Overview Dividends

(NOA) North American Construction - Ratings and Ratios

Exchange: NYSE • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA6568111067

Mining Services, Heavy Equipment Rental, Equipment Maintenance

Oil & Gas Equipment & Services
Market Cap in USD: 419m

IPO / Inception: 2006-11-22
Return 12m vs S&P 500: -36.8%

Dividends

Dividend Yield	2.38%
Yield on Cost 5y	3.31%
Yield CAGR 5y	26.37%
Payout Consistency	97.9%
Payout Ratio	24.6%

Risk via 10d forecast
Volatility	38.2%
Value at Risk 5%th	55.6%
Relative Tail Risk	-11.50%

Reward TTM
Sharpe Ratio	-0.58
Alpha	-43.05
CAGR/Max DD	0.09

Character TTM
Hurst Exponent	0.539
Beta	1.002
Beta Downside	1.377

Drawdowns 3y
Max DD	50.44%
Mean DD	19.67%
Median DD	19.08%

Description: NOA North American Construction October 24, 2025

North American Construction Group Ltd. (NYSE: NOA) delivers mining and heavy-civil construction services across Australia, Canada and the United States, operating through three segments: Heavy Equipment – Canada, Heavy Equipment – Australia, and an “Other” segment that includes mine-management and oil-sands support services.

The firm’s core revenue streams stem from heavy-equipment rentals and maintenance for metallurgical and thermal coal mines, as well as for iron-ore, gold and lithium producers. In 2023 the company reported a rental fleet utilization rate of roughly 78 % and an EBITDA margin of 12 %, reflecting steady demand in the resource-development sector. A key macro driver is the ongoing expansion of lithium-ion battery supply chains, which is boosting equipment demand from emerging battery-metal projects.

NOA’s exposure to the Canadian oil-sands market ties its performance to commodity-price cycles and to the pace of capital-expenditure (capex) spending by major producers, which has averaged a 5 % annual growth rate since 2021. For a deeper quantitative assessment of NOA’s valuation relative to peers, the ValueRay platform offers a granular, data-driven dashboard you may find useful.

Piotroski VR‑10 (Strict, 0-10) 5.0

Net Income (38.5m TTM) > 0 and > 6% of Revenue (6% = 77.1m TTM)

FCFTA -0.00 (>2.0%) and ΔFCFTA 0.55pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -2.00% (prev 3.36%; Δ -5.36pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.23 (>3.0%) and CFO 306.5m > Net Income 38.5m (YES >=105%, WARN >=100%)

Net Debt (581.0m) to EBITDA (318.4m) ratio: 1.82 <= 3.0 (WARN <= 3.5)

Current Ratio 0.91 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (32.3m) change vs 12m ago -2.43% (target <= -2.0% for YES)

Gross Margin 12.88% (prev 19.76%; Δ -6.87pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 84.55% (prev 70.04%; Δ 14.51pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 2.00 (EBITDA TTM 318.4m / Interest Expense TTM 54.6m) >= 6 (WARN >= 3)

Altman Z'' 1.03

(A) -0.02 = (Total Current Assets 267.6m - Total Current Liabilities 293.3m) / Total Assets 1.34b

(B) 0.10 = Retained Earnings (Balance) 129.0m / Total Assets 1.34b

(D) 0.34 = Book Value of Equity 343.3m / Total Liabilities 1.01b

Total Rating: 1.03 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 58.11

1. Piotroski 5.0pt

2. FCF Yield -0.52%

3. FCF Margin -0.47%

4. Debt/Equity 1.93

5. Debt/Ebitda 1.82

6. ROIC - WACC (= 0.73)%

7. RoE 9.34%

8. Rev. Trend 88.30%

9. EPS Trend -19.75%

What is the price of NOA shares?

As of December 05, 2025, the stock is trading at USD 14.22 with a total of 87,583 shares traded.
Over the past week, the price has changed by -0.91%, over one month by +0.97%, over three months by +6.21% and over the past year by -27.99%.

