Gross margins have compressed significantly from a 22.7% peak in 2024Q3 to 13.2% in 2026Q1, reflecting the difficulty of scaling profitability amidst rising operational costs.
| 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 |
|---|
| Sales/Revenue | 1.26B | 1.28B | 1.17B | 957.22M | 769.54M | 654.14M | 498.47M | 719.07M | 410.06M | 292.56M | 213.18M | 281.28M | 471.78M | 470.48M | 544.61M | 1.01B | 858.05M | 758.97M | 972.54M | 989.7M | 629.95M | 492.24M | 357.32M | 378.53M | 344.19M | 249.35M | 247.27M | 181.16M |
| Revenue Growth % | 4.44% | 10.17% | 21.79% | 24.39% | 17.64% | 31.23% | -30.68% | 75.36% | 40.16% | 37.23% | -24.21% | -40.38% | 0.27% | -13.61% | -45.89% | 17.31% | 13.05% | -21.96% | -1.73% | 57.11% | 27.98% | 37.76% | -5.6% | 9.98% | 38.03% | 0.84% | 36.49% | - |
| Cost of Goods Sold | 1.1B | 1.12B | 955.74M | 803M | 667.99M | 563.73M | 406.25M | 622.65M | 340.99M | 252.91M | 180.84M | 249.39M | 420.38M | 424.75M | 510.73M | 945.64M | 799.91M | 619.68M | 797.23M | 789.65M | 505.98M | 390.19M | 321.16M | 322.38M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 87.36% | 81.98% | 83.89% | 86.8% | 86.18% | 81.5% | 86.59% | 83.15% | 86.45% | 84.83% | 88.66% | 89.11% | 90.28% | 93.78% | 93.95% | 93.22% | 81.65% | 81.97% | 79.79% | 80.32% | 79.27% | 89.88% | 85.17% | - | - | - | - |
| Gross Profit | 166.23M | 162.28M | 210.05M | 154.22M | 101.55M | 90.42M | 92.22M | 96.41M | 69.08M | 39.65M | 32.34M | 31.89M | 51.4M | 45.74M | 33.88M | 60.9M | 58.14M | 139.28M | 175.31M | 200.05M | 123.97M | 102.05M | 36.17M | 56.15M | 344.19M | 249.35M | 247.27M | 181.16M |
| Gross Margin % | 13.16% | 12.64% | 18.02% | 16.11% | 13.2% | 13.82% | 18.5% | 13.41% | 16.85% | 13.55% | 15.17% | 11.34% | 10.9% | 9.72% | 6.22% | 6.05% | 6.78% | 18.35% | 18.03% | 20.21% | 19.68% | 20.73% | 10.12% | 14.83% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -22.74% | 36.2% | 51.87% | 12.31% | -1.95% | -4.35% | 39.57% | 74.23% | 22.58% | 1.42% | -37.96% | 12.38% | 35.01% | -44.37% | 4.76% | -58.26% | -20.55% | -12.37% | 61.37% | 21.48% | 182.18% | -35.59% | -83.69% | 38.03% | 0.84% | 36.49% | - |
| Operating Expenses | 64.61M | 52.28M | 56.72M | 58.5M | 30.39M | 35.29M | 25.1M | 37.65M | 39.25M | 26.22M | 28.91M | 28.29M | 37.11M | 43.18M | 47.77M | 60.02M | 66.19M | 65.81M | 75.49M | 70.92M | 41.31M | 30.89M | 26.73M | 97.29M | -313.15M | -229.16M | -211.26M | 0 |
| OpEx % of Revenue | - | 4.07% | 4.87% | 6.11% | 3.95% | 5.39% | 5.03% | 5.24% | 9.57% | 8.96% | 13.56% | 10.06% | 7.87% | 9.18% | 8.77% | 5.96% | 7.71% | 8.67% | 7.76% | 7.17% | 6.56% | 6.28% | 7.48% | 25.7% | -90.98% | -91.9% | -85.44% | - |
| Selling, General & Admin | 63.12M | 50.33M | 55.95M | 56.84M | 29.86M | 35.37M | 24.44M | 36.93M | 38.84M | 25.3M | 27.22M | 26.3M | 33.46M | 39.9M | 44.08M | 54.4M | 59.93M | 62.53M | 74.41M | 69.67M | 39.77M | 30.9M | 22.86M | 14.04M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 3.92% | 4.8% | 5.94% | 3.88% | 5.41% | 4.9% | 5.14% | 9.47% | 8.65% | 12.77% | 9.35% | 7.09% | 8.48% | 8.09% | 5.4% | 6.98% | 8.24% | 7.65% | 7.04% | 6.31% | 6.28% | 6.4% | 3.71% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.38M | 1.96M | 767K | 1.66M | 536K | -85K | 659K | 711K | 412K | 918K | 1.38M | 1.99M | 3.65M | 3.28M | 0 | 5.15M | 6.26M | 3.28M | 1.09M | 1.25M | 1.54M | -3.5K | 3.86M | 83.25M | -313.15M | -229.16M | -211.26M | 0 |
| Operating Income | 101.62M | 110M | 153.33M | 95.71M | 71.16M | 55.13M | 67.12M | 58.8M | 29.98M | 13.41M | 3.92M | 2.84M | 11.6M | -2.68M | -16.02M | -390K | -10.83M | 73.47M | 105.39M | 92.4M | 51.13M | 49.43M | 9.44M | -41.14M | 31.04M | 20.19M | 36.01M | 181.16M |
| Operating Margin % | 8.04% | 8.57% | 13.15% | 10% | 9.25% | 8.43% | 13.47% | 8.18% | 7.31% | 4.58% | 1.84% | 1.01% | 2.46% | -0.57% | -2.94% | -0.04% | -1.26% | 9.68% | 10.84% | 9.34% | 8.12% | 10.04% | 2.64% | -10.87% | 9.02% | 8.1% | 14.56% | 100% |
| Operating Income Growth % | - | -28.26% | 60.2% | 34.51% | 29.08% | -17.87% | 14.16% | 96.12% | 123.61% | 241.75% | 38.28% | -75.54% | 532.31% | 83.26% | -4008.46% | 96.4% | -114.74% | -30.29% | 14.06% | 80.73% | 3.43% | 423.58% | 122.95% | -232.56% | 53.72% | -43.93% | -80.12% | - |
| EBITDA | 315.31M | 327.24M | 320.01M | 227.03M | 190.43M | 163.14M | 155.9M | 161.09M | 87.08M | 57.51M | 46.41M | 44.87M | 58.17M | 37.08M | 25.39M | 54.21M | 32.15M | 117.83M | 144.58M | 130.93M | 86.18M | 75.22M | 33.57M | -14.97M | 344.19M | 249.35M | 247.27M | 181.16M |
| EBITDA Margin % | 24.96% | 25.48% | 27.45% | 23.72% | 24.75% | 24.94% | 31.28% | 22.4% | 21.24% | 19.66% | 21.77% | 15.95% | 12.33% | 7.88% | 4.66% | 5.39% | 3.75% | 15.53% | 14.87% | 13.23% | 13.68% | 15.28% | 9.4% | -3.96% | 100% | 100% | 100% | 100% |
| EBITDA Growth % | -5.4% | 2.26% | 40.95% | 19.22% | 16.72% | 4.64% | -3.22% | 84.99% | 51.43% | 23.92% | 3.43% | -22.87% | 56.87% | 46.04% | -53.16% | 68.62% | -72.71% | -18.5% | 10.43% | 51.93% | 14.56% | 124.07% | 324.2% | -104.35% | 38.03% | 0.84% | 36.49% | - |
| D&A (Non-Cash Add-back) | 213.69M | 217.23M | 166.68M | 131.32M | 119.27M | 108.02M | 88.78M | 102.29M | 57.1M | 44.1M | 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 | 313.15M | 229.16M | 211.26M | 0 |
| EBIT | 110.55M | 112.62M | 116.38M | 121.28M | 107.91M | 78.72M | 78.22M | 60.75M | 29.64M | 13.55M | 4.91M | 477K | 9.91M | -6.5M | -15.01M | 1.53M | -13.91M | 67.98M | -90.89M | 129.13M | 82.16M | 71.15M | 9.94M | 28.83M | 344.19M | 249.35M | 247.27M | 181.16M |
| Net Interest Income | -60.67M | -55.98M | -59.34M | -36.95M | -23.44M | -17.97M | -14.64M | -16.67M | -8.58M | -6.94M | -5.78M | -9.88M | -12.23M | -21.7M | 23.54M | -22.15M | -22.53M | -26.08M | -29.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 163K | -3M | 0 | 24K | 62K | 142.07K | 82.51K | 175K | 144K | 194K | 142K | 0 | 276K | 23.54M | -1.59M | -1.61M | 0 | 5.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60.67M | 56.15M | 56.34M | 36.95M | 23.49M | 18.03M | 14.79M | 16.76M | 8.22M | 6.29M | 5.41M | 8.06M | 10.64M | 17.65M | 0 | 30.32M | 29.99M | 26.08M | 32.22M | 80.36M | 60.52M | 93.53M | 54.44M | 0 | 25.17M | 19.27M | 32.25M | 179.81M |
| Other Income/Expense | -45.74M | -53.53M | -93.3M | -9.75M | 13.29M | 5.57M | -6.65M | -21.59M | -8.56M | -6.94M | -4.42M | -10.42M | -12.33M | -21.47M | -21.12M | -19.82M | -22.91M | -31.58M | -226.16M | -35.23M | -32.64M | -70.63M | -54.51M | -64.55M | -11.93M | -17.89M | -39.58M | -166.01M |
| Pretax Income | 55.88M | 56.47M | 60.03M | 85.96M | 84.44M | 60.69M | 60.47M | 37.21M | 21.42M | 6.47M | -494K | -7.58M | -728K | -24.15M | -37.15M | -28.39M | -41.1M | 41.9M | -124.79M | 57.16M | 18.49M | -21.2M | -44.58M | -25.19M | 19.11M | 2.3M | -3.58M | 15.14M |
