Revenue growth has accelerated to 29.70% year-over-year, yet operating margins remain strained, hitting a low of 5.1% in 2025Q2 due to persistent cost pressures.
| 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 |
|---|
| Sales/Revenue | 518.53M | 503.52M | 388.23M | 340.91M | 321.62M | 355.78M | 352.63M | 308.51M | 323.32M | 333.63M | 341.9M | 427.69M | 412.36M | 420.19M | 472.49M | 431.02M | 479M | 478.47M | 448.23M | 420.72M | 304.68M | 184.56M | 158.96M | 133.84M | 133.73M | 119.76M | 116.57M | 114.7M | 107.1M | 109.5M | 106M |
| Revenue Growth % | 24.88% | 29.7% | 13.88% | 6% | -9.6% | 0.89% | 14.3% | -4.58% | -3.09% | -2.42% | -20.06% | 3.72% | -1.86% | -11.07% | 9.62% | -10.02% | 0.11% | 6.75% | 6.54% | 38.08% | 65.08% | 16.11% | 18.77% | 0.08% | 11.67% | 2.74% | 1.63% | 7.1% | -2.19% | 3.3% | -11.81% |
| Cost of Goods Sold | 438.84M | 423.2M | 309.66M | 273.46M | 266.5M | 291.38M | 267.7M | 236.59M | 247.43M | 246.4M | 256.24M | 338.11M | 335.16M | 340.84M | 377.63M | 337.26M | 365.43M | 368.38M | 368.01M | 344.36M | 248.34M | 146.28M | 118.89M | 88.28M | 96.49M | 94.39M | 78.1M | 75.6M | 68.8M | 71.9M | 70.4M |
| COGS % of Revenue | - | 84.05% | 79.76% | 80.21% | 82.86% | 81.9% | 75.92% | 76.69% | 76.53% | 73.85% | 74.95% | 79.06% | 81.28% | 81.12% | 79.92% | 78.25% | 76.29% | 76.99% | 82.1% | 81.85% | 81.51% | 79.26% | 74.79% | 65.96% | 72.15% | 78.81% | 67% | 65.91% | 64.24% | 65.66% | 66.42% |
| Gross Profit | 79.69M | 80.33M | 78.57M | 67.45M | 55.13M | 64.4M | 84.92M | 71.92M | 75.88M | 87.23M | 85.66M | 89.58M | 77.2M | 79.35M | 94.86M | 93.76M | 113.57M | 110.09M | 80.21M | 76.36M | 56.34M | 38.28M | 40.07M | 45.55M | 37.24M | 25.37M | 38.47M | 39.1M | 38.3M | 37.6M | 35.6M |
| Gross Margin % | 15.37% | 15.95% | 20.24% | 19.79% | 17.14% | 18.1% | 24.08% | 23.31% | 23.47% | 26.15% | 25.05% | 20.94% | 18.72% | 18.88% | 20.08% | 21.75% | 23.71% | 23.01% | 17.9% | 18.15% | 18.49% | 20.74% | 25.21% | 34.04% | 27.85% | 21.19% | 33% | 34.09% | 35.76% | 34.34% | 33.58% |
| Gross Profit Growth % | - | 2.24% | 16.48% | 22.36% | -14.4% | -24.17% | 18.07% | -5.22% | -13.01% | 1.84% | -4.37% | 16.03% | -2.71% | -16.35% | 1.18% | -17.45% | 3.16% | 37.25% | 5.05% | 35.52% | 47.18% | -4.46% | -12.04% | 22.32% | 46.79% | -34.04% | -1.62% | 2.09% | 1.86% | 5.62% | -19.64% |
| Operating Expenses | 40.49M | 37.38M | 33.35M | 32.42M | 33M | 34.37M | 28.73M | 25.55M | 25.45M | 25.53M | 23.15M | 29.18M | 35.21M | 21.9M | 35.14M | 19.77M | 16.49M | 18.75M | 16.93M | 22.39M | 20.31M | 14.45M | 20.95M | 26.7M | 30.85M | 27.2M | 29.47M | 19.4M | 20M | 25.4M | 25.3M |
| OpEx % of Revenue | - | 7.42% | 8.59% | 9.51% | 10.26% | 9.66% | 8.15% | 8.28% | 7.87% | 7.65% | 6.77% | 6.82% | 8.54% | 5.21% | 7.44% | 4.59% | 3.44% | 3.92% | 3.78% | 5.32% | 6.67% | 7.83% | 13.18% | 19.95% | 23.07% | 22.71% | 25.28% | 16.91% | 18.67% | 23.2% | 23.87% |
