Detailed financial statements for North American Construction Group Ltd. (NOA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
North American Construction Group Ltd. (NOA) is a leading provider of comprehensive heavy construction, mining, and equipment maintenance solutions, with operations spanning Canada, the United States, and Australia. Its Heavy Construction & Mining division delivers a wide range of services, from pre-construction phases like constructability reviews, budgetary estimations, and design-build projects, to complete project management.
Analysis Summary
North American Construction Group Ltd. reported revenue of $1.28B in the most recent fiscal year, growing at a 5-year CAGR of 20.8%. Net income reached $33.8M, with a -7.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 12.8%, operating margin 7.5%, net margin 2.4%.
At the current price of $12.85, NOA trades at a P/E of 15.92 and an ROE of 7.40%. Market capitalisation stands at $348M.
Balance sheet quality for NOA: current ratio of 0.9, net debt of $820.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$26.5M represents -78% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213.2M | $292.6M | $410.1M | $719.1M | $498.5M | $654.1M | $769.5M | $957.2M | $1.17B | $1.28B |
| Cost of Revenue | $180.8M | $252.9M | $341.0M | $622.7M | $406.2M | $563.7M | $668.0M | $803.0M | $955.7M | $1.12B |
| Gross Profit | $32.3M | $39.6M | $69.1M | $96.4M | $92.2M | $90.4M | $101.5M | $154.2M | $210.0M | $162.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $27.2M | $25.3M | $38.8M | $36.9M | $24.4M | $35.4M | $29.9M | $56.8M | $56.0M | $50.3M |
| Operating Expenses | $28.9M | $26.2M | $39.3M | $37.6M | $25.1M | $35.3M | $30.4M | $58.5M | $56.7M | $52.3M |
| Operating Income | $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 |
| Interest Expense | $5.4M | $6.3M | $8.2M | $16.8M | $14.8M | $18.0M | $23.5M | $36.9M | $56.3M | $56.1M |
| Pre-tax Income | -$494000 | $6.5M | $21.4M | $37.2M | $60.5M | $60.7M | $84.4M | $86.0M | $60.0M | $56.5M |
| Income Tax | -$49000 | $1.2M | $6.1M | $2.9M | $11.3M | $9.3M | $17.1M | $22.8M | $15.9M | $22.6M |
| Net Income | -$445000 | $5.3M | $15.3M | $36.9M | $49.2M | $51.4M | $67.4M | $63.1M | $44.1M | $33.8M |
| EPS | $-0.01 | $0.20 | $0.49 | $1.45 | $1.75 | $1.81 | $2.46 | $2.09 | $1.65 | $1.18 |
| EPS (Diluted) | $-0.01 | $0.18 | $0.49 | $1.12 | $1.60 | $1.64 | $2.15 | $1.91 | $1.52 | $1.14 |
| Shares Outstanding (Diluted) | $30.0M | $29.6M | $31.4M | $32.8M | $32.3M | $33.9M | $34.0M | $33.0M | $33.1M | $32.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $317.2M | $305.3M | $320.0M | $401.1M |
| Gross Profit | $49.7M | $38.3M | $42.4M | $42.2M |
| Operating Income | $35.7M | $21.2M | $21.9M | $21.9M |
| EBITDA | $87.5M | $75.5M | $83.3M | $82.6M |
| Net Income | $17.3M | $124898 | $5.6M | $9.4M |
| EPS | $0.59 | $0.00 | $0.20 | $0.34 |
| EPS (Diluted) | $0.56 | $0.00 | $0.20 | $0.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.7M | $8.2M | $19.5M | $5.5M | $34.1M | $16.6M | $69.1M | $88.6M | $77.9M | $100.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $57.0M | $67.3M | $93.1M | $85.9M | $33.9M | $78.5M | $99.6M | $132.9M | $170.2M | $179.3M |
