NOA Financials North American Construction Group Ltd.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings, in CAD as reported — with a computed, factual read of the trend. Updated Oct 16, 2026, 10:04 UTC Overview →

Growth & profitability

Revenue has grown 20.8% per year over the past 5 years.
Net income has grown slower than revenue (-7.2% vs 20.8% per year).
Operating margin has contracted, at 8.5% in the latest year.

Financial health

Total debt has grown faster than revenue (40.1% vs 20.8% per year).
Operating income covered interest expense 1.9× in the latest year.

Shareholder returns

Dividends have been paid for 12 consecutive years, consuming 39.6% of earnings.
The dividend has grown 25.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	CA$1.3B	CA$34M	12.6%	8.5%	7.4%	1.9%	-CA$17M	—	CA$100M
2024	CA$1.2B	CA$44M	18.0%	13.1%	11.3%	2.6%	-CA$63M	—	CA$78M
2023	CA$965M	CA$63M	16.1%	10.0%	17.7%	4.1%	CA$75M	—	CA$89M
2022	CA$770M	CA$67M	13.2%	9.2%	22.0%	6.9%	CA$58M	CA$379M	CA$69M
2021	CA$654M	CA$51M	13.8%	8.4%	18.5%	5.9%	CA$53M	CA$326M	CA$17M
2020	CA$498M	CA$49M	18.5%	13.5%	19.8%	5.9%	CA$29M	CA$358M	CA$43M
2019	CA$719M	CA$37M	13.4%	8.2%	20.5%	4.7%	CA$918000	CA$332M	CA$6M
2018	CA$410M	CA$15M	16.8%	7.3%	10.2%	2.2%	CA$28M	CA$296M	CA$20M
2017	CA$293M	CA$5M	13.6%	4.6%	3.6%	1.4%	-CA$4M	CA$70M	CA$8M
2016	—	-CA$445000	—	—	-0.3%	-0.1%	CA$13M	CA$39M	CA$14M
2015	—	-CA$7M	—	—	-4.4%	-2.1%	—	CA$48M	CA$32M
2014	—	-CA$1M	—	—	-0.6%	-0.3%	—	CA$64M	CA$956000
2013	—	CA$69M	—	—	36.1%	15.5%	—	CA$90M	CA$14M
2013	—	-CA$1M	—	—	-1.1%	-0.2%	—	CA$312M	CA$598000
2012	—	-CA$14M	—	—	-10.3%	-2.0%	—	CA$337M	CA$1M

Valuation over time

How the market has priced NOA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 9.7× (Mar '23) to 14.1× (Nov '26).
The price-to-sales ratio has fallen from 0.8× (Mar '23) to 0.4× (Nov '26).
The dividend yield has risen from 1.2% (Mar '23) to 2.8% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NOA growing its revenue and profit?

Over the past 5 years, North American Construction Group Ltd.'s revenue has grown 20.8% per year, and net income declined 7.2% per year. These are computed facts, not advice.

How much debt does NOA have?

As of FY2025, North American Construction Group Ltd. reported — of total debt against CA$100M of cash; operating income covered interest expense 1.9×.

What is NOA's profit margin?

In FY2025, gross margin was 12.6%, operating margin 8.5%, and net margin 2.6%.

What is NOA's P/E ratio?

North American Construction Group Ltd.'s P/E (TTM) is 14.05 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NOA stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 14.1× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — its annual and interim reports, in CAD as reported (valuation multiples convert at the Federal Reserve H.10 rate of each date, via FRED) (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (annual and interim filings, reported in CAD) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · FX: Federal Reserve H.10 via FRED (DEXCAUS; 1 CAD = 0.7165 USD on 2026-10-30), the rate of each date for the valuation history · This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.