The company maintains a conservative capital structure with a debt-to-equity ratio of 0.02, though cash reserves have contracted significantly from $87.7 million in 2023Q4 to $6.5 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 373.92M | 403.06M | 366.66M | 360.11M | 326.63M | 348.05M | 357.24M | 337.83M | 352.26M | 338.51M | 340.5M | 261.59M | 256.87M | 264.07M | 270.75M | 328.9M | 345.54M | 342.07M | 299.52M | 303.78M | 273.18M | 257.19M | 257.5M | 267.86M | 261.1M | 256.15M | 264.21M | 275.9M | 273.3M | 272.1M | 268.6M |
| Cash & Short-Term Investments | 6.99M | 3.75M | 22.67M | 114.11M | 95.57M | 144M | 155.02M | 158.31M | 191.44M | 155.47M | 111.49M | 88.48M | 76.45M | 59.36M | 93.02M | 133.35M | 150.72M | 167.42M | 145.91M | 143.27M | 143.62M | 173.57M | 180.82M | 213.6M | 207.22M | 190.87M | 222.83M | 238.6M | 114.6M | 91.6M | 91.9M |
| Cash Only | 6.49M | 3.25M | 17.66M | 87.66M | 70.71M | 109.81M | 86.04M | 79.58M | 56.85M | 11.22M | 27.03M | 56.22M | 54.04M | 22.95M | 37.44M | 74M | 49.72M | 48.97M | 24.69M | 26.71M | 46.7M | 101.47M | 104.72M | 143.76M | 114.64M | 83.88M | 79.62M | 88.1M | 114.6M | 91.6M | 91.9M |
| Short-Term Investments | 501K | 503K | 5.01M | 26.45M | 24.86M | 34.19M | 68.98M | 78.73M | 134.6M | 144.25M | 84.46M | 32.26M | 22.4M | 36.4M | 55.59M | 59.36M | 101M | 118.44M | 121.22M | 116.56M | 96.92M | 72.11M | 76.1M | 69.84M | 92.58M | 106.99M | 143.21M | 150.5M | 0 | 0 | 0 |
| Accounts Receivable | 48.73M | 89.21M | 62.89M | 50.36M | 73.25M | 55.71M | 56.54M | 44.32M | 59.59M | 65.22M | 67.28M | 55.58M | 70.42M | 84.53M | 76.44M | 73.63M | 91.11M | 92.36M | 75.59M | 87.92M | 65.57M | 32.28M | 33.56M | 28.9M | 27.9M | 30.62M | 10.02M | 20.02M | 15.8M | 20.2M | 21.8M |
| Days Sales Outstanding | 45.55 | 64.66 | 59.13 | 53.91 | 83.13 | 57.15 | 58.52 | 52.43 | 67.27 | 71.35 | 71.83 | 47.43 | 62.33 | 73.43 | 59.05 | 62.36 | 69.43 | 70.46 | 61.56 | 76.27 | 78.55 | 63.85 | 77.06 | 78.83 | 76.14 | 93.33 | 31.38 | 63.7 | 53.85 | 67.33 | 75.07 |
| Inventory | 312.86M | 306.97M | 278M | 190.42M | 152.14M | 143.86M | 135.49M | 128.54M | 93.99M | 104.44M | 95.4M | 98.62M | 89.06M | 92.51M | 83.36M | 94.51M | 83.13M | 75.21M | 71.72M | 65.48M | 55.49M | 37.68M | 34.13M | 24.64M | 24.99M | 34M | 31.31M | 17.3M | 16M | 18.6M | 17.8M |
| Days Inventory Outstanding | 258.9 | 264.76 | 327.68 | 254.16 | 208.37 | 180.21 | 184.73 | 198.3 | 138.65 | 154.71 | 135.89 | 106.46 | 96.99 | 99.07 | 80.58 | 102.28 | 83.04 | 74.52 | 71.13 | 69.41 | 81.56 | 94.01 | 104.77 | 101.86 | 94.52 | 131.47 | 146.31 | 83.53 | 84.88 | 94.42 | 92.29 |
| Other Current Assets | 3.57M | 1.12M | 0 | 205K | 294K | -256K | 5.89M | 2.05M | 2.05M | 13.38M | 66.32M | 28.62M | 20.94M | 19.58M | 17.92M | 27.41M | 20.57M | 7.08M | 6.29M | 7.1M | 8.5M | 9.69M | 8.99M | 717K | 0 | 156K | 47K | 0 | 126.9M | 141.7M | 137.1M |
