Despite strong operating cash flow conversion, with an OCF-to-Net Income ratio of 1.83 in 2026Q2, free cash flow is capped at a 6.6% margin due to capital intensity, as CapEx consumes 20.3% of revenue, while unpredictable working capital swings continue to impact cash generation.
NPK International Inc. (NPKI) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 86.54M | 72.99M | 38.17M | 100M | -25.02M | -3.01M | 55.79M | 72.29M | 63.4M | 38.38M | 11.1M | 121.52M | 89.17M | 151.9M | 110.25M | -13.56M | 31.48M | 88.82M | 28.69M | 68.19M | 26.8M | 29.55M | 18.43M | 5.98M | 11.14M | 40.92M | 3.24M | 2.23M | 29.2M | 31.7M | 25.4M |
| Operating CF Margin % | - | 26.35% | 17.55% | 48.16% | -12.96% | -0.49% | 11.33% | 8.81% | 6.7% | 5.13% | 2.35% | 17.95% | 7.97% | 14.57% | 11.2% | -1.49% | 4.4% | 18.12% | 3.34% | 11.13% | 4.61% | 6.2% | 4.25% | 1.6% | 3.47% | 10.01% | 1.22% | 1.13% | 11.9% | 13.95% | 16.53% |
| Operating CF Growth % | 1490.64% | 91.22% | -61.83% | 499.67% | -730.43% | -105.4% | -22.82% | 14.01% | 65.19% | 245.93% | -90.87% | 36.27% | -41.3% | 37.79% | 913.14% | -143.07% | -64.56% | 209.61% | -57.93% | 154.4% | -9.28% | 60.27% | 208.31% | -46.33% | -72.78% | 1162.93% | 44.97% | -92.35% | -7.89% | 24.8% | 257.75% |
| Net Income | 38.8M | 38.94M | -150.26M | 14.52M | -20.83M | -25.53M | -80.7M | -12.95M | 32.28M | -6.15M | -40.71M | -90.83M | 102.28M | 65.32M | 60.03M | 80.02M | 41.63M | -20.57M | 38.46M | 26.66M | -32.28M | 22.78M | 4.96M | 2.08M | 4.62M | 31.91M | 11.15M | -70.13M | -62.29M | 37.74M | 19M |
| Depreciation & Amortization | 4.57M | 25.54M | 27.53M | 31.37M | 38.61M | 42.23M | 45.31M | 47.14M | 45.9M | 39.76M | 37.95M | 43.92M | 42.03M | 44.2M | 32.82M | 28.97M | 27.01M | 28.14M | 27.34M | 19.29M | 20.61M | 19.54M | 20.8M | 21.33M | 21.84M | 27.43M | 23.57M | 26.88M | 37.9M | 26.39M | 17.6M |
| Stock-Based Compensation | 2.94M | 5.53M | 5.25M | 6.64M | 6.86M | 7.93M | 6.58M | 11.64M | 10.36M | 10.84M | 12.06M | 14.2M | 12.3M | 9.7M | 7.1M | 4.54M | 3.88M | 3.44M | 5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 120K | 8.92M | -20.3M | -482K | -3.38M | -1.21M | -18.85M | -4.25M | 236K | -10.35M | 3.35M | -503K | -2.33M | -7.83M | 1.36M | 26.62M | 18.03M | -6.92M | 12.77M | 7.98M | 6.12M | 8.55M | 3.41M | 526K | 3.84M | 15.35M | 5.66M | -29.3M | -26M | 15.9M | 6.2M |
| Other Non-Cash Items | 38.67M | -3.53M | 192.24M | 5.2M | 32.83M | -2.66M | 24.7M | 8.6M | 5.93M | 23.33M | 12.12M | 77.67M | -35.37M | -4.73M | 2.88M | 3.03M | 446K | 3.7M | 7.65M | 20.81M | 69.4M | 6.68M | 4.12M | 1.6M | -43K | -178K | -259K | 71M | 83.49M | 166K | 800K |
| Working Capital Changes | 655K | -2.4M | -16.28M | 42.76M | -79.1M | -23.77M | 78.74M | 22.1M | -31.31M | -19.05M | -13.68M | 77.06M | -29.74M | 45.25M | 6.05M | -156.73M | -59.51M | 81.03M | -62.66M | -6.55M | -37.05M | -28M | -14.85M | -19.55M | -19.12M | -33.58M | -36.87M | 3.77M | -3.9M | -48.5M | -18.2M |
