Badger Infrastructure Solutions Ltd (BDGI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Badger Infrastructure Solutions Ltd stock C$41.09, price C$76.88, that is 46.6% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range C$22.86 – C$100.73 · fair‑value band C$18.80 – C$60.76 · the C$76.88 price screens above the C$41.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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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.
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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.
Stock analysis
Badger Infrastructure Solutions Ltd (BDGI) currently trades at C$76.88, while our model-based Fair Value estimate is C$41.09, 47% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of C$50.10 per share, and 2 of the 26 models we run sit above the C$76.88 price.
Bear case: the Asset-Based group reads lowest at C$7.53, and 24 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: C$18.80 (bear) to C$60.76 (bull), the price of C$76.88 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Badger Infrastructure Solutions Ltd reported revenue of $846M in FY2025 versus $450M in FY2021, a compound +17.1%/yr. Reported net income was $60.3M in FY2025.
Key figures
Market cap C$2.6B (≈ $1.8B) Small · P/E ratio 29.7 · P/S ratio 2.11 · EPS (TTM) C$2.59 · Dividend yield 1.0% · Net margin 7.1% · Return on equity 18.8% · Return on assets (EBIT) 8.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −47%, BDGI screens richer than that median.
Fair Value models
BearC$18.80Fair Value C$41.09BullC$60.76
Price C$76.88 · Downside -46.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (C$1.57 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.5%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.5% vs 9.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +31.1% a year for the price and +8.6% for the forecasts.
Compare Badger Infrastructure Solutions Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 823 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−46.6% · Bottom 25%
Profitability
Return on equity (12 months)18.8% · Top 25%
Return on assets7.6% · Top 25%
Net margin (12 months)6.2% · Above median
Operating margin (12 months)16.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)20.7% · Above median
Dividend yield (12 months)1.0% · Below median
Balance sheet
Debt / equity0.67× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Badger Infrastructure Solutions Ltd (BDGI) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of C$41.09 versus a price of C$76.88, about 47% lower (overvalued).
What is the fair value of BDGI?
Our model-based fair value for Badger Infrastructure Solutions Ltd is C$41.09 (as of Nov 9, 2026), built from audited fundamentals. The current price: C$76.88.
What is the quality score of BDGI?
Badger Infrastructure Solutions Ltd has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Badger Infrastructure Solutions Ltd (BDGI)?
Our model-based price target is the fair value of C$41.09 (as of Nov 9, 2026) from 26 valuation models. Cautious scenario C$18.80, optimistic scenario C$60.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Badger Infrastructure Solutions Ltd stock forecast for 2026?
Our models put fair value at C$41.09, about 47% lower versus a price of C$76.88 (overvalued). Cautious scenario C$18.80, optimistic scenario C$60.76. The calculation is refreshed regularly with new filings.
What is the revenue of Badger Infrastructure Solutions Ltd (BDGI)?
Badger Infrastructure Solutions Ltd reported trailing-twelve-month revenue of about $960M (latest available figure, as of Nov 9, 2026).
Does Badger Infrastructure Solutions Ltd pay a dividend?
Badger Infrastructure Solutions Ltd currently shows a dividend yield of 1.00% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Badger Infrastructure Solutions Ltd (BDGI) and when is the ex-dividend date?
Badger Infrastructure Solutions Ltd pays a dividend of C$0.772 per share a year, a dividend yield of 1.0%. The last ex-dividend date was Sep 29, 2026. A dividend has been paid every year since at least 2004. The payout ratio is 30.6% of earnings. Free cash flow covers the dividend 1.81 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Badger Infrastructure Solutions Ltd (BDGI)?
For today's price to be fair in a discounted-cash-flow model, Badger Infrastructure Solutions Ltd would have to grow free cash flow by +34.2 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.1 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of BDGI use?
Our models discount Badger Infrastructure Solutions Ltd at 10.7 %: a base by market capitalisation (small), damped by beta 0.89, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Badger Infrastructure Solutions Ltd that is +34.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Badger Infrastructure Solutions Ltd (BDGI) delivered so far?
Over the past 5 years revenue at Badger Infrastructure Solutions Ltd grew +14.1 % a year. The price currently implies free-cash-flow growth of +34.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Badger Infrastructure Solutions Ltd (BDGI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Badger Infrastructure Solutions Ltd (+34.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Badger Infrastructure Solutions Ltd (BDGI)?
