B 
Badger Infrastructure Solutions BDGI.TO · CAD
Industrials · Toronto Stock Exchange · 🇨🇦 Canada
76.88
+2.86%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in USD, from our data supplier.
Revenue
$745.0m
FY2015FY2024
Net income
$47.9m
FY2015FY2024
Free cash flow
$43.8m
FY2015FY2024
Shareholders' equity
$258.0m
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $745.0m | $683.8m | $570.8m | $453.9m | $558.6m | $654.3m | $615.4m | $496.8m | $404.2m | $404.6m |
| Gross profit | $218.0m | $191.1m | $139.2m | $95.1m | $158.4m | $201.0m | $191.3m | $146.6m | $119.9m | $121.5m |
| Operating income | $86.1m | $62.3m | $34.9m | −$1.6m | $37.2m | $83.9m | $102.4m | $78.2m | $54.4m | $62.4m |
| Net income | $47.9m | $41.8m | $18.3m | −$8.7m | $24.7m | $59.7m | $67.8m | $65.9m | $28.9m | $38.5m |
| Diluted earnings per share | 1.39 | 1.21 | 0.53 | -0.25 | 0.71 | 1.67 | 1.83 | 1.77 | 0.78 | 1.04 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $669.0m | $633.0m | $533.0m | $478.3m | $622.9m | $669.0m | $603.9m | $501.3m | $458.3m | $446.7m |
| Cash and short-term investments | $15.0m | $8.5m | $5.4m | $4.1m | $17.3m | $8.8m | $48.3m | $46.1m | $62.9m | $25.0m |
| Total liabilities | $411.0m | $388.0m | $310.2m | $256.5m | $294.4m | $338.3m | $237.4m | $182.9m | $179.3m | $179.0m |
| Debt | $220.0m | $211.0m | $166.0m | $136.0m | $146.9m | $180.8m | $102.3m | $94.1m | $100.7m | $103.9m |
| Shareholders' equity | $258.0m | $245.0m | $222.8m | $221.8m | $328.5m | $330.7m | $366.5m | $318.5m | $279.1m | $267.7m |
| Shares outstanding | 34m | 34m | 34m | 34m | 35m | 36m | 37m | 37m | 37m | 37m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $146.3m | $132.8m | $68.3m | $54.6m | $139.3m | $113.4m | $134.4m | $87.4m | $79.1m | $100.3m |
| Capital spending | −$102.5m | −$112.0m | −$66.8m | −$44.4m | −$60.9m | −$127.5m | −$94.6m | −$83.6m | −$23.5m | −$39.0m |
| Free cash flow | $43.8m | $20.8m | $1.6m | $10.3m | $78.4m | −$14.1m | $39.8m | $3.8m | $55.6m | $61.3m |
| Dividends paid | −$18.0m | −$17.5m | −$14.5m | −$17.2m | −$20.7m | −$20.1m | −$19.0m | −$15.4m | −$14.2m | −$13.3m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $237.3m | $208.2m | $172.6m | $187.2m | $209.4m | $186.8m | $161.6m | $173.1m |
| Gross profit | $77.4m | $63.6m | $44.0m | $55.2m | $68.1m | $54.6m | $40.0m | $45.3m |
| Operating income | $31.2m | $21.8m | $7.0m | $21.8m | $39.3m | $27.1m | −$2.1m | $9.3m |
| Net income | $29.0m | $18.5m | $3.3m | $10.9m | $23.3m | $11.9m | $1.8m | $4.7m |
| Diluted earnings per share | 0.86 | 0.55 | 0.10 | 0.32 | 0.68 | 0.35 | 0.05 | 0.14 |
| Total assets | $771.2m | $722.7m | $664.8m | $669.4m | $691.6m | $657.8m | $642.7m | $633.0m |
| Cash and short-term investments | $5.3m | $6.5m | $1.1m | $14.6m | $5.1m | $630,000 | $8.4m | $8.5m |
| Debt | $239.3m | $245.7m | $223.8m | $202.1m | $228.7m | $225.4m | $226.4m | $195.8m |
| Shareholders' equity | $292.8m | $267.4m | $254.3m | $258.2m | $266.5m | $249.4m | $242.0m | $245.0m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.3% | 29.3% | 17.7% | 24.4% | 20.5% | 16.0% |
| Operating margin | 11.6% | 11.1% | 9.1% | 3.0% | -0.8% | 5.2% |
| Net margin | 7.1% | 6.4% | 6.1% | 3.2% | -1.9% | 4.4% |
| Return on equity | 20.4% | 18.5% | 23.2% | 8.1% | -3.9% | 9.6% |
| Return on assets | 7.6% | 6.9% | 8.6% | 3.3% | -1.8% | 5.0% |
| Free cash flow yield | 9.7% | 7.7% | 8.0% | 4.3% | 3.2% | 5.2% |
| Revenue growth | 13.7% | -19.4% | 61.7% | 26.8% | -19.4% | 13.7% |
| Earnings growth | 26.0% | -15.2% | 208.2% | -311.1% | -135.0% | -58.6% |
| Current ratio | 1.37x | 1.43x | 1.44x | 1.74x | 1.42x | 1.60x |
| Debt to equity | 0.74x | 0.73x | 0.73x | 0.66x | 0.69x | 0.50x |
| Equity ratio | 37.1% | 37.1% | 37.2% | 40.4% | 45.2% | 51.6% |
| Interest coverage | 5.78x | 5.51x | 3.66x | 2.09x | -0.84x | 4.46x |
| Buybacks as a share of market value | 1.8% | 0.3% | 0.0% | 0.0% | 1.1% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.0% | 2.6% | 5.8% |
| Operating income | — | 0.5% | 0.4% |
| Net income | — | -4.3% | -1.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.6% | 26.2% | 27.3% | 28.5% |
| Operating margin | 10.4% | 7.4% | 8.3% | 11.4% |
| Net margin | 6.3% | 4.0% | 5.0% | 7.3% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.8 | 24.5 | 36.6 | -91.5 | 39.2 | 15.4 | 12.9 | 11.2 | 30.0 | 17.2 |
| Price to sales | 1.2 | 1.5 | 1.2 | 1.8 | 1.7 | 1.4 | 1.4 | 1.5 | 2.1 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 29 Sept 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.75 | 0.85 | 0.69 | 0.495 | 0.79 | 0.595 | 0.565 | 0.519 |
- 3-for-1 split · 28 Jan 2014
- 1-to-1 reverse split · 10 Jan 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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