Revenue growth accelerated to 17.6% YoY in 2026Q2 with gross margin expanding to 44.0%, yet net margin remains compressed at 8.0% due to non-operating costs.
EnPro Industries, Inc. (NPO) annual income statement — 25-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 |
|---|
| Sales/Revenue | 1.22B | 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 % | 13.25% | 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 | 700.3M | 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 | 523.5M | 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 % | 42.78% | 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 | 346M | 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 | 342.6M | 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 | 2.4M | 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 | 177.5M | 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 % | 14.5% | 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 | 284.5M | 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 % | 23.25% | 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 % | 11.7% | 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) | 107M | 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 | 92.9M | 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 | -29.8M | -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 | 4.1M | 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 | 33.9M | 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 | -120.9M | -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 | 56.6M | 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 % | 4.62% | 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 | 12.5M | 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 % | 22.08% | 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 | 44.1M | 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 % | 3.6% | 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 % | -47.87% | -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) | 44.1M | 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) | 2.09 | 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% | -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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Semiconductor cyclicality and net margin compression
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
NPO's revenue growth accelerated to 17.6% YoY in 2026Q2, the strongest in the series, driven by semiconductor demand and acquisitions, per recent financial statements.
The sequential acceleration from 10.9% in 2026Q1 to 17.6% in 2026Q2 suggests robust end-market demand, particularly in the AST segment. However, the mix of organic versus inorganic growth is unclear; acquisition contributions may mask underlying organic trends. Investors should monitor whether this pace is sustainable given semiconductor cycle volatility.
Gross Margin Expansion with Net Margin Drag
Gross margin improved to 44.0% in 2026Q2, up from 41.2% in 2024Q1, indicating pricing power and mix shift, but net margin remains compressed at 8.0%.
The 280 basis point gross margin expansion over the period suggests a favorable shift toward higher-margin AST and life sciences products. However, the gap between operating margin (17.0%) and net margin (8.0%) is wide, implying significant non-operating charges or interest expenses. This warrants investigation into the sustainability of earnings quality.
Operating Leverage Emerging
Operating income grew 26.2% YoY in 2026Q2, outpacing revenue growth of 17.6%, indicating positive operating leverage, as reported in the latest quarterly results.
The operating margin expanded from 15.9% in 2025Q2 to 17.0% in 2026Q2, suggesting that SG&A costs are not scaling proportionally with revenue. This may reflect efficiency gains from portfolio reshaping and cost discipline. However, the 2025Q4 operating margin dip to 11.2% highlights volatility, possibly due to one-time charges.
Net Income Distorted by Non-Operating Items
Net margin of 8.0% in 2026Q2 is significantly below operating margin of 17.0%, implying substantial non-operating costs, with a notable loss in 2025Q4 of -$32.0M.
The wide gap between operating and net income suggests items such as amortization of intangibles, interest, or restructuring charges are depressing GAAP earnings. The 2025Q4 net loss of -$32.0M, despite positive operating income, indicates a significant one-time charge. Adjusted metrics may better reflect underlying profitability, but investors should monitor the recurrence of such charges.
SG&A Efficiency Amid Revenue Growth
SG&A as a percentage of revenue declined to 26.5% in 2026Q2 from 30.1% in 2024Q1, indicating improved cost discipline, based on reported figures.
The reduction in SG&A intensity suggests management is leveraging scale and possibly benefiting from divestitures of lower-margin businesses. However, R&D is not separately disclosed, which may obscure investment in future growth. The absolute SG&A increase of 27.8% YoY in 2026Q2 is notable, but revenue growth outpaced it, indicating efficiency.
2025Q4: A Turning Point
2025Q4 marked a sharp inflection with a net loss of -$32.0M despite positive operating income, likely due to one-time charges, followed by a strong recovery in 2026Q1.
The 2025Q4 loss appears to be an anomaly, as subsequent quarters show net income recovering to $27.1M in 2026Q2. This suggests the loss was driven by non-recurring items, possibly related to portfolio restructuring or impairments. The recovery indicates underlying profitability is intact, but the volatility in net income underscores the impact of non-operating items.
What Could Invalidate the Base Case
The 17.6% revenue growth in 2026Q2 may be unsustainable if semiconductor demand normalizes, and the persistent gap between operating and net margins suggests earnings quality concerns.
The acceleration in revenue is heavily tied to the semiconductor cycle, which is historically volatile; a downturn could compress margins given the high fixed-cost base in AST. Additionally, the wide gap between operating margin (17.0%) and net margin (8.0%) indicates recurring non-operating charges that could continue to depress reported earnings. Investors should also consider that acquisition-driven growth may not be repeatable organically, and integration risks could emerge.