North American Construction Group Ltd. (NOA) 10-Year Financial Performance & Capital Metrics

NOA • • Industrial / General

EnergyOilfield ServicesDistribution & Supply ChainEquipment Rental & Services

AboutNorth American Construction Group Ltd. provides equipment maintenance, and mining and heavy construction services in Canada, the United States, and Australia. The company's Heavy Construction & Mining division offers constructability reviews, budgetary cost estimates, design-build construction, project management, contract mining, pre-stripping/pit pioneering, overburden removal and stockpile, muskeg removal and stockpile, site preparation, air strip construction, site dewatering/perimeter ditching, tailings and process pipelines, haulage and access road construction, tailings dam construction and densification, mechanically stabilized earth walls, dyke construction, and reclamation services. Its Equipment Maintenance Services division provides fuel and lube servicing, portable steaming, equipment inspections, parts and component supply, major overhauls and equipment refurbishment, onsite haul truck brake testing, onsite maintenance support, under carriage rebuild, machining, hose manufacturing, and technical support services, as well as welding, fabrication/repairs, weld certification, and inspection services. As of December 31, 2021, the company operated a heavy equipment fleet of 632 units. It serves resource development and industrial construction sectors. The company was formerly known as North American Energy Partners Inc. and changed its name to North American Construction Group Ltd. in April 2018. North American Construction Group Ltd. was founded in 1953 and is headquartered in Acheson, Canada.Show more

Revenue $1.17B +21.8%
EBITDA $320M +41.0%
Net Income $44M -30.2%
EPS (Diluted) 1.52 -20.4%
Gross Margin 18.02% +11.8%
EBITDA Margin 27.45% +15.7%
Operating Margin 13.15% +31.5%
Net Margin 3.78% -42.7%
ROE 11.83% -38.0%
ROIC 10.84% +25.2%
Debt/Equity 2.12 +5.5%
Interest Coverage 2.72 +5.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.1%
✓Good 3Y average ROE of 18.0%
✓Healthy dividend yield of 2.0%
✓Trading at only 1.4x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.47%

