Revenue growth remains highly seasonal and volatile, with quarterly growth rates fluctuating between 2.6% and 19.1% while operating margins have struggled to scale beyond a 12.6% peak.
| 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 | 548.14M | 526.17M | 492.55M | 444.36M | 457.67M | 333.31M | 285.91M | 279.32M | 172.15M | 132.78M | 156.26M | 236.61M | 403.3M | 475.56M | 524.5M | 511.67M | 386.75M | 278.65M | 439.74M | 382.82M | 346.59M | 329.01M | 291.91M | 244.99M | 266.1M | 276.47M | 281.41M | 240.3M | 209.5M | 150.8M | 135.2M |
| Revenue Growth % | 10.64% | 6.83% | 10.85% | -2.91% | 37.31% | 16.58% | 2.36% | 62.25% | 29.65% | -15.02% | -33.96% | -41.33% | -15.19% | -9.33% | 2.51% | 32.3% | 38.79% | -36.63% | 14.87% | 10.45% | 5.34% | 12.71% | 19.15% | -7.93% | -3.75% | -1.75% | 17.11% | 14.7% | 38.93% | 11.54% | 38.38% |
| Cost of Goods Sold | 437.2M | 422.37M | 397.14M | 366.71M | 371.81M | 289.06M | 235.39M | 232.13M | 160.05M | 126.96M | 159.48M | 249.23M | 362.72M | 423.1M | 468.31M | 452.53M | 353.75M | 266.97M | 346.08M | 312.61M | 289.88M | 275.22M | 242.61M | 211.76M | 222.17M | 225.07M | 224.91M | 186.3M | 164.2M | 117.5M | 102.2M |
| COGS % of Revenue | - | 80.27% | 80.63% | 82.53% | 81.24% | 86.72% | 82.33% | 83.11% | 92.97% | 95.61% | 102.06% | 105.34% | 89.94% | 88.97% | 89.29% | 88.44% | 91.47% | 95.81% | 78.7% | 81.66% | 83.64% | 83.65% | 83.11% | 86.44% | 83.49% | 81.41% | 79.92% | 77.53% | 78.38% | 77.92% | 75.59% |
| Gross Profit | 110.94M | 103.81M | 95.41M | 77.64M | 85.86M | 44.25M | 50.52M | 47.18M | 12.1M | 5.82M | -3.23M | -12.63M | 40.58M | 52.46M | 56.2M | 59.14M | 33M | 11.69M | 93.66M | 70.22M | 56.71M | 53.79M | 49.3M | 33.23M | 43.93M | 51.4M | 56.5M | 54M | 45.3M | 33.3M | 33M |
| Gross Margin % | 20.24% | 19.73% | 19.37% | 17.47% | 18.76% | 13.28% | 17.67% | 16.89% | 7.03% | 4.39% | -2.06% | -5.34% | 10.06% | 11.03% | 10.71% | 11.56% | 8.53% | 4.19% | 21.3% | 18.34% | 16.36% | 16.35% | 16.89% | 13.56% | 16.51% | 18.59% | 20.08% | 22.47% | 21.62% | 22.08% | 24.41% |
| Gross Profit Growth % | - | 8.81% | 22.88% | -9.57% | 94.01% | -12.4% | 7.07% | 290.08% | 107.73% | 280.56% | 74.46% | -131.11% | -22.65% | -6.65% | -4.97% | 79.22% | 182.37% | -87.52% | 33.39% | 23.81% | 5.43% | 9.12% | 48.36% | -24.36% | -14.54% | -9.02% | 4.62% | 19.21% | 36.04% | 0.91% | 57.14% |
| Operating Expenses | 52.98M | 52.77M | 47.16M | 43.78M | 41.03M | 28.22M | 76.08M | 75.87M | 16.66M | 14.14M | 17.18M | 22.3M | 24.32M | 24.21M | 28.64M | 26.32M | 27.99M | 20.09M | 35.17M | 30.7M | 19.71M | 26.32M | 23.13M | 22.29M | 23.14M | 25.12M | 28.72M | 23.9M | 19.6M | 13.6M | 13.5M |
