Revenue growth has accelerated to 10.9% in 2026Q1, supported by structural gross margin expansion that has consistently remained above 42% since 2024Q4.
| 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 |
|---|
| Sales/Revenue | 1.17B | 1.14B | 1.05B | 1.06B | 1.1B | 840.4M | 800M | 1.21B | 1.53B | 1.31B | 1.19B | 1.2B | 1.22B | 1.14B | 1.18B | 1.11B | 865M | 803M | 1.17B | 1.03B | 928.4M | 838.6M | 826.3M | 730.1M | 709.9M | 629.7M |
| Revenue Growth % | 10.21% | 9.02% | -1% | -3.63% | 30.79% | 5.05% | -33.65% | -21.3% | 16.98% | 10.26% | -1.39% | -1.22% | 6.56% | -3.38% | 7.12% | 27.8% | 7.72% | -31.24% | 13.38% | 10.94% | 10.71% | 1.49% | 13.18% | 2.85% | 12.74% | - |
| Cost of Goods Sold | 673.8M | 655.8M | 603.9M | 632.5M | 675.9M | 512.3M | 514.5M | 801.9M | 1.05B | 865.2M | 793M | 808.9M | 802.6M | 762.9M | 784.1M | 726.5M | 541M | 523.8M | 760.5M | 670M | 621.1M | 565.7M | 572.1M | 501.1M | 498.7M | 433.3M |
| COGS % of Revenue | - | 57.36% | 57.59% | 59.71% | 61.49% | 60.96% | 64.31% | 66.51% | 68.73% | 66.07% | 66.77% | 67.16% | 65.82% | 66.68% | 66.21% | 65.72% | 62.54% | 65.23% | 65.12% | 65.05% | 66.9% | 67.46% | 69.24% | 68.63% | 70.25% | 68.81% |
| Gross Profit | 499.3M | 487.5M | 444.8M | 426.8M | 423.3M | 328.1M | 285.5M | 403.8M | 479M | 444.4M | 394.7M | 395.5M | 416.7M | 381.3M | 400.1M | 379M | 324M | 279.2M | 407.3M | 360M | 307.3M | 272.9M | 254.2M | 229M | 211.2M | 196.4M |
| Gross Margin % | 42.56% | 42.64% | 42.41% | 40.29% | 38.51% | 39.04% | 35.69% | 33.49% | 31.27% | 33.93% | 33.23% | 32.84% | 34.18% | 33.32% | 33.79% | 34.28% | 37.46% | 34.77% | 34.88% | 34.95% | 33.1% | 32.54% | 30.76% | 31.37% | 29.75% | 31.19% |
| Gross Profit Growth % | - | 9.6% | 4.22% | 0.83% | 29.02% | 14.92% | -29.3% | -15.7% | 7.79% | 12.59% | -0.2% | -5.09% | 9.28% | -4.7% | 5.57% | 16.98% | 16.05% | -31.45% | 13.14% | 17.15% | 12.61% | 7.36% | 11% | 8.43% | 7.54% | - |
| Operating Expenses | 333.8M | 325.9M | 302.5M | 350M | 351.1M | 262.7M | 256.4M | 347.2M | 361.7M | 343.2M | 319.4M | 310.9M | 323.3M | 294.9M | 292.6M | 277.3M | 269.6M | 370.3M | 315.9M | 296.8M | 556.3M | 189.7M | 197.4M | 173.6M | 169.8M | 144.1M |
| OpEx % of Revenue | - | 28.51% | 28.85% | 33.04% | 31.94% | 31.26% | 32.05% | 28.8% | 23.61% | 26.21% | 26.89% | 25.81% | 26.52% | 25.77% | 24.71% | 25.08% | 31.17% | 46.11% | 27.05% | 28.82% | 59.92% | 22.62% | 23.89% | 23.78% | 23.92% | 22.88% |
| Selling, General & Admin | 332M | 323.4M | 296.3M | 284.2M | 282.8M | 260.3M | 230.2M | 314.9M | 340.4M | 326.3M | 303.8M | 302.8M | 319.5M | 285.8M | 286.1M | 275M | 266.2M | 359.8M | 316.2M | 228.4M | 196.3M | 183.8M | 195.6M | 163.8M | 151.8M | 134.3M |
| SG&A % of Revenue | - | 28.29% | 28.25% | 26.83% | 25.73% | 30.97% | 28.78% | 26.12% | 22.22% | 24.92% | 25.58% | 25.14% | 26.2% | 24.98% | 24.16% | 24.88% | 30.77% | 44.81% | 27.08% | 22.17% | 21.14% | 21.92% | 23.67% | 22.44% | 21.38% | 21.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.9M | 32.7M | 28.9M | 22.5M | 20M | 11.3M | 10.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 1.49% | 2.5% | 2.43% | 1.87% | 1.64% | 0.99% | 0.91% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.3M | 2.5M | 6.2M | 65.8M | 68.3M | 2.4M | 26.2M | 32.3M | 0 | -8.7M | -8.9M | -4.1M | 13.3M | 0 | -1.2M | 2.3M | 3.4M | 10.5M | -300K | 68.4M | 360M | 5.9M | 1.8M | 9.8M | 18M | 9.8M |