5Y10.15%

3Y21.24%

TTM8.24%

Profit (Net Income) CAGR

10Y-

5Y3.63%

3Y-4.99%

TTM-33.08%

EPS CAGR

10Y-

5Y6.3%

3Y-2.5%

TTM-30.65%

ROCE

10Y Avg7.45%

5Y Avg10.11%

3Y Avg10.28%

Latest11.79%

Peer Comparison

Equipment Rental & Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LBLandBridge Company LLC	1.66B	59.76	828.85	50.9%	13.59%	3.48%	4.01%	0.63
NOANorth American Construction Group Ltd.	462.87M	15.92	10.47	21.79%	3%	11.39%		2.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	281.28M	213.18M	292.56M	410.06M	719.07M	498.47M	654.14M	769.54M	957.22M	1.17B
Revenue Growth %	-0.4%	-0.24%	0.37%	0.4%	0.75%	-0.31%	0.31%	0.18%	0.24%	0.22%
Cost of Goods Sold+	249.39M	180.84M	252.91M	340.99M	622.65M	406.25M	563.73M	667.99M	803M	955.74M
COGS % of Revenue	0.89%	0.85%	0.86%	0.83%	0.87%	0.81%	0.86%	0.87%	0.84%	0.82%
Gross Profit+	31.89M	32.34M	39.65M	69.08M	96.41M	92.22M	90.42M	101.55M	154.22M	210.05M
Gross Margin %	0.11%	0.15%	0.14%	0.17%	0.13%	0.19%	0.14%	0.13%	0.16%	0.18%
Gross Profit Growth %	-0.38%	0.01%	0.23%	0.74%	0.4%	-0.04%	-0.02%	0.12%	0.52%	0.36%
Operating Expenses+	28.29M	28.91M	26.22M	39.25M	37.65M	25.1M	35.29M	30.39M	58.5M	56.72M
OpEx % of Revenue	0.1%	0.14%	0.09%	0.1%	0.05%	0.05%	0.05%	0.04%	0.06%	0.05%
Selling, General & Admin	26.3M	27.22M	25.3M	38.84M	36.93M	24.44M	35.37M	29.86M	56.84M	55.95M
SG&A % of Revenue	0.09%	0.13%	0.09%	0.09%	0.05%	0.05%	0.05%	0.04%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.99M	1.38M	918K	412K	711K	659K	-85K	536K	1.66M	767K
Operating Income+	2.84M	3.92M	13.41M	29.98M	58.8M	67.12M	55.13M	71.16M	95.71M	153.33M
Operating Margin %	0.01%	0.02%	0.05%	0.07%	0.08%	0.13%	0.08%	0.09%	0.1%	0.13%
Operating Income Growth %	-0.76%	0.38%	2.42%	1.24%	0.96%	0.14%	-0.18%	0.29%	0.35%	0.6%
EBITDA+	44.87M	46.41M	57.51M	87.08M	161.09M	155.9M	163.14M	190.43M	227.03M	320.01M
EBITDA Margin %	0.16%	0.22%	0.2%	0.21%	0.22%	0.31%	0.25%	0.25%	0.24%	0.27%
EBITDA Growth %	-0.23%	0.03%	0.24%	0.51%	0.85%	-0.03%	0.05%	0.17%	0.19%	0.41%
D&A (Non-Cash Add-back)	42.03M	42.48M	44.1M	57.1M	102.29M	88.78M	108.02M	119.27M	131.32M	166.68M
EBIT	477K	4.91M	13.55M	29.64M	60.75M	78.22M	78.72M	107.91M	121.28M	116.38M
Net Interest Income+	-9.88M	-5.78M	-6.94M	-8.58M	-16.67M	-14.64M	-17.97M	-23.44M	-36.95M	-59.34M
Interest Income	142K	194K	144K	175K	82.51K	142.07K	62K	24K	0	-3M
Interest Expense	8.06M	5.41M	6.29M	8.22M	16.76M	14.79M	18.03M	23.49M	36.95M	56.34M
Other Income/Expense	-10.42M	-4.42M	-6.94M	-8.56M	-21.59M	-6.65M	5.57M	13.29M	-9.75M	-93.3M
Pretax Income+	-7.58M	-494K	6.47M	21.42M	37.21M	60.47M	60.69M	84.44M	85.96M	60.03M
Pretax Margin %	-0.03%	-0%	0.02%	0.05%	0.05%	0.12%	0.09%	0.11%	0.09%	0.05%
Income Tax+	-114K	-49K	1.2M	6.1M	2.86M	11.26M	9.29M	17.07M	22.82M	15.95M
Effective Tax Rate %	0.98%	0.9%	0.81%	0.71%	0.99%	0.81%	0.85%	0.8%	0.73%	0.73%
Net Income+	-7.47M	-445K	5.26M	15.29M	36.88M	49.21M	51.41M	67.37M	63.14M	44.09M
Net Margin %	-0.03%	-0%	0.02%	0.04%	0.05%	0.1%	0.08%	0.09%	0.07%	0.04%
Net Income Growth %	-5.39%	0.94%	12.83%	1.9%	1.41%	0.33%	0.04%	0.31%	-0.06%	-0.3%
Net Income (Continuing)	-7.47M	-445K	5.26M	15.32M	34.35M	49.21M	51.41M	67.37M	63.14M	44.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	494K	0	0	0	0	0	0
EPS (Diluted)+	-0.23	-0.01	0.18	0.49	1.12	1.60	1.64	2.15	1.91	1.52
EPS Growth %	-5.89%	0.94%	13.08%	1.72%	1.29%	0.43%	0.03%	0.31%	-0.11%	-0.2%
EPS (Basic)	-0.23	-0.01	0.20	0.49	1.45	1.75	1.81	2.46	2.09	1.65
Diluted Shares Outstanding	32.76M	29.97M	29.61M	31.43M	32.84M	32.3M	33.95M	34.01M	33.03M	33.05M
Basic Shares Outstanding	32.48M	29.97M	26.7M	31.43M	32.84M	30.82M	33.95M	34.01M	30.19M	29.85M
Dividend Payout Ratio	-	-	0.42%	0.13%	0.07%	0.07%	0.09%	0.12%	0.16%	0.24%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	79.09M	74.95M	89.28M	130.38M	117.8M	93.62M	147.18M	230.36M	295.2M	330.52M