| Selling, General & Admin | 8.62M | 35.87M | 31.84M | 30.78M | 27.61M | 34.15M | 28.5M | 25.46M | 23.29M | 22.9M | 22.43M | 24.01M | 23.22M | 21.9M | 35.14M | 19.77M | 16.49M | 18.75M | 16.93M | 22.39M | 19.81M | 14.45M | 20.95M | 23.55M | 26.83M | 20.43M | 26.68M | 17.1M | 17.9M | 23.3M | 23.3M |
| SG&A % of Revenue | - | 7.12% | 8.2% | 9.03% | 8.59% | 9.6% | 8.08% | 8.25% | 7.2% | 6.86% | 6.56% | 5.61% | 5.63% | 5.21% | 7.44% | 4.59% | 3.44% | 3.92% | 3.78% | 5.32% | 6.5% | 7.83% | 13.18% | 17.6% | 20.06% | 17.06% | 22.89% | 14.91% | 16.71% | 21.28% | 21.98% |
| Research & Development | 0 | 0 | 0 | 0 | 1.46M | 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 |
| R&D % of Revenue | - | - | - | - | 0.45% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.38M | 1.51M | 1.51M | 1.64M | 3.92M | 214K | 221K | 83K | 4.44M | 3.58M | 721K | 5.17M | 11.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 3.15M | 4.02M | 6.77M | 2.79M | 2.3M | 2.1M | 2.1M | 2M |
| Operating Income | 39.2M | 42.94M | 45.21M | 35.03M | 22.13M | 30.03M | 56.2M | 46.38M | 47.9M | 61.7M | 62.51M | 60.39M | 39.93M | 57.61M | 59.72M | 73.98M | 97.08M | 91.35M | 63.28M | 53.96M | 36.03M | 23.83M | 19.12M | 18.85M | 6.39M | -1.83M | 9M | 19.7M | 18.3M | 12.2M | 10.3M |
| Operating Margin % | 7.56% | 8.53% | 11.65% | 10.28% | 6.88% | 8.44% | 15.94% | 15.03% | 14.82% | 18.49% | 18.28% | 14.12% | 9.68% | 13.71% | 12.64% | 17.16% | 20.27% | 19.09% | 14.12% | 12.83% | 11.83% | 12.91% | 12.03% | 14.08% | 4.78% | -1.53% | 7.72% | 17.18% | 17.09% | 11.14% | 9.72% |
| Operating Income Growth % | - | -5.02% | 29.06% | 58.33% | -26.31% | -46.56% | 21.16% | -3.18% | -22.37% | -1.29% | 3.51% | 51.25% | -30.69% | -3.52% | -19.28% | -23.79% | 6.28% | 44.35% | 17.27% | 49.76% | 51.2% | 24.62% | 1.44% | 194.75% | 449.45% | -120.33% | -54.31% | 7.65% | 50% | 18.45% | -32.24% |
| EBITDA | 44.41M | 48.08M | 50.26M | 41.04M | 25.47M | 33.01M | 59.2M | 50.07M | 54.12M | 71.59M | 77.19M | 75.99M | 61.75M | 66.56M | 70.9M | 83.02M | 105.72M | 100.08M | 72.08M | 62.45M | 43.92M | 28.07M | 22.43M | 21.2M | 8.33M | 1.61M | 11.79M | 22M | 20.4M | 14.3M | 12.3M |
| EBITDA Margin % | 8.57% | 9.55% | 12.95% | 12.04% | 7.92% | 9.28% | 16.79% | 16.23% | 16.74% | 21.46% | 22.58% | 17.77% | 14.97% | 15.84% | 15.01% | 19.26% | 22.07% | 20.92% | 16.08% | 14.84% | 14.42% | 15.21% | 14.11% | 15.84% | 6.23% | 1.34% | 10.11% | 19.18% | 19.05% | 13.06% | 11.6% |
| EBITDA Growth % | -15.88% | -4.34% | 22.46% | 61.11% | -22.82% | -44.25% | 18.24% | -7.49% | -24.4% | -7.26% | 1.58% | 23.07% | -7.22% | -6.13% | -14.6% | -21.47% | 5.63% | 38.86% | 15.42% | 42.18% | 56.45% | 25.16% | 5.8% | 154.56% | 418.62% | -86.37% | -46.43% | 7.84% | 42.66% | 16.26% | -26.35% |
