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Badger Infrastructure Solutions Ltd. (BDGI.TO)

CAD91.54 -0.07 (-0.08%)
CA TSX Industrials Engineering & Construction
Address ATCO Centre II T2R 1P3
Calgary, AB, CA
CEO Robert G. Blackadar
IPO 1997-06-25
ISIN CA0565331026

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Also trades on Other OTC · BADFF (USD) Other OTC · BDGIF (USD) Toronto Stock Exchange · BDGI.TO (CAD)
Description

Badger Infrastructure Solutions Ltd., a company established in Calgary, Canada, in 1992, delivers non-destructive excavating and related support services throughout Canada and the United States. Formerly known as Badger Daylighting Ltd. until its name change in May 2021, the company's core offering revolves around its proprietary Badger Hydrovac technology. This advanced system precisely liquifies ground cover using a pressurized water stream, which is then efficiently removed via a vacuum system and stored in an integrated tank. The company provides an extensive portfolio of specialized solutions. These include daylighting for the visual verification of subterranean lines, creating test holes for directional drilling, subsurface utility engineering, and sacrificial anode installations, as well as facilitating pipeline and utility crossings. Badger also conducts slot trenching and excavates service repair pits vital for gas service tie-ins, electric cable fault repairs, water main and service repairs, and telecom splices. Furthermore, its services cover excavations for poles and pilings, including those for utilities, traffic signals, transmission lines, light standards, and signposts, along with pole removals. It also handles various piling needs like end-bearing, pilot holes for friction, and spread footing piles, in addition to well monitor installations. Badger offers comprehensive debris removal for frac tanks, road and box culverts, pipe-rammed casings, ballast and filter media, and material extraction from within structures. Specialized pipeline excavation supports crossings, tie-ins, hydro probing, utility conflict resolution, and oil/fuel spill remediation. Complementary services encompass anode installation, emergency response, and precise potholing. Beyond fieldwork, the company also designs, engineers, and supplies excavation shoring systems. As of December 31, 2021, Badger operated a fleet of 1,371 Badger hydrovacs. It serves a wide array of sectors, including aggregate, construction, engineering, industrial, mining, oil and gas, power generation, transportation, utility, and railway industries.

