Cash conversion has been erratic, with operating cash flow to net income swinging from -0.47 to 4.37 and free cash flow turning to -$5.2M in 2026Q3, indicating dependence on working capital timing.
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 | 68.96M | 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 % | 626.08% | 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 | 39.26M | 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 | 7.17M | 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 | 4.97M | 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 | -1.67M | 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 | 38.18M | -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 | -19.32M | -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 | -5.1M | -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 | -9.8M | 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 | 959K | -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 | -91.14M | -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 | -57.77M | -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 | 18.75% | 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 | 4.86M | 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 | -9.29M | -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) | 14.66M | 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) | -18.78M | -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 | -19.33M | -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 | -5.17M | -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 | -31.41M | -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 | 11.19M | 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 % | 3.63% | 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 % | 294.99% | 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 | 0.13 | 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) | 0.29x | 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 operating cash conversion
Metrics are mathematically derived from official filings.
Cash Conversion Swings Sharply Quarter to Quarter
Based on reported figures, NPKI's operating cash flow to net income ratio ranged from -0.47 to 4.37 across ten quarters, indicating earnings quality that depends heavily on working capital timing rather than steady underlying cash generation.
The most recent quarter shows operating cash flow of $7.1M against net income of $6.1M, a ratio of 1.17, which is markedly lower than the 1.8 to 2.0 range seen in early 2026. Quarters such as 2025Q3 with a ratio of 4.37 and 2024Q4 with negative operating cash flow suggest that reported profits are not reliably translating into cash, and investors should monitor whether the recent decline in conversion reflects normalization or a renewed build in receivables and inventory.
Free Cash Flow Turns Negative in Latest Quarter
According to reported quarterly cash flow statements, NPKI's free cash flow margin moved from a 31.4% peak in 2024Q2 to -6.8% in 2026Q3, with the trend showing no sustained upward path across the ten-quarter window.
Free cash flow has alternated between positive and negative readings, with several strong quarters offset by outflows in 2024Q3, 2024Q4, and 2025Q1, implying that the business does not yet generate consistently durable surplus cash. The latest negative FCF of -$5.2M, driven by capital spending of $12.3M and a working capital outflow of $11.4M, warrants further investigation into whether the outflow is timing-related or indicates structural pressure.
Capital Intensity Remains Elevated Relative to Revenue
As reported in the cash flow statements, NPKI's capital expenditures ran between 9.9% and 23.6% of revenue across the period, meaning reinvestment has consumed a substantial share of operating cash in most quarters.
Depreciation and amortization has generally hovered near $6-9M per quarter, so capex running at $10-17M in most recent quarters exceeds the depreciation base, which may indicate growth or capacity investment rather than pure maintenance spending. This gap warrants monitoring, since sustained capex above depreciation would limit the cash available for debt reduction or shareholder returns even if reported earnings remain positive.
Buybacks and Acquisitions Absorb Available Cash
Based on NPKI's reported figures, the company paid no dividends across the period while deploying cash into repurchases of up to $13.4M in 2026Q3 and acquisitions netting $38.2M in 2025Q4, indicating capital allocation prioritizing reinvestment and equity returns.
The absence of dividends and the presence of repeated buybacks alongside acquisitions suggest management is directing excess cash toward growth and share count reduction, which can be value-accretive if acquisition returns exceed the cost of capital. However, because free cash flow has been inconsistent, these deployments may be funded partly from balance sheet resources, and their return on investment cannot be verified from the data provided.
Reported Cash Flow May Mask Underlying Volatility
Based on the supplied data, the ten-quarter aggregate of operating cash flow appears more stable than individual quarters, but this smoothing may obscure working capital swings that have reversed sign several times within the period.
Working capital changes have ranged from roughly -$19.6M to +$10.8M per quarter, and when these are excluded, underlying cash generation looks materially weaker in several periods, suggesting that headline operating cash flow may flatter the business in favorable quarters. Investors should monitor whether the apparent improvement in early 2026 holds once working capital stabilizes, since the prior income statement analysis already flagged margin compression that could extend into the coming year.