A Business at a Glance
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NWPX Infrastructure, Inc.
NWPX
$1.3B
Mkt Cap
$129.31
-2.60%
NWPX Infrastructure, Inc. (NWPX) has a current P/E ratio of 36.3, compared to its historical median P/E of 14.5. The stock is currently considered Expensive based on its historical valuation range.
NWPX Infrastructure, Inc. (NWPX) has a 5-year average return on invested capital (ROIC) of 8.3%. This is below average and may indicate limited pricing power.
NWPX Infrastructure, Inc. (NWPX) has a market capitalization of $1.2B. It is classified as a small-cap stock.
NWPX Infrastructure, Inc. (NWPX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.67%.
Based on historical P/E analysis, NWPX Infrastructure, Inc. (NWPX) appears expensive. The current P/E of 36.3 is 151% above its historical median of 14.5. The estimated fair value CAGR (P/E method) is 6.8%.
NWPX Infrastructure, Inc. (NWPX) operates in the Steel Pipe & Tubes industry, within the Materials sector.
NWPX Infrastructure, Inc. (NWPX) reported annual revenue of $526 million in its most recent fiscal year, based on SEC EDGAR filings.
Unless otherwise indicated, the terms “the Company,” “NWPX Infrastructure,” “we,” “our,” and “us” are used in this 2025 Form 10‑K to refer to NWPX Infrastructure, Inc. or one of our consolidated subsidiaries or to all of them taken as a whole. We were incorporated in the State of Oregon in 1966. NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (“WTS”), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (“Precast”), which includes the brands NWPX Geneva and NWPX Park. Under the Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 548M | 526M | 493M | 444M | 458M | 333M |
| Net Income | 42M | 35M | 34M | 21M | 31M | 12M |
| EPS | $4.34 | $3.56 | $3.40 | $2.09 | $3.11 | $1.16 |
| Free Cash Flow | 72M | 47M | 34M | 35M | -5.3M | -19M |
| ROIC | 11.2% | 9.9% | 10.2% | 7.1% | 9.8% | 4.4% |
| Gross Margin | 20.2% | 19.7% | 19.4% | 17.5% | 18.8% | 13.3% |
| Debt/Equity | 0.03 | 0.04 | 0.05 | 0.03 | 0.10 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 58M | 51M | 48M | 34M | 45M | 16M |
| Operating Margin | 10.6% | 9.7% | 9.8% | 7.6% | 9.8% | 4.8% |
| ROE | 10.4% | 9.2% | 9.1% | 6.2% | 9.8% | 4.1% |
| Shares Outstanding | 10M | 10M | 10M | 10M | 10M | 10M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 403M | 173M | 149M | 133M | 172M | 279M | 286M | 333M | 458M | 444M | 493M | 526M | 548M |
| Gross Margin | 10.1% | 0.3% | 0.0% | 4.4% | 7.0% | 16.9% | 17.7% | 13.3% | 18.8% | 17.5% | 19.4% | 19.7% | 20.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 24M | 20M | 17M | 14M | 17M | 18M | 25M | 28M | 41M | 44M | 47M | 53M | 53M |
| EBIT | N/A | -25M | -10.0M | -9.2M | -3.0M | 29M | 26M | 16M | 45M | 34M | 48M | 51M | 58M |
| Op. Margin | N/A | -14.5% | -6.7% | -6.9% | -1.7% | 10.3% | 8.9% | 4.8% | 9.8% | 7.6% | 9.8% | 9.7% | 10.6% |
| Net Income | -18M | -29M | -9.3M | -10M | 20M | 28M | 19M | 12M | 31M | 21M | 34M | 35M | 42M |
