North American Construction Group Ltd. (NOA) Balance Sheet
NOA balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.82B assets = C$1.36B liabilities + C$456.2M equity
Both columns are drawn to the same scale: what NOA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NOA financial health
Current ratio0.88
Tight · current assets cover current liabilities 0.88×
Debt / equity2.02
High leverage · C$2.02 of debt for each $1 of equity
Equity / assets25.1%
Balanced · of assets funded by shareholders
Cash / debt10.9%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
NOA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$350.1M2016 | C$1.82B2025 | +20.1%/yr | |
| Total liabilities | C$191.1M2016 | C$1.36B2025 | +24.4%/yr | |
| Shareholders’ equity | C$159.0M2016 | C$456.2M2025 | +12.4%/yr | |
| Cash & short-term investments | C$13.7M2016 | C$100.0M2025 | +24.8%/yr | |
| Total debt | C$101.0M2016 | C$920.8M2025 | +27.8%/yr | |
| Net cash (debt) | −C$87.3M2016 | −C$820.8M2025 | −C$733.5M | |
| Working capital | C$918,0002016 | −C$48.6M2025 | −C$49.5M | |
| Current ratio | 1.012016 | 0.882025 | −0.13 | |
| Debt / equity | 0.642016 | 2.022025 | +1.38 | |
| Shares outstanding | 30.0M2016 | 32.3M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOA assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NOA liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NOA debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NOA balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$100.0M | C$77.9M | C$88.6M | C$69.1M | C$16.6M | C$34.1M | C$5.5M | C$19.5M | C$8.2M | C$13.7M |
| Cash & equivalents | C$100.0M | C$77.9M | C$88.6M | C$69.1M | C$16.6M | C$34.1M | C$5.5M | C$19.5M | C$8.2M | C$13.7M |
| Short-term investments | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Receivables | C$179.3M | C$170.2M | C$132.9M | C$99.6M | C$78.5M | C$33.9M | C$85.9M | C$93.1M | C$67.3M | C$57.0M |
| Inventory | C$75.6M | C$74.1M | C$65.0M | C$49.9M | C$44.5M | C$15.0M | C$21.6M | C$13.4M | C$4.8M | C$3.4M |
| Other current assets | C$7.0M | C$8.4M | C$8.7M | C$11.7M | C$7.5M | C$10.5M | C$4.7M | C$4.4M | C$9.1M | C$812,000 |
| Total current assets | C$361.9M | C$330.5M | C$295.2M | C$230.4M | C$147.2M | C$93.6M | C$117.8M | C$130.4M | C$89.3M | C$74.9M |
| Property, plant & equipment (net) | C$1.37B | C$1.26B | C$1.16B | C$660.5M | C$655.7M | C$510.5M | C$609.6M | C$528.2M | C$278.6M | C$256.5M |
| Goodwill & intangible assets | C$12.9M | C$10.4M | C$7.5M | C$7.3M | C$4.4M | C$296,703 | C$0 | C$2.9M | C$938,000 | C$1.8M |
| Long-term investments | C$70.4M | C$84.7M | C$81.4M | C$75.6M | C$56.0M | C$44.0M | C$42.9M | C$11.8M | C$0 | C$0 |
| Other non-current assets | C$4.6M | C$9.3M | C$6.6M | C$5.7M | C$6.0M | C$10.1M | C$22.4M | C$16.6M | C$14.8M | C$16.9M |
| Total assets | C$1.82B | C$1.69B | C$1.55B | C$979.5M | C$869.3M | C$658.6M | C$792.7M | C$689.8M | C$383.6M | C$350.1M |
| Liabilities | ||||||||||
| Accounts payable | C$102.0M | C$110.8M | C$146.2M | C$102.5M | C$76.3M | C$32.5M | C$88.2M | C$63.5M | C$35.2M | C$29.6M |
