Start here if you're new
what it is
National Presto sells air fryers and pressure cookers, then also makes ammunition and military energetic devices.
how it gets paid
Last year National Presto made $504M in revenue. small appliances was the main engine at $171M, or 34% of sales.
why it's growing
Revenue grew 207.1% last year. Sales rose 22% vs. prior year in the latest quarter.
what just happened
Latest quarter revenue hit $164M, but EPS fell to $2.10 and margin stayed thin.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
55/100 earnings predictability — expect surprises
14.0x trailing p/e — the market's not buying it — or you found a deal
0.8% dividend yield — cash in your pocket every quarter
11.3% return on capital — nothing to write home about
xvary composite: 65/100 — average
What they do
National Presto sells air fryers and pressure cookers, then also makes ammunition and military energetic devices.
National Presto wins by being two businesses at once. Consumer products give you shelf presence, while defense work helped lift annual revenue to $504M, versus $164M a year earlier, based on SEC filings. If your air fryer aisle slows, the military side can still keep factories busy.
How they make money
$504M
annual revenue · their business grew +207.1% last year
small appliances
$171M
cookware and kitchen tools
$81M
40mm ammo and cartridge cases
$146M
energetic devices and detonators
$76M
ordnance loading and precision parts
$30M
The products that matter
military and safety contracts
defense & safety products
$126M · +207% growth
this segment produced $126M in revenue and grew 207% last year. that's exciting, but the contracts are large and irregular, which is why your earnings predictability score sits at 55/100.
growth driver
consumer kitchen appliances
housewares & small appliances
$378M · roughly 75% of mix
this business accounts for about three-quarters of revenue and was flat last year. in human terms: the core business kept the lights on, but it did not create the growth story.
growth
capital return
dividend
$1.00 annual payout · 0.8% yield
the dividend pays $1.00 a year, which works out to a 0.8% yield at the current price. you are not buying NPK for income — you are buying it for execution improving from here.
not the thesis
Key numbers
$9M
long-term debt
Long-term debt is $9M, or 1% of capital. Debt → borrowed money → so what: the balance sheet is not leaning on lenders.
14.0x
trailing p/e
P/E → price divided by earnings → so what: you are paying 14 years of current profits for a business with defense exposure.
11.3%
return on capital
Return on capital → profit from each dollar invested → so what: this business turns $1 into about $0.11 of operating return.
12.9%
operating margin
Operating margin → profit after running the business → so what: every $100 of sales leaves about $12.90 before interest and taxes.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- long-term debt $9M (1% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NPK right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue hit $164M, but EPS fell to $2.10 and margin stayed thin.
Sales rose 22% vs. prior year in the latest quarter, based on SEC filings. But EPS dropped 28% vs. prior year, which tells you more sales did not translate into more profit.
$164M
revenue
$2.10
eps
16.9%
gross margin
the number that mattered
Gross margin was 16.9%. Gross margin → money left after making the product → so what: this business does not have much room for mistakes.
source: company earnings report, 2026
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What could go wrong
the top risk is defense revenue normalizing after a 207% surge.
high
defense growth gives back fast
defense & safety products grew 207% to $126M. that kind of jump usually says timing and contracts, not a new steady-state.
a pullback here would hit the segment carrying the current growth story
high
FACT II acquisition corp legal proceedings
the company is tied to ongoing investigations, claims, and lawsuits related to FACT II acquisition corp. legal overhangs have a way of lasting longer than investors expect.
the current page links this issue to $76M–$126M of annual revenue exposure
med
the core business is flat
housewares & small appliances is about 75% of revenue and showed no growth. if the stable side of the portfolio stops growing while the volatile side normalizes, earnings pressure does not go away.
roughly three-quarters of the business is treading water
med
thin data quality makes the story harder to underwrite
the segment revenue figures shown on this page do not reconcile neatly to the $388M company total. that does not mean the company is wrong. it means you should be careful about building a precise thesis from thin snapshot data alone.
less confidence in mix, margins, and what is truly recurring
between the $126M defense swing factor, the $76M–$126M legal exposure tied to FACT II, and a flat consumer segment that is roughly 75% of revenue, this stock needs cleaner execution than the current page shows.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
FACT II case updates
any movement on investigations, claims, or lawsuits matters because the current page ties that overhang to $76M–$126M of revenue exposure.
metric
earnings versus sales
sales already rose 30% while earnings fell. the next report needs to show those two numbers moving in the same direction.
calendar
next earnings release
this is the cleanest checkpoint for whether the defense spike was a one-off contract effect or the start of a more durable mix shift.
trend
housewares growth staying flat
when roughly 75% of revenue does not grow, the rest of the business has no room for a miss. watch for any sign the core consumer segment is reaccelerating.
Analyst rankings
earnings predictability
55 / 100
earnings can swing with contract timing. in human-speak, analysts do not trust a straight line here.
valuation signal
14.0x
the multiple looks reasonable, but cheap stocks stay cheap when profits keep moving the wrong way.
source: institutional data
Institutional activity
institutional ownership data for NPK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$105
current price
n/a
target midpoint · n/a from current
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