Detailed financial statements for Bird Construction Inc. (BDT.TO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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 facilities such as manufacturing plants, processing centers, distribution hubs, and warehouses.
Analysis Summary
Bird Construction Inc. reported revenue of 3.40B CAD in the most recent fiscal year, growing at a 5-year CAGR of 17.7%. Net income reached 47.4M CAD, with a 5.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 9.4%, operating margin 4.4%, net margin 1.6%. Free cash flow grew at -6.7% CAGR over 5 years.
At 74.56 CAD (closing price, November 3, 2026), BDT.TO trades at a P/E of 69.04 and an ROE of 13.41%. Market capitalisation stands at CAD 4.1B.
Balance sheet quality for BDT.TO: debt-to-equity ratio of 0.94, current ratio of 1.32 over the last 12 months, net debt of 159.7M CAD at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 85.1M CAD represents 180% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.59B CAD | 1.42B CAD | 1.38B CAD | 1.38B CAD | 1.50B CAD | 2.22B CAD | 2.37B CAD | 2.80B CAD | 3.40B CAD | 3.40B CAD |
| Cost of Revenue | 1.49B CAD | 1.35B CAD | 1.32B CAD | 1.31B CAD | 1.36B CAD | 2.01B CAD | 2.17B CAD | 2.56B CAD | 3.07B CAD | 3.09B CAD |
| Gross Profit | 95.5M CAD | 71.3M CAD | 57.6M CAD | 71.0M CAD | 147.5M CAD | 205.5M CAD | 201.8M CAD | 240.5M CAD | 328.8M CAD | 304.4M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 58.8M CAD | 59.3M CAD | 58.9M CAD | 60.7M CAD | 77.0M CAD | 132.7M CAD | 128.0M CAD | 153.6M CAD | 205.8M CAD | 204.3M CAD |
| Operating Expenses | 62.7M CAD | 57.5M CAD | 57.0M CAD | 56.0M CAD | 92.2M CAD | 141.6M CAD | 135.1M CAD | 139.4M CAD | 182.2M CAD | 233.7M CAD |
| Operating Income | 32.8M CAD | 13.8M CAD | 551,000 CAD | 14.9M CAD | 55.3M CAD | 63.9M CAD | 66.7M CAD | 101.2M CAD | 146.6M CAD | 70.7M CAD |
| EBITDA | 47.0M CAD | 24.0M CAD | 9.9M CAD | 28.0M CAD | 92.2M CAD | 107.4M CAD | 110.2M CAD | 123.1M CAD | 185.8M CAD | 165.4M CAD |
| Interest Expense | 1.4M CAD | 2.3M CAD | 3.5M CAD | 5.5M CAD | 8.2M CAD | 7.6M CAD | 9.2M CAD | 12.0M CAD | 17.8M CAD | 21.2M CAD |
| Pre-tax Income | 34.3M CAD | 13.1M CAD | -2.7M CAD | 12.0M CAD | 49.3M CAD | 57.6M CAD | 67.2M CAD | 93.2M CAD | 133.4M CAD | 63.7M CAD |
| Income Tax | 9.3M CAD | 5.3M CAD | -1.7M CAD | 2.5M CAD | 13.2M CAD | 14.8M CAD | 17.3M CAD | 21.7M CAD | 33.3M CAD | 16.3M CAD |
| Net Income | 25.0M CAD | 11.6M CAD | -1.0M CAD | 9.5M CAD | 36.1M CAD | 42.8M CAD | 49.9M CAD | 71.5M CAD | 100.1M CAD | 47.4M CAD |
| EPS | 0.59 CAD | 0.21 CAD | -0.02 CAD | 0.22 CAD | 0.80 CAD | 0.80 CAD | 0.93 CAD | 1.33 CAD | 1.84 CAD | 0.86 CAD |