Cash & Short-Term Investments	32.35M	13.67M	8.19M	19.51M	5.54M	34.1M	16.6M	69.14M	88.61M	77.88M
Cash Only	32.35M	13.67M	8.19M	19.51M	5.54M	34.1M	16.6M	69.14M	88.61M	77.88M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	42.3M	57.03M	67.29M	93.07M	85.94M	33.94M	78.55M	99.61M	132.88M	170.21M
Days Sales Outstanding	54.89	97.65	83.95	82.84	43.62	24.85	43.83	47.25	50.67	53.29
Inventory	2.58M	3.44M	4.75M	13.39M	21.65M	15.03M	44.54M	49.9M	64.96M	74.08M
Days Inventory Outstanding	3.77	6.94	6.86	14.33	12.69	13.51	28.84	27.27	29.53	28.29
Other Current Assets	805K	2.04M	6.49M	4.12M	424K	10.55M	660K	1.12M	1.34M	683K
Total Non-Current Assets+	281.61M	275.13M	294.36M	559.42M	674.85M	564.98M	722.1M	749.15M	1.25B	1.36B
Property, Plant & Equipment	258.75M	256.45M	278.65M	528.16M	609.57M	510.52M	655.72M	660.55M	1.16B	1.26B
Fixed Asset Turnover	1.09x	0.83x	1.05x	0.78x	1.18x	0.98x	1.00x	1.16x	0.83x	0.93x
Goodwill	0	0	0	0	0	0	543K	543K	526K	520K
Intangible Assets	3.17M	1.79M	938K	2.92M	0	296.7K	3.86M	6.77M	6.97M	9.9M
Long-Term Investments	0	0	0	11.79M	42.91M	36.31M	55.97M	75.64M	81.44M	84.69M
Other Non-Current Assets	3.83M	3.09M	4.24M	7.29M	6.72M	4.97M	6M	5.26M	6.62M	9.32M
Total Assets+	360.69M	350.08M	383.64M	689.8M	792.65M	658.61M	869.28M	979.51M	1.55B	1.69B
Asset Turnover	0.78x	0.61x	0.76x	0.59x	0.91x	0.76x	0.75x	0.79x	0.62x	0.69x
Asset Growth %	-0.21%	-0.03%	0.1%	0.8%	0.15%	-0.17%	0.32%	0.13%	0.58%	0.1%
Total Current Liabilities+	62.34M	74.03M	79.03M	148.9M	157.3M	85.94M	161.03M	192.3M	324.02M	315.86M
Accounts Payable	25.03M	29.55M	35.19M	63.46M	88.2M	32.52M	76.25M	102.55M	146.19M	110.75M
Days Payables Outstanding	36.64	59.65	50.79	67.93	51.7	29.22	49.37	56.03	66.45	42.3
Short-Term Debt	5.9M	8.17M	0	30M	18.51M	37.02M	19.69M	42.09M	92.69M	92.49M
Deferred Revenue (Current)	678K	1000K	1000K	1000K	23K	1000K	1000K	1000K	59K	1000K
Other Current Liabilities	1.15M	5.3M	4.83M	6.75M	0	3.38M	0	10.1M	51.69M	39.29M
Current Ratio	1.27x	1.01x	1.13x	0.88x	0.75x	1.09x	0.91x	1.20x	0.91x	1.05x
Quick Ratio	1.23x	0.97x	1.07x	0.79x	0.61x	0.91x	0.64x	0.94x	0.71x	0.81x
Cash Conversion Cycle	22.02	44.94	40.02	29.25	4.61	9.14	23.3	18.48	13.75	39.29
Total Non-Current Liabilities+	126.74M	117.1M	158.69M	390.69M	455.23M	377.66M	429.78M	481.29M	865.8M	989.5M
Long-Term Debt	42.54M	31.27M	70.06M	265.96M	313.44M	267.97M	306.03M	378.45M	611.31M	719.4M
Capital Lease Obligations	38.33M	37.34M	37.83M	54.32M	64.78M	44.5M	41.15M	12.38M	11.31M	11.44M
Deferred Tax Liabilities	42.31M	40.22M	38.16M	44.79M	52.5M	50.39M	56.2M	71.89M	0	125.38M
Other Non-Current Liabilities	2.86M	5.62M	6.42M	15.77M	17.91M	2.62M	23.45M	18.58M	243.18M	114.26M
Total Liabilities	189.08M	191.13M	237.72M	539.59M	612.53M	463.59M	590.82M	673.59M	1.19B	1.31B
Total Debt+	111.06M	100.96M	137.25M	382.95M	432.15M	349.49M	397.9M	435.39M	717.05M	825.1M
Net Debt	78.71M	87.29M	129.07M	363.44M	426.61M	315.39M	381.3M	366.24M	628.44M	747.23M
Debt / Equity	0.65x	0.64x	0.94x	2.55x	2.40x	1.79x	1.43x	1.42x	2.01x	2.12x
Debt / EBITDA	2.48x	2.18x	2.39x	4.40x	2.68x	2.24x	2.44x	2.29x	3.16x	2.58x
Net Debt / EBITDA	1.75x	1.88x	2.24x	4.17x	2.65x	2.02x	2.34x	1.92x	2.77x	2.33x
Interest Coverage	0.35x	0.73x	2.13x	3.65x	3.51x	4.54x	3.06x	3.03x	2.59x	2.72x
Total Equity+	171.62M	158.95M	145.92M	150.22M	180.12M	195.01M	278.46M	305.92M	356.65M	388.9M
Equity Growth %	-0.09%	-0.07%	-0.08%	0.03%	0.2%	0.08%	0.43%	0.1%	0.17%	0.09%
Book Value per Share	5.24	5.30	4.93	4.78	5.48	6.04	8.20	9.00	10.80	11.77
Total Shareholders' Equity	171.62M	158.95M	145.92M	149.72M	180.12M	195.01M	278.46M	305.92M	356.65M	388.9M
Common Stock	275.52M	252.63M	231.02M	221.77M	225.97M	200.21M	246.94M	229.46M	229.46M	228.96M
Retained Earnings	-127.47M	-130.3M	-127.16M	-113.92M	-79.86M	-27.59M	11.86M	70.5M	123.03M	156.13M
