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North American Construction Group Ltd. (NOA) stock analysis

NOANYSEOil & Gas Field Services, NECFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 12, 2026Score 5/30
$9.46+0.29 (+3.16%)

Close on Nov 11, 2026Market cap $272.65MP/E 11.7Yield 3.60%

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance2Health1Dividend0

Weak5 of 30 checks passed

North American Construction passes 5 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
2/6
Financial health
1/6
Dividend
0/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 18.6% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 29.0% of total debt.

  • Growing faster than the industry

    Revenue grew 10.2% over the last twelve months; the Oil and Gas Field Services median is 4.6%.

  • Return on equity above the industry

    North American Construction's return on equity of 8.0% is above the Oil and Gas Field Services median of 1.2%.

What to watch

  • Return on equity under 15%

    Return on equity was 8.0% over the last twelve months and averaged 16.3% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was 5.5%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 199% of shareholders' equity, above the 40% we consider low.

  • Earnings shrank over 5 years

    Net income shrank 7.2% a year on average over the last five fiscal years.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 18.6% a year over the last three fiscal years.

  • EPS growing under 10% a year

    Diluted EPS grew -19.1% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew -23.1% over the last twelve months, against a 5-year average of -7.2% a year.

  • Growing faster than the industry

    Revenue grew 10.2% over the last twelve months; the Oil and Gas Field Services median is 4.6%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin slipping

    Gross margin was 12.6% over the last twelve months, against 18.0% a year earlier.

Past performance2/6

  • Return on equity under 15%

    Return on equity was 8.0% over the last twelve months and averaged 16.3% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was 5.5%, below the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    North American Construction's return on equity of 8.0% is above the Oil and Gas Field Services median of 1.2%.

  • Earnings shrank over 5 years

    Net income shrank 7.2% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 2.6% over the last twelve months, against a 5-year average of 5.9%.

  • Net margin above the industry

    North American Construction's net margin of 2.6% is above the Oil and Gas Field Services median of 0.9%.

Financial health1/6

  • High debt

    Debt is 199% of shareholders' equity, above the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 144% five years ago to 199%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 29.0% of total debt.

  • Interest not well covered

    Operating income covers interest expense 1.9 times; we look for at least 5.

  • Short-term assets don't cover short-term debts

    Current assets are 0.88 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    North American Construction has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for North American Construction. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$1.46M
Value traded per 1% price move
$731.22K

Downside

Medium risk

Typical loss in a bad month
20.9%
Volatility (annualized)
48%
Sharpe ratio, 1 year
-0.73
Beta to the S&P 500 (5Y)
0.90

Typical bad-month loss, week by week

25%: high

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

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