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North American Construction Group Ltd. Balance Sheet 2025-2009 | NOA
Brief overview of North American Construction Group Ltd.'s balance sheet strength
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets reached 1.8 billion CAD, compared with 869.3 million CAD at the beginning. Growth of +109.3% and CAGR near 20.3% show active expansion.
Asset growth of +109.3% came with a +130.7% rise in liabilities. Financial leverage became more prominent.
Shareholders' equity accounts for 25.1% of assets, previously 32%. Dependence on liabilities is moderate.
Net debt equals about 1.43x of equity. The burden is manageable, but further growth would warrant attention.
Retained earnings are 176.5 million CAD versus 11.9 million CAD initially. The direction shows how results contributed to equity.
Conclusion
North American Construction Group Ltd.'s financial structure is not clear-cut. Asset scale alone does not resolve questions about how those assets are funded.
Annual Balance Sheet North American Construction Group Ltd.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
651 M | 643 M | 524 M | 291 M | - | 301 M | 312 M | 276 M | 129 M | 25.8 M | 16.1 M | 127 M | 270 M | 302 M | 296 M | - | - |
Long Term Debt |
750 M | 719 M | 611 M | 358 M | 306 M | 341 M | 313 M | 266 M | 70.1 M | 31.3 M | 42.5 M | 64.3 M | 261 M | 294 M | 287 M | - | - |
Long Term Debt Current |
1.5 M | 1.77 M | 1.74 M | 2.47 M | - | 4 M | 3.8 M | 30 M | - | 8.17 M | 5.96 M | - | - | 14.4 M | - | - | - |
Total Non Current Liabilities |
- | - | - | - | 430 M | 481 M | 455 M | 391 M | 159 M | 117 M | 127 M | 152 M | 341 M | 368 M | 370 M | - | - |
Total Current Liabilities |
411 M | 316 M | 324 M | 192 M | 161 M | 109 M | 157 M | 149 M | 79 M | 74 M | 62.3 M | 115 M | 93.5 M | 255 M | - | - | - |
Total Liabilities |
1.36 B | 1.31 B | 1.19 B | 674 M | 591 M | 591 M | 613 M | 540 M | 238 M | 191 M | 189 M | 267 M | 532 M | 622 M | 536 M | - | - |
Deferred Revenue |
22.8 M | 1.94 M | 59 K | 1.41 M | - | 5.9 M | 23 K | 4.03 M | 824 K | 1.07 M | 457 K | - | 7.08 M | - | - | - | - |
Retained Earnings |
176 M | 156 M | 123 M | 70.5 M | 11.9 M | -35.2 M | -79.9 M | -114 M | -127 M | -130 M | -127 M | -117 M | -187 M | -186 M | -165 M | - | - |
Total Assets |
1.82 B | 1.69 B | 1.55 B | 980 M | 869 M | 839 M | 793 M | 690 M | 384 M | 350 M | 361 M | 457 M | 660 M | 750 M | 683 M | - | - |
Cash and Cash Equivalents |
100 M | 77.9 M | 88.6 M | 69.1 M | - | 43.9 M | 5.54 M | 19.5 M | 8.19 M | 13.7 M | 32.4 M | 956 K | 13.7 M | 1.16 M | 722 K | 103 M | 98.9 M |
Book Value |
457 M | 389 M | 357 M | 306 M | 278 M | 248 M | 180 M | 150 M | 146 M | 159 M | 172 M | 190 M | 128 M | 128 M | 147 M | - | - |
Total Shareholders Equity |
457 M | 389 M | 357 M | 306 M | 278 M | 248 M | 180 M | 150 M | 146 M | 159 M | 172 M | 190 M | 192 M | 133 M | 147 M | 181 M | 151 M |
All numbers in CAD currency
Quarterly Balance Sheet North American Construction Group Ltd.
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q1 | 2009-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | - | - | 358 M | - | - | - | 306 M | - | - | - | 341 M | - | - | - | 313 M | - | - | - | 266 M | - | - | - | 70.1 M | - | - | - | 31.3 M | - | - | - | 42.1 M | - | - | - | 64.3 M | - | - | - | 75 M | - | - | 291 M | 311 M | - | - | 300 M | - | - | - | 291 M | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | - | 430 M | - | - | - | 481 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
1.36 B | 1.31 B | 1.19 B | 674 M | - | - | - | 591 M | - | - | - | 591 M | - | - | - | 613 M | - | - | - | 540 M | - | - | - | 238 M | - | - | - | 191 M | - | - | - | 189 M | - | - | - | 267 M | - | - | - | 254 M | - | - | 532 M | 561 M | - | - | 622 M | - | - | - | 536 M | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | 3.35 M | - | - | - | 1.51 M | - | - | - | 23 K | - | - | - | 4.03 M | - | - | - | 824 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
176 M | 156 M | 123 M | 70.5 M | - | - | - | 11.9 M | - | - | - | -35.2 M | - | - | - | -79.9 M | - | - | - | -114 M | - | - | - | -127 M | - | - | - | -130 M | - | - | - | -127 M | - | - | - | -117 M | - | - | - | -113 M | - | - | -187 M | -183 M | - | - | -186 M | - | - | - | -165 M | - | - |
Total Assets |
1.82 B | 1.69 B | 1.55 B | 980 M | - | - | - | 869 M | - | - | - | 839 M | - | - | - | 793 M | - | - | - | 690 M | - | - | - | 384 M | - | - | - | 350 M | - | - | - | 360 M | - | - | - | 457 M | - | - | - | 446 M | - | - | 660 M | 693 M | - | - | 750 M | - | - | - | 683 M | - | - |
Cash and Cash Equivalents |
- | - | - | - | - | - | - | 16.6 M | - | - | - | 43.4 M | - | - | - | 5.54 M | - | - | - | 19.5 M | - | - | - | 8.19 M | - | - | - | 13.7 M | - | - | - | 32.4 M | - | - | - | 956 K | - | - | - | 13.7 M | - | - | 598 K | 1.16 M | - | - | 1.4 M | 1.8 M | - | - | 722 K | 103 M | 98.9 M |
Book Value |
457 M | 389 M | 357 M | 306 M | - | - | - | 278 M | - | - | - | 248 M | - | - | - | 180 M | - | - | - | 150 M | - | - | - | 146 M | - | - | - | 159 M | - | - | - | 172 M | - | - | - | 190 M | - | - | - | 192 M | - | - | 128 M | 133 M | - | - | 128 M | - | - | - | 147 M | - | - |
Total Shareholders Equity |
457 M | 389 M | 357 M | 306 M | - | - | - | 278 M | - | - | - | 248 M | - | - | - | 180 M | - | - | - | 150 M | - | - | - | 146 M | - | - | - | 159 M | - | - | - | 172 M | - | - | - | 190 M | - | - | - | 192 M | - | - | 128 M | 133 M | - | - | 128 M | 144 M | - | - | 147 M | 181 M | 151 M |
All numbers in CAD currency
Balance Sheet is a fundamental financial report of North American Construction Group Ltd., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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