Treasury Stock	-5.96M	-9.29M	-12.35M	-11.7M	-15.91M	-14.13M	-17.8M	-16.44M	-16.16M	-15.91M
Accumulated OCI	0	0	0	0	0	0	2K	306K	-407K	-1.09M
Minority Interest	0	0	0	494K	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	77.1M	39.83M	49.74M	109.37M	157.94M	114.27M	165.18M	169.2M	270.39M	217.61M
Operating CF Margin %	0.27%	0.19%	0.17%	0.27%	0.22%	0.23%	0.25%	0.22%	0.28%	0.19%
Operating CF Growth %	0.87%	-0.48%	0.25%	1.2%	0.44%	-0.28%	0.45%	0.02%	0.6%	-0.2%
Net Income	-7.47M	-445K	5.26M	15.32M	37.13M	38.62M	51.41M	67.37M	63.14M	44.09M
Depreciation & Amortization	42.03M	42.48M	45.65M	58.76M	102.29M	69.69M	108.02M	119.27M	131.32M	166.68M
Stock-Based Compensation	-306K	4.82M	3.65M	11.53M	9.44M	0	11.61M	4.78M	15.83M	8.71M
Deferred Taxes	-114K	-49K	1.2M	6.1M	2.85M	8.84M	8.29M	15.45M	15.98M	19.23M
Other Non-Cash Items	3.29M	-1.2M	1M	3.48M	-2.29M	-216.64K	-14.81M	-24.36M	-6.93M	43.45M
Working Capital Changes	39.67M	-5.78M	-7.03M	14.18M	8.52M	-2.66M	671K	-13.31M	51.05M	-64.54M
Change in Receivables	45.37M	-15.34M	-7.15M	-22.36M	5.39M	32.38M	-30.65M	-10.96M	38.59M	-41.28M
Change in Inventory	3.75M	-1.44M	-1.29M	-443K	-12.58M	1.94M	-11.24M	-5.35M	-2.52M	-4.82M
Change in Payables	-29.75M	4.52M	5.64M	17.66M	28.6M	-37.2M	31.23M	12.75M	9.59M	-32.25M
Cash from Investing+	4.77M	-10.52M	-33.59M	-228.61M	-160.68M	-88.56M	-99.27M	-97.47M	-244.88M	-274.68M
Capital Expenditures	-33.27M	-27.38M	-53.88M	-81.46M	-157.45M	-92.1M	-113.79M	-115.26M	-202.81M	-280.14M
CapEx % of Revenue	0.12%	0.13%	0.18%	0.2%	0.22%	0.18%	0.17%	0.15%	0.21%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	38.04M	16.86M	21.46M	-115.25M	15.09M	0	4.89M	20M	7.39M	5.31M
Cash from Financing+	-50.47M	-48M	-21.63M	130.56M	-11.23M	4.3M	-92.76M	-19.49M	-7.75M	45.98M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.29M	-1.82M	-2.19M	-2.01M	-2.54M	-3.43M	-4.42M	-7.77M	-10.03M	-10.64M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-686K	185K	-2.98M	175K	-260K	0	-3.05M	-318K	-16.15M	-40.73M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	43.83M	12.45M	-4.13M	27.91M	496K	22.38M	51.39M	53.94M	66.9M	-66.74M
FCF Margin %	0.16%	0.06%	-0.01%	0.07%	0%	0.04%	0.08%	0.07%	0.07%	-0.06%
FCF Growth %	7.61%	-0.72%	-1.33%	7.75%	-0.98%	44.13%	1.3%	0.05%	0.24%	-2%
FCF per Share	1.34	0.42	-0.14	0.89	0.02	0.69	1.51	1.59	2.03	-2.02
FCF Conversion (FCF/Net Income)	-10.32x	-89.51x	9.45x	7.15x	4.28x	2.32x	3.21x	2.51x	4.28x	4.94x
Interest Paid	0	0	0	0	0	0	0	0	33.5M	64.48M
Taxes Paid	0	0	0	0	0	0	0	0	1.37M	15.91M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.14%	-0.27%	3.45%	10.32%	22.33%	26.24%	21.72%	23.06%	19.06%	11.83%
Return on Invested Capital (ROIC)	0.75%	1.19%	3.86%	5.7%	7.87%	9.01%	7.07%	8.01%	8.66%	10.84%
Gross Margin	11.34%	15.17%	13.55%	16.85%	13.41%	18.5%	13.82%	13.2%	16.11%	18.02%
Net Margin	-2.66%	-0.21%	1.8%	3.73%	5.13%	9.87%	7.86%	8.75%	6.6%	3.78%
Debt / Equity	0.65x	0.64x	0.94x	2.55x	2.40x	1.79x	1.43x	1.42x	2.01x	2.12x
Interest Coverage	0.35x	0.73x	2.13x	3.65x	3.51x	4.54x	3.06x	3.03x	2.59x	2.72x
FCF Conversion	-10.32x	-89.51x	9.45x	7.15x	4.28x	2.32x	3.21x	2.51x	4.28x	4.94x
Revenue Growth	-40.38%	-24.21%	37.23%	40.16%	75.36%	-30.68%	31.23%	17.64%	24.39%	21.79%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Operations Support Services	367.58M	586.76M	493.41M	600.31M	688.73M	1.12B
Operations Support Services Growth	-	59.63%	-15.91%	21.67%	14.73%	62.88%
Equipment And Component Sales	-	-	-	-	-	40.32M
Equipment And Component Sales Growth	-	-	-	-	-	-
Construction	-	-	-	-	-	3.66M
Construction Growth	-	-	-	-	-	-
Equipment and Component Sales	-	-	-	28.6M	48.73M	-
Equipment and Component Sales Growth	-	-	-	-	70.36%	-
Construction Services	42.48M	132.31M	6.97M	25.23M	32.08M	-
Construction Services Growth	-	211.46%	-94.73%	262.16%	27.13%	-

