NOA

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North American Construction Group Ltd. Common Shares (no par)

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Key Metrics

Previous Close: $13.60
52-Week Range: $12.07 – $17.26
Market Cap: $364.95M
P/E (TTM): 16.74
EPS (TTM): 0.81
Dividend Yield: 2.54%

Advanced Metrics

Price/Book: 1.09
PEG Ratio: 0.38
Return on Equity: 6.88%
Return on Assets: 3.38%
Gross Margin: 29.21%
Operating Margin: 6.66%
Profit Margin: 2.41%
Current Ratio: 1.07
Debt/Equity: 2.47
Total Debt: $1.19B
Free Cash Flow: $35.04M
Revenue Growth: 25.10%
Earnings Growth: 1.90%
Enterprise Value: $1.38B

NOA Income statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Revenue	$769.54M	$964.68M	$1.17B	$1.28B
Cost of Revenue	$667.99M	$809.85M	$955.80M	$1.12B
Gross Profit	$101.55M	$154.83M	$209.98M	$162.28M
Selling, General & Admin	$29.86M	$56.84M	$54.56M	$50.33M
Operating Expenses	$29.86M	$56.84M	$55.95M	$52.28M
Operating Income	$71.69M	$97.99M	$154.03M	$110.00M
EBITDA	$227.18M	$252.59M	$301.31M	$329.85M
Pretax Income	$84.44M	$85.96M	$59.97M	$56.47M
Income Tax	$17.07M	$22.82M	$15.96M	$22.64M
Net Income	$67.37M	$63.14M	$44.01M	$33.83M
Diluted EPS	2.15	2.09	1.51	1.14
Diluted Shares	34.01M	33.03M	33.05M	32.27M

NOA Balance Sheet statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$69.14M	$88.61M	$77.88M	$100.13M
Receivables	$99.61M	$132.88M	$170.21M	$179.40M
Inventory	$49.90M	$64.96M	$69.03M	$75.66M
Current Assets	$230.36M	$295.20M	$325.47M	$362.22M
Total Assets	$979.51M	$1.55B	$1.69B	$1.82B
Current Liabilities	$192.30M	$324.02M	$315.96M	$410.86M
Long-Term Debt	$378.45M	$611.31M	$719.40M	$749.83M
Total Debt	$435.39M	$717.05M	$825.10M	$936.63M
Total Liabilities	$673.59M	$1.19B	$1.31B	$1.36B
Retained Earnings	$70.50M	$123.03M	$156.27M	$176.46M
Shareholders' Equity	$305.92M	$356.65M	$389.04M	$456.62M
Working Capital	$38.06M	-$28.82M	$9.51M	-$48.64M
Net Debt	$351.40M	$615.39M	$734.02M	$825.30M

NOA Cash Flow statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$169.20M	$278.09M	$241.22M	$264.09M
Capital Expenditure	-$115.26M	-$203.49M	-$307.95M	-$285.36M
Free Cash Flow	$53.94M	$74.60M	-$66.74M	-$21.27M
Depreciation & Amortisation	$119.27M	$131.32M	$185.00M	$217.23M
Stock-Based Compensation	$4.78M	$15.83M	$8.71M	-$432.00K
Investing Cash Flow	-$97.47M	-$244.88M	-$298.30M	-$264.83M
Financing Cash Flow	-$19.49M	-$7.75M	$45.98M	$21.56M
Dividends Paid	-$7.77M	-$10.03M	-$10.64M	-$13.39M
Share Repurchases	-$36.16M	-$5.99M	-$6.78M	-$41.72M
Net Change in Cash	$52.24M	$25.46M	-$11.09M	$20.82M

NOA Income statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$340.83M	$320.63M	$317.25M	$305.58M	$319.22M
Cost of Revenue	$302.94M	$284.80M	$267.52M	$266.74M	$276.41M
Gross Profit	$37.89M	$35.83M	$49.72M	$38.84M	$42.81M
Selling, General & Admin	$7.68M	$12.66M	$12.87M	$17.11M	$20.44M
Operating Expenses	$8.28M	$13.15M	$13.24M	$17.61M	$21.00M
Operating Income	$29.61M	$22.68M	$36.49M	$21.23M	$21.82M
EBITDA	$84.06M	$83.96M	$87.51M	$74.33M	$81.78M
Pretax Income	$10.41M	$16.02M	$23.52M	$6.52M	$9.80M
Income Tax	$4.24M	$5.77M	$6.23M	$6.40M	$4.24M
Net Income	$6.16M	$10.25M	$17.30M	$125.00K	$5.55M
Diluted EPS	0.21	0.33	0.56	—	0.19
Diluted Shares	28.86M	32.56M	32.28M	—	28.50M

NOA Balance Sheet statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$78.24M	$79.03M	$101.64M	$100.13M	$121.13M
Receivables	$206.53M	$210.98M	$188.10M	$179.40M	$181.98M
Inventory	$74.24M	$74.22M	$74.23M	$75.66M	$74.57M
Current Assets	$366.31M	$370.45M	$372.75M	$362.22M	$384.56M
Total Assets	$1.79B	$1.83B	$1.87B	$1.82B	$1.88B
Current Liabilities	$396.80M	$394.50M	$408.45M	$410.86M	$345.10M
Long-Term Debt	$663.62M	$723.06M	$746.89M	$749.83M	$852.63M
Total Debt	$826.01M	$884.37M	$910.83M	$936.63M	$959.72M
Total Liabilities	$1.33B	$1.37B	$1.40B	$1.36B	$1.40B
Retained Earnings	$158.88M	$165.70M	$179.61M	$176.46M	$177.19M
Shareholders' Equity	$461.93M	$460.22M	$471.09M	$456.62M	$473.97M
Working Capital	-$30.49M	-$24.05M	-$35.70M	-$48.64M	$39.45M
Net Debt	$735.68M	$793.58M	$797.70M	$825.30M	$827.90M

NOA Cash Flow statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$51.42M	$64.67M	$91.82M	$56.17M	$29.80M
Capital Expenditure	-$93.79M	-$75.25M	-$66.85M	-$49.48M	-$49.25M
Free Cash Flow	-$42.37M	-$10.57M	$24.98M	$6.69M	-$19.44M
Depreciation & Amortisation	$60.71M	$54.51M	$49.49M	$52.52M	$56.01M
Stock-Based Compensation	-$3.41M	$964.00K	-$156.00K	$2.17M	$2.64M
Investing Cash Flow	-$93.78M	-$71.82M	-$65.86M	-$33.36M	-$46.17M
Financing Cash Flow	$43.80M	$7.02M	-$5.63M	-$23.63M	$30.27M
Dividends Paid	-$3.02M	-$3.56M	-$3.43M	-$3.38M	-$3.27M
Share Repurchases	-$2.64M	-$9.61M	-$16.56M	-$12.90M	-$11.89M
Net Change in Cash	$1.44M	-$131.00K	$20.33M	-$821.00K	$13.90M

Market Snapshot

About

North American Construction Group Ltd. is a Canadian heavy civil construction company providing mining support services including site preparation and earthmoving.