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Bird Construction

BIRDF
38
Engineering & Construction · Industrials
Price
$49.13
+0.46 (+0.95%)
Market Cap
$2.72B
Exchange
Other OTC
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+4.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 53.3M (2021) → 55.4M (2025)

Bird Construction Inc. is a Canadian construction company that builds and maintains large, complex structures for businesses and governments. Its main services include general contracting, design-build projects, and facility maintenance across sectors like industrial, mining, healthcare, and infrastructure. It is one of Canada's largest construction companies, working on projects such as hospitals, pipelines, and resource facilities.

Bird makes money by winning contracts to manage construction projects, earning a fee or margin on top of the actual building costs. It operates almost entirely in Canada, from coast to coast, giving it broad national reach. Its competitive position comes from long-standing client relationships and experience handling technically demanding projects in remote or difficult environments. The main risk the company faces is its thin profit margins — at roughly 3% operating margin — which means cost overruns on large contracts can quickly erase profits, making disciplined project management critical to its financial health.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+23.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

13.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$208M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bird Construction is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
7.7%
Thin — 7.7% gross margin
Operating Margin
5.3%
Thin — 5.3% operating margin
ROCE
6.0%
Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+1.1%
Nearly flat sales (+1.1% YoY)
EPS YoY
-50.5%
Earnings shrinking (-50.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
340%
Turns 340% of profit into real cash
FCF Margin
4.1%
Thin free cash flow (4.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.62
Moderate — manageable debt (0.62)
Interest Cover
4.87x
Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
54.6x
Expensive — P/E 54.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+35.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (54.6 → 19.2)

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Dividends

Dividend Yield
1.20%
Small dividend — 1.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-1.4%
Dividend cut (-1.4% YoY) — warning sign

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