NWPX Infrastructure, Inc.
- Open
- 149.13
- Day high
- 151.74
- Day low
- 145.20
- Prev close
- 149.94
- Volume
- 159K
- Mkt cap
- $1.4B
- P/E (TTM)
- 34.0
- EPS (TTM)
- $4.34
- P/B
- 3.5
- P/S
- 2.6
- Yield
- —
- Per share
- —
NWPX Infrastructure, Inc. (NWPX) is a Industrials company listed on NASDAQ. The stock is up 257% over the past year.
NWPX Infrastructure, Inc. (NWPX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NWPX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.68 | $1.08 | +58.8% | $138M | +10.5% |
| Feb 26, 2026 | $0.62 | $0.91 | +46.1% | $126M | +4.2% |
| Oct 29, 2025 | $1.02 | $1.38 | +35.3% | $151M | +23.8% |
| Aug 7, 2025 | $0.72 | $0.91 | +26.4% | $133M | +10.1% |
| Apr 30, 2025 | $0.53 | $0.39 | -26.4% | $116M | +3.7% |
| Feb 26, 2025 | $0.91 | $1.00 | +9.9% | $120M | +2.7% |
| Oct 30, 2024 | $0.87 | $1.02 | +17.2% | $130M | +8.1% |
| Jul 31, 2024 | $0.63 | $0.86 | +36.5% | $129M | +8.7% |
| May 1, 2024 | $0.34 | $0.52 | +52.9% | $113M | +9.0% |
| Mar 4, 2024 | $0.42 | $0.54 | +28.6% | $110M | +6.7% |
| Nov 2, 2023 | $0.82 | $0.58 | -29.3% | $119M | +9.9% |
| Aug 2, 2023 | $0.79 | $0.74 | -6.3% | $116M | -4.7% |
NWPX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Lockridge Irmadirector | Grant | 899 | $122.31 |
| Jun 12, 2026 | Paschal Johndirector | Grant | 899 | $122.31 |
| Jun 12, 2026 | LARSON KEITH Rdirector | Grant | 899 | $122.31 |
| Jun 12, 2026 | FRANSON MICHAEL Cdirector | Grant | 899 | $122.31 |
| Jun 12, 2026 | Julian Amandadirector | Grant | 899 | $122.31 |
| Jun 12, 2026 | ROMAN RICHARD Adirector | Grant | 899 | $122.31 |
| Apr 2, 2026 | Wray Michaelofficer: Executive Vice President | Option | 2,503 | — |
| Apr 2, 2026 | Brittain Milesofficer: Executive Vice President | Option | 2,826 | — |
| Apr 2, 2026 | Kendrick Megan A.officer: Sr. VP of Human Resources | Option | 1,405 | — |
| Apr 2, 2026 | MONTROSS SCOTT Jofficer: President & CEO | Option | 8,224 | — |
| Apr 2, 2026 | Stokes Ericofficer: SVP and Group President of WTS | Tax | 912 | $77.86 |
| Apr 2, 2026 | Stokes Ericofficer: SVP and Group President of WTS | Option | 2,503 | — |
| Apr 2, 2026 | Tanguis Jesusofficer: SVP/GM Precast Infrastructure | Option | 851 | — |
| Apr 2, 2026 | Wilkins Aaronofficer: CFO | Option | 2,883 | — |
| Apr 2, 2026 | Brittain Milesofficer: Executive Vice President | Option | 3,212 | — |
Source: NWPX SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full NWPX insider & 13F page →NWPX Infrastructure, Inc. company profile
Overview
Northwest Pipe Company (NASDAQ:NWPX) is a leading North American manufacturer of water infrastructure products founded in 1966 and headquartered in Vancouver, Washington. The company went public in 1995 and has evolved from a regional steel pipe manufacturer into a diversified water infrastructure solutions provider through strategic acquisitions and organic growth. Today, Northwest Pipe operates two primary business segments serving the critical water transmission and municipal infrastructure markets across North America.
Business
Northwest Pipe Company operates in the water infrastructure manufacturing industry, producing essential components for municipal water systems, wastewater treatment, and related infrastructure projects. The company's products are fundamental to delivering clean drinking water to communities and managing wastewater systems across North America. The company operates through two distinct business segments. The Engineered Steel Pressure Pipe (SPP) segment represents approximately 69% of total revenue and manufactures large-diameter, high-pressure steel pipeline systems primarily used in drinking water transmission systems. These massive steel pipes, often several feet in diameter, form the backbone of municipal water distribution networks that transport water from treatment facilities to communities. The SPP segment also produces pipes for hydroelectric power systems, wastewater applications, and industrial plant piping systems. The Precast Infrastructure and Engineered Systems segment accounts for approximately 31% of revenue and produces precast reinforced concrete products including manholes, box culverts, vaults, catch basins, oil-water separators, pump lift stations, and biofiltration systems. These concrete components are essential infrastructure elements found beneath streets and in municipal utility systems, providing access points for maintenance and environmental protection functions. This segment has grown significantly through acquisitions, particularly the 2021 acquisition of ParkUSA, and now includes facilities in Utah, Texas, and other western markets. Both segments serve the broader water infrastructure market, which encompasses the complex network of pipes, treatment facilities, and distribution systems that provide clean water to communities and manage wastewater treatment. This industry is driven by aging infrastructure replacement needs, population growth, and regulatory requirements for water quality and environmental protection.
