West Fraser

West Fraser makes lumber, engineered wood products, and pulp and paper. Its main products are spruce-pine-fir (SPF) and southern yellow pine (SYP) lumber, oriented strand board (OSB), plywood, laminated veneer lumber (LVL) and medium density fiberboard (MDF). It has mills in Canada and the United States, and it makes OSB and other panels in the United Kingdom and Europe. Its headquarters are in Vancouver, and its shares trade on the TSX and the NYSE.

It reports in U.S. dollars, and the price on this page is the TSX price in Canadian dollars. Sales were $1.363 billion in Q3 2026. Sean McLaren is President and CEO.

The market prices West Fraser for weak North American housing demand and for trade barriers. U.S. imports of Canadian lumber pay softwood lumber duties and, since October 14, 2025, a 10% Section 232 tariff. New U.S. tariffs of 50% under Section 338 on certain Canadian products started in August 2026, and they affect part of its plywood, LVL and MDF shipments. Results stayed weak in 2026: Q3 earnings were a loss of $80 million and adjusted EBITDA was $38 million, after $59 million in Q2 and negative $66 million in Q1.

Housing affordability keeps demand low. On October 28, 2026, West Fraser said it will curtail an OSB mill in Alabama and a lumber mill in Arkansas indefinitely, because it sees no near-term improvement in demand. For the gap to close, three things must be true. U.S. housing starts and repair spending must recover, so that lumber and OSB prices rise.

The new Henderson, Texas sawmill and the mill closures and curtailments of 2025 and 2026 must lower costs. Trade costs must not rise further. The Q4 2026 results and the 2027 shipment targets, expected in early 2027, give the next test. A recovery in housing over 2027 and 2028 is the main condition, so the gap will probably close only over several years.

The main reason it may not close is a longer housing slowdown, which West Fraser cannot control.

1. Oct 28, 2026Failed

   Q3 2026 resultsPositive adjusted EBITDA in the lumber, NA EWP and Europe EWP segments and shipments on track for the 2026 targets pass; negative adjusted EBITDA or lower shipment targets fail.Outcome: NA EWP adjusted EBITDA was negative $4 million, and West Fraser now expects 2026 lumber and North American OSB shipments at the low end of its ranges.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and 2027 targetsHigher 2027 shipment targets and positive adjusted EBITDA for 2026 pass; lower targets or new mill closures because of weak demand fail.

Every passed and failed checkpoint across all picks

• October 28, 2026West Fraser reported Q3 2026 results. Sales were $1.363 billion, earnings were a loss of $80 million, or $1.03 per diluted share, and adjusted EBITDA was $38 million. Lumber adjusted EBITDA was $34 million, with a $12 million favourable duties adjustment. NA EWP adjusted EBITDA was negative $4 million, and Europe EWP adjusted EBITDA was $4 million. West Fraser now expects 2026 lumber and North American OSB shipments at the low end of its guidance ranges. The final combined duty rate of the seventh administrative review is 20.02%. Liquidity was $1.2 billion at October 2, 2026.
• October 28, 2026West Fraser said it will indefinitely curtail its Huguley OSB mill in Lanett, Alabama and its lumber mill in Leola, Arkansas in Q4 2026. This removes about 500 million square feet of OSB and 225 million board feet of SYP lumber capacity each year. It expects an asset impairment loss of $200 million to $220 million in Q4 2026.
• October 8, 2026West Fraser said it will release Q3 2026 results on October 28, 2026 and hold a conference call on October 29, 2026.

Last earnings

October 28, 2026

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 40-FAnnual report for the period ended Dec 31, 2025Filed February 11, 2026 · wfg-20251231_d2
• 40-FAnnual report for the period ended Dec 31, 2024Filed February 12, 2025 · wfg-20241231_d2

Every filing on SEC EDGAR (CIK 1402388)

• Demand for lumber and panels depends on U.S. housing starts and repair spending. High mortgage rates and weak affordability keep demand low, and prices of wood products move quickly with demand.
• U.S. imports of Canadian lumber pay softwood lumber duties and a 10% Section 232 tariff, and new Section 338 tariffs of 50% apply to some Canadian wood products from August 2026. Changes from October 30, 2026 add thin MDF, about 15% of West Fraser's 2026 MDF shipments to the U.S. Higher trade costs reduce margins on Canadian production.
• West Fraser closed or curtailed mills in 2025 and 2026, such as the Augusta sawmill and the High Level OSB mill, and it curtails the Huguley OSB mill and the Leola sawmill in Q4 2026. Closures cause charges, such as the expected impairment loss of $200 million to $220 million in Q4 2026, and new mills such as Henderson must reach full output to lower costs.
• The conflict in the Middle East and its effect on inflation can reduce demand for engineered wood products in Europe and the United Kingdom.

West Fraser has low debt. At October 2, 2026, its main debt was a $500 million term loan that matures in September 2029. Read more

Yield at the current rate

1.9% (current annual rate, at today’s price)

Dividend yield

1.9% (last 12 months, at today’s price of CA$94.46)

Paid per share

CA$1.781 in the last 12 months (4 payments)

Current annual rate

CA$1.812 (CA$0.453 × 4 a year)

Latest ex-dividend date

September 29, 2026, CA$0.453 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 17.4% a year. From 2015 to 2025, the dividend grew by about 20.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.