| Inventory | $3.4M | $4.8M | $13.4M | $21.6M | $15.0M | $44.5M | $49.9M | $65.0M | $74.1M | $75.6M |
| Total Current Assets | $74.9M | $89.3M | $130.4M | $117.8M | $93.6M | $147.2M | $230.4M | $295.2M | $330.5M | $361.9M |
| Property, Plant & Equipment | $256.5M | $278.6M | $528.2M | $609.6M | $510.5M | $655.7M | $660.5M | $1.16B | $1.26B | $1.37B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $543000 | $543000 | $526000 | $520000 | $534564 |
| Intangible Assets | $1.8M | $938000 | $2.9M | 0 | $296703 | $3.9M | $6.8M | $7.0M | $9.9M | $12.3M |
| Total Assets | $350.1M | $383.6M | $689.8M | $792.7M | $658.6M | $869.3M | $979.5M | $1.55B | $1.69B | $1.82B |
| Accounts Payable | $29.6M | $35.2M | $63.5M | $88.2M | $32.5M | $76.3M | $102.5M | $146.2M | $110.8M | $102.0M |
| Short-term Debt | $8.2M | 0 | $30.0M | $18.5M | $37.0M | $19.7M | $42.1M | $92.7M | $92.5M | $161.9M |
| Total Current Liabilities | $74.0M | $79.0M | $148.9M | $157.3M | $85.9M | $161.0M | $192.3M | $324.0M | $315.9M | $410.5M |
| Long-term Debt | $31.3M | $70.1M | $266.0M | $313.4M | $268.0M | $306.0M | $378.5M | $611.3M | $719.4M | $749.2M |
| Total Liabilities | $191.1M | $237.7M | $539.6M | $612.5M | $463.6M | $590.8M | $673.6M | $1.19B | $1.31B | $1.36B |
| Retained Earnings | -$130.3M | -$127.2M | -$113.9M | -$79.9M | -$27.6M | $11.9M | $70.5M | $123.0M | $156.1M | $176.3M |
| Total Equity | $159.0M | $145.9M | $149.7M | $180.1M | $195.0M | $278.5M | $305.9M | $356.7M | $388.9M | $456.2M |
| Total Debt | $101.0M | $137.3M | $382.9M | $432.1M | $349.5M | $397.9M | $435.4M | $717.1M | $825.1M | $920.8M |
| Net Debt | $87.3M | $129.1M | $363.4M | $426.6M | $315.4M | $381.3M | $366.2M | $628.4M | $747.2M | $820.8M |
| Working Capital | $918000 | $10.2M | -$18.5M | -$39.5M | $7.7M | -$13.9M | $38.1M | -$28.8M | $14.7M | -$48.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $73.0M | $100.0M | $121.4M | $167.7M |
| Total Assets | $1.34B | $1.82B | $1.88B | $2.25B |
| Total Liabilities | $1.01B | $1.36B | $1.41B | $1.77B |
| Total Equity | $338.2M | $456.2M | $475.2M | $480.4M |
| Total Debt | $654.0M | $920.8M | $962.2M | $1.19B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$445000 | $5.3M | $15.3M | $37.1M | $38.6M | $51.4M | $67.4M | $63.1M | $44.1M | $33.8M |
| Depreciation & Amortization | $42.5M | $45.7M | $58.8M | $102.3M | $69.7M | $108.0M | $119.3M | $131.3M | $166.7M | $219.0M |
| Stock-based Compensation | $4.8M | $3.7M | $11.5M | $9.4M | 0 | $11.6M | $4.8M | $15.8M | $8.7M | 0 |
| Change in Working Capital | -$5.8M | -$7.0M | $14.2M | $8.5M | -$2.7M | $671000 | -$13.3M | $51.0M | -$64.5M | -$4.7M |
| Operating Cash Flow | $39.8M | $49.7M | $109.4M | $157.9M | $114.3M | $165.2M | $169.2M | $270.4M | $217.6M | $254.3M |
| Capital Expenditure | -$27.4M | -$53.9M | -$81.5M | -$157.4M | -$91.9M | -$113.8M | -$115.3M | -$203.5M | -$284.3M | -$280.9M |
| Acquisitions | $16.9M | -$1.2M | -$31.9M | -$10.6M | $2.2M | -$13.4M | -$2.2M | -$52.1M | -$3.9M | $11.7M |
