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Black Diamond
(TSX:BDI)
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Rating:61Neutral
Price Target:
C$22.50
â–²(24.38% Upside)
Action:Reiterated
Date:10/31/26
The score is driven primarily by mixed financial performance—good revenue momentum but weaker TTM margins, higher leverage, and softer cash conversion. Technicals are supportive with a strong trend above key moving averages, while valuation is a meaningful headwind due to the high P/E and modest yield. The latest earnings call adds a positive tilt given upbeat guidance and demand/pipeline commentary, partially offset by margin and project-timing risks.
Positive Factors
Revenue Growth
Record quarterly revenue and strong adjusted EBITDA growth indicate broadening demand and improved operating scale. Continued expansion across the business can support reinvestment, strengthen customer relationships, and build a more durable earnings base over the next several quarters.
Negative Factors
Margin Compression
Lower adjusted EBITDA margins show that the current revenue mix is producing less profitability than the prior period. A greater contribution from catering and hospitality may dilute consolidated margins, limiting earnings conversion unless operating efficiencies or higher-margin rentals offset the mix effect.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Record quarterly revenue and strong adjusted EBITDA growth indicate broadening demand and improved operating scale. Continued expansion across the business can support reinvestment, strengthen customer relationships, and build a more durable earnings base over the next several quarters.
Read all positive factors
Black Diamond (BDI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.43B
Dividend Yield0.85%
Average Volume (3M)191.11K
Price to Earnings (P/E)59.9
Beta (1Y)0.99
Revenue Growth25.53%
EPS Growth-44.48%
CountryCA
Employees1,148
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)0.32
Shares Outstanding67,859,000
10 Day Avg. Volume142,315
30 Day Avg. Volume191,110
Financial Highlights & Ratios
PEG Ratio0.86
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.47
Revenue Forecast (FY)C$559.12M
Black Diamond Business Overview & Revenue Model
Company Description
Black Diamond Group Limited specializes in providing adaptable prefabricated structures for temporary or semi-permanent use, including both modular workspaces and comprehensive workforce housing solutions. The company operates through two distinct...
Black Diamond Earnings Call Summary
Earnings Call Date:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. The company reported record revenue, substantial growth in adjusted EBITDA, strong free cash flow, robust demand across Canada, the U.S. and Australia, a large formal bid pipeline, profitable LodgeLink growth and a healthy balance sheet. The principal negatives were lower adjusted EBITDA margins, MSS EBITDA and sales declines, elevated preparation costs, softer education demand and the extended timing required for some large projects to ramp.Positive Updates
Record Quarterly Revenue and Strong Profit Growth
Third-quarter revenue reached an all-time record of $159.9 million, up 52% from the comparative quarter, while adjusted EBITDA increased 33% to $42.3 million. Adjusted EPS was $0.19, up from $0.16 in the comparative quarter.
Negative Updates
Adjusted EBITDA Margin Declined
Adjusted EBITDA margin was 26.5%, compared with 30.2% in the comparative period. Management attributed the moderation primarily to a higher contribution from large services revenue following the Royal Camp acquisition, because catering and hospitality services transact at lower margins than the core rental business.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Profit Growth
Third-quarter revenue reached an all-time record of $159.9 million, up 52% from the comparative quarter, while adjusted EBITDA increased 33% to $42.3 million. Adjusted EPS was $0.19, up from $0.16 in the comparative quarter.
