Free cash flow remains erratic, swinging from a negative 27.1% margin in 2024Q1 to a positive 26.7% in 2024Q4, largely driven by unpredictable working capital shifts.
| 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 |
|---|
| Cash from Operations | 91.7M | 67.28M | 55.05M | 53.45M | 17.54M | -5.81M | 56.09M | 42.89M | -18.4M | -7.52M | 1.52M | 55.21M | 35.04M | 20.09M | 44.49M | 12.28M | -22.17M | 79.19M | -59K | 19.32M | 1.96M | 3.05M | -10.3M | 11.38M | 25.21M | 15.14M | -11.49M | 15.2M | -3.1M | -4.3M | 7M |
| Operating CF Margin % | - | 12.79% | 11.18% | 12.03% | 3.83% | -1.74% | 19.62% | 15.35% | -10.69% | -5.66% | 0.97% | 23.33% | 8.69% | 4.22% | 8.48% | 2.4% | -5.73% | 28.42% | -0.01% | 5.05% | 0.57% | 0.93% | -3.53% | 4.65% | 9.47% | 5.48% | -4.08% | 6.33% | -1.48% | -2.85% | 5.18% |
| Operating CF Growth % | 419.99% | 22.22% | 2.99% | 204.76% | 401.84% | -110.36% | 30.78% | 333.08% | -144.68% | -595.06% | -97.25% | 57.53% | 74.44% | -54.85% | 262.44% | 155.37% | -128% | 134315.25% | -100.31% | 884.81% | -35.67% | 129.61% | -190.52% | -54.85% | 66.46% | 231.76% | -175.61% | 590.32% | 27.91% | -161.43% | 84.21% |
| Net Income | 41.98M | 35.41M | 34.21M | 21.07M | 31.15M | 11.52M | 19.05M | 27.9M | 20.31M | -8.39M | -9.26M | -29.39M | -17.89M | -923K | 16.24M | 12.66M | -1.43M | -7.28M | 32.3M | 20.83M | 20.02M | 13.39M | 12.38M | 3.53M | 9.26M | 11.11M | 10.69M | 13.3M | 12.6M | 11.1M | 10.4M |
| Depreciation & Amortization | 19.79M | 19.44M | 19.07M | 15.81M | 17.1M | 13.62M | 14.55M | 12.71M | 9.32M | 6.55M | 9.97M | 9.62M | 14.15M | 13.3M | 16.27M | 14.52M | 6.96M | 7.01M | 5.09M | 5.48M | 4.08M | 5.63M | 6.34M | 4.69M | 3.79M | 5.92M | 7.28M | 5.1M | 3.7M | 2.2M | 2M |
| Stock-Based Compensation | 5.73M | 5.56M | 5.06M | 3.67M | 3.7M | 3.22M | 3.09M | 1.71M | 281K | 1.2M | 1.8M | 1.77M | 2.95M | 3.06M | 3.05M | 1.46M | 797K | 765K | 1.02M | 297K | 253K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.33M | 4.28M | -4.68M | -172K | 514K | 180K | 2.91M | 4.17M | -3.85M | -341K | -4.75M | -3.56M | 2.89M | -7.99M | -4.12M | 6.15M | 11M | -185K | 3.53M | 3.35M | 6.03M | 1.81M | 1.66M | 3.45M | 1.85M | -791K | 4.54M | 1.2M | 2.2M | 3M | 0 |
| Other Non-Cash Items | 19.21M | 9.11M | 728K | 1.08M | -286K | 193K | 742K | -785K | -22.38M | -855K | -8.87M | 6.05M | 28.21M | 27.38M | 2.63M | 3.19M | 3.33M | 593K | 4.8M | 842K | -9.78M | -961K | -6.01M | -6.49M | -2.63M | -1.46M | -559K | -600K | -300K | 100K | 1M |
| Working Capital Changes | 663K | -6.52M | 669K | 12M | -34.64M | -34.55M | 15.75M | -2.82M | -22.09M | -5.69M | 12.63M | 70.72M | 4.73M | -14.73M | 10.42M | -25.71M | -42.83M | 78.28M | -46.8M | -11.48M | -18.63M | -16.81M | -24.67M | 6.2M | 12.93M | 362K | -33.45M | -3.8M | -21.3M | -20.7M | -6.4M |
| Change in Receivables | -5.61M | -2.39M | -13.13M | 29.03M | -19.12M | -33.36M | 9.67M | -11.81M | 2.22M | -4.07M | 2.12M | 26.78M | 7.98M | -24.21M | 28.3M | -5.71M | 0 | 36.94M | 7.58M | 9.18M | -21.95M | 15.62M | -20.15M | 6.71M | 1.73M | -62K | -3.78M | 0 | 0 | 0 | 0 |
| Change in Inventory | 12.79M | 5.48M | 11.46M | -20.2M | -11.38M | -17.65M | 7.15M | 8.65M | -13.63M | 1.54M | 10.49M | 43.7M | 6.04M | 8.26M | -5.58M | -29.79M | -4.19M | 29.08M | -24.54M | 16.5M | -30.07M | 9.63M | -17.04M | 3.88M | 1.91M | 5.53M | -15.67M | 6.2M | -18.2M | 0 | -6.4M |
| Change in Payables | 2.66M | -6.04M | -3.45M | 4.7M | -5.83M | 16.78M | -3.5M | -4.67M | 6.59M | 2.13M | 866K | -9.89M | -5.27M | 1.37M | -310K | -8.92M | 1.16M | -4.48M | -7.58M | -9.18M | 21.95M | -15.62M | 20.15M | -6.71M | 2.98M | 66K | -6.87M | 0 | 0 | 0 | 0 |
| Cash from Investing | -28.78M | -20.15M | -20.74M | -20.37M | -23.05M | -100.15M | -61.43M | -6.42M | -27.9M | 29.8M | 11.65M | 3.06M | 15.54M | -48.25M | -19.3M | 930K | -19.68M | -16.07M | -24.38M | -23.78M | -48.01M | -18.49M | -11.98M | -12.09M | -30.43M | -13.27M | -11.17M | -17.9M | -62.1M | -22.4M | -17.2M |