| Short-term debt | C$161.9M | C$94.3M | C$94.4M | C$44.6M | C$50.7M | C$37.0M | C$53.9M | C$62.7M | C$29.4M | C$32.4M |
| Deferred revenue | C$22.8M | C$1.9M | C$59,000 | C$1.4M | C$3.3M | C$1.2M | C$23,000 | C$4.0M | C$2.3M | C$1.7M |
| Total current liabilities | C$410.5M | C$315.9M | C$324.0M | C$192.3M | C$161.0M | C$85.9M | C$157.3M | C$148.9M | C$79.0M | C$74.0M |
| Long-term debt | C$749.8M | C$719.4M | C$611.3M | C$378.5M | C$335.7M | C$384.1M | C$360.5M | C$320.3M | C$107.9M | C$68.6M |
| Lease obligations | C$11.2M | C$13.2M | C$13.0M | C$56.6M | C$69.5M | C$88.3M | C$97.8M | C$86.6M | C$67.0M | C$61.4M |
| Other long-term liabilities | C$201.7M | C$270.1M | C$254.5M | C$102.8M | C$94.1M | C$0 | C$94.7M | C$70.4M | C$50.8M | C$48.5M |
| Total liabilities | C$1.36B | C$1.31B | C$1.19B | C$673.6M | C$590.8M | C$463.6M | C$612.5M | C$539.6M | C$237.7M | C$191.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$282.7M | C$229.0M | C$229.5M | C$229.5M | C$246.9M | C$200.2M | C$226.0M | C$221.8M | C$231.0M | C$252.6M |
| Retained earnings (deficit) | C$176.3M | C$156.1M | C$123.0M | C$70.5M | C$11.9M | −C$27.6M | −C$79.9M | −C$113.9M | −C$127.2M | −C$130.3M |
| Treasury stock | — | — | — | — | −C$17.8M | −C$18.0M | −C$15.9M | −C$11.7M | −C$12.3M | −C$9.3M |
| Accumulated other comprehensive income | C$9.4M | −C$1.1M | −C$407,000 | C$306,000 | C$2,000 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Minority interest | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$456.2M | C$388.9M | C$356.7M | C$305.9M | C$278.5M | C$195.0M | C$180.1M | C$149.7M | C$145.9M | C$159.0M |
| Key figures | ||||||||||
| Total debt | C$920.8M | C$825.1M | C$717.1M | C$435.4M | C$397.9M | C$349.5M | C$432.1M | C$382.9M | C$137.3M | C$101.0M |
| Net cash (debt) | −C$820.8M | −C$747.2M | −C$628.4M | −C$366.2M | −C$381.3M | −C$315.4M | −C$426.6M | −C$363.4M | −C$129.1M | −C$87.3M |
| Working capital | −C$48.6M | C$14.7M | −C$28.8M | C$38.1M | −C$13.9M | C$7.7M | −C$39.5M | −C$18.5M | C$10.2M | C$918,000 |
| Tangible book value | C$443.4M | C$378.5M | C$349.2M | C$298.6M | C$274.1M | C$194.7M | C$180.1M | C$146.8M | C$145.0M | C$157.2M |
| Shares outstanding | 32.3M | 33.1M | 33.0M | 34.0M | 33.9M | 32.3M | 32.8M | 31.4M | 29.6M | 30.0M |
| Current ratio | 0.88 | 1.05 | 0.91 | 1.20 | 0.91 | 1.09 | 0.75 | 0.88 | 1.13 | 1.01 |
| Quick ratio | 0.68 | 0.79 | 0.68 | 0.88 | 0.59 | 0.79 | 0.58 | 0.76 | 0.96 | 0.96 |
| Debt / equity | 2.02 | 2.12 | 2.01 | 1.42 | 1.43 | 1.79 | 2.40 | 2.56 | 0.94 | 0.64 |
| Equity / assets | 25.1% | 23.0% | 23.1% | 31.2% | 32.0% | 29.6% | 22.7% | 21.7% | 38.0% | 45.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$167.7M | C$121.4M | C$100.0M | C$73.0M | C$79.0M | C$78.2M | C$77.9M | C$77.7M | C$49.9M | C$59.1M | C$88.6M | C$40.4M |
| Cash & equivalents | C$167.7M | C$121.4M | C$100.0M | C$73.0M | C$79.0M | C$78.2M | C$77.9M | C$77.7M | C$49.9M | C$59.1M | C$88.6M | C$40.4M |
| Receivables | C$268.3M | C$182.5M | C$179.3M | C$135.1M | C$211.0M | C$206.5M | C$170.2M | C$174.3M | C$113.5M | C$113.9M | C$132.9M | C$92.1M |
