Revenue growth has exhibited extreme volatility, ranging from a 79.4% contraction in 2023Q4 to a 55.7% expansion by 2025Q3, while maintaining a consistent average gross margin of 35.6% over the last ten quarters.
| 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 | 287.34M | 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 % | 23.16% | 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 | 186.2M | 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 | 101.14M | 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 | 53.92M | 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 | 53.92M | 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 | 0 | 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 | 32.79M | 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 % | 11.41% | 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 | 52.53M | 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 % | 18.28% | 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 % | -16.13% | 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) | 19.73M | 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 | 33.22M | 46.73M | 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 | -61K | -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 | 47K | 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 | 431K | 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 | 14.92M | 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 | 47.72M | 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 % | 16.61% | 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 | 11.79M | 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 % | 24.7% | 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 | 35.51M | 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 % | 12.36% | 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 % | 124.07% | 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) | 36.03M | 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 | -515K | 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) | 0.41 | 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 % | 124.38% | 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 | 85.85M | 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% | - | - | - | - | - |
Utility CAPEX cycle dependency
As indicated by recent quarterly filings, NPKI's revenue growth has exhibited significant volatility, fluctuating from a 79.4% contraction in 2023Q4 to a 55.7% expansion by 2025Q3, reflecting the ongoing divestiture of legacy fluids assets and a transition toward higher-margin infrastructure rental solutions within the U.S. market.
The erratic top-line performance appears to be a direct consequence of the company's deliberate downsizing of its lower-margin fluids business. Investors should monitor whether the recent stabilization in revenue growth signals the completion of this transition or if the business remains susceptible to further contraction as it sheds legacy operations.
Based on reported financial statements, NPKI has maintained a gross margin profile averaging approximately 35.6% over the last ten quarters, suggesting that the shift toward the Industrial Solutions rental model is successfully offsetting the inherent cyclicality typically associated with the company's legacy oilfield services operations.
The ability to sustain these margins despite significant revenue fluctuations implies a degree of pricing power derived from the proprietary DURA-BASE composite matting technology. This structural shift appears to insulate the company from the commodity-linked margin compression that often plagues traditional oil and gas service providers.
According to historical income statements, NPKI's operating margins have swung from a negative 0.6% in 2026Q1 to a peak of 22.7% in 2023Q4, highlighting a lack of consistent operating leverage as the company navigates the high fixed-cost nature of its current infrastructure-focused business model.
The wide variance in operating income suggests that management is still calibrating its SG&A structure to match the new, smaller revenue base. Future profitability will likely depend on the company's ability to maintain tight control over overhead expenses while scaling its rental fleet utilization across the power transmission sector.
As reported in recent filings, NPKI's net income has been significantly impacted by non-operating items, including a massive $174.3 million loss in 2024Q3, which obscures the underlying earnings quality and necessitates a focus on operating income to gauge the true health of the core business.
The presence of such large, non-recurring charges warrants further investigation into the nature of the divestiture costs and potential asset impairments. Investors should be cautious in relying on reported EPS as a proxy for operational performance until the company's income statement reflects a more normalized, post-restructuring environment.
While the pivot to infrastructure is intended to drive value, the company's increasing concentration in U.S. utility and power transmission markets, as noted in recent disclosures, introduces a new risk profile that may be just as sensitive to federal policy as the legacy oil business was to prices.
Short-term observers might argue that the market's current valuation reflects a failure to account for the potential for regulatory delays in grid modernization projects. If the anticipated demand for composite matting fails to materialize at scale, the company may find itself with an underutilized, capital-intensive fleet and limited growth catalysts.
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.