News Sentiment (7d)
50 Neutral

Based on only 1 article — low confidence

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
CAD91.54 -0.07 (-0.08%)
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Volume Profile
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Liquidity & share structure
Average Volume
152.3K
Beta
1.01
Float Shares
29.13M
Free Float %
86.3%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-2.50% -2.21% +29.34% +24.62% +7.85% +12.13% +87.64% +195.28% +102.02% +274.77% +3,053.85%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
91.54
DCF (Unlevered) 48.89 -46.6%
DCF (Levered) 83.67 -8.6%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 58% Bullish
Rating 2026-05 Change
Strong Buy 3 +2
Buy 4 +1
Hold 5 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
5.42
Safe zone
Piotroski F-Score
6 / 9
Average
MOAT Score
4 / 10
Developing
Composite Rating
B+
Overall Score
3 / 5
Medium
DCF Score
4 / 5
High
ROE Score
5 / 5
High
ROA Score
5 / 5
High
D/E Score
1 / 5
Low
P/E Score
2 / 5
Medium
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
  • Revenue growth Engineering & Construction: +6.7%
    +13.7% Q1'26: +16.5% (vs Q1'25)
  • EPS growth Engineering & Construction: +20.8%
    +28.1% Q1'26: -70.0% (vs Q1'25)
  • FCF margin FCF growth · Engineering & Construction: +51.6%
    +1.9% Q1'26: -10.8% (vs Q1'25)
  • EBIT margin Engineering & Construction: +7.0%
    +8.1% Q1'26: +2.1% (vs Q1'25)
  • ROIC Engineering & Construction: +6.4%
    +9.3% Q1'26: +2.9% (vs Q1'25)
  • Share dilution Engineering & Construction: +0.0%
    -1.9% Q1'26: -1.0% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Engineering & Construction: -0.38×
    1.62× Q1'26: 2.55× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.93) × ERP
WACC = 91% × Ke + 9% × Kd (6.6%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 48.89 Current price: 91.54
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2015
actual
Dec 2016
actual
Dec 2017
actual
Dec 2018
actual
Dec 2019
actual
Dec 2020
actual
Dec 2021
actual
Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
9 Rev. Ana.
5 EPS Ana.
Dec 2027
9 Rev. Ana.
5 EPS Ana.
Dec 2028
1 Rev. Ana.
1 EPS Ana.
Revenue
292.05M
est: 301.26M (-3.1%)
298.98M
est: 295.86M (+1.1%)
390.61M
est: 386.97M (+0.9%)
487.10M
est: 477.71M (+2.0%)
491.40M
est: 490.98M (+0.1%)
437.60M
est: 446.25M (-1.9%)
450.13M
est: 442.81M (+1.7%)
575.99M
est: 577.62M (-0.3%)
682.16M
est: 524.50M (+30.1%)
744.24M
est: 742.03M (+0.3%)
846.26M
est: 824.63M (+2.6%)
937.30M
919.10M – 952.61M
+13.7% YoY
1.03B
993.60M – 1.07B
+10.3% YoY
1.09B
1.06B – 1.12B
+5.7% YoY
EBITDA
76.55M
est: 47.15M (+62.3%)
72.39M
est: 46.31M (+56.3%)
97.26M
est: 60.57M (+60.6%)
119.82M
est: 74.77M (+60.3%)
105.95M
est: 76.84M (+37.9%)
78.03M
est: 69.84M (+11.7%)
44.14M
est: 69.30M (-36.3%)
83.77M
est: 90.40M (-7.3%)
115.09M
est: 151.59M (-24.1%)
142.91M
est: 214.45M (-33.4%)
159.01M
est: 238.33M (-33.3%)
270.89M
265.63M – 275.32M
+13.7% YoY
298.73M
287.16M – 309.25M
+10.3% YoY
315.88M
306.56M – 324.18M
+5.7% YoY
EBIT
45.05M
est: 19.64M (+129.3%)
40.26M
est: 19.29M (+108.7%)
61.52M
est: 25.23M (+143.8%)
81.04M
est: 31.15M (+160.2%)
63.00M
est: 32.01M (+96.8%)
29.10M
est: 29.10M (+0.0%)
-3.66M
est: 28.87M (-112.7%)
35.18M
est: 37.66M (-6.6%)
62.12M
est: 98.23M (-36.8%)
85.98M
est: 138.97M (-38.1%)
68.73M
est: 154.44M (-55.5%)
175.54M
172.13M – 178.40M
+13.7% YoY
193.57M
186.08M – 200.39M
+10.3% YoY
204.69M
198.65M – 210.07M
+5.7% YoY
Net Income
27.78M
est: 29.27M (-5.1%)
21.39M
est: 23.97M (-10.8%)
51.78M
est: 36.94M (+40.2%)
53.67M
est: 54.15M (-0.9%)
44.86M
est: 44.68M (+0.4%)
19.39M
est: 28.08M (-30.9%)
-8.66M
est: -206.6K (-4,093.5%)
18.46M
est: 22.15M (-16.7%)
41.67M
est: 30.49M (+36.7%)
47.83M
est: 49.93M (-4.2%)
60.26M
est: 70.39M (-14.4%)
79.01M
72.91M – 85.12M
+12.3% YoY
92.02M
78.46M – 105.58M
+16.5% YoY
91.31M
87.99M – 94.63M
-0.8% YoY
SGA
11.16M
est: 24.68M (-54.8%)
16.31M
est: 24.24M (-32.7%)
18.00M
est: 31.70M (-43.2%)
31.57M
est: 39.14M (-19.3%)
40.27M
est: 40.23M (+0.1%)
37.99M
est: 36.56M (+3.9%)
39.09M
est: 36.28M (+7.7%)
45.11M
est: 47.32M (-4.7%)
58.82M
est: 44.53M (+32.1%)
53.19M
est: 63.00M (-15.6%)
86.01M
est: 70.01M (+22.9%)
79.57M
78.03M – 80.87M
+13.7% YoY
87.75M
84.35M – 90.84M
+10.3% YoY
92.79M
90.05M – 95.23M
+5.7% YoY
EPS
0.75
est: 0.85 (-11.7%)
0.58
est: 0.70 (-16.6%)
1.41
est: 1.07 (+31.6%)
1.83
est: 1.57 (+16.5%)
1.67
est: 1.30 (+28.8%)
0.71
est: 0.81 (-12.9%)
-0.33
est: -0.01 (-5,404.3%)
0.69
est: 0.64 (+7.4%)
1.60
est: 0.88 (+80.9%)
1.39
est: 1.48 (-6.0%)
1.78
est: 2.09 (-14.6%)
2.25
2.16 – 2.52
+8.0% YoY
2.75
2.32 – 3.12
+22.2% YoY
2.71
2.60 – 2.80
-1.7% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-11 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-08 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-07 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-06 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-05 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-04 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-05-01 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-30 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-29 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-28 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-27 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-24 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-23 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-22 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-21 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-20 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-17 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-16 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5
2026-04-15 B+ 3/5 4/5 5/5 5/5 1/5 2/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
160.34M
OE per share TTM
4.75
Owner's Yield
5.80%
Maintenance CapEx ratio
2,603.40%
Maint CapEx / Avg PPE
61.9%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
27.3K
Shares Outstanding
33.74M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Robert G. Blackadar Chief Executive Officer, President & Director 2M male
Logan Mellott Senior Vice President of Strategic Initiatives & Fleet 1M male
Robert Dawson Chief Financial Officer 1M male
Christopher Gunn Senior Vice President of Sales, Marketing & Manufacturing 1M male
Elizabeth Peterson Senior Vice President of Operations 922.9K female
Julie Lee Chief Human Resources Officer 922.0K female
Reid Yester Vice President of Legal, General Counsel & Corporate Secretary male
David Trang Director of Strategic Planning & Investor Relations
Connor Hanson Corporate Controller male
Pradeep Atluri Vice President of Information Strategy & Technology male
Lisa Gigic Manager of Corporate Finance & Investor Relations female
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits