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North American operator of hydrovac (non-destructive excavation) trucks used for safe digging around underground utilities and pipelines.
North American operator of hydrovac (non-destructive excavation) trucks used for safe digging around underground utilities and pipelines.
Rents out a truck with an operator by the hour or day, so revenue depends on how many hours its fleet works, which follows utility and construction activity; it builds its own trucks in Regina, Saskatchewan, which lowers fleet cost. Most work is now in the US.
In one line: A niche hydrovac excavation services fleet operator.
Moat: narrow (scale, installed base). Largest hydrovac fleet in North America gives scale/availability advantages over smaller regional operators.
Headquarters: Calgary, Canada · Founded: 1992 · Employees: 2,807
Size Badger Infrastructure Solutions (BDGI.TO) is a Canada Industrials company (Engineering & Construction) with a market value of $1.80B, the 194th largest of 420 Canada companies the cockpit tracks. Shares closed at C$74.74 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -7.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +1.0%); the operating margin is 7.7% (peer median 6.5%).
Valuation It trades at 19.2× forward earnings against a peer median of 14.1× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.3 points above its cost of capital (7.6% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.26B | C$1.16B | C$1.02B | C$923M | C$743M |
| Revenue growth | — | +14% | +11% | +24% | — |
| Gross profit | C$225M | C$213M | C$191M | C$164M | C$104M |
| EBITDA | C$232M | C$218M | C$226M | C$178M | C$123M |
| Net income | C$84.0M | C$82.8M | C$65.6M | C$56.4M | C$23.8M |
| Free cash flow | C$3.21M | C$45.7M | C$49.0M | C$15.2M | -C$6.02M |
| Capital expenditure | C$234M | C$174M | C$140M | C$151M | C$86.9M |
| Total debt | C$466M | C$354M | C$317M | C$278M | C$225M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDGI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.8% | -2.7% | 3rd lowest of 21 |
| 6-month return | -10.0% | -7.2% | 10th lowest of 21 |
| Distance from 52-week high | -26.8% | -26.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +16.2% | +1.0% | 7th highest of 21 |
| Operating margin | 7.7% | 6.5% | 9th highest of 21 |
| Forward P/E | 19.2× | 14.1× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 21.0% | 4.0% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +15.8% | +4.6% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | +5.2 pp | -9.7 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +0.3 pp | +3.5 pp | 7th lowest of 20 |
| EV / EBITDA | 12.8× | 12.8× | 7th cheapest of 13 |
| Net debt / EBITDA | 2.0× | -0.2× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 19.2× | 21.0% | +15.8% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 8.0× | n/a | n/a |
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | n/a | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 14.1× | -4.0% | +30.2% |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 12.7× | -6.3% | +5.9% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 25.2× | 29.6% | +4.6% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% | -11.1% |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% | -1.2% |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | n/a | n/a | n/a |
| Tasmea TEA.AX | Australia | $1.73B | +49% | +136% | 8% | 18.9× | 4.6% | +59.3% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 16.3× | -7.5% | +2.2% |
| Burkhalter BRKN.SW | Switzerland | $1.71B | -27% | -2% | 6% | 21.5× | -1.3% | +19.0% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% | +4.3% |
| China Aluminum International Engineering 2068.HK | Hong Kong | $1.71B | -39% | -6% | 4% | 13.3× | 11.9% | -0.6% |
| NCC NCC-A.ST | Sweden | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% | +0.7% |
| Envision Greenwise 1783.HK | Hong Kong | $1.68B | +38% | +183% | 3% | n/a | n/a | n/a |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 9.8× | -11.7% | +4.5% |
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% | +14.1% |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 29.3× | 4.0% | +18.6% |
| Shandong Hi-speed Road&bridge 000498.SZ | China | $1.65B | +20% | -9% | 7% | 4.9× | n/a | n/a |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% | +9.7% |