| OpEx % of Revenue | - | 10.03% | 9.57% | 9.85% | 8.97% | 8.47% | 26.61% | 27.16% | 9.68% | 10.65% | 10.99% | 9.43% | 6.03% | 5.09% | 5.46% | 5.14% | 7.24% | 7.21% | 8% | 8.02% | 5.69% | 8% | 7.92% | 9.1% | 8.7% | 9.08% | 10.2% | 9.95% | 9.36% | 9.02% | 9.99% |
| Selling, General & Admin | 52.98M | 52.77M | 47.16M | 43.78M | 41.03M | 28.22M | 24.95M | 18.5M | 16.66M | 14.14M | 17.18M | 22.3M | 24.32M | 24.21M | 28.64M | 26.32M | 27.99M | 20.09M | 35.17M | 30.7M | 27.39M | 26.32M | 23.13M | 22.29M | 23.14M | 25.12M | 21.44M | 18.8M | 15.9M | 11.4M | 11.5M |
| SG&A % of Revenue | - | 10.03% | 9.57% | 9.85% | 8.97% | 8.47% | 8.73% | 6.62% | 9.68% | 10.65% | 10.99% | 9.43% | 6.03% | 5.09% | 5.46% | 5.14% | 7.24% | 7.21% | 8% | 8.02% | 7.9% | 8% | 7.92% | 9.1% | 8.7% | 9.08% | 7.62% | 7.82% | 7.59% | 7.56% | 8.51% |
| 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 | 0 | 0 | 0 | 0 | 51.13M | 57.38M | 0 | 0 | 23K | 88K | 108K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.67M | 0 | 0 | 0 | 0 | 0 | 7.28M | 5.1M | 3.7M | 2.2M | 2M |
| Operating Income | 57.96M | 51.04M | 48.24M | 33.86M | 44.82M | 16.03M | -25.57M | -28.69M | -2.97M | -9.2M | -13.53M | -40.21M | 194K | 749K | 27.56M | 32.82M | 5M | -8.41M | 58.49M | 39.51M | 37M | 27.47M | 26.17M | 10.94M | 20.79M | 26.29M | 27.78M | 30.1M | 25.7M | 19.7M | 19.5M |
| Operating Margin % | 10.57% | 9.7% | 9.79% | 7.62% | 9.79% | 4.81% | -8.94% | -10.27% | -1.73% | -6.93% | -8.66% | -16.99% | 0.05% | 0.16% | 5.25% | 6.41% | 1.29% | -3.02% | 13.3% | 10.32% | 10.68% | 8.35% | 8.97% | 4.46% | 7.81% | 9.51% | 9.87% | 12.53% | 12.27% | 13.06% | 14.42% |
| Operating Income Growth % | - | 5.79% | 42.49% | -24.46% | 179.57% | 162.71% | 10.89% | -865.63% | 67.71% | 32.01% | 66.34% | -20826.8% | -74.1% | -97.28% | -16.03% | 555.94% | 159.51% | -114.38% | 48.04% | 6.78% | 34.69% | 4.98% | 139.32% | -47.4% | -20.91% | -5.38% | -7.7% | 17.12% | 30.46% | 1.03% | 65.25% |
| EBITDA | 77.75M | 70.48M | 67.31M | 49.66M | 61.92M | 29.66M | -11.01M | -15.98M | 6.35M | -2.65M | -4.24M | -30.59M | 14.34M | 14.05M | 43.83M | 47.34M | 11.97M | -1.4M | 63.58M | 44.99M | 41.08M | 33.1M | 32.51M | 15.63M | 24.58M | 32.2M | 35.06M | 35.2M | 29.4M | 21.9M | 21.5M |
| EBITDA Margin % | 14.18% | 13.39% | 13.67% | 11.18% | 13.53% | 8.9% | -3.85% | -5.72% | 3.69% | -1.99% | -2.71% | -12.93% | 3.56% | 2.95% | 8.36% | 9.25% | 3.09% | -0.5% | 14.46% | 11.75% | 11.85% | 10.06% | 11.14% | 6.38% | 9.24% | 11.65% | 12.46% | 14.65% | 14.03% | 14.52% | 15.9% |
| EBITDA Growth % | 31.05% | 4.7% | 35.54% | -19.8% | 108.81% | 369.26% | 31.06% | -351.75% | 339.83% | 37.62% | 86.13% | -313.35% | 2.08% | -67.95% | -7.43% | 295.62% | 954.18% | -102.2% | 41.3% | 9.53% | 24.1% | 1.82% | 108% | -36.42% | -23.67% | -8.15% | -0.39% | 19.73% | 34.25% | 1.86% | 62.88% |