Revenue by Geography

	2018	2019	2020	2021	2022	2024
AUSTRALIA	-	-	-	-	-	590.9M
AUSTRALIA Growth	-	-	-	-	-	-
CANADA	-	-	-	-	-	566.67M
CANADA Growth	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	8.22M
UNITED STATES Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

North American Construction Group Ltd. (NOA) has a price-to-earnings (P/E) ratio of 10.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

North American Construction Group Ltd. (NOA) reported $1.28B in revenue for fiscal year 2024. This represents a 28% increase from $1.01B in 2011.

North American Construction Group Ltd. (NOA) grew revenue by 21.8% over the past year. This is strong growth.

Yes, North American Construction Group Ltd. (NOA) is profitable, generating $38.5M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Yes, North American Construction Group Ltd. (NOA) pays a dividend with a yield of 2.02%. This makes it attractive for income-focused investors.

North American Construction Group Ltd. (NOA) has a return on equity (ROE) of 11.8%. This is reasonable for most industries.

North American Construction Group Ltd. (NOA) had negative free cash flow of $6.0M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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North American Construction Group Ltd. (NOA) 10-Year Financial Performance & Capital Metrics

NOA • • Industrial / General

EnergyOilfield ServicesDistribution & Supply ChainEquipment Rental & Services

Revenue $1.17B +21.8%
EBITDA $320M +41.0%
Net Income $44M -30.2%
EPS (Diluted) 1.52 -20.4%
Gross Margin 18.02% +11.8%
EBITDA Margin 27.45% +15.7%
Operating Margin 13.15% +31.5%
Net Margin 3.78% -42.7%
ROE 11.83% -38.0%
ROIC 10.84% +25.2%
Debt/Equity 2.12 +5.5%
Interest Coverage 2.72 +5.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.1%
✓Good 3Y average ROE of 18.0%
✓Healthy dividend yield of 2.0%
✓Trading at only 1.4x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.47%

