North American Construction Group Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data North American Construction Group Ltd. files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	213	293	410	719	498	654	770	965	1,166	1,284
Cost of revenue						456	549	679	771	905
Gross profit	32.3	39.6	69.1	96.4	92.2	90.4	102	155	210	162
General and administrative	27.2	25.3	37.1	36.9	24.4	35.4	29.9	56.8	54.6	50.3
Operating income	3.92	13.4	30	58.8	67.1	55.1	71.2	96.3	153	109
Interest expense	5.98	7.09	8.76	21.7	18.8	19.1	24.5	36.9	59.3	58.9
Interest income	0.19	0.14	0.18	0.11	0.18	0.06	0.02
Other non-operating income	1.38	0					-0.81	-1.17	-0.81	-0.95
Pre-tax income	-0.49	6.47	21.4	40	60.5	60.7	84.4	86	60	56.5
Income tax	-0.05	1.2	6.1	2.86	11.3	9.29	17.1	22.8	16	22.6
Income from continuing operations	-0.45
Net income to minority interests		0	0.04	0.26	0
Net income	-0.45	5.26	15.3	36.9	49.2	51.4	67.4	63.1	44	33.8
EBITDA	44.7	58.1	88.3				190	228	338	326
EPS, basic	-0.01	0.20	0.61	1.45	1.75	1.81	2.46	2.38	1.64	1.18
EPS, diluted	-0.01	0.18	0.54	1.23	1.60	1.64	2.15	2.09	1.51	1.14
Shares, basic (weighted)	30	26.7	25	25.4	28.2	28.3	27.4	26.6	26.8	28.7
Shares, diluted (weighted)	30	29.6	31.4	32.8	32.3	33.9	34	33	33.1	32.3
Dividend per share	0.08	0.08	0.08	0.12	0.16	0.16	0.32	0.40	0.42	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.7	8.19	19.5	5.54	43.4	16.6	69.1	88.6	77.9	100
Receivables	39.3	45.7	68.5	45.8	23.7	52.2	40	65.7	70.2	54.9
Inventory	3.44	4.75	13.4	21.6	19.2	44.5	49.9	65	69	75.7
Other current assets	1.55	1.9	3.74	4.25	4.98	6.83	10.6	7.4	7.68	6.93
Total current assets	74.9	88.9	130	118	119	147	230	295	325	362
Property, plant and equipment	256	279	528	588	516	541	569	1,076	1,184	1,265
Lease right-of-use assets				21.8	18.2	14.8	14.7	12.8	12.7	10.7
Goodwill						0.54	0.54	0.53	0.52	0.54
Intangible assets	1.79	0.94	2.92			3.86	6.77	6.97	9.9	12.3
Other non-current assets	4.88	5.6	10.9	6.72	6.34	6.54	5.81	7.14	9.85	5.2
Total assets	350	384	690	793	839	869	980	1,546	1,695	1,820
Accounts payable	29.6	35.2	63.5	88.2	41.4	76.3	103	146	111	102
Accrued liabilities	11.2	12.4	19.2	17.6	19.4	33.4	43.8	72.2	78	89.3
Deferred revenue		0.82	4.03	0.02	1.51	3.35	1.41	0.06	1.94	22.8
Short-term debt	8.17	0	30	18.5	16.3	19.7	20.6	81.3	84.2	161
Total current liabilities	74	77.6	149	157	109	161	192	324	316	411
Long-term debt	31.3	70.1	266	313	341	306	358	611	719	750
Lease liabilities				17.7	14.1	11.5	12.4	11.3	11.4	9.7
Other non-current liabilities	8.27	14.1	25.6	24.5	18.9	26.4	18.6	41	44.7	22.6
Total liabilities	191	238	540	613	591	591	674	1,190	1,305	1,363
Total debt	39.4	70.1	296	332	358	326	379	693	804	910
Paid-in capital	45.9	54.4	53.6	49.9	46.5	37.5	22.1	20.7	20.8	2.81
Retained earnings	-130	-127	-114	-79.9	-35.2	11.9	70.5	123	156	176
Treasury stock	-9.29	-12.4	-11.7	-15.9	-18	-17.8	-16.4	-16.2	-15.9	-15
Other comprehensive income					0	0	0.31	-0.41	-1.1	9.39
Shareholders' equity	159	146	150	180	248	278	306	357	389	457
Minority interests		0	0.49	0
Total equity	159	146	150	180	248	278	306	357	389	457
Total liabilities and equity	350	384	690	793	839	869	980	1,546	1,695	1,820
Shares outstanding	30.5	28.1	27.1	27.5	31	30	27.8	27.8	27.7	28.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.45	5.26	15.3	37.1	49.2	51.4	67.4	63.1	44	33.8
Depreciation and amortization	40.8	44.7	58.4				119	131	185	217
Stock-based compensation	6.03	4	11.5	9.44	1.94	11.6	4.78	15.8	8.71	-0.43
Deferred income tax	-0.05	1.2	6.1	2.85	11.3	8.29	15.4	16	19.2	14.7
Change in receivables	-15.3	-7.15	-22.4	5.39	29.2	-30.6	-11	57.1	-72.1	19.2
Change in inventory	-1.44	-1.29	-0.44	-12.6	2.48	-11.2	-5.35	-2.52	0.24	-10.2
Change in payables	4.52	5.64	17.7	28.6	-47.4	31.2	12.8	9.59	-32.2	-11.3
Cash from operations	39.8	49.7	109	158	147	165	169	278	241	264
