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NYSE · OIL & GAS FIELD SERVICES, NEC · SMALL CAP

North American Construction Group Ltd. NOA

17 fiscal years on record · CAD · FY2025 reported · SEC filings only
4 YEARS OF DIVIDEND GROWTH
CAD 1.3B
▲ 10.2% YoY
CAD 33.8M
▼ 23.1% YoY
CAD -17.0M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

North American Construction Group Ltd. provides mining and heavy civil construction services to customers in the resource development, industrial construction and infrastructure sectors in Canada, the United States and Australia. As of December 31, 2025, it employed approximately 205 salaried employees and 1,123 hourly employees in its Heavy Equipment - Canada operations. Its reportable segments are Heavy Equipment - Australia, Heavy Equipment - Canada, and Other. In its Heavy Equipment - Australia segment, conducted through the MacKellar Group, it provides fully maintained heavy equipment rentals at metallurgical and thermal coal mines throughout the state of Queensland. In its Heavy Equipment - Canada segment, it provides operations support services in the Canadian oil sands region as a subcontractor of Mikisew North American Limited Partnership. In its Other segment, it provides mine management services for a thermal coal mine in Texas and heavy equipment maintenance, component remanufacturing and full equipment rebuild services to mining companies and other heavy equipment operators. It has operated in western Canada for over 70 years and has participated in every significant oil sands mining project since operators first began developing the resource more than 40 years ago.

Written from the business description in North American Construction Group Ltd.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

CAD 1.3B
Revenue, FY2025 · full 17-year series below
Revenue CAD B Net income CAD B
FY2025 · Revenue 1.3 · Net income 0.0
0.5B1.0B
2009201220152018202120242025
Compound annual growth
+18.6%
+20.8%
+16.4%
+4.5%
−20.5%
−7.2%
−19.1%
−6.6%
+14.5%
+24.6%
+7.3%
+32.0%
+18.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +20.8% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

3 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 8.5% · Net 2.6%
5%10%-2%-4%
200920172025
ROE
FY2025 · ROE 8.0%
20%40%-10%-20%
200920172025
Three returns, three denominators.

Each CAD of equity produced 8 cents of profit this year.

Cash & shareholders

CAD 51.8M
returned in FY2025 · dividends + net buybacks
Free cash flow CAD M
FY2025 · FCF -17.0
30.0M60.0M-25.0M-50.0M
200920172025
Net buybacks CAD M Dividends CAD M
FY2025 · Dividends 13.4 · Net buybacks 38.4
20M40MDividendsNet buybacks
20122014201620182020202220242025

CAD 13.4M in dividends and CAD 38.4M in buybacks — 153% of the year's profit, so the payout drew on cash built up earlier.

Total assetsCAD 1.8B
EquityCAD 456.6M
CashCAD 100.1M
Gross debtCAD 749.8M
Net debtCAD 649.7M
Current ratio0.88×

Net debt stands at 142% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · CAD
row low → row highnegative—not applicable◌not available in our data
NOA, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue CAD B1.31.21.00.80.70.50.70.40.30.20.30.50.50.60.70.70.8
Operating income CAD B0.10.20.10.10.10.10.10.00.00.00.00.0−0.0−0.0−0.0−0.00.1
EBITDA CAD B0.30.30.20.2◌◌◌◌◌◌◌◌◌◌◌◌◌
Income tax CAD B0.00.00.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.0◌◌◌
Net income CAD B0.00.00.10.10.10.00.00.00.0−0.0−0.0−0.00.1−0.0−0.0−0.00.0
Free cash flow CAD B−0.0−0.10.10.10.10.00.00.0−0.00.00.00.00.00.00.0−0.0−0.0
EPS, diluted CAD 1.141.512.092.151.641.601.230.540.18−0.01−0.23−0.031.89−0.38−0.58−0.960.77
Dividend / sh CAD 0.480.420.400.320.160.160.120.080.080.08◌0.080.00◌◌◌◌
Payout %402416129971342−408−44−1800————
ROE %8.011.819.123.119.523.022.410.33.5−0.3−4.1−0.642.7−10.5−15.4−21.115.6
Shares out B0.030.030.030.030.030.030.030.030.030.030.030.030.030.040.040.040.04

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 70 reconciliationsAUDITED

Reconciled in 16 of the 17 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 14 checks were skipped: cost of revenue is not tagged before 2021. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: the share count is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent
ActivityOil & Gas Field Services, NEC
Listed onNYSE
Incorporated inoutside the United States — SEC code A0
Fiscal year endsDecember 31
Data on record since2009

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