NWPX Infrastructure, Inc. NWPX

Basic materials SIC 3317 - Steel Pipe & Tubes Nasdaq

Unless otherwise indicated, the terms "the Company," "NWPX Infrastructure," "we," "our," and "us" are used in this 2025 Form 10‑K to refer to NWPX Infrastructure, Inc. or one of our consolidated subsidiaries or to all of them taken as a whole. We were incorporated in the State of Oregon in 1966.

NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems ("WTS"), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems ("Precast"), which includes the brands NWPX Geneva and NWPX Park. Under the Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. We have broadened our manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases our capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, our skilled team is committed to quality and innovation while upholding our core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, we operate 13 manufacturing facilities across North America.

Last close 107.67 2026-09-04
Market cap $1.04B 2026-06-30 share count
52-week range 49.25 - 152.03

Valuation FY2025 figures against the last close

P/S2.0x
P/E30.2x
P/FCF22.0x
EV/EBITDA20.6x
Dividend yield
Diluted EPS3.56

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $526.0M$492.5M$444.4M$457.7M$333.3M$285.9M$279.3M$172.1M$132.8M$149.4M
Cost of revenue $422.4M$397.1M$366.7M$371.8M$289.1M$235.4M$232.1M$160.1M$127.0M$149.3M
Gross profit $103.6M$95.4M$77.6M$85.9M$44.3M$50.5M$47.2M$12.1M$5.8M$64.0K
SG&A $52.8M$47.2M$43.8M$41.0M$28.2M$25.0M$18.5M$16.7M$14.1M$16.9M
Operating income $50.9M$48.2M$33.9M$44.8M$16.0M$25.6M$28.7M-$3.0M-$9.2M-$10.0M
Interest expense $2.6M$5.7M$4.9M$3.6M$1.2M$933.0K$472.0K$583.0K$490.0K$509.0K
Pre-tax income $46.5M$42.4M$29.3M$41.4M$15.2M$25.6M$32.6M$17.1M-$9.5M-$10.8M
Income tax $11.1M$8.2M$8.2M$10.2M$3.6M$6.6M$4.7M$3.3M$1.1M$4.1M
Net income $35.4M$34.2M$21.1M$31.1M$11.5M$19.1M$27.9M$20.3M-$10.2M-$9.3M
EPS, basic 3.623.452.113.141.171.952.862.09-1.06-0.97
EPS, diluted 3.563.402.093.111.161.932.852.09-1.06-0.97
Shares, diluted (wtd. avg.) $9.9M$10.1M$10.1M$10.0M$9.9M$9.9M$9.8M$9.7M$9.6M$9.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.3M$5.0M$4.1M$3.7M$3.0M$37.9M$31.0M$6.7M$43.6M$21.8M
Receivables $78.2M$66.9M$47.6M$71.6M$52.7M$42.7M$38.0M$34.4M$29.0M$25.6M
Inventory $74.3M$79.8M$91.2M$71.0M$59.7M$29.2M$30.7M$39.4M$17.1M$18.6M
Total current assets $251.4M$262.5M$272.5M$278.7M$228.2M$192.0M$195.0M$159.5M$140.8M$148.6M
Property, plant and equipment $157.5M$150.5M$144.0M$133.2M$121.3M$110.2M$99.6M$103.4M$78.8M$81.7M
Goodwill $55.5M$55.5M$55.5M$55.5M$53.7M$23.0M$0
Other intangibles $23.0M$27.0M$31.1M$35.3M$39.4M$10.5M$1.2M$1.6M$1.9M$2.4M
Total assets $579.6M$589.7M$597.9M$601.3M$547.7M$373.0M$310.2M$271.4M$230.3M$241.6M
Accounts payable $22.2M$27.8M$31.1M$27.0M$32.3M$13.0M$15.5M$19.8M$7.5M$5.3M
Short-term debt $3.0M$3.0M$0$10.8M$0$7.7M$0
Total current liabilities $66.5M$75.1M$96.2M$90.8M$64.1M$45.9M$41.6M$31.5M$17.0M$18.6M
Long-term debt $8.5M$11.5M$0$5.9M$0
Total liabilities $184.8M$215.7M$257.5M$283.1M$264.3M$103.4M$62.1M$52.8M$30.1M$32.3M
Retained earnings $281.7M$246.3M$212.1M$191.1M$159.9M$148.4M$129.3M$101.2M$81.8M$91.9M
Total equity $394.8M$374.0M$340.4M$318.3M$283.4M$269.6M$248.2M$218.6M$200.3M$209.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $67.3M$55.1M$53.5M$17.5M-$5.8M$56.1M$42.9M-$18.4M-$7.5M$1.5M
Depreciation and amortisation $8.8M$6.1M$8.8M
Stock-based compensation $5.6M$5.1M$3.7M$3.7M$3.2M$3.1M$1.7M$281.0K$1.2M$1.8M
Capital expenditure $20.2M$20.8M$18.3M$22.8M$13.3M$14.0M$8.6M$3.8M$2.9M$2.3M
Investing cash flow -$20.1M-$20.7M-$20.4M-$23.1M-$100.2M-$61.4M-$6.4M-$27.9M$29.8M$11.7M
Financing cash flow -$49.9M-$33.4M-$32.7M$6.2M$71.0M$12.3M-$12.1M$9.3M-$463.0K-$1.7M
Buybacks $18.4M$4.4M$707.0K$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013175.

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