NOA Energy

North American Construction Group Ltd.

$11.80+0.17%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Energy
Industry: Oil & Gas Equipment & Services
Country: Canada
Market cap: 317.6M USD
Enterprise value: 908.0M USD
Full-time employees: 693

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.57), less short-term liquidity (current ratio 0.88 vs a peer median of 1.37) and more debt relative to equity (1.99× vs a peer median of 0.47×)higher risk: bigger price swings (beta 1.14 vs peers 0.57), less liquidity (current ratio 0.88 vs peers 1.37) and more debt vs equity (1.99× vs peers 0.47×)

Ranks #239 of 363 energy companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
North American Construction reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out CAD 77M over the 3 fiscal years to 2025 with -CAD 4M of free cash flow.
North American Construction returned CAD 77M in buybacks and dividends over three fiscal years while its free cash flow totalled -CAD 4M. The money came from its cash pile or from borrowing.
Buybacks largely absorbed by stock pay. Stock-based pay expense CAD 24M vs CAD 43M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +3.6% from December 2022 to December 2025.
Over three fiscal years North American Construction recorded CAD 24M of stock-based pay expense and spent CAD 43M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+3.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years North American Construction recorded CAD 24M of stock-based pay expense and spent CAD 43M repurchasing shares. The share count barely moved (+3.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Borrowing rising faster than profit. Since 2022: debt +116%, operating profit +53%.
North American Construction's debt grew 116% since 2022 while operating profit changed +53%.

StockQuotient Score

44/ 100▼ 1 since Oct 27 close

Oct 5 44 → Nov 4 44

Valuation

Is the price right?

70/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 71 → 70

Share price -4.1%+2
Peer companies moved-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield7.0%

SEC filings · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score 0.52Sector median: 0.0522 · MAD: 0.0351

EBITDA yield22.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score 1.97Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield-3.5%

SEC filings · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield95.1%

SEC filings · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 10.2%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-26.1%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.79Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth18.6%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score 2.47Sector median: -0.0135 · MAD: 0.0807

Revenue growth10.2%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 0.88Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

30/100

Weak

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

Operating margin fell 4.7 points to 8.5%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.5%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.34Sector median: 0.1169 · MAD: 0.0936

Return on assets1.9%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.85Sector median: 0.0444 · MAD: 0.0302

Return on invested capital6.8%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.38Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin12.6%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity7.4%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 7 → 6

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.14

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.35Sector median: 0.5680 · MAD: 0.2415

Current ratio0.88×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.97Sector median: 1.3710 · MAD: 0.5060

Debt / equity1.99×

SEC filings · latest balance sheetReported value33% base weight · Z-score -4.81Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about North American Construction

Is North American Construction getting weaker?: Its latest SEC filing (Mar 12, 2026) got weaker in some ways: operating margin fell 4.7 points to 8.5%. Its overall score is 44/100, down 1 since Oct 28, 2026.
How is North American Construction valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 70/100 against 404 energy peers. EBITDA yield 22.3% vs a peer median of 12.1% (stronger than 82% of peers).EBITDA yield 22.3% vs peers 12.1% (stronger than 82% of peers). Free cash flow yield -3.5% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -3.5% vs peers 6.2% (weaker than 100% of peers).
Is North American Construction growing?: Yes, faster than most of its peers. Growth scores 71/100 against 404 energy peers. 3-year revenue growth 18.6% vs a peer median of -1.3% (stronger than 91% of peers).3-year revenue growth 18.6% vs peers -1.3% (stronger than 91% of peers). Earnings per share growth -26.1% vs a peer median of 1.1% (weaker than 66% of peers).Earnings per share growth -26.1% vs peers 1.1% (weaker than 66% of peers).
How profitable is North American Construction?: Less profitable than most of its peers. Profitability scores 30/100 against 404 energy peers. Return on assets 1.9% vs a peer median of 4.4% (weaker than 71% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 71% of peers).
How risky is North American Construction?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 1.14 vs a peer median of 0.57 (weaker than 90% of peers).Beta 1.14 vs peers 0.57 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 12, 2026 · compared with the year ended Dec 31, 2024