| Inventory | C$85.1M | C$74.8M | C$75.6M | C$53.3M | C$74.2M | C$74.2M | C$74.1M | C$77.2M | C$50.7M | C$50.8M | C$65.0M | C$57.1M |
| Other current assets | C$10.8M | C$6.9M | C$7.0M | C$6.3M | C$6.2M | C$7.3M | C$8.4M | C$15.8M | C$13.6M | C$6.8M | C$8.7M | C$8.1M |
| Total current assets | C$531.9M | C$385.5M | C$361.9M | C$267.6M | C$370.4M | C$366.3M | C$330.5M | C$345.0M | C$227.8M | C$230.7M | C$295.2M | C$197.7M |
| Property, plant & equipment (net) | C$1.58B | C$1.40B | C$1.37B | C$1.00B | C$1.36B | C$1.33B | C$1.26B | C$1.25B | C$890.0M | C$870.8M | C$1.16B | C$708.3M |
| Goodwill & intangible assets | C$32.2M | C$12.7M | C$12.9M | C$7.7M | C$10.2M | C$10.1M | C$10.4M | C$10.1M | C$5.9M | C$5.6M | C$7.5M | C$5.9M |
| Long-term investments | C$71.5M | C$74.8M | C$70.4M | C$85.4M | C$79.2M | C$86.3M | C$84.7M | C$85.2M | C$81.2M | C$74.5M | C$81.4M | C$85.7M |
| Other non-current assets | C$36.4M | C$10.8M | C$4.6M | C$0 | C$5.8M | C$5.6M | C$9.3M | C$5.1M | C$0 | C$0 | C$6.6M | C$11.5M |
| Total assets | C$2.25B | C$1.88B | C$1.82B | C$1.34B | C$1.83B | C$1.79B | C$1.69B | C$1.69B | C$1.19B | C$1.17B | C$1.55B | C$1.01B |
| Liabilities | ||||||||||||
| Accounts payable | C$204.8M | C$103.7M | C$102.0M | C$88.1M | C$143.0M | C$138.7M | C$110.8M | C$123.1M | C$87.5M | C$91.5M | C$146.2M | C$76.2M |
| Short-term debt | C$140.7M | C$97.9M | C$161.9M | C$110.6M | C$151.0M | C$151.8M | C$94.3M | C$96.3M | C$68.4M | C$63.5M | C$94.4M | C$41.1M |
| Deferred revenue | C$15.6M | C$15.1M | C$22.8M | C$16.4M | C$6.4M | C$6.7M | C$1.9M | C$300,000 | C$6,576 | C$1.0M | C$59,000 | C$69,000 |
| Total current liabilities | C$497.6M | C$346.0M | C$410.5M | C$293.3M | C$394.5M | C$396.8M | C$315.9M | C$305.1M | C$221.3M | C$221.6M | C$324.0M | C$158.4M |
| Long-term debt | C$1.03B | C$852.6M | C$749.8M | C$746.9M | C$723.1M | C$663.6M | C$719.4M | C$723.5M | C$692.1M | C$655.0M | C$611.3M | C$392.6M |
| Lease obligations | C$13.7M | C$10.7M | C$11.2M | C$11.5M | C$11.8M | C$12.1M | C$13.2M | C$13.9M | C$14.4M | C$14.8M | C$13.0M | C$13.5M |
| Other long-term liabilities | C$236.3M | C$207.9M | C$201.7M | C$0 | C$249.4M | C$272.1M | C$270.1M | C$273.7M | C$0 | C$19.8M | C$254.5M | C$118.4M |
| Total liabilities | C$1.77B | C$1.41B | C$1.36B | C$1.01B | C$1.37B | C$1.33B | C$1.31B | C$1.30B | C$909.8M | C$896.4M | C$1.19B | C$669.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$273.0M | C$278.5M | C$282.7M | C$207.2M | C$295.1M | C$298.9M | C$229.0M | C$229.5M | C$167.7M | C$169.4M | C$229.5M | C$229.5M |
| Retained earnings (deficit) | C$178.3M | C$177.6M | C$176.3M | C$129.0M | C$165.7M | C$158.9M | C$156.1M | C$154.4M | C$104.5M | C$97.2M | C$123.0M | C$108.1M |
| Accumulated other comprehensive income | C$44.4M | C$34.2M | C$9.4M | C$7.2M | −C$1.2M | −C$624,000 | −C$1.1M | C$1.3M | C$168,791 | −C$812,020 | −C$407,000 | −C$1.2M |
| Total shareholders' equity | C$480.4M | C$475.2M | C$456.2M | C$338.2M | C$460.2M | C$461.9M | C$388.9M | C$391.9M | C$277.4M | C$270.1M | C$356.7M | C$339.6M |
