Free cash flow remains inconsistent with a -5.9% margin in 2026Q1, exacerbated by a capital-intensive business model that required $49.4M in CapEx during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Cash from Operations | 239.79M | 254.34M | 217.61M | 270.39M | 169.2M | 165.18M | 114.27M | 157.94M | 109.37M | 49.74M | 39.83M | 77.1M | 41.23M | 103.23M | 91.12M | 63.27M | -497K | 42.87M | 157.78M | 97.6M | 10.05M | 33.87M | -4.82M | 17.99M | 25.73M | 2.99M | -7.24M | 22.04M |
| Operating CF Margin % | - | 19.8% | 18.67% | 28.25% | 21.99% | 25.25% | 22.93% | 21.97% | 26.67% | 17% | 18.68% | 27.41% | 8.74% | 21.94% | 16.73% | 6.29% | -0.06% | 5.65% | 16.22% | 9.86% | 1.6% | 6.88% | -1.35% | 4.75% | 7.48% | 1.2% | -2.93% | 12.17% |
| Operating CF Growth % | 0.14% | 16.88% | -19.52% | 59.8% | 2.43% | 44.55% | -27.65% | 44.41% | 119.86% | 24.89% | -48.34% | 87% | -60.06% | 13.29% | 44.01% | 12830.99% | -101.16% | -72.83% | 61.66% | 870.96% | -70.32% | 802.3% | -126.82% | -30.09% | 761.37% | 141.25% | -132.86% | - |
| Net Income | 33.24M | 33.81M | 44.09M | 63.14M | 67.37M | 51.41M | 38.62M | 37.13M | 15.32M | 5.26M | -445K | -7.47M | -697K | -18.05M | -28.31M | -21.16M | -34.65M | 28.22M | -139.51M | 39.78M | 21.08M | -21.94M | -42.31M | -15.7M | 25.73M | 2.99M | -7.24M | 22.04M |
| Depreciation & Amortization | 213.69M | 219.01M | 166.68M | 131.32M | 119.27M | 108.02M | 69.69M | 102.29M | 58.76M | 45.65M | 42.48M | 42.03M | 46.58M | 39.77M | 41.42M | 54.6M | 42.98M | 44.35M | 39.19M | 38.53M | 35.05M | 25.79M | 24.13M | 26.17M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 808K | 0 | 8.71M | 15.83M | 4.78M | 11.61M | 0 | 9.44M | 11.53M | 3.65M | 4.82M | -306K | 70K | 5.47M | 1.79M | -3.08M | 8.16M | 5.27M | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 14.07M | 14.67M | 19.23M | 15.98M | 15.45M | 8.29M | 8.84M | 2.85M | 6.1M | 1.2M | -49K | -114K | 61K | -3.66M | -6.63M | -6.55M | -9.34M | 9.88M | 9.18M | 17.3M | 381.69K | 0 | -4.97M | -10.89M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.23M | -8.46M | 43.45M | -6.93M | -24.36M | -14.81M | -216.64K | -2.29M | 3.48M | 1M | -1.2M | 3.29M | 2.71M | 54.21M | 1.37M | 12K | 8.34M | -5.26M | 200.49M | -20.95M | 8.82M | 34.54M | 23.59M | -14.58M | -25.73M | -2.99M | 7.24M | -22.04M |
| Working Capital Changes | -13.79M | -4.68M | -64.54M | 51.05M | -13.31M | 671K | -2.66M | 8.52M | 14.18M | -7.03M | -5.78M | 39.67M | -7.49M | 25.5M | 43.86M | 39.45M | -15.98M | -39.59M | 46.19M | -8.65M | -48.24M | -4.53M | -5.26M | 17.29M | 0 | 0 | 0 | 0 |
| Change in Receivables | 25.66M | 9.46M | -41.28M | 38.59M | -10.96M | -30.65M | 32.38M | 5.39M | -22.36M | -7.15M | -15.34M | 45.37M | 3.67M | 29.77M | 71.21M | -19.59M | -9.53M | -28.52M | 86.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.49M | -10.23M | -4.82M | -2.52M | -5.35M | -11.24M | 1.94M | -12.58M | -443K | -1.29M | -1.44M | 3.75M | -1.54M | -644K | 3.21M | -12.6M | -2.66M | 6.21M | -6.62M | 46.29K | -99.17K | 77.07K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -40.01M | -11.32M | -32.25M | 9.59M | 12.75M | 31.23M | -37.2M | 28.6M | 17.66M | 5.64M | 4.52M | -29.75M | 9.93M | -31.85M | -56.79M | 70.76M | 21.38M | 6.62M | -56.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -217.31M | -264.61M | -274.68M | -244.88M | -97.47M | -99.27M | -88.56M | -160.68M | -228.61M | -33.59M | -10.52M | 4.77M | -19.49M | 155.74M | -46.3M | -64.2M | -64.63M | -59.61M | -85.31M | -48.63M | -107.97M | -22.17M | -25.05M | -369.14M | -22.93M | -8.67M | -18.55M | -15.62M |