| Capital Expenditures | -19.98M | -20.18M | -20.8M | -18.29M | -23.16M | -13.26M | -14.34M | -8.59M | -3.8M | -2.85M | -2.29M | -8.52M | -14.29M | -28.45M | -16.79M | -16.33M | -18.6M | -22.69M | -21.61M | -23.33M | -58.43M | -18.5M | -11.99M | -11.12M | -28.82M | -12.18M | -10.98M | -18.8M | -64M | -20.4M | -17.3M |
| CapEx % of Revenue | 3.64% | 3.83% | 4.22% | 4.12% | 5.06% | 3.98% | 5.02% | 3.07% | 2.21% | 2.15% | 1.47% | 3.6% | 3.54% | 5.98% | 3.2% | 3.19% | 4.81% | 8.14% | 4.91% | 6.09% | 16.86% | 5.62% | 4.11% | 4.54% | 10.83% | 4.41% | 3.9% | 7.82% | 30.55% | 13.53% | 12.8% |
| Acquisitions | -8.85M | 0 | 0 | -2.73M | 0 | -87.22M | -48.73M | 0 | -37.22M | 146K | 13.95M | 4.3M | 29.79M | -15.69M | 0 | 13.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.41M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 50K | 31K | 63K | 650K | 106K | 325K | 1.64M | 2.16M | 13.12M | 32.65M | 13.95M | 7.27M | 39K | -4.12M | -2.51M | 3.54M | -1.67M | 6.63M | -2.77M | -452K | 10.41M | 10K | 12K | -974K | -1.6M | -1.08M | 4.22M | 900K | 1.9M | -2M | 100K |
| Cash from Financing | -53.94M | -49.87M | -33.38M | -32.7M | 6.19M | 71.03M | 12.26M | -12.13M | 9.33M | -463K | -1.65M | -48.48M | -50.65M | 28.7M | -25.33M | -13.07M | 41.87M | -63.18M | 24.3M | 437K | 50.18M | 15.49M | 22.25M | 676K | 5.31M | -2.16M | 22.05M | 3.1M | 64.9M | 23.4M | 13.7M |
| Debt Issued (Net) | -27.51M | -27.4M | -27.48M | -30.04M | 7.09M | 72.58M | -420K | -11.9M | 11.07M | -327K | -279K | -46.86M | -49.94M | 29.43M | -25.15M | -13.14M | 43.37M | -49.2M | 21.8M | -3.27M | -3.71M | 4.4M | 22.5M | 639K | 3.87M | -54.1M | 21.84M | 3M | 64.8M | 23.3M | -1.7M |
| Equity Issued (Net) | -18.35M | -18.35M | -4.43M | -707K | -853K | 0 | -618K | 0 | -1.3M | 0 | -31K | 1K | 28K | 72K | 37K | 147K | 0 | 28K | 2.29M | 2.9M | 53.61M | 1.71M | 928K | 37K | 164K | 202K | 206K | 100K | 0 | 0 | 15.3M |
| Dividends Paid | 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 |
| Share Repurchases | -20.77M | -18.35M | -4.43M | -707K | -853K | 0 | -618K | 0 | -1.3M | -24K | -31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.09M | -4.12M | -1.46M | -1.95M | -47K | -1.55M | 13.3M | -228K | -435K | -136K | -1.34M | -1.63M | -730K | -802K | -212K | -80K | -3.47M | -14.01M | 211K | 801K | 285K | 9.37M | -1.18M | 0 | 1.27M | 51.74M | 0 | 0 | 100K | 100K | 100K |
| Net Change in Cash | 8.98M | -2.73M | 939K | 387K | 684K | -34.93M | 6.91M | 24.34M | -36.97M | 21.82M | 11.52M | 9.78M | -61K | 542K | -136K | 131K | 20K | -59K | -144K | -4.03M | 4.13M | 44K | -39K | -33K | 90K | -282K | -616K | 500K | -300K | -3.3M | 3.5M |
| Free Cash Flow | 71.72M | 47.11M | 34.25M | 35.16M | -5.62M | -19.07M | 41.74M | 34.3M | -22.2M | -10.37M | -773K | 46.69M | 20.75M | -8.36M | 27.7M | -4.06M | -40.77M | 56.49M | -21.67M | -4.01M | -56.47M | -15.45M | -22.3M | 265K | -3.62M | 2.96M | -22.47M | -3.6M | -67.1M | -24.7M | -10.3M |
| FCF Margin % | 13.08% | 8.95% | 6.95% | 7.91% | -1.23% | -5.72% | 14.6% | 12.28% | -12.89% | -7.81% | -0.49% | 19.73% | 5.15% | -1.76% | 5.28% | -0.79% | -10.54% | 20.27% | -4.93% | -1.05% | -16.29% | -4.7% | -7.64% | 0.11% | -1.36% | 1.07% | -7.98% | -1.5% | -32.03% | -16.38% | -7.62% |
| FCF Growth % | 8.53% | 37.53% | -2.59% | 726.14% | 70.56% | -145.69% | 21.7% | 254.53% | -114.03% | -1241.66% | -101.66% | 124.96% | 348.32% | -130.17% | 782.63% | 90.05% | -172.16% | 360.69% | -440.42% | 92.9% | -265.43% | 30.7% | -8513.58% | 107.33% | -222.2% | 113.17% | -524.11% | 94.63% | -171.66% | -139.81% | -958.33% |
| FCF per Share | 7.33 | 4.74 | 3.40 | 3.49 | -0.56 | -1.92 | 4.23 | 3.51 | -2.28 | -1.08 | -0.08 | 4.88 | 2.18 | -0.88 | 2.93 | -0.43 | -4.39 | 6.12 | -2.32 | -0.43 | -7.58 | -2.19 | -3.29 | 0.04 | -0.54 | 0.45 | -3.40 | -0.54 | -10.12 | -3.74 | -1.83 |
