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. Based in Vancouver, British Columbia, the company is a member of the Forest Products Association of Canada.³ It employed 6,900 people.¹ Its shares trade on NYSE under the symbol WFG.¹ Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$5.5BRevenue, fiscal 2025⁵

-$937.0MNet income, fiscal 2025⁵

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, Canada⁶
Business address885 West Georgia Street, Suite 1500, Vancouver, A1 V6C 3E8⁶
LEI5493005WD1ZK6WBVR988⁴
StatusActive⁴
LEI statusIssued and current⁴
Registered addressC/O McMillan LLP, V6E 4N7 Vancouver, Canada⁴
Registered withBC Registry Services, BC0071976⁴

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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 margin⁵

-17.2%Net margin⁵

-11.5%Revenue growth, 2025⁵

-16.0%Return on equity⁵

0.05×Debt to equity⁵

-$315.0MFree cash flow⁵

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$2.5B⁵46%down 1% from 2024
Na Ewp$2.1B⁵39%down 24% from 2024
Europe EWP$493.0M⁵9%up 9% from 2024
Pulp And Paper$325.0M⁵6%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$3.6B⁵65%down 14% from 2024
Canada$1.1B⁵20%down 10% from 2024
U.K and Europe$495.0M⁵9%up 8% from 2024
Asia$302.0M⁵6%down 14% from 2024
Other Geographical Areas$1.0M⁵0%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.⁵ 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.⁵

Financial statements

Revenue¹⁰¹¹¹²¹³⁵$5.5B in 2025+25% since 2020

Operating income¹⁰¹¹¹²¹³⁵-$1.2B in 2025

Net income¹⁰¹¹¹²¹³⁵-$937.0M in 2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁵

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 assets¹⁰¹¹¹²¹³⁵$7.6B in 2025+112% since 2019

Total liabilities¹⁰¹¹¹²¹³⁵$1.8B in 2025+5% since 2019

Shareholders’ equity¹⁰¹¹¹²¹³⁵$5.8B in 2025+207% since 2019

Cash¹⁰¹¹¹²¹³⁵$202.0M in 2025+1583% since 2019

Long-term debt¹¹¹²¹³⁵$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.⁵

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 operations¹⁰¹¹¹²¹³⁵$96.0M in 2025−90% since 2020

Capital spending¹⁰¹¹¹²¹³⁵$411.0M in 2025+128% since 2020

Free cash flow¹⁰¹¹¹²¹³⁵-$315.0M in 2025

Dividends paid¹¹¹²¹³⁵$101.0M in 2025+35% since 2021

Share buybacks¹¹¹²¹³⁵$129.0M in 2025−90% since 2021

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁵

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

Compare West Fraser Timber with another company

Corporate structure

West Fraser Timber sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of West Fraser Timber

FIL Ltd Filed SCHEDULE 13G/A on West Fraser Timber, latest Sep 8, 2025 (3 filings since Feb 12, 2025)
Banasino Investments Ltd Filed SC 13D/A on West Fraser Timber, latest Jun 20, 2023 (6 filings since Feb 3, 2022)
PICTET ASSET MANAGEMENT SA Filed SC 13G on West Fraser Timber, latest Feb 3, 2023 (2 filings since Feb 10, 2022)
Ketcham Investments, Inc. Filed SC 13G on West Fraser Timber, latest Feb 25, 2022
James A. Pattison Filed SC 13G on West Fraser Timber, latest Jan 13, 2022

West Fraser Timber Vancouver, British Columbia, Canada
- Norbord Genk, Belgium
- WEST FRASER MILLS LTD. Subsidiary · Vancouver, British Columbia, Canada
  - WEST FRASER CAPTIVE INC. Subsidiary · Vancouver, British Columbia, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What West Fraser Timber reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Item	Latest	A year before	Change
Property and equipment, net	$3.6B⁵ Dec 31, 2025	$3.8B⁵ Dec 31, 2024	−6.5%

Investments

Item	Latest	A year before	Change
Cash and cash equivalents	$202.0M⁵ Dec 31, 2025	$641.0M⁵ Dec 31, 2024	−68.5%

