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Home CompaniesBadger Infrastructure Solutions Ltd

Badger Infrastructure Solutions Ltd

Industrials Engineering & Construction
PortfolioPortfolio WatchlistWatchlist
Company price
79.39 CAD -4.62 ( 5.50%)
Last update at 2026-11-05T20:50:00Z
VOLUME
315184
Market Cap
2113.83M
P/E
26.10

Momentum Score

…

Badger Infrastructure Solutions Ltd. provides non-destructive excavating and related services to utilities, industrial, construction, transportation, and other industries in Canada and the United States. It offers Badger Hydrovac for use in safe excavations around critical infrastructure and in congested underground conditions. The company also provides hydrovac services, such as anode installations, daylighting, debris removal, pipelines, potholing, power distribution, service pits, shoring installations, tank cleanouts, trenching, and utility pole holes; and electromagnetic locating, GPS data collection, infrastructure mapping, depth of cover surveys, 4-way sweeps and passive scans, daylight reports, CAD drawings and GIS exports, and watch and protect inspections services. In addition, it offers sewer services, including air testing, CCTV inspections, flushing and cleaning, laser profiling, mainline to lateral inspections, Mandrel testing, reaming and concrete removal, sewer and main line locating, and smoke testing; and disaster response services related to large scale natural disasters comprising hurricanes, floods, and large-scale fires. The company was formerly known as Badger Daylighting Ltd. and changed its name to Badger Infrastructure Solutions Ltd. in May 2021. Badger Infrastructure Solutions Ltd. was founded in 1992 and is headquartered in Calgary, Canada.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
76.75
Low
84.25
High
52 Week Price Range
35.95
Low
82.31
High

Momentum Score

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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Public disclosures for Badger Infrastructure Solutions Ltd (BDGI.TO) are limited, and available filings and investor materials do not provide sufficient detail to definitively describe its core operations or specific long-term growth drivers. Without clearer information investors should monitor company filings, regulatory reports and press releases to assess exposure to infrastructure spending, contract backlog and financial metrics before forming an investment view.

The principal investment risk is limited transparency regarding current financial and operational performance, which increases execution, liquidity and valuation uncertainty.

Risk Score
High

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
84.01
Dividend Yield
0.84%
Revenue TTM
831.70M
Revenue Per Share
24.59
Gross Profit TTM
240.81M
Debt / Equity
0.87
ROE
21.37%
Net Debt
253.31M
ROCE
10.80%
Diluted EPS TTM
2.40

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 80.98M 67.40M 77.10M 22.88M -14.43M
Net income 60.26M 47.83M 56.38M 18.29M -11.25M
Selling general administrative 84.53M 41.89M 58.96M 44.70M 49.72M
Selling and marketing expenses - 11.30M 20.62M - -
Gross profit 154.74M 217.80M 163.61M 139.15M 119.01M
Reconciled depreciation 88.73M 78.70M 69.87M 59.58M 71.60M
Ebit 68.73M 85.98M 84.04M 34.87M -2.31M
Ebitda 159.01M 142.91M 178.34M 94.45M 69.29M
Depreciation and amortization 90.29M 56.94M 94.30M 59.58M 71.60M
Operating income 68.73M 85.98M 84.04M 34.87M -2.31M
Other operating expenses 777.53M 658.27M 838.87M 535.95M 571.07M
Interest expense 16.94M 14.93M 22.94M 8.07M 5.53M
Tax provision 20.36M 19.59M 15.35M 4.59M -3.19M
Interest income - 20.35M 7.20M 12.31M 8.11M
Net interest income -16.64M -15.69M -16.99M -8.07M -5.53M
Income tax expense 20.72M 19.59M 20.72M 4.59M -3.19M
Total revenue 846.26M 744.24M 922.91M 570.81M 568.75M
Total operating expenses 86.01M 131.82M 79.57M 104.28M 121.32M
Cost of revenue 691.52M 526.44M 759.30M 431.66M 449.74M
Total other income expense net 12.26M -18.57M -6.94M -11.98M -12.12M
Net income from continuing ops 59.23M 47.87M 41.77M 18.29M -11.25M
Net income applicable to common shares - 47.87M 41.77M 18.29M -11.25M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 797.33M 669.42M 868.21M 533.00M 606.41M
Intangible assets 26.57M 24.34M 23.59M 21.83M 29.98M
Other current assets 22.26M - 15.75M 9.55M 5.70M
Total liab 501.79M 411.22M 545.16M 310.15M 325.20M
Total stockholder equity 295.54M 258.20M 323.05M 222.85M 281.20M
Other current liab 106.61M - 117.58M 71.23M 70.93M
Common stock 65.66M - 88.28M 66.95M 77.99M
Capital stock 65.78M 65.84M 66.95M 66.95M 61.17M
Retained earnings 235.71M 196.71M 241.82M 159.33M 184.25M
Other liab - - - 48.58M 62.28M
Good will 1.18M 1.13M 1.62M 1.20M 1.62M
Cash 4.76M 14.62M 11.23M 5.40M 5.25M
Cash and equivalents - - - 0.00M 4.14M
Total current liabilities 160.81M 144.54M 182.51M 104.33M 129.59M
Current deferred revenue - - 5.93M - -
Net debt 253.31M 155.41M 266.89M 160.59M 167.23M
Short term debt 22.15M - 19.89M 8.75M 39.13M
Short long term debt - - - - 31.70M
Short long term debt total 258.07M - 278.12M 165.99M 172.47M
Other stockholder equity 0.42M - 0.56M 0.42M 0.55M
Property plant equipment - - - 328.31M 390.93M
Total current assets 219.68M 206.28M 263.10M 181.66M 183.88M
Net tangible assets - - - 199.82M 249.60M
Net receivables 177.63M 161.06M 218.54M 141.50M 157.79M
Long term debt 198.01M 170.03M 163.69M 138.88M 121.24M
Inventory 15.03M 11.70M 17.58M 25.21M 13.57M
Accounts payable 32.05M 27.50M 39.12M 24.36M 19.52M
Accumulated other comprehensive income -6.25M - -7.60M -3.86M 18.41M
Non currrent assets other - - 7.91M - -
Non current assets total 577.65M 463.13M 605.11M 351.34M 422.53M
Capital lease obligations 60.53M 50.25M 47.23M 27.11M 19.54M
Long term debt total - - - 157.24M 133.34M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments - -99.37M -106.64M -59.95M -54.13M
Change to liabilities - - - 7.65M 10.40M
Total cashflows from investing activities -127.23M -94.60M -108.37M -59.95M -54.13M
Net borrowings -2.59M -2.67M 7.77M 14.74M 14.97M
Total cash from financing activities -36.39M -27.28M -9.89M -7.18M -25.20M
Change to operating activities - - - -4.05M 1.24M
Net income 60.26M 45.57M 42.45M 18.29M -11.25M
Change in cash -10.55M 6.81M 2.94M 1.26M -12.05M
Begin period cash flow 15.31M 7.80M 5.51M 4.14M 17.30M
End period cash flow 4.76M 14.61M 8.45M 5.40M 5.25M
Total cash from operating activities 153.60M 127.35M 121.36M 68.33M 67.37M
Depreciation 90.29M 74.93M 71.00M 59.58M 71.60M
Other cashflows from investing activities -3.21M -1.39M -0.22M 6.81M -0.92M
Dividends paid 18.31M -17.13M -17.79M 14.51M 21.59M
Change to inventory -3.59M 1.45M -3.29M -15.49M -4.22M
Change to account receivables -12.59M -7.94M -19.69M -20.72M 3.45M
Sale purchase of stock -12.97M -5.79M 0.00M 0.00M -13.70M
Other cashflows from financing activities -24.24M -19.31M -14.02M 53.44M 85.35M
Change to netincome - - - 23.06M -3.85M
Capital expenditures 120.34M 93.30M 109.95M 66.76M 55.60M
Change in working capital -14.92M -5.48M 9.51M -32.60M 10.86M
Stock based compensation 41.95M 11.31M 18.16M 5.51M 3.17M
Other non cash items 20.37M 12.33M -7.90M 12.96M -3.83M
Free cash flow 33.27M 34.06M 11.42M 1.57M 11.77M

