# North American Construction Group Ltd. (NOA.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Energy Equipment & Services. Price C$18.44, market value C$496 million.

## Valuation
- **P/E (trailing): 16.5×** (5-yr avg 13.6×, 3-yr avg 16.5×). North American Construction Group Ltd. trades at 16.5× trailing earnings, well above its own five-year average of 13.6×: investors are paying up relative to the company's past. The Energy median in the September 2026 study was 16.8×. Forward P/E is 7.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 0.4×**. Each dollar of revenue is priced at 0.4×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.9×**. Enterprise value is 3.9× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 1.9%** (5-yr avg 2.9%). Free cash flow equals 1.9% of the market value, below its five-year average of 2.9%, so the shares are pricier on cash than usual.
- **Earnings yield: 6.1%**. The inverse of the P/E: 6.1% of the price is earned each year.

## Profitability
- **Gross margin: 12.9%**. North American Construction Group Ltd. keeps 12.9% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 7.5%**. 7.5% of revenue is left after running the business.
- **Net margin: 2.6%**. 2.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 7.4%**. 7.4% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.8%**. Return on all capital, debt included, is 4.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.8%**. Each dollar of assets produces 1.8% of profit.

## Growth
- **Revenue growth (1 yr): 10.2%** (3-yr 18.6%/yr, 5-yr 20.7%/yr). Revenue grew 10.2% over the last year, against 20.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -25.0%** (3-yr -19.1%/yr, 5-yr -6.6%/yr). Earnings per share fell 25.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 2.02**. Debt is 2.02 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 2.5×**. It would take 2.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 1.5×**. Operating profit covers interest 1.5×, thin but manageable.
- **Current ratio: 0.88** (quick 0.70). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.44**. A Z-score of 1.44 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 2.60%** (C$0.48 per share, trailing). North American Construction Group Ltd. yields 2.60%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 40%** (140% of free cash flow). 40% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 9**. 9 straight years of increases.
- **Dividend growth (5 yr): 24.6%/yr** (1-yr 14.3%). The dividend has compounded at 24.6% a year over five years, doubling roughly every 3 years at that pace.
- **Shareholder yield: 13.0%**. Dividends plus net buybacks return 13.0% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (7 analysts). 7 analysts cover North American Construction Group Ltd.; the consensus is buy, with an average price target of C$25.29 (+37% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 0.8%** (YTD -5.5%, 3-mo -3.9%). The shares are up 0.8% over twelve months including dividends.
- **From 52-week high: -21.5%** (12.1% above the low). Trading 21% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 1.17** (volatility 45%). Beta of 1.17 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NOA.TO · Page: https://foliofundamentals.com/stocks/noa.to

Not investment advice.