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North American Construction Group Ltd.

NOA Clue Score47
Alberta, Canada Fiscal year ends December CIK 0001368519
$11.80 -0.67% Close, 9 Oct 2026
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Price $11.80 −23.67% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue213.2Operating income3.9Net income−0.4EPS, diluted−0.01Fiscal year 2017Revenue292.6 +37.2%Operating income13.4Net income5.3EPS, diluted0.18Fiscal year 2018Revenue410.1 +40.2%Operating income30.0Net income15.3 +190.4%EPS, diluted0.54 +200.0%Fiscal year 2019Revenue719.1 +75.4%Operating income58.8Net income36.9 +141.3%EPS, diluted1.23 +127.8%Fiscal year 2020Revenue498.5 −30.7%Operating income67.1Net income49.2 +33.4%EPS, diluted1.60 +30.1%Fiscal year 2021Revenue654.1 +31.2%Operating income55.1Net income51.4 +4.5%EPS, diluted1.64 +2.5%Fiscal year 2022Revenue769.5 +17.6%Operating income71.2Net income67.4 +31.1%EPS, diluted2.15 +31.1%Fiscal year 2023Revenue964.7 +25.4%Operating income96.3Net income63.1 −6.3%EPS, diluted2.09 −2.8%Fiscal year 2024Revenue1,165.8 +20.8%Operating income153.3Net income44.0 −30.3%EPS, diluted1.51 −27.8%Fiscal year 2025Revenue1,284.3 +10.2%Operating income109.2Net income33.8 −23.1%EPS, diluted1.14 −24.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 213.2 292.6 410.1 719.1 498.5 654.1 769.5 964.7 1,165.8 1,284.3
Growth +37.2% +40.2% +75.4% −30.7% +31.2% +17.6% +25.4% +20.8% +10.2%
Operating income 3.9 13.4 30.0 58.8 67.1 55.1 71.2 96.3 153.3 109.2
Net income −0.4 5.3 15.3 36.9 49.2 51.4 67.4 63.1 44.0 33.8
Growth +190.4% +141.3% +33.4% +4.5% +31.1% −6.3% −30.3% −23.1%
EPS, diluted −0.01 0.18 0.54 1.23 1.60 1.64 2.15 2.09 1.51 1.14
Growth +200.0% +127.8% +30.1% +2.5% +31.1% −2.8% −27.8% −24.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin15.2%Operating margin1.8%Net margin−0.2%Free cash flow margin6.0%Fiscal year 2017Gross margin13.6%Operating margin4.6%Net margin1.8%Free cash flow margin−1.4%Fiscal year 2018Gross margin16.8%Operating margin7.3%Net margin3.7%Free cash flow margin6.9%Fiscal year 2019Gross margin13.4%Operating margin8.2%Net margin5.1%Free cash flow margin0.1%Fiscal year 2020Gross margin18.5%Operating margin13.5%Net margin9.9%Free cash flow margin5.9%Fiscal year 2021Gross margin13.8%Operating margin8.4%Net margin7.9%Free cash flow margin8.0%Fiscal year 2022Gross margin13.2%Operating margin9.2%Net margin8.8%Free cash flow margin7.5%Fiscal year 2023Gross margin16.1%Operating margin10.0%Net margin6.5%Free cash flow margin7.8%Fiscal year 2024Gross margin18.0%Operating margin13.1%Net margin3.8%Free cash flow margin−5.4%Fiscal year 2025Gross margin12.6%Operating margin8.5%Net margin2.6%Free cash flow margin−1.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 15.2% 13.6% 16.8% 13.4% 18.5% 13.8% 13.2% 16.1% 18.0% 12.6%
Operating margin 1.8% 4.6% 7.3% 8.2% 13.5% 8.4% 9.2% 10.0% 13.1% 8.5%
Net margin −0.2% 1.8% 3.7% 5.1% 9.9% 7.9% 8.8% 6.5% 3.8% 2.6%
Free cash flow margin 6.0% −1.4% 6.9% 0.1% 5.9% 8.0% 7.5% 7.8% −5.4% −1.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow39.8Capital expenditure−27.1Free cash flow12.8Buybacks−9.2Dividends paid−1.8Fiscal year 2017Operating cash flow49.7Capital expenditure−53.8Free cash flow−4.1 −131.9%Buybacks−15.0Dividends paid−2.2Fiscal year 2018Operating cash flow109.4Capital expenditure−81.1Free cash flow28.3Buybacks−9.5Dividends paid−2.0Fiscal year 2019Operating cash flow157.9Capital expenditure−157.0Free cash flow0.9 −96.8%Buybacks0.0Dividends paid−2.5Fiscal year 2020Operating cash flow146.6Capital expenditure−117.1Free cash flow29.5 +3,111.4%Buybacks−9.1Dividends paid−4.4Fiscal year 2021Operating cash flow165.2Capital expenditure−112.6Free cash flow52.6 +78.5%Buybacks−16.5Dividends paid−4.4Fiscal year 2022Operating cash flow169.2Capital expenditure−111.5Free cash flow57.7 +9.7%Buybacks−34.1Dividends paid−7.8Fiscal year 2023Operating cash flow278.1Capital expenditure−202.8Free cash flow75.3 +30.5%Buybacks0.0Dividends paid−10.0Fiscal year 2024Operating cash flow241.2Capital expenditure−303.8Free cash flow−62.5 −183.1%Buybacks−4.3Dividends paid−10.6Fiscal year 2025Operating cash flow264.1Capital expenditure−281.1Free cash flow−17.0Buybacks−38.4Dividends paid−13.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 39.8 49.7 109.4 157.9 146.6 165.2 169.2 278.1 241.2 264.1
Capital expenditure −27.1 −53.8 −81.1 −157.0 −117.1 −112.6 −111.5 −202.8 −303.8 −281.1
Free cash flow 12.8 −4.1 28.3 0.9 29.5 52.6 57.7 75.3 −62.5 −17.0
Growth −131.9% −96.8% +3,111.4% +78.5% +9.7% +30.5% −183.1%
Buybacks −9.2 −15.0 −9.5 0.0 −9.1 −16.5 −34.1 0.0 −4.3 −38.4
Dividends paid −1.8 −2.2 −2.0 −2.5 −4.4 −4.4 −7.8 −10.0 −10.6 −13.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash13.7Total debt39.4Net cash (debt)−25.8Shareholders’ equity159.0Debt to equity0.25Fiscal year 2017Cash8.2Total debt70.1Net cash (debt)−61.9Shareholders’ equity145.9Debt to equity0.48Fiscal year 2018Cash19.5Total debt296.0Net cash (debt)−276.5Shareholders’ equity149.7Debt to equity1.98Fiscal year 2019Cash5.5Total debt332.0Net cash (debt)−326.4Shareholders’ equity180.1Debt to equity1.84Fiscal year 2020Cash43.4Total debt357.7Net cash (debt)−314.2Shareholders’ equity248.4Debt to equity1.44Fiscal year 2021Cash16.6Total debt325.7Net cash (debt)−309.1Shareholders’ equity278.5Debt to equity1.17Fiscal year 2022Cash69.1Total debt378.7Net cash (debt)−309.6Shareholders’ equity305.9Debt to equity1.24Fiscal year 2023Cash88.6Shareholders’ equity356.9Fiscal year 2024Cash77.9Shareholders’ equity389.0Fiscal year 2025Cash100.1Shareholders’ equity456.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 13.7 8.2 19.5 5.5 43.4 16.6 69.1 88.6 77.9 100.1
Total debt 39.4 70.1 296.0 332.0 357.7 325.7 378.7 n/a n/a n/a
Net cash (debt) −25.8 −61.9 −276.5 −326.4 −314.2 −309.1 −309.6 n/a n/a n/a
Shareholders’ equity 159.0 145.9 149.7 180.1 248.4 278.5 305.9 356.9 389.0 456.6
Debt to equity 0.25 0.48 1.98 1.84 1.44 1.17 1.24 n/a n/a n/a

