WFG on NYSE

West Fraser Timber

Canadian forestry company

West Fraser Timber Co. Ltd., commonly known as "West Fraser", is a Canadian forestry company that produces lumber, laminated veneer lumber (LVL), medium-density fibreboard (MDF), oriented strand board (OSB), plywood, pulp, newsprint, and wood chips.³ From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 18, 2026.

Overview

$5.5BRevenue, fiscal 2025⁴

-$937.0MNet income, fiscal 2025⁴

2020Founded¹

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TickerWFG on NYSE¹
Industryforestry¹
HeadquartersToulouse¹
Websitewww.westfraser.com
Legal formScandinavian Airlines¹
Listed onNew York Stock Exchange (WFG), Toronto Stock Exchange (WFG)¹
Incorporated inBritish Columbia, Canada⁵
Business address885 West Georgia Street, Suite 1500, Vancouver, A1 V6C 3E8⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-21.7%Operating margin⁴

-17.2%Net margin⁴

-11.5%Revenue growth, 2025⁴

-16.0%Return on equity⁴

0.05×Debt to equity⁴

-$315.0MFree cash flow⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Lumber brought in 46% of the revenue West Fraser Timber broke down this way in fiscal 2025.

Lumber$2.5B⁴46%down 1% from 2024
Na Ewp$2.1B⁴39%down 24% from 2024
Europe EWP$493.0M⁴9%up 9% from 2024
Pulp And Paper$325.0M⁴6%down 16% from 2024

Business segments by year

Business segments	2024	2025
Lumber	$2.5B	$2.5B
Na Ewp	$2.8B	$2.1B
Europe EWP	$453.0M	$493.0M
Pulp And Paper	$389.0M	$325.0M

Regions

United States brought in 65% of the revenue West Fraser Timber broke down this way in fiscal 2025.

United States$3.6B⁴65%down 14% from 2024
Canada$1.1B⁴20%down 10% from 2024
U.K and Europe$495.0M⁴9%up 8% from 2024
Asia$302.0M⁴6%down 14% from 2024
Other Geographical Areas$1.0M⁴0%down 80% from 2024

Regions by year

Regions	2024	2025
United States	$4.2B	$3.6B
Canada	$1.2B	$1.1B
U.K and Europe	$458.0M	$495.0M
Asia	$351.0M	$302.0M
Other Geographical Areas	$5.0M	$1.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costs

Cost of revenue77¢$4.2B
Selling, general and admin5¢$280.0M
Other costs14¢$746.0M
Interest0¢$19.0M
Income tax4¢$233.0M

Out of $5.5B in revenue.⁴ The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paidShare buybacks

Capital spending64¢$411.0M
Dividends paid16¢$101.0M
Share buybacks20¢$129.0M

Out of $96.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁴

Financial statements

Revenue⁸⁹¹⁰¹¹⁴$5.5B in 2025+25% since 2020

Operating income⁸⁹¹⁰¹¹⁴-$1.2B in 2025

Net income⁸⁹¹⁰¹¹⁴-$937.0M in 2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Sales	$5.5B	$6.2B
Cost of products sold	$4.2B	$4.3B
Freight and other distribution costs	$766.0M	$815.0M
Export duties, net, and tariffs	$177.0M	$72.0M
Amortization	$544.0M	$549.0M
Selling, general and administration	$280.0M	$282.0M
Equity-based compensation	-$14.0M	$14.0M
Restructuring and impairment charges	$712.0M	$102.0M
Operating expense	$6.6B	$6.2B
Profit (loss) from operating activities	-$1.2B	$7.0M
Finance income, net	$1.0M	$34.0M
Other income (expense)	$15.0M	-$2.0M
Earnings (loss) before tax	-$1.2B	$38.0M
Tax recovery (provision)	$233.0M	-$43.0M
Loss	-$937.0M	-$5.0M
Basic (in usd per share)	-$11.87	-$0.06
Diluted (in usd per share)	-$12.08	-$0.07

Total assets⁸⁹¹⁰¹¹⁴$7.6B in 2025+112% since 2019

Total liabilities⁸⁹¹⁰¹¹⁴$1.8B in 2025+5% since 2019

Shareholders’ equity⁸⁹¹⁰¹¹⁴$5.8B in 2025+207% since 2019

Cash⁸⁹¹⁰¹¹⁴$202.0M in 2025+1583% since 2019

Long-term debt⁹¹⁰¹¹⁴$300.0M in 2025−40% since 2021

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$202.0M	$641.0M	$900.0M
Receivables	$244.0M	$294.0M
Income taxes receivable	$79.0M	$22.0M
Inventories	$828.0M	$844.0M
Prepaid expenses	$34.0M	$36.0M
Current assets	$1.4B	$1.8B
Property, plant and equipment	$3.6B	$3.8B	$3.8B
Timber licences	$335.0M	$358.0M
Goodwill and other intangible assets	$1.7B	$2.2B
Export duty deposits	$474.0M	$408.0M
Other assets	$99.0M	$129.0M
Deferred income tax assets	$6.0M	$7.0M
Assets	$7.6B	$8.8B
Payables and accrued liabilities	$584.0M	$604.0M
Current portion of long-term debt	$0	$200.0M
Current portion of reforestation and decommissioning obligations	$52.0M	$55.0M
Income taxes payable	$14.0M	$75.0M
Current liabilities	$651.0M	$934.0M
Long-term debt	$300.0M	$0
Other liabilities	$423.0M	$264.0M
Deferred income tax liabilities	$397.0M	$609.0M
Liabilities	$1.8B	$1.8B
Share capital	$2.5B	$2.5B
Retained earnings	$3.6B	$4.7B
Accumulated other comprehensive loss	-$277.0M	-$321.0M
Shareholders equity	$5.8B	$7.0B	$7.2B
Liabilities and shareholders' equity	$7.6B	$8.8B

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$202.0M	$641.0M	$900.0M
Receivables	$244.0M	$294.0M
Income taxes receivable	$79.0M	$22.0M
Inventories	$828.0M	$844.0M
Prepaid expenses	$34.0M	$36.0M
Current assets	$1.4B	$1.8B
Property, plant and equipment	$3.6B	$3.8B	$3.8B
Timber licences	$335.0M	$358.0M
Goodwill and other intangible assets	$1.7B	$2.2B
Export duty deposits	$474.0M	$408.0M
Other assets	$99.0M	$129.0M
Deferred income tax assets	$6.0M	$7.0M
Assets	$7.6B	$8.8B
Payables and accrued liabilities	$584.0M	$604.0M
Current portion of long-term debt	$0	$200.0M
Current portion of reforestation and decommissioning obligations	$52.0M	$55.0M
Income taxes payable	$14.0M	$75.0M
Current liabilities	$651.0M	$934.0M
Long-term debt	$300.0M	$0
Other liabilities	$423.0M	$264.0M
Deferred income tax liabilities	$397.0M	$609.0M
Liabilities	$1.8B	$1.8B
Share capital	$2.5B	$2.5B
Retained earnings	$3.6B	$4.7B
Accumulated other comprehensive loss	-$277.0M	-$321.0M
Shareholders equity	$5.8B	$7.0B	$7.2B
Liabilities and shareholders' equity	$7.6B	$8.8B

Cash from operations⁸⁹¹⁰¹¹⁴$96.0M in 2025−90% since 2020

Capital spending⁸⁹¹⁰¹¹⁴$411.0M in 2025+128% since 2020

Free cash flow⁸⁹¹⁰¹¹⁴-$315.0M in 2025

Dividends paid⁹¹⁰¹¹⁴$101.0M in 2025+35% since 2021

Share buybacks⁹¹⁰¹¹⁴$129.0M in 2025−90% since 2021

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Profit (loss)	-$937.0M	-$5.0M
Amortization	$544.0M	$549.0M
Restructuring and impairment charges	$712.0M	$102.0M
Finance income, net	-$1.0M	-$34.0M
Foreign exchange loss (gain)	$5.0M	-$7.0M
Export duty	$59.0M	$10.0M
Retirement benefit expense	$70.0M	$77.0M
Net contributions to retirement benefit plans	-$40.0M	-$55.0M
Tax provision (recovery)	-$233.0M	$43.0M
Income taxes received (paid)	-$46.0M	$3.0M
Unrealized loss (gain) on electricity swaps	-$18.0M	$8.0M
Other	-$18.0M	-$15.0M
Receivables	$59.0M	$5.0M
Inventories	-$1.0M	$11.0M
Prepaid expenses	$1.0M	$4.0M
Payables and accrued liabilities	-$61.0M	-$35.0M
Cash flows from operating activities	$96.0M	$661.0M
Proceeds from amendment of long-term debt	$0	-$300.0M
Proceeds from borrowings	$100.0M	$0
Repayment of lease obligations	-$15.0M	-$15.0M
Finance expense paid	-$21.0M	-$27.0M
Repurchase of Common shares for cancellation	-$129.0M	-$140.0M
Proceeds from issuing shares	$0	$1.0M
Dividends paid	-$101.0M	-$101.0M
Cash flows used in financing activities	-$167.0M	-$582.0M
Proceeds from sale of pulp mills	$0	$124.0M
Additions to capital assets	-$411.0M	-$487.0M
Interest received	$24.0M	$43.0M
Other	$7.0M	$2.0M
Cash flows used in investing activities	-$380.0M	-$318.0M
Change in cash and cash equivalents	-$451.0M	-$238.0M
Foreign exchange effect on cash and cash equivalents	$11.0M	-$21.0M

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The story

West Fraser Timber was founded in 1955 by three brothers from Seattle: Samuel Kendall Ketcham, Henry Holman ("Pete") Ketcham Jr., and William Peters Ketcham. Their father was Hank Ketcham, who played college football for the Yale Bulldogs and was inducted to the College Football Hall of Fame.