Revenue model
Northwest Pipe generates revenue primarily through direct product sales to installation contractors who work on municipal and private infrastructure projects. The company operates on a project-based business model where it bids on contracts, manufactures custom-engineered products to specifications, and delivers them to construction sites. The SPP segment typically works with longer lead times and larger contract values, often maintaining substantial backlogs that provide revenue visibility. Projects range from municipal water transmission systems to major infrastructure developments. The segment benefits from its dominant market position, holding approximately 55% market share in North American large-diameter steel pressure pipe manufacturing. Revenue recognition occurs upon product delivery, with payment terms typically ranging from 30-60 days. The Precast segment operates with shorter production cycles and more frequent deliveries, serving both residential and commercial construction markets. This segment benefits from recurring demand driven by ongoing development activity, particularly in high-growth western markets like Utah and Texas. The business model includes both standard products and custom-engineered solutions. Several factors influence the company's margins and profitability. Steel commodity prices significantly impact the SPP segment's input costs, though the company typically passes through price increases to customers with some lag time. Weather conditions can temporarily disrupt production and delivery schedules, as evidenced by recent quarters where winter weather caused plant shutdowns. Labor availability and costs affect both manufacturing efficiency and project execution capabilities. Infrastructure spending cycles driven by federal programs like the Infrastructure Investment and Jobs Act (IIJA) create substantial growth opportunities, with $55 billion allocated specifically for water infrastructure improvements. Interest rate environments particularly impact the Precast segment's residential market exposure, as higher rates can slow housing development. Market consolidation in the steel pressure pipe industry has generally supported pricing discipline and margin improvement as the number of competitors has decreased over time.
Competitive moat
Northwest Pipe possesses a moderate but meaningful competitive moat built primarily on market position, specialized manufacturing capabilities, and customer relationships. In the SPP segment, the company benefits from significant scale advantages and technical expertise that create barriers to entry. Manufacturing large-diameter steel pressure pipes requires substantial capital investment in specialized equipment, technical know-how for custom engineering solutions, and established relationships with major contractors and municipalities. The company's dominant market share of approximately 55% in North American steel pressure pipe manufacturing provides pricing power and preferred vendor status with major contractors. The industry has experienced consolidation over time, reducing competitive intensity and supporting margin stability. The technical nature of water transmission projects often favors established players with proven track records, as municipalities and contractors prioritize reliability over lowest cost. However, the moat faces several challenges. The cyclical nature of infrastructure spending creates periods of intense competition during market downturns. Commodity steel price volatility can pressure margins, and the company's ability to pass through cost increases depends on contract structures and competitive dynamics. In the Precast segment, barriers to entry are lower, with more regional competitors and less technical complexity required for standard products. Potential disruption could come from alternative materials or construction methods, though large-scale water transmission systems have limited substitutes for steel pressure pipe applications. The company's geographic concentration in western markets creates both opportunity and risk, as regional economic conditions significantly impact demand. Overall, Northwest Pipe maintains a solid competitive position supported by scale, expertise, and market leadership, though the moat is not impregnable and requires continuous investment in capabilities and customer relationships.
Risks & safety
Northwest Pipe demonstrates solid financial stability with moderate leverage and improving cash generation, though working capital intensity creates some variability. • Liquidity and Solvency: Strong current ratio of 4.0x provides substantial liquidity cushion. Cash position of $5.3 million is modest but supported by operating cash flow generation and available credit facilities. • Debt Management: Debt-to-equity ratio of 0.34x represents manageable leverage levels. The company has been steadily reducing debt following the 2021 ParkUSA acquisition. • Cash Generation: Operating cash flow of $55 million in 2024 demonstrates strong underlying cash generation capability, though working capital swings can create quarterly volatility. Free cash flow of $34 million in 2024 supports dividend payments and growth investments. • Valuation Metrics: Trading at 14x trailing earnings and 9x EV/EBITDA suggests reasonable valuation relative to industrial peers. Current P/E of 26x reflects some premium but within acceptable ranges for a market leader. • Other Considerations: Substantial backlog of $310 million in SPP segment provides revenue visibility. Working capital intensity requires careful management during growth periods but also provides cash release potential during market contractions.
Recent development
Northwest Pipe has executed several strategic initiatives over recent years to diversify its business and expand market presence. The most significant development was the 2021 acquisition of ParkUSA, which substantially expanded the company's precast capabilities and geographic footprint, adding operations in Texas and other markets. This acquisition increased precast segment revenue by over 100% and established Northwest Pipe as a more diversified infrastructure solutions provider. The company has implemented a "product spread strategy" aimed at expanding manufacturing capabilities across its facilities to improve efficiency and market coverage. This includes investments in new equipment and production lines, such as the commitment of $16 million for a new reinforced concrete pipe and manhole facility in Salt Lake City. Operational improvements have focused on integration of acquired businesses and implementation of cost reduction initiatives. The company has worked through ERP system challenges at ParkUSA while achieving record safety performance across all operations. Management has emphasized a "margin over volume" strategy, prioritizing profitable growth over revenue maximization. Capital allocation strategy has evolved to include more aggressive share repurchase programs, with the company buying back 174,000 shares for $5.1 million in recent periods. Management has also signaled intentions to pursue additional acquisitions in the precast space, targeting companies with $50-100 million in revenue to support long-term growth objectives. The company is undergoing a corporate rebranding to NWPX Infrastructure to better reflect its diversified capabilities beyond traditional pipe manufacturing. Management has established ambitious targets including reaching $100 million run rates for both Geneva and Park business units by the end of 2026, and longer-term aspirations to become a billion-dollar company through organic growth and strategic acquisitions.
NWPX company profile · for informational purposes only — not investment advice.
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