Balance Sheet Badger Infrastructure Solutions Ltd.

Stocks

BDGI

CA0565331026

Construction & Engineering

End-of-day quote TE Other stock markets 02:02:23 2026-06-15 pm EDT			5-day change	1st Jan Change
92.15 ^CAD	+1.21%		-1.75%	+25.87%

May. 14	Badger Infrastructure Solutions Closes C$300 Million Senior Unsecured Note Offering	MT
May. 14	Badger Infrastructure Solutions Ltd. Closes CAD 300 Million Senior Unsecured Note Offering	CI

461336484ccf7db911b8cb59a6a.2ksMU2MnVHTIYyPtTwb3nQ6jMSlNIrb2_G0w44PjHf0.4wc9CxoUPEebPG2FGmOGxEHhQGsEV-CCjhxph9GbW4m-P2Y9W1c1I78oVA

Published financial data: BADGER INFRASTRUCTURE SOLUTIONS LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	569M	571M	684M	745M	832M
Total Revenues	569M	571M	684M	745M	832M
Cost of Goods Sold, Total	453M	432M	493M	527M	591M
Gross Profit	116M	139M	191M	218M	241M
Selling General & Admin Expenses, Total	46.36M	39.19M	40.79M	41.93M	42.58M
Stock-Based Compensation (IS)	3.17M	5.51M	18.16M	11.31M	41.95M
Depreciation & Amortization - (IS)	71.6M	59.58M	69.87M	78.7M	88.73M
Other Operating Expenses, Total	121M	104M	129M	132M	173M
Operating Income	-4.91M	34.86M	62.27M	86.06M	67.55M
Interest Expense, Total	-5.53M	-8.07M	-16.11M	-14.58M	-15.34M
Net Interest Expenses	-5.53M	-8.07M	-16.11M	-14.58M	-15.34M
Currency Exchange Gains (Loss)	128K	-362K	-332K	-71K	-452K
Other Non Operating Income (Expenses)	-2.71M	-3.88M	9.24M	-5.7M	26.79M
EBT, Excl. Unusual Items	-13.02M	22.55M	55.07M	65.71M	78.54M
Restructuring Charges	-2.66M	-	-	-	-
Gain (Loss) On Sale Of Assets	-1.79M	331K	2.05M	1.76M	1.05M
Other Unusual Items	3.04M	-	-	-	-
EBT, Incl. Unusual Items	-14.43M	22.88M	57.12M	67.47M	79.59M
Income Tax Expense	-3.18M	4.59M	15.35M	19.6M	20.36M
Earnings From Continuing Operations	-11.25M	18.29M	41.77M	47.87M	59.23M
Net Income to Company	-11.25M	18.29M	41.77M	47.87M	59.23M
Net Income - (IS)	-11.25M	18.29M	41.77M	47.87M	59.23M
Net Income to Common Incl Extra Items	-11.25M	18.29M	41.77M	47.87M	59.23M
Net Income to Common Excl. Extra Items	-11.25M	18.29M	41.77M	47.87M	59.23M
Per Share Items
Net EPS - Basic	-0.33	0.53	1.21	1.39	1.75
Basic EPS - Continuing Operations	-0.33	0.53	1.21	1.39	1.75
Basic Weighted Average Shares Outstanding	34.6M	34.47M	34.47M	34.44M	33.83M
Net EPS - Diluted	-0.33	0.53	1.21	1.39	1.75
Diluted EPS - Continuing Operations	-0.33	0.53	1.21	1.39	1.75
Diluted Weighted Average Shares Outstanding	34.6M	34.47M	34.47M	34.44M	33.83M
Normalized Basic EPS	-0.24	0.41	1	1.19	1.45
Normalized Diluted EPS	-0.24	0.41	1	1.19	1.45
Dividend Per Share	0.62	0.49	0.52	0.5	0.55
Payout Ratio	-191.94	79.31	41.92	37.59	30.39
Distributable Cash Payout Ratio (Income Trusts)	-	-	-	-	-
Supplemental Items
EBITDA	55.5M	83.02M	115M	143M	130M
EBITA	-4.91M	34.86M	62.27M	86.06M	68.03M
EBIT	-4.91M	34.86M	62.27M	86.06M	67.55M
EBITDAR	58.52M	83.5M	116M	145M	132M
Effective Tax Rate - (Ratio)	22.07	20.07	26.88	29.04	25.58
Current Domestic Taxes	-4.4M	300K	-	-	-
Current Foreign Taxes	2.5M	5.1M	-	-	-
Total Current Taxes	-1.9M	5.4M	9.15M	17.21M	22.72M
Total Deferred Taxes	-1.32M	-853K	6.21M	2.38M	-2.36M
Normalized Net Income	-8.14M	14.1M	34.42M	41.07M	49.09M
Distributable Cash	-	-	-	-	-
Interest on Long-Term Debt	5.53M	8.07M	16.99M	15.69M	2.44M
Supplemental Operating Expense Items
General and Administrative Expenses	46.36M	39.19M	40.79M	41.93M	42.58M
Net Rental Expense, Total	3.02M	486K	357K	1.54M	1.76M
Imputed Operating Lease Interest Expense	835K	208K	244K	832K	903K
Imputed Operating Lease Depreciation	2.18M	278K	113K	706K	859K
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., Other (Total)	3.17M	5.51M	10.94M	283K	25.86M
Total Stock-Based Compensation	3.17M	5.51M	10.94M	283K	25.86M

