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what it is
NPKI rents mats, sells site services, and supports complex drilling jobs when oil and gas projects need solid ground.
how it gets paid
Last year Npk International made $277M in revenue.
why it's growing
Revenue grew 27.4% last year. The jump came from a much larger revenue base and stronger profitability.
what just happened
Latest Revenue hit $202M, up 193% vs. prior year, while EPS rose to $0.28 from the SEC-verified quarterly data.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
34.0x trailing p/e — you're paying up for this one
11.1% return on capital — nothing to write home about
$0.41 fy2024 eps est
xvary composite: 54/100 — below average
What they do
NPKI rents mats, sells site services, and supports complex drilling jobs when oil and gas projects need solid ground.
NPK wins by selling the boring stuff that turns mission-critical when a drill site gets ugly. If your equipment weighs tons and the ground is a swamp, you need the mats, the rentals, and the crew now, not next week. That shows up in a 16.9% operating margin and just $16 million of long-term debt, or 1% of capital, from the company profile data.
How they make money
$277M
annual revenue · their business grew +27.4% last year
total revenue
$277M
+27.4%
The products that matter
equipment and matting rental
Specialty Rental & Services
$50M segment revenue · +39%
this is the faster-growing piece of the story. $50M is still smaller than the core site-access business, but the growth rate is doing a lot of the valuation work. if that cools while margins stay thin, the multiple loses its favorite excuse.
growth driver
on-site services and logistics
Site Access & Project Solutions
$227M segment revenue · $75.2M q4 sales
this is the current core. $227M at the segment level gives you scale, and Q4 sales of $75.2M, up 31% from a year ago, show demand is there. here's the thing: scale without margin discipline just gives you bigger revenue problems.
current core
recent UK acquisition
Grassform Plant Hire
2026 integration · guide tied to it
this is the operating test behind the next chapter. management's $305–$325M 2026 revenue target is hard to separate from this deal. if integration lands cleanly, you get more scale. if it drags, you get a very public reason for a miss.
the bet
Key numbers
34.0x
trailing p/e
You are paying 34 times trailing earnings for a business with cyclical customers, so execution has to stay clean.
$277M
ttm revenue
That is the current size of the business, and it grew 27.4% vs. prior year based on the SEC-verified figure.
16.9%
operating margin
Margin is profit after running the business, before interest and taxes, so this tells you the rental model has some real pricing power.
$16M
long-term debt
Debt is borrowed money, and $16M is just 1% of capital, so the balance sheet is unusually light for an industrial company.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 15 / 100
- long-term debt $16M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NPKI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest Revenue hit $202M, up 193% vs. prior year, while EPS rose to $0.28 from the SEC-verified quarterly data.
The jump came from a much larger revenue base and stronger profitability. The quieter point is that fiscal 2024 EPS was only $0.41, so quarterly volatility here is real.
$202M
revenue
$0.28
eps
16.9%
operating margin
the number that mattered
193% revenue growth mattered most because it shows this is no longer just a slow, legacy oilfield services story.
source: company earnings report, 2026
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What could go wrong
this page lives or dies on two things: gross margin recovery and clean execution on the Grassform-backed 2026 guide.
med
gross margin compression
gross margin fell to roughly 32% in the latest quarter from 37% sequentially. that is a five-point drop. when your valuation assumes better earnings ahead, margin moving the wrong way is the fastest route to a reset.
gross margin fell to roughly 32% in the latest quarter from 37% sequentially. that is a five-point drop. when your valuation assumes better earnings ahead, margin moving the wrong way is the fastest route to a reset.
med
execution on the 2026 guide
management is pointing to $305–$325M of revenue in 2026. midpoint math gets you to $315M. if results land well below that range, the market will have to decide whether this still deserves a growth multiple.
management is pointing to $305–$325M of revenue in 2026. midpoint math gets you to $315M. if results land well below that range, the market will have to decide whether this still deserves a growth multiple.
med
forecast mismatch
the current snapshot shows a $218M revenue estimate while management is guiding to $305–$325M. that is not a rounding issue. wide expectation gaps tend to produce sharp moves when reality finally picks a side.
the current snapshot shows a $218M revenue estimate while management is guiding to $305–$325M. that is not a rounding issue. wide expectation gaps tend to produce sharp moves when reality finally picks a side.
low
finance leadership transition
the CFO shifted roles in november 2025, with transition support through spring 2026. on its own, that is manageable. during an acquisition year, it is still one more moving part you should not dismiss.
the CFO shifted roles in november 2025, with transition support through spring 2026. on its own, that is manageable. during an acquisition year, it is still one more moving part you should not dismiss.
if gross margin stays near 32% and the 2026 revenue target starts slipping, the earnings base behind a 34.0x trailing p/e gets much harder to defend.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
gross margin rebound
management expects Q1 margin above the mid-thirties. if you do not see a move back toward that zone from roughly 32%, the bull case gets thinner fast.
guidance
2026 revenue guide
the official range is $305–$325M. midpoint math gets you to $315M. that is the clearest operating scoreboard on the page.
integration
Grassform contribution
the UK acquisition is now doing narrative heavy lifting. listen for utilization, cross-sell, and timing with actual numbers attached.
capital return
buybacks versus cash needs
$22.7M went to buybacks in 2025. that is supportive if cash generation is improving. if repurchases start competing with integration needs, you learn what management values first.
Analyst rankings
earnings predictability
30 / 100
low predictability. in human-speak, analysts do not trust this business to produce smooth quarters.
risk rank
2
safer than 80% of stocks on this measure. the balance sheet looks manageable even if operating execution stays uneven.
price stability
15 / 100
the stock trades like a small cap because it is one. low stability means your tape can move faster than your thesis memo.
source: institutional data
Institutional activity
institutional ownership data for NPKI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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