| D&A (Non-Cash Add-back) | 19.79M | 19.44M | 19.07M | 15.81M | 17.1M | 13.62M | 14.55M | 12.71M | 9.32M | 6.55M | 9.29M | 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 |
| EBIT | 57.96M | 51.04M | 48.03M | 34.13M | 45.05M | 16.36M | 26.57M | 33.11M | 17.64M | -9M | -10.33M | -39.95M | 11.91M | 37.66M | 31.09M | 31.58M | 1.85M | -5.75M | 58.49M | 39.51M | 37M | 27.47M | 26.17M | 10.94M | 20.79M | 26.29M | 27.78M | 30.1M | 25.7M | 19.7M | 19.5M |
| Net Interest Income | -2.32M | -2.65M | -5.66M | -4.86M | -3.57M | -1.2M | -884K | -432K | -316K | -484K | -495K | -1.34M | -1.82M | -3.21M | -5.06M | -9.21M | -8.1M | -4.3M | -6.41M | 0 | -6.7M | -7.38M | 0 | -5.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 40K | 267K | 6K | 14K | 1K | 466K | 409K | 160K | 99K | 943K | 754K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.32M | 2.65M | 5.66M | 4.86M | 3.57M | 1.2M | 933K | 472K | 583K | 490K | 509K | 1.34M | 2.29M | 3.62M | 5.62M | 9.31M | 7.93M | 5.06M | 6.41M | 6.79M | 6.7M | 7.38M | 6.35M | 5.21M | 5.55M | 7.99M | 10.12M | 8M | 4.7M | 1.8M | 2.3M |
| Other Income/Expense | -3.88M | -4.56M | -5.87M | -4.58M | -3.47M | -874K | 51.2M | 61.33M | 20.03M | -283K | 2.69M | -1.13M | -1.72M | -40.58M | -5.79M | -10.54M | -7.68M | -2.4M | -6.41M | -6.79M | -6.7M | -7.38M | -6.35M | -5.21M | -5.55M | -7.99M | -10.12M | -8M | -4.7M | -1.8M | -2.3M |
| Pretax Income | 54.08M | 46.48M | 42.37M | 29.28M | 41.35M | 15.16M | 25.63M | 32.64M | 17.06M | -9.49M | -14.02M | -41.34M | -1.52M | -3.05M | 21.77M | 22.28M | -1.57M | -10.81M | 52.08M | 32.72M | 30.3M | 20.09M | 19.82M | 5.72M | 15.24M | 18.3M | 17.66M | 22.1M | 21M | 17.9M | 17.2M |
| Pretax Margin % | 9.87% | 8.83% | 8.6% | 6.59% | 9.04% | 4.55% | 8.97% | 11.69% | 9.91% | -7.15% | -8.97% | -17.47% | -0.38% | -0.64% | 4.15% | 4.35% | -0.41% | -3.88% | 11.84% | 8.55% | 8.74% | 6.11% | 6.79% | 2.34% | 5.73% | 6.62% | 6.28% | 9.2% | 10.02% | 11.87% | 12.72% |
| Income Tax | 12.09M | 11.07M | 8.16M | 8.21M | 10.2M | 3.63M | 6.58M | 4.74M | -3.25M | -1.1M | -4.76M | -11.95M | 4.65M | -2.13M | 5.52M | 9.62M | -140K | -3.53M | 19.78M | 11.89M | 10.28M | 6.7M | 7.45M | 2.19M | 5.98M | 7.19M | 6.97M | 8.8M | 8.4M | 6.8M | 6.8M |
| Effective Tax Rate % | 22.37% | 23.81% | 19.27% | 28.03% | 24.67% | 23.98% | 25.68% | 14.52% | -19.06% | 11.59% | 33.93% | 28.91% | -305.58% | 69.73% | 25.37% | 43.17% | 8.89% | 32.66% | 37.98% | 36.33% | 33.94% | 33.37% | 37.57% | 38.32% | 39.25% | 39.27% | 39.47% | 39.82% | 40% | 37.99% | 39.53% |
| Net Income | 41.98M | 35.41M | 34.21M | 21.07M | 31.15M | 11.52M | 19.05M | 27.9M | 20.31M | -10.16M | -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 |