| Operating Income | 165.5M | 161.6M | 142.3M | 76.8M | 72.2M | 65.4M | 29.1M | 56.6M | 117.3M | 101.2M | -4.7M | 37.6M | 63.4M | 86.4M | 107.5M | 101.7M | 54.4M | -204.2M | 91.4M | 57.2M | -251.3M | 82.2M | 47.4M | 52.8M | 37.5M | 48.5M |
| Operating Margin % | 14.11% | 14.13% | 13.57% | 7.25% | 6.57% | 7.78% | 3.64% | 4.69% | 7.66% | 7.73% | -0.4% | 3.12% | 5.2% | 7.55% | 9.08% | 9.2% | 6.29% | -25.43% | 7.83% | 5.55% | -27.07% | 9.8% | 5.74% | 7.23% | 5.28% | 7.7% |
| Operating Income Growth % | - | 13.56% | 85.29% | 6.37% | 10.4% | 124.74% | -48.59% | -51.75% | 15.91% | 2253.19% | -112.5% | -40.69% | -26.62% | -19.63% | 5.7% | 86.95% | 126.64% | -323.41% | 59.79% | 122.76% | -405.72% | 73.42% | -10.23% | 40.8% | -22.68% | - |
| EBITDA | 270.6M | 264.4M | 242.6M | 171.3M | 175.3M | 129.2M | 85.7M | 124.5M | 177.8M | 165M | 52.4M | 95.7M | 120.9M | 143M | 163M | 150.1M | 94M | -163.9M | 136.2M | 97.4M | -216.1M | 113.5M | 79M | 84.4M | 67.4M | 77.3M |
| EBITDA Margin % | 23.07% | 23.13% | 23.13% | 16.17% | 15.95% | 15.37% | 10.71% | 10.33% | 11.61% | 12.6% | 4.41% | 7.95% | 9.92% | 12.5% | 13.76% | 13.58% | 10.87% | -20.41% | 11.66% | 9.46% | -23.28% | 13.53% | 9.56% | 11.56% | 9.49% | 12.28% |
| EBITDA Growth % | 5.29% | 8.99% | 41.62% | -2.28% | 35.68% | 50.76% | -31.16% | -29.98% | 7.76% | 214.89% | -45.25% | -20.84% | -15.45% | -12.27% | 8.59% | 59.68% | 157.35% | -220.34% | 39.84% | 145.07% | -290.4% | 43.67% | -6.4% | 25.22% | -12.81% | - |
| D&A (Non-Cash Add-back) | 105.1M | 102.8M | 100.3M | 94.5M | 103.1M | 63.8M | 56.6M | 67.9M | 60.5M | 63.8M | 57.1M | 58.1M | 57.5M | 56.6M | 55.5M | 48.4M | 39.6M | 40.3M | 44.8M | 40.2M | 35.2M | 31.3M | 31.6M | 31.6M | 29.9M | 28.8M |
| EBIT | 95.8M | 91.6M | 135.3M | 82.7M | 63.9M | 82.2M | -7M | 23.9M | 43.6M | 628.4M | -12.8M | 93M | 97.2M | 80.9M | 106.7M | 105.8M | 110.1M | -185.9M | 88.7M | 66.1M | -249M | 83.2M | 56.8M | 57.9M | 41.4M | 52.3M |
| Net Interest Income | -29M | -28.2M | -34.5M | -30.1M | -33.9M | -13.7M | -14.9M | -18.2M | -27.3M | -49.4M | -55.1M | -52.1M | -44.1M | -44.3M | -42.8M | -39.6M | -25.9M | -11.4M | -10M | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.2M | 5.8M | 6.4M | 14.9M | 1.7M | 2.5M | 1.6M | 1.4M | 1.2M | 1.5M | 800K | 700K | 1M | 800K | 400K | 1.2M | 1.6M | 900K | 2.7M | 8.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 34.2M | 34M | 40.9M | 45M | 35.6M | 16.2M | 16.5M | 19.6M | 28.5M | 50.9M | 55.9M | 52.8M | 45.1M | 45.1M | 43.2M | 40.8M | 27.5M | 12.3M | 8M | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -106.3M | -104M | -47.9M | -39.1M | -43.9M | 600K | -52.6M | -52.3M | -70.7M | 507.3M | -66.2M | -56.2M | -30.8M | -50.6M | -44M | -36.7M | 28.2M | -54.6M | -15.4M | 800K | -2.9M | 14.7M | -7.7M | -4.4M | -54.3M | -25.3M |
| Pretax Income | 59.2M | 57.6M | 94.4M | 37.7M | 28.3M | 66M | -23.5M | 4.3M | 46.6M | 577.5M | -68.7M | -18.6M | 32.6M | 35.8M | 63.5M | 65M | 82.6M | -198.2M | 80.7M | 58M | -254.2M | 92.1M | 50.9M | 50.9M | -16.8M | 23.2M |
| Pretax Margin % | 5.05% | 5.04% | 9% | 3.56% | 2.57% | 7.85% | -2.94% | 0.36% | 3.04% | 44.1% | -5.78% | -1.54% | 2.67% | 3.13% | 5.36% | 5.88% | 9.55% | -24.68% | 6.91% | 5.63% | -27.38% | 10.98% | 6.16% | 6.97% | -2.37% | 3.68% |
| Income Tax | 15.8M | 17.1M | 21.5M | 30.8M | 24.4M | 8.7M | -2.5M | -3.5M | 22M | 37.7M | -28.6M | 2.3M | 10.6M | 8.4M | 22.5M | 20.8M | 21.3M | -54.6M | 27.2M | 20.3M | -95.3M | 33.5M | 17.1M | 17.7M | -7.5M | 8.7M |