| Capital Expenditures | -239.59M | -285.13M | -280.14M | -202.81M | -115.26M | -113.79M | -92.1M | -157.45M | -81.46M | -53.88M | -27.38M | -33.27M | -36.14M | -34.18M | -37.72M | -65.3M | -41.16M | -55.35M | -94.14M | -61.28M | -110.02M | -29.01M | -25.68M | -7.74M | -22.93M | -8.67M | -18.55M | -15.62M |
| CapEx % of Revenue | 18.97% | 22.2% | 24.03% | 21.19% | 14.98% | 17.4% | 18.48% | 21.9% | 19.86% | 18.42% | 12.84% | 11.83% | 7.66% | 7.26% | 6.93% | 6.49% | 4.8% | 7.29% | 9.68% | 6.19% | 17.46% | 5.89% | 7.19% | 2.04% | 6.66% | 3.48% | 7.5% | 8.62% |
| Acquisitions | 8.34M | 11.66M | -3.86M | -52.06M | -2.21M | -13.35M | 2.19M | -10.63M | -31.91M | -1.18M | 16.86M | 6.91M | 0 | 0 | 2.17M | 0 | -23.5M | -5.41M | 0 | -1.58M | -1.52M | 0 | 0 | -367.78M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.09M | 0 | 5.31M | 7.39M | 20M | 4.89M | 0 | 15.09M | -115.25M | 21.46M | 16.86M | 38.04M | 16.65M | 189.92M | 2.01M | 1.1M | 499K | 5.95M | 8.82M | 14.23M | 3.56M | 6.85M | 624K | 6.37M | 22.93M | 8.67M | 18.55M | 15.62M |
| Cash from Financing | 10.85M | 31.08M | 45.98M | -7.75M | -19.49M | -92.76M | 4.3M | -11.23M | 130.56M | -21.63M | -48M | -50.47M | -34.53M | -246.42M | -45.66M | 1.56M | -37.09M | 20.87M | -5.45M | -23.99M | 63.01M | 13.08M | 11.21M | 392.6M | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | 121.69M | 126.3M | 104.13M | 24.43M | 24.76M | -63.27M | 22.23M | 0 | 147.01M | 2.63M | -33.46M | -38.02M | -29.52M | -232.79M | -44.37M | 1.93M | 60.99M | 22.18M | -6.16M | -24.26M | -60.28M | 12.91M | 11.56M | 259.42M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -50.98M | -41.68M | -6.78M | -5.99M | -36.16M | -22.02M | -14.49M | -8.43M | -14.61M | -19.09M | -12.91M | -8.48M | -2.82M | -11.74M | 0 | 0 | 0 | -191K | 0 | 1.05M | 151.29M | 7.82M | 0 | 92.5M | 0 | 0 | 0 | 0 |
| Dividends Paid | -13.65M | -13.38M | -10.64M | -10.03M | -7.77M | -4.42M | -3.43M | -2.54M | -2.01M | -2.19M | -1.82M | -3.29M | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -50.98M | -41.68M | -6.78M | -5.99M | -36.16M | -22.02M | -14.91M | -10.39M | -14.61M | -19.67M | -12.91M | -8.56M | -5.63M | -11.74M | 0 | 0 | 0 | 0 | 0 | -581.22K | -28.08M | -851.24K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -46.22M | -40.15M | -40.73M | -16.15M | -318K | -3.05M | 0 | -260K | 175K | -2.98M | 185K | -686K | -87K | -1.89M | -1.29M | -362K | -98.08M | -1.12M | 703K | -776.58K | -28M | -7.55M | -354K | 40.68M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 43.07M | 25.79M | -10.74M | 19.47M | 52.54M | -26.85M | 29.83M | -13.96M | 11.32M | -5.48M | -18.68M | 31.39M | -12.79M | 12.58M | -802K | 678K | -102.28M | 4.13M | 67.02M | 24.98M | -34.91M | 24.78M | -18.67M | 41.45M | 2.8M | -5.68M | -25.79M | 6.42M |
| Free Cash Flow | 1.69M | -26.53M | -66.74M | 66.9M | 53.94M | 51.39M | 22.38M | 496K | 27.91M | -4.13M | 12.45M | 43.83M | 5.09M | 69.05M | 53.4M | -2.02M | -41.66M | -12.48M | 63.65M | 36.32M | -99.97M | 4.86M | -30.5M | 10.25M | 2.8M | -5.68M | -25.79M | 6.42M |
| FCF Margin % | 0.13% | -2.07% | -5.72% | 6.99% | 7.01% | 7.86% | 4.49% | 0.07% | 6.81% | -1.41% | 5.84% | 15.58% | 1.08% | 14.68% | 9.81% | -0.2% | -4.86% | -1.64% | 6.54% | 3.67% | -15.87% | 0.99% | -8.54% | 2.71% | 0.81% | -2.28% | -10.43% | 3.54% |
| FCF Growth % | 103.31% | 60.25% | -199.76% | 24.03% | 4.96% | 129.59% | 4412.71% | -98.22% | 775.21% | -133.2% | -71.59% | 760.55% | -92.62% | 29.31% | 2739.64% | 95.14% | -233.78% | -119.61% | 75.23% | 136.33% | -2157.97% | 115.93% | -397.55% | 266.5% | 149.23% | 77.97% | -502.01% | - |