| Net Margin % | 7.66% | 6.73% | 6.94% | 4.74% | 6.81% | 3.46% | 6.66% | 9.99% | 11.8% | -7.65% | -5.93% | -12.42% | -4.44% | -0.19% | 3.1% | 2.47% | -0.37% | -2.61% | 7.35% | 5.44% | 5.78% | 4.07% | 4.24% | 1.44% | 3.48% | 4.02% | 3.8% | 5.53% | 6.01% | 7.36% | 7.69% |
| Net Income Growth % | 27.48% | 3.52% | 62.33% | -32.35% | 170.32% | -39.51% | -31.73% | 37.37% | 299.86% | -9.72% | 68.48% | -64.3% | -1837.92% | -105.68% | 28.31% | 982.85% | 80.29% | -122.53% | 55.05% | 4.06% | 49.55% | 8.15% | 250.52% | -61.86% | -16.67% | 3.93% | -19.62% | 5.56% | 13.51% | 6.73% | 103.92% |
| Net Income (Continuing) | 41.98M | 35.41M | 34.21M | 21.07M | 31.15M | 11.52M | 19.05M | 27.9M | 20.31M | -8.39M | -6.74M | -17.81M | -6.17M | 21.68M | 16.24M | 12.66M | -5.44M | -7.28M | 31.34M | 20.83M | 20.02M | 13.39M | 12.38M | 3.53M | 9.26M | 11.11M | 10.69M | 13.3M | 12.6M | 11.1M | 10.4M |
| Discontinued Operations | 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 |
| 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) | 4.29 | 3.56 | 3.40 | 2.09 | 3.11 | 1.16 | 1.93 | 2.85 | 2.09 | -1.06 | -0.97 | -3.07 | -1.88 | -0.10 | 1.72 | 1.35 | -0.15 | -0.79 | 3.35 | 2.26 | 2.69 | 1.90 | 1.83 | 0.53 | 1.37 | 1.67 | 1.62 | 2.01 | 1.90 | 1.68 | 1.85 |
| EPS Growth % | 30.89% | 4.71% | 62.68% | -32.8% | 168.1% | -39.9% | -32.28% | 36.36% | 297.17% | -9.28% | 68.4% | -63.3% | -1842.15% | -105.63% | 27.41% | 1000% | 81.01% | -123.58% | 48.23% | -15.99% | 41.58% | 3.83% | 245.28% | -61.31% | -17.96% | 3.09% | -19.4% | 5.79% | 13.1% | -9.19% | 28.47% |
| EPS (Basic) | - | 3.62 | 3.45 | 2.11 | 3.14 | 1.17 | 1.95 | 2.86 | 2.09 | -1.07 | -0.98 | -3.07 | -1.88 | -0.10 | 1.73 | 1.36 | -0.15 | -0.79 | 3.43 | 2.32 | 2.80 | 1.97 | 1.87 | 0.54 | 1.42 | 1.71 | 1.65 | 2.06 | 1.96 | 1.73 | 1.92 |
| Diluted Shares Outstanding | 9.79M | 9.94M | 10.07M | 10.08M | 10.01M | 9.93M | 9.87M | 9.78M | 9.73M | 9.61M | 9.59M | 9.56M | 9.52M | 9.53M | 9.45M | 9.38M | 9.28M | 9.23M | 9.34M | 9.23M | 7.45M | 7.06M | 6.77M | 6.66M | 6.76M | 6.65M | 6.61M | 6.61M | 6.63M | 6.61M | 5.62M |
| Basic Shares Outstanding | 9.58M | 9.77M | 9.92M | 9.99M | 9.91M | 9.85M | 9.79M | 9.74M | 9.73M | 9.54M | 9.49M | 9.56M | 9.5M | 9.45M | 9.38M | 9.33M | 9.28M | 9.23M | 9.15M | 8.96M | 7.15M | 6.78M | 6.62M | 6.55M | 6.54M | 6.51M | 6.47M | 6.45M | 6.43M | 6.42M | 5.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Tight Liquidity and Seasonality
According to the provided quarterly income statements, NWPX experienced a notable revenue growth acceleration to 19.1% in 2026Q1, contrasting with the more modest 2.6% to 5.0% growth rates observed during the early quarters of 2025, suggesting a highly variable top-line performance tied to project-based municipal cycles.
