BDGI Stock Analysis: Badger Infrastructure | TO
Engineering & Construction | TO, Canada | Market Cap: 2.813m CAD | 12M Return: 23.9% | CA0565331026 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.22M
EPS Trend: 98.8%
Qual. Beats: 0
Rev. Trend: 96.3%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 11.8 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Badger Infrastructure Solutions Ltd. (TSX: BDGI) provides non-destructive excavation and related services to utility, construction, industrial, transportation, and other customers in Canada and the United States. Its hydrovac equipment uses pressurized water and vacuum systems to expose underground infrastructure, helping reduce the risk of damage in congested areas.
The company also provides utility locating and mapping, sewer inspection and maintenance, and disaster-response services. Founded in 1992 and headquartered in Calgary, Badger operates in the industrial construction and engineering sector.
- U.S. hydrovac demand and fleet utilization drive revenue growth
- Labor, maintenance and equipment costs pressure operating margins
- Utility infrastructure spending supports safe-excavation demand across North America
| Net Income: 71.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -4.93 > 1.0 |
| NWC/Revenue: 6.80% < 20% (prev 10.62%; Δ -3.83% < -1%) |
| CFO/TA 0.21 > 3% & CFO 187.5m > Net Income 71.8m |
| Net Debt (394.0m) to EBITDA (193.6m): 2.03 < 3 |
| Current Ratio: 1.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (33.7m) vs 12m ago -0.31% < -2% |
| Gross Margin: 23.41% > 18% (prev 29.70%; Δ -6.29% > 0.5%) |
| Asset Turnover: 125.0% > 50% (prev 107.9%; Δ 17.13% > 0%) |
| Interest Coverage Ratio: 5.47 > 6 (EBIT TTM 95.6m / Interest Expense TTM 17.5m) |
| A: 0.08 (Total Current Assets 268.4m - Total Current Liabilities 200.2m) / Total Assets 884.0m |
| B: 0.28 (Retained Earnings 246.0m / Total Assets 884.0m) |
| C: 0.12 (EBIT TTM 95.6m / Avg Total Assets 802.5m) |
| D: 0.54 (Book Value of Equity 311.8m / Total Liabilities 572.2m) |
| Altman-Z'' = 2.79 = A |
| DSRI: 0.92 (Receivables 220.3m/186.0m, Revenue 1.00b/778.2m) |
| GMI: 1.27 (GM 29.70% / 23.41%) |
| AQI: 1.03 (AQ_t 0.04 / AQ_t-1 0.04) |
| SGI: 1.29 (Revenue 1.00b / 778.2m) |
| TATA: -0.13 (NI 71.8m - CFO 187.5m) / TA 884.0m) |
| Beneish M = -2.64 (Cap -4..+1) = A |
As of November 04, 2026, the stock is trading at CAD 90.12 with a total of 211,635 shares traded. Over the past week, the price has changed by +1.69%, over one month by -7.63%, over three months by -5.04% and over the past year by +23.86%.
Current recommended Stop Loss: 83.70 (which is 7.1% or 2 ATR below the current price).
Badger Infrastructure has no consensus analysts rating.
Market Cap USD = 2.01b (2.81b CAD * 0.7147 CAD.USD)
P/E Trailing = 33.2988
P/E Forward = 20.8768
P/S = 3.0873
P/B = 6.7722
Revenue TTM = 1.00b USD
EBIT TTM = 95.6m USD
EBITDA TTM = 193.6m USD
Long Term Debt = 255.2m USD (from longTermDebt, last quarter)
Short Term Debt = 24.3m USD (from shortTermDebt, last quarter)
Debt = 401.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 73.3m
Net Debt = 394.0m USD (calculated: Debt 401.1m - CCE 7.06m)
Enterprise Value = 2.40b USD (2.01b + Debt 401.1m - CCE 7.06m)
Interest Coverage Ratio = 5.47 (Ebit TTM 95.6m / Interest Expense TTM 17.5m)
EV/FCF = 209.9x (Enterprise Value 2.40b / FCF TTM 11.5m)
FCF Yield = 0.48% (FCF TTM 11.5m / Enterprise Value 2.40b)
FCF Margin = 1.14% (FCF TTM 11.5m / Revenue TTM 1.00b)
Net Margin = 7.16% (Net Income TTM 71.8m / Revenue TTM 1.00b)
Gross Margin = 23.41% ((Revenue TTM 1.00b - Cost of Revenue TTM 768.6m) / Revenue TTM)
Gross Margin QoQ = 30.16% (prev 24.53%)
Tobins Q-Ratio = 2.72 (Enterprise Value 2.40b / Total Assets 884.0m)
Interest Expense / Debt = 4.36% (Interest Expense 17.5m / Debt 401.1m)
Taxrate = 26.87% (26.4m / 98.2m)
NOPAT = 69.9m (EBIT 95.6m * (1 - 26.87%))
Current Ratio = 1.34 (Total Current Assets 268.4m / Total Current Liabilities 200.2m)
Debt / Equity = 1.29 (Debt 401.1m / totalStockholderEquity, last quarter 311.8m)
Debt / EBITDA = 2.03 (Net Debt 394.0m / EBITDA 193.6m)
Debt / FCF = 34.40 (Net Debt 394.0m / FCF TTM 11.5m)
Total Stockholder Equity = 297.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 8.95% (Net Income 71.8m / Total Assets 884.0m)
RoE = 24.14% (Net Income TTM 71.8m / Total Stockholder Equity 297.6m)
RoCE = 17.30% (EBIT 95.6m / Capital Employed (Equity 297.6m + L.T.Debt 255.2m))
RoIC = 9.98% (NOPAT 69.9m / Invested Capital 700.9m)
WACC = 8.54% (E(2.01b)/V(2.41b) * Re(9.61%) + D(401.1m)/V(2.41b) * Rd(4.36%) * (1-Tc(0.27)))
Discount Rate = 9.61% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -93.76 | Cagr: -1.05%
[DCF] Terminal Value 72.38% ; FCFF base≈24.8m ; Y1≈21.8m ; Y5≈17.6m
[DCF] Fair Price = N/A (negative equity: EV 273.9m - Net Debt 394.0m = -120.2m; debt exceeds intrinsic value)
EPS Correlation: 98.77 | EPS CAGR: 34.72% | SUE: 0.60 | # QB: 0
Revenue Correlation: 96.33 | Revenue CAGR: 16.41% | SUE: -0.68 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.51 | Chg30d=-0.21% | Revisions=+25% | Analysts=6
EPS current Year (2026-12-31): EPS=3.56 | Chg30d=+2.08% | Revisions=+67% | GrowthEPS=+27.3% | GrowthRev=+22.3%
EPS next Year (2027-12-31): EPS=4.20 | Chg30d=+3.44% | Revisions=+44% | GrowthEPS=+17.9% | GrowthRev=+11.6%
[Analyst] Revisions Ratio: +69% (up=12, down=1)