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North American Construction Group Ltd. (NOA) stock

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NYSE: NOA NYSE Oil & Gas Equipment & Services Next results ~November 4, 2026

C+ Fundamentals grade

North American Construction Group Ltd. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$11

Cash-flow model

Base case. Range ~$3.2–$21 across our lower- and higher-growth cases (6.9%–16.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 8% above our base value.

Price used: $11.78, November 2, 2026

North American Construction Group Ltd. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds44 adding, 28 cuttingOf 21 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter North American Construction Group files

Where North American Construction stands after its latest Filing

Revenue for the twelve months was $919m, up 8.0% on a year earlier, slower than the 19.1% growth a quarter earlier. Free-cash-flow margin fell to -1.7% from 7.9% a year earlier. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks. Our cash-flow model value is $10.93 a share, against a share price of $11.99. At that price, our model says the market is pricing in about 12.5% a year of cash-flow growth for five years, slower than the 19.9% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

North American Construction Group Ltd.'s trailing-twelve-month revenue grew 8.0% year on year, with a free-cash-flow margin of -1.7%. Where it stands out: stock pay as % of revenue of -0.0% ranks 1 of 32 oil & gas equipment & services companies we cover. Where it lags: gross margin of 12.6% ranks 20 of 21 oil & gas equipment & services companies we cover.

Our discounted-cash-flow model values the business at ~$11 per share in the base case (~$3.2–$21 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 68.7% while net income fell 24.6%: a 93pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.4% in a year, so each share owns more of the business.

Things to watch

  • Growth slowing. The growth rate is 11.0 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 4.6 points on a year ago.
  • Burning cash. Free cash flow was -1.7% of revenue over the last 12 months.
  • Gross margin slipping. Gross margin is down 5.4 points on a year ago.
  • Weak cash conversion. Free cash flow was -63% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 41.2% ranks 28 of 32 oil & gas equipment & services companies we cover (median 22.6%).

Latest results

Earnings per share
$0.32 against an average estimate of $0.37: missed by 13.2%
Next report
November 4, 2026

North American Construction Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week-0.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$919M
Operating margin
8.5%
Net margin
2.6%
EPS (TTM, diluted)
$0.75

Growth

Revenue growth
+8.0%
Change in growth rate
−11.0 pts
Share count change
−2.4%

Cash

Free cash flow (TTM)
-$15.2M
FCF margin
-1.7%
Stock pay % of revenue
-0.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for NOA from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

North American Construction Group Ltd. valuation models and calculator

What the price is pricing in

The share price implies about 12.4% a year of cash-flow growth for five years.That is slower than the 19.9% a year revenue growth North American Construction Group has delivered.

  • Priced in12.4%
  • Last 12 months8.0%
  • 3 years a year15.8%
  • 5 years a year19.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($11.77, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$11
Price used
$11.77close November 3, 2026
Implied change
▼ 7%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of North American Construction Group Ltd.'s free cash flow after stock-based pay with after-tax interest added back ($31.1M, FY2025 Q4 TTM), growing 11.9% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$3.2–~$21 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of North American Construction Group Ltd.'s free cash flow after stock-based pay ( $31.1M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value North American Construction Group Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$11 ~$3.2–$21 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$16 ~$14–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$29 ~$21–$42 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$27 ~$23–$32 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$11–$29 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare North American Construction Group Ltd. with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% —$1$8$18$30$47
8.5% ——$1$8$17$28
10% ———$2$9$17

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close.