Peer Comparison*

Sector: Industrials Industry: Engineering & Construction

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
BDGI
Badger Infrastructure Solutions Ltd		 -4.62
5.50%		 79.39 26.10 20.96 2.54 5.37 2.23 10.08
WSP
WSP Global Inc		 -9.81
4.93%		 189.31 31.04 20.12 1.69 3.15 1.87 14.51
ATRL
AtkinsRealis Group Inc		 -4.14
4.51%		 87.62 5.80 23.58 1.34 2.76 1.38 4.43
STN
Stantec Inc		 -3.83
3.48%		 106.32 29.41 20.41 2.17 4.43 2.02 15.02
ARE
Aecon Group Inc.		 -3.32
5.90%		 52.99 198.96 30.58 0.58 3.43 0.57 18.19

Profile*

Badger Infrastructure Solutions Ltd

Badger Infrastructure Solutions Ltd. provides non-destructive excavating and related services to utilities, industrial, construction, transportation, and other industries in Canada and the United States. It offers Badger Hydrovac for use in safe excavations around critical infrastructure and in congested underground conditions. The company also provides hydrovac services, such as anode installations, daylighting, debris removal, pipelines, potholing, power distribution, service pits, shoring installations, tank cleanouts, trenching, and utility pole holes; and electromagnetic locating, GPS data collection, infrastructure mapping, depth of cover surveys, 4-way sweeps and passive scans, daylight reports, CAD drawings and GIS exports, and watch and protect inspections services. In addition, it offers sewer services, including air testing, CCTV inspections, flushing and cleaning, laser profiling, mainline to lateral inspections, Mandrel testing, reaming and concrete removal, sewer and main line locating, and smoke testing; and disaster response services related to large scale natural disasters comprising hurricanes, floods, and large-scale fires. The company was formerly known as Badger Daylighting Ltd. and changed its name to Badger Infrastructure Solutions Ltd. in May 2021. Badger Infrastructure Solutions Ltd. was founded in 1992 and is headquartered in Calgary, Canada.

525-8th Avenue SW, Calgary, AB, Canada, T2P 1G1

877 322 3437

https://www.badgerinc.com

2807

Name Title Year Born
Mr. Robert G. Blackadar CEO, Pres & Director 1969
Ms. Elizabeth Peterson Sr. VP of Operations NA
Ms. Tracey Lynn Wallace VP of HR & Chief HR Officer NA
Mr. Darren Julian Yaworsky Exec. Officer 1971
Mr. Pramod Bhatia Interim CFO NA
Mr. Pradeep Atluri VP of Information Strategy & Technology NA
Trevor Carson C.F.A. VP of Investor Relations & Corp. Devel. NA
Mr. Logan Mellott Regional VP of West Region NA
Mr. Connor Hanson Corp. Controller NA
Mr. Wade Mark Wilson VP of Bus. Process Improvement NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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