NOANYSEOil & Gas Field Services, NECFiscal year ends December 31
North American Construction Group Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 12, 2026
$11.43−0.16 (-1.38%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
12.6%−5.9 pts over 5 years
Operating margin
8.5%−5.0 pts over 5 years
Net margin
2.6%−7.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.2% | +18.6% | +20.8% | +16.4% | |
| Gross profit | -22.7% | +16.9% | +12.0% | +17.7% | |
| Operating income | -28.8% | +15.3% | +10.2% | +44.1% | |
| Net income | -23.1% | -20.5% | -7.2% | – | |
| EPS, diluted | -24.5% | -19.1% | -6.6% | – | |
| Dividend per share | +14.3% | +14.5% | +24.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -0.3% | 23.0% | 8.0% | |
| Return on assets | -0.1% | 6.0% | 1.9% | |
| Current ratio | 1.01 | 1.09 | 0.88 | |
| Debt to equity | 0.25 | 1.44 | 1.99 | |
| Net debt to EBITDA | 0.58× | – | – | |
| Interest coverage | 0.7× | 3.6× | 1.9× | |
| Inventory turnover | 60.2× | 19.9× | 15.5× | |
| Capex to revenue | 12.7% | 23.5% | 21.9% | |
| Diluted shares | 30M | 32M | 32M |
Where the cash went
Fiscal 2021 to 2025, five years combined
North American Construction generated C$1.12B from operations and spent C$1.15B on capital expenditure, dividends and share buybacks. 88% of that went back into the business.
Generated
C$1.12B
Used
C$1.15B
Capital expenditureC$1.01B88%DividendsC$46.27M4%Share buybacksC$93.41M8%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.6%
×Asset turnover0.73×
×Equity multiplier4.16×
=Return on equity, FY20258.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.6% | 0.73× | 4.16× | 8.0% |
| FY2024 | 3.8% | 0.72× | 4.34× | 11.8% |
| FY2023 | 6.5% | 0.76× | 3.81× | 19.1% |
| FY2022 | 8.8% | 0.83× | 3.16× | 23.1% |
| FY2021 | 7.9% | 0.77× | 3.24× | 19.5% |
| FY2020 | 9.9% | 0.61× | 3.81× | 23.0% |
| FY2019 | 5.1% | 0.97× | 4.49× | 22.4% |
| FY2018 | 3.7% | 0.76× | 3.63× | 10.3% |
| FY2017 | 1.8% | 0.80× | 2.41× | 3.5% |
| FY2016 | -0.2% | 0.60× | 2.15× | -0.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroC$33.83M
- Cash generatingOperating cash flow above zeroC$264.09M
- Return on assets improvedROA up on the prior year2.8% → 2.0%
- Earnings backed by cashOperating cash flow above net incomeC$264.09M vs C$33.83M
- Less leverageLong-term debt to assets fell42.5% → 41.2%
- Better liquidityCurrent ratio rose1.03 → 0.88
- No dilutionShare count did not rise33M → 32M
- Gross margin improvedGross margin up on the prior year18.01% → 12.64%
- More efficientAsset turnover rose0.75 → 0.76