| D&A (Non-Cash Add-back) | 5.21M | 5.14M | 5.05M | 6.01M | 3.35M | 2.98M | 3M | 3.69M | 6.22M | 9.89M | 14.68M | 15.6M | 21.82M | 8.94M | 11.19M | 9.04M | 8.64M | 8.74M | 8.79M | 8.48M | 7.89M | 4.25M | 3.31M | 2.35M | 1.93M | 3.44M | 2.79M | 2.3M | 2.1M | 2.1M | 2M |
| EBIT | 43.11M | 42.12M | 50.67M | 42.43M | 26.93M | 32.46M | 56.2M | 52.31M | 50.43M | 65.28M | 63.32M | 62.52M | 47.89M | 57.45M | 59.72M | 73.74M | 97.25M | 91.35M | 63.28M | 53.96M | 36.03M | 19.68M | 19.12M | 18.85M | 6.39M | -2.24M | 8.61M | 19.76M | 18.3M | 12.2M | 10.3M |
| Net Interest Income | 0 | 0 | 0 | 0 | -8.17M | 0 | 0 | 0 | 0 | 0 | 810K | 396K | 367K | 731K | 705K | 1.29M | 2.1M | 3.05M | 4.27M | 4.25M | 4.35M | 4.34M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 810K | 396K | 366K | 731K | 705K | 1.04M | 2.27M | 3.05M | 4.27M | 4.25M | 4.35M | 4.34M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 8.17M | 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 |
| Other Income/Expense | 1.72M | -823K | 5.46M | 7.4M | 3.82M | 2.43M | 3.79M | 5.93M | 4.44M | 3.58M | 810K | 397K | -5.53M | 731K | 705K | 1.04M | 2.1M | 3.05M | 4.27M | 4.25M | 4.35M | 4.34M | 57K | 4.23M | 5.12M | 8.38M | 10.33M | 9.5M | 9.1M | 9.8M | 8.9M |
| Pretax Income | 40.92M | 42.12M | 50.67M | 42.43M | 25.94M | 32.46M | 59.99M | 52.31M | 52.34M | 65.28M | 63.32M | 60.79M | 40.3M | 58.34M | 60.42M | 75.03M | 99.36M | 94.4M | 67.55M | 58.21M | 40.38M | 28.17M | 22.71M | 23.08M | 11.51M | 6.13M | 19.33M | 29.2M | 27.4M | 22M | 19.2M |
| Pretax Margin % | 7.89% | 8.36% | 13.05% | 12.45% | 8.07% | 9.12% | 17.01% | 16.95% | 16.19% | 19.57% | 18.52% | 14.21% | 9.77% | 13.89% | 12.79% | 17.41% | 20.74% | 19.73% | 15.07% | 13.84% | 13.25% | 15.27% | 14.28% | 17.25% | 8.61% | 5.12% | 16.58% | 25.46% | 25.58% | 20.09% | 18.11% |
| Income Tax | 8.82M | 9.04M | 9.21M | 7.87M | 5.25M | 6.8M | 13.03M | 11.77M | 12.45M | 21.97M | 21.41M | 20.29M | 13.82M | 17.09M | 21.55M | 27.06M | 35.82M | 31.82M | 23.37M | 19.58M | 12.42M | 9.21M | 7.26M | 7.61M | 2.82M | -151K | 4.17M | 8.4M | 7.7M | 5M | 4.5M |
| Effective Tax Rate % | 21.56% | 21.45% | 18.18% | 18.55% | 20.22% | 20.96% | 21.72% | 22.49% | 23.79% | 33.65% | 33.81% | 33.38% | 34.3% | 29.3% | 35.66% | 36.06% | 36.06% | 33.71% | 34.59% | 33.65% | 30.76% | 32.68% | 32% | 32.95% | 24.53% | -2.46% | 21.57% | 28.77% | 28.1% | 22.73% | 23.44% |
| Net Income | 32.1M | 33.08M | 41.46M | 34.56M | 20.7M | 25.65M | 46.96M | 42.22M | 39.94M | 52.96M | 44.56M | 40.5M | 26.48M | 41.25M | 38.88M | 47.97M | 63.53M | 62.58M | 44.18M | 38.62M | 27.96M | 18.97M | 15.44M | 15.48M | 8.69M | 6.29M | 15.16M | 20.8M | 19.7M | 17M | 14.7M |
| Net Margin % | 6.19% | 6.57% | 10.68% | 10.14% | 6.44% | 7.21% | 13.32% | 13.69% | 12.35% | 15.87% | 13.03% | 9.47% | 6.42% | 9.82% | 8.23% | 11.13% | 13.26% | 13.08% | 9.86% | 9.18% | 9.18% | 10.28% | 9.71% | 11.56% | 6.5% | 5.25% | 13% | 18.13% | 18.39% | 15.53% | 13.87% |
| Net Income Growth % | -24.47% | -20.2% | 19.97% | 66.96% | -19.31% | -45.37% | 11.22% | 5.71% | -24.58% | 18.84% | 10.05% | 52.95% | -35.82% | 6.11% | -18.96% | -24.5% | 1.53% | 41.63% | 14.4% | 38.14% | 47.41% | 22.84% | -0.23% | 78.1% | 38.24% | -58.53% | -27.13% | 5.58% | 15.88% | 15.65% | -22.63% |
| Net Income (Continuing) | 32.1M | 33.08M | 41.46M | 34.56M | 20.7M | 25.65M | 46.96M | 40.54M | 39.89M | 43.31M | 41.91M | 42.16M | 30.75M | 41.25M | 38.88M | 47.97M | 63.53M | 62.58M | 44.18M | 38.62M | 27.96M | 16.42M | 15.44M | 15.48M | 8.69M | 6.29M | 15.16M | 20.82M | 19.7M | 17M | 14.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.68M | 51K | 9.64M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 4.48 | 4.63 | 5.82 | 4.86 | 2.92 | 3.63 | 6.67 | 6.02 | 5.70 | 7.58 | 6.39 | 5.83 | 3.82 | 5.97 | 5.64 | 6.98 | 9.26 | 9.13 | 6.45 | 5.65 | 4.09 | 2.40 | 2.26 | 2.27 | 1.27 | 0.92 | 2.16 | 2.84 | 2.68 | 2.31 | 2.00 |
| EPS Growth % | 3114.29% | -20.45% | 19.75% | 66.44% | -19.56% | -45.58% | 10.8% | 5.61% | -24.8% | 18.62% | 9.61% | 52.62% | -36.01% | 5.85% | -19.2% | -24.62% | 1.42% | 41.55% | 14.16% | 38.14% | 70.42% | 6.19% | -0.44% | 78.74% | 38.04% | -57.41% | -23.94% | 5.97% | 16.02% | 15.5% | -22.78% |
| EPS (Basic) | - | 4.63 | 5.82 | 4.86 | 2.92 | 3.63 | 6.67 | 6.02 | 5.70 | 7.58 | 6.39 | 5.83 | 3.82 | 5.97 | 5.64 | 6.98 | 9.26 | 9.13 | 6.45 | 5.65 | 4.09 | 2.41 | 2.26 | 2.27 | 1.27 | 0.92 | 2.16 | 2.84 | 2.68 | 2.31 | 2.00 |
| Diluted Shares Outstanding | 7.16M | 7.15M | 7.13M | 7.11M | 7.08M | 7.06M | 7.04M | 7.02M | 7M | 6.99M | 6.97M | 6.95M | 6.93M | 6.91M | 6.89M | 6.88M | 6.86M | 6.85M | 6.84M | 6.84M | 6.83M | 6.83M | 6.83M | 6.82M | 6.84M | 6.86M | 7.06M | 7.34M | 7.36M | 7.36M | 7.35M |
| Basic Shares Outstanding | 7.16M | 7.15M | 7.13M | 7.11M | 7.08M | 7.06M | 7.04M | 7.02M | 7M | 6.99M | 6.97M | 6.95M | 6.93M | 6.91M | 6.89M | 6.88M | 6.86M | 6.85M | 6.84M | 6.84M | 6.83M | 6.83M | 6.83M | 6.82M | 6.84M | 6.83M | 7.02M | 7.34M | 7.36M | 7.35M | 7.35M |
| Dividend Payout Ratio | - | 21.59% | 77.25% | 82.13% | 153.76% | 171.84% | 89.81% | 99.69% | 105.13% | 72.52% | 78.9% | 69.42% | 132.02% | - | 221.49% | 118.13% | 87.97% | 60.74% | 65.79% | 67.21% | 51.77% | 60.07% | 51.66% | 40.6% | 72.38% | 218.8% | 98.92% | 70.67% | 74.62% | 86.47% | 100% |
Margin Compression and Volatility
As reported in recent financial statements, National Presto Industries achieved a notable 29.70% year-over-year revenue growth, suggesting that the company's defense segment is successfully capturing increased procurement demand despite the inherent lumpiness of project-based contract fulfillment cycles that often characterize the firm's top-line performance.