Intangibles and goodwill

Item	Latest	A year before	Change
Goodwill	$1.5B⁵ Dec 31, 2025	$1.9B⁵ Dec 31, 2024	−21.7%

Inventory

Item	Latest	A year before	Change
Inventory, total	$828.0M⁵ Dec 31, 2025	$844.0M⁵ Dec 31, 2024	−1.9%

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 4.0.⁷

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 4.0.⁷

Subsidiaries and ownership

Subsidiaries (GLEIF)

Norbord⁸

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

2020Founded Founded¹

Calendar

Coming up

Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($2.63) a share, on Oct 22, 2025.¹⁴

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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 five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

FIL LtdSCHEDULE 13G/A, 3 filings Feb 12, 2025 to Sep 8, 2025¹⁵
Banasino Investments LtdSC 13D/A, 6 filings Feb 3, 2022 to Jun 20, 2023¹⁶
PICTET ASSET MANAGEMENT SASC 13G, 2 filings Feb 10, 2022 to Feb 3, 2023¹⁷
Ketcham Investments, Inc.SC 13G, 1 filing Feb 25, 2022¹⁸
James A. PattisonSC 13G, 1 filing Jan 13, 2022¹⁹

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.

SEC filer profile

How West Fraser Timber is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

Name on EDGARWEST FRASER TIMBER CO., LTD²
CIK0001402388
Employer ID (EIN)98-1630330²⁰
Incorporated inBritish Columbia, Canada²⁰
Fiscal year endsDecember 31²
Industry code (SIC)2421 Sawmills & Planting Mills, General²
SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance²
Business address885 West Georgia Street, Suite 1500, Vancouver, A1 V6C 3E8²
Phone6048952700²
AuditorPricewaterhouseCoopers LLP, Vancouver, Canada PCAOB ID 271; it also attests to the company’s internal control over financial reporting²⁰
On EDGAR sinceJun 1, 2007²
Filings197 in all: 6-K (145), SC 13D/A (13), 40-F (5), SC 13G (4), F-X (3), UPLOAD (3), 40-F/A (2), ARS (2)²
All 22 form types
CORRESP (2), S-8 (2), SC 13D (2), SC13E4F (2), SC13E4F/A (2), SCHEDULE 13G/A (2), 12G3-2B (1), 8-A12B (1), 8-K12B (1), EFFECT (1), F-10 (1), F-10/A (1), SCHEDULE 13G (1), SUPPL (1)
Latest filingsAnnual report (40-F) Feb 11, 2026

Securities registered for trading

Class	Symbol	Exchange
Common Shares, no par value	WFG	New York Stock Exchange

From the cover page of the 40-F filed Feb 11, 2026 (Section 12(b) of the Exchange Act).²⁰

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
GLEIFWest Fraser Timber LEI record (5493005WD1ZK6WBVR988)
5
SEC EDGARWest Fraser Timber 10-K for fiscal 2025
6
SEC EDGARWest Fraser Timber filings on SEC EDGAR
7
WikipediaWest Fraser Timber on Wikipedia (revision used)
8
GLEIFNorbord: LEI record
9
Wikimedia CommonsWest Fraser Timber photo by Matthew Zisi, CC BY-SA 4.0
10
SEC EDGARWest Fraser Timber 10-K for fiscal 2020
11
SEC EDGARWest Fraser Timber 10-K for fiscal 2021
12
SEC EDGARWest Fraser Timber 10-K for fiscal 2022
13
SEC EDGARWest Fraser Timber 10-K for fiscal 2023
14
NasdaqNasdaq calendar
15
SEC EDGARFIL Ltd SCHEDULE 13G/A on West Fraser Timber
16
SEC EDGARBanasino Investments Ltd SC 13D/A on West Fraser Timber
17
SEC EDGARPICTET ASSET MANAGEMENT SA SC 13G on West Fraser Timber
18
SEC EDGARKetcham Investments, Inc. SC 13G on West Fraser Timber
19
SEC EDGARJames A. Pattison SC 13G on West Fraser Timber
20
SEC EDGARWest Fraser Timber 40-F filed Feb 11, 2026: cover page