GreenFirst Forest Products (TSX:GFP) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TSX:GFP GreenFirst Forest Products Inc TSX:GFP
46 GF Score
Price C$1.86
GF Value C$2.37
Valuation Modestly Undervalued
! 7 Warning Signs
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What is GreenFirst Forest Products Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


GreenFirst Forest Products  (TSX:GFP) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


GreenFirst Forest Products Cyclically Adjusted PB Ratio Related Terms


GreenFirst Forest Products Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for GreenFirst Forest Products's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

GreenFirst Forest Products Cyclically Adjusted PB Ratio Chart

GreenFirst Forest Products Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.99 2.65 1.44 0.77 0.26

GreenFirst Forest Products Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.56 0.36 0.27 0.31 0.30

TSX:GFP vs SSD, UFPI, BCC: Cyclically Adjusted PB Ratio Comparison

For the Lumber & Wood Production subindustry, GreenFirst Forest Products's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


GreenFirst Forest Products Cyclically Adjusted PB Ratio vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, GreenFirst Forest Products's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where GreenFirst Forest Products's Cyclically Adjusted PB Ratio falls into.


TSX:GFP
46GF Score
GreenFirst Forest Products Inc TSX:GFP
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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GreenFirst Forest Products Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

GreenFirst Forest Products's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, GreenFirst Forest Products's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=1.991/133.5265*133.5265
=1.991

Current CPI (Jun. 2026) = 133.5265.

GreenFirst Forest Products Quarterly Data

Book Value per Share CPI Adj_Book
201606 2.680 102.002 3.508
201609 2.669 101.765 3.502
201612 4.678 101.449 6.157
201703 4.556 102.634 5.927
201706 3.790 103.029 4.912
201709 4.414 103.345 5.703
201712 4.495 103.345 5.808
201803 4.189 105.004 5.327
201806 4.167 105.557 5.271
201809 3.305 105.636 4.178
201812 2.619 105.399 3.318
201903 2.582 106.979 3.223
201906 2.813 107.690 3.488
201909 2.670 107.611 3.313
201912 2.582 107.769 3.199
202003 2.745 107.927 3.396
202006 2.626 108.401 3.235
202009 2.487 108.164 3.070
202012 2.196 108.559 2.701
202103 1.915 110.298 2.318
202106 1.678 111.720 2.006
202109 12.007 112.905 14.200
202112 12.650 113.774 14.846
202203 14.457 117.646 16.409
202206 15.994 120.806 17.678
202209 14.602 120.648 16.161
202303 11.461 122.702 12.472
202306 10.895 124.203 11.713
202309 10.997 125.230 11.726
202312 10.161 125.072 10.848
202403 9.199 126.258 9.729
202406 8.468 127.522 8.867
202409 9.097 127.285 9.543
202412 6.442 127.364 6.754
202503 6.521 129.181 6.740
202506 6.140 129.892 6.312
202509 3.613 130.287 3.703
202512 2.620 130.366 2.684
202603 1.738 132.262 1.755
202606 1.991 133.527 1.991

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is GreenFirst Forest Products (TSX:GFP) Overvalued in 2026?

Based on GuruFocus' analysis, GreenFirst Forest Products stock appears to be undervalued. The current stock price of C$1.86 is trading 21.5% below its estimated GF Value™ of C$2.37. GuruFocus considers GreenFirst Forest Products to be Modestly Undervalued.

Key valuation signals for TSX:GFP:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: C$2.37 vs. price of C$1.86 (21.5% below fair value)
  • GF Score™: 46/100 with 7 warning signs

No single metric tells the full story. See the TSX:GFP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


GreenFirst Forest Products Business Description

Other Exchanges ICLTF:USAIMT1:Germany
Address 222 McIntyre Street West, Unit 200, North Bay, ON, CAN, P1B 2Y8
GreenFirst Forest Products Inc operates as a forest products business consisting of four operating sawmills located in Ontario. The company manufactures and markets a range of spruce-pine-fir (SPF) lumber products for use in residential and commercial construction, with by-products from production sold to pulp producers. It operates in a single operating segment, being lumber products. The group's geographic markets are Canada and the United States, with the majority of revenue derived from the United States. The company generates almost all of its revenue from the sale of Lumber products and a small portion of its revenue from the sale of Chips, by-products, and other.
46GF Score

Get the complete analysis for TSX:GFP

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$1.86
Price
C$2.37
GF Value