Estados financieros detallados de North American Construction Group Ltd. (NOA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
North American Construction Group Ltd. registró ingresos de $1.28B en el último ejercicio fiscal, con un CAGR de 5 años del 20.8%. El beneficio neto alcanzó $33.8M, con un CAGR a 5 años del -7.2%.
Márgenes de los últimos 12 meses: margen bruto 12.8%, margen operativo 7.5%, margen neto 2.4%.
Al precio actual de $12.85, NOA cotiza a un P/E de 15.92 y un ROE del 7.40%. La capitalización bursátil es de $348M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $213.2M | $292.6M | $410.1M | $719.1M | $498.5M | $654.1M | $769.5M | $957.2M | $1.17B | $1.28B |
| Coste de Ventas | $180.8M | $252.9M | $341.0M | $622.7M | $406.2M | $563.7M | $668.0M | $803.0M | $955.7M | $1.12B |
| Beneficio Bruto | $32.3M | $39.6M | $69.1M | $96.4M | $92.2M | $90.4M | $101.5M | $154.2M | $210.0M | $162.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $27.2M | $25.3M | $38.8M | $36.9M | $24.4M | $35.4M | $29.9M | $56.8M | $56.0M | $50.3M |
| Gastos Operativos | $28.9M | $26.2M | $39.3M | $37.6M | $25.1M | $35.3M | $30.4M | $58.5M | $56.7M | $52.3M |
| Beneficio Operativo | $3.9M | $13.4M | $30.0M | $58.8M | $67.1M | $55.1M | $71.2M | $95.7M | $153.3M | $110.0M |
| EBITDA | $48.0M | $57.7M | $88.4M | $163.0M | $167.0M | $186.7M | $227.2M | $252.6M | $283.1M | $329.9M |
| Gastos por Intereses | $5.4M | $6.3M | $8.2M | $16.8M | $14.8M | $18.0M | $23.5M | $36.9M | $56.3M | $56.1M |
| Beneficio Antes de Impuestos | -$494000 | $6.5M | $21.4M | $37.2M | $60.5M | $60.7M | $84.4M | $86.0M | $60.0M | $56.5M |
| Impuestos | -$49000 | $1.2M | $6.1M | $2.9M | $11.3M | $9.3M | $17.1M | $22.8M | $15.9M | $22.6M |
| Beneficio Neto | -$445000 | $5.3M | $15.3M | $36.9M | $49.2M | $51.4M | $67.4M | $63.1M | $44.1M | $33.8M |
| BPA | $-0.01 | $0.20 | $0.49 | $1.45 | $1.75 | $1.81 | $2.46 | $2.09 | $1.65 | $1.18 |
| BPA Diluido | $-0.01 | $0.18 | $0.49 | $1.12 | $1.60 | $1.64 | $2.15 | $1.91 | $1.52 | $1.14 |
| Acciones en Circulación (Diluidas) | $30.0M | $29.6M | $31.4M | $32.8M | $32.3M | $33.9M | $34.0M | $33.0M | $33.1M | $32.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $317.2M | $305.3M | $320.0M | $401.1M |
| Beneficio Bruto | $49.7M | $38.3M | $42.4M | $42.2M |
| Beneficio Operativo | $35.7M | $21.2M | $21.9M | $21.9M |
| EBITDA | $87.5M | $75.5M | $83.3M | $82.6M |
| Beneficio Neto | $17.3M | $124898 | $5.6M | $9.4M |
| BPA | $0.59 | $0.00 | $0.20 | $0.34 |
| BPA Diluido | $0.56 | $0.00 | $0.20 | $0.34 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $13.7M | $8.2M | $19.5M | $5.5M | $34.1M | $16.6M | $69.1M | $88.6M | $77.9M | $100.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $57.0M | $67.3M | $93.1M | $85.9M | $33.9M | $78.5M | $99.6M | $132.9M | $170.2M | $179.3M |
| Inventario | $3.4M | $4.8M | $13.4M | $21.6M | $15.0M | $44.5M | $49.9M | $65.0M | $74.1M | $75.6M |
| Activos Corrientes | $74.9M | $89.3M | $130.4M | $117.8M | $93.6M | $147.2M | $230.4M | $295.2M | $330.5M | $361.9M |
| Inmovilizado Material | $256.5M | $278.6M | $528.2M | $609.6M | $510.5M | $655.7M | $660.5M | $1.16B | $1.26B | $1.37B |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | $543000 | $543000 | $526000 | $520000 | $534564 |
