NOA
North American Construction Group Ltd.
NOA's fundamentals are mixed: revenue grew 7.2%, but its operating margin fell 3 points to 7.5%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
NOA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Stable | |
| Under pressure |
NOA's revenue is currently healthy, and its profitability and cash flow are stable, but its balance sheet is under pressure.
NOA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.3x | $7.25 | -22% |
| Current | 12x | $9.34 | — |
| Fair | 13x | $9.84 | +5.3% |
| Expensive | 16x | $12.63 | +35% |
Historical ranges are pointers, not guarantees.
NOA's PE is 12x, but its earnings don't support one, so it isn't a reliable read right now.
NOA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for NOA, but weaker profitability. However, they disagree widely on these estimates.
NOA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.78 | -7.1% |
| Q1 2026 | $0.77 | -15% |
| Q4 2025 | $0.78 | -24% |
| Q3 2025 | $0.91 | -31% |
| Q2 2025 | $0.84 | -33% |
| Q1 2025 | $0.91 | -27% |
| Q4 2024 | $1.03 | -28% |
| Q3 2024 | $1.31 | -17% |
NOA's earnings per share have fallen from their peak: $0.78 over the past year, against $1.74 in mid-2023.
NOA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $282M | +25% |
| Q1 2026 | $225M | -6.1% |
| Q4 2025 | $214.7M | -0.1% |
| Q3 2025 | $223M | +11% |
| Q2 2025 | $225.4M | +16% |
| Q1 2025 | $239.6M | +15% |
| Q4 2024 | $214.8M | -6.3% |
| Q3 2024 | $201.7M | +47% |
NOA's revenue is growing: $282M last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 5.5% | -1.7 points |
| Q1 2026 | 6.8% | -2.1 points |
| Q4 2025 | 7% | -0.4 points |
| Q3 2025 | 11% | -7.5 points |
| Q2 2025 | 7.1% | -7.1 points |
| Q1 2025 | 9% | -4 points |
| Q4 2024 | 7.4% | -6.6 points |
| Q3 2024 | 19% | +12 points |
NOA's operating margin was 5.5% last quarter, down 1.7 points from the same quarter a year ago.
NOA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$4.9M | +$2.5M |
| Q1 2026 | -$13.4M | +$16.4M |
| Q4 2025 | $4.4M | -71% |
| Q3 2025 | $17.6M | +$28.7M |
| Q2 2025 | -$7.4M | +$2.9M |
| Q1 2025 | -$29.8M | +$11M |
| Q4 2024 | $15.4M | -69% |
| Q3 2024 | -$11.2M | -$9.8M |
NOA's free cash flow has turned positive after three years mostly in the red: $4M over the past year.
NOA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2% | -561K shares |
| 1 year | -14% | -4.6M shares |
| 3 years | -15% | -5.1M shares |
| 5 years | -6.9% | -2.1M shares |
| Available history | -16% | -5.4M shares |
NOA has 28M diluted shares, down 14% from a year ago, with $36M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $7.3M |
| Q1 2026 | $8.4M |
| Q4 2025 | $9.1M |
| Q3 2025 | $11.6M |
| Q2 2025 | $6.8M |
| Q1 2025 | $1.9M |
| Q4 2024 | $3.1M |
| Q3 2024 | $1.5M |
NOA spent $36M buying back its own shares over the past year, up 175% from the year before.
NOA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 1.8x | Healthy |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.6x | Moderate |
| Q3 2024 | 2.4x | Moderate |
NOA's net debt is about 3.1 years of its operating earnings (EBITDA), up from 2.6 years a year ago.
NOA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.1 | Oversold |
| Stochastic | 13.6 | Oversold |
NOA's weekly RSI is 28 (oversold) and its Stochastic is 14 (oversold).
NOA PE vs Energy Sector
| Metric | NOA | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8.3% below |
| PE % | 45 | 61 | 16 pts below |
NOA is trading at 12x earnings, in line with the Energy sector's median of 13x, though its earnings don't support one.
NOA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.2 | 17% below |
| 20 week MA | $12.6 | 26% below |
| 50 week MA | $13.8 | 32% below |
| 100 week MA | $15.0 | 38% below |
| 200 week MA | $17.6 | 47% below |
NOA is in a downtrend: it's below all five of its weekly moving averages, and 47% below its 200-week average.
NOA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.2 | $9.37 | -23% |
| 2021 | $9.37 | $14.4 | +53% |
| 2022 | $14.4 | $12.9 | -10% |
| 2023 | $12.9 | $20.9 | +62% |
| 2024 | $20.9 | $21.2 | +1.5% |
| 2025 | $21.2 | $13.8 | -35% |
| 2026 YTD | $13.8 | $9.34 | -32% |
NOA has finished lower in three of the last six years. It's down 32% so far in 2026.