| Stock Repurchased | -$12.9M | -$19.7M | -$14.6M | -$10.4M | -$14.9M | -$22.0M | -$36.2M | -$6.0M | -$6.8M | -$41.7M |
| Dividends Paid | -$1.8M | -$2.2M | -$2.0M | -$2.5M | -$3.4M | -$4.4M | -$7.8M | -$10.0M | -$10.6M | -$13.4M |
| Free Cash Flow | $12.5M | -$4.1M | $27.9M | $496000 | $22.4M | $51.4M | $53.9M | $66.9M | -$66.7M | -$26.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $91.8M | $53.5M | $29.8M | $86.2M |
| Capital Expenditure | -$66.8M | -$47.2M | -$48.8M | -$93.1M |
| Free Cash Flow | $25.0M | $6.3M | -$19.0M | -$7.0M |
| Dividends Paid | -$3.4M | -$3.4M | -$3.3M | -$3.2M |
| Stock-based Compensation | -$156000 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +37.2% | +40.2% | +75.4% | -30.7% | +31.2% | +17.6% | +24.4% | +21.8% | +10.2% | |
| Net Income Growth (YoY) | +1282.9% | +190.4% | +141.3% | +33.4% | +4.5% | +31.1% | -6.3% | -30.2% | -23.3% | |
| EPS Growth (YoY) | +1442.3% | +145.0% | +195.9% | +20.7% | +3.4% | +35.9% | -15.0% | -21.1% | -28.5% | |
| Shares Change (YoY) | -1.2% | +6.2% | +4.5% | -1.7% | +5.1% | +0.2% | -2.9% | +0.1% | -2.4% | |
| FCF Growth (YoY) | -133.2% | +775.2% | -98.2% | +4412.7% | +129.6% | +5.0% | +24.0% | -199.8% | +60.2% | |
| Gross Margin | 15.2% | 13.6% | 16.8% | 13.4% | 18.5% | 13.8% | 13.2% | 16.1% | 18.0% | 12.6% |
| Operating Margin | 1.8% | 4.6% | 7.3% | 8.2% | 13.5% | 8.4% | 9.2% | 10.0% | 13.2% | 8.6% |
| EBITDA Margin | 22.5% | 19.7% | 21.6% | 22.7% | 33.5% | 28.5% | 29.5% | 26.4% | 24.3% | 25.7% |
| Net Margin | -0.2% | 1.8% | 3.7% | 5.1% | 9.9% | 7.9% | 8.8% | 6.6% | 3.8% | 2.6% |
| FCF Margin | 5.8% | -1.4% | 6.8% | 0.1% | 4.5% | 7.9% | 7.0% | 7.0% | -5.7% | -2.1% |
| Effective Tax Rate | 9.9% | 18.6% | 28.5% | 7.7% | 18.6% | 15.3% | 20.2% | 26.5% | 26.6% | 40.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.42 | $-0.14 | $0.89 | $0.02 | $0.69 | $1.51 | $1.59 | $2.03 | $-2.02 | $-0.82 |
| Dividends Per Share | $0.06 | $0.07 | $0.06 | $0.08 | $0.11 | $0.13 | $0.23 | $0.30 | $0.32 | $0.41 |
| Shares Outstanding (Basic) | $30.0M | $26.7M | $31.4M | $32.8M | $30.8M | $33.9M | $34.0M | $30.2M | $29.8M | $28.7M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 7.40% |
| Return on Invested Capital | 3.25% |
| Return on Assets | 1.44% |
| Gross Margin | 12.84% |
| Operating Margin | 7.49% |
| Net Margin | 2.41% |
Financial Health
| Debt / Equity | 2.47 |
| Current Ratio | 1.07 |
Key Ratios (10y)
| Year | 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/B | 0.98 | 1.16 | 2.55 | 2.87 | 1.99 | 2.33 | 2.01 | 2.34 | 2.39 | 1.24 |
| P/S | 0.73 | 0.58 | 0.93 | 0.72 | 0.78 | 0.99 | 0.80 | 0.87 | 0.80 | 0.44 |
| Gross Margin | 15.2% | 13.6% | 16.8% | 13.4% | 18.5% | 13.8% | 13.2% | 16.1% | 18.0% | 12.6% |
| Operating Margin | 1.8% | 4.6% | 7.3% | 8.2% | 13.5% | 8.4% | 9.2% | 10.0% | 13.2% | 8.6% |
| Net Margin | -0.2% | 1.8% | 3.7% | 5.1% | 9.9% | 7.9% | 8.8% | 6.6% | 3.8% | 2.6% |
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Explore sector: Energy · Oil & Gas Equipment & Services
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