5Y10.15%

3Y21.24%

TTM8.24%

Profit (Net Income) CAGR

10Y-

5Y3.63%

3Y-4.99%

TTM-33.08%

EPS CAGR

10Y-

5Y6.3%

3Y-2.5%

TTM-30.65%

ROCE

10Y Avg7.45%

5Y Avg10.11%

3Y Avg10.28%

Latest11.79%

Peer Comparison

Equipment Rental & Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LBLandBridge Company LLC	1.66B	59.76	828.85	50.9%	13.59%	3.48%	4.01%	0.63
NOANorth American Construction Group Ltd.	462.87M	15.92	10.47	21.79%	3%	11.39%		2.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	281.28M	213.18M	292.56M	410.06M	719.07M	498.47M	654.14M	769.54M	957.22M	1.17B
Revenue Growth %	-0.4%	-0.24%	0.37%	0.4%	0.75%	-0.31%	0.31%	0.18%	0.24%	0.22%
Cost of Goods Sold+	249.39M	180.84M	252.91M	340.99M	622.65M	406.25M	563.73M	667.99M	803M	955.74M
COGS % of Revenue	0.89%	0.85%	0.86%	0.83%	0.87%	0.81%	0.86%	0.87%	0.84%	0.82%
Gross Profit+	31.89M	32.34M	39.65M	69.08M	96.41M	92.22M	90.42M	101.55M	154.22M	210.05M
Gross Margin %	0.11%	0.15%	0.14%	0.17%	0.13%	0.19%	0.14%	0.13%	0.16%	0.18%
Gross Profit Growth %	-0.38%	0.01%	0.23%	0.74%	0.4%	-0.04%	-0.02%	0.12%	0.52%	0.36%
Operating Expenses+	28.29M	28.91M	26.22M	39.25M	37.65M	25.1M	35.29M	30.39M	58.5M	56.72M
OpEx % of Revenue	0.1%	0.14%	0.09%	0.1%	0.05%	0.05%	0.05%	0.04%	0.06%	0.05%
Selling, General & Admin	26.3M	27.22M	25.3M	38.84M	36.93M	24.44M	35.37M	29.86M	56.84M	55.95M
SG&A % of Revenue	0.09%	0.13%	0.09%	0.09%	0.05%	0.05%	0.05%	0.04%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.99M	1.38M	918K	412K	711K	659K	-85K	536K	1.66M	767K
Operating Income+	2.84M	3.92M	13.41M	29.98M	58.8M	67.12M	55.13M	71.16M	95.71M	153.33M
Operating Margin %	0.01%	0.02%	0.05%	0.07%	0.08%	0.13%	0.08%	0.09%	0.1%	0.13%
Operating Income Growth %	-0.76%	0.38%	2.42%	1.24%	0.96%	0.14%	-0.18%	0.29%	0.35%	0.6%
EBITDA+	44.87M	46.41M	57.51M	87.08M	161.09M	155.9M	163.14M	190.43M	227.03M	320.01M
EBITDA Margin %	0.16%	0.22%	0.2%	0.21%	0.22%	0.31%	0.25%	0.25%	0.24%	0.27%
EBITDA Growth %	-0.23%	0.03%	0.24%	0.51%	0.85%	-0.03%	0.05%	0.17%	0.19%	0.41%
D&A (Non-Cash Add-back)	42.03M	42.48M	44.1M	57.1M	102.29M	88.78M	108.02M	119.27M	131.32M	166.68M
EBIT	477K	4.91M	13.55M	29.64M	60.75M	78.22M	78.72M	107.91M	121.28M	116.38M
Net Interest Income+	-9.88M	-5.78M	-6.94M	-8.58M	-16.67M	-14.64M	-17.97M	-23.44M	-36.95M	-59.34M
Interest Income	142K	194K	144K	175K	82.51K	142.07K	62K	24K	0	-3M
Interest Expense	8.06M	5.41M	6.29M	8.22M	16.76M	14.79M	18.03M	23.49M	36.95M	56.34M
Other Income/Expense	-10.42M	-4.42M	-6.94M	-8.56M	-21.59M	-6.65M	5.57M	13.29M	-9.75M	-93.3M
Pretax Income+	-7.58M	-494K	6.47M	21.42M	37.21M	60.47M	60.69M	84.44M	85.96M	60.03M
Pretax Margin %	-0.03%	-0%	0.02%	0.05%	0.05%	0.12%	0.09%	0.11%	0.09%	0.05%
Income Tax+	-114K	-49K	1.2M	6.1M	2.86M	11.26M	9.29M	17.07M	22.82M	15.95M
Effective Tax Rate %	0.98%	0.9%	0.81%	0.71%	0.99%	0.81%	0.85%	0.8%	0.73%	0.73%
Net Income+	-7.47M	-445K	5.26M	15.29M	36.88M	49.21M	51.41M	67.37M	63.14M	44.09M
Net Margin %	-0.03%	-0%	0.02%	0.04%	0.05%	0.1%	0.08%	0.09%	0.07%	0.04%
Net Income Growth %	-5.39%	0.94%	12.83%	1.9%	1.41%	0.33%	0.04%	0.31%	-0.06%	-0.3%
Net Income (Continuing)	-7.47M	-445K	5.26M	15.32M	34.35M	49.21M	51.41M	67.37M	63.14M	44.09M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	494K	0	0	0	0	0	0
EPS (Diluted)+	-0.23	-0.01	0.18	0.49	1.12	1.60	1.64	2.15	1.91	1.52
EPS Growth %	-5.89%	0.94%	13.08%	1.72%	1.29%	0.43%	0.03%	0.31%	-0.11%	-0.2%
EPS (Basic)	-0.23	-0.01	0.20	0.49	1.45	1.75	1.81	2.46	2.09	1.65
Diluted Shares Outstanding	32.76M	29.97M	29.61M	31.43M	32.84M	32.3M	33.95M	34.01M	33.03M	33.05M
Basic Shares Outstanding	32.48M	29.97M	26.7M	31.43M	32.84M	30.82M	33.95M	34.01M	30.19M	29.85M
Dividend Payout Ratio	-	-	0.42%	0.13%	0.07%	0.07%	0.09%	0.12%	0.16%	0.24%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	79.09M	74.95M	89.28M	130.38M	117.8M	93.62M	147.18M	230.36M	295.2M	330.52M
Cash & Short-Term Investments	32.35M	13.67M	8.19M	19.51M	5.54M	34.1M	16.6M	69.14M	88.61M	77.88M
Cash Only	32.35M	13.67M	8.19M	19.51M	5.54M	34.1M	16.6M	69.14M	88.61M	77.88M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	42.3M	57.03M	67.29M	93.07M	85.94M	33.94M	78.55M	99.61M	132.88M	170.21M
Days Sales Outstanding	54.89	97.65	83.95	82.84	43.62	24.85	43.83	47.25	50.67	53.29