Read all positive updates
Company Guidance
Management expects MSS utilization to show modest improvements over the coming quarters from 77.1%, but not large step changes, with MSS rental revenue expected to increase over the next few quarters; WFS utilization is expected to show a step function in the back half of 2027, with project activity progressing through Q2, Q3 2027 into 2028. Q4 sales are expected to be a little bit higher than typically seen, with revenue mix and resulting margins relatively comparable, while workforce sales should continue over the first few quarters of 27. LodgeLink’s more accelerated launch is expected around Q1 27, with 2027 expected to be a really interesting year. Near term, WFS CapEx is expected to be in Australia and US, with predominantly MSS investment, and the company anticipates a stronger CapEx year next than this year; MSS base rental rates are essentially tracking the rate of inflation, with paybacks probably strengthening slightly.Black Diamond Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 563.04M | 456.92M | 403.00M | 393.50M | 324.54M | 339.55M |
| Gross Profit | 187.60M | 163.85M | 183.77M | 174.45M | 138.14M | 111.63M |
| EBITDA | 130.61M | 126.43M | 102.53M | 98.81M | 84.27M | 61.10M |
| Net Income | 22.22M | 34.84M | 25.65M | 30.36M | 26.38M | 20.36M |
Balance Sheet | ||||||
| Total Assets | 1.11B | 1.02B | 748.55M | 647.64M | 649.44M | 530.34M |
| Cash, Cash Equivalents and Short-Term Investments | 24.37M | 24.70M | 13.32M | 6.51M | 8.31M | 4.56M |
| Total Debt | 411.14M | 382.49M | 262.66M | 211.74M | 249.06M | 179.68M |
| Total Liabilities | 682.14M | 620.93M | 421.50M | 353.68M | 376.90M | 283.54M |
| Stockholders Equity | 419.80M | 397.45M | 323.19M | 290.08M | 268.53M | 234.46M |
Cash Flow | ||||||
| Free Cash Flow | -4.09M | 16.30M | 2.14M | 63.91M | 16.55M | 33.26M |
| Operating Cash Flow | 93.75M | 116.98M | 111.36M | 133.00M | 70.79M | 71.14M |
| Investing Cash Flow | -231.04M | -240.10M | -112.25M | -68.59M | -101.94M | -33.63M |
| Financing Cash Flow | 152.50M | 134.89M | 7.53M | -65.88M | 34.51M | -36.56M |
Black Diamond Technical Analysis
Positive
18.09
Price Trends
18.70
Positive
18.71
Positive
17.79
Positive
Market Momentum
0.22
Negative
69.04
Neutral
80.69
Negative
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 18.09 is below the 20-day moving average (MA) of 19.62, below the 50-day MA of 18.70, and above the 200-day MA of 17.79, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 69.04 is Neutral, neither overbought nor oversold. The STOCH value of 80.69 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | C$3.77B | 62.97 | 13.41% | 1.24% | 7.38% | -39.80% | |
69 Neutral | C$1.15B | 25.96 | 15.18% | 2.17% | 8.97% | 27.62% | |
69 Neutral | C$2.78B | 22.51 | 10.58% | 2.92% | 11.69% | 18.18% | |
68 Neutral | C$729.44M | 11.15 | 12.07% | 4.16% | -4.10% | 82.03% | |
65 Neutral | C$861.37M | 10.10 | 12.64% | 5.71% | 1.80% | 13.21% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | C$1.43B | 59.87 | 5.45% | 0.85% | 25.53% | -44.48% |
* Industrials Sector Average
TSE:BDI
Black Diamond
21.11
6.32
42.72%
TSE:BDT
Bird Construction
68.01
38.46
130.14%
TSE:DBM
Doman Building Materials Group
9.80
1.39
16.54%
TSE:DXT
Dexterra Group
18.43
8.11
78.57%
TSE:MTL
Mullen Group
28.81
15.29
113.08%
TSE:WJX
Wajax Corporation
33.68
9.96
41.98%
Black Diamond Corporate Events
Business Operations and StrategyExecutive/Board Changes
Black Diamond Adds Veteran Investor Michael Chan to Board
Positive
Oct 30, 2026
Black Diamond Group has appointed veteran asset management executive Michael Chan to its Board of Directors, effective October 29, 2026, adding extensive public markets and capital allocation expertise to its governance. Chan’s three decades...
Business Operations and StrategyDividendsFinancial Disclosures
Black Diamond Posts Record Q3 Revenue and Boosts Dividend as Workforce Solutions Surges
Positive
Oct 30, 2026
Black Diamond reported record consolidated revenue of $159.9 million in the third quarter of 2026, up 52% from a year earlier, driven primarily by surging activity in its Workforce Solutions segment and strong growth at its LodgeLink platform. The...
Financial Disclosures
Black Diamond Schedules Q3 2026 Results Release and Investor Call
Neutral
Oct 15, 2026
Black Diamond Group Limited, a Calgary-based provider of modular space rentals, workforce accommodation solutions, and crew travel management, serves diversified clients across North America, Australia, and the Asia-Pacific region through its MSS ...
Business Operations and Strategy
LodgeLink Showcases Growth Strategy at Canaccord Genuity Conference
Positive
Aug 7, 2026
LodgeLink, the technology-enabled workforce travel platform owned by industrial services firm Black Diamond Group, specializes in managing complex crew travel through a proprietary system that integrates lodging, logistics, and payment solutions a...
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.