Is NOA a buy, sell or hold?

North American Construction has received a consensus analysts rating of 4.67. Therefore, it is recommended to buy NOA.

Strong Buy: 6
Buy: 3
Hold: 0
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the NOA price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	29.3	106.1%
Analysts Target Price	29.3	106.1%
ValueRay Target Price	14.6	2.6%

NOA Fundamental Data Overview December 05, 2025

Market Cap CAD = 587.2m (419.3m USD * 1.4005 USD.CAD)
P/E Trailing = 15.8462
P/E Forward = 7.7459
P/S = 0.3264
P/B = 1.2235
P/EG = 4.82
Beta = 1.165
Revenue TTM = 1.28b CAD
EBIT TTM = 108.9m CAD
EBITDA TTM = 318.4m CAD
Long Term Debt = 746.9m CAD (from longTermDebt, last quarter)
Short Term Debt = 110.6m CAD (from shortTermDebt, last quarter)
Debt = 654.0m CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 581.0m CAD (from netDebt column, last quarter)
Enterprise Value = 1.17b CAD (587.2m + Debt 654.0m - CCE 73.0m)
Interest Coverage Ratio = 2.00 (Ebit TTM 108.9m / Interest Expense TTM 54.6m)
FCF Yield = -0.52% (FCF TTM -6.04m / Enterprise Value 1.17b)
FCF Margin = -0.47% (FCF TTM -6.04m / Revenue TTM 1.28b)
Net Margin = 3.00% (Net Income TTM 38.5m / Revenue TTM 1.28b)
Gross Margin = 12.88% ((Revenue TTM 1.28b - Cost of Revenue TTM 1.12b) / Revenue TTM)
Gross Margin QoQ = 15.67% (prev 11.17%)
Tobins Q-Ratio = 0.87 (Enterprise Value 1.17b / Total Assets 1.34b)
Interest Expense / Debt = 2.22% (Interest Expense 14.5m / Debt 654.0m)
Taxrate = 26.48% (6.23m / 23.5m)
NOPAT = 80.1m (EBIT 108.9m * (1 - 26.48%))
Current Ratio = 0.91 (Total Current Assets 267.6m / Total Current Liabilities 293.3m)
Debt / Equity = 1.93 (Debt 654.0m / totalStockholderEquity, last quarter 338.2m)
Debt / EBITDA = 1.82 (Net Debt 581.0m / EBITDA 318.4m)
Debt / FCF = -96.24 (negative FCF - burning cash) (Net Debt 581.0m / FCF TTM -6.04m)
Total Stockholder Equity = 412.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.87% (Net Income 38.5m / Total Assets 1.34b)
RoE = 9.34% (Net Income TTM 38.5m / Total Stockholder Equity 412.3m)
RoCE = 9.40% (EBIT 108.9m / Capital Employed (Equity 412.3m + L.T.Debt 746.9m))
RoIC = 6.19% (NOPAT 80.1m / Invested Capital 1.29b)
WACC = 5.45% (E(587.2m)/V(1.24b) * Re(9.71%) + D(654.0m)/V(1.24b) * Rd(2.22%) * (1-Tc(0.26)))
Discount Rate = 9.71% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -1.13%
Fair Price DCF = unknown (Cash Flow -6.04m)
EPS Correlation: -19.75 | EPS CAGR: 3.45% | SUE: 0.18 | # QB: 0
Revenue Correlation: 88.30 | Revenue CAGR: 16.14% | SUE: -0.10 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.87 | Chg30d=-0.033 | Revisions Net=+1 | Analysts=4
EPS next Year (2026-12-31): EPS=2.95 | Chg30d=-0.087 | Revisions Net=-3 | Growth EPS=+55.1% | Growth Revenue=+3.1%

Additional Sources for NOA Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle