Stock fact sheet · data as of
North American Construction Group Ltd. (NOA): fair value, margin of safety and Wheel Score
Ticker symbol NOA · Energy · Oil & Gas Equipment & Services · Canada · Blend
Is NOA undervalued?
NOA has a margin of safety of 44%: the stock closed at 11.43 on 5 Nov 2026 against a GLS average fair value of 20.43. 5 of the 9 valuation models that produced a number sit above the price. Our scans 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: Payback Time gives 5.31 while 10 Cap gives 63.09. 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.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for NOA, so the nightly engine files it under Blend (value score 71, growth score 60, out of 100).
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 | 5.82 | -49% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 15.29 | +34% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 38.05 | +233% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 15.83 | +38% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 24.93 | +118% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 63.09 | +452% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 5.31 | -54% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 6.07 | -47% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 9.49 | -17% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -26.66 | -333% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 27.50 | +141% | 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 low at 4.8 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
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 3.61% 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 | 4.8 / 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 38: Weak
NOA scores 38 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (493 open interest, 127 a day); and filter 6, no serious red flags - Red Flags score 55 (under 60); and filter 7, a premium worth selling - implied volatility 87% (over 80%); and filter 8, big enough - market cap $308M (under $1.0B), and the parts are thin too - value strong, premium fair, moat fair, health good, red flags weak, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 87%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is thin - 493 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 145k shares a day on a market cap of $308M, with a beta of 1.08; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (493 open interest, 127 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Fails | Red Flags score 55 (under 60) |
| 7 | A premium worth selling | Fails | implied volatility 87% (over 80%) |
| 8 | Big enough | Fails | market cap $308M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 44% below fair value | |
| Premium | Fair | implied volatility 87% | |
| Moat | Fair | moat 4.8/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Weak | Red Flags score 55/100 | |
| Option trading | Weak | 127 contracts a day, 493 open interest | |
| Stability | Fair | beta 1.08, $308M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for NOA in the nightly calendar.
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. | 13.57 | 24.75 | +45% | 31Weak | $318M |
| NGS Natural Gas Services Group, Inc. | 28.95 | 43.02 | +33% | 43Weak | $373M |
| CLB Core Laboratories N.V. | 9.65 | 10.54 | +8% | 35Weak | $442M |
| OIS Oil States International, Inc. | 8.53 | 8.37 | -2% | 27Weak | $510M |
| SND Smart Sand, Inc. | 4.37 | 10.99 | +60% | 37Weak | $185M |
| OMSE OMS Energy Technologies Inc. | 3.94 | 43.89 | +91% | 36No options | $167M |
| BOOM DMC Global Inc. | 7.90 | 19.18 | +59% | 42Weak | $162M |
| HMH HMH Holding Inc. Class A Common Stock | 15.40 | 131.05 | +88% | 31No options | $688M |
| ACDC ProFrac Holding Corp. | 3.97 | 8.55 | +54% | 28Weak | $723M |
| PUMP ProPetro Holding Corp. | 6.42 | 0.8458 | -659% | 23Weak | $789M |
| FET Forum Energy Technologies, Inc. | 73.68 | 118.67 | +38% | 49Weak | $833M |
| AESI Atlas Energy Solutions Inc. | 6.73 | 5.56 | -21% | 21Weak | $841M |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about NOA
Is NOA undervalued right now?
By the GLS models, yes: at 11.43 the stock is 44% below the average fair value of 20.43 (data as of 5 Nov 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 38 out of 100 (Weak) - it fails Wheel Trade Filters 1, 6, 7, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for NOA?
20.43 per share as of 5 Nov 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?
No upcoming earnings date is recorded for NOA in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does NOA have listed options, and how liquid are they?
Yes. The nightly snapshot found 16 listed contracts with 493 open interest across all expiries and implied volatility of 87% 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.