West Fraser Timber Co. Ltd.
WFG Basic Materials Lumber & Wood Production
West Fraser Timber Co. Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, down 11.5% from fiscal 2024. In the quarter to June 2026, revenue fell 6.40%, EPS fell 160.0%, free cash flow fell 29.0% and total debt rose 18.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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West Fraser Timber Co. Ltd. (WFG) Altman Z-score
West Fraser Timber Co. Ltd.'s Altman Z-score for fiscal 2025 is 2.62, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.62 | (1.29) |
| FY2024 | 3.91 | 0.48 |
| FY2023 | 3.43 | (1.09) |
| FY2022 | 4.52 | (0.81) |
| FY2021 | 5.34 | 1.10 |
| FY2020 | 4.24 | (0.30) |
| FY2016 | 4.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.48 | — | 0.67 | |
| EBIT / total assets | (0.16) | — | −0.51 | |
| Market value of equity / total liabilities | 2.73 | — | 1.64 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Grey zone | 2.62 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.61 | ||
Z and Z″ put West Fraser Timber Co. Ltd. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UFPI UFP Industries, Inc. compare | 6.6× |
| SSD Simpson Manufacturing Company, Inc. compare | 6.3× |
| BCC Boise Cascade, L.L.C. compare | 4.7× |
| JCTC Jewett-Cameron Trading Company compare | 4.6× |
| WFG West Fraser Timber Co. Ltd. | 2.6× |
| NWGL Nature Wood Group Limited Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets