NOANorth American Construction Group Ltd.
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and big price swings.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -68% · now 29% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can NOA take a bad year?
North American Construction Group Ltd. carries $810M of net debt at 2.48× EBITDA: a load its earnings can carry.
Net debt · as at FY2025 · under two and a half years of EBITDA, comfortable
- Net debt / EBITDA
- 2.48×
Net debt / EBITDA · 2.15× a year ago · the load is going up
- Cash runway
- 5+ years
Cash runway · burning $4.3M a quarter at the current rate
- Annualised volatility
- 45%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtFY2025
- $910M
- Cash and short-term investments
- $100M
- Net debt
- $810M
- EBITDA, trailing twelve months
- $326M
- Operating profit, trailing twelve months
- $109M
- Debt / equity
- 1.99×
- Total debt / EBITDA
- 2.79×
- Annualised volatilitytwo years of daily moves
- 45%
- Worst drawdown on file
- −68%
- Below its 52-week high
- 29%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.