North American Construction Group Ltd. (NOA) 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

-60.3%

$4.75

vs $11.96 price

Levered DCF

$2.98

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	16.71×	18.83×	13.21×	7.36×	10.55×	7.2×	10.85×	24.79×
P/B	1.24×	2.39×	2.34×	2.01×	2.33×	1.99×	2.87×	2.55×
P/S	0.44×	0.8×	0.87×	0.8×	0.99×	0.78×	0.72×	0.93×
EV / EBITDA	4.2×	5.92×	5.79×	4.32×	5.51×	4.21×	5.78×	8.43×
Gross margin	12.6%	18.0%	16.1%	13.2%	13.8%	18.5%	13.4%	16.8%
Operating margin	8.6%	13.2%	10.0%	9.2%	8.4%	13.5%	8.2%	7.3%
Net margin	2.6%	3.8%	6.6%	8.8%	7.9%	9.9%	5.1%	3.7%
Current ratio	0.88×	1.05×	0.91×	1.2×	0.91×	1.09×	0.75×	0.88×
Debt / equity	2.02×	2.12×	2.01×	1.42×	1.43×	1.79×	2.4×	2.56×
Interest coverage	1.96×	2.72×	2.59×	3.03×	3.06×	4.54×	3.51×	3.65×
Dividend yield	2.4%	1.1%	1.2%	1.3%	0.7%	0.9%	0.5%	0.5%
Payout ratio	39.5%	24.1%	15.9%	11.5%	8.6%	7.0%	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%	25.2%	20.5%	10.2%
Return on invested capital	4.2%	7.6%	5.3%	6.8%	6.2%	9.0%	7.9%	3.6%
Return on assets	1.9%	2.6%	4.1%	6.9%	5.9%	7.5%	4.7%	2.2%
Free cash flow yield	-4.7%	-7.2%	8.0%	8.8%	7.9%	5.8%	0.1%	7.3%
Earnings yield	6.0%	4.8%	7.6%	10.9%	7.9%	12.7%	7.1%	4.0%
Enterprise value	$1.4B	$1.7B	$1.5B	$981.9M	$1B	$703.8M	$943.1M	$745.1M
Net debt / EBITDA	2.49×	2.64×	2.49×	1.61×	2.04×	1.89×	2.62×	4.11×
Cash conversion cycle (days)	42	39	14	18	23	9	5	29