North American Construction (NOA) got a near-30% haircut on its Q4 results, which missed on a revenue slowdown that should persist through 2026 - with guidance representing ~7% growth at the midpoint.

Higher costs remain the real story though - with another retroactive charge in its Fargo-Moorhead JV, weather in Australia, mechanical availability issues in Canada, and labour shortages all weighing on margins…

… which could keep a lid on the multiple until showing signs of improvement.