| FCF Conversion (FCF/Net Income) | 1.71x | 1.90x | 1.61x | 2.54x | 0.56x | -0.50x | 2.94x | 1.54x | -0.91x | 0.74x | -0.16x | -1.88x | -1.96x | -21.76x | 2.74x | 0.97x | 15.46x | -10.88x | -0.00x | 0.93x | 0.10x | 0.23x | -0.83x | 3.22x | 2.72x | 1.36x | -1.07x | 1.14x | -0.25x | -0.39x | 0.67x |
| Interest Paid | 0 | 0 | 5.88M | 4.66M | 3.17M | 339K | 599K | 369K | 330K | 258K | 0 | 846K | 2.27M | 3.28M | 4.35M | 7.22M | 8.38M | 4.69M | 6.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 9.02M | 5.91M | 13.77M | 2.48M | 1.4M | 0 | 170K | -153K | 0 | -7.74M | 1.98M | 9.59M | 5.01M | 12.96M | 2.77M | 162K | 15.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to recent financial disclosures, NWPX's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 4.06 in 2025Q4 before dropping to 2.78 in 2026Q1, which suggests that reported earnings are frequently decoupled from the actual cash generated by core operations.
The significant variance between net income and operating cash flow highlights the impact of project-based accounting on reported results. Investors should monitor whether this divergence is a temporary artifact of percentage-of-completion revenue recognition or a sign of deteriorating quality in earnings realization.
As reported in quarterly filings, NWPX's free cash flow margins have shown extreme instability, ranging from a negative 27.1% in 2024Q1 to a peak of 26.7% in 2024Q4, indicating that the company's ability to generate surplus cash is highly sensitive to project timing and execution.
The erratic nature of free cash flow suggests that the company's cash generation is not yet a reliable indicator of long-term value creation. This volatility may complicate capital allocation strategies, as management must balance the need for liquidity with the demands of large-scale infrastructure project cycles.
Based on NWPX's reported figures, working capital changes have been a primary driver of cash flow variance, with a massive $36.8 million outflow in 2024Q1 followed by a $24.4 million inflow in 2024Q4, underscoring the intense pressure that project-based inventory and receivables place on liquidity.
The company's reliance on large-scale municipal contracts necessitates significant upfront working capital investment, which appears to be the primary source of cash flow instability. This dynamic warrants further investigation into the efficiency of the company's collection processes and its ability to manage inventory build-up during project lulls.
Data from recent financial statements indicates that NWPX's capital expenditures as a percentage of revenue have remained relatively consistent, averaging between 2.5% and 5.2% over the last ten quarters, suggesting a stable level of investment required to maintain its specialized manufacturing and fabrication footprint.
While capital intensity appears controlled, the company's ongoing need for facility maintenance and potential upgrades to support new precast technologies may limit free cash flow during periods of revenue contraction. Analysts should monitor whether these expenditures are sufficient to maintain competitive advantage without further straining the company's limited cash reserves.
Quick answers to the most common questions about buying NWPX stock.
NWPX Infrastructure, Inc. (NWPX) generated $67.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NWPX Infrastructure, Inc. (NWPX) generated $47.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NWPX Infrastructure, Inc. (NWPX) spent $20.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NWPX Infrastructure, Inc. (NWPX) spent $18.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.