North American Construction Group Management
Management criteria checks 2/4
North American Construction Group's CEO is Barry Palmer, appointed in Jan 2026, has a tenure of less than a year. total yearly compensation is CA$2.54M, comprised of 20.5% salary and 79.5% bonuses, including company stock and options. directly owns 0.96% of the company’s shares, worth CA$5.08M. The average tenure of the management team and the board of directors is 5.5 years and 8.7 years respectively.
Key information
Barry Palmer
Chief executive officer
CA$2.5m
Total compensation
| CEO salary percentage | 20.48% |
| CEO tenure | less than a year |
| CEO ownership | 1.0% |
| Management average tenure | 5.5yrs |
| Board average tenure | 8.7yrs |
Recent management updates
Recent updates
Narrative Update • Jun 22
NOA: Maintained 2026 Revenue Outlook Will Support Ongoing Share Repurchases
Analysts kept their CA$22.00 price target for North American Construction Group unchanged, citing updated assumptions that reflect slightly adjusted discount rate, revenue growth, profit margin, and future P/E expectations, without materially altering their overall valuation view. What’s in the News for North American Construction Group North American Construction Group maintained earnings guidance for 2026, indicating no change to its previously communicated outlook.Narrative Update • Jun 04
NOA: Higher Revenue Outlook For 2026 Will Support Stronger Share Repurchases
Analysts have lifted their price target on North American Construction Group to CA$22.00 from CA$19.00, citing updated assumptions that include revised revenue growth expectations, a slightly adjusted discount rate, a refined profit margin outlook, and a lower future P/E multiple. What's in the News Company maintained earnings guidance for 2026, with combined revenue targeted in the range of $1.5b to $1.7b.
Narrative Update • May 11
NOA: Share Repurchases And 2026 Revenue Guidance Will Support Future Upside
Analysts have maintained their CA$28.00 price target on North American Construction Group, citing updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E as the key drivers behind the unchanged valuation view. What's in the News A special and extraordinary shareholders meeting is scheduled for May 20, 2026, at the company’s Acheson, Alberta location at 27287 100 Avenue, which could bring shareholder votes on key corporate matters (Key Developments).Narrative Update • Apr 25
NOA: Share Buybacks And 2026 Revenue Guidance Will Support Future Upside
Analysts have kept their CA$28.00 price target for North American Construction Group steady, citing only minor tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E that do not materially change their overall view of the stock's valuation. What's in the News North American Construction Group has scheduled a Special and Extraordinary Shareholders Meeting for May 20, 2026, at 27287 100 Avenue, Acheson, Alberta, Canada (company event filing).Narrative Update • Apr 10
NOA: Share Buybacks And 2026 Guidance Will Support Future Upside
Analysts have kept the CA$28.00 price target for North American Construction Group unchanged, citing updated assumptions for the discount rate, revenue growth, profit margin, and forward P/E that still support their overall valuation view. What's in the News Company plans a Special and Extraordinary Shareholders Meeting on May 20, 2026, a key date to watch for any shareholder proposals or approvals (company event filing).Narrative Update • Mar 27
NOA: Buybacks And 2026 Revenue Outlook Will Support Stronger Future Returns
Analysts have kept their CA$28.00 price target on North American Construction Group intact, citing updated assumptions that combine a higher revenue growth outlook with a slightly higher discount rate, a modestly lower profit margin and a reduced future P/E multiple. What's in the News A share buyback tranche was completed, with 407,616 shares repurchased, representing 1.43% of shares, for a total of CA$8.41 million under the program announced on November 18, 2025 (Key Developments).Narrative Update • Mar 12
NOA: Australian Mining Deal And Buybacks Will Support Stronger Future Returns
Analysts have left their CA$28.00 price target for North American Construction Group unchanged, pointing to steady expectations around fair value. Modest adjustments to revenue growth, profit margin and future P/E assumptions refine their outlook.Narrative Update • Feb 26
NOA: Australian Mining Acquisition Will Drive Stronger Returns Over Time
Analysts have reiterated their CA$28.00 price target for North American Construction Group, citing updated assumptions that keep estimated fair value steady while modestly adjusting the discount rate, revenue growth, profit margin and future P/E inputs. What's in the News Chief Executive Officer Joe Lambert resigned to pursue other opportunities, and Chief Operating Officer Barry Palmer has stepped in as CEO on an interim basis while the company reviews internal and external candidates for the permanent role (Key Developments).Narrative Update • Feb 11
NOA: Australian Mining Acquisition And Leadership Transition Will Support Stronger Future Returns
Analysts have maintained their CA$28.00 price target for North American Construction Group, citing only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions rather than a change in their overall view of the shares. What's in the News Joe Lambert has resigned as Chief Executive Officer of North American Construction Group, with Chief Operating Officer Barry Palmer stepping in as CEO effective immediately while the board evaluates internal and external candidates for the permanent role (Key Developments).Narrative Update • Jan 26
NOA: Australian Mining Expansion And Buybacks Will Support Stronger Future Returns
Analysts have maintained their price target for North American Construction Group at $28.00, indicating relatively unchanged assumptions for growth, margins and valuation multiples, with only small adjustments to the discount rate, revenue growth, profit margin and future P/E supporting the reaffirmed view. What's in the News Chief Executive Officer Joe Lambert resigned, and Chief Operating Officer Barry Palmer has taken over as CEO while the company evaluates internal and external candidates for the role on a permanent basis (Key Developments).Narrative Update • Jan 12
NOA: Future Returns Will Benefit From Australian Mining Acquisition And Share Repurchases
Analysts have adjusted their price target for North American Construction Group to $28.00. The change is mainly tied to updated views on discount rates, revenue growth assumptions, profit margins, and a higher future P/E multiple.Narrative Update • Dec 27
NOA: Future Returns Will Benefit From Accretive IMC Acquisition And Share Repurchases
Analysts have raised their price target on North American Construction Group by $2 to $28, citing stronger anticipated revenue growth, modestly higher profit margins, and a slightly lower discount rate. Together, these factors support a marginally richer but still conservative future earnings multiple.Narrative Update • Dec 12
NOA: Future Shareholder Returns Will Benefit From Ongoing Share Repurchase Program
Analysts have trimmed their price target for North American Construction Group by 2.00 dollars to 26.00 dollars, citing slightly lower long term revenue growth expectations, partly offset by improved margin and valuation assumptions. What's in the News Announced completion of a substantial normal course issuer bid, repurchasing 1,781,550 shares, representing 6.16% of outstanding shares, for CAD 20.34 million under the buyback announced on October 30, 2024 (Key Developments) Between July 1, 2025 and November 3, 2025, repurchased 1,102,442 shares, or 3.78% of shares outstanding, for CAD 4.04 million as part of the latest buyback tranche (Key Developments) Issued earnings guidance for the six months ended December 31, 2025, forecasting combined revenue in the range of 700 million dollars to 750 million dollars (Key Developments) Valuation Changes Fair Value Estimate reduced from 28.00 dollars to 26.00 dollars, a decrease of about 7 percent, reflecting slightly lower long term expectations.Analysis Article • Nov 19
North American Construction Group's (TSE:NOA) Anemic Earnings Might Be Worse Than You Think
The market wasn't impressed with the soft earnings from North American Construction Group Ltd. ( TSE:NOA ) recently. We...Analysis Article • Nov 16
North American Construction Group (TSE:NOA) Is Paying Out A Dividend Of CA$0.12
North American Construction Group Ltd. ( TSE:NOA ) will pay a dividend of CA$0.12 on the 9th of January. Including this...Analysis Article • Nov 08
North American Construction Group (TSE:NOA) Seems To Be Using A Lot Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Narrative Update • Aug 15
Expanding Australian And US Operations Will Broaden Business Horizons
A sharp decline in net profit margin combined with a substantial increase in the future P/E ratio signals deteriorating profitability and a less attractive valuation, leading analysts to lower their fair value estimate for North American Construction Group from CA$33.94 to CA$30.94. What's in the News Maintained earnings guidance for the second half of 2025, with combined revenue expected at $700 million to $750 million.