Analysts' consensus

No analyst estimates are published for North American Construction Group Ltd.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.37 $0.32 −13.2%
Mar 2026 $0.43 $0.37 −14.0%
Dec 2025 $0.72 −$0.14 −119.4%
Sept 2025 $0.68 $0.67 −1.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Nov 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Nov 20263328
  2. Oct 20262338
  3. Sep 20262338

Counts of recommendations published by analysts covering North American Construction Group Ltd., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
4.88
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
67%
of shares
Held by insiders
10.6%
of shares
Employees
693
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How North American Construction Group Ltd.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

North American Construction Group Ltd. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) North American Construction Group Ltd.
$0 $500M $1B FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $427.4M Revenue (TTM), FY15 Q4: $220.3M Revenue (TTM), FY16 Q4: $161.1M Revenue (TTM), FY17 Q4: $225.6M Revenue (TTM), FY18 Q4: $316.6M Revenue (TTM), FY19 Q4: $541.9M Revenue (TTM), FY20 Q4: $371.7M Revenue (TTM), FY21 Q4: $522.1M Revenue (TTM), FY22 Q4: $591.9M Revenue (TTM), FY23 Q4: $715M Revenue (TTM), FY24 Q4: $851.3M Revenue (TTM), FY25 Q4: $919.4M $919.4M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY14 Q4 $427.4M
FY15 Q4 $220.3M
FY16 Q4 $161.1M
FY17 Q4 $225.6M
FY18 Q4 $316.6M
FY19 Q4 $541.9M
FY20 Q4 $371.7M
FY21 Q4 $522.1M
FY22 Q4 $591.9M
FY23 Q4 $715M
FY24 Q4 $851.3M
FY25 Q4 $919.4M
Revenue growth, TTM YoY North American Construction Group Ltd.
-50% 0% 50% 100% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: -6.5% Revenue growth, TTM YoY, FY15 Q4: -48.5% Revenue growth, TTM YoY, FY16 Q4: -26.8% Revenue growth, TTM YoY, FY17 Q4: 40.0% Revenue growth, TTM YoY, FY18 Q4: 40.4% Revenue growth, TTM YoY, FY19 Q4: 71.2% Revenue growth, TTM YoY, FY20 Q4: -31.4% Revenue growth, TTM YoY, FY21 Q4: 40.4% Revenue growth, TTM YoY, FY22 Q4: 13.4% Revenue growth, TTM YoY, FY23 Q4: 20.8% Revenue growth, TTM YoY, FY24 Q4: 19.1% Revenue growth, TTM YoY, FY25 Q4: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 -6.5%
FY15 Q4 -48.5%
FY16 Q4 -26.8%
FY17 Q4 40.0%
FY18 Q4 40.4%
FY19 Q4 71.2%
FY20 Q4 -31.4%
FY21 Q4 40.4%
FY22 Q4 13.4%
FY23 Q4 20.8%
FY24 Q4 19.1%
FY25 Q4 8.0%
Operating margin (TTM) North American Construction Group Ltd.
0% 5% 10% 15% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 2.5% Operating margin (TTM), FY15 Q4: 1.0% Operating margin (TTM), FY16 Q4: 1.8% Operating margin (TTM), FY17 Q4: 4.6% Operating margin (TTM), FY18 Q4: 7.3% Operating margin (TTM), FY19 Q4: 8.2% Operating margin (TTM), FY20 Q4: 13.5% Operating margin (TTM), FY21 Q4: 8.4% Operating margin (TTM), FY22 Q4: 9.2% Operating margin (TTM), FY23 Q4: 10.0% Operating margin (TTM), FY24 Q4: 13.1% Operating margin (TTM), FY25 Q4: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY14 Q4 2.5%
FY15 Q4 1.0%
FY16 Q4 1.8%
FY17 Q4 4.6%
FY18 Q4 7.3%
FY19 Q4 8.2%
FY20 Q4 13.5%
FY21 Q4 8.4%
FY22 Q4 9.2%
FY23 Q4 10.0%
FY24 Q4 13.1%
FY25 Q4 8.5%
FCF margin (TTM) North American Construction Group Ltd.
-10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 1.2% FCF margin (TTM), FY15 Q4: 15.6% FCF margin (TTM), FY16 Q4: 5.8% FCF margin (TTM), FY17 Q4: -1.4% FCF margin (TTM), FY18 Q4: 6.8% FCF margin (TTM), FY19 Q4: 0.1% FCF margin (TTM), FY20 Q4: 5.9% FCF margin (TTM), FY21 Q4: 7.9% FCF margin (TTM), FY22 Q4: 7.0% FCF margin (TTM), FY23 Q4: 7.7% FCF margin (TTM), FY24 Q4: -5.7% FCF margin (TTM), FY25 Q4: -1.7% -1.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY14 Q4 1.2%
FY15 Q4 15.6%
FY16 Q4 5.8%
FY17 Q4 -1.4%
FY18 Q4 6.8%
FY19 Q4 0.1%
FY20 Q4 5.9%
FY21 Q4 7.9%
FY22 Q4 7.0%
FY23 Q4 7.7%
FY24 Q4 -5.7%
FY25 Q4 -1.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar North American Construction Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $919M
  2. Cost of revenue $803M · 87.4%
  3. Gross profit $116M · 12.6%
  4. Selling, general and admin $36M · 3.9%
  5. Operating income $78.2M · 8.5%
  6. Income tax $16.2M · 1.8%
  7. Interest and other $37.7M · 4.1%
  8. Net income $24.2M · 2.6%

Shares of revenue. Source: North American Construction Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 697 657 596 457 427 220 161 226 317 542 372 522 592 715 851 919
Gross profit 128 44 24 44 47 25 24 31 53 73 69 72 78 115 153 116
EBITDA 107 23 22 33 49 34 34 45 68 — — — 146 169 247 234
Operating income 68 −12 −23 −3 11 2 3 10 23 44 50 44 55 71 112 78
Net income 26 −34 −14 67 −1 −6 −0 4 12 28 37 41 52 47 32 24
Diluted EPS $0.71 −$0.95 −$0.38 $1.84 −$0.03 −$0.18 −$0.01 $0.14 $0.42 $0.93 $1.19 $1.31 $1.65 $1.55 $1.10 $0.82
Growth (year on year)
Revenue — −5.8% −9.3% −23.3% −6.5% −48.5% −26.8% +40.0% +40.4% +71.2% −31.4% +40.4% +13.4% +20.8% +19.1% +8.0%
EBITDA — −78.6% −2.4% +47.6% +50.4% −32.0% +0.7% +32.6% +52.2% — — — — +15.2% +46.4% −5.4%
Operating income — −117.4% — — — −78.9% — — +124.0% +91.5% +12.9% −12.1% +24.4% +30.5% +56.7% −30.2%
Net income — −231.6% — — −101.6% — — — — +135.5% +32.0% +11.8% +26.3% −9.7% −31.3% −24.6%
Diluted EPS — −233.6% — — −101.5% — — — — +122.3% +28.7% +9.7% +26.3% −6.3% −28.8% −26.0%
Margins
Gross margin 18.4% 6.7% 4.0% 9.7% 10.9% 11.3% 15.2% 13.6% 16.8% 13.4% 18.5% 13.8% 13.2% 16.1% 18.0% 12.6%
EBITDA margin 15.3% 3.5% 3.7% 7.2% 11.6% 15.2% 21.0% 19.9% 21.5% — — — 24.7% 23.6% 29.0% 25.4%
Operating margin 9.7% −1.8% −3.9% −0.6% 2.5% 1.0% 1.8% 4.6% 7.3% 8.2% 13.5% 8.4% 9.2% 10.0% 13.1% 8.5%
Net margin 3.7% −5.2% −2.3% 14.7% −0.2% −2.7% −0.2% 1.8% 3.7% 5.1% 9.9% 7.9% 8.8% 6.5% 3.8% 2.6%
Free-cash-flow margin −1.2% −5.0% 5.6% 5.6% 1.4% 15.9% 6.0% −1.4% 6.9% 0.1% 5.9% 8.0% 7.5% 7.8% −5.4% −1.3%
Cash flow
Cash from operations 39 −0 87 56 38 60 30 38 84 119 109 132 130 206 176 189
Capital spending 48 32 54 30 32 25 20 41 63 118 87 90 86 150 222 201
Free cash flow −9 −33 33 25 6 35 10 −3 22 1 22 42 44 56 −46 −12
Stock-based pay 5 8 1 6 3 1 5 3 9 7 1 9 4 12 6 −0
Free cash flow after stock pay −13 −41 33 19 3 34 5 −6 13 −6 21 33 41 44 −52 −12
Balance sheet
Cash — — 1 13 1 23 10 7 14 4 34 13 51 67 54 73
Total debt 0 315 351 85 55 39 29 56 217 256 280 255 311 525 558 664
Net debt (negative = net cash) — — 350 72 55 16 19 49 203 252 246 242 260 458 504 591
Diluted shares — 36m 36m 37m 35m 33m 30m 30m 31m 33m 32m 34m 34m 33m 33m 32m
Returned to shareholders
Dividends — — — 0 2 3 1 2 2 2 3 4 6 7 8 10
Buybacks — — 0 11 2 5 7 12 7 0 7 13 26 0 3 28
Total returned — — 0 11 4 7 8 13 9 2 10 17 32 7 11 37

