North American Construction (NOA)
Market Price (7/8/2026): $13.155 | Market Cap: $363.5 MilSector: Energy | Industry: Oil & Gas Equipment & Services
North American Construction (NOA)
Market Price (7/8/2026): $13.155Market Cap: $363.5 MilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Water Infrastructure, and US Energy Independence. Themes include Wind Energy Development, Show more. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -97% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 231% Weak revenue growthRev Chg QQuarterly Revenue Change % is -6.3% Key risksNOA key risks include [1] profit pressure from a changing oil sands mix, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Water Infrastructure, and US Energy Independence. Themes include Wind Energy Development, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -97% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 231% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -6.3% |
| Key risksNOA key risks include [1] profit pressure from a changing oil sands mix, Show more. |
Qualitative Assessment
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North American Construction (NOA) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Per Share Miss and Elevated Interest Expense.
North American Construction Group (NOA) reported adjusted earnings per share (EPS) of $0.37 CAD for fiscal Q1 2026 (ended March 31, 2026), which was a decrease from $0.52 CAD in fiscal Q1 2025 and missed the analyst forecast of $0.3847 CAD. This year-over-year decline in adjusted EPS was primarily attributed to higher interest expenses related to debt from the Iron Mine Contracting (IMC) acquisition and other growth capital.
2. Persistent Macroeconomic Headwinds in the Construction Sector.
The broader construction industry faced ongoing challenges during the period, including significant cost escalations. The Producer Price Index for construction materials increased by 1.7% in a single month, reaching a three-year high, largely driven by fuel cost escalation tied to geopolitical instability. Furthermore, the industry continued to experience labor shortages, with an estimated need for approximately 349,000 net new workers in 2026, and rising labor costs, as construction wages grew 5.1% compared to 3.7% in the broader private sector. Elevated interest rates and tighter lending standards also contributed to a more selective market for new development projects.
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North American Construction (NOA) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Per Share Miss and Elevated Interest Expense.
North American Construction Group (NOA) reported adjusted earnings per share (EPS) of $0.37 CAD for fiscal Q1 2026 (ended March 31, 2026), which was a decrease from $0.52 CAD in fiscal Q1 2025 and missed the analyst forecast of $0.3847 CAD. This year-over-year decline in adjusted EPS was primarily attributed to higher interest expenses related to debt from the Iron Mine Contracting (IMC) acquisition and other growth capital.
2. Persistent Macroeconomic Headwinds in the Construction Sector.
The broader construction industry faced ongoing challenges during the period, including significant cost escalations. The Producer Price Index for construction materials increased by 1.7% in a single month, reaching a three-year high, largely driven by fuel cost escalation tied to geopolitical instability. Furthermore, the industry continued to experience labor shortages, with an estimated need for approximately 349,000 net new workers in 2026, and rising labor costs, as construction wages grew 5.1% compared to 3.7% in the broader private sector. Elevated interest rates and tighter lending standards also contributed to a more selective market for new development projects.
3. Decline in Canadian Heavy Equipment Revenue.
The Heavy Equipment - Canada segment experienced a revenue decrease of 26% to $131.6 million CAD in fiscal Q1 2026. This reduction was mainly due to the strategic sale of 797 haul trucks in fiscal Q4 2025 as part of a fleet optimization strategy, coupled with reduced activity at key sites. While a strategic move aimed at efficiency, this resulted in a notable decline in reported revenue from this core operating division.
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Stock Movement Drivers
Fundamental Drivers
The -2.0% change in NOA stock from 3/31/2026 to 7/7/2026 was primarily driven by a -2.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.40 | 13.13 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,284 | 1,263 | -1.7% |
| Net Income Margin (%) | 2.6% | 2.6% | -0.1% |
| P/E Multiple | 11.2 | 10.9 | -2.3% |
| Shares Outstanding (Mil) | 28 | 28 | 2.2% |
| Cumulative Contribution | -2.0% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| NOA | -2.0% | |
| Market (SPY) | 15.0% | 39.2% |
| Sector (XLE) | -10.8% | 9.5% |
Fundamental Drivers
The -7.5% change in NOA stock from 12/31/2025 to 7/7/2026 was primarily driven by a -9.2% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.19 | 13.13 | -7.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,284 | 1,263 | -1.7% |
| Net Income Margin (%) | 2.9% | 2.6% | -9.2% |
| P/E Multiple | 11.1 | 10.9 | -1.8% |
| Shares Outstanding (Mil) | 29 | 28 | 5.6% |
| Cumulative Contribution | -7.5% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| NOA | -7.5% | |
| Market (SPY) | 9.9% | 33.9% |
| Sector (XLE) | 23.0% | 4.5% |
Fundamental Drivers
The -15.8% change in NOA stock from 6/30/2025 to 7/7/2026 was primarily driven by a -17.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.59 | 13.13 | -15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,210 | 1,263 | 4.4% |
| Net Income Margin (%) | 3.2% | 2.6% | -17.7% |
| P/E Multiple | 11.2 | 10.9 | -2.8% |
| Shares Outstanding (Mil) | 28 | 28 | 0.8% |
| Cumulative Contribution | -15.8% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| NOA | -15.8% | |
| Market (SPY) | 22.0% | 31.4% |
| Sector (XLE) | 31.9% | 15.1% |
Fundamental Drivers
The -27.4% change in NOA stock from 6/30/2023 to 7/7/2026 was primarily driven by a -70.9% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.08 | 13.13 | -27.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 837 | 1,263 | 50.8% |
| Net Income Margin (%) | 9.0% | 2.6% | -70.9% |
| P/E Multiple | 6.3 | 10.9 | 73.0% |
| Shares Outstanding (Mil) | 26 | 28 | -4.4% |
| Cumulative Contribution | -27.4% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| NOA | -27.4% | |
| Market (SPY) | 74.6% | 30.2% |
| Sector (XLE) | 47.1% | 29.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NOA Return | 54% | -10% | 58% | 5% | -32% | -9% | 43% |
| Peers Return | 21% | -7% | 55% | 108% | 83% | 46% | 871% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| NOA Win Rate | 50% | 50% | 67% | 58% | 33% | 43% | |
| Peers Win Rate | 57% | 50% | 60% | 62% | 67% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| NOA Max Drawdown | -23% | -40% | -24% | -33% | -44% | -28% | |
| Peers Max Drawdown | -30% | -40% | -35% | -21% | -36% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GVA, STRL, PRIM, MTZ, TPC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | NOA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.3% | -7.8% |
| % Gain to Breakeven | 12.7% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.0% | 32.4% |
| Time to Breakeven | 122 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.9% | -33.7% |
| % Gain to Breakeven | 162.8% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.0% | -19.2% |
| % Gain to Breakeven | 33.4% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.5% | -12.2% |
| % Gain to Breakeven | 32.4% | 13.9% |
| Time to Breakeven | 25 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -78.5% | -6.8% |
| % Gain to Breakeven | 365.2% | 7.3% |
| Time to Breakeven | 811 days | 15 days |
In The Past
North American Construction's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.7% gain to breakeven.
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| Event | NOA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.0% | 32.4% |
| Time to Breakeven | 122 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.9% | -33.7% |
| % Gain to Breakeven | 162.8% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.0% | -19.2% |
| % Gain to Breakeven | 33.4% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.5% | -12.2% |
| % Gain to Breakeven | 32.4% | 13.9% |
| Time to Breakeven | 25 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -78.5% | -6.8% |
| % Gain to Breakeven | 365.2% | 7.3% |
| Time to Breakeven | 811 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.4% | 21.8% |
| Time to Breakeven | 78 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.0% | -15.4% |
| % Gain to Breakeven | 29.9% | 18.2% |
| Time to Breakeven | 169 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.4% | -53.4% |
| % Gain to Breakeven | 765.7% | 114.4% |
| Time to Breakeven | 727 days | 1085 days |
In The Past
North American Construction's stock fell -11.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About North American Construction (NOA)
North American Construction Group Ltd. (NOA) is a specialized heavy equipment and services company that provides essential construction, contract mining, and equipment maintenance services. The company operates extensively across Canada, the United States, and Australia, primarily serving the demanding resource development and industrial construction sectors.
NOA's core offerings are divided into two main segments. Its Heavy Construction & Mining division undertakes large-scale projects, providing services such as constructability reviews, budgetary cost estimates, and full design-build construction. This includes critical activities like contract mining, pre-stripping, overburden and muskeg removal, site preparation, and the construction of vital infrastructure like airstrips, haulage and access roads, pipelines, and tailings dams, along with subsequent reclamation services.
Complementing its construction capabilities, the Equipment Maintenance Services division ensures the operational efficiency and longevity of heavy machinery. This segment offers comprehensive support including fuel and lube servicing, equipment inspections, major overhauls and refurbishment, and the supply of parts. Specialized services like onsite haul truck brake testing, undercarriage rebuilding, machining, and extensive welding, fabrication, and repair services further enhance the company's full-service approach to managing and maintaining heavy equipment.
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Here are 1-3 brief analogies for North American Construction Group (NOA):
- Kiewit for mining and resource infrastructure construction.
