The company manufactures and designs its truck-mounted hydrovac units, giving an opportunity to incorporate feedback from its hydrovac operators into its existing and future design and manufacturing processes. This hydrovac leader could be a quiet compounder as North America digs into decades of infrastructure upgrades. The business model benefits from recurring demand in utilities, construction, and infrastructure maintenance sectors.
Cyborg Score Rationale
Q3 2025 showed revenue increase with adjusted EBITDA increasing 15% year-over-year. The stock has rallied 71% in the last year, as the company continues to post strong top- and bottom-line results. Market recognition and analyst coverage reflect investor confidence in growth trajectory.
Top Insights
Dominant market position in non-destructive excavation with proprietary Hydrovac technology creates competitive moat
Q3 2025 showed revenue of $237.3M (up 13% YoY) with strong EBITDA margin expansion of 15% YoY
Stock has demonstrated 71% growth in past year with 52-week range of $33.62-$82.57 CAD, hitting all-time high Jan 2026
Positioned to benefit from multi-year infrastructure investment cycle across North American utilities and construction sectors
Named Competitors
Sewer and Utility Services — Provide sewer cleaning, inspection, and locating services as ancillary offerings
Trenching Services — Traditional slot trenching and cable exposure services in select markets