North American Construction Group Ltd.
- Open
- 13.16
- Day high
- 13.47
- Day low
- 13.16
- Prev close
- 13.13
- Volume
- 55K
- Mkt cap
- $360M
- P/E (TTM)
- 16.4
- EPS (TTM)
- $0.82
- P/B
- 1.0
- P/S
- 0.4
- Yield
- 2.58%
- Per share
- $0.34
North American Construction Group Ltd. (NOA) is a Energy company listed on NYSE. The stock is down 3% over the past year. Drillr has 1 published research article covering NOA.
North American Construction Group Ltd. (NOA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NOA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $0.23 | $0.23 | +0.0% | $282M | +14.4% |
| May 14, 2026 | $0.32 | $0.14 | -55.2% | $229M | -5.2% |
| Mar 12, 2026 | $0.47 | $-0.10 | -121.4% | $222M | -8.3% |
| Nov 12, 2025 | $0.51 | $0.49 | -3.0% | $227M | +2.0% |
| Aug 13, 2025 | $0.59 | $0.01 | -98.3% | $235M | -1.3% |
| May 14, 2025 | $0.52 | $0.36 | -30.8% | $239M | +11.1% |
| Mar 19, 2025 | $0.73 | $0.71 | -2.7% | $212M | -0.4% |
| Oct 30, 2024 | $0.84 | $0.85 | +1.2% | $212M | -4.9% |
| Jul 31, 2024 | $0.65 | $0.57 | -12.3% | $202M | +30.1% |
| May 1, 2024 | $0.62 | $0.58 | -6.5% | $219M | -8.5% |
| Mar 13, 2024 | $0.74 | $0.64 | -13.0% | $246M | +35.3% |
| Nov 1, 2023 | $0.40 | $0.39 | -1.8% | $144M | -8.1% |
NOA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Nov 5, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 10,830 | $11.47 |
| Nov 5, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 71,087 | $11.42 |
| Oct 9, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 99,854 | $11.04 |
| Oct 9, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 9,692 | $11.75 |
| Oct 9, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 146,085 | $12.28 |
| Oct 9, 2018 | CANNELL CAPITAL LLC10 percent owner | Sell | 3,250 | $12.56 |
| Apr 4, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 120 | $5.22 |
| Apr 4, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 10,000 | $5.16 |
| Mar 29, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 1,700 | $5.21 |
| Mar 29, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 17,300 | $5.25 |
| Mar 26, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 2,057 | $5.22 |
| Mar 26, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 300 | $5.26 |
| Mar 21, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 1,500 | $5.20 |
| Mar 19, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 16,772 | $5.33 |
| Mar 19, 2018 | CANNELL CAPITAL LLC10 percent owner | Buy | 24,173 | $5.24 |
Source: NOA SEC Form 4 filings, latest Nov 5, 2018. For informational purposes only — not investment advice.
See the full NOA insider & 13F page →North American Construction Group Ltd. company profile
Overview
North American Construction Group Ltd. (TSX:NOA) is a Canadian heavy construction and mining services company founded in 1953 and headquartered in Acheson, Alberta. Originally established as North American Energy Partners Inc., the company rebranded in 2018 to reflect its expanded scope beyond energy sector services. The company has grown significantly through strategic acquisitions, including the 2023 purchase of Australia's MacKellar Group, transforming it into a major North American and Australian heavy construction contractor. Today, NOA operates one of the largest heavy equipment fleets in North America with over 630 units, serving resource development and industrial construction sectors across Canada, the United States, and Australia.
Business
North American Construction Group operates in the heavy construction and mining services industry, providing specialized equipment and expertise for large-scale resource extraction and infrastructure projects. The company's operations are divided into two primary business segments that generate distinct revenue streams. The Heavy Construction & Mining division represents the core business, providing comprehensive earthmoving and construction services for mining operations and infrastructure projects. This division offers services including overburden removal (stripping away soil and rock to access mineral deposits), pre-stripping operations that prepare mining sites, site preparation and dewatering, tailings dam construction, road building, and land reclamation. These services are essential for resource extraction companies that need to move massive amounts of earth and rock to access oil sands, coal, iron ore, and other minerals. This division generates approximately 75-80% of total revenue. The Equipment Maintenance Services division provides specialized maintenance and repair services for heavy industrial equipment. This includes major overhauls, component rebuilds, welding and fabrication, parts supply, fuel and lubrication services, and technical support. The division operates both on-site maintenance programs at customer facilities and centralized repair facilities. This segment represents approximately 20-25% of revenue and provides higher-margin, recurring income streams that help stabilize cash flows during cyclical downturns in construction activity. Geographically, the company has evolved into a truly international operation with Australia now contributing approximately 60% of earnings, Canada 30%, and the United States 10% following the MacKellar acquisition.