Fiscal Period: December	2021	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	5.24M	5.4M	8.51M	14.62M	4.77M
Total Cash And Short Term Investments	5.24M	5.4M	8.51M	14.62M	4.77M
Accounts Receivable, Total	144M	141M	158M	166M	178M
Other Receivables	13.51M	-	7.72M	4.86M	-
Total Receivables	158M	141M	166M	171M	178M
Inventory	13.57M	25.21M	13.33M	11.7M	15.06M
Prepaid Expenses	7.27M	9.55M	8.52M	8.51M	14.12M
Other Current Assets, Total	-	-	3.42M	514K	8.18M
Total Current Assets	184M	182M	200M	206M	220M
Gross Property Plant And Equipment	754M	636M	736M	786M	898M
Accumulated Depreciation	-363M	-308M	-330M	-349M	-388M
Net Property Plant And Equipment	391M	328M	406M	438M	509M
Goodwill	1.62M	1.2M	1.23M	1.13M	1.18M
Other Intangibles, Total	29.98M	21.83M	23.6M	24.34M	26.61M
Other Long-Term Assets, Total	-	-	2.83M	-	5.88M
Total Assets	606M	533M	633M	669M	763M
Liabilities
Accounts Payable, Total	19.52M	24.36M	29.67M	27.5M	32.11M
Accrued Expenses, Total	66.99M	54.49M	82.01M	70.78M	84.78M
Current Portion of Long-Term Debt	31.7M	-	-	-	-
Current Portion of Leases	7.44M	8.75M	15.08M	18.2M	22.19M
Current Income Taxes Payable	-	1.14M	-	-	536K
Other Current Liabilities	3.94M	15.59M	11.66M	28.07M	21.49M
Total Current Liabilities	130M	104M	138M	145M	161M
Long-Term Debt	121M	139M	164M	170M	198M
Long-Term Leases	12.1M	18.36M	32.15M	32.05M	38.34M
Deferred Tax Liability Non Current	61.7M	47.51M	53.77M	56M	53.9M
Other Non Current Liabilities	577K	1.07M	-	8.6M	15.34M
Total Liabilities	325M	310M	388M	411M	467M
Common Stock, Total	77.99M	66.95M	66.95M	65.84M	65.78M
Additional Paid In Capital	548K	422K	422K	422K	422K
Retained Earnings	184M	159M	183M	197M	236M
Comprehensive Income and Other	18.41M	-3.86M	-5.77M	-4.77M	-6.26M
Total Common Equity	281M	223M	245M	258M	296M
Total Equity	281M	223M	245M	258M	296M
Total Liabilities And Equity	606M	533M	633M	669M	763M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	34.47M	34.47M	34.47M	34M	33.74M
ECS Total Common Shares Outstanding	34.47M	34.47M	34.47M	34.23M	33.74M
Book Value / Share	8.16	6.46	7.11	7.54	8.78
Tangible Book Value	250M	200M	220M	233M	268M
Tangible Book Value Per Share	7.24	5.8	6.39	6.8	7.95
Total Debt	172M	166M	211M	220M	259M
Net Debt	167M	161M	202M	206M	254M
Debt Equivalent Oper. Leases	24.14M	3.89M	2.86M	12.3M	14.1M
Account Code - Inventory Valuation	6	3	3	3	3
Inventories - Work In Process, Total	-	5.35M	-	-	-
Inventories - Finished Goods, Total	-	2.37M	-	-	-
Inventories - Others	-	17.5M	13.33M	-	-
Land - (BS)	41.66M	35.27M	38.19M	36.79M	39.68M
Buildings, Total	-	-	-	-	-
Machinery, Total	669M	554M	620M	678M	769M
Full Time Employees	2.12K	2.25K	2.43K	2.52K	2.81K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	3.54M	1.4M	2.52M	3.62M	4.32M

