NPKI's revenue has reaccelerated to $81.6M in 2026Q2, with operating income growing 19.7% year-over-year, while gross margins have expanded from a low of 27.5% to a sustained 36-39% range, indicating strong operational leverage.
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 | 300.69M | 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 % | 28.09% | 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 | 194.61M | 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 | 106.08M | 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 % | 35.28% | 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 | 53.59M | 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 | 53.69M | 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 | -91K | 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 | 52.48M | 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 % | 17.45% | 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 | 82.59M | 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 % | 27.47% | 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 % | 31.99% | 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) | 30.11M | 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 | 52.13M | 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 | -730K | -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 | 777K | 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 | -1.13M | 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 | 51.36M | 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 % | 17.08% | 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 | 12.22M | 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 % | 23.8% | 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 | 38.8M | 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 % | 12.9% | 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 % | 126.41% | 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) | 39.13M | 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 | -331K | 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) | 0.45 | 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 % | 126.85% | 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 | 85.84M | 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 | 84.53M | 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
High Volatility in Revenue & Margins
Metrics are mathematically derived from official filings.
Revenue Reacceleration After Mid-2024 Slump
After a steep revenue decline in the first half of 2024, NPKI's top line has shown a strong and consistent reacceleration, posting double-digit year-over-year growth in four of the last five quarters, with the most recent quarter reaching $81.6M.
The company's revenue trajectory indicates a sharp recovery from the trough in Q2 2024. This suggests successful execution on volume recovery or pricing initiatives following a significant market or operational headwind. The durability of this growth will depend on whether it represents a true inflection in demand for construction materials or a temporary catch-up.
Structural Margin Expansion and Pricing Power
NPKI's gross margin has improved structurally from a low of 27.5% in 2024Q3 to a sustained 36-39% range, indicating enhanced pricing power or favorable input cost dynamics that may provide a durable advantage over peers like Astec at 26.5%.
The expansion in gross margin, particularly the recovery from the 2024Q3 trough, suggests the company has regained control over its cost structure or successfully passed through price increases. This level of profitability appears structurally higher than the pre-slump period, potentially signaling an improved competitive position or a more favorable product mix within the construction materials sector.
Operating Leverage Drives Earnings Growth
As reported in recent financial statements, NPKI's operating income has grown significantly faster than revenue over the past year, demonstrating strong operating leverage where fixed overhead is being spread across a larger revenue base.
The leverage is evident in the transformation of the operating margin from a low of 2.8% in 2024Q3 to nearly 20% in recent quarters. This implies effective expense management and an ability to scale profitability with top-line growth. However, the volatility in SG&A (e.g., $15.1M in 2025Q4 vs. $10.7M in 2024Q4) warrants monitoring to ensure this leverage is sustained.
Impaired by One-Time Charges
The reported net income and EPS for 2024Q3 were severely distorted by a massive one-time charge, resulting in a net loss of $174.3M, which investors must exclude when assessing the underlying recurring earnings power of the business.
The staggering $174.3M net loss in 2024Q3 on a $1.2M operating income clearly points to a non-recurring, likely non-cash charge. Excluding this event, the normalized earnings trajectory shows consistent profitability and EPS growth. This anomaly highlights the importance of focusing on operating income and adjusted metrics to evaluate the company's true performance.
2025 Marked a Fundamental Profitability Turnaround
The period beginning in 2025Q1 represents the key operational inflection, where revenue growth re-accelerated and gross margins stabilized at a higher structural level, leading to a sustained period of double-digit operating margins.
Prior to 2025, margins were volatile and operating income was inconsistent. The inflection in early 2025, with operating income consistently above $12M per quarter, suggests the company resolved the issues that led to the 2024 downturn. This shift implies improved execution, market positioning, or cost discipline that has lasted for several quarters, setting a new baseline for profitability.
Margin Sustainability Amid Cost Volatility
Despite strong recent performance, the company's cost structure shows volatility; COGS and SG&A have not always moved in tandem with revenue, as seen in the Q4 2025 quarter, raising questions about the durability of the current margin expansion.
A key risk is whether the current high gross margins (37.0%) are sustainable. The peer context shows competitors with lower margins (e.g., Astec at 26.5%), so NPKI's advantage could be temporary if driven by favorable commodity prices or a specific project mix. Furthermore, the significant swing in SG&A expense suggests overhead control may be inconsistent, posing a threat to operating leverage if revenue growth decelerates.