The free-cash-flow yield on the price is 1.81 %: that much free cash flow Badger Infrastructure Solutions Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Badger Infrastructure Solutions Ltd (BDGI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Badger Infrastructure Solutions Ltd it is C$41.09 per share (as of Nov 9, 2026), against a price of C$76.88. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Badger Infrastructure Solutions Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, BDGI trades above its calculated fair value: price C$76.88, fair value C$41.09, a gap of about −47% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BDGI?
No. The price is what the market pays today (C$76.88); the fair value is what the company's own numbers justify (C$41.09). For Badger Infrastructure Solutions Ltd the two are C$35.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Badger Infrastructure Solutions Ltd worth?
The market values Badger Infrastructure Solutions Ltd at about C$2.6B (market capitalisation, as of Nov 9, 2026). Per share that is C$76.88; our models calculate a fair value of C$41.09 per share.
What do the bullish and bearish scenarios say about BDGI?
Our models span a range for Badger Infrastructure Solutions Ltd: cautious scenario C$18.80, base C$41.09, optimistic C$60.76 per share (as of Nov 9, 2026, price C$76.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BDGI?
Badger Infrastructure Solutions Ltd trades at a price-to-earnings ratio of 29.7 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$41.09 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 21.6. Other multiples: P/B 6.2, P/S 1.9, EV/EBITDA 12.4.
How solid is the balance sheet of Badger Infrastructure Solutions Ltd (BDGI)?
Balance-sheet figures for Badger Infrastructure Solutions Ltd (as of Nov 9, 2026): return on equity 18.8%, debt of 0.67 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is BDGI from its 52-week high?
Badger Infrastructure Solutions Ltd trades at C$76.88, about 24% below its 52-week high of C$100.73 and 28% above the low of C$60.10 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of C$41.09 is for.
Which stocks are comparable to Badger Infrastructure Solutions Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Badger Infrastructure Solutions Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price C$76.88, calculated fair value C$41.09 (−47%), Quality Score 55/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BDGI calculated?
We run Badger Infrastructure Solutions Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of C$41.09 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Badger Infrastructure Solutions Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Badger Infrastructure Solutions Ltd (BDGI)?
The closing price on Nov 9, 2026 was C$76.88. Our model-based fair value is C$41.09, about 47% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Badger Infrastructure Solutions Ltd right now?
The price sits above even our optimistic bull case (C$60.76). The favourable scenario is already priced in. The model range is unusually wide (C$18.80 to C$60.76). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Badger Infrastructure Solutions Ltd (BDGI) come from?
Earnings per share at Badger Infrastructure Solutions Ltd grew +7.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.1 %, EBIT margin −5.6 %, tax rate −0.2 %, residual (interest, one-offs) +1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Badger Infrastructure Solutions Ltd
How large is the market capitalisation of Badger Infrastructure Solutions Ltd (BDGI)?
The market capitalisation of Badger Infrastructure Solutions Ltd is C$2.6B (≈ $1.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Badger Infrastructure Solutions Ltd (BDGI)?
The price-to-sales ratio of Badger Infrastructure Solutions Ltd is 2.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Badger Infrastructure Solutions Ltd (BDGI)?
Earnings per share at Badger Infrastructure Solutions Ltd are C$2.59 (price ÷ EPS = P/E 29.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Badger Infrastructure Solutions Ltd (BDGI)?
The dividend yield of Badger Infrastructure Solutions Ltd is 1.0% (payout 29.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Badger Infrastructure Solutions Ltd (BDGI)?
The net margin of Badger Infrastructure Solutions Ltd is 7.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Badger Infrastructure Solutions Ltd (BDGI)?
The return on equity (ROE) of Badger Infrastructure Solutions Ltd is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Badger Infrastructure Solutions Ltd (BDGI)?
On an EBIT basis the return on assets of Badger Infrastructure Solutions Ltd is 8.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Badger Infrastructure Solutions Ltd (BDGI)?
The operating margin of Badger Infrastructure Solutions Ltd is 16.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Badger Infrastructure Solutions Ltd (BDGI)?
Revenue at Badger Infrastructure Solutions Ltd is growing +20.7% versus a year earlier (3y avg +14.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Badger Infrastructure Solutions Ltd (BDGI)?
Earnings per share at Badger Infrastructure Solutions Ltd are growing −5.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Badger Infrastructure Solutions Ltd (BDGI) carry?
The net debt of Badger Infrastructure Solutions Ltd is $253M (fiscal year 2025, ≈ 7.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026