| Total Non-Current Assets | 95.39M | 101.59M | 86.74M | 80.43M | 87.9M | 74.32M | 77.56M | 73.98M | 61.36M | 73.36M | 77.1M | 125.79M | 121.49M | 129.47M | 83.16M | 82.74M | 69.59M | 60.33M | 66.37M | 70.9M | 71.79M | 58.34M | 48.33M | 33.53M | 28.9M | 28.75M | 24.5M | 23.5M | 21.5M | 19.8M | 16.8M |
| Property, Plant & Equipment | 71.52M | 73.38M | 53.2M | 49.9M | 52.52M | 46.88M | 40.48M | 40.8M | 39.14M | 45.17M | 49.48M | 91.31M | 95.54M | 89.59M | 61.87M | 64.27M | 58.11M | 48.85M | 54.73M | 59.26M | 62.56M | 50.48M | 41.23M | 17.21M | 13.27M | 11.85M | 13.29M | 12.3M | 10.6M | 9M | 7.3M |
| Fixed Asset Turnover | 7.10x | 6.86x | 7.30x | 6.83x | 6.12x | 7.59x | 8.71x | 7.56x | 8.26x | 7.39x | 6.91x | 4.68x | 4.32x | 4.69x | 7.64x | 6.71x | 8.24x | 9.80x | 8.19x | 7.10x | 4.87x | 3.66x | 3.86x | 7.78x | 10.08x | 10.11x | 8.77x | 9.33x | 10.10x | 12.17x | 14.52x |
| Goodwill | 19.43M | 19.43M | 19.43M | 19.43M | 18.57M | 15.32M | 15.32M | 15.32M | 11.48M | 11.48M | 11.48M | 11.48M | 11.48M | 11.48M | 14.32M | 18.47M | 11.48M | 11.48M | 11.48M | 11.48M | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.85M | 2.26M | 3.78M | 5.29M | 6.93M | 2.62M | 2.84M | 3.06M | 1M | 3.33M | 4.96M | 5.47M | 10.64M | 24.7M | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 7.4M | 7.18M | 6.97M | 6.75M | 6.53M | 3.94M | 1M | -239K | 4.79M | 0 | 0 | 0 | -4.54M | -3.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1.69M | 2.88M | 6.91M | 4.78M | 1.67M | 5.64M | -2.12M | 10.25M | 3.82M | 3.69M | 3.57M | -5.1M | 399K | 33K | 150K | 150K | 150K | 7.85M | 6.98M | 16.33M | 15.63M | 16.9M | 11.21M | 11.2M | 10.9M | 10.8M | 9.5M |
| Total Assets | 469.31M | 504.66M | 453.4M | 440.54M | 414.54M | 422.38M | 434.8M | 411.81M | 413.62M | 411.87M | 417.59M | 387.38M | 378.36M | 393.54M | 353.91M | 411.64M | 415.13M | 402.4M | 365.88M | 374.68M | 344.98M | 315.53M | 305.83M | 301.39M | 289.99M | 284.9M | 288.71M | 299.4M | 294.8M | 291.9M | 285.4M |
| Asset Turnover | 1.06x | 1.00x | 0.86x | 0.77x | 0.78x | 0.84x | 0.81x | 0.75x | 0.78x | 0.81x | 0.82x | 1.10x | 1.09x | 1.07x | 1.34x | 1.05x | 1.15x | 1.19x | 1.23x | 1.12x | 0.88x | 0.58x | 0.52x | 0.44x | 0.46x | 0.42x | 0.40x | 0.38x | 0.36x | 0.38x | 0.37x |
| Asset Growth % | 44.71% | 11.31% | 2.92% | 6.27% | -1.86% | -2.86% | 5.58% | -0.44% | 0.42% | -1.37% | 7.8% | 2.39% | -3.86% | 11.2% | -14.02% | -0.84% | 3.16% | 9.98% | -2.35% | 8.61% | 9.33% | 3.17% | 1.47% | 3.93% | 1.79% | -1.32% | -3.57% | 1.56% | 0.99% | 2.28% | 0.18% |
| Total Current Liabilities | 63.63M | 94.95M | 74.44M | 72.02M | 53.64M | 53.16M | 55.09M | 39.3M | 47.49M | 45.5M | 64.35M | 48.13M | 48.63M | 54.23M | 55.97M | 65.95M | 66.73M | 61.05M | 51.89M | 76.78M | 63.03M | 50.32M | 48.73M | 55.12M | 51.74M | 48.3M | 43.55M | 44.1M | 40.4M | 42.7M | 38.5M |
| Accounts Payable | 33.66M | 45.96M | 44.54M | 32.57M | 29.68M | 30.33M | 25.74M | 19.54M | 24.3M | 28.45M | 39.58M | 27.75M | 32.95M | 37.76M | 39.08M | 48.34M | 44.3M | 37.9M | 32.33M | 40.38M | 35.42M | 18.08M | 18.44M | 21.34M | 18.75M | 17.43M | 16.01M | 14.39M | 11.4M | 16M | 13.3M |
