North American Construction Group Ltd. (NOA) Key Metrics
NOA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsNOA returns How much profit the business earns on the capital it uses.
NOA financial health Debt, liquidity and how easily interest is covered.
NOA efficiency & capital use Working capital cycle and where the cash goes.
NOA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NOA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NOA cash returned to shareholders
NOA key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.0% | 11.8% | 19.1% | 23.1% | 21.7% | 26.2% | 22.4% | 10.3% | 3.5% | −0.3% |
| Return on invested capital (ROIC) | 5.5% | 10.6% | 8.5% | 8.5% | 8.0% | 9.8% | 9.7% | 5.4% | 4.2% | 1.2% |
| Return on assets (ROA) | 1.9% | 2.7% | 5.0% | 7.3% | 6.7% | 6.8% | 5.0% | 2.8% | 1.4% | −0.1% |
| Return on tangible assets | 1.9% | 2.6% | 4.1% | 6.9% | 5.9% | 7.5% | 4.7% | 2.2% | 1.4% | −0.1% |
| Free cash flow margin | −2.1% | −5.7% | 7.0% | 7.0% | 7.9% | 6.0% | 0.1% | 6.8% | −1.4% | 5.8% |
| Income quality (OCF / net income) | 7.52 | 4.94 | 4.28 | 2.51 | 3.21 | 2.99 | 4.28 | 7.15 | 9.45 | — |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 2.02 | 2.12 | 2.01 | 1.42 | 1.43 | 1.79 | 2.40 | 2.56 | 0.94 | 0.64 |
| Debt / assets | 0.51 | 0.49 | 0.46 | 0.44 | 0.46 | 0.53 | 0.55 | 0.56 | 0.36 | 0.29 |
| Net debt / EBITDA | 2.49 | 2.64 | 2.49 | 1.61 | 2.04 | 1.89 | 2.62 | 4.11 | 2.18 | 1.82 |
| Current ratio | 0.88 | 1.05 | 0.91 | 1.20 | 0.91 | 1.09 | 0.75 | 0.88 | 1.13 | 1.01 |
| Quick ratio | 0.70 | 0.81 | 0.71 | 0.94 | 0.64 | 0.91 | 0.61 | 0.79 | 1.07 | 0.97 |
| Interest coverage | 2.0 | 2.7 | 2.6 | 3.0 | 3.1 | 4.5 | 3.5 | 3.6 | 2.1 | 0.7 |
| 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 |
| Invested capital | C$1.28B | C$1.14B | C$985.1M | C$672.2M | C$659.8M | C$510.4M | C$606.7M | C$513.2M | C$275.0M | C$246.2M |
| Tangible asset value | C$443.4M | C$378.5M | C$349.2M | C$298.6M | C$274.1M | C$194.7M | C$180.1M | C$147.3M | C$145.0M | C$157.2M |
| Net current asset value | −C$1.00B | −C$974.8M | −C$894.6M | −C$443.2M | −C$443.6M | −C$370.0M | −C$494.7M | −C$409.2M | −C$148.4M | −C$116.2M |
| Capital allocation | ||||||||||
| Dividends paid | C$13.4M | C$10.6M | C$10.0M | C$7.8M | C$4.4M | C$4.4M | C$2.5M | C$2.0M | C$2.2M | C$1.8M |
| Share buybacks (net) | C$41.7M | C$6.8M | C$6.0M | C$36.2M | C$22.0M | C$19.0M | C$10.4M | C$14.6M | C$19.7M | C$12.9M |
| Dividend payout ratio | 39.5% | 24.1% | 15.9% | 11.5% | 8.6% | 8.9% | 6.9% | 13.1% | 41.5% | — |
| Dividends + buybacks / free cash flow | — | — | 24.0% | 81.5% | 51.5% | 78.7% | — | 59.5% | — | 118.3% |
| Capex / revenue | 21.9% | 24.4% | 21.3% | 15.0% | 17.4% | 23.6% | 21.9% | 19.9% | 18.4% | 12.8% |
| Capex / operating cash flow | 110.4% | 130.7% | 75.3% | 68.1% | 68.9% | 79.8% | 99.7% | 74.5% | 108.3% | 68.7% |
| Capex / depreciation | 1.29 | 1.71 | 1.55 | 0.97 | 1.05 | 1.31 | 1.54 | 1.39 | 1.18 | 0.64 |
| Stock-based compensation / revenue | −0.0% | 0.7% | 1.7% | 0.6% | 1.8% | 0.4% | 1.3% | 2.8% | 1.2% | 2.3% |
| SG&A / revenue | 3.9% | 4.8% | 5.9% | 3.9% | 5.4% | 4.9% | 5.1% | 9.5% | 8.6% | 12.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 49.7 | 47.4 | 44.3 | 42.3 | 31.4 | 43.9 | 45.4 | 71.4 | 77.6 | 85.0 |
| Days of inventory on hand | 24.3 | 26.6 | 26.1 | 25.8 | 19.3 | 16.5 | 10.3 | 9.7 | 5.9 | 6.1 |
| Days payables outstanding | 34.6 | 49.1 | 56.5 | 48.8 | 35.2 | 54.2 | 44.5 | 52.8 | 46.7 | 55.1 |
| Cash conversion cycle (days) | 39.4 | 24.9 | 13.9 | 19.2 | 15.5 | 6.1 | 11.3 | 28.3 | 36.7 | 36.0 |
| Receivables turnover | 7.35 | 7.69 | 8.23 | 8.64 | 11.63 | 8.32 | 8.03 | 5.11 | 4.71 | 4.29 |
| Payables turnover | 10.55 | 7.44 | 6.46 | 7.47 | 10.37 | 6.73 | 8.21 | 6.91 | 7.81 | 6.63 |
| Inventory turnover | 14.99 | 13.75 | 13.98 | 14.15 | 18.92 | 22.15 | 35.54 | 37.58 | 61.75 | 60.16 |
| Asset turnover | 0.73 | 0.72 | 0.76 | 0.83 | 0.86 | 0.69 | 0.97 | 0.76 | 0.80 | 0.60 |
| Average receivables | C$174.7M | C$151.5M | C$116.2M | C$89.1M | C$56.2M | C$59.9M | C$89.5M | C$80.2M | C$62.2M | C$49.7M |
| Average payables | C$106.4M | C$128.5M | C$124.4M | C$89.4M | C$54.4M | C$60.4M | C$75.8M | C$49.3M | C$32.4M | C$27.3M |
| Average inventory | C$74.8M | C$69.5M | C$57.4M | C$47.2M | C$29.8M | C$18.3M | C$17.5M | C$9.1M | C$4.1M | C$3.0M |
| Intangibles / total assets | 0.7% | 0.6% | 0.5% | 0.7% | 0.5% | 0.0% | 0.0% | 0.4% | 0.2% | 0.5% |
Computed from NOA's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
NOA valuation and financial ratios
North American Construction earned a return on equity of 8.0% and a return on invested capital of 5.5% in fiscal 2025. It ended the year with C$920.8 million of debt and C$100.0 million in cash and short-term investments, net debt of C$820.8 million. It returned C$55.1 million to shareholders: C$13.4 million in dividends and C$41.7 million in share buybacks.
See the NOA income statement, the NOA chart for price history, or the NOA stock overview for the latest quote and news.
NOA key metrics FAQ
What is North American Construction's return on equity?
North American Construction's return on equity (ROE) was 8.0% in fiscal 2025: net income of C$33.8 million on average shareholders' equity of C$422.6 million.
What is North American Construction's ROIC?
North American Construction's return on invested capital was 5.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does North American Construction have?
North American Construction had total debt of C$920.8 million at the end of fiscal 2025, a debt-to-equity ratio of 2.02 and C$820.8 million of net debt (2.49 times EBITDA).
Does North American Construction buy back its shares?
Yes. North American Construction spent C$41.7 million on net share repurchases in fiscal 2025.
What is North American Construction's current ratio?
North American Construction's current ratio was 0.88 at the end of fiscal 2025: current assets were 0.88 times current liabilities.