Inventory	2.58M	3.44M	4.75M	13.39M	21.65M	15.03M	44.54M	49.9M	64.96M	74.08M
Days Inventory Outstanding	3.77	6.94	6.86	14.33	12.69	13.51	28.84	27.27	29.53	28.29
Other Current Assets	805K	2.04M	6.49M	4.12M	424K	10.55M	660K	1.12M	1.34M	683K
Total Non-Current Assets+	281.61M	275.13M	294.36M	559.42M	674.85M	564.98M	722.1M	749.15M	1.25B	1.36B
Property, Plant & Equipment	258.75M	256.45M	278.65M	528.16M	609.57M	510.52M	655.72M	660.55M	1.16B	1.26B
Fixed Asset Turnover	1.09x	0.83x	1.05x	0.78x	1.18x	0.98x	1.00x	1.16x	0.83x	0.93x
Goodwill	0	0	0	0	0	0	543K	543K	526K	520K
Intangible Assets	3.17M	1.79M	938K	2.92M	0	296.7K	3.86M	6.77M	6.97M	9.9M
Long-Term Investments	0	0	0	11.79M	42.91M	36.31M	55.97M	75.64M	81.44M	84.69M
Other Non-Current Assets	3.83M	3.09M	4.24M	7.29M	6.72M	4.97M	6M	5.26M	6.62M	9.32M
Total Assets+	360.69M	350.08M	383.64M	689.8M	792.65M	658.61M	869.28M	979.51M	1.55B	1.69B
Asset Turnover	0.78x	0.61x	0.76x	0.59x	0.91x	0.76x	0.75x	0.79x	0.62x	0.69x
Asset Growth %	-0.21%	-0.03%	0.1%	0.8%	0.15%	-0.17%	0.32%	0.13%	0.58%	0.1%
Total Current Liabilities+	62.34M	74.03M	79.03M	148.9M	157.3M	85.94M	161.03M	192.3M	324.02M	315.86M
Accounts Payable	25.03M	29.55M	35.19M	63.46M	88.2M	32.52M	76.25M	102.55M	146.19M	110.75M
Days Payables Outstanding	36.64	59.65	50.79	67.93	51.7	29.22	49.37	56.03	66.45	42.3
Short-Term Debt	5.9M	8.17M	0	30M	18.51M	37.02M	19.69M	42.09M	92.69M	92.49M
Deferred Revenue (Current)	678K	1000K	1000K	1000K	23K	1000K	1000K	1000K	59K	1000K
Other Current Liabilities	1.15M	5.3M	4.83M	6.75M	0	3.38M	0	10.1M	51.69M	39.29M
Current Ratio	1.27x	1.01x	1.13x	0.88x	0.75x	1.09x	0.91x	1.20x	0.91x	1.05x
Quick Ratio	1.23x	0.97x	1.07x	0.79x	0.61x	0.91x	0.64x	0.94x	0.71x	0.81x
Cash Conversion Cycle	22.02	44.94	40.02	29.25	4.61	9.14	23.3	18.48	13.75	39.29
Total Non-Current Liabilities+	126.74M	117.1M	158.69M	390.69M	455.23M	377.66M	429.78M	481.29M	865.8M	989.5M
Long-Term Debt	42.54M	31.27M	70.06M	265.96M	313.44M	267.97M	306.03M	378.45M	611.31M	719.4M
Capital Lease Obligations	38.33M	37.34M	37.83M	54.32M	64.78M	44.5M	41.15M	12.38M	11.31M	11.44M
Deferred Tax Liabilities	42.31M	40.22M	38.16M	44.79M	52.5M	50.39M	56.2M	71.89M	0	125.38M
Other Non-Current Liabilities	2.86M	5.62M	6.42M	15.77M	17.91M	2.62M	23.45M	18.58M	243.18M	114.26M
Total Liabilities	189.08M	191.13M	237.72M	539.59M	612.53M	463.59M	590.82M	673.59M	1.19B	1.31B
Total Debt+	111.06M	100.96M	137.25M	382.95M	432.15M	349.49M	397.9M	435.39M	717.05M	825.1M
Net Debt	78.71M	87.29M	129.07M	363.44M	426.61M	315.39M	381.3M	366.24M	628.44M	747.23M
Debt / Equity	0.65x	0.64x	0.94x	2.55x	2.40x	1.79x	1.43x	1.42x	2.01x	2.12x
Debt / EBITDA	2.48x	2.18x	2.39x	4.40x	2.68x	2.24x	2.44x	2.29x	3.16x	2.58x
Net Debt / EBITDA	1.75x	1.88x	2.24x	4.17x	2.65x	2.02x	2.34x	1.92x	2.77x	2.33x
Interest Coverage	0.35x	0.73x	2.13x	3.65x	3.51x	4.54x	3.06x	3.03x	2.59x	2.72x
Total Equity+	171.62M	158.95M	145.92M	150.22M	180.12M	195.01M	278.46M	305.92M	356.65M	388.9M
Equity Growth %	-0.09%	-0.07%	-0.08%	0.03%	0.2%	0.08%	0.43%	0.1%	0.17%	0.09%
Book Value per Share	5.24	5.30	4.93	4.78	5.48	6.04	8.20	9.00	10.80	11.77
Total Shareholders' Equity	171.62M	158.95M	145.92M	149.72M	180.12M	195.01M	278.46M	305.92M	356.65M	388.9M
Common Stock	275.52M	252.63M	231.02M	221.77M	225.97M	200.21M	246.94M	229.46M	229.46M	228.96M
Retained Earnings	-127.47M	-130.3M	-127.16M	-113.92M	-79.86M	-27.59M	11.86M	70.5M	123.03M	156.13M
Treasury Stock	-5.96M	-9.29M	-12.35M	-11.7M	-15.91M	-14.13M	-17.8M	-16.44M	-16.16M	-15.91M
Accumulated OCI	0	0	0	0	0	0	2K	306K	-407K	-1.09M
Minority Interest	0	0	0	494K	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	77.1M	39.83M	49.74M	109.37M	157.94M	114.27M	165.18M	169.2M	270.39M	217.61M
Operating CF Margin %	0.27%	0.19%	0.17%	0.27%	0.22%	0.23%	0.25%	0.22%	0.28%	0.19%
Operating CF Growth %	0.87%	-0.48%	0.25%	1.2%	0.44%	-0.28%	0.45%	0.02%	0.6%	-0.2%
Net Income	-7.47M	-445K	5.26M	15.32M	37.13M	38.62M	51.41M	67.37M	63.14M	44.09M
Depreciation & Amortization	42.03M	42.48M	45.65M	58.76M	102.29M	69.69M	108.02M	119.27M	131.32M	166.68M
Stock-Based Compensation	-306K	4.82M	3.65M	11.53M	9.44M	0	11.61M	4.78M	15.83M	8.71M
Deferred Taxes	-114K	-49K	1.2M	6.1M	2.85M	8.84M	8.29M	15.45M	15.98M	19.23M
