Revenue and margins have been volatile, with gross margin ranging from 27.5% to 39.2% and the latest 31.3% quarter sitting near the bottom of that band, suggesting the 2025 margin strength may be less durable than it appeared.
NPK International Inc. (NPKI) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 308.13M | 277.04M | 217.49M | 207.65M | 192.99M | 614.78M | 492.63M | 820.12M | 946.55M | 747.76M | 471.5M | 676.87M | 1.12B | 1.04B | 983.95M | 909.37M | 715.95M | 490.27M | 858.35M | 612.76M | 581.91M | 476.67M | 433.42M | 373.18M | 321.19M | 408.61M | 266.59M | 198.22M | 245.46M | 227.22M | 153.7M |
| Revenue Growth % | 18.8% | 27.38% | 4.74% | 7.59% | -68.61% | 24.8% | -39.93% | -13.36% | 26.58% | 58.59% | -30.34% | -39.48% | 7.3% | 5.94% | 8.2% | 27.01% | 46.03% | -42.88% | 40.08% | 5.3% | 22.08% | 9.98% | 16.14% | 16.18% | -21.39% | 53.27% | 34.49% | -19.24% | 8.03% | 47.84% | 56.84% |
| Cost of Goods Sold | 199.66M | 178.29M | 140.36M | 135.09M | 133M | 529.55M | 473.26M | 684.74M | 766.98M | 607.9M | 437.84M | 599.01M | 877M | 858.47M | 811.05M | 713.22M | 576.92M | 447.62M | 703.43M | 533.93M | 500.06M | 423.47M | 399.01M | 347.73M | 296.5M | 334.32M | 204.41M | 200.52M | 194.32M | 135.09M | 98.2M |
| COGS % of Revenue | - | 64.36% | 64.54% | 65.06% | 68.92% | 86.14% | 96.07% | 83.49% | 81.03% | 81.3% | 92.86% | 88.5% | 78.41% | 82.36% | 82.43% | 78.43% | 80.58% | 91.3% | 81.95% | 87.13% | 85.93% | 88.84% | 92.06% | 93.18% | 92.31% | 81.82% | 76.68% | 101.16% | 79.17% | 59.45% | 63.89% |
| Gross Profit | 108.46M | 98.75M | 77.13M | 72.55M | 59.99M | 85.23M | 19.37M | 135.38M | 179.57M | 139.86M | 33.66M | 77.85M | 241.42M | 183.89M | 172.91M | 196.15M | 139.03M | 42.65M | 154.92M | 78.83M | 81.85M | 53.2M | 34.41M | 25.45M | 24.7M | 74.28M | 62.18M | -2.29M | 51.14M | 92.13M | 55.5M |
| Gross Margin % | 35.2% | 35.64% | 35.46% | 34.94% | 31.08% | 13.86% | 3.93% | 16.51% | 18.97% | 18.7% | 7.14% | 11.5% | 21.59% | 17.64% | 17.57% | 21.57% | 19.42% | 8.7% | 18.05% | 12.87% | 14.07% | 11.16% | 7.94% | 6.82% | 7.69% | 18.18% | 23.32% | -1.16% | 20.83% | 40.55% | 36.11% |
| Gross Profit Growth % | - | 28.03% | 6.31% | 20.94% | -29.61% | 340.07% | -85.69% | -24.61% | 28.39% | 315.52% | -56.76% | -67.75% | 31.28% | 6.35% | -11.85% | 41.08% | 225.98% | -72.47% | 96.51% | -3.68% | 53.83% | 54.63% | 35.22% | 3.04% | -66.75% | 19.47% | 2809.28% | -104.49% | -44.49% | 66% | 62.76% |
| Operating Expenses | 55.91M | 52.02M | 44.78M | 49.61M | 53.46M | 94.05M | 98M | 124.99M | 116.02M | 108.43M | 90.87M | 176.95M | 110.82M | 89.44M | 80.63M | 75.3M | 61.03M | 57.98M | 83.42M | 22.92M | 20.02M | 9.55M | 13.58M | 7.12M | 5.64M | 10.03M | 26.61M | 7.58M | 51.39M | 29.58M | 20.5M |
