Detailed financial statements for Westshore Terminals Investment Corporation (WTE.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.
Westshore Terminals Investment Corporation manages a significant deep-water terminal at Roberts Bank, British Columbia, specializing in the storage and loading of coal for export. Under various contractual agreements, the company facilitates the shipment of coal originating from mines throughout British Columbia, Alberta, and the Northwestern United States. Founded in 1970, Westshore Terminals Investment Corporation maintains its corporate headquarters in Vancouver, Canada.
Analysis Summary
Westshore Terminals Investment Corporation reported revenue of 323.0M CAD in the most recent fiscal year, growing at a 5-year CAGR of -2.6%. Net income reached 90.7M CAD, with a -6.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.4%, operating margin 33.0%, net margin 29.7%. Free cash flow grew at -11.6% CAGR over 5 years.
At 45.51 CAD (closing price, November 4, 2026), WTE.TO trades at a P/E of 28.80 and an ROE of 13.28%. Market capitalisation stands at CAD 2.8B.
Balance sheet quality for WTE.TO: debt-to-equity ratio of 0.59, current ratio of 1.04 over the last 12 months, net debt of 315.0M 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 86.2M CAD represents 95% 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 | 324.5M CAD | 330.0M CAD | 363.4M CAD | 395.4M CAD | 368.4M CAD | 340.5M CAD | 292.0M CAD | 381.0M CAD | 404.7M CAD | 323.0M CAD |
| Cost of Revenue | 143.9M CAD | 164.8M CAD | 169.6M CAD | 176.7M CAD | 167.8M CAD | 168.2M CAD | 177.9M CAD | 201.4M CAD | 206.4M CAD | 211.7M CAD |
| Gross Profit | 180.6M CAD | 165.2M CAD | 193.8M CAD | 218.7M CAD | 200.6M CAD | 172.3M CAD | 114.0M CAD | 179.6M CAD | 198.3M CAD | 111.3M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 15.1M CAD | 15.0M CAD | 16.6M CAD | 17.0M CAD | 16.4M CAD | 15.0M CAD | 12.7M CAD | 17.3M CAD | 18.5M CAD | 14.1M CAD |
| Operating Expenses | 15.1M CAD | 15.0M CAD | 16.6M CAD | 17.0M CAD | 16.4M CAD | 15.0M CAD | 12.7M CAD | 19.2M CAD | 18.5M CAD | 14.1M CAD |
| Operating Income | 165.4M CAD | 150.3M CAD | 177.2M CAD | 202.7M CAD | 185.9M CAD | 158.6M CAD | 104.2M CAD | 160.5M CAD | 179.8M CAD | 97.2M CAD |
| EBITDA | 174.8M CAD | 163.8M CAD | 205.1M CAD | 227.6M CAD | 212.1M CAD | 187.0M CAD | 134.4M CAD | 191.0M CAD | 212.0M CAD | 179.3M CAD |
| Interest Expense | 4.0M CAD | 3.5M CAD | 12.5M CAD | 12.4M CAD | 11.8M CAD | 11.9M CAD | 11.5M CAD | 10.8M CAD | 22.5M CAD | 20.1M CAD |
| Pre-tax Income | 161.5M CAD | 148.9M CAD | 173.4M CAD | 191.0M CAD | 173.9M CAD | 147.7M CAD | 91.7M CAD | 159.7M CAD | 158.0M CAD | 124.3M CAD |
| Income Tax | 42.0M CAD | 39.5M CAD | 48.7M CAD | 51.6M CAD | 47.0M CAD | 39.9M CAD | 24.8M CAD | 43.2M CAD | 42.7M CAD | 33.6M CAD |
| Net Income | 119.4M CAD | 109.4M CAD | 124.7M CAD | 139.4M CAD | 126.9M CAD | 107.8M CAD | 66.8M CAD | 116.6M CAD | 115.3M CAD | 90.7M CAD |
| EPS | 1.62 CAD | 1.51 CAD | 1.80 CAD | 2.09 CAD | 1.96 CAD | 1.70 CAD | 1.06 CAD | 1.86 CAD | 1.86 CAD | 1.47 CAD |
| EPS (Diluted) | 1.62 CAD | 1.51 CAD | 1.80 CAD | 2.09 CAD | 1.96 CAD | 1.70 CAD | 1.06 CAD | 1.86 CAD | 1.86 CAD | 1.47 CAD |