| Days Payables Outstanding | 35.44 | 39.64 | 52.5 | 43.48 | 40.65 | 37.99 | 35.1 | 30.15 | 35.85 | 42.14 | 56.38 | 29.95 | 35.88 | 40.43 | 37.77 | 52.32 | 44.25 | 37.56 | 32.06 | 42.8 | 52.07 | 45.12 | 56.61 | 88.23 | 70.94 | 67.42 | 74.84 | 69.5 | 60.48 | 81.22 | 68.96 |
| Short-Term Debt | 508K | 23.62M | 0 | 0 | 577K | 546K | 573K | 520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 24.3M | 9.23M | 7.34M | 13.67M | 4.4M | 2.21M | 4.72M | 1.85M | 9.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 14.39M | 924K | -9.76M | -13.67M | 8.8M | 9.39M | 11.8M | 7.25M | 16.68M | 11.22M | 19.82M | 15.81M | 0 | 568K | 9.53M | 2.25M | 10.04M | 0 | 10.53M | 9.78M | 7.03M | 21.46M | 5.8M | 5.66M | 3.64M | 3.63M | 27.53M | 29.7M | 29M | 26.7M | 25.2M |
| Current Ratio | 5.88x | 4.24x | 4.93x | 5.00x | 6.09x | 6.55x | 6.48x | 8.60x | 7.42x | 7.44x | 5.29x | 5.44x | 5.28x | 4.87x | 4.84x | 4.99x | 5.18x | 5.60x | 5.77x | 3.96x | 4.33x | 5.11x | 5.28x | 4.86x | 5.05x | 5.30x | 6.07x | 6.26x | 6.76x | 6.37x | 6.98x |
| Quick Ratio | 0.96x | 1.01x | 1.19x | 2.36x | 3.25x | 3.84x | 4.03x | 5.33x | 5.44x | 5.14x | 3.81x | 3.39x | 3.45x | 3.16x | 3.35x | 3.55x | 3.93x | 4.37x | 4.39x | 3.10x | 3.45x | 4.36x | 4.58x | 4.41x | 4.56x | 4.60x | 5.35x | 5.86x | 6.37x | 5.94x | 6.51x |
| Cash Conversion Cycle | 269 | 289.79 | 334.31 | 264.6 | 250.85 | 199.37 | 208.15 | 220.59 | 170.07 | 183.92 | 151.34 | 123.94 | 123.44 | 132.07 | 101.86 | 112.31 | 108.22 | 107.42 | 100.63 | 102.88 | 108.05 | 112.74 | 125.23 | 92.46 | 99.73 | 157.37 | 102.85 | 77.72 | 78.25 | 80.53 | 98.4 |
| Total Non-Current Liabilities | 10.52M | 14.57M | 11.33M | 12.26M | 12.84M | 11.59M | 5.36M | 4.56M | 34.1M | 28.45M | 3M | 32.54M | 4.29M | 6.76M | 7.37M | 9.4M | 4.47M | 5.48M | 3.39M | 3.29M | 1.61M | 2.16M | 1.63M | 21.34M | 18.75M | 18.19M | 16.01M | 14.4M | 11.4M | 16M | 100K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 35.91M | 8.93M | 9.4M | 9.99M | 10.15M | 9.62M | 2.79M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.93M | 3.93M | 0 | 0 | 2.69M | 1.98M | 1.63M | 1.56M | 0 | 0 | 3M | 9.44M | 4.29M | 6.76M | 7.37M | 9.4M | 4.47M | 5.48M | 3.39M | 3.29M | 1.61M | 2.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.72M | 1.72M | 1.94M | 2.27M | 0 | 0 | 940K | 0 | 0 | 0 | 0 | -9.44M | -4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.79M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Total Liabilities | 74.14M | 109.52M | 85.77M | 84.28M | 66.48M | 64.75M | 60.45M | 43.85M | 47.49M | 45.5M | 67.36M | 48.13M | 52.92M | 60.99M | 63.34M | 75.35M | 71.2M | 66.53M | 55.28M | 80.06M | 64.63M | 52.48M | 50.35M | 55.12M | 51.74M | 48.3M | 43.55M | 44.1M | 40.4M | 42.7M | 38.6M |
| Total Debt | 9.31M | 33.06M | 9.96M | 10.66M | 10.73M | 10.16M | 3.36M | 3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 2.82M | 29.81M | -7.7M | -76.99M | -59.98M | -99.64M | -82.67M | -76.06M | -56.85M | -11.22M | -27.03M | -56.22M | -54.04M | -22.95M | -37.44M | -74M | -49.72M | -48.97M | -24.69M | -26.71M | -46.7M | -101.47M | -104.72M | -143.76M | -114.64M | -83.88M | -79.62M | -88.1M | -114.6M | -91.6M | -91.9M |
| Debt / Equity | 0.02x | 0.08x | 0.03x | 0.03x | 0.03x | 0.03x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.21x | 0.69x | 0.20x | 0.26x | 0.42x | 0.31x | 0.06x | 0.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.06x | 0.62x | -0.15x | -1.88x | -2.35x | -3.02x | -1.40x | -1.52x | -1.05x | -0.16x | -0.35x | -0.74x | -0.88x | -0.34x | -0.53x | -0.89x | -0.47x | -0.49x | -0.34x | -0.43x | -1.06x | -3.61x | -4.67x | -6.78x | -13.76x | -52.23x | -6.76x | -4.00x | -5.62x | -6.41x | -7.47x |
| Interest Coverage | - | - | - | - | 3.29x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 395.17M | 395.13M | 367.63M | 356.26M | 348.05M | 357.62M | 374.35M | 367.96M | 366.12M | 366.38M | 350.24M | 339.25M | 325.44M | 332.55M | 290.57M | 336.29M | 343.94M | 335.87M | 310.61M | 294.61M | 280.34M | 263.05M | 255.47M | 246.27M | 238.26M | 236.6M | 245.16M | 255.3M | 254.4M | 249.2M | 246.8M |
| Equity Growth % | 34.92% | 7.48% | 3.19% | 2.36% | -2.68% | -4.47% | 1.74% | 0.5% | -0.07% | 4.61% | 3.24% | 4.24% | -2.14% | 14.45% | -13.6% | -2.22% | 2.4% | 8.13% | 5.43% | 5.09% | 6.58% | 2.96% | 3.74% | 3.36% | 0.7% | -3.49% | -3.97% | 0.35% | 2.09% | 0.97% | 0.04% |
| Book Value per Share | 55.20 | 55.29 | 51.58 | 50.13 | 49.15 | 50.65 | 53.19 | 52.43 | 52.27 | 52.42 | 50.25 | 48.81 | 46.96 | 48.15 | 42.18 | 48.91 | 50.11 | 49.00 | 45.38 | 43.10 | 41.04 | 38.53 | 37.39 | 36.10 | 34.83 | 34.48 | 34.73 | 34.76 | 34.57 | 33.88 | 33.57 |
| Total Shareholders' Equity | 395.17M | 395.13M | 367.63M | 356.26M | 348.05M | 357.62M | 374.35M | 367.96M | 366.12M | 366.38M | 350.24M | 339.25M | 325.44M | 332.55M | 290.57M | 336.29M | 343.94M | 335.87M | 310.61M | 294.61M | 280.34M | 263.05M | 255.47M | 246.27M | 238.26M | 236.6M | 245.16M | 255.3M | 254.4M | 249.2M | 246.8M |
| Common Stock | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.44M | 7.4M | 0 | 0 | 0 |
| Retained Earnings | 379.06M | 379.6M | 353.66M | 344.25M | 338.07M | 349.2M | 367.63M | 362.84M | 362.71M | 364.76M | 350.2M | 340.8M | 328.42M | 336.89M | 295.64M | 342.87M | 351.57M | 343.93M | 319.36M | 304.25M | 290.52M | 273.54M | 265.97M | 258.51M | 249.31M | 246.91M | 254.38M | 254.2M | 248.1M | 243.1M | 240.8M |
| Treasury Stock | -10.02M | -10.34M | -10.81M | -11.48M | -12.16M | -12.78M | -13.31M | -13.91M | -14.41M | -14.81M | -15.27M | -15.75M | -16.32M | -16.79M | -17.04M | -17.64M | -17.94M | -18.18M | -18.47M | -18.75M | -18.87M | -18.93M | -19.08M | -19.23M | -18.8M | -18.76M | -17.69M | -7.36M | 0 | 0 | 0 |
| Accumulated OCI | 4K | 6K | 35K | 22K | -103K | 20K | 154K | 136K | 21K | -86K | -47K | -9K | -3K | 8K | 53K | 72K | 129K | 643K | 536K | 176K | -22K | -141K | 93K | -1.44M | -698K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, National Presto's total assets grew from $417.5 million in 2024Q1 to $469.3 million by 2026Q1, reflecting a strategic shift toward increased capital intensity that warrants further investigation into the sustainability of this asset-heavy growth trajectory for the firm.