| OpEx % of Revenue | - | 18.78% | 20.59% | 23.89% | 27.7% | 15.3% | 19.89% | 15.24% | 12.26% | 14.5% | 19.27% | 26.14% | 9.91% | 8.58% | 8.19% | 8.28% | 8.52% | 11.83% | 9.72% | 3.74% | 3.44% | 2% | 3.13% | 1.91% | 1.76% | 2.45% | 9.98% | 3.83% | 20.93% | 13.02% | 13.34% |
| Selling, General & Admin | 55.99M | 52.02M | 46.05M | 51.08M | 48.78M | 94.44M | 86.6M | 113.39M | 115.13M | 108.84M | 88.47M | 101.03M | 112.65M | 93.66M | 81.5M | 76.41M | 64.16M | 61.2M | 81.39M | 22.92M | 20.02M | 9.55M | 9.38M | 5.77M | 5.64M | 5.17M | 3.04M | 2.59M | 13.48M | 3.19M | 2.9M |
| SG&A % of Revenue | - | 18.78% | 21.17% | 24.6% | 25.28% | 15.36% | 17.58% | 13.83% | 12.16% | 14.56% | 18.76% | 14.93% | 10.07% | 8.99% | 8.28% | 8.4% | 8.96% | 12.48% | 9.48% | 3.74% | 3.44% | 2% | 2.17% | 1.55% | 1.76% | 1.27% | 1.14% | 1.31% | 5.49% | 1.4% | 1.89% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -83K | 0 | -1.27M | -1.47M | 4.68M | -391K | 11.4M | 11.59M | 888K | -410K | 2.4M | 75.92M | -1.83M | -4.21M | -870K | -1.12M | -3.13M | -3.23M | 2.03M | 0 | 0 | 0 | 4.2M | 1.35M | 0 | 4.86M | 23.57M | 5M | 37.9M | 26.39M | 17.6M |
| Operating Income | 52.55M | 46.73M | 32.35M | 22.94M | 6.53M | -8.82M | -78.63M | 10.39M | 63.56M | 31.44M | -57.21M | -99.1M | 130.6M | 94.44M | 92.28M | 120.86M | 78M | -15.32M | 71.5M | 55.91M | 61.82M | 43.66M | 20.82M | 18.32M | 19.06M | 64.25M | 35.57M | -9.88M | -246K | 62.55M | 35M |
| Operating Margin % | 17.06% | 16.87% | 14.87% | 11.05% | 3.38% | -1.44% | -15.96% | 1.27% | 6.71% | 4.2% | -12.13% | -14.64% | 11.68% | 9.06% | 9.38% | 13.29% | 10.9% | -3.13% | 8.33% | 9.12% | 10.62% | 9.16% | 4.8% | 4.91% | 5.93% | 15.72% | 13.34% | -4.98% | -0.1% | 27.53% | 22.77% |
| Operating Income Growth % | - | 44.43% | 41.02% | 251.19% | 174.02% | 88.78% | -856.46% | -83.64% | 102.18% | 154.95% | 42.27% | -175.88% | 38.28% | 2.35% | -23.65% | 54.93% | 609% | -121.43% | 27.87% | -9.56% | 41.61% | 109.66% | 13.64% | -3.84% | -70.34% | 80.64% | 460.02% | -3916.26% | -100.39% | 78.72% | 66.67% |
| EBITDA | 85.26M | 72.26M | 59.88M | 54.31M | 45.14M | 33.4M | -33.32M | 57.54M | 109.46M | 71.19M | -19.26M | -55.18M | 172.63M | 138.64M | 125.1M | 149.83M | 105.01M | 12.81M | 98.84M | 75.2M | 82.44M | 63.2M | 41.63M | 39.65M | 40.9M | 91.68M | 59.14M | 17M | 37.66M | 88.94M | 52.6M |
| EBITDA Margin % | 27.67% | 26.08% | 27.53% | 26.16% | 23.39% | 5.43% | -6.76% | 7.02% | 11.56% | 9.52% | -4.08% | -8.15% | 15.43% | 13.3% | 12.71% | 16.48% | 14.67% | 2.61% | 11.52% | 12.27% | 14.17% | 13.26% | 9.6% | 10.63% | 12.73% | 22.44% | 22.18% | 8.58% | 15.34% | 39.14% | 34.22% |