| Net Margin | -4.4% | -17.0% | -6.2% | -7.7% | 11.8% | 10.0% | 6.7% | 3.5% | 6.8% | 4.7% | 6.9% | 6.7% | 7.7% |
| Non-Recurring | 16M | 5.7M | 971K | 932K | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | N/A | -12.5% | -4.3% | -5.0% | 8.8% | 13.2% | 8.8% | 4.4% | 9.8% | 7.1% | 10.2% | 9.9% | 11.2% |
| ROE | -7.0% | -12.7% | -4.3% | -5.0% | 9.3% | 11.2% | 7.1% | 4.1% | 9.8% | 6.2% | 9.1% | 9.2% | 10.4% |
| ROA | -4.6% | -9.6% | -3.7% | -4.3% | 7.5% | 9.0% | 5.1% | 2.1% | 5.2% | 3.5% | 5.8% | 6.1% | 6.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 35M | 55M | 1.5M | -7.5M | -18M | 43M | 56M | -5.8M | 18M | 53M | 55M | 67M | 92M |
| Free Cash Flow | 21M | 48M | -773K | -10M | -22M | 34M | 42M | -19M | -5.3M | 35M | 34M | 47M | 72M |
| Owner Earnings | 18M | 44M | -10M | -15M | -27M | 29M | 41M | -21M | 1.2M | 38M | 35M | 46M | -82M |
| CapEx | 14M | 6.8M | 2.3M | 2.9M | 3.8M | 8.6M | 14M | 13M | 23M | 18M | 21M | 20M | 20M |
| Maint. CapEx | 14M | 9.6M | 10.0M | 6.6M | 8.8M | 12M | 12M | 11M | 13M | 12M | 15M | 15M | 168M |
| Growth CapEx | 143K | 0 | 0 | 0 | 0 | 0 | 1.7M | 1.8M | 10M | 6.7M | 5.8M | 4.8M | 0 |
| D&A | 14M | 9.6M | 10.0M | 6.6M | 8.8M | 12M | 12M | 11M | 13M | 12M | 15M | 15M | 168M |
| CapEx/OCF | 40.8% | 12.4% | 150.9% | N/A | N/A | 20.0% | 25.0% | N/A | 130.2% | 34.2% | 37.8% | 30.0% | 21.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 707K | 4.4M | 18M | 21M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.9% | 2.9% | 1.7% |
| Stock-Based Comp | 2.9M | 1.7M | 1.8M | 1.2M | 281K | 1.7M | 3.1M | 3.2M | 3.7M | 3.7M | 5.1M | 5.6M | 5.7M |
| Debt Repayment | 6.4M | 125M | 0 | 0 | 435K | 0 | 2.1M | 14M | 0 | 0 | 500K | 3.0M | 3.0M |
| Balance Sheet | |||||||||||||
| Net Debt | 91M | N/A | N/A | 56M | 9.6M | -62M | -55M | -6.0M | 25M | 2.6M | 7.5M | 9.9M | -3.5M |
| Cash & Equiv. | 527K | 10M | 22M | 44M | 6.7M | 31M | 38M | 3.0M | 3.7M | 4.1M | 5.0M | 2.3M | 14M |
| Long-Term Debt | 46M | N/A | N/A | N/A | 11M | 0 | 5.9M | 0 | 11M | 0 | 11M | 8.5M | 7.7M |
| Debt/Equity | 0.37 | 0.19 | 0.15 | 0.50 | 0.10 | 0.00 | 0.08 | 0.00 | 0.10 | 0.03 | 0.05 | 0.04 | 0.03 |
| Interest Coverage | N/A | -18.7 | -19.6 | -18.8 | -5.1 | 60.8 | 27.4 | 13.3 | 12.6 | 7.0 | 8.5 | 19.5 | 25.0 |
| Equity | 246M | 218M | 209M | 200M | 219M | 248M | 270M | 283M | 318M | 340M | 374M | 395M | 404M |
| Total Assets | 352M | 259M | 242M | 230M | 271M | 310M | 373M | 548M | 601M | 598M | 590M | 580M | 634M |
| Total Liabilities | 106M | 42M | 32M | 30M | 53M | 62M | 103M | 264M | 283M | 258M | 216M | 185M | 230M |
| Intangibles | 3.4M | 2.9M | 2.4M | 1.9M | 1.6M | 1.2M | 34M | 93M | 91M | 87M | 83M | 79M | 23M |
| Retained Earnings | 131M | 101M | 92M | 82M | 101M | 129M | 148M | 160M | 191M | 212M | 246M | 282M | 292M |
| Working Capital | 166M | 94M | 130M | 124M | 128M | 153M | 146M | 164M | 188M | 176M | 187M | 185M | 188M |
| Current Assets | 195M | 115M | 149M | 141M | 160M | 195M | 192M | 228M | 279M | 272M | 262M | 251M | 299M |
