NWPX Infrastructure, Inc. NWPX

Basic materials SIC 3317 - Steel Pipe & Tubes NAICS Manufacturing › Primary Metal Manufacturing › Steel Product Manufacturing from Purchased Steel › Iron and Steel Pipe and Tube Manufacturing from Purchased Steel derived 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 97.32 2026-10-23
Market cap $937.9M 2026-06-30 share count
52-week range 53.15 - 152.03

Valuation FY2025 figures against the last close

P/S1.8x
P/E27.3x
P/FCF19.9x
EV/EBITDA18.6x
Dividend yield—
Diluted EPS3.56

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Canada
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 487.6M (92.7%) 93% United States Canada, FY2025: 38.4M (7.3%) 7% Canada FY2024 United States, FY2024: 475.1M (96.5%) 96% Canada, FY2024: 17.4M (3.5%) 4% FY2023 United States, FY2023: 420.9M (94.7%) 95% Canada, FY2023: 23.4M (5.3%) 5%
Region FY2025FY2024FY2023
United States $487.6M $475.1M $420.9M
Canada $38.4M $17.4M $23.4M

As the company reported it, from the “Note 15 - Revenue - Net Sales From Continuing Operations by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

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.) 9.9M10.1M10.1M10.0M9.9M9.9M9.8M9.7M9.6M9.6M

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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 149.4M Gross profit, FY2016: 64K Net income, FY2016: -9.3M Revenue, FY2017: 132.8M Gross profit, FY2017: 5.8M Net income, FY2017: -10.2M Revenue, FY2018: 172.1M Gross profit, FY2018: 12.1M Net income, FY2018: 20.3M Revenue, FY2019: 279.3M Gross profit, FY2019: 47.2M Net income, FY2019: 27.9M Revenue, FY2020: 285.9M Gross profit, FY2020: 50.5M Net income, FY2020: 19.1M Revenue, FY2021: 333.3M Gross profit, FY2021: 44.3M Net income, FY2021: 11.5M Revenue, FY2022: 457.7M Gross profit, FY2022: 85.9M Net income, FY2022: 31.1M Revenue, FY2023: 444.4M Gross profit, FY2023: 77.6M Net income, FY2023: 21.1M Revenue, FY2024: 492.5M Gross profit, FY2024: 95.4M Net income, FY2024: 34.2M Revenue, FY2025: 526M Gross profit, FY2025: 103.6M Net income, FY2025: 35.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $149.4M $132.8M $172.1M $279.3M $285.9M $333.3M $457.7M $444.4M $492.5M $526.0M
Gross profit $64.0K $5.8M $12.1M $47.2M $50.5M $44.3M $85.9M $77.6M $95.4M $103.6M
Net income -$9.3M -$10.2M $20.3M $27.9M $19.1M $11.5M $31.1M $21.1M $34.2M $35.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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