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Canadian general contractor providing construction and project management services for industrial, commercial and institutional clients.
Canadian general contractor providing construction and project management services for industrial, commercial and institutional clients.
Earns margin on construction contracts, paid as work progresses and priced either as a fixed sum or at cost plus a fee, so the signed backlog tells what revenue is coming. Growth has come partly from buying other contractors, including Stuart Olson in 2018, which added building and industrial-contracting work.
In one line: A general contractor like a smaller Turner Construction.
Moat: none. Competitive-bid construction contractor without a durable structural cost or scale advantage over rival contractors.
Headquarters: Toronto, Canada · Founded: 1920 · Employees: 5,924
Size Bird Construction (BDT.TO) is a Canada Industrials company (Engineering & Construction) with a market value of $2.70B, the 166th largest of 420 Canada companies the cockpit tracks. Shares closed at C$68.28 on 6 Nov 2026.
Performance Over six months the shares gained 27.8%, against -6.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +10.2%); the operating margin is 4.3% (peer median 5.8%).
Valuation It trades at 21.5× forward earnings against a peer median of 15.2× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.4 points above its cost of capital (6.6% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.66B | C$3.40B | C$3.40B | C$2.80B | C$2.37B |
| Revenue growth | — | 0% | +21% | +18% | — |
| Gross profit | C$329M | C$304M | C$292M | C$235M | C$195M |
| EBITDA | C$237M | C$151M | C$184M | C$148M | C$102M |
| Net income | C$59.4M | C$47.4M | C$100M | C$71.5M | C$49.9M |
| Free cash flow | C$285M | C$85.1M | C$96.2M | C$60.6M | C$27.5M |
| Capital expenditure | C$24.8M | C$41.3M | C$33.8M | C$31.0M | C$27.8M |
| Total debt | C$424M | C$327M | C$261M | C$151M | C$148M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bird Construction BDT.TO | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% |
| Aecon ARE.TO | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% |
| Atkinsrealis ATRL.TO | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDT.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.9% | -1.9% | 2nd lowest of 21 |
| 6-month return | +27.8% | -6.0% | 4th highest of 21 |
| Distance from 52-week high | -21.1% | -23.4% | 10th highest of 21 |
| Revenue growth (TTM) | +7.4% | +10.2% | 9th lowest of 21 |
| Operating margin | 4.3% | 5.8% | 7th lowest of 21 |
| Forward P/E | 21.5× | 15.2× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | -0.6% | 5th most demanding of 18 |
| Growth delivered (Del g) | +17.7% | +8.4% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -11.6 pp | -5.8 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +12.4 pp | +4.5 pp | 7th highest of 20 |
| EV / EBITDA | 16.6× | 9.1× | 3rd most expensive of 15 |
| Net debt / EBITDA | 0.7× | 0.1× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |