Stock fact sheet · data as of
North American Construction Group Ltd. (NOA): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Equipment & Services · Canada · Value
Is NOA undervalued?
NOA has a margin of safety of 46%: the stock closed at 11.46 on 16 Oct 2026 against a GLS average fair value of 21.11. 5 of the 9 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: DCF gives 4.87 while 10 Cap gives 71.43. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files NOA under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for NOA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 4.87 | -58% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 21.85 | +91% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 33.52 | +193% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 13.56 | +18% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 22.32 | +95% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 71.43 | +523% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 6.01 | -48% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 7.06 | -38% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 9.36 | -18% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -37.16 | -424% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 27.50 | +140% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health NOA scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 5.0 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
Returns on capital are thin or negative - ROIC 2.5%, ROE 7.4%, ROA 1.9% - with debt at 2.02 times equity and a free-cash-flow yield of 1.2%. Debt of 2.02 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 2.95% at a payout ratio of 41%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Operations Support Services 91%, Construction 7%, Equipment And Component Sales 3% (fiscal year FY2025).
Institutional ownership scores 8/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 2.5% |
|---|---|---|---|
| GLS Moat | 5.0 / 10 | ROE | 7.4% |
| Debt / equity | 2.02 | ROA | 1.9% |
| Free-cash-flow yield | 1.2% | Payout ratio | 41% |
| Institutions | 8 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 76: Good
NOA scores 76 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 25/25), Piotroski health (16/20), the GLS moat (8/15), the option premium on offer (17/20) and how easily the stock trades (10/20). Stability (10/20) is the part holding the score back.
Implied volatility is 70% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (17 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 233 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 496k shares a day on a market cap of $308M, with a beta of 1.14; the Stability part of the Wheel Score gives that 10 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 46% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 8 / 15 | moat 5.0/10 | |
| Premium | 17 / 20 | implied volatility 70% | |
| Stability | 10 / 20 | 496k shares/day, $308M cap, beta 1.14 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 11 Nov 2026 (after the close), 26 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Equipment & Services
The 12 companies below are the closest to North American Construction Group Ltd. by market cap within the Oil & Gas Equipment & Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| RNGR Ranger Energy Services, Inc. | 14.79 | 23.32 | +37% | 64Fair | $346M |
| NGS Natural Gas Services Group, Inc. | 30.96 | 43.02 | +28% | 72Good | $399M |
| SND Smart Sand, Inc. | 5.26 | 10.93 | +52% | 59Fair | $223M |
| CLB Core Laboratories N.V. | 9.78 | 12.50 | +22% | 76Good | $449M |
| OIS Oil States International, Inc. | 7.94 | 11.99 | +34% | 45Weak | $479M |
| OMSE OMS Energy Technologies Inc. | 3.91 | 31.50 | +88% | 39No options | $166M |
| KLXE KLX Energy Services Holdings, Inc. | 1.32 | 8.40 | +84% | 45Weak | $139M |
| ACDC ProFrac Holding Corp. | 4.12 | 8.03 | +49% | 45Weak | $750M |
| HMH HMH Holding Inc. Class A Common Stock | 17.34 | 40.96 | +58% | 39No options | $775M |
| TTI TETRA Technologies, Inc. | 5.33 | 2.23 | -139% | 50Fair | $789M |
| NINE Nine Energy Service, Inc. | 8.30 | 33.12 | +75% | 39No options | $116M |
| FET Forum Energy Technologies, Inc. | 77.11 | 141.68 | +46% | 45Weak | $872M |
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Start free See the Sunday ScanQuestions about NOA
Is NOA undervalued right now?
By the GLS models, yes: at 11.46 the stock is 46% below the average fair value of 21.11 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of NOA and what does it mean?
NOA scores 76 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for NOA?
21.11 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does North American Construction Group Ltd. report earnings next?
The next earnings report is due on 11 Nov 2026 (after the close), 26 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does NOA have listed options, and how liquid are they?
Yes. The nightly snapshot found 98 listed contracts with 233 open interest across all expiries and implied volatility of 70% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.