| Pretax Margin % | 4.42% | 4.4% | 5.15% | 8.98% | 10.97% | 9.28% | 12.13% | 5.17% | 5.22% | 2.21% | -0.23% | -2.7% | -0.15% | -5.13% | -6.82% | -2.82% | -4.79% | 5.52% | -12.83% | 5.78% | 2.93% | -4.31% | -12.48% | -6.65% | 5.55% | 0.92% | -1.45% | 8.36% |
| Income Tax | 22.64M | 22.64M | 15.95M | 22.82M | 17.07M | 9.29M | 11.26M | 2.86M | 6.1M | 1.2M | -49K | -114K | -31K | -6.1M | -8.84M | -7.22M | -6.45M | 13.68M | 14.72M | 17.38M | -2.59M | 736.8K | -2.26M | -9.49M | 6.62M | 689K | -3.67M | 6.9M |
| Effective Tax Rate % | 40.52% | 40.09% | 26.57% | 26.55% | 20.22% | 15.3% | 18.63% | 7.68% | 28.46% | 18.61% | 9.92% | 1.5% | 4.26% | 25.27% | 23.79% | 25.45% | 15.69% | 32.65% | -11.8% | 30.4% | -14.03% | -3.48% | 5.08% | 37.68% | 34.64% | 29.98% | 102.57% | 45.55% |
| Net Income | 33.24M | 33.83M | 44.09M | 63.14M | 67.37M | 51.41M | 49.21M | 36.88M | 15.29M | 5.26M | -445K | -7.47M | -1.17M | 69.18M | -1.46M | -21.16M | -34.65M | 28.22M | -139.51M | 39.78M | 21.08M | -21.94M | -42.31M | -15.7M | 12.49M | 1.61M | 92K | 8.24M |
| Net Margin % | 2.63% | 2.63% | 3.78% | 6.6% | 8.75% | 7.86% | 9.87% | 5.13% | 3.73% | 1.8% | -0.21% | -2.66% | -0.25% | 14.7% | -0.27% | -2.1% | -4.04% | 3.72% | -14.35% | 4.02% | 3.35% | -4.46% | -11.84% | -4.15% | 3.63% | 0.65% | 0.04% | 4.55% |
| Net Income Growth % | -15.58% | -23.25% | -30.18% | -6.28% | 31.05% | 4.47% | 33.43% | 141.25% | 190.39% | 1282.92% | 94.04% | -539.01% | -101.69% | 4828.91% | 93.09% | 38.93% | -222.79% | 120.23% | -450.68% | 88.73% | 196.09% | 48.16% | -169.56% | -225.69% | 676.2% | 1648.91% | -98.88% | - |
| Net Income (Continuing) | 33.24M | 33.83M | 44.09M | 63.14M | 67.37M | 51.41M | 49.21M | 34.35M | 15.32M | 5.26M | -445K | -7.47M | -697K | -18.05M | -28.31M | -21.25M | -31.93M | 28.22M | -139.51M | 39.78M | 21.08M | -21.94M | -42.31M | -23.42M | 12.49M | 1.61M | 92K | 8.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 494K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.17 | 1.14 | 1.52 | 1.91 | 2.15 | 1.64 | 1.60 | 1.12 | 0.49 | 0.18 | -0.01 | -0.23 | -0.03 | 1.89 | -0.04 | -0.58 | -0.96 | 0.77 | -3.87 | 1.08 | 0.83 | -1.18 | -1.57 | -0.58 | 0.46 | 0.06 | 0.00 | 0.31 |
| EPS Growth % | -15.16% | -25% | -20.42% | -11.16% | 31.1% | 2.5% | 42.86% | 128.57% | 172.22% | 1308.05% | 93.52% | -588.62% | -101.77% | 4778.22% | 93.03% | 39.58% | -224.68% | 119.9% | -458.33% | 30.12% | 170.34% | 24.84% | -170.69% | -226.09% | 671.81% | - | -98.9% | - |
| EPS (Basic) | - | 1.18 | 1.65 | 2.09 | 2.46 | 1.81 | 1.75 | 1.45 | 0.49 | 0.20 | -0.01 | -0.23 | -0.03 | 1.91 | -0.04 | -0.58 | -0.96 | 0.78 | -3.87 | 1.11 | 0.87 | -1.18 | -2.27 | -0.84 | 0.67 | 0.09 | 0.00 | 0.44 |
| Diluted Shares Outstanding | 28.5M | 32.27M | 33.05M | 33.03M | 34.01M | 33.95M | 32.3M | 32.84M | 31.43M | 29.61M | 29.97M | 32.76M | 35.01M | 36.61M | 36.25M | 36.25M | 36.12M | 36.72M | 36.02M | 36.92M | 25.44M | 26.57M | 26.99M | 26.99M | 26.99M | 26.99M | 26.99M | 26.99M |
| Basic Shares Outstanding | 27.63M | 28.66M | 29.85M | 30.19M | 34.01M | 33.95M | 30.82M | 32.84M | 31.43M | 26.7M | 29.97M | 32.48M | 34.85M | 36.27M | 36.25M | 36.25M | 36.12M | 36.04M | 36.02M | 35.79M | 24.35M | 18.57M | 18.63M | 18.63M | 18.63M | 18.63M | 18.63M | 18.63M |
| Dividend Payout Ratio | - | 39.55% | 24.14% | 15.89% | 11.54% | 8.6% | 6.97% | 6.88% | 13.12% | 41.51% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational margin volatility
