North American Construction Group Ltd. (NOA)

NYSE: NOA · Oil & Gas Field Services, NEC · filing with the SEC since 2006

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Grade5.7

◀ Past 6.9● Present 5.5▶ Future 4.9

1 est.

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The grade of North American Construction Group Ltd.

Nine metrics read from its own filings, by tense

Headline grade

5.7/10

◀ Past6.930% of the headline

● Present5.540% of the headline

▶ Future4.930% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.9/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

7.6/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 76th percentile among 21 sector filers · read for itself

From the record

North American Construction Group Ltd.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.5/10

What has it actually done, year after year?

+20.3% a year over 9 filed years; profitable in 9 of 9.

weight 45% of this tense · 75th percentile among 20 sector filers · read for its customers

From the record

North American Construction Group Ltd.'s 9 filed years say what it did: revenue went from CAD 293 million in fiscal 2017 to CAD 1.3 billion in fiscal 2025, up 20.3% a year; it rose in 7 of 8 years; the deepest fall was 31% from fiscal 2019 to fiscal 2020; net income was positive in 9 of 9 of those years (its annual reports).

What it rests on

revenue growth over the filed span20.3%top 17% of its family
the share of years revenue rosetop 22% of its family
the share of filed years with a profittop 7% of its family
the deepest fall from a revenue peak30.7%bottom 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

4.6/10

How has it treated the people who own it?

Share count grew 1.5% a year. 10% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 46th percentile among 17 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, North American Construction Group Ltd.'s diluted share count grew about 1.5% a year, and dividends and buybacks returned about 10% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearsbottom 36% of its family
cash returned against operating cash flowtop 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.7/10

Is it financially healthy right now?

ROE 7%: 7¢ of profit per shareholder dollar. Leverage 75%: owes 75¢ per asset dollar.

weight 33% of this tense · 37th percentile among 20 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, North American Construction Group Ltd. earned about 7 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 9 cents per dollar of everything the company owns. Leverage: it owed about 75 cents per dollar of assets, and net share issuance: its share count grew 7.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 18% of its family
return on equitytop 31% of its family
gross profit against assetsbottom 41% of its family
the share count against the year beforebottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

7.0/10

How strong is its position in its industry?

top 30% of 20 in its family; net margin 2.6%.

weight 45% of this tense · 70th percentile among 20 sector filers · read for its customers

From the record

North American Construction Group Ltd.'s standing among 20 graded names in its industry family: revenue of CAD 1.3 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 2.6% ranks in the top 47%; revenue growth of 18.6% a year over the last 3 filed years ranks in the top 12% (its annual reports).

What it rests on

net margin2.6%top 47% of its family
three-year revenue growth18.6%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 18 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 18 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 18 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: North American Construction Group Ltd.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 18 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.9/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

2.6/10

How much room does it have to grow?

bottom 26% of 20 in its family for room to expand.

weight 22% of this tense · 26th percentile among 20 sector filers · read for itself

From the record

North American Construction Group Ltd.'s room to grow, from the newest filed statements (fiscal 2025): cash of CAD 100 million against debt of CAD 750 million leaves -35.7% of its assets as net cash, bottom 18% of its family; cash from operations less capital spending is -1.3% of revenue (bottom 38%); a gross margin of 12.6% (bottom 23%) (its annual report).

What it rests on

cash less debt against assets-35.7%bottom 18% of its family
cash from operations less capital spending against revenue-1.3%bottom 38% of its family
gross margin12.6%bottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.9/10

What could actually drive growth from here?

top 31% of 20 in its family for growth drivers.

weight 45% of this tense · 69th percentile among 20 sector filers · read for its customers

From the record

North American Construction Group Ltd.'s growth drivers, from the filed years to fiscal 2025: revenue grew 18.6% a year over the last three filed years against 20.3% over all 9, slowing (bottom 48% of its family); the newest year grew 10.2% (top 22%); capital spending grew 36.1% a year (top 17%) (its annual reports). North American Construction Group Ltd. reported 4 product lines in fiscal 2025: Operations Support Services at CAD 1.2 billion (90%), Construction at CAD 89 million (7%), Equipment and Component Sales at CAD 33 million (3%), and 1 more; 2 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-1.7 points a yearbottom 48% of its family
the newest year's revenue growth10.2%top 22% of its family
three-year growth of capital spending36.1%top 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.6/10

Did its newest year beat what its own record pointed to?

bottom 36% of 18 in its family for expectations against reality.

weight 33% of this tense · 36th percentile among 18 sector filers · read for its shareholders

From the record

North American Construction Group Ltd.'s newest year against its own record: revenue of CAD 1.3 billion in fiscal 2025 came in 10.5% below the CAD 1.4 billion its prior three years' pace pointed to (bottom 31% of its family); net income of CAD 34 million against a prior three-year average of CAD 58 million (bottom 42%); a net margin of 2.6% against 6.4% before (bottom 36%) (its annual reports).

What it rests on

revenue against the prior three years' pace-10.5%bottom 31% of its family
net income against the prior three years' average-42%bottom 42% of its family
net margin against its prior average-3.7 pointsbottom 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NOA · research, not advice