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Bird Construction
(TSX:BDT)
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Rating:71Outperform
Price Target:
C$85.00
▲(26.21% Upside)
Action:Upgraded
Date:08/19/26
The score is driven by strong technical uptrend and a very positive earnings call backdrop (record results, improving margins, robust backlog, and supportive guidance). Financial performance is solid mainly due to strong recent cash generation, but thin/volatile profitability and rising leverage temper the outlook. Valuation is the primary constraint due to the high P/E and only modest dividend yield.
Positive Factors
Large and growing backlog
The approximately $12 billion backlog provides substantial revenue visibility and supports multi-quarter execution. Strong growth in both contracted and pending work indicates broad demand for Bird’s services, while recurring and secured projects can underpin scale and resource planning.
Negative Factors
Structurally thin and volatile profitability
Thin profitability leaves limited protection against cost overruns, delays, or unfavorable project outcomes. The recent earnings volatility shows that revenue growth does not automatically translate into stable bottom-line performance, making sustained margin improvement important to future earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Large and growing backlog
The approximately $12 billion backlog provides substantial revenue visibility and supports multi-quarter execution. Strong growth in both contracted and pending work indicates broad demand for Bird’s services, while recurring and secured projects can underpin scale and resource planning.
Read all positive factors
Bird Construction (BDT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.05B
Dividend Yield1.15%
Average Volume (3M)417.18K
Price to Earnings (P/E)67.6
Beta (1Y)0.96
Revenue Growth7.38%
EPS Growth-39.80%
CountryCA
Employees5,924
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.08
Shares Outstanding55,403,297
10 Day Avg. Volume326,821
30 Day Avg. Volume417,179
Financial Highlights & Ratios
PEG Ratio-0.62
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$87.20Price Target Upside29.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.75
Revenue Forecast (FY)C$4.11B
Bird Construction Business Overview & Revenue Model
Company Description
Bird Construction Inc. operates as a prominent general contractor throughout Canada, with a core expertise spanning the industrial, commercial, and institutional domains. Their industrial undertakings encompass the construction of diverse faciliti...
How the Company Makes Money
Bird primarily makes money by delivering construction and related services under customer contracts. Its core revenue stream comes from project-based work where it is paid to plan, manage, and build facilities and infrastructure; this includes act...
Bird Construction Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated strong, broad-based operational and financial momentum: record quarterly revenue (> $1.0B), double-digit revenue growth (22.6% YoY), meaningful backlog expansion (~$12B combined), improved margins (Q2 adj. EBITDA margin 7.1%, TTM 6.7%), strong cash generation and enhanced access to capital (investment-grade rating and $250M notes). Most risks cited are timing and execution-related (industrial ramp timing, early-stage Ring of Fire work, data center ramp), and there remain modest gaps to the 2027 margin target. Overall the positives substantially outweigh the near-term operational timing uncertainties.Positive Updates
Record Quarterly Revenue
Revenue reached $1.043 billion in Q2, the first time revenue exceeded $1 billion in company history, up 22.6% year-over-year.
Negative Updates
Margin Gap to 2027 Target
Trailing 12-month adjusted EBITDA margin is 6.7% versus the 2027 strategic target of 8.0% — a gap of ~130 basis points remains, requiring continued margin progression into 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Revenue reached $1.043 billion in Q2, the first time revenue exceeded $1 billion in company history, up 22.6% year-over-year.