| EPS (Diluted) | 0.59 CAD | 0.21 CAD | -0.02 CAD | 0.22 CAD | 0.80 CAD | 0.80 CAD | 0.93 CAD | 1.33 CAD | 1.84 CAD | 0.86 CAD |
| Shares Outstanding (Diluted) | 42.5 M | 42.5 M | 42.5 M | 42.5 M | 45.3 M | 53.3 M | 53.7 M | 53.8 M | 54.5 M | 55.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 951.4M CAD | 877.0M CAD | 783.4M CAD | 1.04B CAD |
| Gross Profit | 101.9M CAD | 82.2M CAD | 60.2M CAD | 98.0M CAD |
| Operating Income | 47.3M CAD | -16.8M CAD | 41.7M CAD | 89.4M CAD |
| EBITDA | 67.8M CAD | 9.5M CAD | 38.3M CAD | 108.7M CAD |
| Net Income | 31.7M CAD | -14.0M CAD | 11.4M CAD | 30.3M CAD |
| EPS | 0.57 CAD | -0.25 CAD | 0.21 CAD | 0.55 CAD |
| EPS (Diluted) | 0.57 CAD | -0.25 CAD | 0.21 CAD | 0.55 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 261.9M CAD | 133.1M CAD | 158.9M CAD | 180.3M CAD | 212.1M CAD | 190.2M CAD | 174.6M CAD | 177.6M CAD | 177.4M CAD | 167.0M CAD |
| Short-term Investments | 0 | 0 | 1.7M CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 462.4M CAD | 457.6M CAD | 365.4M CAD | 512.9M CAD | 558.4M CAD | 648.7M CAD | 757.5M CAD | 946.0M CAD | 1.11B CAD | 1.11B CAD |
| Inventory | 567,000 CAD | 514,000 CAD | 840,000 CAD | 3.1M CAD | 8.0M CAD | 9.4M CAD | 10.4M CAD | 12.1M CAD | 14.9M CAD | 22.6M CAD |
| Total Current Assets | 743.3M CAD | 608.0M CAD | 546.6M CAD | 729.4M CAD | 820.5M CAD | 873.1M CAD | 967.8M CAD | 1.15B CAD | 1.34B CAD | 1.32B CAD |
| Property, Plant & Equipment | 45.5M CAD | 52.4M CAD | 56.2M CAD | 80.5M CAD | 120.9M CAD | 122.5M CAD | 121.6M CAD | 130.4M CAD | 190.1M CAD | 279.4M CAD |
| Goodwill | 16.4M CAD | 16.4M CAD | 16.4M CAD | 16.4M CAD | 37.0M CAD | 55.7M CAD | 55.7M CAD | 56.0M CAD | 128.8M CAD | 128.8M CAD |
| Intangible Assets | 1.7M CAD | 1.5M CAD | 2.6M CAD | 2.5M CAD | 27.5M CAD | 30.5M CAD | 34.7M CAD | 46.4M CAD | 108.8M CAD | 94.8M CAD |
| Total Assets | 817.4M CAD | 706.7M CAD | 652.0M CAD | 856.8M CAD | 1.07B CAD | 1.14B CAD | 1.23B CAD | 1.42B CAD | 1.81B CAD | 1.86B CAD |
| Accounts Payable | 458.7M CAD | 373.1M CAD | 383.6M CAD | 419.9M CAD | 490.5M CAD | 514.3M CAD | 570.7M CAD | 640.0M CAD | 716.1M CAD | 776.3M CAD |
| Short-term Debt | 61.6M CAD | 66.2M CAD | 14.0M CAD | 91.3M CAD | 8.1M CAD | 7.5M CAD | 7.1M CAD | 8.3M CAD | 16.4M CAD | 60.9M CAD |
| Total Current Liabilities | 625.3M CAD | 523.9M CAD | 476.3M CAD | 648.9M CAD | 690.2M CAD | 721.3M CAD | 783.1M CAD | 914.5M CAD | 1.05B CAD | 1.05B CAD |
| Long-term Debt | 8.4M CAD | 7.7M CAD | 19.1M CAD | 34.8M CAD | 64.9M CAD | 71.2M CAD | 68.0M CAD | 64.6M CAD | 136.8M CAD | 193.3M CAD |
| Total Liabilities | 653.8M CAD | 552.9M CAD | 515.8M CAD | 729.1M CAD | 854.9M CAD | 893.7M CAD | 953.7M CAD | 1.10B CAD | 1.38B CAD | 1.43B CAD |