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · December 31, 2025
What it owns · $1.3bn
Short-term assets $264mLonger-term assets $1.1bn
What it owes, and who funded it · $1.3bn
Short-term liabilities $300mLonger-term liabilities $694mShareholders' equity $333m
  • Short-term assets cover short-term liabilities $264m of assets due within a year against $300m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $264m short-term assets against $694m of longer-dated liabilities.
  • More cash than debt $73m of cash against $547m of debt.
  • Debt below 40% of shareholders' equity Debt is 164% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 137% to 164% over five years.
  • A year's operating cash flow covers at least 20% of debt $189m of operating cash flow against $547m of debt.
  • Operating profit covers interest at least five times over Operating income of $78m against $42m of interest.

From North American Construction Group Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$27.5M
Dividends (TTM)
$9.6M
Returned to shareholders
-244%
of free cash flow
Buybacks, last 3 fiscal years
$30.7M
Diluted share count
−2.4%
year over year
Total shareholder yield
10.9%
dividends 2.8% + buybacks 8.1% of market value
Dividend payout ratio
40%
of net income paid out
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated NOA TISI FET AESI SEI PUMP Median
Revenue, last 12 months $919m $894m $874m $1.1bn $762m $1.2bn $1.2bn
Revenue growth, last 12 months 8.0% 2.6% 10.6% −8.1% 70.5% −6.0% 3.7%
Revenue growth, 3-year average 26.2% 0.8% 5.5% 20.7% 31.4% −9.2% 2.0%
Revenue growth, latest quarter — −7.8% 20.7% 1.6% 46.9% 20.9% 7.3%
Gross margin 12.6% 24.7% 30.6% 7.1% — 24.3% 21.1%
Operating margin 8.5% 0.8% 7.4% −8.3% 24.3% 0.5% 7.3%
Operating margin, 3-year average 7.2% 0.5% −0.4% 7.0% 19.7% −3.9% 7.2%
Net margin 2.6% −3.7% 3.5% −11.1% 7.2% 0.2% 2.6%
Cash from operations / revenue 20.6% 1.4% 7.8% 5.1% 55.7% 16.1% 11.7%
Free-cash-flow margin −1.7% 0.1% 7.1% −17.2% −95.5% −7.9% 2.0%
Free-cash-flow margin, 3-year average 1.6% −0.6% 8.1% −14.3% −58.2% 1.1% 4.0%
Stock pay / revenue −0.0% 0.2% 1.2% 3.3% 3.9% 1.7% 1.1%
Change in share count −2.4% 1.5% −6.0% 6.8% — 21.0% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.0% 3.7% 13 of 35
Change in growth rate Growth -11.0pp +1.5pp 30 of 34
Gross margin Profitability 12.6% 21.5% 20 of 21
Operating margin Profitability 8.5% 7.2% 13 of 32
Net margin Profitability 2.6% 2.6% 18 of 35
Free-cash-flow margin Cash generation -1.7% 2.0% 22 of 35
Stock pay as % of revenue Cash generation -0.0% 1.1% 1 of 32
Long-term debt as % of assets Balance sheet 41.2% 22.6% 28 of 32
Change in share count Balance sheet -2.4% 1.0% 6 of 31
Days sales outstanding Balance sheet 16 days 74 days 1 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$218M
Institutions reporting
70
Shares held vs prior quarter
▼ 3.6%
Positions opened / closed
6 / 11

