Is NOA a good stock to buy right now?

Based on our 6-factor quantitative model, North American Construction Group Ltd. (NOA) receives a "Reduce" rating with a composite score of 47.1/100. It is ranked #3,074 out of 4,446 stocks. Key factor scores: Quality 37/100, Value 88/100, Momentum 48/100. The timing signal is "Bearish". This is quantitative analysis only — not investment advice.

What is the stock rating for NOA?

North American Construction Group Ltd. (NOA) has a "Reduce" rating and 2-star score. The composite score of 47.1 ranks it #3,074 among 4,446 U.S. stocks. Ratings are updated weekly using academically-proven factor models.

What sector is NOA in?

North American Construction Group Ltd. operates in the Energy sector (Petroleum And Natural Gas industry) with a market cap of $368 million. It is classified as a small-cap stock.

Does NOA pay a dividend?

NOA does not currently pay a regular dividend. The company may be reinvesting profits for growth.

What is NOA's P/E ratio?

NOA has a trailing P/E ratio of 12.16x. The Energy sector average is 19.6x. This below-average P/E may indicate the stock is undervalued.

How profitable is NOA?

NOA's quality factor score is 37/100. Gross margin: 18.0%. ROE: 45.3% vs sector average 6.7%. Margins are moderate to low, reflecting competitive market dynamics.

How is NOA valued compared to peers?

NOA's value factor score is 88/100 (higher = cheaper). Key multiples: P/E 12.2x, EV/EBITDA 1.0x. The stock appears attractively valued versus peers.

What is NOA's debt level?

NOA's debt-to-equity ratio is 207%. Sector average: 55%. Elevated leverage increases credit risk.

NOA has a beta of 0.90, meaning it tracks the market. Stability score: 43/100.

Does NOA have high short interest?

NOA's short interest factor score is 23/100 (higher = less short selling). Elevated short interest may indicate bearish sentiment or short squeeze potential.

NOA Stock Analysis: Top Small-Cap Reduce (Score 47.1/100) | Blank Capital Research

Data Series	1D	5D	1M	YTD	1Y	3Y	5Y	10Y
NOA	+2.94%	+5.67%	-14.29%	-0.21%	+4.29%	-	-	-
Industry Proxy XLE	-0.68%	-3.90%	+2.41%	+27.35%	-26.03%	-	-	-
U.S. Market SPY	-0.07%	+3.60%	+0.34%	-0.36%	+29.52%	-	-	-
Alpha vs Market	+3.01%	+2.07%	-14.62%	+0.15%	-25.23%	-	-	-
Alpha vs Sector	+3.62%	+9.57%	-16.70%	-27.56%	+30.32%	-	-	-

Metric	NOA	Benchmark
P/E Ratio	12.2x	-38%
EV/EBITDA	1.0x	-72%
Price / Book	1.4x

Stock Entity	Score▼	Quality	Value	Momentum	P/E Ratio	ROE	Gross Margin	Net Margin	Rev Growth	D/E Ratio	Market Cap	Compare
GFR Greenfire Resources Ltd.	59	48	91	64	4.8x	59.1%	96.5%	15.4%	11.2%	40.0x	$761M	VS
PARR PAR PACIFIC HOLDINGS, INC.	57	50	77	77	10.7x	19.8%	-	3.7%	-0.2%	53.0x	$3.1B	VS
TTE TotalEnergies SE	57	36	90	62	14.4x	-	34.7%	8.2%	-	-	$191.7B	VS
XOM EXXON MOBIL CORP	55	50	63	62	21.3x	12.0%	32.0%	9.4%	-8.4%	68.0x	$669.9B	VS
GPRK GeoPark Ltd	55	47	97	55	4.4x	189.6%	75.2%	14.6%	-	262.0x	$452M	VS
APA APA Corp	55	50	79	69	12.4x	17.5%	85.0%	13.5%	-16.8%	154.0x	$14.6B	VS
PDS PRECISION DRILLING Corp	53	30	61	75	16.2x	0.8%	34.4%	5.9%	-	71.0x	$1.2B	VS
AMPY Amplify Energy Corp.	53	50	80	60	116.2x	0.5%	93.3%	0.5%	-16.5%	31.0x	$242M	VS
NBR NABORS INDUSTRIES LTD	53	50	80	72	3.8x	34.0%	55.1%	10.0%	10.1%	351.0x	$1.2B	VS
DVN DEVON ENERGY CORP/DE	53	50	67	59	10.5x	19.0%	46.0%	17.3%	10.6%	54.0x	$30.1B	VS
NOA North American Construction Group Ltd.	47	37	88	48	12.2x	45.3%	18.0%	3.8%	-	207.0x	$368M

Key Ratio	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Gross Margin %	0.2%	0.2%	0.2%	0.1%	0.1%	0.2%	0.1%	0.2%	0.1%	0.2%	0.1%
Operating Margin %	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%
EBITDA Margin %	0.3%	0.3%	0.2%	0.2%	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.2%
Net Margin %	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	-0.0%	-0.0%
FCF Margin %	-5.4%	-5.4%	7.1%	7.5%	8.0%	5.9%	0.1%	6.9%	-1.4%	6.0%	15.9%
ROE %	0.5%	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.0%	-0.0%	-0.0%
ROA %	0.1%	0.0%	0.0%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	-0.0%	-0.0%
ROIC %	10.9%	10.9%	7.9%	8.6%	7.4%	9.4%	9.2%	4.6%	3.9%	1.3%	0.9%

Key Ratio

TTM

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Gross Margin %

0.2%

0.1%

0.2%

0.1%

0.2%

0.1%

0.2%

0.1%

Operating Margin %

0.1%

0.0%

EBITDA Margin %

0.3%

0.2%

0.3%

0.2%

Net Margin %

0.0%

0.1%

0.0%

-0.0%

FCF Margin %

-5.4%

7.1%

7.5%

8.0%

5.9%

0.1%

6.9%

-1.4%

6.0%

15.9%

ROE %

0.5%

0.1%

0.2%

0.1%

0.0%

-0.0%

ROA %

0.1%

0.0%

0.1%

0.0%

-0.0%

ROIC %

10.9%

7.9%

8.6%

7.4%

9.4%

9.2%

4.6%

3.9%

1.3%

0.9%

Line Item	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
	$810M	$810M	$725M	$569M	$512M	$391M	$554M	$300M	$232M	$159M	$203M
	$146M	$146M	$117M	$75M	$71M	$72M	$74M	$51M	$32M	$24M	$23M
Gross Margin	18.0%	18.0%	16.1%	13.2%	13.8%	18.5%	13.4%	16.9%	13.6%	15.2%	11.3%
	—	$118M	$101M	$89M	$85M	$70M	$80M	$43M	$37M	$32M	$32M
	$106M	$106M	$72M	$53M	$43M	$53M	$45M	$22M	$11M	$3M	$2M
EBIT	$106M	$106M	$72M	$53M	$43M	$53M	$45M	$22M	$11M	$3M	$2M
EBITDA	$227M	$227M	$178M	$142M	$131M	$126M	$125M	$65M	$48M	$36M	$34M
Operating Margin	13.2%	13.2%	10.0%	9.3%	8.4%	13.5%	8.2%	7.3%	4.6%	1.8%	1.0%
EBITDA Margin	28.1%	28.0%	24.6%	25.0%	25.5%	32.4%	22.5%	21.8%	20.5%	22.7%	16.7%
	—	$41M	$28M	$18M	—	—	—	—	—	$0	$8M
	—	$11M	$17M	$13M	$7M	$9M	$2M	$4M	$957K	-$36K	-$82K
	$31M	$31M	$48M	$50M	$40M	$39M	$29M	$11M	$4M	-$331K	-$5M
Net Margin	3.8%	3.8%	6.6%	8.8%	7.9%	9.9%	5.2%	3.7%	1.8%	-0.2%	-2.7%
	$1.15	$1.15	$2.38	$2.46	$1.81	$1.75	$1.45	$0.61	$0.20	$-0.01	$-0.23
Diluted EPS	$1.15	$1.15	$2.38	$2.46	$1.81	$1.75	$1.45	$0.61	$0.20	$-0.01	$-0.23

Line Item

TTM

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

$810M

$725M

$569M

$512M

$391M

$554M

$300M

$232M

$159M

$203M

$146M

$117M

$75M

$71M

$72M

$74M

$51M

$32M

$24M

$23M

Gross Margin

18.0%

16.1%

13.2%

13.8%

18.5%

13.4%

16.9%

13.6%

15.2%

11.3%

—

$118M

$101M

$89M

$85M

$70M

$80M

$43M

$37M

$32M

$106M

$72M

$53M

$43M

$53M

$45M

$22M

$11M

$3M

$2M

EBIT

$106M

$72M

$53M

$43M

$53M

$45M

$22M

$11M

$3M

$2M

EBITDA

$227M

$178M

$142M

$131M

$126M

$125M

$65M

$48M

$36M

$34M

Operating Margin

13.2%

10.0%

9.3%

8.4%

13.5%

8.2%

7.3%

4.6%

1.8%

1.0%

EBITDA Margin

28.1%

28.0%

24.6%

25.0%

25.5%

32.4%

22.5%

21.8%

20.5%

22.7%

16.7%

—

$41M

$28M

$18M

—

$8M

—

$11M

$17M

$13M

$7M

$9M

$2M

$4M

$957K

-$36K

-$82K

$31M

$48M

$50M

$40M

$39M

$29M

$11M

$4M

-$331K

-$5M

Net Margin

3.8%

6.6%

8.8%

7.9%

9.9%

5.2%

3.7%

1.8%

-0.2%

-2.7%

$1.15

$2.38

$2.46

$1.81

$1.75

$1.45

$0.61

$0.20

$-0.01

$-0.23

Diluted EPS

$1.15

$2.38

$2.46

$1.81

$1.75

$1.45

$0.61

$0.20

$-0.01

$-0.23

North American Construction Group Ltd. (NOA) Stock Analysis — April 2026 Rating, Price, and Forecast

Last updated: April 2026

Company Overview — What Does North American Construction Group Ltd. Do?

North American Construction Group Ltd. provides equipment maintenance, and mining and heavy construction services in Canada, the United States, and Australia. The company's Heavy Construction & Mining division offers constructability reviews, budgetary cost estimates, design-build construction, project management, contract mining, pre-stripping/pit pioneering, overburden removal and stockpile, muskeg removal and stockpile, site preparation, air strip construction, site dewatering/perimeter ditching, tailings and process pipelines, haulage and access road construction, tailings dam construction and densification, mechanically stabilized earth walls, dyke construction, and reclamation services. Its Equipment Maintenance Services division provides fuel and lube servicing, portable steaming, equipment inspections, parts and component supply, major overhauls and equipment refurbishment, onsite haul truck brake testing, onsite maintenance support, under carriage rebuild, machining, hose manufacturing, and technical support services, as well as welding, fabrication/repairs, weld certification, and inspection services. As of December 31, 2021, the company operated a heavy equipment fleet of 632 units. It serves resource development and industrial construction sectors. The company was formerly known as North American Energy Partners Inc. and changed its name to North American Construction Group Ltd. in April 2018. North American Construction Group Ltd. was founded in 1953 and is headquartered in Acheson, Canada. North American Construction Group Ltd. (NOA) is classified as a small-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO Joseph C. Lambert and employs approximately 200 people. With a market capitalization of $368M, NOA is one of the notable companies in the Energy sector.

North American Construction Group Ltd. (NOA) Stock Rating — Reduce (April 2026)

As of April 2026, North American Construction Group Ltd. receives a Reduce rating with a composite score of 47.1/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.NOA ranks #3,074 out of 4,446 stocks in our coverage universe. Within the Energy sector, North American Construction Group Ltd. ranks #117 of 128 stocks, placing it in the lower half of its Energy peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

NOA Stock Price and 52-Week Range

North American Construction Group Ltd. (NOA) currently trades at $14.31. The stock gained $0.38 (2.7%) in the most recent trading session. The 52-week high for NOA is $18.24, which means the stock is currently trading -21.5% from its annual peak. The 52-week low is $12.07, putting the stock 18.6% above its annual trough. Recent trading volume was 65K shares, suggesting relatively thin trading activity.

Is NOA Overvalued or Undervalued? — Valuation Analysis

North American Construction Group Ltd. (NOA) carries a value factor score of 88/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 12.16x, compared to the Energy sector average of 19.63x — a discount of 38%. The price-to-book ratio stands at 1.41x, versus the sector average of 1.64x. The price-to-sales ratio is 0.12x, compared to 0.47x for the average Energy stock. On an enterprise value basis, NOA trades at 0.97x EV/EBITDA, versus 3.50x for the sector.

Based on these multiples, North American Construction Group Ltd. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.

North American Construction Group Ltd. Profitability — ROE, Margins, and Quality Score

North American Construction Group Ltd. (NOA) earns a quality factor score of 37/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 45.3%, compared to the Energy sector average of 6.7%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 10.4% versus the sector average of 3.7%.

On a margin basis, North American Construction Group Ltd. reports gross margins of 18.0%, compared to 52.7% for the sector. The operating margin is 13.2% (sector: 10.7%). Net profit margin stands at 3.8%, versus 6.4% for the average Energy stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

NOA Debt, Balance Sheet, and Financial Health

North American Construction Group Ltd. has a debt-to-equity ratio of 207.0%, compared to the Energy sector average of 55.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. Total debt on the balance sheet is $558M. Cash and equivalents stand at $54M.

NOA has a beta of 0.90, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for North American Construction Group Ltd. is 43/100, reflecting average volatility within the normal range for its sector.

North American Construction Group Ltd. Revenue and Earnings History — Quarterly Trend

In TTM 2026, North American Construction Group Ltd. reported revenue of $810M and earnings per share (EPS) of $1.15. Net income for the quarter was $31M. Gross margin was 18.0%. Operating income came in at $106M.

In FY 2024, North American Construction Group Ltd. reported revenue of $810M and earnings per share (EPS) of $1.15. Net income for the quarter was $31M. Gross margin was 18.0%. Revenue grew 11.7% year-over-year compared to FY 2023. Operating income came in at $106M.

In FY 2023, North American Construction Group Ltd. reported revenue of $725M and earnings per share (EPS) of $2.38. Net income for the quarter was $48M. Gross margin was 16.1%. Revenue grew 27.5% year-over-year compared to FY 2022. Operating income came in at $72M.

In FY 2022, North American Construction Group Ltd. reported revenue of $569M and earnings per share (EPS) of $2.46. Net income for the quarter was $50M. Gross margin was 13.2%. Revenue grew 11.1% year-over-year compared to FY 2021. Operating income came in at $53M.

Over the past 8 quarters, North American Construction Group Ltd. has demonstrated a growth trajectory, with revenue expanding from $300M to $810M. Investors analyzing NOA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

NOA Dividend Yield and Income Analysis

North American Construction Group Ltd. (NOA) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.

NOA Momentum and Technical Analysis Profile

North American Construction Group Ltd. (NOA) has a momentum factor score of 48/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 42/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

NOA vs Competitors — Energy Sector Ranking and Peer Comparison

Within the Energy sector, North American Construction Group Ltd. (NOA) ranks #117 out of 128 stocks based on the Blank Capital composite score. This places NOA in the lower half of all Energy stocks in our coverage universe. Key competitors and sector peers include TotalEnergies SE (TTE) with a score of 57.0/100, APA Corp (APA) with a score of 54.7/100, PRECISION DRILLING Corp (PDS) with a score of 53.4/100, Greenfire Resources Ltd. (GFR) with a score of 59.2/100, and EXXON MOBIL CORP (XOM) with a score of 55.1/100.

Comparing NOA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NOA vs S&P 500 (SPY) comparison to assess how North American Construction Group Ltd. stacks up against the broader market across all factor dimensions.

NOA Next Earnings Date

No upcoming earnings date has been announced for North American Construction Group Ltd. (NOA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy NOA? — Investment Thesis Summary

The quantitative profile for North American Construction Group Ltd. suggests caution. The quality score of 37/100 flags below-average profitability. The value score of 88/100 suggests attractive pricing relative to fundamentals.

In summary, North American Construction Group Ltd. (NOA) earns a Reduce rating with a composite score of 47.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NOA stock.

Related Resources for NOA Investors

Explore more research and tools: NOA vs S&P 500 comparison, top Energy stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare NOA head-to-head with peers: NOA vs TTE, NOA vs APA, NOA vs PDS.

Business quality

Valuation edge

Market alpha

Unlock Investment Thesis

Unlock Performance & Technicals

Unlock Valuation Tools

Institutional peer matrix

Dispersion: efficiency vs. valuation

Lateral intelligence network

Unlock Financial Statements

Unlock Ownership & Management

Intelligence Feed

North American Construction Group (NOA) Price Target Decreased by 12.34% to 19.32

National Energy Services Reunited (NESR) Surges 10.9%: Is This an Indication of Further Gains?

North American Construction (NOA) At C$20 — A Pullback Or A Setup?

If You Invested $100 In North American Const Gr Stock 10 Years Ago, You Would Have This Much Today

Unlock Earnings Transcripts

Institutional Intelligence FAQ

Related Research & Tools

Related Energy Stocks

North American Construction Group Ltd. (NOA) Stock Analysis — April 2026 Rating, Price, and Forecast

Company Overview — What Does North American Construction Group Ltd. Do?

North American Construction Group Ltd. (NOA) Stock Rating — Reduce (April 2026)

NOA Stock Price and 52-Week Range

Is NOA Overvalued or Undervalued? — Valuation Analysis

North American Construction Group Ltd. Profitability — ROE, Margins, and Quality Score

NOA Debt, Balance Sheet, and Financial Health

North American Construction Group Ltd. Revenue and Earnings History — Quarterly Trend

NOA Dividend Yield and Income Analysis

NOA Momentum and Technical Analysis Profile

NOA vs Competitors — Energy Sector Ranking and Peer Comparison

NOA Next Earnings Date

Should You Buy NOA? — Investment Thesis Summary

Related Resources for NOA Investors

Comments

Institutional Benchmarks

Related research

Get alerted on rating changes

Intelligence Feed

North American Construction Group (NOA) Price Target Decreased by 12.34% to 19.32

National Energy Services Reunited (NESR) Surges 10.9%: Is This an Indication of Further Gains?

North American Construction (NOA) At C$20 — A Pullback Or A Setup?

If You Invested $100 In North American Const Gr Stock 10 Years Ago, You Would Have This Much Today