New Narrative • Mar 16
Integrating MacKellar Assets And Partnering With Finning Will Improve Efficiency
Continued integration of Australian assets and strategic partnerships are expected to boost equipment utilization, revenue, and net margins.Analysis Article • Mar 05
Many Still Looking Away From North American Construction Group Ltd. (TSE:NOA)
North American Construction Group Ltd.'s ( TSE:NOA ) price-to-earnings (or "P/E") ratio of 10.9x might make it look...Analysis Article • Nov 07
There May Be Some Bright Spots In North American Construction Group's (TSE:NOA) Earnings
North American Construction Group Ltd.'s ( TSE:NOA ) recent soft profit numbers didn't appear to worry shareholders, as...Analysis Article • Nov 02
These 4 Measures Indicate That North American Construction Group (TSE:NOA) Is Using Debt Extensively
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | CA$33m |
| Dec 31 2025 | CA$3m | CA$520k | CA$34m |
| Sep 30 2025 | n/a | n/a | CA$37m |
| Jun 30 2025 | n/a | n/a | CA$34m |
| Mar 31 2025 | n/a | n/a | CA$39m |
| Dec 31 2024 | CA$2m | CA$497k | CA$44m |
| Sep 30 2024 | n/a | n/a | CA$58m |
| Jun 30 2024 | n/a | n/a | CA$55m |
| Mar 31 2024 | n/a | n/a | CA$53m |
| Dec 31 2023 | CA$1m | CA$370k | CA$63m |
| Sep 30 2023 | n/a | n/a | CA$72m |
| Jun 30 2023 | n/a | n/a | CA$80m |
| Mar 31 2023 | n/a | n/a | CA$76m |
| Dec 31 2022 | CA$1m | CA$350k | CA$67m |
| Sep 30 2022 | n/a | n/a | CA$57m |
| Jun 30 2022 | n/a | n/a | CA$50m |
| Mar 31 2022 | n/a | n/a | CA$46m |
| Dec 31 2021 | CA$1m | CA$350k | CA$51m |
| Sep 30 2021 | n/a | n/a | CA$46m |
| Jun 30 2021 | n/a | n/a | CA$39m |
| Mar 31 2021 | n/a | n/a | CA$50m |
| Dec 31 2020 | CA$770k | CA$320k | CA$49m |
| Sep 30 2020 | n/a | n/a | CA$47m |
| Jun 30 2020 | n/a | n/a | CA$48m |
| Mar 31 2020 | n/a | n/a | CA$49m |
| Dec 31 2019 | CA$704k | CA$304k | CA$37m |
Compensation vs Market: Barry's total compensation ($USD1.80M) is above average for companies of similar size in the Canadian market ($USD946.67K).
Compensation vs Earnings: Barry's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
CEO
Barry Palmer (65 yo)
less than a year
Tenure
CA$2,539,602
Compensation
Mr. Barry Wade Palmer is CEO, President & Director of North American Construction Group Ltd. from January 20, 2026. Mr. Palmer was COO & Regional President of MacKellar Group of North American Construction...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | less than a year | CA$2.54m | 0.96% CA$ 5.1m | |
| Chief Financial Officer | 7.8yrs | CA$1.18m | 0.38% CA$ 2.0m | |
| Managing Director of MacKellar Group | 3.3yrs | CA$1.19m | no data | |
| Vice President of Asset Management | no data | CA$1.17m | no data | |
| Vice President of Operations | 2.5yrs | no data | no data | |
| Chief Legal Officer & Corporate Secretary | 15.9yrs | CA$789.77k | 0.44% CA$ 2.4m | |
| Chief People Officer | 7.7yrs | CA$789.29k | 0.23% CA$ 1.2m |
5.5yrs
Average Tenure
54.5yo
Average Age
Experienced Management: NOA's management team is seasoned and experienced (5.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | less than a year | CA$2.54m | 0.96% CA$ 5.1m | |
| Independent Chairman of the Board | 14.1yrs | CA$350.00k | 8.49% CA$ 45.1m | |
| Independent Director | 10yrs | CA$215.00k | 0.015% CA$ 81.4k | |
| Independent Director | 8.7yrs | CA$210.00k | 0.017% CA$ 88.3k | |
| Independent Director | 6.9yrs | CA$200.00k | no data | |
| Independent Lead Director | 11.2yrs | CA$218.00k | 0.096% CA$ 510.1k | |
| Independent Director | 6.9yrs | CA$212.50k | 0.012% CA$ 64.8k |
8.7yrs
Average Tenure
66yo
Average Age
Experienced Board: NOA's board of directors are considered experienced (8.7 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/27 09:24 |
| End of Day Share Price | 2026/07/27 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
North American Construction Group Ltd. is covered by 12 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Tim Monachello | ATB Cormark |
| John Gibson | BMO Capital Markets Equity Research |
| Yuri Lynk | Canaccord Genuity |