Fiscal Period: December	2021	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	-11.25M	18.29M	41.77M	47.87M	59.23M
Depreciation & Amortization - CF	69.02M	57.39M	67.54M	75.91M	84.21M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	487K
Depreciation & Amortization, Total	69.02M	57.39M	67.54M	75.91M	84.69M
Amortization of Deferred Charges, Total - (CF)	2.58M	2.19M	2.33M	2.79M	4.04M
(Gain) Loss From Sale Of Asset	4.01M	-331K	-2.05M	-1.76M	-1.05M
Stock-Based Compensation (CF)	-5.89M	719K	10.94M	283K	25.86M
Other Operating Activities, Total	-1.97M	22.67M	1.73M	26.94M	5.59M
Change In Accounts Receivable	3.45M	-20.72M	-19.38M	-8.34M	-12.37M
Change In Inventories	-4.22M	-15.49M	-3.24M	1.52M	-3.53M
Change In Accounts Payable	10.4M	7.65M	30.87M	972K	6.88M
Change in Other Net Operating Assets	1.24M	-4.05M	1.1M	92K	-5.65M
Cash from Operations	67.37M	68.33M	132M	146M	164M
Capital Expenditure	-53.64M	-65.21M	-108M	-98M	-118M
Sale of Property, Plant, and Equipment	2.38M	2.54M	1.84M	2.79M	2.44M
Sale (Purchase) of Intangible assets	-1.96M	-1.21M	-3.82M	-4.46M	-6.3M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-917K	3.94M	3.53M	301K	-2.92M
Cash from Investing	-54.13M	-59.95M	-107M	-99.37M	-125M
Long-Term Debt Issued, Total	90.22M	60.85M	290M	367M	154M
Total Debt Issued	90.22M	60.85M	290M	367M	154M
Long-Term Debt Repaid, Total	-75.25M	-46.11M	-282M	-370M	-157M
Total Debt Repaid	-75.25M	-46.11M	-282M	-370M	-157M
Repurchase of Common Stock	-13.7M	-	-	-6.08M	-12.74M
Common Dividends Paid	-21.59M	-14.51M	-17.51M	-17.99M	-18M
Common & Preferred Stock Dividends Paid	-21.59M	-14.51M	-17.51M	-17.99M	-18M
Other Financing Activities, Total	-4.88M	-7.41M	-12.19M	-14.42M	-15.17M
Cash from Financing	-25.2M	-7.18M	-21.92M	-41.16M	-48.5M
Foreign Exchange Rate Adjustments	-85K	58K	69K	351K	-1K
Net Change in Cash	-12.05M	1.26M	3.12M	6.1M	-9.85M
Supplemental Items
Maintenance CAPEX	-	-	-	-	-
Cash Interest Paid	5.51M	8.08M	13.38M	14.42M	15.17M
Cash Income Tax Paid (Refund)	6.13M	-6.32M	17.99M	14.37M	17.34M
Levered Free Cash Flow	14.95M	4.3M	10.64M	36.42M	11.58M
Unlevered Free Cash Flow	18.41M	9.34M	20.71M	45.53M	21.17M
Change In Net Working Capital	-2.3M	11.12M	-12.99M	-15.22M	11.07M
Net Debt Issued / Repaid	14.97M	14.74M	7.77M	-2.67M	-2.59M