| EBITDA Growth % | 22.28% | 20.68% | 10.25% | 20.31% | 35.16% | 200.24% | -157.91% | -47.43% | 53.75% | 469.68% | 65.1% | -131.97% | 24.51% | 10.83% | -16.51% | 42.67% | 719.59% | -87.04% | 31.44% | -8.78% | 30.44% | 51.83% | 4.97% | -3.05% | -55.39% | 55.03% | 247.84% | -54.85% | -57.66% | 69.1% | 69.68% |
| D&A (Non-Cash Add-back) | 32.71M | 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 |
| EBIT | 52.12M | 47.66M | 31.48M | 23.83M | 5.26M | -9.43M | -81.59M | 11.21M | 62.14M | 29.39M | -54.89M | -103.11M | 130.49M | 92.63M | 91.53M | 120.33M | 79.14M | -13.46M | 70.23M | 55.91M | 61.82M | 43.66M | 20.82M | 18.32M | 19.06M | 64.25M | 35.57M | -9.88M | -246K | 62.55M | 35M |
| Net Interest Income | -1.24M | -13K | -2.62M | -4.11M | -3.51M | -8.8M | -10.99M | -14.37M | -14.86M | -13.27M | -9.87M | -9.11M | -10.43M | -11.28M | -9.73M | -9.23M | -10.27M | -9.33M | -10.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 1.24M | 13K | 2.62M | 4.11M | 3.51M | 8.8M | 10.99M | 14.37M | 14.86M | 13.27M | 9.87M | 9.11M | 10.43M | 11.28M | 9.73M | 9.23M | 10.27M | 9.33M | 10.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.67M | 924K | -3.49M | -3.22M | -4.79M | -9.41M | -13.95M | -13.55M | -16.28M | -15.32M | -7.54M | -13.13M | -10.54M | -13.1M | -10.48M | -9.75M | -9.13M | -7.46M | -12.15M | -19.17M | -19.91M | -15.41M | -13.15M | -13.79M | -11.38M | -14.42M | -18.25M | -89.71M | -91.09M | -3.86M | -6.1M |
| Pretax Income | 50.88M | 47.65M | 28.86M | 19.72M | 1.75M | -18.23M | -92.58M | -3.16M | 47.28M | 16.11M | -64.75M | -112.23M | 120.06M | 81.35M | 81.8M | 111.11M | 68.87M | -22.79M | 59.35M | 36.74M | 41.91M | 28.25M | 7.67M | 4.54M | 7.68M | 49.83M | 17.32M | -99.59M | -91.33M | 58.69M | 28.9M |
| Pretax Margin % | 16.51% | 17.2% | 13.27% | 9.5% | 0.9% | -2.97% | -18.79% | -0.39% | 4.99% | 2.15% | -13.73% | -16.58% | 10.73% | 7.8% | 8.31% | 12.22% | 9.62% | -4.65% | 6.91% | 6% | 7.2% | 5.93% | 1.77% | 1.22% | 2.39% | 12.2% | 6.49% | -50.24% | -37.21% | 25.83% | 18.8% |
| Income Tax | 11.48M | 11.71M | -6.74M | 5.57M | 924K | 7.29M | -11.88M | 9.79M | 15M | 4.89M | -24.04M | -21.4M | 41.05M | 28.73M | 31.35M | 39.87M | 27.25M | -2.22M | 20.05M | 11.7M | 13.85M | 9.14M | 2.72M | 2.46M | 3.06M | 17.93M | 6.17M | -29.46M | -29.79M | 21.75M | 9.9M |
| Effective Tax Rate % | 22.57% | 24.56% | -23.35% | 28.26% | 52.92% | -40% | 12.84% | -309.94% | 31.72% | 30.37% | 37.13% | 19.07% | 34.19% | 35.31% | 38.32% | 35.89% | 39.56% | 9.72% | 33.78% | 31.84% | 33.05% | 32.35% | 35.41% | 54.22% | 39.84% | 35.97% | 35.6% | 29.58% | 32.61% | 37.07% | 34.26% |
| Net Income | 39.26M | 35.95M | -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 | -68.66M | -63.62M | 37.74M | 19M |
| Net Margin % | 12.74% | 12.97% | -69.09% | 6.99% | -10.8% | -4.15% | -16.38% | -1.58% | 3.41% | -0.82% | -8.63% | -13.42% | 9.14% | 6.27% | 6.1% | 8.8% | 5.81% | -4.2% | 4.48% | 4.35% | -5.55% | 4.78% | 1.14% | 0.56% | 1.44% | 7.81% | 4.18% | -34.63% | -25.92% | 16.61% | 12.36% |
| Net Income Growth % | 18.82% | 123.92% | -1135.15% | 169.67% | 18.38% | 68.37% | -523.33% | -140.1% | 625.07% | 84.9% | 55.18% | -188.81% | 56.57% | 8.81% | -24.98% | 92.23% | 302.33% | -153.49% | 44.24% | 182.59% | -241.7% | 359.67% | 138.61% | -55.05% | -85.52% | 186.15% | 116.24% | -7.92% | -268.56% | 98.64% | 55.74% |
| Net Income (Continuing) | 39.4M | 35.95M | 35.6M | 14.15M | 822K | -25.53M | -80.7M | -12.95M | 32.28M | 11.22M | -40.71M | -90.83M | 79.01M | 52.62M | 50.45M | 71.23M | 41.63M | -20.57M | 39.3M | 25.04M | 28.06M | 19.11M | 4.96M | 2.08M | 4.62M | 31.91M | 11.15M | -70.13M | -61.55M | 36.94M | 19M |
| Discontinued Operations | -143K | 0 | -185.86M | 367K | -21.66M | 0 | 0 | 0 | 0 | -17.37M | 0 | 0 | 23.27M | 12.7M | 9.58M | 8.78M | 0 | 0 | -842K | 1.62M | -60.34M | 3.67M | 0 | 0 | 0 | 0 | 0 | -3.41M | -742K | 805K | 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) | 0.46 | 0.42 | -1.75 | 0.17 | -0.22 | -0.28 | -0.89 | -0.14 | 0.35 | -0.07 | -0.49 | -1.10 | 1.07 | 0.69 | 0.62 | 0.80 | 0.46 | -0.23 | 0.43 | 0.29 | -0.36 | 0.26 | 0.05 | 0.01 | -0.04 | 0.37 | 0.08 | -1.01 | -0.95 | 0.57 | 0.09 |
| EPS Growth % | 19.02% | 124% | -1129.41% | 177.27% | 21.43% | 68.54% | -535.71% | -140% | 586.11% | 85.31% | 55.45% | -202.8% | 55.07% | 11.29% | -22.5% | 73.91% | 300% | -153.49% | 48.28% | 180.56% | -238.46% | 420% | - | 114.25% | -110.81% | 362.5% | 107.92% | -6.32% | -266.67% | 551.43% | -53.95% |
| EPS (Basic) | - | 0.42 | -1.75 | 0.17 | -0.22 | -0.28 | -0.89 | -0.14 | 0.36 | -0.07 | -0.49 | -1.10 | 1.23 | 0.77 | 0.69 | 0.89 | 0.47 | -0.23 | 0.43 | 0.30 | -0.36 | 0.26 | 0.05 | 0.01 | -0.04 | 0.40 | 0.08 | -1.01 | -0.95 | 0.59 | 0.09 |
| Diluted Shares Outstanding | 85.37M | 85.72M | 87.39M | 88.31M | 94.01M | 91.46M | 90.2M | 89.78M | 92.92M | 87.97M | 83.7M | 82.72M | 100.41M | 102.54M | 104.08M | 106.67M | 90.49M | 88.5M | 89.22M | 90.53M | 89.87M | 86.45M | 80.36M | 86.08M | 63.3M | 80.32M | 70.03M | 68.95M | 66.96M | 66.21M | 58.11M |
| Basic Shares Outstanding | 84.42M | 84.82M | 85.82M | 86.4M | 92.71M | 91.46M | 90.2M | 89.78M | 90M | 85.42M | 83.7M | 82.72M | 83M | 85.09M | 87.52M | 90.02M | 88.57M | 88.5M | 88.99M | 90.02M | 89.33M | 85.95M | 80.36M | 86.08M | 63.3M | 70.02M | 69.27M | 68.95M | 66.96M | 63.97M | 58.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.65% | 13.62% | - | - | 2.12% | - | - | - | - | - |
Quick answers to the most common questions about buying NPKI stock.