The three brothers decided to do business together and purchased a small planing mill in Quesnel, British Columbia. Samual Ketcham served as president of the company until his death in November 1977 in a helicopter crash. He was succeeded by Douglas Johnston, and later by Chester Johnson. Henry H. Ketcham, son of "Pete" Ketcham, became president in 1985. He led the company through an initial public offering in May 1986. Later, Ketcham also became CEO and oversaw the company until 2012. Ted Seraphim subsequently became president and then CEO, until being succeeded by Raymond Ferris as president in April 2018 and CEO in June 2019.

As of 2018, "West Fraser has become the largest lumber manufacturer in North America with 8,600 employees globally – about 5,000 in Western Canada – at about 50 locations."

In April 2020, it was revealed that Canadian business magnate Jim Pattison had upped his stake in West Fraser to 13.8% ownership, prompting speculation that the billionaire had plans to merge the company with Canfor, of which he owns 51%. In response, West Fraser adopted a shareholder rights plan or "poison pill" in order to defend against any attempts at a takeover.

From Wikipedia’s article on West Fraser Timber, shared under CC BY-SA 4.0.⁶

Products and brands

The company's operations are divided into three major business segments:

Lumber

Engineered Wood Products (EWP)

Pulp & Paper

From Wikipedia’s article on West Fraser Timber, shared under CC BY-SA 4.0.⁶

Timeline

2020Founded Founded¹

Filings

150 filings to the SEC since October 2021: 7 annual reports, 13 large holders, 130 other. The latest 20:

Oct 8, 20266-K EDGAR
Sep 16, 20266-K EDGAR
Jul 29, 20266-K EDGAR
Jul 7, 20266-K EDGAR
Jun 10, 20266-K EDGAR
Jun 4, 20266-K EDGAR
Apr 29, 20266-K EDGAR
Apr 23, 20266-K EDGAR
Apr 17, 20266-K EDGAR
Mar 19, 20266-K EDGAR
Mar 17, 20266-K EDGAR
Feb 11, 20266-K EDGAR
Feb 11, 202640-F EDGAR
Feb 11, 20266-K EDGAR
Jan 22, 20266-K EDGAR
Jan 8, 20266-K EDGAR
Dec 10, 20256-K EDGAR
Dec 4, 20256-K EDGAR
Nov 6, 20256-K EDGAR
Oct 22, 20256-K EDGAR

The 150 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 13 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
FIL Ltd	8,729,285	$590.9M	0.4%	−4,950
Royal Bank Of Canada	3,492,021	$236.4M	0.0%	+41,154
Mackenzie Financial Corp	1,878,614	$180.4M	0.2%	+90,731
1832 Asset Management L.P.	1,795,555	$121.5M	0.1%	+38,125
Donald Smith & Co., Inc.	1,629,983	$110.3M	2.0%	−72,831
Vanguard Capital Management LLC	1,497,850	$101.4M	0.0%	−20,726
Letko, Brosseau & Associates Inc	1,417,956	$96.0M	1.4%	+755
Manning & Napier Advisors LLC	1,091,402	$73.9M	0.9%	−371,079
Goldman Sachs Group Inc	1,015,410	$68.7M	0.0%	+214,924
Bank Of Montreal /can/	831,932	$56.3M	0.0%	−14,737
Pictet Asset Management Holding SA	802,239	$54.3M	0.1%	−65,735
Atlas FRM LLC	740,000	$50.1M	2.1%	+684,000
Van Eck Associates Corp	736,913	$49.8M	0.0%	+465,694
Norges Bank	675,791	$45.7M	0.0%	New
SailingStone Capital Partners LLC	412,177	$39.6M	7.4%	+150,978
Fmr LLC	531,868	$36.0M	0.0%	−577,444
Vanguard Fiduciary Trust Co	455,271	$30.8M	0.0%	−9,763
Charles Schwab Investment Management Inc	418,511	$28.3M	0.0%	+23,863
Dimensional Fund Advisors LP	344,538	$23.3M	0.0%	−533
Wellington Management Group Llp	316,578	$21.4M	0.0%	New
Robotti Robert	296,043	$20.0M	3.2%	+163
Two Sigma Investments, LP	284,763	$19.3M	0.0%	−34,835
American Century Companies Inc	260,759	$17.7M	0.0%	+44,800
Invesco Ltd.	240,903	$16.3M	0.0%	−29,510
Allianz Asset Management GmbH	205,255	$13.9M	0.0%	+41,166

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataWest Fraser Timber on Wikidata
2
SEC EDGARWest Fraser Timber filings on SEC EDGAR
3
WikipediaWest Fraser Timber on Wikipedia
4
SEC EDGARWest Fraser Timber 10-K for fiscal 2025
5
SEC EDGARWest Fraser Timber filings on SEC EDGAR
6
WikipediaWest Fraser Timber on Wikipedia (revision used)
7
Wikimedia CommonsWest Fraser Timber photo by Matthew Zisi, CC BY-SA 4.0
8
SEC EDGARWest Fraser Timber 10-K for fiscal 2020
9
SEC EDGARWest Fraser Timber 10-K for fiscal 2021
10
SEC EDGARWest Fraser Timber 10-K for fiscal 2022
11
SEC EDGARWest Fraser Timber 10-K for fiscal 2023