Is North American Construction Group (NOA) halal?

North American Construction Group Ltd. (TSX: NOA) is a mining and heavy-construction contractor whose debt and lease liabilities total about 248% of market cap — about seven and a half times the ~33% ceiling — so it fails the debt gate: FAIL.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — no haram lines identified

North American Construction Group provides mining and heavy construction services to resource and industrial customers through its Heavy Equipment–Canada and Heavy Equipment–Australia segments. Its site describes 'one of North America's largest fleet of haul trucks, shovels and mining equipment' with 'unrivalled earthworks experience in hard rock and oil sands mining, overburden removal, site development and reclamation.' It serves oil sands and hard-rock mining customers, but its own activity is contracting services — no conventional banking or insurance, alcohol, gambling, weapons manufacturing, adult entertainment, or tobacco is disclosed. Factually neutral as a service activity.

Gate two: the ratios — the debt gate fails decisively

At June 30, 2026 (Q2 2026 interim financial statements): long-term debt of C$1,172.2 million (C$138.4 million current plus C$1,033.8 million long-term) plus operating lease liabilities of C$13.7 million — total debt of about C$1,186 million. With 27,710,462 shares outstanding at a C$17.25 TSX close (September 28, 2026), market cap is about C$478 million, so debt-to-market-cap is about 248% — about seven and a half times the ~33% ceiling. The failure is not close: no plausible recent share price brings the ratio under the ceiling. The income gate is unverifiable and moot: interest income is not disclosed as a standalone income-statement line, so it is not scored. The company is a heavy net interest payer on its debt load. It held C$167.7 million of cash (~35% of market cap) and discloses no marketable securities.

What other screeners say

None of Zoya, Musaffa, or ShariaPortfolio cover NOA — no third-party page or rating was found for the ticker, so there is nothing to cite. This screener rests entirely on the company's own Q2 2026 filings.

The bottom line

This screener gives North American Construction Group Ltd. (TSX: NOA) a FAIL. Debt and lease liabilities of about 248% of market cap are decisively over the ~33% ceiling — on verified filing numbers, at any plausible recent share price. No haram business lines are disclosed, and the interest-income line is unverifiable in the filings — the failure is purely debt-driven. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is North American Construction Group stock halal?

No — North American Construction Group Ltd. (TSX: NOA) fails the debt gate decisively. Total debt and lease liabilities of about C$1.186 billion are about 248% of its ~C$478 million market cap — about seven and a half times the ~33% ceiling. No haram business lines are disclosed, and the interest-income line is not separately disclosed in its filings (income gate unverifiable, moot given the debt failure). None of Zoya, Musaffa, or ShariaPortfolio cover NOA. Consult a qualified scholar.

What are North American Construction Group's debt and market-cap figures?

At June 30, 2026 (Q2 2026 interim financial statements): long-term debt of C$1,172.2 million (C$138.4 million current plus C$1,033.8 million long-term) plus operating lease liabilities of C$13.7 million. Market cap is about C$478 million (27,710,462 shares outstanding at a C$17.25 TSX close on September 28, 2026). Debt-to-market-cap is about 248% — about seven and a half times the ~33% ceiling. The company held C$167.7 million of cash (~35% of market cap) and discloses no marketable securities.

How much interest income does North American Construction Group earn?

Interest income is not disclosed as a standalone income-statement line in NOA's Q2 2026 interim financial statements, so the interest-income-to-revenue ratio cannot be verified and is not scored — the debt failure is decisive on its own. For context only, Note 12 reports net 'other interest expense' of about C$0.5 million (i.e., roughly C$0.5 million of net interest income) in Q2 2026, and the cash-flow statement shows C$0.563 million of interest received — negligible next to C$401.0 million of quarterly revenue. The company is a heavy net interest payer on its debt load.

What does North American Construction Group do?

North American Construction Group provides mining and heavy construction services to resource and industrial customers through its Heavy Equipment–Canada and Heavy Equipment–Australia segments. Its site describes 'one of North America's largest fleet of haul trucks, shovels and mining equipment' with 'unrivalled earthworks experience in hard rock and oil sands mining, overburden removal, site development and reclamation.' It reported Q2 2026 revenue of C$401.0 million (C$456.1 million including joint-venture contributions), up 25% year over year. No haram business segments are disclosed.

What do Zoya, Musaffa, and ShariaPortfolio say about NOA?

None of the three cover NOA: Zoya has no NOA stock page, Musaffa has no NOA coverage, and ShariaPortfolio has no page for the ticker. There is no third-party rating to cite for this stock — this screener rests entirely on the company's own Q2 2026 filings.