Bird Construction (TSE:BDT)
TSX:BDT
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Bird Construction
(TSX:BDT)
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Rating:64Neutral
Price Target:
C$41.00
▲(8.07% Upside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by solid cash-flow resilience and a supportive technical uptrend. Offsetting these positives are the 2025 profitability step-down and rising leverage, plus a mixed earnings-call backdrop with margin pressure, delays, and a noted client credit risk. Valuation is a secondary drag given the elevated P/E despite a moderate dividend yield.
Positive Factors
Free cash flow resilience
Consistently positive operating cash flow and materially improved free cash flow in 2025 (FCF covered ~0.7–0.9x of earnings) provide durable financial flexibility. Reliable cash generation helps fund working capital swings, capex, dividends and acquisitions, reducing reliance on external financing during project timing variability.
Negative Factors
Rising leverage
A clear upward trend in leverage (D/E ~0.47 -> 0.61 -> 0.76) signals growing reliance on debt funding. Higher leverage increases interest and refinancing risk, reduces headroom to absorb project cost overruns or working-capital swings, and weakens the balance-sheet cushion important in construction's lumpy cash cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow resilience
Consistently positive operating cash flow and materially improved free cash flow in 2025 (FCF covered ~0.7–0.9x of earnings) provide durable financial flexibility. Reliable cash generation helps fund working capital swings, capex, dividends and acquisitions, reducing reliance on external financing during project timing variability.
Read all positive factors
Bird Construction (BDT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.10B
Dividend Yield2.88%
Average Volume (3M)227.05K
Price to Earnings (P/E)33.3
Beta (1Y)1.14
Revenue Growth6.26%
EPS Growth0.52%
CountryCA
Employees6,000
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.57
Shares Outstanding55,382,830
10 Day Avg. Volume189,165
30 Day Avg. Volume227,053
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)3.66
Price to Sales (P/S)0.47
P/FCF Ratio18.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$44.33Price Target Upside16.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)2.56
Revenue Forecast (FY)C$3.88B
Bird Construction Business Overview & Revenue Model
Company Description
Bird Construction Inc. operates as a general contractor in Canada. The company primarily focuses on projects in the industrial, commercial, and institutional sectors of the general contracting industry. It constructs industrial buildings, includin...
How the Company Makes Money
Bird primarily makes money by earning revenue from construction and related services delivered to customers under contracted arrangements. Key revenue streams include: (1) Construction project revenue from executing new-build and upgrade projects ...
Bird Construction Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook for Bird Construction. While the company highlighted record backlog levels, strategic acquisitions, and recognition for its achievements, it also faced challenges such as decreased earnings, margin pressure, and concerns about a client's creditworthiness. The outlook remains cautiously optimistic, with expectations for improvement as delayed projects commence in 2026 and beyond.Positive Updates
Record Backlog and Strategic Positioning
Bird Construction reported a record combined backlog exceeding $10 billion, providing strong visibility into future work. The backlog is diversified with a high proportion of collaborative contracts, supporting long-term growth and margin expansion.
Negative Updates
Earnings Decrease
Net income and earnings per share decreased to $31.7 million and $0.57 per share, respectively, compared to $36.2 million and $0.66 in 2024.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Backlog and Strategic Positioning
Bird Construction reported a record combined backlog exceeding $10 billion, providing strong visibility into future work. The backlog is diversified with a high proportion of collaborative contracts, supporting long-term growth and margin expansion.