| FCF per Share | 0.06 | -0.82 | -2.02 | 2.03 | 1.59 | 1.51 | 0.69 | 0.02 | 0.89 | -0.14 | 0.42 | 1.34 | 0.15 | 1.89 | 1.47 | -0.06 | -1.15 | -0.34 | 1.77 | 0.98 | -3.93 | 0.18 | -1.13 | 0.38 | 0.10 | -0.21 | -0.96 | 0.24 |
| FCF Conversion (FCF/Net Income) | 0.05x | 7.52x | 4.94x | 4.28x | 2.51x | 3.21x | 2.32x | 4.28x | 7.15x | 9.45x | -89.51x | -10.32x | -35.27x | 1.49x | -62.28x | -2.99x | 0.01x | 1.52x | -1.13x | 2.45x | 0.48x | -1.54x | 0.11x | -1.15x | 2.06x | 1.86x | -78.72x | 2.67x |
| Interest Paid | 26.04M | 0 | 64.48M | 33.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.65M | 0 | 15.91M | 1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and liquidity
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching an extreme 428.38 in 2025Q4, suggesting that reported earnings are currently poor proxies for the company's actual cash-generating capacity.
The massive divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are dominating the bottom line. Investors should monitor whether this volatility stems from aggressive revenue recognition or simply the lumpy nature of large-scale project accounting.
As reported in financial statements, NOA's free cash flow trajectory remains inconsistent, with negative FCF margins observed in five of the last ten quarters, including a -5.9% margin in 2026Q1, highlighting the difficulty of sustaining positive cash generation amidst heavy capital requirements.
The inability to consistently generate positive free cash flow suggests that the company's current operational scale requires continuous reinvestment that often outpaces cash inflows. This pattern warrants further investigation into whether the current fleet size is optimized for the prevailing project pipeline.
Based on the reported figures, NOA maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 20%, peaking at 29.1% in 2024Q2, which underscores the heavy burden of maintaining an ultra-class mining fleet in a competitive, project-based environment.
The high level of capital expenditure relative to revenue suggests that a significant portion of cash flow is consumed by maintenance and fleet renewal rather than growth initiatives. This structural reality may limit the company's ability to deleverage or return capital to shareholders during cyclical downturns.
Analysis of the cash flow statements reveals significant working capital volatility, with a $54.2M outflow in 2024Q1 followed by a $76.2M inflow in 2023Q4, indicating that the timing of project milestones and collections creates substantial, unpredictable fluctuations in the company's short-term liquidity position.
These sharp swings in working capital suggest that NOA is highly sensitive to the payment terms of its major oil sands clients. The lack of stability in these flows may force the company to rely more heavily on external financing to bridge gaps during project execution phases.
Quick answers to the most common questions about buying NOA stock.
North American Construction Group Ltd. (NOA) generated $254.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
North American Construction Group Ltd. (NOA) reported negative free cash flow of $26.5M in 2025, indicating capital requirements exceeded cash from operations.
North American Construction Group Ltd. (NOA) spent $285.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, North American Construction Group Ltd. (NOA) returned $13.4M to shareholders via cash dividends and spent $41.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.