| Activos Intangibles | $1.8M | $938000 | $2.9M | 0 | $296703 | $3.9M | $6.8M | $7.0M | $9.9M | $12.3M |
| Activos Totales | $350.1M | $383.6M | $689.8M | $792.7M | $658.6M | $869.3M | $979.5M | $1.55B | $1.69B | $1.82B |
| Cuentas por Pagar | $29.6M | $35.2M | $63.5M | $88.2M | $32.5M | $76.3M | $102.5M | $146.2M | $110.8M | $102.0M |
| Deuda a Corto | $8.2M | 0 | $30.0M | $18.5M | $37.0M | $19.7M | $42.1M | $92.7M | $92.5M | $161.9M |
| Pasivos Corrientes | $74.0M | $79.0M | $148.9M | $157.3M | $85.9M | $161.0M | $192.3M | $324.0M | $315.9M | $410.5M |
| Deuda a Largo | $31.3M | $70.1M | $266.0M | $313.4M | $268.0M | $306.0M | $378.5M | $611.3M | $719.4M | $749.2M |
| Pasivos Totales | $191.1M | $237.7M | $539.6M | $612.5M | $463.6M | $590.8M | $673.6M | $1.19B | $1.31B | $1.36B |
| Reservas | -$130.3M | -$127.2M | -$113.9M | -$79.9M | -$27.6M | $11.9M | $70.5M | $123.0M | $156.1M | $176.3M |
| Patrimonio Neto | $159.0M | $145.9M | $149.7M | $180.1M | $195.0M | $278.5M | $305.9M | $356.7M | $388.9M | $456.2M |
| Deuda Total | $101.0M | $137.3M | $382.9M | $432.1M | $349.5M | $397.9M | $435.4M | $717.1M | $825.1M | $920.8M |
| Deuda Neta | $87.3M | $129.1M | $363.4M | $426.6M | $315.4M | $381.3M | $366.2M | $628.4M | $747.2M | $820.8M |
| Capital Circulante | $918000 | $10.2M | -$18.5M | -$39.5M | $7.7M | -$13.9M | $38.1M | -$28.8M | $14.7M | -$48.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $73.0M | $100.0M | $121.4M | $167.7M |
| Activos Totales | $1.34B | $1.82B | $1.88B | $2.25B |
| Pasivos Totales | $1.01B | $1.36B | $1.41B | $1.77B |
| Patrimonio Neto | $338.2M | $456.2M | $475.2M | $480.4M |
| Deuda Total | $654.0M | $920.8M | $962.2M | $1.19B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$445000 | $5.3M | $15.3M | $37.1M | $38.6M | $51.4M | $67.4M | $63.1M | $44.1M | $33.8M |
| Amortizaciones | $42.5M | $45.7M | $58.8M | $102.3M | $69.7M | $108.0M | $119.3M | $131.3M | $166.7M | $219.0M |
| Compensación en Acciones | $4.8M | $3.7M | $11.5M | $9.4M | 0 | $11.6M | $4.8M | $15.8M | $8.7M | 0 |
| Cambio en Capital Circulante | -$5.8M | -$7.0M | $14.2M | $8.5M | -$2.7M | $671000 | -$13.3M | $51.0M | -$64.5M | -$4.7M |
| Flujo de Caja Operativo | $39.8M | $49.7M | $109.4M | $157.9M | $114.3M | $165.2M | $169.2M | $270.4M | $217.6M | $254.3M |
| Inversiones (CapEx) | -$27.4M | -$53.9M | -$81.5M | -$157.4M | -$91.9M | -$113.8M | -$115.3M | -$203.5M | -$284.3M | -$280.9M |
| Adquisiciones | $16.9M | -$1.2M | -$31.9M | -$10.6M | $2.2M | -$13.4M | -$2.2M | -$52.1M | -$3.9M | $11.7M |
| Recompra de Acciones | -$12.9M | -$19.7M | -$14.6M | -$10.4M | -$14.9M | -$22.0M | -$36.2M | -$6.0M | -$6.8M | -$41.7M |
| Dividendos Pagados | -$1.8M | -$2.2M | -$2.0M | -$2.5M | -$3.4M | -$4.4M | -$7.8M | -$10.0M | -$10.6M | -$13.4M |
| Flujo de Caja Libre | $12.5M | -$4.1M | $27.9M | $496000 | $22.4M | $51.4M | $53.9M | $66.9M | -$66.7M | -$26.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $91.8M | $53.5M | $29.8M | $86.2M |
| Inversiones (CapEx) | -$66.8M | -$47.2M | -$48.8M | -$93.1M |