In millions of CAD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CAD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
13.7 8.2 19.5 5.5 43.4 16.6 69.1 88.6 77.9 100.1
39.3 45.7 68.5 45.8 23.7 52.2 40.0 65.7 70.2 54.9
3.4 4.8 13.4 21.6 19.2 44.5 49.9 65.0 69.0 75.7
256.5 278.6 528.2 n/a 516.3 540.8 568.6 1,076.4 1,183.7 1,265.3
n/a n/a n/a n/a n/a 0.5 0.5 0.5 0.5 0.5
350.1 383.6 689.8 792.7 839.1 869.3 979.5 1,546.5 1,694.5 1,819.8
Growth +9.6% +79.8% +14.9% +5.9% +3.6% +12.7% +57.9% +9.6% +7.4%
Liabilities
8.2 0.0 30.0 18.5 16.3 19.7 20.6 n/a n/a n/a
31.3 70.1 266.0 313.4 341.4 306.0 358.1 n/a n/a n/a
calc 39.4 70.1 296.0 332.0 357.7 325.7 378.7 n/a n/a n/a
191.1 237.7 539.6 612.5 590.6 590.8 673.6 1,189.8 1,305.5 1,363.1
Equity
−130.3 −127.2 −113.9 −79.9 −35.2 11.9 70.5 123.0 156.3 176.5
159.0 145.9 149.7 180.1 248.4 278.5 305.9 356.9 389.0 456.6
Growth −8.2% +2.6% +20.3% +37.9% +12.1% +9.9% +16.7% +9.0% +17.4%
Per share and net cash
calc −25.8 −61.9 −276.5 −326.4 −314.2 −309.1 −309.6 n/a n/a n/a
30.5 28.1 27.1 27.5 31.0 30.0 27.8 27.8 27.7 28.8
calc 5.21 5.20 5.53 6.55 8.01 9.28 10.99 12.82 14.04 15.84

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CAD as filed; the screener converts to dollars.