Fiscal Period: December	2021	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	-0.5	4.31	6.68	8.26	5.9
Return on Total Capital	-0.66	5.84	9.21	11.51	8.17
Return On Equity %	-3.69	8.23	17.86	19.03	21.37
Return on Common Equity	-3.69	8.23	17.86	19.03	21.37
Margin Analysis
Gross Profit Margin %	20.43	24.38	27.95	29.26	28.95
SG&A Margin	8.15	6.87	5.97	5.63	5.12
EBITDA Margin %	9.76	14.54	16.87	19.2	15.68
EBITA Margin %	-0.86	6.11	9.11	11.55	8.18
EBIT Margin %	-0.86	6.11	9.11	11.55	8.12
Income From Continuing Operations Margin %	-1.98	3.2	6.11	6.43	7.12
Net Income Margin %	-1.98	3.2	6.11	6.43	7.12
Net Avail. For Common Margin %	-1.98	3.2	6.11	6.43	7.12
Normalized Net Income Margin	-1.43	2.47	5.03	5.51	5.9
Levered Free Cash Flow Margin	2.63	0.75	1.56	4.89	1.39
Unlevered Free Cash Flow Margin	3.24	1.64	3.03	6.11	2.54
Asset Turnover
Asset Turnover	0.93	1.13	1.17	1.14	1.16
Fixed Assets Turnover	1.43	1.79	1.86	1.77	1.76
Receivables Turnover (Average Receivables)	3.89	4.47	4.57	4.6	4.83
Inventory Turnover (Average Inventory)	39.51	24.04	25.56	42.09	44.16
Short Term Liquidity
Current Ratio	1.42	1.74	1.44	1.43	1.37
Quick Ratio	1.26	1.41	1.26	1.28	1.13
Operating Cash Flow to Current Liabilities	0.52	0.65	0.95	1.01	1.02
Days Sales Outstanding (Average Receivables)	93.82	81.62	79.94	79.62	75.49
Days Outstanding Inventory (Average Inventory)	9.24	15.18	14.28	8.7	8.27
Average Days Payable Outstanding	14.4	16.25	20.5	19.91	18.31
Cash Conversion Cycle (Average Days)	88.66	80.56	73.71	68.4	65.45
Long Term Solvency
Total Debt/Equity	61.33	74.49	86.09	85.31	87.32
Total Debt / Total Capital	38.02	42.69	46.26	46.04	46.62
LT Debt/Equity	47.42	70.56	79.94	78.26	79.82
Long-Term Debt / Total Capital	29.39	40.44	42.95	42.23	42.61
Total Liabilities / Total Assets	53.63	58.19	61.3	61.43	61.18
EBIT / Interest Expense	-0.89	4.32	3.87	5.9	4.4
EBITDA / Interest Expense	11.6	11.44	8.06	11.11	9.93
(EBITDA - Capex) / Interest Expense	1.89	3.35	1.34	4.39	2.22
Total Debt / EBITDA	2.69	1.8	1.62	1.36	1.7
Net Debt / EBITDA	2.61	1.74	1.56	1.27	1.67
Total Debt / (EBITDA - Capex)	16.47	6.14	9.76	3.44	7.61
Net Debt / (EBITDA - Capex)	15.97	5.94	9.37	3.22	7.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	1.81	25.75	19.79	8.94	11.64
Gross Profit, 1 Yr. Growth %	-26.65	49.87	37.33	14.08	10.46
EBITDA, 1 Yr. Growth %	-44.29	86.52	38.97	23.99	-8.83
EBITA, 1 Yr. Growth %	-113.22	-1.04K	78.59	38.21	-20.95