- Fluor for heavy earthmoving and contract mining in resource development.
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- Heavy Construction and Mining Services: Provides a comprehensive suite of services for resource development and industrial construction, including contract mining, site preparation, infrastructure development, and reclamation.
- Equipment Maintenance Services: Offers extensive maintenance, repair, and refurbishment services for heavy equipment fleets, including inspections, overhauls, and technical support.
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North American Construction (NOA) primarily sells its services to other companies, specifically large, well-capitalized resource and energy companies, predominantly in the oil sands region of Alberta, Canada. While the company does not explicitly name its top customers in its public filings, it refers to projects where its services are utilized. Based on these projects, its major customers are inferred to include:
- Suncor Energy Inc. (Symbol: SU)
- Canadian Natural Resources Limited (Symbol: CNQ)
- Imperial Oil Limited (Symbol: IMO)
- Cenovus Energy Inc. (Symbol: CVE)
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Barry Palmer President & Chief Executive Officer
Barry Palmer was appointed President & Chief Executive Officer of North American Construction Group Ltd. in January 2026. He began his career with the company in 1982 as a heavy equipment operator and progressed through various operational roles, including Operations Foreman, General Foreman, Superintendent, Project Manager, Operations Manager, and General Manager of Heavy Construction & Mining. Prior to his CEO appointment, he served as Vice President, Oil Sands Operations; Vice President, Heavy Construction & Mining; Senior Vice President Operations; and Chief Operating Officer. In January 2024, he also held the title of Regional President of the MacKellar Group in Australia.
Jason Veenstra Chief Financial Officer
Jason Veenstra serves as the Chief Financial Officer for North American Construction Group Ltd., having joined the company in 2018. Before joining NACG, Mr. Veenstra spent 10 years at the publicly traded Westmoreland Coal Company, where he held various roles including CFO and Treasurer. He also previously led sales and marketing efforts for Caterpillar equipment in the Canadian mining division of Finning International Inc. Additionally, Mr. Veenstra has experience in the nickel industry with Sherritt International and the insurance industry. He articled to become a Chartered Accountant at Ernst & Young and holds an accounting designation from CPA Alberta and a Bachelor of Commerce degree from the University of Alberta.
Jordan Slator Chief Legal Officer
Jordan Slator was named Chief Legal Officer of North American Construction Group Ltd. in January 2024. He has been with the company since August 2010 when he first joined as General Counsel, and has also served as Corporate Secretary since June 2011. Prior to his current role, he held the position of Vice President and General Counsel from November 2018. Mr. Slator began his legal career with Miller Thomson LLP in Edmonton, where he practiced in the corporate commercial department.
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The key risks to North American Construction Group Ltd. (NOA) include significant financial leverage, operational execution challenges on large projects coupled with weather-related disruptions, and exposure to volatile commodity markets and customer concentration.
- Financial Leverage: North American Construction Group Ltd. faces considerable financial risk due to its high debt levels and capital-intensive operations. The company has a high debt-to-equity ratio, and its long-term debt issuance raises concerns about financial sustainability. An Altman Z-Score of 1.27 places the company in a distress zone, indicating potential financial instability. The aggressive expansion, particularly through acquisitions like IMC and MacKellar Group in Australia, is capital-intensive and can further strain the balance sheet, as mining contracting requires heavy capital investment.
- Operational Execution and Weather-Related Disruptions: The company has recently experienced significant operational challenges impacting its profitability. The Fargo-Moorhead flood diversion project, for instance, has incurred substantial cost overruns, leading to a material headwind on EBITDA. Additionally, adverse weather conditions, such as above-average wet weather in Queensland, Australia, can severely impact equipment utilization and productivity, leading to earnings volatility even when underlying contract demand is strong.
- Exposure to Cyclical Commodity Markets and Customer Concentration: As a provider of services to the resource development and industrial construction sectors, North American Construction Group Ltd. is inherently exposed to the cyclical nature and volatility of commodity markets. Fluctuations in oil and gas prices, as well as prices for other key minerals like iron ore and lithium, can significantly impact its financial performance. While the company has pursued geographic diversification, a degree of reliance on its oil sands exposure and a concentrated customer base could make it vulnerable to weaker spending or contract changes within these key sectors.
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North American Construction Group Ltd. (NOA) operates in the heavy construction, mining, and equipment maintenance sectors across Canada, the United States, and Australia. The addressable markets for their main products and services are sized as follows:
Heavy Construction Services
- Canada: The Heavy Engineering Construction market in Canada was valued at approximately $72.1 billion in 2024 and is projected to reach $72.5 billion in 2025. The broader Canada Construction Market was estimated at USD 359.80 billion in 2025 and is projected to reach USD 374.38 billion in 2026.