Top buyers and sellers, Q2 2026: 44 institutions bought and 28 sold ; the biggest buyer was Morgan Stanley (+575K shares) and the biggest seller Bank Of Montreal (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Claret Asset Management Corp $27.1M 2.0M 12.4% ▼ 0.5%
Bank Of Montreal $18.9M 1.4M 8.7% ▼ 50.9%
National Bank Of Canada $18.6M 1.4M 8.5% ▲ 3.3%
CIBC Asset Management Inc $18.2M 1.4M 8.3% ▼ 7.3%
Aegis Financial Corp $13.8M 1.0M 6.3% 0.0%
Cannell Capital LLC $10.4M 784K 4.8% ▼ 18.6%
Morgan Stanley $10.2M 767K 4.7% ▲ 299.4%
Arrowstreet Capital, Limited Partnership $8.9M 672K 4.1% ▲ 67.0%
American Century Companies Inc $8.4M 635K 3.9% ▲ 7.3%
Connor, Clark & Lunn Investment Management Ltd. $8M 604K 3.7% ▲ 2.9%
Goldman Sachs Group Inc $5.9M 443K 2.7% ▲ 75.5%
Two Sigma Investments, LP $5.5M 412K 2.5% ▲ 31.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not North American Construction Group Ltd.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on North American Construction Group Ltd. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

North American Construction Group Ltd. in brief

What does North American Construction Group Ltd. do?
North American Construction Group Ltd. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is North American Construction Group Ltd.'s stock ticker?
North American Construction Group Ltd. trades under the ticker NOA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is North American Construction Group Ltd.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, North American Construction Group Ltd. reported revenue of $919M, 8.0% higher than a year earlier, according to its SEC filings.
What is North American Construction Group Ltd.'s free cash flow?
North American Construction Group Ltd.'s free-cash-flow margin is -1.7% of revenue over the trailing twelve months, ranking 22 of the 35 oil & gas equipment & services companies we cover.
What is North American Construction Group Ltd.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of North American Construction Group Ltd.'s free cash flow after stock-based pay gives ~$11 per share in the base case, and ~$3.2–$21 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are North American Construction Group Ltd.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Claret Asset Management Corp, Bank Of Montreal and National Bank Of Canada. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is North American Construction Group Ltd. buying back stock, and does it pay a dividend?
North American Construction Group Ltd. spent $27.5M on share repurchases over the trailing twelve months, and its diluted share count fell 2.4% over the year.
Does North American Construction Group Ltd. pay a dividend?
Yes: North American Construction Group Ltd. paid $9.6M in dividends over the trailing twelve months, a dividend yield of 2.82% and a payout ratio of 39.6%.
How much debt does North American Construction Group Ltd. have?
North American Construction Group Ltd.'s debt-to-equity ratio is 164.2%, from its latest balance sheet (137.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are North American Construction Group Ltd.'s competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to North American Construction Group Ltd. are Team Inc, Forum Energy Technologies, Inc., Atlas Energy Solutions Inc., Solaris Energy Infrastructure, Inc. and Propetro Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against North American Construction Group Ltd.'s.
When is North American Construction Group Ltd.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — North American Construction Group Ltd. announces its own schedule.