Start here if you're new
what it is
It makes welded steel pipe and tube for water systems, energy jobs, and industrial projects.
how it gets paid
Last year Nwpx Infrastructure made $526M in revenue. Water Transmission Systems was the main engine at $335M, or 64% of sales.
why it's growing
Revenue grew 6.8% last year. Revenue was up 165% from a year earlier.
what just happened
Revenue hit $400M, EPS reached $2.66, and gross margin held at 19.2%.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
17.1x trailing p/e — the market's not buying it — or you found a deal
9.0% return on capital — nothing to write home about
$3.40 fy2024 eps est
xvary composite: 60/100 — average
What they do
It makes welded steel pipe and tube for water systems, energy jobs, and industrial projects.
This is not a giant seller of anonymous steel. It sold $526M last year with 1,358 employees, so the business stays focused. Leaving is painful because your water project or plant piping is built around exact specs, and the latest quarter still showed 19.2% gross margin, meaning 19 cents of each sales dollar stayed after production costs.
How they make money
$526M
annual revenue · their business grew +6.8% last year
Water Transmission Systems
$335M
Tubular Products
$131M
ParkUSA, Geneva Pipe and Precast, Permalok
$60M
The products that matter
manufactures large-diameter steel pipe
Water Transmission Systems
$346M · about 66% of 2025 sales
This is the main event. Its $346M backlog equals about 66% of full-year sales, which gives you a real line of sight into future production.
backlog-driven
builds water-control products
NWPX Pak
$180M · about 34% of 2025 sales
This segment serves a precast concrete market estimated at $30B, while NWPX's current share is about $351M. That tells you the runway exists, but so does competition.
share still small
Key numbers
$526M
annual sales
You get $526M of revenue from pipes and precast, not software. That is the whole trick.
13.7%
operating margin
That means 13.7 cents of every sales dollar stayed after running the business.
$129M
long-term debt
Debt of $129M is 16% of capital, so the balance sheet is carrying weight, not carrying panic.
9.0%
return on capital
You get 9.0 cents of profit for every dollar invested in the business, which is decent but not heroic.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 50 / 100
- long-term debt $129M (16% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NWPX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $400M, EPS reached $2.66, and gross margin held at 19.2%.
Revenue was up 165% from a year earlier, and EPS was up 93%. Gross margin held at 19.2%, which means 19 cents of each sales dollar stayed after production costs.
$132M
revenue
$2.66
eps
19.2%
gross margin
the number that mattered
The $400M quarter mattered most because it was 165% above last year while the margin stayed at 19.2%.
source: company earnings report, 2026
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What could go wrong
The #1 risk is cost growth outrunning profit on fixed-project work.
high
SG&A expense pressure
SG&A expenses rose 15% in Q4 2025. That landed in the same quarter EPS fell to $0.91 from $1.00 despite record sales of $125.6M.
This is what margin compression looks like in real time: more revenue, less earnings.
high
backlog conversion risk
The $346M water backlog equals about 66% of annual sales. That is a cushion, but it also concentrates the story in project timing, execution, and customer follow-through.
If that backlog stops converting cleanly, revenue visibility shrinks fast.
med
competition in precast systems
NWPX Pak serves a market estimated at $30B, while NWPX's current share is about $351M. That means room to grow, but it also means no pricing umbrella.
The company does not have margin room to win every job on price.
low
leadership transition
EVP Miles Brittain retires on April 3, 2026. In a project-heavy manufacturer, leadership transitions matter more in the plant and bidding room than in the press release.
Low immediate balance-sheet risk. Real execution risk if the handoff gets messy.
Q4 already showed the failure mode: $125.6M in record sales still produced EPS of $0.91, down from $1.00. If costs keep rising faster than gross profit, the backlog stops being comforting.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Expected on April 29, 2026. Analysts forecast EPS of $0.60 and revenue of $120.5M. You want to see whether the record-sales-but-lower-EPS pattern repeats.
costs
SG&A after the Boughton's deal
A 15% jump in SG&A already showed up in Q4 2025. The next report needs to show whether that was a one-quarter bump or a new baseline.
backlog
water backlog staying near $346M
That one number is about 66% of annual sales. If it holds, the visibility case holds. If it fades, the market will stop giving management the benefit of the doubt.
integration
Boughton's Precast and leadership handoff
The acquisition closed Feb 23, 2026, and the EVP retirement lands April 3, 2026. Two moving parts at once is manageable, but only if execution stays clean.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not expect a smooth earnings path here.
risk rank
2
The balance sheet looks safer than most small caps. The business model is still lumpy.
source: institutional data
Institutional activity
institutional ownership data for NWPX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$63
current price
n/a
target midpoint · n/a from current
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