| Retained Earnings | 119.1M CAD | 114.1M CAD | 91.7M CAD | 83.2M CAD | 102.5M CAD | 126.9M CAD | 156.5M CAD | 205.3M CAD | 273.8M CAD | 274.8M CAD |
| Total Equity | 163.6M CAD | 158.6M CAD | 136.2M CAD | 127.7M CAD | 212.6M CAD | 243.5M CAD | 273.0M CAD | 322.5M CAD | 430.3M CAD | 431.8M CAD |
| Total Debt | 70.6M CAD | 82.3M CAD | 41.8M CAD | 157.2M CAD | 151.0M CAD | 158.0M CAD | 148.3M CAD | 151.4M CAD | 261.4M CAD | 326.7M CAD |
| Net Debt | -191.3M CAD | -50.8M CAD | -118.8M CAD | -23.2M CAD | -61.0M CAD | -32.2M CAD | -26.3M CAD | -26.2M CAD | 83.9M CAD | 159.7M CAD |
| Working Capital | 118.0M CAD | 84.1M CAD | 70.2M CAD | 80.5M CAD | 130.3M CAD | 151.8M CAD | 184.6M CAD | 234.0M CAD | 286.9M CAD | 268.4M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | -572,000 CAD | 167.0M CAD | 195.0M CAD | 264.3M CAD |
| Total Assets | 1.86B CAD | 1.86B CAD | 1.92B CAD | 2.25B CAD |
| Total Liabilities | 1.40B CAD | 1.43B CAD | 1.48B CAD | 1.80B CAD |
| Total Equity | 457.4M CAD | 431.8M CAD | 431.4M CAD | 451.7M CAD |
| Total Debt | 346.3M CAD | 326.7M CAD | 380.4M CAD | 423.8M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 25.0M CAD | 11.6M CAD | -1.0M CAD | 9.5M CAD | 36.1M CAD | 42.8M CAD | 49.9M CAD | 71.5M CAD | 100.1M CAD | 47.4M CAD |
| Depreciation & Amortization | 10.2M CAD | 12.0M CAD | 11.2M CAD | 15.8M CAD | 21.7M CAD | 34.5M CAD | 36.4M CAD | 36.1M CAD | 62.9M CAD | 80.4M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 2.4M CAD | -96.2M CAD | 95.5M CAD | -66.3M CAD | 69.1M CAD | -31.5M CAD | -59.3M CAD | -55.6M CAD | -77.9M CAD | -70.7M CAD |
| Operating Cash Flow | 43.7M CAD | -90.3M CAD | 103.3M CAD | -36.2M CAD | 134.5M CAD | 38.0M CAD | 44.3M CAD | 76.5M CAD | 117.4M CAD | 116.3M CAD |
| Capital Expenditure | -5.3M CAD | -14.3M CAD | -13.1M CAD | -13.6M CAD | -14.2M CAD | -11.8M CAD | -16.8M CAD | -15.8M CAD | -21.2M CAD | -31.2M CAD |
| Acquisitions | 853,000 CAD | 7.4M CAD | 3.2M CAD | 2.7M CAD | -50.7M CAD | -16.9M CAD | 6.4M CAD | -1.5M CAD | -97.2M CAD | -67.3M CAD |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -32.3M CAD | -17.9M CAD | -16.6M CAD | -16.6M CAD | -17.6M CAD | -20.7M CAD | -20.9M CAD | -22.6M CAD | -30.0M CAD | -46.5M CAD |
| Free Cash Flow | 38.4M CAD | -104.6M CAD | 90.2M CAD | -49.9M CAD | 120.2M CAD | 26.3M CAD | 27.5M CAD | 60.6M CAD | 96.2M CAD | 85.1M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 47.5M CAD | 190.0M CAD | 6.2M CAD | 63.9M CAD |
| Capital Expenditure | -6.1M CAD | -7.8M CAD | -2.9M CAD | -7.9M CAD |
| Free Cash Flow | 41.4M CAD | 182.3M CAD | 3.3M CAD | 56.0M CAD |
| Dividends Paid | -11.6M CAD | -11.6M CAD | -11.6M CAD | -11.6M CAD |