| Key figures | ||||||||||||
| Total debt | C$1.19B | C$962.2M | C$920.8M | C$654.0M | C$884.4M | C$826.0M | C$825.1M | C$831.8M | C$583.5M | C$556.5M | C$717.1M | C$494.0M |
| Net cash (debt) | −C$1.02B | −C$840.8M | −C$820.8M | −C$581.0M | −C$805.3M | −C$747.8M | −C$747.2M | −C$754.2M | −C$533.5M | −C$497.4M | −C$628.4M | −C$453.6M |
| Working capital | C$34.3M | C$39.6M | −C$48.6M | −C$25.6M | −C$24.1M | −C$30.5M | C$14.7M | C$39.9M | C$6.5M | C$9.1M | −C$28.8M | C$39.3M |
| Tangible book value | C$448.3M | C$462.5M | C$443.4M | C$330.6M | C$450.1M | C$451.9M | C$378.5M | C$381.9M | C$271.5M | C$264.5M | C$349.2M | C$333.8M |
| Shares outstanding | 27.9M | 28.5M | 28.2M | 32.3M | 32.6M | 28.9M | 33.1M | 33.1M | 33.0M | 33.0M | 33.0M | 33.0M |
| Current ratio | 1.07 | 1.11 | 0.88 | 0.91 | 0.94 | 0.92 | 1.05 | 1.13 | 1.03 | 1.04 | 0.91 | 1.25 |
| Quick ratio | 0.88 | 0.88 | 0.68 | 0.71 | 0.74 | 0.72 | 0.79 | 0.83 | 0.74 | 0.78 | 0.68 | 0.84 |
| Debt / equity | 2.47 | 2.02 | 2.02 | 1.93 | 1.92 | 1.79 | 2.12 | 2.12 | 2.10 | 2.06 | 2.01 | 1.45 |
| Equity / assets | 21.4% | 25.3% | 25.1% | 25.2% | 25.2% | 25.7% | 23.0% | 23.1% | 23.4% | 23.2% | 23.1% | 33.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
NOA financial position
At the end of fiscal 2025 (December 31, 2025), North American Construction had total assets of C$1.8 billion (up 7.3% from a year earlier), total liabilities of C$1.4 billion and shareholders' equity of C$456.2 million. It held C$100.0 million in cash and short-term investments against C$920.8 million of debt, net debt of C$820.8 million. Its current ratio was 0.88. In the latest quarter (ended June 30, 2026) total assets were C$2.2 billion and equity C$480.4 million.
Related: NOA income statement, NOA cash flow statement, NOA key metrics. See the NOA stock overview for the latest quote and news.
NOA balance sheet FAQ
What are North American Construction's total assets?
North American Construction reported total assets of C$1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with C$1.7 billion a year earlier.
How much debt does North American Construction have?
North American Construction had C$920.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.02.
How much cash does North American Construction have?
North American Construction held C$100.0 million in cash and short-term investments at the end of fiscal 2025; with C$920.8 million of debt that is net debt of C$820.8 million.
What is North American Construction's book value?
North American Construction's shareholders' equity (book value) was C$456.2 million at the end of fiscal 2025.
What is North American Construction's current ratio?
North American Construction had current assets of C$361.9 million and current liabilities of C$410.5 million, a current ratio of 0.88 (current liabilities exceed current assets).
How much goodwill does North American Construction have?
North American Construction carried C$12.9 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.