NOA (NOA) financial statements

· Market cap $335M

NOA reported revenue of 1.3B CAD in fiscal 2025, up 22.1% a year over 9 years.

Net income was 34M CAD and the operating margin 8.5%, against 1.8% in 2016.

Free cash flow was -17M CAD, and the company returned 13M CAD in dividends and 38M CAD in net buybacks.

The diluted share count rose 8% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CAD).

-0.500.511.52016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CAD, from NOA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue213M CAD293M CAD410M CAD719M CAD498M CAD654M CAD770M CAD965M CAD1.2B CAD1.3B CAD
Cost of revenue—————456M CAD549M CAD679M CAD771M CAD905M CAD
Gross profit32M CAD40M CAD69M CAD96M CAD92M CAD90M CAD102M CAD155M CAD210M CAD162M CAD
Selling, general and admin27M CAD25M CAD37M CAD37M CAD24M CAD35M CAD30M CAD57M CAD55M CAD50M CAD
Operating income4M CAD13M CAD30M CAD59M CAD67M CAD55M CAD71M CAD96M CAD153M CAD109M CAD
Interest expense6M CAD7M CAD9M CAD22M CAD19M CAD19M CAD25M CAD37M CAD59M CAD59M CAD
Pre-tax income-494,000 CAD6M CAD21M CAD40M CAD60M CAD61M CAD84M CAD86M CAD60M CAD56M CAD
Income tax-49,000 CAD1M CAD6M CAD3M CAD11M CAD9M CAD17M CAD23M CAD16M CAD23M CAD
Net income-445,000 CAD5M CAD15M CAD37M CAD49M CAD51M CAD67M CAD63M CAD44M CAD34M CAD
EPS (diluted)-0.01 CAD0.18 CAD0.54 CAD1.23 CAD1.60 CAD1.64 CAD2.15 CAD2.09 CAD1.51 CAD1.14 CAD
Diluted shares30M30M31M33M32M34M34M33M33M32M
Gross margin15.2%13.6%16.8%13.4%18.5%13.8%13.2%16.1%18.0%12.6%
Operating margin1.8%4.6%7.3%8.2%13.5%8.4%9.2%10.0%13.1%8.5%
Net margin-0.2%1.8%3.7%5.1%9.9%7.9%8.8%6.5%3.8%2.6%

Balance sheet

Fiscal years, in CAD, from NOA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments14M CAD8M CAD20M CAD6M CAD43M CAD17M CAD69M CAD89M CAD78M CAD100M CAD
Receivables39M CAD46M CAD68M CAD46M CAD24M CAD52M CAD40M CAD66M CAD70M CAD55M CAD
Inventory3M CAD5M CAD13M CAD22M CAD19M CAD45M CAD50M CAD65M CAD69M CAD76M CAD
Total current assets75M CAD89M CAD130M CAD118M CAD119M CAD147M CAD230M CAD295M CAD325M CAD362M CAD
Property, plant and equipment256M CAD279M CAD528M CAD588M CAD516M CAD541M CAD569M CAD1.1B CAD1.2B CAD1.3B CAD
Goodwill—————543,000 CAD543,000 CAD526,000 CAD520,000 CAD535,000 CAD
Total assets350M CAD384M CAD690M CAD793M CAD839M CAD869M CAD980M CAD1.5B CAD1.7B CAD1.8B CAD
Total current liabilities74M CAD78M CAD149M CAD157M CAD109M CAD161M CAD192M CAD324M CAD316M CAD411M CAD
Long-term debt31M CAD70M CAD266M CAD313M CAD341M CAD306M CAD358M CAD611M CAD719M CAD750M CAD
Total liabilities191M CAD238M CAD540M CAD613M CAD591M CAD591M CAD674M CAD1.2B CAD1.3B CAD1.4B CAD
Shareholders' equity159M CAD146M CAD150M CAD180M CAD248M CAD278M CAD306M CAD357M CAD389M CAD457M CAD
Net debt26M CAD62M CAD276M CAD326M CAD314M CAD309M CAD310M CAD523M CAD642M CAD650M CAD

Cash flow

Fiscal years, in CAD, from NOA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow40M CAD50M CAD109M CAD158M CAD147M CAD165M CAD169M CAD278M CAD241M CAD264M CAD
Capital spending27M CAD54M CAD81M CAD157M CAD117M CAD113M CAD111M CAD203M CAD304M CAD281M CAD
Free cash flow13M CAD-4M CAD28M CAD918,000 CAD29M CAD53M CAD58M CAD75M CAD-63M CAD-17M CAD
Stock-based compensation6M CAD4M CAD12M CAD9M CAD2M CAD12M CAD5M CAD16M CAD9M CAD-432,000 CAD
Dividends paid2M CAD2M CAD2M CAD3M CAD4M CAD4M CAD8M CAD10M CAD11M CAD13M CAD
Share buybacks (net)-9M CAD-15M CAD-10M CAD0 CAD-9M CAD-17M CAD-34M CAD0 CAD-4M CAD-38M CAD
Net borrowing——179M CAD41M CAD63M CAD-29M CAD25M CAD24M CAD104M CAD757M CAD
Free cash flow margin6.0%-1.4%6.9%0.1%5.9%8.0%7.5%7.8%-5.4%-1.3%
Dividends per share0.06 CAD0.07 CAD0.06 CAD0.08 CAD0.14 CAD0.13 CAD0.23 CAD0.30 CAD0.32 CAD0.42 CAD
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Questions

What was NOA's revenue in 2025?

1.3B CAD in fiscal 2025, from its 10-K filing.

How much free cash flow does NOA generate?

-17M CAD in fiscal 2025 (operating cash flow minus capital spending).

From NOA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.