Read all positive updates
Company Guidance
Management guided that full‑year revenue growth may exceed 20% vs. 2025 and that adjusted EBITDA margin should continue to accrete in H2 as industrial programs return to full capacity, moving the company toward its 2027 target of an 8% adjusted EBITDA margin, with Q3 and Q4 expected to be roughly equal and “very strong.” The guidance is supported by Q2 results—revenue $1.043B (+22.6% YoY), gross profit $109.8M (10.5% GP%), adjusted EBITDA $73.9M (+34.6%) and a 7.1% adj. EBITDA margin (TTM adj. EBITDA margin 6.7% vs. 6.5% prior)—H1 revenue $1.83B (+16.5%) and H1 adjusted EBITDA $111M (6.1% margin); record backlog of ~ $12B (contracted $6.1B, +30.6%; pending $6.0B, +57.5%), ~ $1.8B of securements in the quarter (exceeding work executed by $707M) and > $1.4B of MSA/recurring revenue over the next four years; plus strong liquidity (cash $264.3M, $446.5M available on the facility), a $250M senior unsecured notes issuance and DBRS BBB (low) rating, trailing‑12‑month free cash flow $262M ($4.73/sh), adjusted net debt/TTM adj. EBITDA 0.96x and a current ratio of 1.32x.Bird Construction Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.66B | 3.40B | 3.40B | 2.80B | 2.37B | 2.22B |
| Gross Profit | 342.33M | 304.35M | 328.76M | 240.54M | 201.76M | 205.48M |
| EBITDA | 224.29M | 165.41M | 185.82M | 123.08M | 110.25M | 107.36M |
| Net Income | 59.42M | 47.41M | 100.10M | 71.54M | 49.86M | 42.78M |
Balance Sheet | ||||||
| Total Assets | 2.25B | 1.86B | 1.81B | 1.42B | 1.23B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 264.29M | 167.01M | 177.44M | 177.58M | 174.61M | 190.19M |
| Total Debt | 423.79M | 326.71M | 261.36M | 151.36M | 148.35M | 158.04M |
| Total Liabilities | 1.80B | 1.43B | 1.38B | 1.10B | 953.75M | 893.66M |
| Stockholders Equity | 451.73M | 431.82M | 430.28M | 322.49M | 272.99M | 243.49M |
Cash Flow | ||||||
| Free Cash Flow | 282.92M | 85.12M | 96.21M | 60.64M | 27.50M | 26.26M |
| Operating Cash Flow | 307.71M | 116.28M | 117.37M | 76.47M | 44.32M | 38.02M |
| Investing Cash Flow | -115.67M | -107.96M | -134.43M | -28.17M | -15.73M | -25.50M |
| Financing Cash Flow | -70.07M | -18.14M | 16.83M | -45.36M | -44.28M | -34.25M |
Bird Construction Technical Analysis
Neutral
67.35
Price Trends
74.85
Negative
70.37
Positive
55.35
Positive
Market Momentum
-1.44
Positive
43.66
Neutral
30.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BDT, the sentiment is Neutral. The current price of 67.35 is below the 20-day moving average (MA) of 78.26, below the 50-day MA of 74.85, and above the 200-day MA of 55.35, indicating a neutral trend. The MACD of -1.44 indicates Positive momentum. The RSI at 43.66 is Neutral, neither overbought nor oversold. The STOCH value of 30.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | C$11.16B | 22.42 | 15.26% | 0.97% | 9.97% | 15.80% | |
72 Outperform | C$24.63B | 25.95 | 9.52% | 0.82% | 10.24% | 14.12% | |
71 Outperform | C$4.05B | 67.63 | 13.41% | 1.15% | 7.38% | -39.80% | |
67 Neutral | C$13.70B | 33.06 | 7.89% | 0.09% | 14.82% | -82.14% | |
64 Neutral | C$2.98B | 29.63 | 24.14% | 0.87% | 16.24% | 10.17% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$3.45B | -55.24 | -6.76% | 1.53% | 21.48% | -323.81% |
* Industrials Sector Average
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Bird Construction
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Bird Construction Corporate Events
Business Operations and StrategyFinancial Disclosures
Bird Construction Sets Date for Q3 2026 Results and Investor Call
Neutral
Oct 1, 2026
Bird Construction Inc. will release its 2026 third quarter financial results after market close on November 11, 2026, with a conference call and live webcast scheduled for the morning of November 12 to discuss the performance. The company’s ...
Business Operations and Strategy
Bird Construction Deepens Indigenous Partnership With Marten Falls Road Project
Positive
Aug 31, 2026
Bird Construction Inc. and Marten Falls First Nation have expanded their Piinahzii Limited Partnership to include construction of the Marten Falls Community Access Road in northern Ontario. The partnership, majority Indigenous-owned, was initially...
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.