NOA: undervalued.
Figures as of the 2026-10-19 close.
North American Construction Group Ltd carries debt worth 2.47 times its shareholders' equity, a heavy load. Its current assets cover its short-term liabilities 1.07 times.
Its Altman Z-Score, computed from its latest annual report, falls in the distress zone: the pattern that has historically preceded bankruptcies. It is a statistical warning light, not a forecast.
It passes 4 of the 8 Piotroski F-Score tests we could evaluate, out of nine, which checks whether profitability, leverage and efficiency improved from one annual report to the next. Which tests it passes, and the red flags in its accounts, are in the full analysis.