Got weaker

Operating margin fell 4.7 points to 8.5%

	Previous year	Latest year	Change
Revenue (12 months)	1.2B CAD	1.3B CAD	+10.2%
Net income (12 months)	44.1M CAD	33.8M CAD	−23.3%
Operating margin	13.2%	8.5%	−4.7 pts
Free cash flow (12 months)	−62.5M CAD	−17.0M CAD	−72.8%
Debt	803.6M CAD	910.4M CAD	+13.3%
Cash	77.9M CAD	100.1M CAD	+28.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	13.8%	13.2%	16.1%	18.0%	12.6%	▼ 5.4 pts
Operating margin	8.4%	9.2%	10.0%	13.1%	8.5%	▼ 4.6 pts
Net margin	7.9%	8.8%	6.5%	3.8%	2.6%	▼ 1.1 pts
Return on assets (ROA)	5.9%	6.9%	4.1%	2.6%	1.9%	▼ 0.7 pts
Return on equity (ROE)	18.5%	22.0%	17.7%	11.3%	7.4%	▼ 3.9 pts
Free cash flow margin	8.0%	7.5%	7.8%	-5.4%	-1.3%	▲ 4.0 pts
Current ratio	0.91×	1.20×	0.91×	1.03×	0.88×	▼ 14%
Quick ratio	0.64×	0.94×	0.71×	0.81×	0.70×	▼ 14%
Debt to equity	1.17×	1.37×	1.94×	2.07×	1.99×	▼ 3.5%
Interest coverage	2.89×	2.90×	2.61×	2.58×	1.85×	▼ 28%

NOA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.57), less short-term liquidity (current ratio 0.88 vs a peer median of 1.37) and more debt relative to equity (1.99× vs a peer median of 0.47×)higher risk: bigger price swings (beta 1.14 vs peers 0.57), less liquidity (current ratio 0.88 vs peers 1.37) and more debt vs equity (1.99× vs peers 0.47×)

Ranks #239 of 363 energy companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

North American Construction reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out CAD 77M over the 3 fiscal years to 2025 with -CAD 4M of free cash flow.

North American Construction returned CAD 77M in buybacks and dividends over three fiscal years while its free cash flow totalled -CAD 4M. The money came from its cash pile or from borrowing.

Buybacks largely absorbed by stock pay. Stock-based pay expense CAD 24M vs CAD 43M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +3.6% from December 2022 to December 2025.

Over three fiscal years North American Construction recorded CAD 24M of stock-based pay expense and spent CAD 43M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+3.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years North American Construction recorded CAD 24M of stock-based pay expense and spent CAD 43M repurchasing shares. The share count barely moved (+3.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Borrowing rising faster than profit. Since 2022: debt +116%, operating profit +53%.

North American Construction's debt grew 116% since 2022 while operating profit changed +53%.

Questions investors ask about North American Construction

Is North American Construction getting weaker?

Its latest SEC filing (Mar 12, 2026) got weaker in some ways: operating margin fell 4.7 points to 8.5%. Its overall score is 44/100, down 1 since Oct 28, 2026.

How is North American Construction valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 70/100 against 404 energy peers. EBITDA yield 22.3% vs a peer median of 12.1% (stronger than 82% of peers).EBITDA yield 22.3% vs peers 12.1% (stronger than 82% of peers). Free cash flow yield -3.5% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -3.5% vs peers 6.2% (weaker than 100% of peers).

Is North American Construction growing?

Yes, faster than most of its peers. Growth scores 71/100 against 404 energy peers. 3-year revenue growth 18.6% vs a peer median of -1.3% (stronger than 91% of peers).3-year revenue growth 18.6% vs peers -1.3% (stronger than 91% of peers). Earnings per share growth -26.1% vs a peer median of 1.1% (weaker than 66% of peers).Earnings per share growth -26.1% vs peers 1.1% (weaker than 66% of peers).

How profitable is North American Construction?

Less profitable than most of its peers. Profitability scores 30/100 against 404 energy peers. Return on assets 1.9% vs a peer median of 4.4% (weaker than 71% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 71% of peers).

How risky is North American Construction?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 1.14 vs a peer median of 0.57 (weaker than 90% of peers).Beta 1.14 vs peers 0.57 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

1.2B CAD

1.3B CAD

+10.2%

Net income (12 months)

44.1M CAD

33.8M CAD

−23.3%

Operating margin

13.2%

8.5%

−4.7 pts

Free cash flow (12 months)

−62.5M CAD

−17.0M CAD

−72.8%

Debt

803.6M CAD

910.4M CAD

+13.3%

Cash

77.9M CAD

100.1M CAD

+28.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

13.8%

13.2%

16.1%

18.0%

12.6%

▼ 5.4 pts

Operating margin

8.4%

9.2%

10.0%

13.1%

8.5%

▼ 4.6 pts

Net margin

7.9%

8.8%

6.5%

3.8%

2.6%

▼ 1.1 pts

Return on assets (ROA)

5.9%

6.9%

4.1%

2.6%

1.9%

▼ 0.7 pts

Return on equity (ROE)

18.5%

22.0%

17.7%

11.3%

7.4%

▼ 3.9 pts

Free cash flow margin

8.0%

7.5%

7.8%

-5.4%

-1.3%

▲ 4.0 pts

Current ratio

0.91×

1.20×

0.91×

1.03×

0.88×

▼ 14%

Quick ratio

0.64×

0.94×

0.71×

0.81×

0.70×

▼ 14%

Debt to equity

1.17×

1.37×

1.94×

2.07×

1.99×

▼ 3.5%

Interest coverage

2.89×

2.90×

2.61×

2.58×

1.85×

▼ 28%