- United States: The Heavy Engineering Construction market in the U.S. was $42.1 billion in 2025 and is projected to reach $42.5 billion in 2026.
- Australia: The Heavy Industry and Other Non-Building Construction market in Australia is projected to be $78.5 billion in 2025. The total Australia construction market was valued at approximately AUD 292.53 billion (around USD 190.1 billion) in 2025.
Mining Services
- Canada: Mining services contributed $8.6 billion to Canada's GDP in 2023.
- United States: The U.S. contract mining services market was valued at over USD 3.3 billion in 2024. The broader US Mining Market was valued at USD 86.51 billion in 2023 and is expected to reach USD 102.01 billion by 2033. Additionally, the North America mining consulting services market, which includes the US and Canada, was valued at USD 4.74 billion in 2024 and is projected to grow to USD 5.01 billion in 2025.
- Australia: The Mining Support Services market in Australia was $19.0 billion in 2025 and is projected to be $18.3 billion in 2026. The Australia Mining Consulting Services market size was worth USD 973.86 million in 2024 and is projected to grow from USD 1,014.86 million in 2025.
Equipment Maintenance Services
- Canada: The Machinery Maintenance & Heavy Equipment Repair Services market in Canada was $12.2 billion in 2024 and is projected to be $12.4 billion in 2025.
- United States: The Machinery Maintenance & Heavy Equipment Repair Services market in the U.S. was $59.2 billion in 2024 and is projected to reach $59.9 billion in 2025.
- Australia: The Heavy Machinery Repair and Maintenance market in Australia was $23.5 billion in 2024 and is projected to be $22.7 billion in 2025.
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Share Repurchases
- North American Construction Group Ltd. authorized a Normal Course Issuer Bid (NCIB) in November 2025 to repurchase and cancel up to 2,729,056 common shares, representing approximately 9.3% of its outstanding shares as of November 10, 2025. Between November 18, 2025, and March 6, 2026, the company repurchased 407,616 shares for CAD 8.41 million under this NCIB.
- The company also had an NCIB in effect from November 4, 2024, to November 3, 2025, authorizing the repurchase of up to 2,087,577 common shares, or 7.5% of outstanding shares as of October 24, 2024. Under this bid, 1,781,550 shares were repurchased and cancelled for CAD 38.6 million.
- In the third quarter of 2025, the company repurchased 725,000 shares.
Share Issuance
- In February 2025, 3.0 million shares were issued from convertible debentures, contributing to an increase in average outstanding shares to 28.7 million in 2025 from 26.8 million in 2024.
Outbound Investments
- In December 2025, North American Construction Group Ltd. agreed to acquire Iron Mine Contracting (IMC), an Australian mining services contractor, for approximately CAD 115 million. This acquisition is intended to expand its Western Australia mining services platform and increase its exposure to rare earth and critical minerals.
- In October 2023, the company strategically acquired MacKellar Group, which provided a large-scale operating platform and increased Australia's contribution to approximately 50% of the overall business.
- In December 2025, the company executed a fleet optimization strategy by divesting 26 Caterpillar 797 haul trucks in the oil sands region and acquiring 7 Hitachi 830 haul trucks in Australia, leading to an estimated CAD 20.0 million reduction in both property, plant and equipment and net debt.
Capital Expenditures
- For the full year 2025, sustaining capital expenditures totaled $213.2 million.
- In Q4 2025, sustaining capital expenditures were $7.6 million, contributing to a record quarterly free cash flow of $57.4 million.