The expansion of the asset base appears to be driven by rising inventory and PPE investments, which may indicate a scaling of defense manufacturing capabilities. However, the lack of proportional growth in retained earnings suggests that this asset accumulation is not yet translating into consistent, high-quality equity accretion.
Based on NPK's reported figures, the company maintains a conservative capital structure with a debt-to-equity ratio of just 0.02 as of 2026Q1, signaling that the firm remains largely insulated from interest rate volatility despite the recent uptick in debt levels observed during the 2025 fiscal year.
The company's reliance on minimal debt suggests a strategic preference for self-funding, which protects the balance sheet from refinancing risks. Investors should monitor whether this low-leverage posture persists if the company continues to pursue aggressive capital-intensive projects within its defense and safety segments.
According to quarterly filings, NPK's cash reserves plummeted from $87.7 million in 2023Q4 to $6.5 million in 2026Q1, a significant contraction that suggests the company is aggressively deploying liquidity into working capital or operational expansion rather than maintaining a traditional cash buffer.
While the current ratio remains healthy at 5.88, the rapid depletion of cash highlights a potential vulnerability to sudden operational shocks or supply chain disruptions. This trend suggests that the company's liquidity profile is becoming increasingly dependent on the timely conversion of inventory into receivables.
Data from the last ten quarters reveals that the company's reliance on inventory and receivables to drive growth creates significant balance sheet distortion, as evidenced by the erratic swings in deferred revenue and cash balances that complicate the assessment of true underlying business health.
The volatility in deferred revenue, which fluctuated from $20.0 million to zero over the observed period, suggests that revenue recognition timing is highly sensitive to contract milestones. This creates a risk where headline balance sheet strength may mask underlying operational inefficiencies in managing project-based cash cycles.
Quick answers to the most common questions about buying NPK stock.
As of 2025, National Presto Industries, Inc. (NPK) had total assets of $504.7M including $403.1M in current assets.
National Presto Industries, Inc. (NPK) carries total debt of $33.1M, offset by $3.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
National Presto Industries, Inc. (NPK) has total shareholders' equity (book value) of $395.1M ($55.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
National Presto Industries, Inc. (NPK) reported a current ratio of 4.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.