Revenue model
North American Construction Group generates revenue through multiple complementary business models that provide both project-based and recurring income streams. The company's revenue structure consists of approximately 65% time-and-materials contracts, 20% unit-rate contracts, 10% equipment rental agreements, and 5% fixed-price contracts. The primary revenue driver is equipment and labor services sold to mining companies, oil sands operators, and infrastructure developers. Customers pay for equipment hours, operator time, and materials moved based on contracted rates. Major clients include large resource companies like Suncor, Canadian Natural Resources, and various Australian mining operators who require specialized earthmoving capabilities for their operations. The equipment maintenance services business generates recurring revenue through long-term service agreements and component supply contracts. This division benefits from the installed base of heavy equipment across North America and Australia, providing parts, repairs, and maintenance services to both NOA's own fleet and third-party equipment owners. Several factors influence the company's profitability margins. Positive margin drivers include high equipment utilization rates (targeting 75-85%), diversification across multiple commodities and geographies, long-term contract relationships that provide revenue visibility, and the company's scale advantages in equipment procurement and maintenance. Margin pressures come from commodity price volatility that affects customer capital spending, seasonal weather patterns that limit working days, skilled labor shortages that increase wage costs, fuel price fluctuations, and competitive bidding for new contracts. The company's maintenance services division provides some margin stability during cyclical downturns, as equipment still requires servicing even when new construction activity slows.
Competitive moat
North American Construction Group possesses a moderate competitive moat built primarily on operational scale, specialized expertise, and customer relationships, though the moat faces ongoing challenges from industry dynamics. The company's primary competitive advantages include its substantial heavy equipment fleet of over 630 units, which creates significant barriers to entry due to the high capital requirements for competitors to match this scale. The company has developed deep technical expertise in complex mining and oil sands operations, particularly in harsh northern climates, which is difficult to replicate quickly. Long-term customer relationships provide some competitive protection, as resource companies prefer working with proven contractors who understand their specific operational requirements. The company's maintenance capabilities create switching costs for customers who rely on NOA's parts supply and service expertise. Geographic diversification across Canada, the United States, and Australia reduces dependence on any single market and provides flexibility to redeploy equipment where demand is strongest. However, the moat has notable weaknesses. The heavy construction industry is inherently cyclical and commodity-dependent, making it difficult to maintain pricing power during downturns. The business requires continuous capital investment to maintain and upgrade equipment, creating ongoing cash flow demands. Skilled labor shortages affect the entire industry, limiting NOA's ability to differentiate through workforce capabilities. Competition comes from both large international contractors and regional specialists, with contracts typically awarded through competitive bidding processes that can pressure margins. The company faces potential disruption from automation and autonomous equipment technologies that could reduce labor requirements and change industry dynamics. Additionally, the transition away from fossil fuels could impact demand for oil sands services, though this is partially offset by growing demand for critical minerals mining. Overall, NOA's moat is moderate but requires continuous investment and operational excellence to maintain competitive positioning.
Risks & safety
North American Construction Group presents a moderate margin of safety with manageable debt levels but faces some financial constraints due to capital-intensive operations and cyclical cash flows. • Liquidity and Solvency: Current ratio of 1.05 indicates tight but adequate short-term liquidity. Cash position of $54 million provides limited cushion. Debt-to-equity ratio of 2.12 is elevated but typical for capital-intensive industries. • Valuation Metrics: Trading at P/E of 48x (trailing) and EV/EBITDA of 6.7x, indicating moderate valuation levels. Price-to-book ratio of 2.39 suggests some premium to asset value. • Cash Flow and Profitability: Generated $152 million in operating cash flow for 2024 but negative $47 million free cash flow due to high capital expenditures. EBITDA margin of approximately 24% demonstrates operational profitability. • Other Considerations: Record backlog of $3.5 billion provides revenue visibility. Equipment utilization rates of 82% in Australia and 54% in Canada indicate operational efficiency opportunities. Strong market position in growing Australian mining sector provides geographic diversification benefits.
Recent development
Over the past few years, North American Construction Group has executed a significant strategic transformation focused on geographic diversification and operational optimization. The most pivotal development was the 2023 acquisition of Australia's MacKellar Group, which fundamentally changed the company's geographic profile and made Australia the largest earnings contributor at 60% of total earnings. The company has pursued aggressive diversification beyond oil sands, reducing dependence on Canadian energy sector work while expanding into infrastructure projects. Notable infrastructure initiatives include the major Fargo-Moorhead flood diversion project and pursuit of climate resiliency projects in the United States. Management targets infrastructure work to represent 25% of future business, compared to minimal exposure historically. Operational improvements have centered on fleet utilization optimization, with the company implementing advanced telematics systems across its equipment fleet to improve maintenance scheduling and operational efficiency. The company has set specific utilization targets of 85% for Australia and 75% for Canada, representing significant improvements from historical levels. The company has also focused on expanding its maintenance services capabilities through acquisitions like ML Northern and strategic partnerships such as the parts supply agreement with Finning. This positions NOA to capture more recurring revenue streams and provide comprehensive service offerings to customers. Recent contract wins include a four-year $500 million regional extension in Canadian oil sands and multiple mining projects in Australia, building the record backlog to $3.5 billion and providing strong revenue visibility through 2027.
NOA company profile · for informational purposes only — not investment advice.
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