| Current Liabilities | 30M | 22M | 19M | 17M | 31M | 42M | 46M | 64M | 91M | 96M | 75M | 67M | 112M |
| Per Share Data | |||||||||||||
| EPS | -1.88 | -3.07 | -0.97 | -1.06 | 2.09 | 2.85 | 1.93 | 1.16 | 3.11 | 2.09 | 3.40 | 3.56 | 4.34 |
| Owner EPS | 1.89 | 4.58 | -1.07 | -1.59 | -2.82 | 2.94 | 4.12 | -2.06 | 0.12 | 3.79 | 3.47 | 4.66 | -8.47 |
| Book Value | 25.82 | 22.73 | 21.91 | 20.89 | 22.49 | 25.35 | 27.32 | 28.53 | 31.78 | 33.76 | 37.18 | 39.69 | 41.89 |
| Cash Flow/Share | 3.68 | 5.77 | 0.16 | -0.78 | -1.89 | 4.38 | 5.68 | -0.58 | 1.75 | 5.30 | 5.47 | 6.76 | 21.74 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 9.5M | 9.6M | 9.5M | 9.6M | 9.7M | 9.8M | 9.9M | 9.9M | 10.0M | 10.1M | 10.1M | 9.9M | 9.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 11.2 | 11.6 | 14.6 | 26.9 | 10.8 | 14.6 | 14.3 | 18.0 | 29.8 |
| P/FCF | 13.6 | 2.1 | N/A | N/A | N/A | 9.4 | 6.6 | N/A | N/A | 8.7 | 14.3 | 13.5 | 17.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 9.1 | 8.8 | 18.9 | 8.0 | 9.2 | 10.3 | 12.7 | 21.4 |
| Price/Book | 1.1 | 0.5 | 0.8 | 0.9 | 1.0 | 1.3 | 1.0 | 1.1 | 1.1 | 0.9 | 1.3 | 1.6 | 3.1 |
| Price/Sales | 0.8 | 1.1 | 0.7 | 1.2 | 1.1 | 0.9 | 0.9 | 0.9 | 0.7 | 0.7 | 0.8 | 0.9 | 2.3 |
| FCF Yield | 7.4% | 47.7% | -0.5% | -5.7% | -9.8% | 10.6% | 15.1% | -6.2% | -1.6% | 11.4% | 7.0% | 7.4% | 5.8% |
| Market Cap | 282M | 101M | 169M | 183M | 227M | 324M | 279M | 309M | 336M | 307M | 491M | 637M | 1.2B |
| Avg. Price | 35.35 | 19.13 | 11.39 | 16.84 | 19.95 | 26.34 | 27.31 | 29.45 | 30.75 | 31.04 | 38.58 | 47.93 | 129.31 |
| Year-End Price | 29.59 | 10.60 | 17.69 | 19.13 | 23.31 | 33.06 | 28.24 | 31.15 | 33.52 | 30.47 | 48.78 | 64.05 | 129.31 |
NWPX Infrastructure, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
NWPX Infrastructure, Inc. trades at 36.3x trailing earnings, compared to its 15-year median P/E of 14.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 26.3x vs a median of 9.4x. The company's 5-year average ROIC is 8.3% with a gross margin of 17.7%. Total shareholder yield (buybacks) is 1.7%. At current prices, the estimated annualized return to fair value is -0.7%.
NWPX Infrastructure, Inc. (NWPX) has a net profit margin of 6.7%. This is a modest margin.
NWPX Infrastructure, Inc. (NWPX) generated $47 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NWPX Infrastructure, Inc. (NWPX) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
NWPX Infrastructure, Inc. (NWPX) reported earnings per share (EPS) of $3.56 in its most recent fiscal year.
NWPX Infrastructure, Inc. (NWPX) has a return on equity (ROE) of 9.2%. This indicates moderate shareholder returns.
NWPX Infrastructure, Inc. (NWPX) has a 5-year average gross margin of 17.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for NWPX Infrastructure, Inc. (NWPX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NWPX Infrastructure, Inc. (NWPX) has a book value per share of $39.69, based on its most recent annual SEC filing.