According to the provided quarterly income statements, NOA's revenue growth has turned negative, with a 6.1% year-over-year decline in 2026Q1, contrasting sharply with the 47.3% growth spike observed in 2024Q3, suggesting that the company's project-based revenue model is currently experiencing significant volatility in its core markets.
The transition from double-digit growth in 2024 to contraction in early 2026 indicates that the company's reliance on large-scale mining and construction projects is highly sensitive to project timing and regional demand. Investors should monitor whether this deceleration reflects a broader slowdown in oil sands activity or merely the lumpy nature of multi-year master service agreements.
As reported in financial statements, NOA's gross margin has compressed from a peak of 22.7% in 2024Q3 to 13.2% in 2026Q1, highlighting the difficulty of maintaining profitability in a capital-intensive environment where fleet maintenance and labor costs appear to be outpacing the company's ability to pass through price increases.
The significant erosion in gross margins suggests that the company's internal rebuild infrastructure may be struggling to offset inflationary pressures on parts and skilled labor. This trend warrants further investigation into whether the current margin profile is a temporary byproduct of project mix or a more permanent shift in the competitive bidding environment.
Based on the income statement data, operating income has failed to scale consistently with revenue, as evidenced by the 2026Q1 operating margin of 6.8% compared to the 18.8% achieved in 2024Q3, suggesting that the company's high fixed-cost structure is currently acting as a drag on profitability during revenue downturns.
The inability to maintain operating margins during periods of revenue contraction implies that the company's overhead and fleet-related depreciation are not sufficiently flexible to adjust to lower activity levels. This lack of operating leverage may expose the company to significant earnings volatility if project volumes do not recover in the near term.
Analysis of the reported figures reveals that net income has fluctuated wildly, dropping to near-zero levels in 2025Q4 before recovering slightly, which suggests that non-operating items or project-specific accounting adjustments are creating significant noise that may mask the true underlying cash-generating capability of the business.
The extreme variance in EPS, ranging from $0.00 to $0.58 over the last ten quarters, indicates that investors should be cautious when relying on net income as a proxy for operational health. The impact of stock-based compensation and potential catch-up adjustments on percentage-of-completion accounting appears to be a material factor in these earnings swings.
Quick answers to the most common questions about buying NOA stock.
For fiscal year 2025, North American Construction Group Ltd. (NOA) reported total revenue of $1.28B. This represents a 608.9% increase compared to $181.2M in 1999.
North American Construction Group Ltd. (NOA) is profitable, generating $33.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.6%.
North American Construction Group Ltd. (NOA) reported an operating income of $110.0M, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
North American Construction Group Ltd. (NOA) generated $162.3M in gross profit for the year, representing a gross profit margin of 12.6%. This demonstrates the company's core pricing power and production efficiency.