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Bird Construction

BIRDF
50
Engineering & Construction · Industrials
Price
$49.94
-0.43 (-0.85%)
Market Cap
$2.77B
Exchange
Other OTC
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Weak

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)

Winston Score History

The full picture

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.

Growth Profile

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

Revenue Growth

+22.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+45.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$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

C$275M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Bird Construction is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
9.4%
Thin — 9.4% gross margin
Profit after running costs
Operating Margin
8.6%
Modest — 8.6% operating margin
Return on the money invested
ROCE
20.4%
Exceptional — 20.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+7.4%
Steady sales growth (+7.4% YoY)
Profit growth
EPS YoY
-40.2%
Earnings shrinking (-40.2% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
517%
Turns 517% of profit into real cash
Spare cash per sale
FCF Margin
7.7%
Modest free cash flow (7.7%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.75
Moderate — manageable debt (0.75)
Covers its interest
Interest Cover
7.39x
Adequate interest coverage (7.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
46.7x
Expensive — P/E 46.7

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

Cheaper or dearer next year
P/E vs Forward
+19.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (46.7 → 27.4)

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Dividends

Dividend
Dividend Yield
1.20%
Small dividend — 1.20% yield

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

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

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