For fiscal year 2025, NPK International Inc. (NPKI) reported total revenue of $277.0M. This represents a 80.2% increase compared to $153.7M in 1996.
NPK International Inc. (NPKI) is profitable, generating $35.9M in net income for the fiscal year ending 2025 with a net profit margin of 13.0%.
NPK International Inc. (NPKI) reported an operating income of $46.7M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
NPK International Inc. (NPKI) generated $98.7M in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Quarterly Revenue Base
Metrics are mathematically derived from official filings.
Revenue Growth Oscillates Around Flat Trend
Based on reported quarterly figures, NPKI's revenue moved between $44.2M and $81.6M over ten quarters, with year-over-year growth swinging from roughly -63% to +56%, suggesting demand or timing effects rather than a durable compounding trajectory.
The sharp swings in year-over-year growth, including the -63.6% reading in 2024Q2 and +55.7% in 2025Q3, appear to reflect base-period effects and lumpy order timing more than a consistent demand trend. The most recent quarter at $76.3M, down from $81.6M sequentially, suggests growth momentum has softened after the 2025 recovery. Investors should monitor whether the 10.8% year-over-year gain in 2026Q3 can be sustained, as the reported figures do not establish a clear volume-versus-pricing breakdown.
Gross Margin Fluctuates Between Thirty and Forty Percent
As reported in the quarterly income statements, NPKI's gross margin ranged from 27.5% to 39.2%, with the latest 31.3% quarter sitting near the bottom of that range and well below the 36-39% levels seen through much of 2025.
The compression to 31.3% in 2026Q3 after 37.0% and 35.5% in the two prior quarters may indicate input cost pressure or unfavorable product mix, though the reported figures do not isolate the cause. Relative to the peer group, NPKI's gross margin trails ITRN and HLIO on a structural basis, implying limited pricing power in its core construction-materials end markets. The cyclicality visible in the swings warrants further investigation into how much of the variance is cost-driven versus price-driven.
Operating Leverage Remains Inconsistent
Based on reported figures, NPKI's operating margin spanned from 2.8% to 20.8%, and SG&A held near $11-15M per quarter, indicating that operating income has not scaled consistently with revenue changes.
The 2026Q3 operating margin of 12.0% against 19.7% in the prior quarter reflects SG&A of $14.7M absorbing a larger share of a lower gross profit base, which suggests limited cost flexibility in overhead. Over the period, operating income has tracked gross profit more closely than revenue, implying that overhead efficiency is the main determinant of earnings variability. Stronger operating leverage would require SG&A to stay flat as volumes rise, which the reported data does not consistently demonstrate.
Net Income Distorted by Single Impairment Event
According to the reported income statement, NPKI's 2024Q3 net loss of $174.3M against $1.2M of operating income points to a large non-operating charge, making the reported EPS of -2.02 an unreliable guide to underlying earnings power.
The gap between operating income and net income in 2024Q3 is too large to be explained by ordinary interest or tax items, which suggests a significant non-recurring or non-operating charge, though the data does not identify its nature. Excluding that quarter, net margins have generally tracked operating margins at a modest discount, which is consistent with a reasonably clean earnings base. Stock-based compensation of $1-2.4M per quarter is small relative to net income, so dilution from SBC does not appear to materially distort reported EPS.
Margin Compression Could Persist Into Next Year
Based on reported figures, the latest quarter shows gross margin falling to 31.3% and net margin to 8.0%, the lowest net margin outside the 2024Q3 impairment period, which raises the question of whether the 2025 margin recovery was temporary.
A bearish reading would argue that the 2025 gains reflected favorable input costs or mix that is now reversing, leaving the business with a structurally lower margin profile closer to the peer median. Sequential revenue decline alongside rising SG&A intensity could indicate that the top-line base is weakening faster than the cost base can adjust. If these trends continue, the current earnings level may overstate sustainable profitability, and investors should treat the recent peak margins as a ceiling rather than a floor.