| Shares Outstanding (Diluted) | 73.7 M | 72.4 M | 69.2 M | 66.7 M | 64.7 M | 63.3 M | 63.3 M | 62.5 M | 62.1 M | 61.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 75.7M CAD | 69.1M CAD | 91.9M CAD | 93.6M CAD |
| Gross Profit | 28.6M CAD | 16.5M CAD | 37.4M CAD | 57.7M CAD |
| Operating Income | 25.7M CAD | 13.3M CAD | 32.8M CAD | 37.2M CAD |
| EBITDA | 31.2M CAD | 21.7M CAD | 41.4M CAD | 47.6M CAD |
| Net Income | 13.2M CAD | 40.4M CAD | 19.3M CAD | 25.1M CAD |
| EPS | 0.21 CAD | 0.65 CAD | 0.31 CAD | 0.41 CAD |
| EPS (Diluted) | 0.21 CAD | 0.65 CAD | 0.31 CAD | 0.41 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 90.8M CAD | 68.5M CAD | 50.0M CAD | 131.9M CAD | 201.4M CAD | 243.5M CAD | 156.0M CAD | 164.7M CAD | 136.6M CAD | 125.9M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 10.2M CAD | 30.2M CAD | 15.4M CAD | 24.6M CAD | 11.6M CAD | 15.2M CAD | 20.3M CAD | 41.8M CAD | 33.1M CAD | 71.1M CAD |
| Inventory | 13.2M CAD | 14.3M CAD | 14.4M CAD | 16.1M CAD | 18.2M CAD | 17.8M CAD | 17.6M CAD | 18.5M CAD | 18.7M CAD | 23.1M CAD |
| Total Current Assets | 119.6M CAD | 115.1M CAD | 82.0M CAD | 174.9M CAD | 233.8M CAD | 278.4M CAD | 195.5M CAD | 228.8M CAD | 191.7M CAD | 223.5M CAD |
| Property, Plant & Equipment | 338.7M CAD | 373.8M CAD | 393.6M CAD | 666.0M CAD | 652.0M CAD | 632.7M CAD | 651.6M CAD | 758.2M CAD | 1.23B CAD | 1.55B CAD |
| Goodwill | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD | 365.5M CAD |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 8.5M CAD | 8.8M CAD | 8.5M CAD | 9.2M CAD | 11.9M CAD |
| Total Assets | 823.9M CAD | 857.2M CAD | 842.8M CAD | 1.21B CAD | 1.25B CAD | 1.30B CAD | 1.26B CAD | 1.39B CAD | 1.85B CAD | 2.56B CAD |
| Accounts Payable | 61.9M CAD | 76.8M CAD | 66.7M CAD | 56.2M CAD | 44.7M CAD | 44.6M CAD | 45.1M CAD | 103.1M CAD | 164.9M CAD | 203.9M CAD |
| Short-term Debt | 0 | 0 | 3.9M CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 76.2M CAD | 93.7M CAD | 87.8M CAD | 76.6M CAD | 76.5M CAD | 75.3M CAD | 78.8M CAD | 145.5M CAD | 210.7M CAD | 256.3M CAD |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 198.1M CAD | 228.1M CAD | 205.3M CAD | 497.5M CAD | 510.8M CAD | 508.4M CAD | 546.1M CAD | 665.1M CAD | 1.12B CAD | 1.82B CAD |
| Retained Earnings | -1.06B CAD | -1.00B CAD | -907.6M CAD | -815.7M CAD | -715.8M CAD | -665.2M CAD | -731.1M CAD | -707.0M CAD | -693.6M CAD | -680.4M CAD |
| Total Equity | 625.7M CAD | 629.1M CAD | 637.5M CAD | 709.8M CAD | 740.6M CAD | 788.5M CAD | 712.7M CAD | 729.6M CAD | 725.9M CAD | 739.1M CAD |
| Total Debt | 0 | 0 | 291.1M CAD | 288.6M CAD | 286.0M CAD | 283.3M CAD | 280.6M CAD | 277.9M CAD | 441.4M CAD | 440.9M CAD |
| Net Debt | -90.8M CAD | -68.5M CAD | 241.0M CAD | 156.7M CAD | 84.6M CAD | 39.8M CAD | 124.5M CAD | 113.1M CAD | 304.8M CAD | 315.0M CAD |
| Working Capital | 43.3M CAD | 21.4M CAD | -5.8M CAD | 98.3M CAD | 157.3M CAD | 203.1M CAD | 116.8M CAD | 83.3M CAD | -19.0M CAD | -32.8M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 119.4M CAD | 109.4M CAD | 124.7M CAD | 139.4M CAD | 126.9M CAD | 107.8M CAD | 66.8M CAD | 116.6M CAD | 115.3M CAD | 90.7M CAD |
| Depreciation & Amortization | 13.4M CAD | 17.0M CAD | 22.7M CAD | 24.9M CAD | 26.2M CAD | 28.4M CAD | 30.2M CAD | 30.5M CAD | 34.0M CAD | 33.2M CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -16.6M CAD | 11.3M CAD | 4.0M CAD | -6.0M CAD | 4.8M CAD | -3.1M CAD | 856,000 CAD | -31.1M CAD | 37.0M CAD | -26.5M CAD |