| Stock-based Compensation | 3.0M CAD | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -10.8% | -2.6% | -0.4% | +9.3% | +47.6% | +6.7% | +18.1% | +21.4% | -0.0% | |
| Net Income Growth (YoY) | -53.5% | -108.7% | +1,036.2% | +280.7% | +18.5% | +16.5% | +43.5% | +39.9% | -52.6% | |
| EPS Growth (YoY) | -64.4% | -111.3% | +1,024.4% | +263.6% | +0.0% | +16.2% | +43.0% | +38.3% | -53.3% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +6.6% | +17.5% | +0.8% | +0.1% | +1.4% | +1.6% | |
| FCF Growth (YoY) | -372.4% | +186.2% | -155.3% | +341.1% | -78.2% | +4.7% | +120.5% | +58.7% | -11.5% | |
| Gross Margin | 6.0% | 5.0% | 4.2% | 5.2% | 9.8% | 9.3% | 8.5% | 8.6% | 9.7% | 9.0% |
| Operating Margin | 2.1% | 1.0% | 0.0% | 1.1% | 3.7% | 2.9% | 2.8% | 3.6% | 4.3% | 2.1% |
| EBITDA Margin | 3.0% | 1.7% | 0.7% | 2.0% | 6.1% | 4.8% | 4.7% | 4.4% | 5.5% | 4.9% |
| Net Margin | 1.6% | 0.8% | -0.1% | 0.7% | 2.4% | 1.9% | 2.1% | 2.6% | 2.9% | 1.4% |
| FCF Margin | 2.4% | -7.4% | 6.5% | -3.6% | 8.0% | 1.2% | 1.2% | 2.2% | 2.8% | 2.5% |
| Effective Tax Rate | 27.2% | 40.3% | 62.1% | 20.7% | 26.8% | 25.8% | 25.8% | 23.3% | 25.0% | 25.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 0.90 CAD | -2.46 CAD | 2.12 CAD | -1.17 CAD | 2.65 CAD | 0.49 CAD | 0.51 CAD | 1.13 CAD | 1.77 CAD | 1.54 CAD |
| Dividends Per Share | 0.76 CAD | 0.42 CAD | 0.39 CAD | 0.39 CAD | 0.39 CAD | 0.39 CAD | 0.39 CAD | 0.42 CAD | 0.55 CAD | 0.84 CAD |
| Shares Outstanding (Basic) | 42.5 M | 42.5 M | 42.5 M | 42.5 M | 45.3 M | 53.3 M | 53.7 M | 53.8 M | 54.5 M | 55.4 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 13.41% |
| Return on Invested Capital | 11.51% |
| Return on Assets | 2.64% |
| Gross Margin | 9.37% |
| Operating Margin | 4.42% |
| Net Margin | 1.63% |
Financial Health
| Debt / Equity | 0.94 |
| Current Ratio | 1.32 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 3.00 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.36 | 48.29 | -256.72 | 32.50 | 10.00 | 12.28 | 8.73 | 10.66 | 14.16 | 33.16 |
| P/B | 2.36 | 2.72 | 1.91 | 2.38 | 1.71 | 2.15 | 1.60 | 2.36 | 3.30 | 3.66 |
| P/S | 0.24 | 0.30 | 0.19 | 0.22 | 0.24 | 0.24 | 0.18 | 0.27 | 0.42 | 0.47 |
| Gross Margin | 6.0% | 5.0% | 4.2% | 5.2% | 9.8% | 9.3% | 8.5% | 8.6% | 9.7% | 9.0% |
| Operating Margin | 2.1% | 1.0% | 0.0% | 1.1% | 3.7% | 2.9% | 2.8% | 3.6% | 4.3% | 2.1% |
| Net Margin | 1.6% | 0.8% | -0.1% | 0.7% | 2.4% | 1.9% | 2.1% | 2.6% | 2.9% | 1.4% |
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Explore sector: Industrials · Engineering & Construction
More sections of BDT.TO: Overview · Valuation · Estimates · Technical · Ownership
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