The recent acceleration in revenue appears to be driven by the defense segment's specialized ammunition and fuzing contracts, which are benefiting from heightened geopolitical activity. Investors should monitor whether this growth is sustainable or if it represents a temporary surge in DOD procurement that may normalize in subsequent quarters.
Based on the provided income statement data, National Presto's gross margin has fluctuated significantly, reaching a low of 13.9% in 2025Q3, which indicates that the company struggles to maintain pricing power in its housewares segment while absorbing volatile raw material costs like aluminum and steel.
The inability to consistently expand gross margins despite strong revenue growth suggests that the company's cost structure is highly sensitive to inflationary pressures. This lack of margin expansion implies that NPK may be acting as a price-taker in its retail markets, limiting its ability to translate top-line gains into meaningful bottom-line growth.
According to the quarterly income statement filings, operating income has failed to scale proportionally with revenue, as evidenced by operating margins that dipped to 5.1% in 2025Q2, suggesting that the company's fixed cost base in its defense facilities may be creating significant drag during lower-volume periods.
The lack of consistent operating leverage indicates that NPK's current business model does not yet benefit from economies of scale. Analysts should investigate whether the recent investments in the nascent Safety segment are masking the underlying profitability of the mature defense and housewares businesses.
Data from the last ten quarters reveals that net income volatility, including a negative EPS of -2.91 in 2024Q4, warrants further investigation into the company's accounting practices and the potential for non-operating items to distort the true earnings power of the core industrial segments.
Short-sellers may focus on the inconsistency of the bottom line and the reliance on special dividends rather than sustained earnings growth. The current financial profile suggests that the company's profitability is highly susceptible to external shocks, which may not be fully reflected in the current valuation.
Quick answers to the most common questions about buying NPK stock.
For fiscal year 2025, National Presto Industries, Inc. (NPK) reported total revenue of $503.5M. This represents a 375.0% increase compared to $106.0M in 1996.
National Presto Industries, Inc. (NPK) is profitable, generating $33.1M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
National Presto Industries, Inc. (NPK) reported an operating income of $42.9M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
National Presto Industries, Inc. (NPK) generated $80.3M in gross profit for the year, representing a gross profit margin of 16.0%. This demonstrates the company's core pricing power and production efficiency.