Badger Infrastructure Solutions (BDGI) AI Stock Analysis

• Market Cap: C$2.42B
• Dividend Yield: 0.99%
• Average Volume (3M): 84.13K
• Price to Earnings (P/E): 29.7
• Beta (1Y): 0.97
• Revenue Growth: 13.02%
• EPS Growth: 52.88%
• Country: CA
• Employees: 2,517
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.20
• Shares Outstanding: 33,740,240
• 10 Day Avg. Volume: 113,393
• 30 Day Avg. Volume: 84,125
• PEG Ratio: -1.97
• Price to Book (P/B): 4.79
• Price to Sales (P/S): 1.66
• P/FCF Ratio: 36.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$79.47
• Price Target Upside: 6.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: C$79.00 ▲(5.46% Upside)

The score is primarily supported by strong financial performance (solid revenue growth, healthy margins, and high ROE). It is held back by weaker near-term technicals (trading below key short-term averages with soft momentum) and a relatively high P/E alongside a modest dividend yield.

Badger Infrastructure Solutions Business Overview & Revenue Model

Company Description

Badger Infrastructure Solutions Ltd. provides non-destructive excavating and related services in Canada and the United States. Its Badger Hydrovac technology uses a pressurized water stream to liquefy the soil cover, which is then removed with a vacuum system and deposited into a storage tank. The company offers daylighting services for visual confirmation of buried lines, directional drilling test holes, sacrificial anode installation, pipeline and utility crossings, and subsurface utility engineering test holes applications; slot trenching services; and service repair pits for gas service tie-in, electric cable fault repair, water main and service repair, and telecom splice applications. It also provides pole and piling holes services for utility, traffic signal, and transmission pole holes, as well as light standard and sign post holes; pole removals; end-bearing, pilot holes for friction, and spread footing piles; and well monitor installations applications. In addition, the company offers debris removal services for frac tank clean-outs, road and box culvert clean-outs, pipe-rammed casing clean-outs, ballast and filter media removal, and inside structures and buildings material removal; pipeline excavation services for pipeline crossing and tie-in, hydro probing, utility conflict, and oil and fuel spill applications; and anode installation, emergency response, and potholing services, as well as designs, engineers, and supplies excavation shoring systems. It serves the aggregate, construction, engineering, industrial, mining, oil and gas, power generation, transportation, and utility industries, as well as railway hydrovac services. As of December 31, 2021, it had a fleet of 1,371 Badger hydrovacs. 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.

How the Company Makes Money

Badger Infrastructure Solutions generates revenue primarily through its utility construction and maintenance services. The company's revenue model is based on project contracts with municipalities, utility companies, and private sector clients, which can range from short-term projects to long-term service agreements. Key revenue streams include fees for excavation and drilling services, installation of utility infrastructure, and ongoing maintenance contracts. Additionally, BDGI may benefit from significant partnerships with utility providers and government contracts, which can provide a stable source of income and contribute to its overall earnings. The company's focus on expanding its service offerings and geographic presence also plays a crucial role in driving revenue growth.

Badger Infrastructure Solutions Financial Statement Overview

Summary

Badger Infrastructure Solutions shows strong financial performance with solid profitability, robust margins, and effective cash flow management. The company has a manageable debt-to-equity ratio and strong return on equity, though the balance sheet could benefit from a higher equity ratio.

Income Statement

Badger Infrastructure Solutions demonstrates solid profitability with a consistent gross profit margin around 29% and improving net profit margins, reaching 7.2% in the TTM. Revenue growth is positive at 2.8% TTM, indicating a recovery from previous declines. EBIT and EBITDA margins are robust, reflecting effective cost management and operational efficiency.

Balance Sheet

The company's balance sheet shows a manageable debt-to-equity ratio of 0.99 in the TTM, indicating moderate leverage. Return on equity is strong at 21.4%, showcasing effective use of equity to generate profits. However, the equity ratio is relatively low, suggesting a higher reliance on debt financing.

Cash Flow

Cash flow analysis reveals a healthy operating cash flow to net income ratio of 1.04, indicating strong cash generation relative to net income. Free cash flow growth is positive at 12.7% TTM, and the free cash flow to net income ratio is 0.36, reflecting good cash conversion. However, historical fluctuations in free cash flow growth suggest potential volatility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	896.47M	744.24M	682.16M	575.99M	450.13M	437.60M
Gross Profit	238.89M	217.80M	190.64M	140.41M	92.08M	124.11M
EBITDA	189.10M	142.91M	115.09M	83.77M	44.14M	78.03M
Net Income	72.62M	47.83M	41.67M	18.46M	-8.66M	19.39M
Balance Sheet
Total Assets	1.07B	695.53M	653.70M	556.63M	487.55M	498.35M
Cash, Cash Equivalents and Short-Term Investments	7.41M	14.61M	―	5.45M	4.11M	13.55M
Total Debt	360.86M	220.15M	209.40M	167.62M	135.26M	115.10M
Total Liabilities	665.75M	437.48M	410.47M	331.60M	267.02M	241.00M
Stockholders Equity	407.34M	258.05M	243.23M	225.03M	220.53M	257.35M
Cash Flow
Free Cash Flow	55.37M	34.06M	11.42M	-4.49M	6.94M	57.07M
Operating Cash Flow	175.27M	127.35M	121.36M	59.10M	49.01M	103.60M
Investing Cash Flow	-126.57M	-94.60M	-108.37M	-58.16M	-42.45M	-49.32M
Financing Cash Flow	-49.27M	-27.28M	―	―	-15.94M	-47.22M

Badger Infrastructure Solutions Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 74.91
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BDGI, the sentiment is Positive. The current price of 74.91 is below the 20-day moving average (MA) of 75.03, above the 50-day MA of 73.82, and above the 200-day MA of 56.14, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 53.88 is Neutral, neither overbought nor oversold. The STOCH value of 31.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BDGI.

Badger Infrastructure Solutions Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WSP	75 Outperform	C$33.57B	38.21	11.21%	0.60%	18.85%	29.60%
ATRL	71 Outperform	$15.18B	6.09	56.38%	0.09%	13.97%	715.65%
STN	70 Outperform	$15.52B	31.78	15.96%	0.67%	11.73%	41.17%
BDT	69 Neutral	C$1.64B	17.52	21.68%	2.88%	6.26%	0.52%
BDGI	66 Neutral	C$2.42B	29.68	22.05%	0.99%	13.02%	52.88%
ARE	65 Neutral	C$2.02B	237.90	0.92%	2.38%	25.68%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Badger Infrastructure Solutions Corporate Events

Badger Infrastructure Reports Strong Q3 Growth in Revenue and EBITDA

Badger Infrastructure Solutions Ltd. reported a strong third quarter with a 13% increase in revenue to $237.3 million and a 15% rise in Adjusted EBITDA, reflecting successful execution of business strategies and investments in fleet. The company’s focus on disciplined pricing and targeted sales efforts has driven revenue growth and fleet utilization, positioning Badger for continued momentum and sustainable value delivery for shareholders.

The most recent analyst rating on (TSE:BDGI) stock is a Buy with a C$86.00 price target. To see the full list of analyst forecasts on Badger Infrastructure Solutions stock, see the TSE:BDGI Stock Forecast page.

Badger Infrastructure Solutions Sets Date for Q3 2025 Results Release

Badger Infrastructure Solutions Ltd. has announced the release date for its Q3 2025 financial results, scheduled for November 5, 2025, after market close. The company will host a conference call and webcast on November 6, 2025, to discuss the results with investors and analysts. This announcement highlights Badger’s ongoing commitment to transparency and engagement with stakeholders, reinforcing its position in the non-destructive excavation industry.

The most recent analyst rating on (TSE:BDGI) stock is a Buy with a C$71.00 price target. To see the full list of analyst forecasts on Badger Infrastructure Solutions stock, see the TSE:BDGI Stock Forecast page.