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NOA

North American Construction Group Ltd.

NOA

North American Construction Group Ltd. • NYSE
$14.35 ▲ 1.49% (+0.21)
Market Cap $417.22 M
52w High $22.08
52w Low $12.12
Dividend Yield 0.34%
P/E 15.77
Volume 44.92K
Outstanding Shares 29.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $317.248M ▼ $13.976M ▲ $17.296M ▲ 5.452% ▲ $0.59 ▲ $87.506M ▲
Q2-2025 $320.634M ▼ $13.041M ▲ $10.25M ▲ 3.197% ▲ $0.35 ▲ $83.963M ▼
Q1-2025 $340.833M ▲ $7.309M ▼ $6.163M ▲ 1.808% ▲ $0.22 ▲ $84.055M ▲
Q4-2024 $305.59M ▲ $19.447M ▲ $4.808M ▼ 1.573% ▼ $0.21 ▼ $62.902M ▼
Q3-2024 $286.857M $11.293M $13.901M 4.846% $0.52 $73.246M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $72.975M ▼ $1.344B ▼ $1.006B ▼ $338.241M ▼
Q2-2025 $79.025M ▲ $1.827B ▲ $1.367B ▲ $460.216M ▼
Q1-2025 $78.241M ▲ $1.794B ▲ $1.333B ▲ $461.931M ▲
Q4-2024 $77.875M ▲ $1.694B ▲ $1.305B ▲ $388.902M ▼
Q3-2024 $77.67M $1.694B $1.302B $391.914M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.296M ▲ $91.824M ▲ $-65.862M ▲ $-5.628M ▼ $22.612M ▲ $24.977M ▲
Q2-2025 $10.25M ▲ $64.674M ▲ $-71.823M ▲ $7.018M ▼ $784K ▲ $-10.572M ▲
Q1-2025 $6.163M ▲ $51.418M ▼ $-93.781M ▼ $43.804M ▲ $366K ▲ $-42.368M ▼
Q4-2024 $4.808M ▼ $98.544M ▲ $-75.764M ▼ $-22.42M ▼ $205K ▼ $21.926M ▲
Q3-2024 $13.901M $48.184M $-60.221M $19.979M $9.327M $-15.905M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, showing a business that has successfully scaled both in Canada and abroad. Profitability at the operating level has improved, with stronger operating and EBITDA margins as the company better utilizes its fleet and manages costs. However, bottom‑line profit per share has drifted down more recently despite higher revenue, suggesting rising interest costs, depreciation, acquisition-related items, or taxes are eating into net profit. Overall, the income statement tells a story of a growing, operationally efficient business, but with earnings quality affected by a heavier capital and financing load.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, mainly driven by more equipment and acquisitions, which is typical for a capital‑intensive contractor and mining services business. Debt levels have increased meaningfully alongside asset growth, while shareholder equity has also grown but at a slower pace. Cash on hand remains relatively modest, which heightens the importance of consistent cash generation and access to credit. The picture is of a company that is leaning into growth with a larger and more leveraged asset base, which can amplify both returns and risk through the cycle.

Cash Flow

Cash Flow Operating cash flow has been solid and generally in line with earnings, showing that profits are mostly backed by real cash. Free cash flow has usually been positive but turned negative in the most recent period because of very heavy investment in equipment and growth projects. Capital spending is clearly a key feature of this business model: in strong periods they deploy large amounts of cash into the fleet, which can temporarily suppress free cash flow even as it supports future revenue. The cash flow profile is therefore robust but cyclical, and sensitive to how aggressively management invests.

Competitive Edge

Competitive Edge North American Construction Group benefits from one of the largest independent heavy equipment fleets in its region, which allows it to handle very large and complex projects that smaller rivals cannot easily match. Its in‑house maintenance and refurbishment capabilities reduce downtime and costs, supporting reliability for major clients. Longstanding relationships and multi‑year contracts in the oil sands, combined with a growing presence in Australia and the U.S., create a diversified base of work. Indigenous partnerships, vertical integration into parts supply, and expertise in mine reclamation further strengthen its differentiation. Overall, the company occupies a defensible niche in heavy construction and mining services, but remains exposed to commodity cycles and large‑project concentration.

Innovation and R&D

Innovation and R&D The company is not a traditional R&D story, but it has invested meaningfully in operational technology. Its use of advanced telematics and the AVEVA PI System for real‑time equipment monitoring and predictive maintenance is a clear innovation lever, helping improve uptime and lower operating costs. Reliability engineering, data analytics, and condition‑based maintenance give it a more modern, tech‑enabled approach to running a very physical asset base. Vertical integration into component sourcing and a focus on environmental and reclamation techniques add another layer of process and service innovation. Future upside in this area likely depends on deeper data use, potential adoption of autonomous haulage technologies, and continued refinement of environmental solutions rather than classic laboratory-style R&D.

Summary

North American Construction Group shows a pattern of solid revenue growth and improving operating performance, underpinned by a very large, well‑utilized fleet and strong client relationships. That growth has been funded with more leverage and heavy capital spending, which weighs on net income per share and free cash flow in investment-heavy years. The balance sheet and cash flow statement together highlight a business that is inherently capital intensive and more financially geared, offering scale advantages but also higher sensitivity to industry and credit conditions. Competitively, the company stands out through its fleet depth, maintenance capabilities, geographic diversification, Indigenous partnerships, and environmental and reclamation expertise. Its main innovation edge lies in data‑driven fleet management and strategic vertical integration rather than pure technological breakthroughs. Overall, the trajectory is one of a scaled contractor leaning into growth, with clear strengths in operations and positioning, balanced by elevated capital intensity and exposure to resource and construction cycles.

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