Some stocks seem to come out of nowhere. One day, hardly anyone is talking about them, and the next, they’ve doubled, tripled, or become one of the market’s biggest winners. In many cases, such stocks show strong fundamentals and early signs of strong execution and growing demand, but they stay under the radar for a while. And right now, Bird Construction (TSX: BDT) looks like one of those companies quietly building something bigger behind the scenes.
This TSX stock has already had an impressive run lately, but with a big infrastructure spending push gaining momentum across Canada, Bird Construction may still be in the early innings of its growth story. In this article, I’ll explain why it could continue to surprise investors in the years to come.
Source: Getty Images
A construction company benefiting from major long-term trends
Headquartered in Etobicoke, Bird Construction provides construction and maintenance services across industrial, infrastructure, and building markets throughout Canada. Currently, Bird Construction stock trades at $55.43 per share with a market cap of more than $3 billion. In the last year alone, the stock has skyrocketed by nearly 124%, making it one of the strongest TSX performers during that period. And it has impressed investors by delivering well over 500% returns in the last three years.
In addition to strong capital gains, the company also rewards shareholders with a monthly dividend, currently yielding roughly 1.6%.
Massive backlog gives Bird strong growth visibility
One of the biggest reasons behind the solid momentum in Bird Construction’s shares is its enormous project backlog. In the fourth quarter of 2025, the company revealed a combined backlog and pending backlog of approximately $11 billion. For investors, this is important because backlog reflects contracted future work that could support revenue and earnings growth for the company over the coming years.
Bird’s year-end 2025 backlog alone stood at a record $5.1 billion, while pending backlog climbed above $6 billion. These figures included recurring master service agreement contracts as well as collaborative infrastructure and industrial projects secured during the quarter.
The construction company also highlighted improving gross profit margins due mainly to disciplined project selection and a strategic focus on sectors with long-term demand drivers. While its quarterly revenue came in lower year-over-year because of delays tied to certain projects, its full-year revenue remained stable.
More importantly, Bird believes its current mix of projects carries stronger profitability potential than a year ago, giving it confidence heading into 2026 and 2027.
Expanding growth opportunities with quality acquisitions
Meanwhile, Bird Construction has been actively strengthening its business through strategic acquisitions and partnerships.
In October 2025, its acquisition of Fraser River Pile & Dredge added marine construction and land foundation capabilities to the company’s portfolio. This move could help Bird participate in more large-scale infrastructure and nation-building projects across Canada.
The company also recently formed a partnership with Marten Falls First Nation through the Piinahzii Limited Partnership. With this partnership, Bird expects to support infrastructure projects within the Marten Falls Traditional Territory.
These partnerships not only broaden its market opportunities but also position the company well for future public infrastructure opportunities.
Why long-term investors may still want to watch this stock
Canada is expected to see continued investment in energy, transportation, healthcare, defence, and infrastructure projects over the next decade. And Bird Construction is gearing up to benefit from many of these long-duration trends.
The company’s exposure to sectors such as nuclear energy, liquefied natural gas (LNG), industrial maintenance, and public infrastructure gives it multiple avenues for future growth. Combined with strong liquidity and a healthy balance sheet, Bird entered 2026 with significant momentum.
Given these solid fundamentals, including record backlog levels, improving profitability, and expanding capabilities, even after its huge rally, Bird Construction stock still looks undervalued based on its long-term growth outlook.