| Change in Receivables | 4.81M | -3.92M | -28.01M | 64.81M | -42.45M | -61.28M | 70.99M | 40.18M | -7.39M | -73.72M | -1.7M | 122.4M | -53.49M | 32.17M | 23.57M | -135.3M | -75.83M | 89.34M | -67.74M | 4.04M | -13.25M | -42.73M | -7.79M | -3.47M | -3.99M | -12.64M | -19.07M | 3.06M | 11.4M | -21.2M | -11.1M |
| Change in Inventory | -3.57M | 3.38M | 9.75M | 2.26M | -46.91M | -10.34M | 39.89M | 699K | -30.35M | -15.1M | 16.04M | 21.31M | -14.14M | 16.43M | -28.76M | -48.13M | -8.09M | 35.18M | -37M | -12.76M | -21.02M | -5.7M | -11.89M | -21.12M | -8.29M | -19.15M | -7.47M | -7.26M | 3.6M | -12.2M | 100K |
| Change in Payables | 1.89M | -2.58M | 12.49M | -25.07M | 10.78M | 36.34M | -29.46M | -8.32M | 2.45M | 14.15M | -5.21M | -31.97M | 23.61M | -17.73M | 13.7M | 30.43M | 2.81M | -28.71M | 21.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -91.21M | -65.32M | 8.26M | -5.69M | 46.23M | -17.48M | -3.4M | -49.76M | -55.75M | -68.37M | -38.32M | -66.88M | -14M | -60.06M | -96.17M | -63.15M | -10.55M | -17.14M | -23.17M | -40.29M | -30.3M | -33.83M | -11.87M | -20.47M | -17.25M | -27.05M | -30.62M | -20.93M | -119.4M | -94.9M | -126.2M |
| Capital Expenditures | -58.18M | -46.67M | -43.53M | -29.23M | -28.27M | -21.79M | -15.79M | -44.81M | -45.14M | -31.37M | -38.44M | -69.4M | -106.97M | -67.93M | -43.95M | -36.9M | -12.13M | -18.54M | -22.49M | -17.04M | -36.39M | -35.78M | -23.47M | -22.73M | -15.19M | -29.67M | -35.43M | -40.5M | -120.5M | -87.2M | -118M |
| CapEx % of Revenue | 19.35% | 16.85% | 20.02% | 14.08% | 14.65% | 3.54% | 3.21% | 5.46% | 4.77% | 4.2% | 8.15% | 10.25% | 9.56% | 6.52% | 4.47% | 4.06% | 1.69% | 3.78% | 2.62% | 2.78% | 6.25% | 7.51% | 5.41% | 6.09% | 4.73% | 7.26% | 13.29% | 20.43% | 49.09% | 38.38% | 76.77% |
| Acquisitions | -38.22M | -25.75M | 48.5M | 19.83M | 71.29M | -13.43M | 0 | -18.69M | -14.22M | -44.75M | -4.42M | 0 | 89.77M | 6.55M | -53.08M | -26.77M | 0 | 0 | -1.18M | -23.2M | 0 | -881K | 0 | 0 | -4.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.19M | 7.1M | 3.29M | 3.71M | 3.22M | 17.75M | 12.4M | 13.73M | 3.61M | 7.75M | 4.54M | 2.52M | 3.21M | 1.31M | 863K | 522K | 1.58M | 1.4M | 510K | -53K | 6.09M | 2.84M | 395K | 2.26M | 2.71M | 2.63M | 4.81M | 19.57M | 1.1M | -7.7M | -8.2M |
| Cash from Financing | -13.02M | -20.95M | -66.88M | -81.05M | -24.93M | 21.41M | -77.94M | -29.53M | -4.51M | -2.29M | -650K | -6.73M | -49.16M | -72.53M | 5.85M | 18.34M | 50.62M | -66.27M | -2.06M | -35.65M | 8.57M | 5.64M | -4.5M | 15.63M | 1.1M | -37.61M | 54.11M | 16.59M | 75M | 82.5M | 101.4M |
| Debt Issued (Net) | -1.24M | 5.3M | -46.75M | -35.72M | 144K | 27.14M | -77.11M | -7.63M | -4.97M | -685K | 4.9M | -1.51M | -281K | -73.7M | 67.44M | 17.45M | 47.18M | -66.14M | 11.34M | -37.66M | 2.31M | 391K | -4.93M | 15.33M | -2.43M | -39.19M | -6.98M | 1.3M | 71.4M | 78.3M | -1.7M |
| Equity Issued (Net) | -7.24M | -21.18M | -4.5M | -34.27M | -20.25M | -1.45M | -333K | -21.74M | -3.87M | -3.24M | -1.23M | -2.28M | -53.13M | -9.28M | -50.76M | -644K | -153K | -125K | -13.34M | 2.24M | 5.62M | 5.2M | 1.11M | 303K | 3.53M | 2.25M | 61.09M | 15.29M | 3.7M | 4.1M | 103M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -375K | -675K | 0 | 0 | -675K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9.29M | -22.7M | -4.5M | -34.27M | -20.25M | -1.45M | -333K | -21.74M | -3.87M | -3.24M | -1.23M | -2.28M | -53.13M | -9.28M | -50.76M | -644K | -153K | -268K | -15.25M | 0 | 0 | 0 | 0 | 0 | -15.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.54M | -5.07M | -15.63M | -11.06M | -4.83M | -4.28M | -497K | -159K | 4.33M | 1.63M | -4.32M | -2.94M | 4.25M | 10.45M | -10.83M | 1.53M | 3.59M | 0 | -63K | -235K | 644K | 427K | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 100K |
| Net Change in Cash | -17.66M | -13.1M | -20.66M | 13.84M | -4.43M | -859K | -26.52M | -7.4M | -1.19M | -29.84M | -29.32M | 39.57M | 19.21M | 18.99M | 21.6M | -57.76M | 71.48M | 3.28M | 2.51M | -7M | 5.39M | 987K | 2.33M | 1.97M | -4.78M | -23.74M | 26.73M | -2.1M | -15.1M | 19.3M | -1.9M |
| Free Cash Flow | 28.36M | 26.32M | -5.36M | 70.77M | -53.29M | -24.81M | 40M | 27.48M | 18.26M | 7.01M | -27.34M | 52.11M | -17.8M | 83.97M | 66.29M | -50.45M | 19.34M | 70.28M | 6.19M | 51.15M | -9.59M | -6.24M | -5.03M | -16.75M | -4.05M | 11.25M | -32.19M | -38.26M | -91.3M | -55.5M | -92.6M |
| FCF Margin % | 9.43% | 9.5% | -2.47% | 34.08% | -27.61% | -4.03% | 8.12% | 3.35% | 1.93% | 0.94% | -5.8% | 7.7% | -1.59% | 8.06% | 6.74% | -5.55% | 2.7% | 14.33% | 0.72% | 8.35% | -1.65% | -1.31% | -1.16% | -4.49% | -1.26% | 2.75% | -12.08% | -19.3% | -37.2% | -24.43% | -60.25% |
| FCF Growth % | 278.81% | 590.81% | -107.58% | 232.79% | -114.84% | -162.02% | 45.55% | 50.48% | 160.51% | 125.64% | -152.47% | 392.77% | -121.2% | 26.68% | 231.38% | -360.86% | -72.48% | 1034.75% | -87.89% | 633.5% | -53.68% | -23.94% | 69.94% | -313.81% | -135.99% | 134.93% | 15.86% | 58.09% | -64.5% | 40.06% | -447.93% |
| FCF per Share | 0.33 | 0.31 | -0.06 | 0.80 | -0.57 | -0.27 | 0.44 | 0.31 | 0.20 | 0.08 | -0.33 | 0.63 | -0.18 | 0.82 | 0.64 | -0.47 | 0.21 | 0.79 | 0.07 | 0.57 | -0.11 | -0.07 | -0.06 | -0.19 | -0.06 | 0.14 | -0.46 | -0.55 | -1.36 | -0.84 | -1.59 |
| FCF Conversion (FCF/Net Income) | 0.73x | 2.03x | -0.25x | 6.89x | 1.20x | 0.12x | -0.69x | -5.58x | 1.96x | -6.24x | -0.27x | -1.34x | 0.87x | 2.33x | 1.84x | -0.17x | 0.76x | -4.32x | 0.75x | 2.56x | -0.83x | 1.30x | 3.72x | 2.88x | 2.41x | 1.28x | 0.29x | -0.03x | -0.46x | 0.84x | 1.34x |
| Interest Paid | 249K | 0 | 4.52M | 7.77M | 5.95M | 5.34M | 6.05M | 8.72M | 8.74M | 8.72M | 8.8M | 8.46M | 9.87M | 10.19M | 8.36M | 7.79M | 7.96M | 7.56M | 10.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 206K | 9.8M | 8.94M | 9.06M | 6.91M | 6.35M | 12.16M | 15.63M | 0 | -20.71M | 10.87M | 0 | 0 | 0 | 29.68M | 7.39M | 5.18M | 6.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NPKI stock.
NPK International Inc. (NPKI) generated $73.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NPK International Inc. (NPKI) generated $26.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NPK International Inc. (NPKI) spent $46.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NPK International Inc. (NPKI) spent $22.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile free cash flow generation
Metrics are mathematically derived from official filings.
Earnings Quality Strongly Positive
NPKI consistently converts net income into significantly higher operating cash flow, with recent quarters showing an OCF-to-Net Income ratio above 1.8x, suggesting strong underlying cash generation from core operations.
The OCF/NI ratio has been robust in recent quarters, reaching 1.83 in 2026Q2 and 2.02 in 2026Q1, indicating that reported accounting earnings are being supported by, and are likely a conservative representation of, the actual cash produced by the business. This persistent positive spread between operating cash flow and net income implies high-quality earnings driven by non-cash adjustments like depreciation and potentially favorable working capital movements.
FCF Recovery Faces CapEx Headwind
After a deeply negative FCF in 2024Q4, NPKI's free cash flow has recovered to positive territory, but the 6.6% FCF margin in 2026Q2 is constrained by elevated capital expenditures that are consuming over 20% of revenue.
The trajectory shows a clear recovery from the negative FCF of -17.7M in 2024Q4, with recent quarters posting positive, albeit modest, free cash flow. The challenge is that the company's strong operating cash flow (reaching $21.9M in 2026Q2) is being heavily reinvested via CapEx, which averaged ~20% of revenue over the last two quarters. This high reinvestment rate is compressing the final FCF margin and indicates that free cash flow growth is tied to the efficiency and timing of these capital projects.
High Capital Intensity Sustains Investment
CapEx intensity remains elevated at over 20% of revenue in recent quarters, a sharp increase from the sub-10% level in 2024Q2, signaling a shift toward significant growth or maintenance investment that is outpacing current depreciation.
The CapEx-to-Revenue ratio has surged from 9.9% in 2024Q2 to over 20% in the latest two quarters, indicating a deliberate ramp-up in capital spending. This level of investment is substantially higher than the reported depreciation and amortization (D&A) in 2026Q2 ($16.5M CapEx vs. $8.4M D&A), suggesting the company is investing well beyond maintaining its current asset base, likely to fund the revenue reacceleration noted in prior analysis.
Working Capital Swings as a Cash Drag
Unpredictable working capital movements, such as the significant $10.3M outflow in 2025Q1 followed by a $8.6M inflow in 2025Q3, introduce volatility that obscures the underlying cash generation trend and directly impacts free cash flow.
The quarterly changes in working capital have been highly volatile, swinging from a large negative impact of -$10.3M in 2025Q1 to a positive contributor of +$8.6M in 2025Q3. This volatility makes it difficult to forecast operating cash flow from net income alone and suggests that cash is being tied up or released unevenly across the cycle, likely due to the lumpy nature of project-based receivables or inventory builds in the construction materials industry.
Acquisitions and Buybacks Compete for Capital
Capital deployment is primarily focused on strategic acquisitions, such as the $38.2M outlay in 2025Q4 and the $48.5M net inflow in 2024Q3, while shareholder returns via buybacks are a secondary use of cash.
The company is actively deploying cash for M&A, with significant outflows noted in 2025Q4 (-$38.2M) and 2026Q2 (-$5.5M), which appear to be the primary use of its generated free cash flow. Share repurchases are more modest and intermittent, as seen in the -$10.8M in 2025Q1 and -$3.2M in 2026Q2, suggesting management is prioritizing growth through acquisition over direct shareholder returns in the current phase.
Cash Flow Masked by Large One-Time Events
The cash flow statement's operating section is distorted by large, non-recurring items like the $48.5M acquisition-related inflow in 2024Q3 and the massive Q4 2025 acquisition payment, making it hard to gauge normalized cash generation.
Investors should scrutinize the cash flow statement for large, one-time items that can skew the perception of operational cash generation. For example, the $48.5M inflow classified under Acquisitions in 2024Q3 and the subsequent large payments in 2025Q4 create significant volatility. Furthermore, the negative $1.2M SBC in 2025Q4 is an unusual adjustment that requires investigation, as stock-based compensation is typically a non-cash expense added back; a negative figure suggests a potential cash settlement or other adjustment.