NOA

MKT CAP:$420M

North American Construction Group Ltd.

Market Cap

$420M

Energy·Oil & Gas Equipment & Services·🇨🇦 Canada·NYSE

Energy·Oil & Gas Equipment & Services·🇨🇦·NYSE

Stock Price

$14.41-$0.28 (-1.87%)

Apr 24, 2026

Company Details

North 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 review...

CEO

Barry Wade Palmer

IPO Date

Nov 22, 2006

Website

nacg.ca

Key Metrics TTM

Revenue

$938M

+10.1% YoY

Net Income

$25M

EPS (Diluted)

$0.81

Free Cash Flow

-$16M

Revenue / Share

$33.23

Gross Margin

12.6%

Operating Margin

8.6%

Net Margin

2.6%

FCF Margin

-1.7%

P/S

0.4x

P/E

17.0x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 11, 2026

$938M+10.1%EPS $0.83

Q4 2025

Mar 11, 2026

$223M-0.1%EPS $0.00

Q3 2025

Nov 12, 2025

$232M+10.6%EPS $0.41

Q2 2025

Aug 13, 2025

$234M+16.0%EPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$121M	$16M	$11M
Q1 22	$129M	$16M	$11M
Q3 22	$140M	$18M	$13M
Q4 22	$171M	$31M	$23M
Q1 23	$179M	$30M	$19M
Q2 23	$143M	$16M	$8M
Q3 23	$142M	$19M	$10M
Q4 23	$238M	$48M	$33M
Q1 24	$217M	$39M	$28M
Q2 24	$202M	$37M	$29M
Q3 24	$210M	$48M	$39M
Q4 24	$223M	$31M	$16M
Q1 25	$249M	$28M	$22M
Q2 25	$234M	$26M	$17M
Q3 25	$232M	$36M	$26M
Q4 25	$223M	$28M	$16M

Valuation

Quarter	P/S	P/E
Q3 21	1.2x	13.1x
Q1 22	1.3x	16.2x
Q3 22	0.7x	8.1x
Q4 22	0.8x	8.5x
Q1 23	0.9x	9.6x
Q2 23	1.0x	10.8x
Q3 23	0.9x	11.0x
Q4 23	0.8x	11.8x
Q1 24	0.8x	15.6x
Q2 24	0.7x	14.2x
Q3 24	0.6x	13.3x
Q4 24	0.8x	19.6x
Q1 25	0.5x	16.4x
Q2 25	0.5x	18.6x
Q3 25	0.4x	14.7x
Q4 25	0.4x	16.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$24M	$3M
Q1 22	$18M	-$2M
Q3 22	$23M	-$303.3K
Q4 22	$57M	$36M
Q1 23	$23M	-$3M
Q2 23	$29M	$1M
Q3 23	$27M	-$1M
Q4 23	$118M	$52M
Q1 24	$14M	-$42M
Q2 24	$49M	-$11M
Q3 24	$35M	-$12M
Q4 24	$72M	$16M
Q1 25	$38M	-$31M
Q2 25	$47M	-$8M
Q3 25	$67M	$18M
Q4 25	$39M	$5M

Capital Expenditures

Quarter	CapEx
Q3 21	$21M
Q1 22	$20M
Q3 22	$23M
Q4 22	$21M
Q1 23	$27M
Q2 23	$28M
Q3 23	$29M
Q4 23	$65M
Q1 24	$56M
Q2 24	$59M
Q3 24	$47M
Q4 24	$56M
Q1 25	$69M
Q2 25	$55M
Q3 25	$49M
Q4 25	$34M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-16.5%	-9.0%
Q1 22	+149.7%	+186.7%
Q3 22	+104.5%	+106.7%
Q4 22	+70.7%	+61.6%
Q1 23	+47.2%	+44.2%
Q2 23	+10.5%	+14.8%
Q3 23	+1.8%	+4.0%
Q4 23	+39.8%	+39.0%
Q1 24	+21.6%	+18.3%
Q2 24	+41.6%	+28.2%
Q3 24	+47.3%	+29.0%
Q4 24	-6.3%	+0.9%
Q1 25	+14.7%	+20.0%
Q2 25	+16.0%	+25.7%
Q3 25	+10.6%	+20.8%
Q4 25	-0.1%	+0.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	-$45.3K	-0.0%
Q1 22	$933.2K	0.7%
Q3 22	$319.4K	0.2%
Q4 22	$4M	2.1%
Q1 23	$4M	2.4%
Q2 23	$4M	2.5%
Q3 23	$4M	2.6%
Q4 23	-$362.5K	-0.2%
Q1 24	$3M	1.2%
Q2 24	-$1M	-0.7%
Q3 24	$973.4K	0.5%
Q4 24	$4M	1.8%
Q1 25	-$2M	-1.0%
Q2 25	$704.5K	0.3%
Q3 25	-$114.0K	-0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$5M
Q1 22	$5M
Q3 22	$5M
Q4 22	$8M
Q1 23	$10M
Q2 23	$9M
Q3 23	$9M
Q4 23	$13M
Q1 24	$11M
Q2 24	$8M
Q3 24	$8M
Q4 24	$14M
Q1 25	$6M
Q2 25	$9M
Q3 25	$9M
Q4 25	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$9M	$0	$9M
Q3 22	$12M	$0	$12M
Q4 22	$51M	$0	$51M
Q1 23	$11M	$0	$11M
Q2 23	$16M	$0	$16M
Q3 23	$30M	$0	$30M
Q4 23	$65M	$0	$65M
Q1 24	$43M	$0	$43M
Q2 24	$36M	$0	$36M
Q3 24	$57M	$0	$57M
Q4 24	$57M	$0	$57M
Q1 25	$57M	$0	$57M
Q2 25	$58M	$0	$58M
Q3 25	$53M	$0	$53M
Q4 25	$73M	$0	$73M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	35M	+8.8%	+5.8%
Q1 22	35M	-0.2%	+6.0%
Q3 22	33M	-5.0%	+7.4%
Q4 22	33M	0.0%	+3.0%
Q1 23	33M	-1.2%	-6.4%
Q2 23	33M	+0.2%	-6.0%
Q3 23	33M	0.0%	-1.0%
Q4 23	33M	+0.1%	-1.0%
Q1 24	33M	0.0%	+0.3%
Q2 24	33M	0.0%	+0.1%
Q3 24	33M	+0.2%	+0.2%
Q4 24	33M	0.0%	+0.2%
Q1 25	29M	-12.8%	-12.6%
Q2 25	33M	+12.8%	-1.4%
Q3 25	32M	-0.9%	-2.4%
Q4 25	28M	-12.5%	-14.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$134.8K	900
Q1 22	$143.5K	900
Q3 22	$155.4K	900
Q4 22	$189.5K	900
Q1 23	$198.4K	900
Q2 23	$158.5K	900
Q3 23	$158.1K	900
Q4 23	$264.9K	900
Q1 24	$241.2K	900
Q2 24	$224.4K	900
Q3 24	$232.9K	900
Q4 24	$248.1K	900
Q1 25	$276.7K	900
Q2 25	$260.3K	900
Q3 25	$257.6K	900
Q4 25	$247.9K	900

Revenue / Employee