- For 2026, the company anticipates sustaining capital expenditures to be in the range of $180 million to $200 million, with a focus on supporting growth in Australian heavy equipment operations.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 115.52 |
| Mkt Cap | 5.5 |
| Rev LTM | 5,162 |
| Op Inc LTM | 321 |
| FCF LTM | 279 |
| FCF 3Y Avg | 350 |
| CFO LTM | 478 |
| CFO 3Y Avg | 450 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.8% |
| Rev Chg 3Y Avg | 15.1% |
| Rev Chg Q | 20.9% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 47.1% |
| Op Inc Chg 3Y Avg | 35.4% |
| Op Mgn LTM | 5.4% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 12.4% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | 4.4% |
| FCF/Rev 3Y Avg | 5.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Heavy Equipment - Australia | 690 | 591 | 159 | 31 | |
| Heavy Equipment - Canada | 579 | 555 | 767 | 709 | |
| Other | 21 | 47 | 40 | 57 | |
| Eliminations | -6 | -28 | -8 | -27 | |
| Single Segment | 654 | ||||
| Total | 1,284 | 1,166 | 957 | 770 | 654 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2012 |
|---|---|---|---|---|---|
| Heavy Equipment - Canada | 1,226 | 988 | 1,079 | 874 | |
| Heavy Equipment - Australia | 1,216 | 1,142 | 718 | 29 | |
| Other | 318 | 344 | 308 | 95 | |
| Eliminations | -940 | -779 | -559 | -19 | |
| Corporate | 111 | ||||
| Heavy Construction and Mining | 427 | ||||
| Piling | 142 | ||||
| Pipeline | 71 | ||||
| Total | 1,820 | 1,694 | 1,546 | 980 | 750 |
Price Behavior
| Market Price | $13.13 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 11/22/2006 | |
| Distance from 52W High | -21.2% | |
| 50 Days | 200 Days | |
| DMA Price | $14.01 | $14.31 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -6.3% | -8.2% |
| 3M | 1YR | |
| Volatility | 37.2% | 50.9% |
| Downside Capture | 186.06 | 117.39 |
| Upside Capture | 85.68 | 68.94 |
| Correlation (SPY) | 41.0% | 31.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.02 | 1.18 | 1.11 | 1.27 | 1.28 | 0.88 |
| Up Beta | -0.82 | -0.39 | 0.52 | 0.68 | 0.93 | 0.86 |
| Down Beta | 1.34 | 1.20 | 1.40 | 2.22 | 2.47 | 1.34 |
| Up Capture | 134% | 107% | 94% | 103% | 62% | 23% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 15 | 25 | 59 | 127 | 376 |
| Down Capture | 145% | 200% | 177% | 129% | 113% | 94% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 26 | 37 | 65 | 124 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOA | |
|---|---|---|---|---|
| NOA | -18.7% | 50.8% | -0.21 | - |
| Sector ETF (XLE) | 28.7% | 20.9% | 1.11 | 14.7% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 31.3% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 16.4% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -2.9% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 18.0% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 19.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOA | |
|---|---|---|---|---|
| NOA | -2.3% | 41.8% | 0.07 | - |
| Sector ETF (XLE) | 19.5% | 25.9% | 0.68 | 39.8% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 32.2% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 15.2% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 28.5% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 21.8% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NOA | |
|---|---|---|---|---|
| NOA | 17.8% | 45.8% | 0.53 | - |
| Sector ETF (XLE) | 9.3% | 29.6% | 0.36 | 45.6% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 34.9% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.7% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 32.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 27.7% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 6-K |
| 12/31/2025 | 03/12/2026 | 40-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/13/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/20/2025 | 40-F |
| 09/30/2024 | 10/30/2024 | 6-K |
| 06/30/2024 | 07/31/2024 | 6-K |
| 03/31/2024 | 05/01/2024 | 6-K |
| 12/31/2023 | 03/13/2024 | 40-F |
| 09/30/2023 | 11/01/2023 | 6-K |
| 06/30/2023 | 07/26/2023 | 6-K |
| 03/31/2023 | 04/26/2023 | 6-K |
| 12/31/2022 | 02/15/2023 | 40-F |
| 09/30/2022 | 10/26/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 6-K |
| 12/31/2025 | 03/12/2026 | 40-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/13/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/20/2025 | 40-F |
| 09/30/2024 | 10/30/2024 | 6-K |
| 06/30/2024 | 07/31/2024 | 6-K |
| 03/31/2024 | 05/01/2024 | 6-K |
| 12/31/2023 | 03/13/2024 | 40-F |
| 09/30/2023 | 11/01/2023 | 6-K |
| 06/30/2023 | 07/26/2023 | 6-K |
| 03/31/2023 | 04/26/2023 | 6-K |
| 12/31/2022 | 02/15/2023 | 40-F |
| 09/30/2022 | 10/26/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| 03/31/2022 | 04/27/2022 | 6-K |
| 12/31/2021 | 02/16/2022 | 40-F |
| 09/30/2021 | 10/27/2021 | 6-K |
| 06/30/2021 | 07/28/2021 | 6-K |
| 03/31/2021 | 04/28/2021 | 6-K |
| 12/31/2020 | 02/17/2021 | 40-F |
| 09/30/2020 | 10/28/2020 | 6-K |
| 06/30/2020 | 07/29/2020 | 6-K |
| 03/31/2020 | 05/06/2020 | 6-K |
| 12/31/2019 | 02/19/2020 | 40-F |
| 09/30/2019 | 10/30/2019 | 6-K |
| 06/30/2019 | 07/30/2019 | 6-K |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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