Read all positive updates
Company Guidance
During the Bird Construction third quarter 2025 earnings call, CEO Teri McKibbon highlighted several key metrics and forward-looking insights. Revenue for the quarter reached $951 million, marking a 5.8% increase from the previous year, with over 60% of this growth being organic. The company's gross profit percentage stood at 10.7%, while the adjusted EBITDA margin was 7%. Bird reported a record combined backlog exceeding $10 billion, providing significant visibility into future revenue streams for 2026 and 2027. Year-to-date securements surpassed $3.8 billion, outstripping both full-year 2024 securements and revenue. Despite a slight decrease in quarterly margins compared to the previous year, Bird remains confident in its trajectory towards achieving an 8% adjusted EBITDA margin by 2027, backed by strong demand across key sectors and the federal government's emphasis on infrastructure investment.Bird Construction Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.40B | 3.40B | 2.80B | 2.37B | 2.22B |
| Gross Profit | 304.35M | 328.76M | 240.54M | 201.76M | 205.48M |
| EBITDA | 151.09M | 151.44M | 104.37M | 92.36M | 90.00M |
| Net Income | 47.41M | 100.10M | 71.54M | 49.86M | 42.78M |
Balance Sheet | |||||
| Total Assets | 1.86B | 1.81B | 1.42B | 1.23B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 167.01M | 177.44M | 177.58M | 174.61M | 190.19M |
| Total Debt | 326.71M | 261.36M | 151.36M | 148.35M | 158.04M |
| Total Liabilities | 1.43B | 1.38B | 1.10B | 953.75M | 893.66M |
| Stockholders Equity | 431.82M | 430.28M | 322.49M | 272.99M | 243.49M |
Cash Flow | |||||
| Free Cash Flow | 85.12M | 96.21M | 60.64M | 27.50M | 26.26M |
| Operating Cash Flow | 116.28M | 117.37M | 76.47M | 44.32M | 38.02M |
| Investing Cash Flow | -107.96M | -134.43M | -28.17M | -15.73M | -25.50M |
| Financing Cash Flow | -18.14M | 16.83M | -45.36M | -44.28M | -34.25M |
Bird Construction Technical Analysis
Positive
37.94
Price Trends
31.83
Positive
29.79
Positive
28.77
Positive
Market Momentum
1.42
Negative
75.27
Negative
91.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BDT, the sentiment is Positive. The current price of 37.94 is above the 20-day moving average (MA) of 33.73, above the 50-day MA of 31.83, and above the 200-day MA of 28.77, indicating a bullish trend. The MACD of 1.42 indicates Negative momentum. The RSI at 75.27 is Negative, neither overbought nor oversold. The STOCH value of 91.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BDT.
Bird Construction Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$15.58B | 5.72 | 56.38% | 0.09% | 13.97% | 715.65% | |
70 Outperform | C$2.80B | 130.21 | 1.66% | 2.38% | 25.68% | ― | |
70 Outperform | C$29.91B | 33.67 | 10.86% | 0.60% | 18.85% | 29.60% | |
69 Neutral | C$13.93B | 30.82 | 15.28% | 0.67% | 11.73% | 41.17% | |
65 Neutral | C$2.19B | 29.89 | 24.10% | 0.99% | 13.02% | 52.88% | |
64 Neutral | C$2.10B | 33.32 | 21.42% | 2.88% | 6.26% | 0.52% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
TSE:BDT
Bird Construction
37.94
16.36
75.80%
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Bird Construction Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Bird Construction Builds Record $11 Billion Backlog as 2025 Profit Hit by One-Time Impairment
Neutral
Mar 12, 2026
Bird Construction reported flat 2025 annual revenue of $3.40 billion versus 2024 but a sharp decline in net income to $47.4 million, largely due to a $62.2 million impairment tied to a single customer, even as adjusted EBITDA improved to $222.1 mi...
Business Operations and Strategy
Bird Consortium Reaches Financial Close on C$323 Million Alberta Schools P3
Positive
Mar 3, 2026
Bird Construction’s Concert-Bird Partners consortium has achieved financial close on a C$323 million Design-Build-Finance-Maintain contract to deliver six new elementary and junior high schools across Alberta. The public-private partnership ...
Business Operations and StrategyFinancial Disclosures
Bird Construction Sets March 11 Release for 2025 Year-End Results, Investor Call on March 12
Neutral
Feb 5, 2026
Bird Construction Inc. announced it will release its 2025 fourth-quarter and full-year financial results after the market closes on March 11, 2026, followed by a conference call and live webcast on March 12, 2026, led by President and CEO Teri McK...
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.