| Effective Tax Rate % | 26.69% | 29.69% | 22.78% | 81.7% | 86.22% | 13.18% | 10.64% | -81.4% | 47.21% | 6.53% | 41.63% | -12.37% | 32.52% | 23.46% | 35.43% | 32% | 25.79% | 27.55% | 33.71% | 35% | 37.49% | 36.37% | 33.6% | 34.77% | 44.64% | 37.5% |
| Net Income | 43.4M | 40.5M | 72.9M | 22.2M | 205.1M | 177.9M | 177.6M | 38.3M | 24.6M | 539.8M | -40.1M | -20.9M | 22M | 27.4M | 41M | 44.2M | 155.4M | -139.3M | 53.5M | 40.2M | -158.9M | 58.6M | 33.8M | 33.2M | -3M | 100.7M |
| Net Margin % | 3.7% | 3.54% | 6.95% | 2.1% | 18.66% | 21.17% | 22.2% | 3.18% | 1.61% | 41.22% | -3.38% | -1.74% | 1.8% | 2.39% | 3.46% | 4% | 17.97% | -17.35% | 4.58% | 3.9% | -17.12% | 6.99% | 4.09% | 4.55% | -0.42% | 15.99% |
| Net Income Growth % | -48.88% | -44.44% | 228.38% | -89.18% | 15.29% | 0.17% | 363.71% | 55.69% | -95.44% | 1446.13% | -91.87% | -195% | -19.71% | -33.17% | -7.24% | -71.56% | 211.56% | -360.37% | 33.08% | 125.3% | -371.16% | 73.37% | 1.81% | 1206.67% | -102.98% | - |
| Net Income (Continuing) | 43.4M | 40.5M | 72.9M | 6.9M | 3.9M | 57.3M | -21M | 7.8M | -4.7M | 539.8M | -40.1M | -20.9M | 22M | 27.4M | 41M | 44.2M | 61.3M | -143.6M | 53.5M | 37.7M | -158.9M | 58.6M | 33.8M | 33.2M | -12.6M | 6.6M |
| Discontinued Operations | 0 | 0 | 0 | 11.4M | 198.4M | 121M | 199M | 30.5M | 24.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 17.9M | 17.9M | 50.1M | 48.4M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.06 | 1.91 | 3.45 | 1.05 | 9.83 | 8.53 | 8.98 | 1.85 | 1.18 | 24.76 | -1.86 | -0.93 | 0.85 | 1.17 | 1.90 | 2.06 | 7.51 | -6.96 | 2.54 | 1.80 | -7.60 | 2.75 | 1.60 | 1.61 | -0.15 | 4.93 |
| EPS Growth % | -49.5% | -44.64% | 228.57% | -89.32% | 15.24% | -5.01% | 385.41% | 56.78% | -95.23% | 1431.18% | -100% | -209.41% | -27.35% | -38.42% | -7.77% | -72.57% | 207.9% | -374.02% | 41.11% | 123.68% | -376.36% | 71.88% | -0.62% | 1173.33% | -103.04% | - |
| EPS (Basic) | - | 1.92 | 3.48 | 1.06 | 9.86 | 8.60 | 8.98 | 1.86 | 1.18 | 25.28 | -1.86 | -0.93 | 0.95 | 1.31 | 1.99 | 2.15 | 7.64 | -6.96 | 2.64 | 1.89 | -7.60 | 2.83 | 1.65 | 1.64 | -0.15 | 4.93 |
| Diluted Shares Outstanding | 21.1M | 21M | 21.1M | 21M | 20.9M | 20.8M | 20.5M | 20.8M | 20.9M | 21.8M | 21.6M | 22.5M | 25.8M | 23.5M | 21.6M | 21.5M | 20.7M | 20M | 21.1M | 22.3M | 20.91M | 21.31M | 21.13M | 20.62M | 20.2M | 20.42M |
| Basic Shares Outstanding | 21.1M | 21M | 21M | 21M | 20.8M | 20.6M | 20.5M | 20.7M | 20.9M | 21.3M | 21.56M | 22.47M | 23.1M | 20.9M | 20.7M | 20.5M | 20.3M | 20M | 20.2M | 21.3M | 20.91M | 20.71M | 20.48M | 20.24M | 20.2M | 20.42M |
| Dividend Payout Ratio | - | 64.69% | 34.71% | 109.46% | 11.41% | 12.59% | 12.22% | 54.57% | 82.52% | 3.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Semiconductor WFE cyclicality
As reported in recent financial statements, EnPro Industries has demonstrated a clear upward trend in top-line performance, with revenue growth accelerating to 10.9% in 2026Q1 from a contraction of 8.9% in 2024Q1, signaling successful execution of its portfolio pivot toward high-margin technology services.
The transition from legacy industrial assets to specialized semiconductor and life sciences services appears to be gaining traction, as evidenced by the consistent year-over-year revenue expansion over the last four quarters. This growth trajectory suggests that the company's focus on high-moat, recurring revenue streams is effectively offsetting the cyclicality inherent in its remaining industrial segments.