The revenue trajectory appears heavily influenced by the timing of large-scale municipal water projects, which creates significant lumpiness in quarterly results. Investors should monitor whether the recent growth spike represents a sustainable shift in demand or merely the timing of project completions within the current fiscal year.
As reported in financial statements, NWPX maintained gross margins fluctuating between 16.7% and 21.3% over the last ten quarters, indicating that the company's profitability remains sensitive to raw material price volatility and the competitive bidding environment inherent in large-diameter steel and precast infrastructure manufacturing.
The margin profile suggests that NWPX struggles to consistently expand profitability despite its strategic pivot toward higher-value precast systems. The persistent sensitivity to hot-rolled coil steel prices implies that margin expansion may remain elusive until the company successfully shifts a larger portion of its revenue mix toward proprietary, less commodity-dependent technologies.
Based on NWPX's reported figures, operating margins have oscillated between 4.8% and 12.6% since 2024Q1, demonstrating that while the company maintains a lean corporate structure, operating income does not consistently scale in lockstep with gross profit, reflecting the capital-intensive nature of its specialized fabrication facilities.
The lack of consistent operating leverage suggests that fixed costs associated with maintaining a localized manufacturing footprint may be absorbing gains from revenue growth. This warrants further investigation into whether the company can achieve greater overhead efficiency as it integrates recent acquisitions like ParkUSA into its broader infrastructure platform.
Data from recent filings indicates that EPS has fluctuated significantly, ranging from $0.39 to $1.38 per share, with stock-based compensation consistently impacting the bottom line by over $1 million per quarter, which may obscure the true cash-generative capacity of the company's core manufacturing operations.
The wide variance in quarterly EPS appears driven by the percentage-of-completion accounting method, which can lead to earnings spikes or dips based on project cost revisions. Investors should be cautious of relying on headline EPS figures, as they may not fully reflect the underlying cash flow reality of the business.
With reported cash and equivalents of only $2,273,000 as of the most recent period, NWPX faces a precarious liquidity position that may limit its ability to absorb unexpected cost overruns or fund the working capital requirements necessary to support its ambitious infrastructure project backlog.
The minimal cash buffer appears to be a significant risk factor, particularly given the company's reliance on lumpy municipal contracts that require substantial upfront material procurement. This tight liquidity position may force management to prioritize cash preservation over the strategic investments needed to sustain the company's long-term growth trajectory.
Quick answers to the most common questions about buying NWPX stock.
For fiscal year 2025, NWPX Infrastructure, Inc. (NWPX) reported total revenue of $526.2M. This represents a 289.2% increase compared to $135.2M in 1996.
NWPX Infrastructure, Inc. (NWPX) is profitable, generating $35.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
NWPX Infrastructure, Inc. (NWPX) reported an operating income of $51.0M, resulting in an operating profit margin of 9.7%. This margin reflects the operational efficiency of the business before interest and taxes.
NWPX Infrastructure, Inc. (NWPX) generated $103.8M in gross profit for the year, representing a gross profit margin of 19.7%. This demonstrates the company's core pricing power and production efficiency.