Bird Construction Inc
TSX:BDT
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Bird Construction Inc
Bird Construction, Inc. is an investment holding company with interest in construction services. The company is headquartered in Etobicoke, Ontario. The company went IPO on 2006-02-22. The firm focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. In the industrial sector, it constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities, and performs civil construction operations, including site preparation, concrete foundations, metal and modular fabrication, mechanical process work, underground piping and earthwork. In the commercial sector, its operations include construction and renovation of office buildings, shopping malls and plazas, big box stores and grocery stores and hotels for retailers and developers. In the institutional sector, it constructs and renovates hospitals, post-secondary education facilities, recreation facilities, prisons, courthouses, government buildings, long term care and senior housing, as well as environmental facilities and many others.
Bird Construction, Inc. is an investment holding company with interest in construction services. The company is headquartered in Etobicoke, Ontario. The company went IPO on 2006-02-22. The firm focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. In the industrial sector, it constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities, and performs civil construction operations, including site preparation, concrete foundations, metal and modular fabrication, mechanical process work, underground piping and earthwork. In the commercial sector, its operations include construction and renovation of office buildings, shopping malls and plazas, big box stores and grocery stores and hotels for retailers and developers. In the institutional sector, it constructs and renovates hospitals, post-secondary education facilities, recreation facilities, prisons, courthouses, government buildings, long term care and senior housing, as well as environmental facilities and many others.
Backlog: Bird exited 2025 with a record combined backlog of more than $11 billion (up 45% vs. 2024), giving multiyear revenue visibility.
Revenue: Full year 2025 revenue was $3.4 billion, essentially flat with 2024; management expects 2026 to show double-digit growth driven by a Q2 ramp and a robust second half.
Margins: Full year adjusted EBITDA margin was 6.5% (up 20 bps YoY) with a 2027 adjusted EBITDA margin target of 8%.
Cash & balance sheet: Strong liquidity with $167 million cash, $399 million available on the credit facility, full-year operating cash flow $113.1 million and free cash flow $71.8 million.
One-time items: Q4 included a $62.2 million impairment related to one customer's receivables/contract assets and a $7.6 million bargain purchase gain from the FRPD acquisition.
Sector momentum: Management highlighted strength and opportunity across infrastructure, defense, nuclear, data centers and industrial maintenance; FRPD acquisition expands marine/self-perform capabilities.
Recurring revenue: Record recurring/maintenance contract pipeline: $1.5 billion of recurring revenue contracts with expected contribution of more than $500 million per year.