Based on reported figures, EnPro has successfully sustained gross margins above 42% in recent periods, a notable improvement from the 38.7% level observed in 2023Q4, reflecting the company's enhanced pricing power within its Advanced Surface Technologies segment and the divestiture of lower-margin legacy businesses.
The stabilization of gross margins at these elevated levels implies that the company's proprietary cleaning and coating processes are commanding a premium in the semiconductor supply chain. Investors should monitor whether this margin profile can be maintained if semiconductor capital equipment spending faces a sustained downturn, as the current pricing power may be tested by shifts in fab utilization rates.
According to recent SEC filings, EnPro's operating income has shown significant volatility, peaking at $48.0M in 2024Q2 before settling at $45.7M in 2026Q1, which suggests that while the company is scaling, its operating leverage remains sensitive to fluctuations in quarterly SG&A expenses and portfolio restructuring costs.
The lack of consistent operating margin expansion despite rising revenues indicates that SG&A remains a significant variable in the company's cost structure. This may suggest that management is continuing to invest heavily in the infrastructure required to support its high-tech service segments, which could limit near-term margin expansion until these investments reach a more mature scale.
As indicated by the company's financial disclosures, net income has experienced substantial swings, including a $32.0M loss in 2025Q4, which highlights the impact of non-operating items and portfolio adjustments on the bottom line despite a relatively stable gross profit performance across the same period.
The discrepancy between operating income and net income suggests that investors should prioritize Adjusted EBITDA or cash-based metrics when evaluating the company's true earnings power. The recurring nature of stock-based compensation, which reached $4.1M in 2026Q1, warrants further investigation to determine its long-term impact on shareholder dilution and overall earnings quality.
Based on an analysis of the income statement, short-term margin compression remains a credible risk, as the company's high fixed-cost base in the AST segment could lead to significant earnings volatility if semiconductor wafer starts decline, potentially undermining the current valuation premium assigned to the business.
While the pivot to high-margin services is strategically sound, the reliance on specialized cleanroom facilities creates a high operating leverage profile that may work against the company during cyclical downturns. Investors should remain cautious regarding the potential for future impairment charges or restructuring costs that could continue to obscure the underlying profitability of the core business.
Quick answers to the most common questions about buying NPO stock.
For fiscal year 2025, EnPro Industries, Inc. (NPO) reported total revenue of $1.14B. This represents a 81.6% increase compared to $629.7M in 2001.
EnPro Industries, Inc. (NPO) is profitable, generating $40.5M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
EnPro Industries, Inc. (NPO) reported an operating income of $161.6M, resulting in an operating profit margin of 14.1%. This margin reflects the operational efficiency of the business before interest and taxes.
EnPro Industries, Inc. (NPO) generated $487.5M in gross profit for the year, representing a gross profit margin of 42.6%. This demonstrates the company's core pricing power and production efficiency.