EBIT, 1 Yr. Growth %	-113.22	-1.04K	78.59	38.21	-21.51
Earnings From Cont. Operations, 1 Yr. Growth %	-145.45	-309.34	128.38	14.61	23.72
Net Income, 1 Yr. Growth %	-145.45	-309.34	128.38	14.61	23.72
Normalized Net Income, 1 Yr. Growth %	-142.09	-321.75	144.2	19.31	19.54
Diluted EPS Before Extra, 1 Yr. Growth %	-146.5	-309.89	128.3	14.87	25.9
Accounts Receivable, 1 Yr. Growth %	-2.58	24.33	11.68	5.1	7.15
Inventory, 1 Yr. Growth %	45.25	135.64	-47.11	-12.22	28.66
Net Property, Plant and Equip., 1 Yr. Growth %	-2.73	6.48	23.61	7.84	16.3
Total Assets, 1 Yr. Growth %	-2.65	11.43	18.76	5.75	13.95
Tangible Book Value, 1 Yr. Growth %	-15.74	1.49	10.19	5.7	15.28
Common Equity, 1 Yr. Growth %	-14.4	0.47	9.94	5.39	14.67
Cash From Operations, 1 Yr. Growth %	-51.62	25.12	92.62	10.14	11.9
Capital Expenditures, 1 Yr. Growth %	-7.09	52.38	65.92	-9.42	20.67
Levered Free Cash Flow, 1 Yr. Growth %	-77.01	-64.54	-6.2K	-1.75K	-68.2
Unlevered Free Cash Flow, 1 Yr. Growth %	-73.8	-37.2	355.23	479.78	-53.51
Dividend Per Share, 1 Yr. Growth %	5.04	-1.26	7.14	-4.23	9.31
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-6.76	17.6	22.74	14.24	10.29
Gross Profit, 2 Yr. CAGR %	-23.96	9.03	43.46	25.17	12.26
EBITDA, 2 Yr. CAGR %	-37.28	6.2	61	31.27	6.32
EBITA, 2 Yr. CAGR %	-75.81	12.71	310.79	57.11	4.53
EBIT, 2 Yr. CAGR %	-75.81	12.71	310.79	57.11	4.15
Earnings From Cont. Operations, 2 Yr. CAGR %	-56.6	0.01	118.65	61.78	19.08
Net Income, 2 Yr. CAGR %	-56.6	0.01	118.65	61.78	19.08
Normalized Net Income, 2 Yr. CAGR %	-58.68	-0.66	132.7	70.69	19.42
Diluted EPS Before Extra, 2 Yr. CAGR %	-55.51	0.53	118.9	61.94	20.26
Accounts Receivable, 2 Yr. CAGR %	-11	13.71	17.84	8.34	6.12
Inventory, 2 Yr. CAGR %	28.19	91.14	11.63	-31.87	6.27
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.35	5.15	14.72	15.46	11.99
Total Assets, 2 Yr. CAGR %	-4.79	7.62	15.04	12.07	9.77
Tangible Book Value, 2 Yr. CAGR %	-8.58	-4.45	5.75	7.92	10.39
Common Equity, 2 Yr. CAGR %	-7.78	-4.18	5.1	7.64	9.93
Cash From Operations, 2 Yr. CAGR %	-22.93	-18.51	55.24	46.31	11.02
Capital Expenditures, 2 Yr. CAGR %	-30.15	23.63	59	22.59	4.55
Levered Free Cash Flow, 2 Yr. CAGR %	-24.92	-70.1	-6.28	1.34K	128.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	-8.94	-57.59	18.02	216.38	64.18
Dividend Per Share, 2 Yr. CAGR %	5.18	5.32	2.85	1.3	2.32
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.6	5.69	17.36	17.96	13.37