| Flujo de Caja Libre | $25.0M | $6.3M | -$19.0M | -$7.0M |
| Dividendos Pagados | -$3.4M | -$3.4M | -$3.3M | -$3.2M |
| Compensación en Acciones | -$156000 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +37.2% | +40.2% | +75.4% | -30.7% | +31.2% | +17.6% | +24.4% | +21.8% | +10.2% |
| Crecimiento Beneficio Neto (anual) | | +1282.9% | +190.4% | +141.3% | +33.4% | +4.5% | +31.1% | -6.3% | -30.2% | -23.3% |
| Crecimiento BPA (anual) | | +1442.3% | +145.0% | +195.9% | +20.7% | +3.4% | +35.9% | -15.0% | -21.1% | -28.5% |
| Cambio en Acciones (anual) | | -1.2% | +6.2% | +4.5% | -1.7% | +5.1% | +0.2% | -2.9% | +0.1% | -2.4% |
| Crecimiento FCF (anual) | | -133.2% | +775.2% | -98.2% | +4412.7% | +129.6% | +5.0% | +24.0% | -199.8% | +60.2% |
| Margen Bruto | 15.2% | 13.6% | 16.8% | 13.4% | 18.5% | 13.8% | 13.2% | 16.1% | 18.0% | 12.6% |
| Margen Operativo | 1.8% | 4.6% | 7.3% | 8.2% | 13.5% | 8.4% | 9.2% | 10.0% | 13.2% | 8.6% |
| Margen EBITDA | 22.5% | 19.7% | 21.6% | 22.7% | 33.5% | 28.5% | 29.5% | 26.4% | 24.3% | 25.7% |
| Margen Neto | -0.2% | 1.8% | 3.7% | 5.1% | 9.9% | 7.9% | 8.8% | 6.6% | 3.8% | 2.6% |
| Margen FCF | 5.8% | -1.4% | 6.8% | 0.1% | 4.5% | 7.9% | 7.0% | 7.0% | -5.7% | -2.1% |
| Tasa Impositiva Efectiva | 9.9% | 18.6% | 28.5% | 7.7% | 18.6% | 15.3% | 20.2% | 26.5% | 26.6% | 40.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.42 | $-0.14 | $0.89 | $0.02 | $0.69 | $1.51 | $1.59 | $2.03 | $-2.02 | $-0.82 |
| Dividendo por Acción | $0.06 | $0.07 | $0.06 | $0.08 | $0.11 | $0.13 | $0.23 | $0.30 | $0.32 | $0.41 |
| Acciones en Circulación (Básicas) | $30.0M | $26.7M | $31.4M | $32.8M | $30.8M | $33.9M | $34.0M | $30.2M | $29.8M | $28.7M |
Qué mirar en empresas de Energy
- FCF yield (>8%) — Caja generada / capitalización. En energía el FCF importa más que el EPS.
- ROIC medio 5a (≥10%) — Incluir años buenos y malos para filtrar las realmente disciplinadas.
- FCF positivo en 8 de los últimos 10 años (≥8/10) — Nombres disciplinados (XOM, CVX, EOG) sobreviven los crashes de 2014-16 y 2020.
- Cobertura del dividendo (FCF / div) (≥1,2x) — Dividendo cubierto por FCF, no por deuda. <1x = recorte probable.
- Deuda Neta / EBITDA (<2x en pico) — Mirarlo con EBITDA en valle, no en pico.
- Capex / Ingresos (10-20% saludable) — Energía necesita reinversión agresiva para mantener reservas.
Rentabilidad
| Rentabilidad sobre capital | 7.40% |
| Rentabilidad sobre capital invertido | 3.25% |
| Rentabilidad sobre activos | 1.44% |
| Margen bruto | 12.84% |
| Margen operativo | 7.49% |
| Margen neto | 2.41% |
Salud financiera
| Deuda / Patrimonio | 2.47 |
| Ratio corriente | 1.07 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -347.14 | 31.77 | 24.79 | 10.85 | 7.20 | 10.55 | 7.36 | 13.21 | 18.83 | 16.71 |
| P/VC | 0.98 | 1.16 | 2.55 | 2.87 | 1.99 | 2.33 | 2.01 | 2.34 | 2.39 | 1.24 |
| P/V | 0.73 | 0.58 | 0.93 | 0.72 | 0.78 | 0.99 | 0.80 | 0.87 | 0.80 | 0.44 |
| Margen Bruto | 15.2% | 13.6% | 16.8% | 13.4% | 18.5% | 13.8% | 13.2% | 16.1% | 18.0% | 12.6% |
| Margen Operativo | 1.8% | 4.6% | 7.3% | 8.2% | 13.5% | 8.4% | 9.2% | 10.0% | 13.2% | 8.6% |
| Margen Neto | -0.2% | 1.8% | 3.7% | 5.1% | 9.9% | 7.9% | 8.8% | 6.6% | 3.8% | 2.6% |