| Operating Cash Flow | 115.3M CAD | 133.2M CAD | 161.3M CAD | 164.0M CAD | 176.4M CAD | 136.6M CAD | 91.2M CAD | 189.6M CAD | 396.1M CAD | 406.7M CAD |
| Capital Expenditure | -69.7M CAD | -49.6M CAD | -48.1M CAD | -21.5M CAD | -16.9M CAD | -8.1M CAD | -54.9M CAD | -91.1M CAD | -298.0M CAD | -320.5M CAD |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -5.8M CAD | -60.9M CAD | -88.5M CAD | -17.2M CAD | -48.2M CAD | -2.1M CAD | -10.1M CAD | -7.6M CAD | -17.7M CAD | 0 |
| Dividends Paid | -47.2M CAD | -46.5M CAD | -44.6M CAD | -42.8M CAD | -41.7M CAD | -82.9M CAD | -167.6M CAD | -84.5M CAD | -113.6M CAD | -92.7M CAD |
| Free Cash Flow | 45.6M CAD | 83.6M CAD | 113.2M CAD | 142.5M CAD | 159.5M CAD | 128.5M CAD | 36.3M CAD | 98.0M CAD | 98.1M CAD | 86.2M CAD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.7% | +10.1% | +8.8% | -6.8% | -7.6% | -14.2% | +30.5% | +6.2% | -20.2% | |
| Net Income Growth (YoY) | -8.4% | +14.0% | +11.8% | -8.9% | -15.1% | -38.0% | +74.4% | -1.1% | -21.3% | |
| EPS Growth (YoY) | -6.8% | +19.2% | +16.1% | -6.2% | -13.3% | -37.6% | +75.5% | +0.0% | -21.0% | |
| Shares Change (YoY) | -1.8% | -4.4% | -3.6% | -3.1% | -2.2% | +0.0% | -1.1% | -0.7% | -0.5% | |
| FCF Growth (YoY) | +83.3% | +35.5% | +25.9% | +11.9% | -19.5% | -71.8% | +170.0% | +0.1% | -12.1% | |
| Gross Margin | 55.6% | 50.1% | 53.3% | 55.3% | 54.4% | 50.6% | 39.1% | 47.1% | 49.0% | 34.5% |
| Operating Margin | 51.0% | 45.5% | 48.8% | 51.3% | 50.5% | 46.6% | 35.7% | 42.1% | 44.4% | 30.1% |
| EBITDA Margin | 53.9% | 49.6% | 56.4% | 57.6% | 57.6% | 54.9% | 46.0% | 50.1% | 52.4% | 55.5% |
| Net Margin | 36.8% | 33.1% | 34.3% | 35.2% | 34.4% | 31.7% | 22.9% | 30.6% | 28.5% | 28.1% |
| FCF Margin | 14.1% | 25.3% | 31.2% | 36.0% | 43.3% | 37.7% | 12.4% | 25.7% | 24.2% | 26.7% |
| Effective Tax Rate | 26.0% | 26.5% | 28.1% | 27.0% | 27.0% | 27.0% | 27.1% | 27.0% | 27.0% | 27.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 0.62 CAD | 1.15 CAD | 1.64 CAD | 2.14 CAD | 2.47 CAD | 2.03 CAD | 0.57 CAD | 1.57 CAD | 1.58 CAD | 1.40 CAD |
| Dividends Per Share | 0.64 CAD | 0.64 CAD | 0.64 CAD | 0.64 CAD | 0.64 CAD | 1.31 CAD | 2.65 CAD | 1.35 CAD | 1.83 CAD | 1.50 CAD |
| Shares Outstanding (Basic) | 73.7 M | 72.4 M | 69.2 M | 66.7 M | 64.7 M | 63.3 M | 63.2 M | 62.5 M | 62.1 M | 61.8 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 | 13.28% |
| Return on Invested Capital | 3.72% |
| Return on Assets | 4.20% |
| Gross Margin | 42.45% |
| Operating Margin | 33.01% |
| Net Margin | 29.65% |
Financial Health
| Debt / Equity | 0.59 |
| Current Ratio | 1.04 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.98 | 17.41 | 11.43 | 9.07 | 7.95 | 15.78 | 21.16 | 14.74 | 12.11 | 17.71 |
| P/B | 3.05 | 3.03 | 2.23 | 1.78 | 1.36 | 2.15 | 1.99 | 2.35 | 1.93 | 2.18 |
| P/S | 5.88 | 5.77 | 3.92 | 3.20 | 2.74 | 4.98 | 4.86 | 4.50 | 3.46 | 4.98 |
| Gross Margin | 55.6% | 50.1% | 53.3% | 55.3% | 54.4% | 50.6% | 39.1% | 47.1% | 49.0% | 34.5% |
| Operating Margin | 51.0% | 45.5% | 48.8% | 51.3% | 50.5% | 46.6% | 35.7% | 42.1% | 44.4% | 30.1% |
| Net Margin | 36.8% | 33.1% | 34.3% | 35.2% | 34.4% | 31.7% | 22.9% | 30.6% | 28.5% | 28.1% |
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