental revenue of $142.5M; WFS revenue $81.5M (+54%) with adjusted EBITDA $18.9M and 56.5% utilization (≈6,000 beds ready‑to‑deploy); MSS rental revenue $26.8M (+5%) with adjusted EBITDA $19.4M, 77.7% utilization and average monthly rates +3% (constant currency); VAPS revenue +35% to 10.8% of rental revenue; LodgeLink total trade value $32.7M (+52%), net revenue $3.7M (+37%) and 154,979 travel segments (+15%). Capital and liquidity metrics supporting growth: capex $16.8M, capital commitments $26.5M, free cash flow $17.8M (+5%), net debt $330.7M (net debt / trailing‑12‑month adjusted EBITDA 2.1x), liquidity $93.3M (prior to a $125M ABL expansion to $550M from $425M with a $75M accordion), average interest rate 4.21% (‑62 bps YoY), ERP spend to date ~$9.3M with ~$2.6M remaining. Management reiterated disciplined capital allocation (organic fleet growth, tuck‑ins, debt paydown or returns to shareholders) and timing‑sensitive assumptions around when larger project ramps will drive higher utilization and returns.Black Diamond Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
61
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 484.67M | 456.92M | 403.00M | 393.50M | 324.54M | 339.55M |
| Gross Profit | 177.39M | 163.85M | 183.77M | 174.45M | 138.14M | 111.63M |
| EBITDA | 130.40M | 126.43M | 102.53M | 98.81M | 84.27M | 61.23M |
| Net Income | 31.68M | 34.84M | 25.65M | 30.36M | 26.38M | 20.36M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 1.02B | 748.55M | 647.64M | 649.44M | 530.34M |
| Cash, Cash Equivalents and Short-Term Investments | 18.72M | 24.70M | 13.32M | 6.51M | 8.31M | 4.56M |
| Total Debt | 380.16M | 404.90M | 262.66M | 211.74M | 249.06M | 179.68M |
| Total Liabilities | 617.93M | 620.93M | 421.50M | 353.68M | 376.90M | 283.54M |
| Stockholders Equity | 406.28M | 397.45M | 323.19M | 290.08M | 268.53M | 234.46M |
Cash Flow | ||||||
| Free Cash Flow | 4.40M | 16.30M | 2.14M | 63.91M | 16.55M | 33.26M |
| Operating Cash Flow | 104.92M | 116.98M | 111.36M | 133.00M | 70.79M | 71.14M |
| Investing Cash Flow | -236.04M | -240.10M | -112.25M | -68.59M | -101.94M | -33.63M |
| Financing Cash Flow | 137.80M | 134.89M | 7.53M | -65.88M | 34.51M | -36.56M |
Black Diamond Technical Analysis
Positive
17.36
Price Trends
16.50
Positive
15.80
Positive
14.23
Positive
Market Momentum
0.31
Negative
62.76
Neutral
67.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BDI, the sentiment is Positive. The current price of 17.36 is above the 20-day moving average (MA) of 16.38, above the 50-day MA of 16.50, and above the 200-day MA of 14.23, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 62.76 is Neutral, neither overbought nor oversold. The STOCH value of 67.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BDI.
Black Diamond Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$810.12M | 14.01 | 16.00% | 3.02% | 6.54% | 44.56% | |
66 Neutral | C$3.23B | 48.37 | 11.25% | 2.88% | 1.05% | -50.79% | |
65 Neutral | C$2.07B | 19.45 | 8.72% | 5.21% | 7.92% | -14.19% | |
65 Neutral | C$623.12M | 9.90 | 11.63% | 5.09% | -3.59% | 50.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$1.14B | 101.39 | 8.46% | 0.93% | 12.29% | -0.37% | |
60 Neutral | C$903.96M | 8.79 | 12.52% | 5.85% | 8.20% | 26.81% |
* Industrials Sector Average
TSE:BDI
Black Diamond
16.77
7.49
80.77%
TSE:BDT
Bird Construction
58.35
33.74
137.10%
TSE:DBM
Doman Building Materials Group
10.30
2.30
28.77%
TSE:DXT
Dexterra Group
12.98
4.65
55.78%
TSE:MTL
Mullen Group
21.60
8.07
59.66%
TSE:WJX
Wajax Corporation
28.52
5.95
26.36%
Black Diamond Corporate Events
Financial Disclosures
Black Diamond Sets Date for Q1 2026 Results and Investor Call
Neutral
Apr 9, 2026
Black Diamond Group Limited, a Calgary-based provider of space rental, modular buildings, and workforce accommodation solutions, operates across North America and Australia through its Modular Space Solutions and Workforce Solutions divisions. The...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Black Diamond Posts Strong 2025 Results as Acquisitions and Rental Growth Lift Earnings
Positive
Feb 27, 2026
Black Diamond reported strong full-year 2025 results, with consolidated revenue rising 13% to $456.9 million, adjusted EBITDA up 12% to $126.4 million, and profit climbing 35% to $34.8 million, supported by steady rental growth and disciplined cap...
Financial Disclosures
Black Diamond Sets Date for 2025 Year-End Results and Investor Call
Neutral
Feb 5, 2026
Black Diamond Group Limited, a provider of modular space rentals, workforce accommodations and related asset management services across North America and Australia, plans to release its fourth quarter and full-year 2025 financial results after mar...
Financial Disclosures
Black Diamond Sets Date for 2025 Year-End Results and Investor Call
Neutral
Feb 5, 2026
Black Diamond Group Limited, a provider of modular space rentals, workforce accommodation solutions and related digital travel services across North America and the Asia-Pacific region, operates through its Modular Space Solutions (MSS) and Workfo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.