North American Construction Group Ltd. (NOA.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.4%

CA$5.74

vs CA$16.58 price

Levered DCF

CA$3.37

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.04

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.75×	18.78×	10.71×	7.35×	10.6×	7.11×	10.86×	24.8×
P/B	1.24×	2.14×	2.07×	2.01×	2.34×	1.54×	2.87×	2.55×
P/S	0.44×	0.71×	0.77×	0.8×	1×	0.77×	0.72×	0.93×
EV / EBITDA	4.22×	5.58×	5.42×	4.32×	5.52×	4.7×	5.79×	8.43×
Gross margin	12.5%	18.0%	16.1%	13.2%	13.8%	18.9%	13.4%	16.8%
Operating margin	8.6%	13.2%	10.0%	14.0%	11.6%	13.8%	8.2%	7.3%
Net margin	2.6%	3.8%	6.6%	8.8%	7.9%	9.8%	5.1%	3.7%
Current ratio	0.88×	1.05×	0.91×	1.2×	0.91×	1.1×	0.75×	0.88×
Debt / equity	2.02×	2.12×	2.01×	1.42×	1.42×	1.8×	2.4×	2.56×
Interest coverage	1.87×	2.58×	2.59×	4.38×	3.98×	3.66×	2.71×	3.42×
Dividend yield	2.4%	1.3%	1.4%	1.3%	0.7%	1.1%	0.5%	0.5%
Payout ratio	39.6%	24.1%	15.9%	11.5%	8.6%	8.9%	6.9%	13.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.4%	11.3%	17.7%	22.0%	18.5%	19.8%	20.5%	10.2%
Return on invested capital	4.2%	7.6%	5.3%	10.3%	8.5%	7.2%	7.9%	3.6%
Return on assets	1.9%	2.6%	4.1%	6.9%	5.9%	5.9%	4.7%	2.2%
Free cash flow yield	-4.7%	-8.0%	9.0%	8.8%	7.9%	7.7%	0.1%	7.3%
Earnings yield	6.0%	5.3%	8.5%	11.0%	7.9%	12.8%	7.1%	4.0%
Enterprise value	CA$1.4B	CA$1.6B	CA$1.4B	CA$981.1M	CA$1B	CA$785.6M	CA$943.6M	CA$745.3M
Net debt / EBITDA	2.5×	2.64×	2.49×	1.61×	2.03×	2.41×	2.62×	4.11×
Cash conversion cycle (days)	42	39	14	18	23	9	5	29