Capital expenditures	-27.1	-53.8	-81.1	-157	-117	-113	-111	-203	-304	-281
Acquisitions					0	-11.4	0	-51.7	0
Cash from investing	-10.5	-33.6	-229	-161	-113	-99.3	-97.5	-245	-298	-265
Debt issued			268	228	145	135	83.4	340	234	757
Debt repaid	-19.9	0	-88.8	-187	-82.3	-164	-58.6	-316	-130
Stock issued	0.28	0.58	1.02	1.95	0.54	0.52	0
Share buybacks	-9.2	-15	-9.54	0	-9.11	-16.5	-34.1	0	-4.31	-38.4
Dividends paid	-1.82	-2.19	-2.01	-2.54	-4.37	-4.42	-7.77	-10	-10.6	-13.4
Cash from financing	-48	-21.6	131	-11.2	4.52	-92.8	-19.5	-7.75	46	21.6
Exchange rate effect					0	0	0.3	-5.99	0.35	1.43
Net change in cash			11.3	-14	38.4	-26.8	52.2	25.5	-11.1	20.8
Free cash flow	12.8	-4.07	28.3	0.92	29.5	52.6	57.7	75.3	-62.5	-17
Interest paid	5.9	5.62	9.26	20	18.5	17	24.1	33.5	64.5	67.2
Income taxes paid	0						0	1.37	10.7	10.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	12.6%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	25.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.4%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	-1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.6%	Cash from operations / revenue.
Effective tax rate	40.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	-0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.9%	Capital expenditures / revenue.
D&A / revenue	16.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-22.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-23.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-24.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.88x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.99x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.0%	Total debt / total assets.
Liabilities / assets	74.9%	Total liabilities / total assets.
Net debt	CA$810.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.85x	Operating income / interest expense.
Working capital	-CA$48.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$443.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	1.05x	Revenue / average property, plant and equipment.
Inventory turnover	12.5x	Cost of revenue / average inventory.
Days inventory	29 days	365 x average inventory / cost of revenue.
Receivables turnover	20.5x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	4 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-50.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	106.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$1.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$1.18	Net income per basic share, as reported (split-adjusted).
Revenue per share	CA$39.80	Revenue / diluted weighted shares.
FCF per share	-CA$0.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	CA$8.18	Cash from operations / diluted weighted shares.
Book value per share	CA$15.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CA$15.40	Tangible book value / shares outstanding.
Cash per share	CA$3.47	(Cash + short-term investments) / shares outstanding.
Dividend per share	CA$0.48	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	39.6%	Dividends paid / net income, when net income is positive.

What was North American Construction Group Ltd.'s revenue in fiscal 2025?

North American Construction Group Ltd. reported revenue of CA$1.28B for fiscal 2025, 10.2% higher than the year before.

Was North American Construction Group Ltd. profitable in fiscal 2025?

Yes. Net income was CA$33.8M, a net margin of 2.6%.

How much free cash flow did North American Construction Group Ltd. generate in fiscal 2025?

Cash from operations of CA$264.1M minus capital expenditures of CA$281.1M left free cash flow of -CA$17.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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