Other Non-Cash Items	3.29M	-1.2M	1M	3.48M	-2.29M	-216.64K	-14.81M	-24.36M	-6.93M	43.45M
Working Capital Changes	39.67M	-5.78M	-7.03M	14.18M	8.52M	-2.66M	671K	-13.31M	51.05M	-64.54M
Change in Receivables	45.37M	-15.34M	-7.15M	-22.36M	5.39M	32.38M	-30.65M	-10.96M	38.59M	-41.28M
Change in Inventory	3.75M	-1.44M	-1.29M	-443K	-12.58M	1.94M	-11.24M	-5.35M	-2.52M	-4.82M
Change in Payables	-29.75M	4.52M	5.64M	17.66M	28.6M	-37.2M	31.23M	12.75M	9.59M	-32.25M
Cash from Investing+	4.77M	-10.52M	-33.59M	-228.61M	-160.68M	-88.56M	-99.27M	-97.47M	-244.88M	-274.68M
Capital Expenditures	-33.27M	-27.38M	-53.88M	-81.46M	-157.45M	-92.1M	-113.79M	-115.26M	-202.81M	-280.14M
CapEx % of Revenue	0.12%	0.13%	0.18%	0.2%	0.22%	0.18%	0.17%	0.15%	0.21%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	38.04M	16.86M	21.46M	-115.25M	15.09M	0	4.89M	20M	7.39M	5.31M
Cash from Financing+	-50.47M	-48M	-21.63M	130.56M	-11.23M	4.3M	-92.76M	-19.49M	-7.75M	45.98M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.29M	-1.82M	-2.19M	-2.01M	-2.54M	-3.43M	-4.42M	-7.77M	-10.03M	-10.64M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-686K	185K	-2.98M	175K	-260K	0	-3.05M	-318K	-16.15M	-40.73M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	43.83M	12.45M	-4.13M	27.91M	496K	22.38M	51.39M	53.94M	66.9M	-66.74M
FCF Margin %	0.16%	0.06%	-0.01%	0.07%	0%	0.04%	0.08%	0.07%	0.07%	-0.06%
FCF Growth %	7.61%	-0.72%	-1.33%	7.75%	-0.98%	44.13%	1.3%	0.05%	0.24%	-2%
FCF per Share	1.34	0.42	-0.14	0.89	0.02	0.69	1.51	1.59	2.03	-2.02
FCF Conversion (FCF/Net Income)	-10.32x	-89.51x	9.45x	7.15x	4.28x	2.32x	3.21x	2.51x	4.28x	4.94x
Interest Paid	0	0	0	0	0	0	0	0	33.5M	64.48M
Taxes Paid	0	0	0	0	0	0	0	0	1.37M	15.91M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-4.14%	-0.27%	3.45%	10.32%	22.33%	26.24%	21.72%	23.06%	19.06%	11.83%
Return on Invested Capital (ROIC)	0.75%	1.19%	3.86%	5.7%	7.87%	9.01%	7.07%	8.01%	8.66%	10.84%
Gross Margin	11.34%	15.17%	13.55%	16.85%	13.41%	18.5%	13.82%	13.2%	16.11%	18.02%
Net Margin	-2.66%	-0.21%	1.8%	3.73%	5.13%	9.87%	7.86%	8.75%	6.6%	3.78%
Debt / Equity	0.65x	0.64x	0.94x	2.55x	2.40x	1.79x	1.43x	1.42x	2.01x	2.12x
Interest Coverage	0.35x	0.73x	2.13x	3.65x	3.51x	4.54x	3.06x	3.03x	2.59x	2.72x
FCF Conversion	-10.32x	-89.51x	9.45x	7.15x	4.28x	2.32x	3.21x	2.51x	4.28x	4.94x
Revenue Growth	-40.38%	-24.21%	37.23%	40.16%	75.36%	-30.68%	31.23%	17.64%	24.39%	21.79%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Operations Support Services	367.58M	586.76M	493.41M	600.31M	688.73M	1.12B
Operations Support Services Growth	-	59.63%	-15.91%	21.67%	14.73%	62.88%
Equipment And Component Sales	-	-	-	-	-	40.32M
Equipment And Component Sales Growth	-	-	-	-	-	-
Construction	-	-	-	-	-	3.66M
Construction Growth	-	-	-	-	-	-
Equipment and Component Sales	-	-	-	28.6M	48.73M	-
Equipment and Component Sales Growth	-	-	-	-	70.36%	-
Construction Services	42.48M	132.31M	6.97M	25.23M	32.08M	-
Construction Services Growth	-	211.46%	-94.73%	262.16%	27.13%	-

Revenue by Geography

	2018	2019	2020	2021	2022	2024
AUSTRALIA	-	-	-	-	-	590.9M
AUSTRALIA Growth	-	-	-	-	-	-
CANADA	-	-	-	-	-	566.67M
CANADA Growth	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	8.22M
UNITED STATES Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

North American Construction Group Ltd. (NOA) has a price-to-earnings (P/E) ratio of 10.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

North American Construction Group Ltd. (NOA) reported $1.28B in revenue for fiscal year 2024. This represents a 28% increase from $1.01B in 2011.

North American Construction Group Ltd. (NOA) grew revenue by 21.8% over the past year. This is strong growth.

Yes, North American Construction Group Ltd. (NOA) is profitable, generating $38.5M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Yes, North American Construction Group Ltd. (NOA) pays a dividend with a yield of 2.02%. This makes it attractive for income-focused investors.

North American Construction Group Ltd. (NOA) has a return on equity (ROE) of 11.8%. This is reasonable for most industries.

North American Construction Group Ltd. (NOA) had negative free cash flow of $6.0M in fiscal year 2024, likely due to heavy capital investments.