Gross Profit, 3 Yr. CAGR %	-15.3	-2.15	16.79	32.91	20.06
EBITDA, 3 Yr. CAGR %	-28.43	-7.3	15.22	47.58	16.25
EBITA, 3 Yr. CAGR %	-63.67	-17.45	30.33	185.71	24.96
EBIT, 3 Yr. CAGR %	-63.67	-17.45	30.33	185.71	24.66
Earnings From Cont. Operations, 3 Yr. CAGR %	-45.06	-25.44	30.63	76.29	47.95
Net Income, 3 Yr. CAGR %	-45.06	-25.44	30.63	76.29	47.95
Normalized Net Income, 3 Yr. CAGR %	-49.04	-26.3	32.98	86.25	51.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-43.49	-24.51	31.07	76.57	48.91
Accounts Receivable, 3 Yr. CAGR %	-3.34	1.68	12.11	13.43	7.94
Inventory, 3 Yr. CAGR %	31.28	60.48	23.54	3.03	-15.79
Net Property, Plant and Equip., 3 Yr. CAGR %	2.45	2.02	10.07	12.38	15.74
Total Assets, 3 Yr. CAGR %	0.14	2.55	10.31	11.86	12.69
Tangible Book Value, 3 Yr. CAGR %	-10.77	-3.25	-0.62	5.73	10.32
Common Equity, 3 Yr. CAGR %	-8.45	-3.02	-0.51	5.19	9.93
Cash From Operations, 3 Yr. CAGR %	-20.56	-6.57	7.67	38.88	33.81
Capital Expenditures, 3 Yr. CAGR %	-15.59	-7.06	35.26	31.81	21.95
Levered Free Cash Flow, 3 Yr. CAGR %	101.53	-39.71	-39.99	44.33	304.87
Unlevered Free Cash Flow, 3 Yr. CAGR %	146.38	-17.12	-26.98	45.22	66.95
Dividend Per Share, 3 Yr. CAGR %	6.39	5.32	5.06	0.44	3.9
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.07	9.23	7.97	10.38	15.34
Gross Profit, 5 Yr. CAGR %	-0.62	5.14	5.7	9.31	15.82
EBITDA, 5 Yr. CAGR %	-10.72	-1.91	0.13	7.85	12.41
EBITA, 5 Yr. CAGR %	-38.19	-9.62	-4.29	8.1	20.22
EBIT, 5 Yr. CAGR %	-38.19	-9.62	-4.29	8.1	20.05
Earnings From Cont. Operations, 5 Yr. CAGR %	-17.2	-17.77	-4.05	2.89	26.83
Net Income, 5 Yr. CAGR %	-17.2	-17.77	-4.05	2.89	26.83
Normalized Net Income, 5 Yr. CAGR %	-23.45	-15.76	-5.86	4.39	28.34
Diluted EPS Before Extra, 5 Yr. CAGR %	-15.79	-16.53	-2.66	3.71	27.59
Accounts Receivable, 5 Yr. CAGR %	9.31	11.32	5.49	5.58	10.5
Inventory, 5 Yr. CAGR %	30.26	44.87	24.04	15.32	17.19
Net Property, Plant and Equip., 5 Yr. CAGR %	6.58	7.6	8.07	8.52	11.67
Total Assets, 5 Yr. CAGR %	5.76	7.55	6.72	7.56	10.92
Tangible Book Value, 5 Yr. CAGR %	-1.56	-2.63	-3.71	2.32	4.43
Common Equity, 5 Yr. CAGR %	0.15	-1.08	-2.46	2.36	4.32
Cash From Operations, 5 Yr. CAGR %	-3.15	1.14	5.28	13.16	10.02
Capital Expenditures, 5 Yr. CAGR %	17.96	1.09	9.88	5.1	22.94
Levered Free Cash Flow, 5 Yr. CAGR %	-23.79	58.42	50.39	14.59	-24.57
Unlevered Free Cash Flow, 5 Yr. CAGR %	-21.38	25.65	85.93	24.16	-16.2
Dividend Per Share, 5 Yr. CAGR %	10.23	9.41	5.86	4.97	4.74